251003.mbx

251003.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, October 3, 2025, Vol. 29, No. 275 Headlines 1291 BRITAIN: Plan Exclusivity Period Extended to November 10 20390 US 27: Section 341(a) Meeting of Creditors on November 10 2108 E. MISSION: Claims Will be Paid from Property Refinance 215 PAPER MILL: Plan Exclusivity Period Extended to November 10 2280 FDB LLC: Case Summary & Seven Unsecured Creditors 22ND CENTURY: Settles Grass Valley Insurance Claim for $9.5 Million 23ANDME HOLDING: Claims to be Paid from Sale Proceeds 25350 PLEASANT: Bayramov Loses Bid to Reconvert Bankruptcy Case 3125-3129 SUMMIT: Unsecureds to be Paid in Full in Plan 8787 RICCHI: Gets Interim OK to Use Cash Collateral ABC CHILDREN'S EYE: U.S. Trustee Unable to Appoint Committee ABSOLUTE DIMENSIONS: Unsecureds to Split $25K over 36 Months AD LUCEM NY: Case Summary & Three Unsecured Creditors ADT INC: Moody's Affirms 'Ba3' CFR, Outlook Remains Positive ADVANCION HOLDINGS: S&P Downgrades ICR to 'CCC+', Outlook Negative AETHON UNITED: S&P Raises Senior Unsecured Notes Rating to 'B+' AGILITI HEALTH: Moody's Lowers CFR to B3, Outlook Negative AH LIQUIDATION: HE Loses Bid for Rehearing of Sale Order ALPHA GENERATION: S&P Rates Senior Unsecured Notes Rated 'B+' AMBASSADOR VETERANS: Seeks to Extend Exclusivity to Feb. 8, 2026 AMCO FARMS: To Restructure Under CCAA Protection; PwC as Monitor ANTHOLOGY INC: Ellucian Named Stalking Horse in Chapter 11 ANTHOLOGY INC: Files Chapter 11 Backed by Oaktree & Nexus ANTHOLOGY INC: Gets Interim OK to Obtain DIP Loan APPHARVEST INC: GNCU Wins Bid to Compel Arbitration APPLIED ENERGETICS: Names BG(Ret) Samuel Peterson to Advisory Board ARCHANGEL DISCIPLINES: Files Emergency Bid to Use Cash Collateral ARKO CORP: Moody's Affirms 'B2' CFR & Alters Outlook to Negative ARSENAL HEALTH: Labor Secretary Must Revise Receivership Bid ASPIRA WOMEN'S: Amends Purchase Agreement, Sets $0.35 Warrant Price AUDACY CAPITAL: Moody's Alters Outlook on 'Caa1' CFR to Stable AVANT GARDNER: Pursues Financing Deals Lawsuit Against Lenders BEYOND MEAT: Exchange Offer Scheduled to Expire October 28 BIG LOTS: Changes Name to Former BL Stores Inc. BIOLARGO INC: Terminates Pooph License Deal Over Unpaid Royalties BITTREX INC: Court Affirms Disallowance of Arabour, et al. Claims BLACKBERRY LIMITED: Reports $13.3 Million Net Income in Q2 FY2026 BOXLIGHT CORP: HIC 2 Holds 4.3% of Class A Shares as of Sept. 22 BOXLIGHT CORP: Raises $4M in Registered Direct Stock Offering BRIGHTLIFE ELECTRIC: Seeks Cash Collateral Access BW NHHC: Moody's Rates New $244MM Secured Term Loan Due 2026 'Caa1' CALABRIO INC: Moody's Assigns First Time 'B3' Corp. Family Rating CALABRIO INC: S&P Assigns 'B' ICR Following Verint Acquisition CAMP LOUEMMA: Seeks Cash Collateral Access CAPE FEAR: Files Emergency Bid to Use Cash Collateral CARIBBEAN CRESCENT: Case Summary & 20 Largest Unsecured Creditors CARPENTER TECHNOLOGY: Moody's Ups CFR to 'Ba2', Outlook Positive CAT DADDY: Seeks Chapter 7 Bankruptcy in Mississippi CATHOLIC BISHOP: Moody's Affirms 'Ba1' Rating on Revenue Bond CIBUS INC: Appoints Carlo Broos as Chief Financial Officer CLEAR GUIDE: Case Summary & 15 Unsecured Creditor COMPLETELY CONCRETE: Case Summary & 14 Unsecured Creditors CONCORDE METRO: Seeks Continued Cash Collateral Access CONCORDE METRO: To Sell Puerto Rico Property to MDD Child Neurology CONGREGATION TEFILA: Case Summary & Four Unsecured Creditors CORBETT BUILDINGS: Claims to be Paid from Property Sale Proceeds CORPAY TECHNOLOGIES: Moody's Affirms Ba1 CFR, Outlook Stable CORPORATE AIR: Seeks Chapter 11, Requests Court OK for DIP Funding CPV FAIRVIEW: Moody's Affirms Ba2 Rating on Amended Secured Debt DANTE F. LUBRICO: Court Allows $40,145 in Attorney Fees, Expenses DEALER TIRE: Moody's Alters Outlook on 'B2' CFR to Negative DESSERT HOLDINGS: Moody's Affirms 'B3' CFR, Outlook Stable DIOCESE OF BUFFALO: Drops Jones Day Retention Bid After Objections DMO NORTH: U.S. Trustee Unable to Appoint Committee E3 PEST CONTROL: Case Summary & 16 Unsecured Creditors EASTGATE WHITEHOUSE: To Sell NY Property to Mazal Echad ECGPR LLC: Section 341(a) Meeting of Creditors on October 28 ECO MATERIAL: S&P Withdraws 'B' Issuer Credit Rating ELETSON HOLDINGS: Reed Smith Asks 2nd Circ. to Review Court Orders ELITE EQUIPMENT: U.S. Trustee Appoints Creditors' Committee EMERALD TECHNOLOGIES: Moody's Cuts CFR to Caa2, Outlook Negative EMPIRE CORE: Seeks to Use Cash Collateral ENVERIC BIOSCIENCES: Intracoastal Capital Holds 0.4% Equity Stake FAITH FAMILY: Moody's Downgrades Revenue Rating to Ba3 FIRST BRANDS: Gets Interim OK to Obtain DIP Loan FIRST BRANDS: Moody's Alters Outlook on 'Ca' CFR to Stable FIRST BRANDS: Moody's Cuts CFR to 'Ca', Outlook Negative FLUENT INC: Board OKs New Equity Participation Plan FOCUS UNIVERSAL: Enters Into $3.5M Sales Agreement With Ladenburg FTX TRADING: Silvergate Ex-CFO Loses Bid to Toss SEC Fraud Suit FUTURE FINTECH: Avondale Capital, 3 Others Hold 8% Stake FUTURE FINTECH: Shanchun Huang, Wealth Index Hold 48.107% Stake GENESIS HEALTHCARE: Files Decertification Suit Against Medicare GETTY IMAGES: Moody's Rates New $628MM Secured Notes Due 2030 'B1' GMB TRANSPORT: Gets OK to Use Cash Collateral Until Oct. 7 GRANGE PUBLIC: Files Emergency Bid to Use Cash Collateral GREENWICH RETAIL: Plan Exclusivity Period Extended to Feb. 6, 2026 GUARDIAN ELDER: Plan Exclusivity Period Extended to October 27 HEALTHY EXTRACTS: Donald Swanson Named CEO, Pitts Becomes President HELIUS MEDICAL: Daniel Morehead, Pantera Entities Hold 9.67% Stake HELIUS MEDICAL: Director Chee Controls 6.83M Shares, 6.83M Warrants HELIUS MEDICAL: Grants Cash Bonuses to CEO, CFO HERMS LUMBER: Seeks to Extend Plan Exclusivity to Feb. 13, 2026 HOMES NOW: Court OKs Rockwall Property Sale to Emily Knize HOMES NOW: Seeks to Extend Plan Exclusivity to November 25 HYPER FOX: Case Summary & 15 Unsecured Creditors HYPERION DEFI: Increases ATM Stock Offering Price to $100M INSPIREMD INC: Director Danny Dearen Owns 58,017 Common Shares JANE STREET: $1.25BB Debt Upsize No Impact on Moody's 'Ba1' Rating JAYADEEP RAMESH DESHMUKH: Court Affirms Chapter 7 Conversion Order JB GROUP: Gets Interim OK to Obtain DIP Loan From ISG Capital JJTA2 REAL: Case Summary & One Unsecured Creditor JPC LAND: Unsecured Creditors to Get Nothing in Trustee's Plan JSL COMPANIES: Gets Interim OK to Use Cash Collateral KC 117: Seeks Subchapter V Bankruptcy in California KC PET: Seeks to Use Cash Collateral Until Nov. 30 LANDMARK HOLDINGS: Seeks $3.5MM DIP Loan From eCapital LEVEL 3 FINANCING: Moody's Rates New Senior Secured Term Loan 'B1' LEXARIA BIOSCIENCE: Terminates $5M Sales Contract With JonesTrading LITTLE MINT: Seeks to Extend Plan Exclusivity to November 28 LIVEONE INC: Approves 1-for-10 Reverse Stock Split LUMEN TECHNOLOGIES: CAO Donald Holt Owns 45K Common Shares LUNAI BIOWORKS: Reverse Split to Reduce Common Shares to 23.18M MARELLI AUTOMOTIVE: Seeks to Extend Exclusivity to Feb. 6, 2026 MAYS & JEUNE: Case Summary & One Unsecured Creditor MCKENNA STORER: Case Summary & 11 Unsecured Creditors MCMILLAN LOGGING: U.S. Trustee Unable to Appoint Committee MENDEL PANETH: Reiner, et al. Lose Bid to Compel Arbitration MERCURITY FINTECH: Chaince Signs Gold Tokenization Advisory Deal MJH HEALTHCARE: Moody's Affirms 'B2' CFR, Outlook Remains Stable MON ARC: Gets Interim OK to Use Cash Collateral MONTANA VILLAGE: Case Summary & One Unsecured Creditor MR. COOPER GROUP: S&P Raises ICR to BB' on Acquisition by Rocket MY CITY BUILDERS: Reports $62K Net Loss in Fiscal Q3 NATURAL STATE: Unsecureds Will Get 5.8% of Claims over 60 Months NEED SPACE MONTEITH: Section 341(a) Meeting of Creditors on Nov. 20 NEUEHEALTH INC: Extends 'Outside Date' Under NH Merger Deal NEW AGE FLOORING: Case Summary & 12 Unsecured Creditors NORTH BROWARD: Case Summary & Nine Unsecured Creditors ODYSSEY MARINE: Investors Convert $2.35M Notes Into 1.98M Shares ONDAS HOLDINGS: Ret. Brigadier Gen. Patrick Huston Joins OAS Board OSTENDO TECHNOLOGIES: Seeks to Sell Technology Business at Auction OUR HOUSE: Superior Court Appoints Judy Morton as Receiver PACIFIC BELLS: S&P Affirms 'B-' ICR on Fungible Term Loan Add-On PALATIN TECHNOLOGIES: Reports $17.3 Million Net Loss for FY2025 PARENT SUPPORT: Section 341(a) Meeting of Creditors on October 27 PEACOCK INTERMEDIATE II: Moody's Lowers CFR to Caa2, Outlook Stable PEGRUM CREEK: To Sell Madison Property to Northaven Land for $6MM PEGRUM CREEK: To Sell New Market Property to Allen & Heath Roeber PLANO HOLDCO: S&P Downgrades ICR to 'B', Outlook Negative POINT CLEAR CAPITAL: Case Summary & 20 Largest Unsecured Creditors POWIN LLC: Plan Exclusivity Period Extended to January 5, 2026 PREDICTIVE ONCOLOGY: Reverse Stock Split, $10M Share Issuance OK'd PROSOURCE MACHINERY: Seeks to Extend Plan Exclusivity to October 20 PROVIDENT GROUP: S&P Affirms 'BB-' Rating on Housing Revenue Bond QM GP: Gets Initial CCAA Stay Order; A&M as Monitor RADIA CORPORATION: Seeks Chapter 7 Bankruptcy in New York RADIAN GROUP: Moody's Affirms '(P)Ba1' Subordinate Shelf Rating REGIS REAL: Section 341(a) Meeting of Creditors on October 22 REVIVA PHARMACEUTICALS: Laxminarayan Bhat Holds 3.8% Stake REVIVA PHARMACEUTICALS: Parag Saxena Holds 6.2% Equity Stake RIZO-LOPEZ FOODS: U.S. Trustee Appoints Creditors' Committee ROADONE TRANSPORTATION: Seeks Chapter 7 Bankruptcy in Pennsylvania RYVYL INC: Extends CFO George Oliva's Employment Agreement RYVYL INC: Names SeatonHill Partner Forest Ralph as Director SAKS GLOBAL: Moody's Affirms 'Caa3' CFR, Outlook Negative SCILEX HOLDING: Reports Beneficial Ownership in Denali Capital SHARPLINK GAMING: Increases Authorized Shares to 2.5 Billion SHARPLINK GAMING: Plans to Tokenize Stock on Ethereum w/ Superstate SHPS LLC: Voluntary Chapter 11 Case Summary SILVERGATE CAPITAL: Court Approves Disclosure Statement SILVERGATE CAPITAL: Oct. 29 Plan Confirmation Hearing Set SOLUNA HOLDINGS: Files Prospectus for $87.7M ATM Stock Offering SPIRIT AIRLINES: Advances Chapter 11 With $475MM DIP Loan SPLASH BEVERAGE: Issues $2.2M Convertible Notes, Secures $35M ELOC SPLASH BEVERAGE: Licenses CdV IP, Agrees to $673K Settlement STANLEY UTILITY: Section 341(a) Meeting of Creditors on November 3 SUNSTONE DEVELOPMENT: Claims to be Paid from Asset Sale Proceeds SUPERIOR ENERGY: Moody's Assigns 'B1' CFR, Outlook Stable TGI FRIDAY'S: Plan Exclusivity Period Extended to October 28 THREEPIECEUS LLC: Case Summary & 18 Unsecured Creditors TRANSOCEAN INT'L: Moody's Rates New $500MM Unsecured Notes 'B3' TRANSOCEAN LTD: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR UNIFIED VAILSBURG: Voluntary Chapter 11 Case Summary VG IMPERIAL: Seeks Chapter 7 Bankruptcy in New York VOLKE GROUP: Seeks Chapter 11 Bankruptcy in Illinois VOLTZ INC: Unsecureds Will Get 1.72% of Claims over 3 Years VOYAGER DIGITAL: Court Enters Consent Order in CFTC v. Ehrlich Case WASH MULTIFAMILY: S&P Withdraws 'B-' ICR on Completion of Buyout WASHINGTON YU YING: S&P Alters Outlook to Pos., Affirms 'BB' ICR WELLPATH HOLDINGS: Loses Bid to Dismiss Poronto Case WELLPATH LLC: Liquidating Trust Added as Defendant in Poronto Case WHITE TREE: Case Summary & Five Unsecured Creditors WOLFSPEED INC: Stock Surges Following Chapter 11 Bankruptcy Exit WORKSPORT LTD: Sees Record Q3 Growth; SOLIS, COR Launch on Track ********* 1291 BRITAIN: Plan Exclusivity Period Extended to November 10 ------------------------------------------------------------- Judge Lisa Ritchey Craig of the U.S. Bankruptcy Court for the Northern District of Georgia extended 1291 Britain Dr. PCPRE, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to November 10, 2025 and January 9, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that cause exists for granting the requested extension of the exclusive periods for filing a Chapter 11 plan and soliciting acceptances thereto. Since the commencement of the Case, the Debtor has worked diligently to maintain continuity in the everyday operation of its business, while simultaneously working to preserve and build the value of its assets, as well as seeking financing alternatives. The Debtor claims that it needs more time to evaluate potential alternatives for exiting Chapter 11 and to determine the best course of action to propose in a Chapter 11 plan. Thus, cause exists to extend the deadlines for filing a Chapter 11 plan and soliciting acceptances thereto for an additional period of approximately 90 days. 1291 Britain Dr PCPRE is represented by: J. Robert Williamson, Esq. Ashley R. Ray, Esq. Scroggins, Williamson & Ray, P.C. 4401 Northside Parkway Suite 230 Atlanta, GA 30327 Tel: (404) 893-3880 Fax: (404) 893-3886 Email: rwilliamson@swlawfirm.com aray@swlawfirm.com About 1291 Britain Dr PCPRE 1291 Britain Dr PCPRE, LLC, operating as Britain Village Apartments, is a residential complex located at 1291 Britain Drive in Lawrenceville, Ga. The property offers two-and three-bedroom units with standard amenities and is managed by Premier Living US. 1291 Britain Dr PCPRE sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54940) on May 5, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Ashley Reynolds Ray, Esq., at Scroggins, Williamson & Ray, P.C. 20390 US 27: Section 341(a) Meeting of Creditors on November 10 --------------------------------------------------------------- On September 29, 2025, 20390 US 27 LLC filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports $10,009,344 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 10, 2025 at 12:30 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 6982178. About 20390 US 27 LLC 20390 US 27 LLC, classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B), holds its principal assets at 20390 US-27, Clermont, Florida 34715. 20390 US 27 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44736) on September 29, 2025. In its petition, the Debtor reports total assets of $8,000,000 and total liabilities of $10,009,344. The Debtor is represented by Avrum J. Rosen, Esq. of ROSEN, TSIONIS & PIZZO, PLLC. 2108 E. MISSION: Claims Will be Paid from Property Refinance ------------------------------------------------------------ 2108 E. Mission, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Washington a Disclosure Statement describing Chapter 11 Plan dated September 24, 2025. The Debtor was established by Jeffery Head and his spouse Theresa Head in March, 2022, specifically for the purchase of the four-bedroom home commonly known as 2108 E. Mission, LLC, in Spokane. The Heads bought 2108 in April 2022 for $300,000, obtaining the original loan from Civic Mortgage Services. The loan was sold on one or more occasions, and currently is serviced through Fay Servicing on behalf of Chase Morgan Bank. The loan thus defaulted when Debtor could not pay the balloon payment, the total then remaining balance of the loan. Mr. Head pursued refinance with several lenders throughout the time from default through the end of 2024, during which time also, the lender in place was not willing to extend the balloon or modify the loan. Foreclosure proceedings commenced in December, 2023, adding to the difficulty of securing a new loan. Literally up to the Chapter 11 filing herein, 2108 sought a new loan so as to avoid bankruptcy. Whether retained as a residential home, or sold in this Chapter 11, the property was in need of some remodeling and deferred maintenance. The residents of 2108 had to be placed in other similar homes, and a couple of them were due to move on in any event, by virtue of completion of rehab. Remodeling began in May, and is now essentially complete. To save money, Mr. Head has done most of the work himself, as he has been a plumber and contractor for many years. Some delays in the project occurred during the summer, due to the demands of Mr. Head's main business, Head Mechanical LLC. However, here and now, the home is ready for resident occupancy again, and Debtor is willing and able to fill the home with residents. The Debtor's original intent was to work out adequate protection payments to Chase Morgan by late spring, but 2108's remodeling required the residents to move out, which in turn ended 2108's rental income, at least temporarily. That monthly income can now resume fairly immediately, and counsel for Debtor is engaging with the lender's counsel for the purpose of an adequate protection order. Once the home is occupied, the Debtor can commit monthly payments to the lender of no less than $4000, and likely up to $4500. The Debtor also has seriously considered simply selling the home, but would prefer to retain it, bring residents back, which can be done fairly immediately, and make payments to the lender in an amount basically the same as its monthly rental income. During that time, Debtor through Jeffery Head will resume refinancing possibilities to eventually pay off Chase Morgan within perhaps twelve to eighteen months following Plan confirmation, and/or commencement of adequate protection payments. Also, and ultimately, if no refinancing or other options firm during this period, Debtor can and will simply commit to selling the property. That has also been seriously considered for some time, but Debtor's preference is to retain 2108 pursuant to a confirmed Plan with provisions. Class 3 consists of Unsecured claims, of which there are none, to the best of Debtor's knowledge. In the remodeling, Debtor owners have advanced and paid for the materials needed for the remodeling work over the summer, and Mr. Head himself has performed virtually all of the labor himself. Materials cost was approximately $10 to $12,000. If future rental income can support it, Mr. Head may opt to reimburse himself in some reasonable, if not nominal amount, for his labor performed for the 2108 remodeling work. A full-text copy of the Disclosure Statement dated September 24, 2025 is available at https://urlcurt.com/u?l=dPmK2B from PacerMonitor.com at no charge. About 2108 E. Mission 2108 E. Mission LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 25-00037) on January 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Frederick P. Corbit handles the case. Patrick H. Brick, Esq. represents the Debtor as counsel. 215 PAPER MILL: Plan Exclusivity Period Extended to November 10 --------------------------------------------------------------- Judge Lisa Ritchey Craig of the U.S. Bankruptcy Court for the Northern District of Georgia extended 215 Paper Mill Rd PCPRE, LLC d/b/a The Carolina's exclusive periods to file a plan of reorganization and obtain acceptance thereof to November 10, 2025 and January 9, 2026, respectively. As shared by Troubled Company Reporter, since the commencement of the Case, the Debtor has worked diligently to maintain continuity in the everyday operation of its business, while simultaneously working to preserve and build the value of its assets, as well as seeking financing alternatives. The Debtor explains that it needs more time to evaluate potential alternatives for exiting Chapter 11 and to determine the best course of action to propose in a Chapter 11 plan. Thus, cause exists to extend the deadlines for filing a Chapter 11 plan and soliciting acceptances thereto for an additional period of approximately 90 days. 215 Paper Mill Rd PCPRE LLC is represented by: J. Robert Williamson, Esq. Ashley R. Ray, Esq. Scroggins, Williamson & Ray, P.C. 4401 Northside Parkway Suite 230 Atlanta, GA 30327 Tel: (404) 893-3880 Fax: (404) 893-3886 Email: rwilliamson@swlawfirm.com aray@swlawfirm.com About 215 Paper Mill Rd PCPRE, LLC d/b/a The Carolina 215 Paper Mill Rd PCPRE LLC d/b/a The Carolina, which operates an apartment complex in Lawrenceville, Georgia. 215 Paper Mill Rd PCPRE LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54943) on May 5, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. The Debtor is represented by Ashley Reynolds Ray, Esq. at Scroggins, Williamson & Ray, P.C. 2280 FDB LLC: Case Summary & Seven Unsecured Creditors ------------------------------------------------------ Debtor: 2280 FDB LLC 295 Front Street Brooklyn, NY 11201 Business Description: 2280 FDB LLC owns the property at 2280 Frederick Douglass Boulevard, New York, New York, including units RET and CFU, with an estimated value of $3.3 million. The Company operates in the real estate sector, managing commercial and residential property in New York City. Chapter 11 Petition Date: September 30, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-44773 Debtor's Counsel: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. 100 Merrick Road Suite 304W Rockville Centre NY 11570-4807 Tel: (516) 284-0900 Email: charles@cwertmanlaw.com Total Assets: $3,300,125 Total Liabilities: $3,129,090 The petition was signed by David Goldwasser, who is listed as managing chief operating officer. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IMYXRLQ/2280_FDB_LLC__nyebke-25-44773__0001.0.pdf?mcid=tGE4TAMA 22ND CENTURY: Settles Grass Valley Insurance Claim for $9.5 Million ------------------------------------------------------------------- 22nd Century Group, Inc. announced that it has reached an agreement to settle all claims for business interruption related to the Grass Valley incident that occurred in November 2022 for a one-time payment of $9.5 million in cash from its insurers. The outstanding settlement payment is required to be paid by the insurers within 45 days of the effective date of the settlement agreement. "We are very excited to close this chapter and finally settle with our insurance carrier for the full amount we targeted," said Larry Firestone, Chief Executive Officer of 22nd Century Group. "Additionally, because the Company is now debt free, this marks a major transition in the company as this is a shift from survival capital to growth capital. We have cleaned up our balance sheet over the past 22 months and after solving these legacy issues one at a time, we are now positioned to focus on the future and drive to profitability in 2026. We continue to work on expanding distribution for our branded products including our VLN(R) and partner VLN(R) products." 22nd Century's Technology is Tobacco: 22nd Century's proprietary non-GMO reduced nicotine tobacco plants were developed using our patented technologies that regulate alkaloid biosynthesis activities resulting in a tobacco plant that contains 95% less nicotine than traditional tobacco plants. The Company's extensive patent portfolio has been developed to ensure that its high-quality tobacco can be grown commercially at scale. The Company continues to develop its intellectual property to ensure its ongoing leadership in the tobacco harm reduction movement. Products: The Company created its flagship product, the VLN(R) cigarette using its low nicotine tobacco, to give traditional cigarette smokers an authentic and familiar alternative in the form of a combustible cigarette that helps them take control of their nicotine consumption. VLN(R) cigarettes have 95% less nicotine compared to traditional cigarettes and have been proven to allow consumers to greatly reduce their nicotine consumption. FDA Authorized: * VLN(R) cigarette is the only low nicotine combustible cigarette authorized by the FDA in the United States. * VLN(R) is a registered trademark of 22nd Century Limited LLC. Learn more at xxiicentury.com, on X (formerly Twitter), on LinkedIn, and on YouTube. Learn more about VLN(R) at tryvln.com. About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. Buffalo, New York-based Freed Maxick P.C. (f/k/a Freed Maxick CPAs, P.C.), the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024 citing that the Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, the Company had $21.7 million in total assets, $17.7 million in total liabilities, and $4 million in total stockholders' equity. As of June 30, 2025, the Company had $22.4 million in total assets, $16.8 million in total liabilities, and $5.6 million in total stockholders' equity. 23ANDME HOLDING: Claims to be Paid from Sale Proceeds ----------------------------------------------------- Chrome Holding Co. f/k/a 23andMe Holding Co. and affiliates filed with the U.S. Bankruptcy Court for the Eastern District of Missouri a First Amended Disclosure Statement for the First Amended Joint Plan dated September 24, 2025. As of the Petition Date, the Company was a leading human genetics and telehealth company with a mission to help people access, understand and benefit from the human genome. The Company pioneered direct access to genetic information as the only company with multiple FDA clearances for genetic health reports. Further, through its Lemonaid Health telehealth platform, the Company operates as a national online doctor's office that provides medical care, pharmacy fulfillment, and laboratory testing services. After considering their options, on March 23, 2025, the Debtors initiated these Chapter 11 Cases to stabilize their business and continue a comprehensive, strategic marketing process to sell their assets on a "free and clear" basis through a chapter 11 plan or sale pursuant to section 363 of the Bankruptcy Code. On March 24, 2025, the Debtors filed a motion seeking Bankruptcy Court approval of bidding procedures and certain sale process dates and deadlines (the "Bidding Procedures Motion"). The Bankruptcy Court entered an order granting the Bidding Procedures Motion on March 28, 2025 (the "Bidding Procedures Order" and, the bidding procedures attached thereto, the "Bidding Procedures"). Following a comprehensive marketing process and extensive negotiations with potential bidders, the Company conducted a three-day auction in accordance with the Bidding Procedures. On the third day of the auction, the Company, in consultation with their advisors and the Consultation Parties, concluded the auction and declared Regeneron Pharmaceuticals, Inc. as the Successful Bidder and 23andMe Research Institute (formerly known as TTAM Research Institute) ("TTAM") as the Backup Bidder (as defined in the Bidding Procedures). On June 13, 2025, the Debtors and TTAM executed the Chrome Purchase Agreement. Under the Chrome Purchase Agreement, TTAM agreed to (a) acquire substantially all of the Chrome Debtors' assets through a sale pursuant to section 363 of the Bankruptcy Code for an aggregate purchase price of $302.5 million (the "Chrome Sale Transaction") and (b) serve as a stalking horse sponsor of the Plan to acquire the Lemonaid Debtors for an aggregate purchase price of $2.5 million. On June 18, 2025, and June 20, 2025, the Bankruptcy Court held a contested, two-day hearing to consider approval of the sale to TTAM. On June 27, 2025, the Bankruptcy Court entered the Sale Order authorizing the Chrome Sale Transaction. On July 14, 2025, the Company and TTAM consummated the Chrome Sale Transaction pursuant to the Chrome Purchase Agreement. Having completed the Chrome Sale Transaction and executed the U.S. Data Breach Class Settlement Agreement, the Canadian Data Breach Class Settlement Agreement, and the Pixel Settlement Agreement, the Plan's primary objective is to maximize value for all stakeholders and to distribute property of the Estates that is or becomes available for distribution in accordance with the priorities established by the Bankruptcy Code. The Debtors believe that the Plan accomplishes this objective and is in the best interest of the Estates. Generally, the Plan: * effectuates the sale of the Lemonaid Debtors; * designates a Plan Administrator to wind down the Debtors’ affairs, pay and reconcile certain Claims, and administer the Plan in an efficient manner; * contemplates distributions being made to Holders of Allowed Claims and Interests pursuant to a waterfall priority scheme in accordance with the Bankruptcy Code; * contemplates recoveries to Holders of Administrative Claims and Other Priority Claims as is necessary to satisfy section 1129 of the Bankruptcy Code; and * provides for the creation of the Plan Administration Trust for the benefit of Holders of General Unsecured Claims and Holders of HoldCo Interests. Class 7 consists of Chrome Other General Unsecured Claims. Each Holder of an Allowed Chrome Other General Unsecured Claim shall receive, in full and final satisfaction, compromise, settlement, and release of, and in exchange for its Claim, a Pro Rata portion of the Class A-2 Plan Administration Trust Interests. This Class will receive a distribution of 100% of their allowed claims. Class 9 consists of Lemonaid General Unsecured Claims. Each Holder of an Allowed Lemonaid Other General Unsecured Claim shall receive, in full and final satisfaction, compromise, settlement, and release of, and in exchange for its Claim, a Pro Rata portion of the Class A-4 Plan Administration Trust Interests. This Class will receive a distribution of 100% of their allowed claims. The Debtors shall fund distributions under the Plan with: (a) the proceeds from the Sale Transactions, (b) the Debtors' Cash on hand, (c) the proceeds of any Retained Causes of Action, (d) the proceeds of Cyber Insurance Policies, and (e) if the Debtors make the Equity Sale Transaction Election, the Equity Sale Transaction Proceeds, if applicable, in each case, subject to and in accordance with the Plan (including the Waterfall Recovery) and the Plan Administration Trust Agreement. Each distribution and issuance referred to in Article VII 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, including the Plan Administration Trust Agreement, which terms and conditions shall bind each Entity receiving such distribution or issuance. A full-text copy of the First Amended Disclosure Statement dated September 24, 2025 is available at https://urlcurt.com/u?l=TjdZZ3 from PacerMonitor.com at no charge. Counsel to the Debtors: Thomas H. Riske, Esq. Nathan R. Wallace, Esq. Jackson J. Gilkey, Esq. CARMODY MACDONALD P.C. 120 S. Central Avenue, Suite 1800 St. Louis, Missouri 63105 Tel: (314) 854-8600 Fax: (314) 854-8660 Email: thr@carmodymacdonald.com nrw@carmodymacdonald.com jjg@carmodymacdonald.com Counsel to the Debtors: Paul M. Basta, Esq. Christopher Hopkins, Esq. Jessica I. Choi, Esq. Grace C. Hotz, Esq. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, New York 10019 Tel: (212) 373-3000 Fax: (212) 757-3990 Email: pbasta@paulweiss.com chopkins@paulweiss.com jchoi@paulweiss.com ghotz@paulweiss.com About 23andMe Holding Co. 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 25350 PLEASANT: Bayramov Loses Bid to Reconvert Bankruptcy Case --------------------------------------------------------------- In the appeal styled ELSHAN BAYRAMOV, Appellant, v. 25350 PLEASANT VALLEY LLC, Debtor - Appellee, and MAINSTREET BANK, Creditor - Appellee, and JANET MARIE MEIBURGER, Chapter 7 Trustee, Trustee - Appellee, No. 24-2090 (4th Cir.), Judges Roger L. Gregory, James Andrew Wynn and Henry F. Floyd of the United States Court of Appeals for the Fourth Circuit upheld the order of the United States District Court for the Eastern District of Virginia that affirmed the bankruptcy court's orders denying the motions of Elshan Bayramov to reconvert 25350 Pleasant Valley LLC's Chapter 7 bankruptcy case to one under Chapter 11 and for a preliminary injunction. The panel holds, "We have reviewed the record and find no reversible error. Accordingly, we affirm the district court's order." A copy of the Court's Opinion dated September 29, 2025, is available at https://urlcurt.com/u?l=D0aMdJ About 25350 Pleasant Valley Drive LLC 25350 Pleasant Valley Drive, LLC filed Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 23-11983) on Dec. 6, 2023, listing $500,001 to $1 million in both assets and liabilities. Judge Klinette H. Kindred presides over the case. The Debtor was represented by: John P. Forest, II, Esq. 11350 Random Hills Rd., Suite 700 Fairfax, VA 22030 Telephone: (703) 691-4940 Email: john@forestlawfirm.com The case was converted to Chapter 7 on April 19, 2024. 3125-3129 SUMMIT: Unsecureds to be Paid in Full in Plan ------------------------------------------------------- 3125-3129 Summit Ave, Limited Liability Company filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Plan of Reorganization dated September 24, 2025. The Debtor, having its principal place of business at 3125 Summit Avenue, Union City, New Jersey, is a limited liability company that owns the Property where a multi-story apartment building is being constructed. The Debtor's sole member is Dr. Mamdouh Mecheal. As of the date of filing, the Debtor was the owner of real property located at 3125-3129 Summit Avenue, Union City, New Jersey 07087 (the "Property"). The Property is scheduled at an estimated value of approximately $6 million. The Debtor is in the process of developing the Property with a multi-story apartment building with over 100 units and a parking garage. At this time, only the parking structure has been completed. The Debtor anticipates obtaining additional financing to complete the property development after it receives regulatory approvals from Union City. The Debtor is working to obtain financing that will allow the Debtor to complete the construction and expects to pay any liens on the Property if it closes on financing for the development of the Property. The Debtor was facing judgment collection activity from Jesan. The Debtor filed this bankruptcy to protect and preserve the Debtor's equity in, and complete the development of, the Property. Class Two are holders of General Unsecured Claims, and the claims of creditors not otherwise classified under the Plan. The Debtor scheduled one undisputed general unsecured claim in the amount of $9,242.55, and no proofs of claims asserting general unsecured claims have been filed. On the later of the Effective Date of the Plan, the date a claim is Allowed, or the date that Administrative Claims, Priority Claims, and Class 1 Claims are paid in full, the Debtor shall pay Class 2 Claims in full with interest from the Petition Date at the federal post-judgment interest rate in effect the week before the Petition date which was 4.37%. Interest on Class 2 claims shall be calculated daily and compounded annually on the Petition Date. If the Class 2 claim is paid on July 1, 2030, as proposed in the Plan, the total distribution would be $11,743.82. The ownership interests of Dr. Mecheal in the Debtor shall not be altered as a consequence of the Plan. The Plan will be funded from capital contributions by Dr. Mecheal pursuant to a separate proposed Plan Support Agreement with among the Debtor, Dr. Mecheal, and other entities owned by Dr. Mecheal. The proposed Plan Support Agreement provides funding for the payments contemplated in the Plan in advance of the Effective Date and prior to each quarterly payment required by the Plan. The proposed funding amounts include the amount necessary to make any payments required by the Plan plus an additional amount to ensure that the Debtor has funds necessary for any unanticipated expenses. The Plan Support Agreement calls for Dr. Mecheal to fund the Debtor with $120,000 five days after the Court confirms the Plan. This amount will be sufficient for the Debtor to have enough cash on hand on the Effective Date of the Plan to pay the United States Trustee Fees and Administrative Expenses. Administrative Expenses shall be paid on the Effective Date or pursuant to agreements between the parties. Additionally, the Plan Support Agreement requires Dr. Mecheal to make ongoing contributions to pay any ongoing tax obligations and insurance and fund $35,000 per quarter to make the projected quarterly payments required by the Plan. A full-text copy of the Disclosure Statement dated September 24, 2025 is available at https://urlcurt.com/u?l=xbKHO5 from PacerMonitor.com at no charge. Counsel to the Debtor: David L. Stevens, Esq. Scura, Wigfield, Heyer, Stevens & Cammarota LLP 1599 Hamburg Turnpike Wayne, NJ 07470 Telephone: (973) 696-8391 Email: dstevens@scura.com About 3125-3129 Summit Ave Limited Liability Company 3125-3129 Summit Ave Limited Liability Company is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). The Debtor is the fee simple owner of the real property located at 3125 Summit Avenue, Union City, New Jersey, 07087 valued at $6 million. 3125-3129 Summit Ave Limited Liability Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-21716) on November 26, 2024. In the petition filed by Mamdouh Mecheal, as member, the Debtor reports total assets of $6,000,000 and total liabilities of $1,077,345. The Debtor is represented by David Stevens, Esq. at Scura, Wigfield, Heyer, Stevens & Cammarota LLP. 8787 RICCHI: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Judge Stacey G. Jernigan of the United States Bankruptcy Court for the Northern District of Texas granted 8787 Ricchi LLC's emergency motion for entry of order authorizing the use of cash collateral pursuant to Section 363 of the Bankruptcy Code, and Rules 4001 and 9014 of the Federal Rules of Bankruptcy Procedure. The Court finds that: (i) the relief requested in the Motion is in the best interests of the Debtor's estate, its creditors, and other parties in interest; and (ii) the legal and factual bases set forth in the Motion and at the Hearing establish just cause for the relief granted. For the period from September 10, 2025, to October 9, 2025, pursuant to 11 U.S.C. Sec. 363(c)(2)(A) and (B), the Debtor is authorized to use Cash Collateral in the ordinary course of its business and for the general purposes of administration of this Bankruptcy Case in accordance with the terms of this Interim Order. On an interim basis only, to the extent that 87STE Lending LLC, has a security interest in the Debtor's deposit accounts and rent, as well as all proceeds and collections thereof, constituting "cash collateral" as defined in 11 U.S.C. Sec. 363(a), and the United States of America, acting by and through the U.S. Marshalls Service, is presently empowered to exercise the rights and remedies related thereto pursuant to a court order, the Court finds that the Noteholder is adequately protected. The Debtor is authorized to collect and receive all cash funds in the ordinary course of its business. For purposes of this Order, "proceeds" of any of the Noteholder's collateral shall mean Proceeds (as defined in the Uniform Commercial Code) of such collateral security for all Cash Collateral permitted to be used hereunder by the Debtor. On an interim basis only, in consideration of the Lender's security interest in the Debtor's Cash Collateral, and in consideration of the Debtor's compliance with the terms of this Order, the Court finds that the Lender and Noteholder are adequately protected. The terms and conditions of the use of Cash Collateral and the security interests, liens, rights, and priorities granted to the Noteholder is fair and appropriate under the circumstances. Notwithstanding Bankruptcy Rule 6004(h), the terms and conditions of the Order shall be immediately effective and enforceable upon its entry. A Final Hearing on the Motion shall be held on October 9, 2025, at 9:30 a.m., prevailing Central Time. No later than October 6, 2025, any objections or responses to entry of a further interim or final order shall be filed with the Court and served on: (a) Debtor's counsel, Law Offices of Frank J. Wright, PLLC, 1800 Valley View Lane, Suite 250 Farmers Branch, Texas 75234; (b) the Office of the United States Trustee for the Northern District of Texas (Dallas Division), Earle Cabell Federal Building, 1100 Commerce Street, Room 976, Dallas, TX 75242; (c) Counsel for the United States of America, J. Mark Chevallier, Rochelle McCullough, LLP, 901 Main St., Suite 3200, Dallas, Texas 75202; (d) counsel to any statutory committee appointed in this case; and (e) any party that has requested notice pursuant to Bankruptcy Rule 2002. A copy of the Court's Order dated September 23, 2025, is available at http://urlcurt.com/u?l=DFAfgdfrom PacerMonitor.com. About 8787 Ricchi 8787 Ricchi, LLC is a commercial real estate company that owns and manages properties in Dallas, Texas. 8787 Ricchi sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-31144) on March 31, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Stacey G. Jernigan handles the case. The Debtor is represented by: Frank Jennings Wright, Esq. Law Offices Of Frank J. Wright, PLLC Tel: 214-935-9100 Email: frank@fjwright.law ABC CHILDREN'S EYE: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The U.S. Trustee for Region 14 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of ABC Children's Eye Specialists, P.C. About ABC Children's Eye Specialists PC ABC Children's Eye Specialists, PC is a healthcare business and professional corporation formed in 2002 in Arizona. ABC Children's Eye Specialists sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-08546) on September 10, 2025, listing up to $10 million in both assets and liabilities. Brendan Cassidy, owner of ABC Children's Eye Specialists, signed the petition. Judge Scott H. Gan oversees the case. Grant L. Cartwright, Esq., at May Potenza Baran & Gillespie, P.C., is the Debtor's legal counsel. Sunflower Bank, N.A., as secured creditor, is represented by: Wade M. Burgeson, Esq. Engelman Berger, P.C. 2800 North Central Avenue, Suite 1200 Phoenix, AZ 85004 Phone: (602) 222-4989 Wmb@eblawyers.com ABSOLUTE DIMENSIONS: Unsecureds to Split $25K over 36 Months ------------------------------------------------------------ Absolute Dimensions, LLC, submitted a Third Amended Plan of Reorganization under Subchapter V dated September 23, 2025. The Debtor's financial information shows that it has maintained a steady level of general revenue over the last 3 years, but not at the level Absolute experienced around the same time of its First Bankruptcy Case. Additionally, the expenses Absolute incurred to generate those gross profits increased dramatically over the last 3 years. As such, to carry out the terms of this 3rd Amended Plan, Absolute intends to rely primarily on income generated from performing consigned work. Under this business model, Absolute would perform the machine work on its customer's raw materials and charge the customer for that work. The raw materials and the finished product would remain the customer's property at all times. Under this model, Absolute would not be required to purchase the raw materials needed to manufacture the part; thus, significantly reducing the costs needed to generate the income Absolute needs to pay its regular operating expenses. And since Absolute would no longer be required to front the manufacturing costs as it did under the MPA Absolute had with Spirit, Absolute could avoid a majority of the ever-rising materials costs and become more profitable. The Debtor proposes to pay to its creditors such portion of its earnings and other future income as is necessary for the execution of this 3rd Amended Plan for a 60-month period of time ending on December 31, 2030 as is required under Section 1191(c)(2)(A) of the Bankruptcy Code. In no event, however, shall the portion of Absolute's earnings and other future income paid pursuant to this 3rd Amended Plan be less than the projected disposable income of Absolute paid to Allowed Unsecured Claims for the period of time contemplated by this Article. Class 9 consists of Allowed Unsecured Claims. This Class is Impaired and is entitled to vote on the 3rd Amended Plan. Absolute's disposable income to distribute to Allowed Unsecured Creditors under Section 1191(c)(2)(A) of the Bankruptcy Code is $43,777.36, with the bulk of the that disposable income occurring in 2028, 2029, and 2030 based on Absolute's cash-flow projections. Absolute does maintain some equity in its personal property assets in the amount of $775,927.94. Despite that, Absolute has no liquidation value because the administrative expenses exceed the equity and the value of that preference claim. However, in an effort to obtain a consensual plan, to comply Section 1191 of the Bankruptcy Code, and to ensure it retains its personal property assets, Absolute proposes to distribute its disposable income projected for 2028, 2029, and 2030. Therefore, Absolute will distribute to Allowed Unsecured Claims their pro rata share of the total of $25,000.00 over 36 months at 6.84% interest through monthly payments of $770.10. The monthly payments shall commence on February 1, 2028 and on the same day of each month thereafter through December 1, 2030 until the total of $25,000.00 is paid with interest as provided herein. Absolute asserts that paying the $25,000.00 complies with Section 1192(c) of the Bankruptcy Code because that amount is Absolute's reasonable disposable income over 60-month period post-confirmation and that Absolute would not otherwise be required to distribute any liquidation value to unsecured creditors as the administrative costs of liquidating Absolute exceeds the value of any potential recovery for Allowed Unsecured Claims in a Chapter 7 liquidation. In addition to the treatment of the claims set forth in Articles 10, 11, and 12, Absolute will seek to sell certain equipment and inventory in connection with the 3rd Amended Plan, both of which are subject to Emprise Secured Claim and SBA Secured Claim based on the following terms: * Absolute will sell the equipment identified in the list attached as Exhibit 3 (collectively the "Collateral"). * Absolute will sell the equipment identified in Exhibit 3 by auction to be conducted by an auction company Absolute will retain pursuant to Section 327 of the Bankruptcy Code. Such sale will be initiated and completed within 90 days from the Effective Date of this 3rd Amended Plan. * Additionally, Absolute may, but is not required to, sell certain specialized inventory that is current collateral for Emprise's Claim. A full-text copy of the Third Amended Plan dated September 23, 2025 is available at https://urlcurt.com/u?l=Gja3is from PacerMonitor.com at no charge. Attorneys for the Debtor: Nicholas R. Grillot, Esq. Lora J. Smith, Esq. Hinkle Law Firm LLC 1617 N. Waterfront Parkway, Ste. 400 Wichita, KS 67206 Telephone: (316) 660-6211 Facsimile: (316) 660-6523 Email: ngrillot@hinklaw.com lsmith@hinklaw.com About Absolute Dimensions Absolute Dimensions, LLC specializes in 3, 4, and 5 axis and CNC machining as well as Water Jet cutting. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 24-10392) on 24-10392. In the petition signed by Stephen Brittain, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mitchell L. Herren oversees the case. Nicholas R. Grillot, Esq., at Hinkle Law Firm, LLC, represents the Debtor as bankruptcy counsel. AD LUCEM NY: Case Summary & Three Unsecured Creditors ----------------------------------------------------- Debtor: Ad Lucem NY, LLC 40 Hollyoak Avenue East Hampton, NY 11937 Business Description: Ad Lucem NY, LLC owns a single-family residence at 40 Hollyoak Ave East Hampton, NY 11937, with a current value of $750,000. Chapter 11 Petition Date: September 30, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-73767 Judge: Hon. Alan S Trust Debtor's Counsel: Charles Higgs, Esq. THE LAW OFFICE OF CHARLES A. HIGGS 2 Depot Plaza First Floor, Office 4 Redford Hills NY 10507 Tel: (917) 673-3768 Email: charles@freshstartesq.com Total Assets: $750,000 Total Liabilities: $1,326,482 The petition was signed by William J Fowkes as managing member. 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/XJVG2TI/Ad_Lucem_NY_LLC__nyebke-25-73767__0001.0.pdf?mcid=tGE4TAMA ADT INC: Moody's Affirms 'Ba3' CFR, Outlook Remains Positive ------------------------------------------------------------ Moody's Ratings affirmed ADT Inc.'s (ADT, the company) corporate family rating and probability of default rating at Ba3 and Ba3-PD, respectively, following the proposed refinancing transaction. At the same time, Moody's downgraded the company's senior secured first-lien bank credit facilities (revolver due 2029, term loans due 2030 and 2032), backed senior secured first-lien notes due 2026 and senior secured first-lien notes due 2027 issued by Prime Security Services Borrower, LLC, as well senior secured first-lien notes due 2029, and backed senior secured first-lien notes due 2032 and 2042 issued by The ADT Security Corporation (both subsidiaries of ADT) to Ba3 from Ba2. Moody's also affirmed senior secured second-lien notes issued by Prime Security Services Borrower, LLC at B2. The outlook for all rated entities remains positive. The company's speculative grade liquidity rating (SGL) remains unchanged at SGL-2. ADT, headquartered in Boca Raton, FL, is the largest provider of residential alarm monitoring services in the US. ADT is launching a $300 million fungible add-on to the existing senior secured first-lien term loan B due 2032. Proceeds from the incremental term loan, along with approximately $1 billion of other senior secured first-lien debt to be launched at a later date, will be used to repay in full the company's existing senior secured second-lien notes due 2028. Moody's will withdraw the B2 rating on the existing senior secured second-lien notes upon completion of the refinancing and repayment of the second-lien debt. Moody's affirmed the company's Ba3 CFR and positive outlook reflecting the leverage-neutral nature of the refinancing transaction. The company continues to strategically address debt maturities while preserving good access to capital markets. Moody's anticipates the company will deploy excess cash to repay the remaining $300 million of its 2026 notes by April 2026, which, along with Moody's anticipated RMR growth, could lower debt/RMR to about 20x in 2026. The downgrade of the senior secured first-lien ratings to Ba3 from Ba2 reflects the planned full repayment of the senior secured second-lien notes in the near future that results in the elimination of the first loss support from the second-lien debt provided to the first-lien creditors in a default scenario. RATINGS RATIONALE ADT' Ba3 CFR profile reflects its leading position as the largest residential alarm-monitoring and home automation services provider in the fragmented US market. Credit support is provided by Moody's expectations for continued improvements in the company's operations and credit metrics, including higher recurring monthly revenue (RMR), stable gross attrition rates and declining customer acquisition costs. Moody's expects the company's cash flow generation to remain robust, through it will be partially offset by share repurchase activity and dividend payments. Moody's anticipates ADT to continue to reduce debt/RMR towards 20x and manage debt maturities proactively. Over time, Moody's expects the company will establish a fully-independent board and deploy more balanced financial strategies. All financial metrics cited reflect Moody's standard adjustments. The company derives a substantial portion of its revenue from multi-year monitoring services contracts that result in a predictable and recurring revenue base. However, the industry faces challenges such as high customer churn and costly subscriber acquisition costs, leading to high capital intensity that constrains free cash flow generation. Subscriber attrition, a key operating metric, often correlates with home relocations, exposing the company to housing market fluctuations. Ongoing partnerships with prominent firms like Google Inc. and State Farm Life Insurance Company, which have also become minority shareholders, will continue to foster product development and innovation. These relationships support revenue growth and help reduce subscriber acquisition costs and attrition, which are crucial for enhancing profitability and cash flow. The SGL-2 rating reflects Moody's expectations that ADT will maintain good liquidity over the next 12-15 months. Sources of liquidity consist of approximately $45 million of unrestricted cash on hand as of June 30, 2025, Moody's expectations for annual free cash flow in excess of $550 million (net of dividends), and full access to the $800 million revolving credit facility due October 2029. These sources are sufficient to meet all of its annual cash obligations, including approximately $30 million of mandatory term loan payments and roughly $180 to $190 million in shareholder distributions. Moody's expects ADT could also boost liquidity by scaling back its subscriber acquisition efforts and leveraging the strong market for trading alarm monitoring contracts, if necessary. Revolver availability is subject to a springing net first-lien net leverage ratio covenant of 4.9x that must be measured when revolver borrowings exceed 30% of availability. Moody's do not expect the covenant to be triggered over the near term and believe there is ample cushion within the covenant based on Moody's projected earnings levels for the next 12-15 months if it were measured. There is no financial maintenance covenant applicable to the term loan. The positive outlook reflects Moody's expectations that ADT's operating and credit metrics will continue to improve over the next 12-18 months while the company adopts more balanced financial strategies, including an emphasis on debt reduction rather than shareholder returns or debt-financed acquisitions. The positive outlook also reflects Moody's expectations that ADT's debt/RMR will decline to around 20x and free cash flow/debt will be sustained above 5%. The outlook may return to stable if the company's operating performance is weaker than expected, including slower revenue growth or diminished free cash flow. Pro forma for the refinancing, ADT's capital structure will include only first-lien debt and a receivable securitization facility. The ratings for the individual debt instruments incorporate ADT's overall probability of default, reflected in the Ba3-PD PDR, and the Loss Given Default assessments for the individual debt instruments. The Ba3 ratings on ADT's nearly $2.0 billion first-lien term B due 2030, $1.5 billion first-lien term B2 due 2032 (including $300 million proposed add-on) , $800 million first-lien revolver due 2029, and approximately $4.0 billion (including $1 billion of other first-lien to be issued in the future) of first-lien notes and other debt, which are held collectively at Prime Security Services Borrower, LLC and The ADT Security Corporation, are in line with the company's Ba3 CFR. Because Moody's expects a single family of debt, the individual instruments' risk reflects directly the overall corporate risk, captured in the Ba3 CFR, so the instruments are also rated Ba3. The senior secured first-lien ratings are secured by a first priority security interest in substantially all assets of the borrower and guarantors. ADT contributes contracted receivables to wholly-owned, bankruptcy-remote special purpose entities (SPE) that act as borrowers. The SPEs are separate legal entities with their own creditors who are repaid through the liquidation of the SPE's receivable assets. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if 1) ADT can sustain good operating momentum with diminishing subscriber attrition and acquisition costs; 2) commits to and sustains debt/RMR below 20x and FCF/debt above 5% while sustaining revenue growth; 3) employs more conservative long-term financial strategies focusing on debt reduction; and 4) ownership concentration continues to decline. The ratings could be downgraded if 1) revenue growth, attrition, RMR, subscriber acquisition costs or other operating metrics weaken materially, reflecting a diminished competitive profile; 2) the company pursues more aggressive financial strategy, such as debt-funded shareholder distributions or acquisitions; 3) sustains debt/RMR above 25x or FCF/debt to remain below 2.0%; or 4) meaningful erosion in liquidity. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. ADT's Ba3 CFR rating is three notches below the scorecard-indicated outcome of Baa3. The difference is explained by the understated risk profile of ADT's profitability, debt/EBITDA leverage and coverage metrics, which benefit from the industry practice of capitalizing, instead of expensing, subscriber acquisition costs related to accounts acquired from dealers. Moody's Ba3 rating places significant weight on free cash flow generation and operating metrics. ADT Inc. (NASDAQ: ADT), headquartered in Boca Raton, FL, is the largest provider of security, interactive automation and alarm monitoring services in the US, with about 6.4 million residential subscribers as of June 30, 2025, plus independent security-alarm dealer customers on a wholesale basis. The company was formed in 2016 as an Apollo-backed combination of alarm monitors Protection 1 and The ADT Security Corporation. Moody's expects the company will generate annual revenue in excess of $5 billion in 2025. ADVANCION HOLDINGS: S&P Downgrades ICR to 'CCC+', Outlook Negative ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Advancion Holdings LLC to CCC+' from 'B-'. S&P also lowered the issue-level ratings on all debt by one notch. The recovery ratings on the company's first-lien secured debt remains '3' (rounded estimate: 55%) and '6' (rounded estimate: 0%) on its second-lien secured debt and deeply subordinated debt (TopCo payment-in-kind toggle notes). The negative rating outlook on Advancion reflects S&P's view that leverage will remain elevated, and EBITDA interest coverage and free cash flow will remain weak, at a time when the company's revolver has come current. Advancion's leverage remains elevated through the first half of 2025, and S&P expects it to remain at unsustainable levels. S&P also expects the company's free cash flow in 2025 will remain modestly negative, and it faces near-term refinancing risks. S&P said, "The negative outlook reflects our expectation the company's credit metrics and free cash flow will remain weak through 2025 and into 2026. Advancion's operating performance was modestly weaker in the first half of 2025 (compared to 2024) as softness in its Performance Ingredients and Personal Care and Consumer segments were only partly offset by continued strength in Life Sciences. We consider the pay-in-kind (PIK) notes issued by Advancion Sciences Inc. as debt in our leverage calculations, thus any stagnation in EBITDA growth will lead to higher leverage. S&P Global Ratings-adjusted debt to EBITDA has exceeded 10x on an last 12 months (LTM) basis ended June 2025, and we expect it will remain around 10x in 2025-2026, a level that we view as unsustainable. Additionally, despite an ongoing effort to reduce capital expenditures, flattish year over year EBITDA and high interest expense has continued to lead to modestly negative free cash flow generation and EBITDA interest coverage remaining around 1x." Advancion has meaningful upcoming debt maturities that it will need to address in the coming months. The company's $125 million revolver (which was $82 million drawn as of June 30, 2025) matures in September 2026; its senior PIK toggle notes (currently $243 million and PIK at 10% per year) mature in November 2026; $1 billion of first-lien term loans are due November 2027; and $345 million second-lien term loans are due November 2028. Given minimal cash on hand and S&P's forecast for negligible free cash flow generation, it believes the company will need external sources of funds to either extend upcoming maturities or recapitalize the entire capital structure. The company remains reliant on supportive credit markets to address this upcoming refinancing risk, at a time when its credit metrics are stretched. Advancion continues to benefit from its leading market position in the niche nitroalkane specialty chemicals industry. Because of its leading market positions, the company has achieved above-average profitability, maintaining EBITDA margins among the highest in the specialty chemical industry across various macroeconomic environments. Advancion delivers its key product offerings to a wide range of end markets, including life sciences, paints and coatings, and pharmaceutical products. Its industry's high barriers to entry, customer stickiness, and the high performance of its products relative to their cost continue to support its leading market positions and overall margin profile. Advancion also benefits from the location of its facilities for key customers and the lack of direct competition for most of its specialty chemical products. Specifically, it is the only manufacturer of some of the chemicals it offers that are critical inputs for many of its customers' products. Offsetting some of its business strengths include it's limited size and scale of operations, and concentrated operating footprint, including meaningful site concentration at its Sterlington plant. S&P said, "The negative outlook on Advancion Holdings reflects our expectation that leverage will continue to remain at unsustainable levels over the next 12 months. Specifically, we expect weighted-average S&P Global Ratings-adjusted debt to EBITDA will remain around 10x, and funds from operations (FFO) to debt will only be marginally positive. We forecast 2025 S&P Global Ratings-adjusted free cash flow will be modestly negative, and that EBITDA interest coverage will remain around 1x. Additionally, the revolving credit facility becomes current on Oct. 1, 2025 and PIK notes become current the following month." S&P could lower the ratings on Advancion over the next couple of quarters if: -- Advancion is unable to extend upcoming maturities, heightening near-term refinancing risk; -- The company generated persistent negative free operating cash flow (FOCF), which weakens its liquidity position; -- It pursued a debt exchange or debt repurchase transaction that S&P views as distressed; -- S&P views a financial covenant breach on the revolving credit facility (RCF) as likely; -- EBITDA is materially weaker than projected due to unexpected end-market weakness, a loss in market share, or operating disruptions at its key Sterlington plant; or -- Financial policies become more aggressive than our current assumption, such as undertaking large debt-funded dividends or acquisitions. S&P could take a positive rating action, including revising the outlook to stable over the next 12 months, if: -- Stronger-than-expected volumes or pricing lead to EBITDA outperforming our expectations; -- The company is able to extend its debt maturity profile at favorable terms and we believe EBITDA interest coverage would remain moderately above 1x and free cash flow generation would turn positive; -- Advancion is able to meaningfully reduce its S&P Global Ratings-adjusted debt balances, such that debt to EBITDA trends towards 8x; and -- S&P's confident the company's financial policies will support the maintenance of aforementioned credit measures. AETHON UNITED: S&P Raises Senior Unsecured Notes Rating to 'B+' --------------------------------------------------------------- S&P Global Ratings raised its issue-level rating on Dallas-based natural gas exploration and production company Aethon United BR L.P.'s senior unsecured notes to 'B+' from 'B'. S&P also revised its recovery rating to '2' (rounded estimate: 80%) from '3' (rounded estimate: 60%). The revised recovery rating reflects an updated valuation of the company's hydrocarbon reserves, incorporating a higher per-well reserve estimate and changes to its planned drilling program. The valuation also considers narrower natural gas differential assumptions, reflecting stronger regional price realizations given Aethon United's proximity to the U.S. Gulf Coast liquefied natural gas corridor. S&P Global Ratings expects Aethon United's cash flow will benefit over the next 12 months from higher natural gas prices and its operations in the gas-focused Haynesville shale. The company repaid approximately $140 million on its reserve-based lending facility in the first half of 2025, leaving $484 million drawn. Based on lower debt and improved operating performance, S&P forecasts funds from operations to debt will increase to 50% in 2025 and about 65% in 2026 from about 30% in 2024. S&P's 'B' issuer credit rating and stable outlook on Aethon United are unchanged. Issue Ratings--Recovery Analysis Key analytical factors -- S&P's simulated default scenario considers a default in 2028, assuming sustained low commodity prices, consistent with the conditions of past defaults in the sector. -- S&P bases its valuation on a company-provided PV-10 report, which uses our recovery price assumptions of $50 per barrel for West Texas Intermediate crude oil and $2.50 per million Btus for Henry Hub natural gas. -- S&P's analysis assumes Aethon United's $1 billion reserve-based lending facility is fully drawn at default. Simulated default assumptions -- Simulated year of default: 2028 -- Gross enterprise value: $2 billion Simplified waterfall -- Net enterprise value (after 5% administrative expenses): $1.9 billion -- First-lien debt: $1 billion --Recovery expectations: Not applicable -- Total value available to unsecured claims: $860 million -- Senior unsecured debt: $1 billion --Recovery expectations: 80%-90% (rounded estimate: 80%) All debt amounts include six months of prepetition interest. AGILITI HEALTH: Moody's Lowers CFR to B3, Outlook Negative ---------------------------------------------------------- Moody's Ratings downgraded the ratings of Agiliti Health, Inc. (Agiliti) including the Corporate Family Rating to B3 from B2, the Probability of Default Rating to B3-PD from B2-PD, and the instrument ratings on the senior secured and backed senior secured bank credit facilities to B3 from B2. The outlook remains negative. The ratings downgrade reflects the company's deteriorating credit metrics due to a combination of ongoing inflationary pressures, including price erosion, additional investments in R&D for beds and therapeutic surfaces, and higher equipment maintenance costs associated with a government contract. While the higher maintenance costs have begun to subside, the other factors continue to pressure the ratings and are constraining the company's profitability and cash flow metrics, thereby weakening the company's ability to deleverage or to manage any unforeseen operational challenges in the near term. As a result, Moody's expects gross debt/EBITDA to remain above 7.0x throughout 2025. The negative outlook reflects Moody's expectations that Agiliti will continue to face margin pressure, burn cash due to higher capital expenditure, and that leverage will remain elevated. RATINGS RATIONALE Agiliti's B3 CFR reflects its high financial leverage, which recently increased due to inflationary pressures and higher costs relative to additional equipment maintenance costs and margin erosion. Free cash flow is constrained by high interest expense following Agiliti's 2024 LBO, and high capital expenditures. Moody's expects capital expenditures to decline as the company's business mix steadily pivots toward less capital-intensive activities such as clinical engineering and on-site managed services business. Tempering these risks, Agiliti benefits from its national presence, with around 90% of acute care locations in the company's service territory. Agiliti's offerings span several key service areas. Its clinical engineering and on-site managed services businesses are lower margin businesses but tend to be more stable than the short-term equipment solutions business, as demand for short-term rentals can be volatile. That being said, the COVID-19 pandemic resulted in increased demand for the company's services over the longer term as healthcare providers and government agencies increasingly focus on managing medical equipment needs. Moody's expects Agiliti to maintain adequate liquidity, which is supported by Agiliti's $4 million of cash on the balance sheet as of June 30, 2025 and an undrawn $300 million senior secured first lien revolving credit facility due in 2028. The company's revolver is subject to a springing maximum first lien net leverage ratio of 7.0x if more than 35% of the revolver is used. Moody's anticipates that Agiliti will generate modestly negative free cash flow in 2025. Alternative sources of liquidity are limited, as substantially all assets are pledged. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Agiliti can return to growth while maintaining balanced capital allocation priorities. Quantitatively ratings could be upgraded if debt/EBITDA is sustained below 6.0 times while maintaining good liquidity and consistently generating positive free cash flow. Ratings could be downgraded if Agiliti's operating performance and profitability further deteriorates. Weakening in the liquidity profile, including sustaining EBITDA /Interest below 1.0x, could also lead to a ratings downgrade. Headquartered in Minneapolis, MN, Agiliti Health, Inc. serves more than 10,000 national, regional and local acute care and alternative site healthcare providers across the US The company provides services across 3 primary service lines: Onsite Managed Services, Clinical Engineering Services, and Equipment Solutions. Revenues were approximately $1.2 billion as of June 30, 2025. Agiliti is owned by affiliates of Thomas H. Lee Partners, L.P. 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. AH LIQUIDATION: HE Loses Bid for Rehearing of Sale Order -------------------------------------------------------- In the appeal styled HE, INC., Appellant, v. AVADIM HOLDINGS INC., and RELION HOLDINGS LLC, Appellees, Case No. 23-cv-00329-JLH (D. Del.), the Honorable Jennifer L. Hall of the United States District Court for the District of Delaware denied the motion for rehearing filed by HE, Inc. with respect to the Sale Order entered by the United States Bankruptcy Court for the District of Delaware. This dispute arises from the chapter 11 cases of the debtors in connection with the Bankruptcy Court's construction and enforcement of its order approving the sale of the Debtors' assets to appellees Avadim Holdings, Inc. and Relion Holdings LLC. Prior to their bankruptcy, the Debtors bought from appellant HE. Inc. U.S. Patent No. 6,358,516, as well as all of the intellectual property associated with the Patent that was not already included in the Patent (the "Proprietary Technical Information" or "PTI," and together with the Patent, the "Patent IP"). When the Debtors filed for bankruptcy, the Patent IP became property of the estate. The Debtors then sold substantially all of their assets to the Buyer, including all of their intellectual property, unless specifically excluded. The Sale Order approved this sale free and clear of any claims or encumbrances. One year later, HE sued the Buyer in the Southern District of Georgia for using the PatentIP. Buyer moved the Bankruptcy Court to enforce the Sale Order and determine that the Buyer owned the Patent IP free and clear of HE's lawsuit. On March 9, 2023, the Bankruptcy Court entered an order enforcing the Sale Order, and HE appealed. On Feb. 12, 2025, the District Court issued an Opinion and Order affirming the Enforcement Order. On Feb. 26, 2025, HE filed the Motion for Rehearing, which is pending before the District Court. In 2002, HE obtained the Patent. In 2007, HE licensed the Patent to the Debtors' predecessor Avadim, LLC. In 2013, HE sold the Patent to the Debtors. Three years later, following a series of disputes, the Debtors and HE entered into three contracts: (1) a Settlement Agreement, dated July 15, 2016; (2) a Confidentiality Non-Use and Non-Disclosure Agreement, dated July 15, 2016; and (3) the Assignments and Confirmation of Previous Assignments, dated July 18, 2016. The Settlement Agreement superseded all prior agreements and became the operative agreement governing the Debtors' and HE's relationship. The Settlement Agreement reaffirmed the sale and transfer to the Debtors of HE's entire right, title, and interest in and to the Patent, and further conveyed to the Debtors all of the Patent IP. In exchange, the Debtors agreed to pay consideration to HE, including cash in monthly installments. The Debtors and HE also entered into the Confidentiality Agreement. Under that agreement, HE and its principals agreed not to disclose any confidential information, trade secrets, or other proprietary information relating to the Patent IP. HE formally transferred the Patent IP by executing the Assignment. On Aug. 1, 2021, the Bankruptcy Court entered the Sale Order approving the APA. Under the APA, the term "Purchased Assets" was defined as all of the Debtors' assets not specifically listed as an Excluded Asset. The Purchased Assets included all the Debtors' "Owned Intellectual Property," which was defined as "all Intellectual Property owned by a Seller." HE's sole basis for asserting that the Buyer did not buy the PTI from the Debtors was its reading of Sale Order paragraph 44. HE argued that as a result of the Second Sentence, the Buyer has no rights to the PTI. The question before the Bankruptcy Court was whether paragraph 44 of the Sale Order somehow removed the PTI from the assets transferred to the Buyer, and, in HE's words, caused ownership rights to revert back to HE. HE argued that the Bankruptcy Court erred in his legal conclusion to construe the second sentence of Paragraph 44 as pertaining only to go-forward rights and obligations of the Debtors under their agreements with HE and not to all rights and obligations under those agreements, including the Debtors' rights to HE's proprietary information. At the same time, HE urged the District Court not to address issues of PTI ownership, as the Bankruptcy Court did not rule on those other grounds, but rather based his ruling solely on Paragraph 44 of the Sale Order. The District Court disagreed that the Bankruptcy Court's ruling did not address the issue of who owned the PTI. HE's primary argument on appeal, that the second sentence of Paragraph 44 prevented the transfer of the PTI to the Buyer, is predicated on an argument that the PTI was not owned by the Debtors but rather was a "right." The Bankruptcy Court rejected that argument, and the District Court agreed. Central to the District Court's Opinion is its holding that the PTI was an asset of the Debtors' estate, owned outright by the Debtor, and not a contractual right under the Settlement Agreement. The Settlement Agreement reaffirmed the sale and transfer to the Debtors of HE's entire right, title, and interest in and to the Patent, together with all of the Patent IP. As to Paragraph 44, on which HE's entire argument rested, the District Court agreed with the Bankruptcy Court. HE's Motion for Rehearing raises two main arguments. First, according to HE, the Court's apprehension error was assuming that the Settlement Agreement and Confidentiality Agreement were executory when the Sale Order did not require that. HE argues the District Court lacked any basis to construe the Debtors' rights and obligations in the second sentence as meaning unperformed rights and unperformed obligations. The District Court said it made no such assumption, and its discussion of possible rights and obligations under the Agreements was not necessary to its ultimate holding: that the Debtors owned the Patent IP outright as of the Petition Date, and that such ownership was not a contract right or obligation affected by paragraph 44; it was a completed transfer that had occurred years before. According to the District Court, none of the arguments raised in the Motion for Rehearing address this core holding. The remainder of the District Court's Opinion agrees with the Bankruptcy Court construction of paragraph 44: that it clarifies, for the avoidance of doubt, that neither the Settlement Agreement nor the Confidentiality Agreement are being assumed and assigned in the sale, and that no rights or obligations, to the extent they exist under those agreements, are being transferred. Second, HE argues that the Opinion misapprehends the basis for carving out from the asset sale the Debtors' rights and obligations under the Two Agreements. Judge Hall holds, "The red herring is HE's argument that the PTI was somehow a contractual right, not an asset of the estate, and that the Debtors' transfer of any such rights to the Buyer was prevented by Paragraph 44. As set forth in the Opinion, the Patent IP [which included the PTI] was not a right under the Settlement Agreement or Confidentiality Agreement; it was property that the Debtors owned outright. The Debtors' interest in the Patent IP came from owning the entire right, title, and interest in and to that property, not from holding a contractual right to use the property. Thus, the Opinion explains, the Agreements were not in the nature of a license. And because the Debtors' ownership of the Patent IP was not a contract right, it was not affected by paragraph 44." A copy of the Court's Memorandum Order dated September 24, 2025, is available at https://urlcurt.com/u?l=1o5ndQ from PacerMonitor.com. About Avadim Health Avadim Health, Inc. is an Asheville, N.C.-based healthcare and wellness company that develops, manufactures and markets topical products for the institutional care and consumer markets. It was formerly known as Avadim Technologies Inc. Avadim and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10883) on June 1, 2021. In the petition signed by CRO Keith Daniels, Avadim disclosed total assets of between $10 million and $50 million and total liabilities of between $100 million and $500 million. Judge Craig T. Goldblatt oversees the cases. The Debtors tapped Pachulski Stang Ziehl & Jones LLP and Chapman and Cutler LLP as legal counsel, SSG Capital Advisors LLC as investment banker, and Carl Marks Advisory Group LLC as restructuring advisor. Keith Daniels, a partner at Carl Marks, serves as the Debtors' chief restructuring officer. Omni Agent Solutions is the claims and noticing agent and administrative agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases on June 9, 2021. The committee tapped Fox Rothschild, LLP and Lowenstein Sandler, LLP as its legal counsel and Province, LLC as its financial advisor. The U.S. Bankruptcy Court for the District of Delaware, on August 26, 2021, authorized the change of caption in the Debtors' cases to conform with the name change of Avadim Health, Inc. to AH Liquidation, Inc., pursuant to the Stalking Horse Asset Purchase Agreement governing the sale of substantially all of the Debtors' assets to Midava Holdings 3, Inc. (n/k/a Avadim Holdings, Inc.) for a $69,950,000 credit bid and the assumption of certain liabilities. ALPHA GENERATION: S&P Rates Senior Unsecured Notes Rated 'B+' ------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' long-term issuer credit rating (ICR) on power producer Alpha Generation LLC (AlphaGen). The 'BB+' issue-level rating and '1' recovery rating on AlphaGen's $2.25 billion senior secured term loan B (TLB) and the $700 million revolving credit facility (RCF), as well as the 'B+' issue-level rating and '5' recovery rating on the existing $1 billion senior unsecured notes is unchanged. S&P said, "We continue to assess AlphaGen's business risk profile as fair, based on factors including the merchant nature of its operations, some near-to-medium term cash flow predictability via hedges and cleared capacity payments, the presence of competitive combined-cycle gas turbines (CCGT), as well as asset and regional diversity. "The stable outlook reflects our updated financial forecast for S&P Global Ratings-adjusted debt to EBITDA at around 4.8x for 2025, improving to 4.5x-4.6x in 2026 and 2027. We also expect free operating cash flow (FOCF) to debt of around 13%-14% during the same time. "The transaction weakens credit ratios and eliminates headroom for underperformance. Without any immediate increase in cash flow from the capital raise, the transaction has a negative effect on the company's credit metrics, which now have no headroom for financial underperformance relative to our forecast. Generally, for financial sponsor-owned companies like AlphaGen, we view free cash flow to be largely utilized for distributions, unless there are definitive capital deployment plans, such as expansions or targeted mergers and acquisitions (M&A). That said, we also understand the transaction is intended to build financial flexibility, and the company would look to opportunistically allocate part of the proceeds for future growth opportunities, increasing the portfolio's earnings capacity and improving long-term leverage. While we expect debt to EBITDA will exceed our downgrade threshold of 4.5x in 2025, we also expect AlphaGen will manage its capital allocation priorities and use its free cash flow (including transaction proceeds) over the next 6-12 months in a value accretive manner, supporting credit quality, and restoring credit ratios to comfortably below the rating triggers. "We note our calculation of EBITDA, which is consistent with S&P Global Ratings' Ratios & Adjustment Methodology, is different from how the company determines EBITDA for its covenant calculations, and for tracking leverage against its financial policy goals. We consider all expenses that flow through operating cash flow, including major maintenance, and long-term service agreement (LTSA) payments, as part of EBITDA. In contrast, and in alignment with its senior debt credit agreement, AlphaGen's calculation of EBITDA adds back these items, which provides an uplift and may create leverage headroom. Between 2025-2027, we estimate these expenses will be about $150 million per year, which reduces our forecast EBITDA, relative to AlphaGen's projections. Absent this difference, our forecast for debt to EBITDA would be in the 3.9x-4.1x range between 2025-2027. "The company's positive free-cash flow provides considerable financial flexibility. Despite increased leverage from the contemplated debt issuance, we view AlphaGen's positive free cash flow as a key mitigating and credit supportive factor. With about $500 million-$600 million in FOCF per year between 2025-2027, we believe the company will have the financial flexibility and bandwidth to reduce debt, if there was a pullback in earnings and it had to realign capital structure in accordance with its financial policy. "We continue to expect a highly bullish environment for dispatchable power assets, particularly baseload, which benefits AlphaGen. The significant buildout of power-intensive data centers has created unprecedented tailwinds in the power sector, including elevated energy and capacity prices. Data centers accounted for 4% of total U.S. power demand in 2024 and various industry projections estimate that this number will rise to between 9%-12% by 2030. In an already tight power market, that has seen considerable dispatchable, and baseload generation exit due to either economics, or other reasons (e.g., environmental, regulatory, etc.), energy has become a scarce commodity, benefitting competitive power generation assets. The current market conditions are also reflected in the recent M&A activity in the power generation space, where efficient combined cycles have traded in the $1,200/kilowatt (kW) to $1,600/kW range, that are still below the cost of new builds, which we estimate at around $1,800/kW to $2,000/kW. This assumes that developers have access to the necessary equipment, such as turbines, that are facing considerably long lead times due to supply chain and labor constraints. "Pennsylvania-New Jersey-Maryland (PJM) in particular, where AlphaGen has about 5.7 GW, or nearly 50% of its capacity, and has been clearing record high-capacity prices over the past two auctions; the most recent auction cleared capacity for 2026-2027 delivery years hit the $329.17/megawatt (MW)-day cap. Absent the cap, the price would have been $389/MW-day. The next capacity auction, which will clear capacity for 2027-2028 delivery years, is scheduled for December this year, and the collar range is between $179.6/MW-day to $333.4/MW-day. We conservatively assume a systemwide $275/MW-day clearing price, though, market consensus is strong around another clear hitting the cap ($333.4/MW-day). We also think that PJM may look to extend the collar at least for another couple of years as a market signal to potentially support new investment (and preserve existing generation) in its jurisdiction. PJM's latest long-term load forecast estimates about 32 gigawatts (GW) of load growth through 2030, of which 30 GW is expected to come from data centers alone. For reference, PJM's peak load during 2025 (year-to-date) was about 162 GW. "At the current capacity price levels, we expect PJM capacity cash flows will represent nearly two-thirds of all capacity cash flows for AlphaGen, and about 35% of the company's gross margins between 2026-2027. We also see limited to no downside for these cash flows given capacity prices are cleared through May 2027, and the sentiment for the next capacity auction remains strong. "Energy prices have remained resilient and elevated relative to natural gas prices, which supports attractive spark spreads for baseload plants. About 57% of AlphaGen's fleet is represented by CCGTs and it has various energy hedges in place through 2027, which we believe provides stability to energy margins though our outlook period. Under our forecast, we estimate about 30%-40% of energy margins locked under hedges for the 2026-2027 period. We also expect the company will increase its hedging as it moves into the prompt year, providing further earnings visibility and stability. "The stable outlook reflects our expectation that AlphaGen's financial performance through 2027, will be better, or at least on par with our projections. While our forecast debt-to-EBITDA ratio for 2025 is at 4.8x, we expect the company to utilize its free cash flow in a value accretive manner (e.g., for growth and expansions), such that S&P Global Ratings-adjusted debt to EBITDA is below 4.5x on a sustained basis. For 2026 and 2027, we forecast debt to EBITDA and FOCF-to-debt in the 4.5x-4.6x and 13%-14% range, respectively. "We would lower the rating if we believed that AlphaGen will be unable to maintain S&P Global Ratings-adjusted debt-to-EBITDA ratio of 4.5x from 2026 and beyond. We would also expect the company to maintain a FOCF-to-debt ratio of at least 12% through our outlook period. Failure to maintain these ratios would be a result of an underperformance at its assets, which would likely be due to weaker-than-expected energy margins or softer uncleared capacity prices. We would also lower the rating, unless there are clearly visible mitigating factors (e.g., increase in cash flows from capacity price uplifts, higher margins from incremental energy hedges, etc.), if AlphaGen pursues debt funded distributions, or if we believed that the company's capital allocation priorities favor shareholder returns over preservation of credit quality. "An upgrade is unlikely in the near term. Arclight's majority ownership of AlphaGen caps our financial policy assessment at FS-5, which is consistent with an aggressive financial risk profile. An upgrade will require a change in our assessment of the company's financial policy, which would likely be due to an IPO, or a sale of a substantial portion of its equity holdings by Arclight, such that it has limited influence in AlphaGen's strategic decision making. For an upgrade, we would also look for S&P Global Ratings-adjusted debt to EBITDA to fall to below 3.5x, and FOCF-to-debt of at least 20%. This could either come from a permanent and sustained improvement in our earnings outlook for the company, or a reduction in its debt, at the current earnings profile." AMBASSADOR VETERANS: Seeks to Extend Exclusivity to Feb. 8, 2026 ---------------------------------------------------------------- Ambassador Veterans Services of Puerto Rico LLC asked the U.S. Bankruptcy Court for the District of Puerto Rico to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 8, 2026 and March 9, 2026, respectively. The Debtor explains that applying First Circuit factors to the present case clearly demonstrates cause for the requested extension. The first factor, case complexity, is readily satisfied given that this case involves the operation of a specialized veteran care facility under government contract. Prior to the filing of the bankruptcy, the Parties were engaged in prosecuting two complaints against each other; instead of continuing the costly protracted litigation, the Parties will continue to discuss settlement negotiations with the Government of Puerto Rico, the Department of Justice and the coordination of multiple governmental stakeholders while ensuring uninterrupted care for vulnerable veteran residents. The second factor, likelihood of consensual plan, is even more compelling considering recent developments. Following the September 22, 2025, meeting with the Government of Puerto Rico and the OPV in the Department of Justice's offices, the parties established a work plan designed to provide consensual treatment that could result in a consensual plan for the benefit of the veterans and all creditors of this case. The third factor, ensuring the debtor is not holding creditors hostage, is also satisfied, as evidenced by the Debtor's consistent good faith efforts throughout this proceeding. It must be borne in mind that this case has just celebrated its third month in bankruptcy and Debtor has been diligent. Rather than seeking delay tactics, the Debtor has demonstrated measurable progress through full compliance with these Court Orders, US Trustee requirements, successful resolution of utility service issues with LUMA Energy (the biggest creditor) and maintaining all disclosure requirements. The Debtor asserts that the requested extension will not prejudice creditors but will instead enhance value preservation by allowing completion of the negotiations initiated with the Government of Puerto Rico and the OPV; which will derive quantifiable benefits to the estate and its creditors. Ambassador Veterans Services of Puerto Rico LLC is represented by: Javier Villarino, Esq. Villarino & Associates LLC P.O. Box 9022515 San Juan, PR 00902 Tel: (787) 565-9894 Email: jvillarino@vilarinolaw.com About Ambassador Veterans Services of Puerto Rico LLC Ambassador Veterans Services of Puerto Rico LLC operates a nursing and intermediate care facility for veterans in Juana Diaz, Puerto Rico. The Company provides residential healthcare services to eligible veterans at its location in Barrio Amuelas. Ambassador Veterans Services of Puerto Rico LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-02690) on June 13, 2025. In its petition, the Debtor reports total assets of $2,567,403 and total liabilities of $4,068,135. The Debtors are represented by Javier Vilarino, Esq. at VILARINO AND ASSOCIATES LLC. AMCO FARMS: To Restructure Under CCAA Protection; PwC as Monitor ---------------------------------------------------------------- AMCO Farms Inc. and AMCO Produce Inc. ("AMCO" or "Companies") sought and obtained an initial order ("Initial Order") from the Ontario Superior Court of Justice (Commercial List) ("Court") pursuant to the Companies' Creditors Arrangement Act. Pursuant to the Initial Order, PricewaterhouseCoopers Inc., LIT was appointed as monitor of the Companies. A copy of the Initial Order is available on the Monitor's website https://www.pwc.com/ca/amco. These proceedings are referred to in this notice as the "CCAA Proceedings". During the CCAA Proceedings, AMCO, with the assistance of the Monitor, expects that it will continue to operate in the normal course while it pursues a sale and investment solicitation process to maximize value for the Companies and their stakeholders. In this regard, on Sept. 2, 2025, AMCO will be seeking an order from the Court to approve, among other things, the Sale Process, and an extension to the Stay. Pursuant to the Initial Order, all proceedings against the Companies, their directors and officers and the Monitor are stayed, and no such proceedings may be commenced or continued without leave of the Court ("Stay"). The Stay also prohibits any contractual parties from ceasing to perform their contracts with the Companies on account of the CCAA filing or there being any outstanding amounts due as of the Filing Date. In addition, except as provided for in the Initial Order, all amounts owing by the Companies to their creditors for the period prior to the Filing Date are stayed and cannot be paid at this time. If you have any questions in respect of the Companies' CCAA Proceedings, please contact the Monitor at: PricewaterhouseCoopers Inc., LIT, Monitor of AMCO Farms Inc. and AMCO Produce Inc. PwC Tower 18 York Street, Suite 2500 Toronto ON M5J 0B2 Email: ca_amco@pwc.com Michell Pickett Email: michelle.pickett@pwc.com Tammy Muradova Email: tammy.muradova@pwc.com Lawyers for the Applicants: Stikeman Elliott LLP 5300 Commerce Court West 199 Bay Street Toronto, ON M5L 1B9 Maria Konyukhova, Esq. Tel: 416-869-5230 Email: mkonyukhova@stikeman.com Nicholas Avis, Esq. Tel: 416-869-5504 Email: navis@stikeman.com Chloe Duggal Tel: 416-869-5627 Email: cduggal@stikeman.com Lawyers for the Monitor: Thornton Grout Finnigan LLP TD West Tower Toronto-Dominion Centre 100 Wellington St. West Suite 3200 Rebecca Kennedy, Esq. Tel: 416-304-0603 Email: rkennedy@tgf.ca Derek Harland, Esq. Tel: 416-304-1127 Email: dharland@tgf.ca Shurabi Srikaruna, Esq. Tel: 416-304-1011 Email: ssrikaruna@tgf.ca AMCO Farms Inc. -- https://www.amcoselect.com -- specializes in all aspects of the Greenhouse Produce Market. ANTHOLOGY INC: Ellucian Named Stalking Horse in Chapter 11 ---------------------------------------------------------- Ellucian, the leading higher education technology solutions provider, has signed an agreement to serve as the stalking horse bidder to acquire Anthology's Student Information Systems (SIS) and Enterprise Resource Planning (ERP) business as part of its Chapter 11 bankruptcy process. This opportunity underscores Ellucian's unwavering commitment to strengthening the future of higher education, leveraging decades of expertise to serve institutions worldwide. "We are excited about the opportunity to welcome Anthology customers to the Ellucian community," said Laura Ipsen, President and CEO, Ellucian. "With over fifty years of leadership in higher education, we are committed to supporting Anthology's platform, ensuring stability for customers and helping institutions achieve their strategic goals as we work together to unlock learning for all." Ellucian's proven track record in supporting higher education institutions worldwide ensures Anthology customers will benefit from stability, continued innovation, and access to a broader community of resources and expertise. Backed by continued investment, Ellucian is driving innovation and transformation across higher education, empowering institutions and students to succeed in an increasingly dynamic and competitive environment. To learn more about Ellucian, visit: www.ellucian.com. ABOUT ELLUCIAN Ellucian powers innovation for higher education, partnering with more than 2,900 customers across 50 countries, serving 20 million students. Ellucian's AI-powered platform, trained on the richest dataset available in higher education, drives efficiency, personalized experiences, and strengthened engagement for students, faculty and staff. Fueled by decades of experience with a singular focus on the unique needs of learning institutions, the Ellucian platform features best-in-class SaaS capabilities and delivers insights needed now and into the future. These solutions and services span the entire student lifecycle, including data-rich tools for student recruitment, enrollment, and retention to workforce analytics, fundraising, and alumni engagement. Ellucian's innovative solutions, vast ecosystem of partners and user community of more than 45,000 provides best practices leading to greater institutional success and achieving better student outcomes. About Anthology Inc. Anthology offers integrated tools for schools to oversee student information and support learning management. ANTHOLOGY INC: Files Chapter 11 Backed by Oaktree & Nexus --------------------------------------------------------- Anthology, a leading software as a service educational technology provider, announced September 30 that it has initiated a strategic transformation to position its edtech solutions for long-term growth. Backed by a group of investors led by affiliates of funds managed by Oaktree Capital Management, L.P. and Nexus Capital Management LP, Anthology will align its focus on its core Teaching & Learning Business (comprised of Blackboard, Ally, Illuminate, and Institutional Effectiveness) and strengthen the balance sheet by recapitalizing the business on a stand-alone, debt-free basis. The Company has also entered into binding purchase agreements to implement strategic divestitures of Enterprise Operations, Lifecycle Engagement, and Student Success businesses. The comprehensive transaction is pursuant to agreement with key stakeholders and is expected to be completed by early 2026. "Anthology is an innovation powerhouse, designing solutions in partnership with our customers that empower institutions to thrive amid rapid change and rising expectations. Following a strategic review, we saw a clear inflection point and opportunity to realign these three businesses for sustainable growth while unlocking their full potential," said Bruce Dahlgren, Chief Executive Officer of Anthology. "With the strong support of our investors, a recapitalized Teaching & Learning platform is well positioned to invest in new capabilities, drive greater efficiency, and help our customers stay focused on what matters most: delivering exceptional outcomes for students." The Company has entered into a Restructuring Support Agreement with an ad hoc group of lenders holding more than 87% of the Company's Superpriority First Out Term Loans and more than 68% of the Superpriority Second Out Term Loans. Pursuant to the RSA, the Teaching & Learning business will be reorganized into a stand-alone business, all of the Company's debt will be eliminated, and the Company will receive at least $50 million of new cash investment to support continued investment in Teaching & Learning. In addition, the Company will undertake going concern sales of its Enterprise Operations, Lifecycle Engagement, and Student Success businesses. In connection with these strategic divestitures, Ellucian Company LLC has agreed to serve as the "stalking horse" bidder for the Enterprise Operations business, including Anthology Student, Finance & HCM, Student Verification, and Enterprise Ops Legacy and Encoura, LLC has agreed to serve as the "stalking horse" bidder for the Lifecycle Engagement business, including Anthology Encompass, Reach, Engage, Advance, and the Student Success business. Upon consummation of the transaction, the ad hoc group will own majority of the equity in the reorganized company, with funds managed by Oaktree and Nexus being the largest owners. To facilitate the reorganization and the sale transaction(s), Anthology has filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. Anthology intends to expeditiously move through the process over the next 3-6 months. During this time, the Company will continue its focus on maintaining the highest quality of service to its customers and driving further innovation across its suite of solutions for higher education institutions, businesses, and government agencies. The Company has filed certain "First-Day Motions" with the bankruptcy court so that it can seamlessly transition into chapter 11 without disruption to its ordinary course operations, thereby enabling Anthology to fulfill its go-forward commitments to its stakeholders. To support the strategic transactions and fund its ongoing operations, Anthology has secured a commitment for debtor-in-possession financing of $50 million from the existing lenders. The Company looks forward to a smooth pathway to close the contemplated transactions. Additional Information Additional information about Anthology's sale and restructuring process is available at https://connect.anthology.com/anthologyrestructuring.com. Bankruptcy Court filings and other information regarding the case can be found at https://cases.stretto.com/Anthology, or by contacting Stretto, Inc., the Company's noticing and claims agent, at (833) 882-2627 (toll-free) and (949) 617-2255 (international). Anthology is advised in this matter by Kirkland & Ellis LLP and Haynes and Boone, LLP as legal counsel, FTI Consulting, Inc. as financial and communications advisor, and PJT Partners LP as investment banker. The ad hoc group is advised by Davis Polk & Wardwell LLP as legal counsel and Lazard Frères & Co. LLC as financial advisor. About Anthology Inc. Anthology offers integrated tools for schools to oversee student information and support learning management. ANTHOLOGY INC: Gets Interim OK to Obtain DIP Loan ------------------------------------------------- Anthology Inc. and its affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to obtain post-petition financing to get through bankruptcy. The financing is a $100 million superpriority, senior secured and priming debtor-in-possession term loan credit facility, with Alter Domus (US) LLC, acting as administrative agent and collateral agent. The DIP facility includes $50 million of new money loans -- comprised of $10 million available upon interim approval and $40 million upon final approval -- and a $50 million roll-up of pre-petition Tranche A term loans. The DIP facility is due and payable on the earliest of: (i) The scheduled maturity date; (ii) The consummation of any plan of reorganization confirmed by the court; (iii) The consummation of a sale or other disposition of all or substantially all assets of the Debtors, taken as a whole, under 11 U.S.C. section 363; and (iv) The date of acceleration of the term loans and the termination of unused commitments with respect to the DIP facility in accordance with the terms of the DIP credit agreement. The Debtors are required to comply with these milestones: (a) No later than September 29 the company parties must (i) commence the Chapter 11 cases in the bankruptcy court and (ii) file, within 24 hours thereafter, the first day pleadings, including the DIP motion; (b) Within one calendar day of the petition date, the Debtors must have filed a motion seeking approval of bidding procedures; (c) Within three business Days of the petition date, the interim DIP order must have been entered by the bankruptcy court, which interim DIP order must, for the avoidance of doubt, be in form and substance acceptable to the required consenting lenders; (d) Within 28 calendar days of the petition date, the Debtors must have filed with the bankruptcy court the plan, disclosure statement and solicitation materials, in each case, in a form and substance acceptable to the required consenting lenders; (e) Within 28 calendar days of the petition date, the Debtors must have filed with the bankruptcy court a motion seeking approval of the new money backstop commitments, which motion must be in form and substance acceptable to the required consenting lenders; (f) Within 35 calendar days of the petition date, the bankruptcy court must have entered the bidding procedures order, which order must, for the avoidance of doubt, be in form and substance acceptable to the required consenting lenders; (g) Within 35 calendar days of the petition date, the final DIP order must have been entered by the bankruptcy court, which final DIP order must, for the avoidance of doubt, be in form and substance acceptable to the required consenting lenders; (h) Within 42 calendar days of the petition date, the bankruptcy court must have entered an order approving the disclosure statement on a conditional basis, which order shall, for the avoidance of doubt, be in form and substance reasonably acceptable to the required consenting lenders; (i) Within 42 calendar days of the petition date, the bankruptcy court must have entered an order approving the new money backstop commitments, which order must, for the avoidance of doubt, be in form and substance acceptable to the required consenting lenders; (j) Within 45 calendar days of the petition date, the deadline for submitting bids pursuant to the bidding procedures Order must have occurred; (k) With 50 calendar days of the petition date, an auction to select a successful bid for all sale assets pursuant to the bidding procedures order must have occurred; (l) Within 55 calendar days of the petition date, the bankruptcy court must hold a hearing to approve the successful bid and must have entered a sale order with respect to all sale assets, which sale order must, for the avoidance of doubt, be in form and substance reasonably acceptable to the required consenting lenders; (m) On the date that is the later of (a) 60 calendar days after the petition date and (b) the outside date (or other equivalent date) explicitly consented to by the required consenting lenders in a purchase agreement, the sale effective date with respect to each sale transaction must have occurred; and (n) Within 85 calendar days of the petition date, the bankruptcy court must hold a hearing to confirm the plan and approve the disclosure statement on a final basis and must enter the confirmation order, which confirmation order must, for the avoidance of doubt, be in form and substance acceptable to the required consenting lenders. As security for the DIP obligations, the lenders will be granted security interests and liens on some of the Debtors' assets. Moreover, the DIP lenders will be granted an allowed superpriority administrative expense claim, subject to the fee carveout. The interim order also authorized the Debtors to use cash collateral in accordance with their budget, subject to adequate protection for pre-bankruptcy secured lenders. A copy of the interim DIP order is available at https://is.gd/WUO0TU from PacerMonitor.com. The final hearing is scheduled for November 3. The deadline for filing objections is on October 27. The Debtors and their advisors, including PJT Partners, FTI Consulting, and Kirkland & Ellis LLP, conducted a market test for alternative DIP financing. Thirteen third-party institutional investors were contacted, but none provided actionable proposals. As a result, the offer from the DIP lenders was the only viable post-petition financing available. The DIP and cash collateral usage are intended to stabilize operations, preserve relationships with key stakeholders, and provide the Debtors with the necessary runway to execute their restructuring strategy. Importantly, the DIP facility helps send a clear message to the market that the Debtors are adequately capitalized and capable of maintaining normal operations, mitigating competitive risks associated with perceived instability in the education technology space. The Debtors have faced persistent operational and financial challenges, including declining profitability and tightening liquidity, prompting years of restructuring efforts and culminating in the current Chapter 11 process. In early 2024, the Debtors executed a superpriority financing transaction with an ad hoc group of lenders to raise liquidity and extend debt maturities. However, while the transaction helped reduce certain expenses, it failed to provide the Debtors with sufficient runway to complete an operational turnaround. Facing continued cash pressures, the Debtors elected to suspend interest payments on certain debt facilities in late 2024, preserving liquidity for operations while engaging in intensive negotiations with stakeholders. These discussions ultimately produced a restructuring support agreement, which outlines the path forward: the sale of the Enterprise Operations, Lifecycle Engagement, and Student Success business segments, and the reorganization of the Teaching & Learning segment under a Chapter 11 plan backed by key lender constituencies. The total prepetition funded debt of the Debtors as of the petition date was approximately $1.625 billion. About Anthology Inc. Headquartered in Boca Raton, Florida, Anthology Inc. 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. Anthology and 26 affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90498) on September 29, 2025. At the time of the filing, the Debtors had $1 billion to $10 billion in assets and liabilities on a consolidated basis. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Haynes and Boone, LLP as local bankruptcy and conflicts counsel, Kirkland & Ellis LLP and Kirkland & Ellis Internationa LLP as bankruptcy counsel, PJT Partners LP as investments banker, FTI Consulting, Inc. as restructuring advisor, and Stretto Inc. as claims and noticing agent. APPHARVEST INC: GNCU Wins Bid to Compel Arbitration --------------------------------------------------- Judge Colleen R. Lawless of the United States District Court for the Central District of Illinois granted Greater Nevada Credit Union's motion to compel arbitration in the case captioned as PEOPLES BANK & TRUST, Plaintiff, v. GREATER NEVADA CREDIT UNION, Defendants, Case No. 24-cv-03266 (C.D. Ill.). The Court will stay the action. Before the Court is the Motion to Dismiss for Failure to State a Claim, or, in the Alternative, to Compel Arbitration and Stay this Action filed by Defendant Greater Nevada Credit Union. On July 29, 2022, GNCU agreed to loan $25,000,000.00 to AppHarvest Pulaski Farm, LLC. The loan was secured AppHarvest's Somerset, Kentucky business operations. On Nov. 21, 2022, Peoples Bank & Trust purchased a participation in the loan for the sum of $1,125,000.00. The parties agreed to a Participation Agreement, which requires GNCU to remit to Peoples Bank the pro rata portion of the loan upon payment of the principal, interest, fees, or any proceeds from a collection action in connection with a Loan. The Participation Agreement also includes an arbitration provision, which provides arbitration shall be the sole means of resolving any controversies between the parties under this Agreement. However, the Participation Agreement does not require arbitration when, inter alia, the party is seeking to obtain specific performance to enforce the Agreement. On July 23, 2023, AppHarvest filed a Chapter 11 petition in the United States Bankruptcy Court for the Southern District of Texas. During that case, AppHarvest conducted an auction sale of the Somerset Assets, pursuant to Section 363 of the United States Bankruptcy Code. Bosch Berries Kentucy Operations Corp. successfully bid for the Somerset Assets and, in consideration, Bosch assumed AppHarvest's liability for the loan. The Asset Purchase Agreement between AppHarvest and Bosch Berries defines the "Purchase Price" as the assumption of indebtedness to GNCU, with no other payment or proceeds to be paid by Bosch Berries to AppHarvest or to GNCU. On Sept. 6, 2023, the Bankruptcy Court approved the sale. The Court's Order specified, "except for the Assumed Liabilities, as expressly set forth in the Somerset APA or this Sale Order, the Somerset Purchaser has not expressly or impliedly assumed any obligation of the Debtors.". The Order also explains, "There is no continuity between the Somerset Purchaser and any of the Debtors." On Sept. 14, 2023, the Bankruptcy Court confirmed AppHarvest's Chapter 11 Amended Joint Plan of Liquidation, which did not change the terms or effect of the Asset Purchase Agreement. On Sept. 25, 2024, Peoples filed a Complaint against GNCU alleging breach of contract arising out of the Participation Agreement. Peoples Bank alleges the loan was satisfied in its entirety when Bosch Berries purchased the Somerset Assets and assumed the loan. As a result, Peoples Bank contends the loan is no longer in existence and GNCU breached the Agreement when it failed to pay Peoples Bank its pro rata participant distribution pursuant to the Agreement. Peoples Bank seeks damages in the amount of over $1,300,000.00, which includes the principal and interest through Sept. 23, 2024. GNCU contends Bosch Berries' assumption of the loan does not equate to the termination or satisfaction of the loan, and the remittance provision was not triggered by the sale because the Participation Agreement requires actual payment to trigger remittance. In the alternative, GNCU asks this Court to compel arbitration. Peoples Bank argues that the remittance provision was triggered because Bosch Berries' assumption of the loan constitutes a "proceed." Additionally, the arbitration provision does not apply because the dispute does not arise under the Participation Agreement. Alternatively, People Bank argues that this action constitutes a request for specific performance, which is not subject to the arbitration agreement. In this case, the Participation Agreement contains an arbitration clause, which states, in relevant part, that GNCU and Peoples agree that arbitration shall be the sole means of resolving any controversies between the Parties under this Agreement. Additionally, Peoples has refused to arbitrate, as evidenced by its response to GNCU's Motion. Therefore, the Court finds GNCU has established two of the required elements necessary for granting the motion. Peoples Bank argues that the dispute at issue does not arise under the Participation Agreement, but instead "arises in the context of GNCU's posture in the Borrower's bankruptcy case." However, the breach of contract dispute at issue necessarily involves interpretation of several provisions within the Participation Agreement -- including material terms in the remittance clause. Disputes about contractual interpretation certainly fall within the scope of the arbitration agreement. According to the Court, although the bankruptcy case is relevant to the dispute, Peoples Bank's claim against GNCU ultimately arises under the Participation Agreement. Peoples Bank also argues the arbitration clause is not applicable to the instant action under the carveout provision that allows suits for specific performance. Under the FAA, parties are permitted to limit the issues subject to arbitration. Judge Lawless explains, "Here, the parties did so by agreeing that arbitration is not required when the party is seeking to obtain specific performance to enforce the Participation Agreement. Peoples Bank contends that the instant claim falls under this provision because it is seeking the specific performance of the remittance provision of the Agreement." In this case, Peoples Bank is requesting a monetary award for the alleged breach of contract, in an amount which would have place it in the position it would have found itself were it not for the alleged breach. Specifically, it requests the amount of $1,340,847.18 plus additional interest accruing from and after Sept. 23, 2024 at the rate of $215.2777 per day, and plus Peoples' costs, expenses, and attorney fees incurred in connection with pursuing this action. According to the Court, this falls squarely within the definition of Nevada's definition of monetary damages, and not specific performance. As a result, the carveout for specific performance does not apply. Based on these reasons, the Court finds the parties agreed to arbitrate this dispute based on the arbitration clause in the Participation Agreement. Because all the elements required to compel arbitration have been established, this Court grants GNCU's Motion to Compel Arbitration and will stay this action. The Court makes no ruling on the remainder of GNCU's Motion to Dismiss. Accordingly, GNCU's Motion to Dismiss for Failure to State a Claim, or, in the Alternative, to Compel Arbitration and Stay this Action is granted in part. A copy of the Court's Opinion dated September 19, 2025, is available at https://urlcurt.com/u?l=hY90rh from PacerMonitor.com. About AppHarvest, Inc. AppHarvest, Inc. (NASDAQ: APPH, APPHW) -- https://www.appharvest.com -- is a sustainable food company in Appalachia developing and operating some of the world's largest high-tech indoor farms with high levels of automation to build a reliable, climate-resilient food system. AppHarvest's farms are designed to grow produce using sunshine, rainwater and up to 90% less water than open-field growing, all while producing yields up to 30 times that of traditional agriculture and preventing pollution from agricultural runoff. AppHarvest has operated its 60-acre flagship farm in Morehead, Ky., producing tomatoes, a 15-acre indoor farm for salad greens in Berea, Ky., a 30-acre farm for strawberries and cucumbers in Somerset, Ky., and a 60-acre farm in Richmond, Ky., for tomatoes. The four-farm network consists of 165 acres. On July 23, 2023, AppHarvest, Inc. and its debtor affiliates filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas, thereby commencing chapter 11 cases for the Debtors, which are being jointly administered under Case No. 23-90745. AppHarvest is represented by Sidley Austin LLP and Jackson Walker LLP as counsel, Jefferies LLC as investment banker and Portage Point Partners as financial adviser. APPLIED ENERGETICS: Names BG(Ret) Samuel Peterson to Advisory Board ------------------------------------------------------------------- Applied Energetics, Inc. announced that it appointed Brigadier General (Retired) Samuel "Luke" Peterson to its Advisory Board. BG(Ret) Peterson brings nearly 35 years of distinguished military service and senior-level acquisition experience across the U.S. Department of Defense, including leadership roles in some of the Army's most critical modernization initiatives. Most recently, BG(Ret) Peterson served as Program Executive Officer for Combat Support & Combat Service Support (PEO CS&CSS), where he led a team of over 1,100 personnel managing a portfolio of 248 acquisition programs with annual budgets exceeding $3 billion. His prior assignments include senior leadership roles at U.S. Special Operations Command (USSOCOM), the Army Rapid Capabilities and Critical Technologies Office (RCCTO), and Army Contracting Command, among others. He currently serves as President of Alpha2Omega Consulting Solutions, LLC. "We are honored to welcome BG(Ret) Luke Peterson to our Advisory Board," said Chris Donaghey, CEO of Applied Energetics. "His extraordinary leadership, deep acquisition expertise, and hands-on experience delivering next-generation capabilities to the battlefield are perfectly aligned with our mission to rapidly develop and field game-changing USPL and directed energy solutions for the Department of Defense." Throughout his career, BG(Ret) Peterson played pivotal roles in programs supporting the development and transition of critical technologies such as hypersonics, high-energy lasers, and high-power microwave systems. As Deputy Director for Strategic Planning at RCCTO, he oversaw more than $5.2 billion in prototyping efforts for cutting-edge capabilities such as Long-Range Hypersonic Weapons System, Directed Energy Maneuver-Short-Range Air Defense, Indirect Fire Protection Capability-High Energy Laser, and Indirect Fire Protection Capability-High Power Microwave. "Applied Energetics is at the forefront of delivering transformational directed energy capabilities," said BG(Ret) Peterson. "I am excited to contribute to their innovative efforts and help accelerate the deployment of these technologies to protect our warfighters and safeguard national security." BG(Ret) Peterson holds advanced degrees from the Naval Postgraduate School and the Eisenhower School for National Security and Resource Strategy, and is a recipient of numerous military awards, including the Distinguished Service Medal, Defense Superior Service Medal, and the Bronze Star Medal. About Applied Energetics Headquartered in Tucson, Arizona, Applied Energetics, Inc. -- http://www.appliedenergetics.com-- specializes in the development and manufacture of advanced high-performance lasers and optical systems, and integrated guided energy systems, for prospective defense, national security, industrial, biomedical, and scientific customers worldwide. As of Dec. 31, 2024, the Company had $2,070,869 in total assets, $1,678,122 in total liabilities, and a total stockholders' equity of $392,747. Las Vegas, Nev.-based RBSM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 28, 2025, citing that the Company has suffered recurring losses from operations and will require additional capital to fund its current operating plan, that raises substantial doubt about the Company's ability to continue as a going concern. ARCHANGEL DISCIPLINES: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------------------- Archangel Disciplines LLC asks the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, for authority to use cash collateral and provide adequate protection. The Debtor, which operates a Florida-based STEM tutoring center for children, filed for relief under Chapter 11, Subchapter V on August 1, 2025. The business remains operational and continues to serve both private schools and individual clients. The Debtor's assets are encumbered by a Small Business Administration loan held by Lake Michigan Credit Union, the sole secured creditor, which holds a UCC-1 lien on all assets and a personal guarantee from the Debtor's principal, Tyrone Gabriel. As of September, the Debtor owes Lake Michigan Credit Union $299,017, consisting of $286,739 in principal and $12,739 in accrued interest. The Debtor has reached an agreement with Lake Michigan Credit Union to provide adequate protection payments of $1,500 per month, applied toward the principal balance, commencing in September. Lake Michigan Credit Union does not object to the requested relief. The Debtor requests court authorization to use its cash and revenues, which constitute cash collateral to cover necessary business expenses, including rent, payroll, utilities, taxes, and franchisor fees. The use of cash collateral is essential for the Debtor to preserve the going-concern value of the business, continue operations, and develop a confirmable Chapter 11 plan. Without access to cash collateral, the Debtor asserts that it would face severe operational disruption and a diminished ability to repay creditors. To protect Lake Michigan Credit Union's interest during this period, the Debtor proposes granting the secured creditor a post-petition replacement lien on all property acquired after the bankruptcy filing. This lien would be equal in priority and scope to Lake Michigan Credit Union's existing lien but remain subordinate to court-approved costs, trustee fees, and professional fees. The Debtor also requests limited budget flexibility, seeking authority to exceed any budget line item by up to 10%, or more so long as total overages do not exceed 10% of the total interim budget. About Archangel Disciplines Archangel Disciplines, LLC, doing business as Stemtree Education Center, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18962) on August 1, 2025. At the time of the filing, the Debtor reported up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Robert A. Mark presides over the case. Jesus Santiago, Esq., represents the Debtor as legal counsel. ARKO CORP: Moody's Affirms 'B2' CFR & Alters Outlook to Negative ---------------------------------------------------------------- Moody's Ratings changed ARKO Corp.'s (ARKO) outlook to negative from stable. At the same time, Moody's affirmed Arko's B2 corporate family rating, B2-PD probability of default rating and B3 senior unsecured notes rating. The speculative grade liquidity rating (SGL) remains unchanged at SGL-1. The change in outlook to negative reflects the company's weaker than expected credit metrics and Moody's views that operating performance will continue to be pressured by an economically challenged lower income consumer. For the LTM period ending June 30, 2025, EBITA coverage of interest was modest at about 1.14x while debt to EBITDA was high at around 6.2x over the same time period. RATINGS RATIONALE ARKO's B2 CFR reflects its material scale and geographic diversity as one of the largest operators in the stable US convenience store space where it generates over half of its operating income from higher margin merchandise sales. ARKO also benefits from an integrated fueling platform including its wholesale fuel and fleet segments and very good liquidity. ARKO's credit profile is constrained by its aggressive growth strategy, high leverage and modest interest coverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded in the event there was continued improvement in operating earnings and same store sales that resulted in a sustained strengthening of credit metrics with debt to EBITDA below 5.25x and EBITA coverage of interest above 1.75x. A higher rating would also require very good liquidity. The ratings could be downgraded in the event ARKO is unable to materially improve credit metrics from current levels or a weakening of liquidity for any reason. Quantitatively, the ratings could be downgraded if debt to EBITDA is sustained above 6.5 times or EBITA coverage of interest is sustained below 1.25 times. Based in Richmond, VA, ARKO is one of the largest convenience store operator in the US by store count. The company's subsidiary, GPM Investments, LLC operates about 1,254 retail convenience stores and supplies fuel to 2,014 dealer-operated gas stations and operated about 287 cardlock locations, in more than 30 states and the District of Columbia. Revenues were about $8.1 billion for the LTM period ending June 30, 2025. The principal methodology used in these ratings was Retail and Apparel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ARSENAL HEALTH: Labor Secretary Must Revise Receivership Bid ------------------------------------------------------------ Judge Emily C. Marks of the United States District Court for Middle District of Alabama denied without prejudice Lori Chavez- Deremer's motion to appoint receivership in the case captioned as LORI CHAVEZ-DEREMER, Secretary of Labor, United States Department of Labor, Plaintiff, v. ARSENAL HEALTH, LLC, et al., Defendants (M.D. Ala.). This case concerns an Employee Retirement Income Security Act of 1974 action brought on July 23, 2024, by the Secretary of Labor against Defendants Arsenal Health, LLC and Arsenal Insurance Management, Inc. The Plaintiff alleges that the Defendants imprudently managed a non-plan MultiEmployer Welfare Arrangement covered by ERISA and became insolvent. The Defendants filed for Chapter 11 bankruptcy and ceased operations but failed to terminate the non-plan MEWA to ensure that funds held were distributed to pay outstanding medical claims. The Plaintiff represents that from those bankruptcy proceedings, she was able to recover around $570,000 for payment of unpaid claims. In the present action, the Plaintiff pursues an injunction to prevent Defendants from engaging in further actions that violate ERISA and the appointment of an independent fiduciary at the Defendants' expense for the distribution of assets recovered. This case sat dormant for over three months until William Homony, nonparty and trustee of Arsenal Liquidating Trust, filed a waiver of service on Nov. 4, 2024. On Nov. 13, 2024, the Plaintiff filed an unopposed motion for the appointment of a receiver to hold in trust and administer funds previously managed by the Defendants. An examination of the record reveals that the Defendants: (1) are bankrupt entities; (2) are unrepresented by counsel; (3) have not been served; and (4) have not answered or otherwise responded. The Plaintiff cites 29 U.S.C. Sec. 1109(a) for this Court's appointment authority. The Court finds this provision is silent as to the appointment of a receiver, and the Plaintiff does not explain how Sec. 1109(a) confers appointment authority, or why the appointment of a receiver -- a remedy not expressly listed -- is the appropriate equitable remedy under Sec. 1109(a). The Plaintiff fails to provide any additional authority in support of her Motion to Appoint a Receiver. Moreover, the Plaintiff has not explained why an appointment is proper in this case, considering the Defendants have not appeared. Further, the Plaintiff has not identified any criteria for the Court to evaluate whether Receivership Management, Inc., the Plaintiff's proposed fiduciary, is appropriate to serve. Further, the Court questions whether the motion can be fairly characterized as unopposed, as the Defendants have not appeared. The Court emphasizes that although the Plaintiff references the Defendants' bankruptcy records, she fails to state with specificity which documents would aid the Court's decision to appoint a particular receiver and whether the bankruptcy document records constitute binding or persuasive authority. The Plaintiff does not explain the current status or content of the Liquidating Trust Agreement. According to the Court, the content of the LTA is important because the bankruptcy plan contemplates the LTA adding specificity to the process by which an action to enforce the plan should be brought. Given the Liquidating Trustee and the Arsenal Liquidating Trust's reluctance to appear in this case and consent to jurisdiction, it is also unclear whether the Liquidating Trustee is assisting the Department of Labor as contemplated by the bankruptcy plan, the Court adds. Accordingly, the Court denied the Plaintiff's receivership bid without prejudice with leave to refile on or before November 24, 2025. The Plaintiff must address in her motion the Court's concerns. The Plaintiff is also directed to meet and confer with the Liquidating Trustee and file a written status report regarding the Arsenal Liquidating Trust's role in the present litigation on or before October 31, 2025. A copy of the Court's Memorandum Opinion and Order dated September 19, 2025, is available at https://urlcurt.com/u?l=fZfgIm from PacerMonitor.com. About Arsenal Intermediate Holdings Arsenal Intermediate Holdings, LLC, was founded in 2006 as an independent captive management and alternative-risk manager. It provides broad customer solutions in risk management for captive insurance companies and various other insurance entities through its office location in Alabama. Arsenal Intermediate Holdings and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 23-10097) on Jan. 26, 2023, listing up to $500,000 in assets and up to $10 million in liabilities. Michael Wyse, chief restructuring officer, signed the petition. Judge Craig T. Goldblatt oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as legal counsel; Polsinelli PC as special regulatory counsel; and Wyse Advisors LLC to provide chief restructuring officer and additional personnel. Kroll Restructuring Administration LLC is the Debtors' claims and noticing agent and administrative advisor. ASPIRA WOMEN'S: Amends Purchase Agreement, Sets $0.35 Warrant Price ------------------------------------------------------------------- As previously reported, on March 5, 2025, Aspira Women's Health Inc. entered into a Securities Purchase Agreement with certain existing accredited shareholders for the issuance and sale in a Private Placement of an aggregate principal amount of $1,370,000 in the form of Senior Secured Convertible Promissory Notes. The Convertible Notes were convertible into units consisting of one share of common stock, par value $0.001 per share and 2.25 warrants, which were exercisable for five years at $0.25 per share for the first 24 months after issuance and $0.50 per share thereafter. As of September 25, 2025, all the Convertible Notes have converted into Units in accordance with their terms. On September 19, 2025, the Company entered into an amendment to the Securities Purchase Agreement, pursuant to which, among other things, the Company and the Purchasers agreed to: (i) amend the definition of "Exempt Issuance" to exclude securities issued in a firm commitment public offering or an at-the-market offering, (ii) to require the Company to file a registration statement on Form S-1 to register the shares of Common Stock and shares of Common Stock underlying the Warrants included in the Units, and (iii) to grant Purchasers, as a group, the right to appoint an aggregate of three directors to the Company's board of directors until the earlier of: (a) both (1) three years from the date of the Amendment and (2) one year after the Common Stock has been listed on a national securities exchange or (b) the date on which the Purchasers, on an aggregate basis, hold less than fifty percent (50%) of the Warrants. Additionally, in connection with the Amendment, the Company issued Amended and Restated Series A Common Stock Warrants and which amended and restated the Warrants to provide for a fixed exercise price of $0.35 per share, eliminate the cashless exercise feature so that all exercises must be paid in cash, extend the term of the warrants from five to six years from the issuance date, and change the initial exercisability from five months to six months after the issuance date. About Aspira Women's Health Formerly known as Vermillion, Inc., Aspira Women's Health Inc. -- http://www.aspirawh.com-- is dedicated to the discovery, development, and commercialization of noninvasive, AI-powered tests to aid in the diagnosis of gynecologic diseases. OvaWatch and Ova1Plus are offered to clinicians as OvaSuiteSM. Together, they provide a comprehensive portfolio of blood tests to aid in the detection of ovarian cancer for the 1.2+ million American women diagnosed with an adnexal mass each year. OvaWatch provides a negative predictive value of 99% and is used to assess ovarian cancer risk for women where initial clinical assessment indicates the mass is indeterminate or benign, and thus surgery may be premature or unnecessary. Ova1Plus is a reflex process of two FDA-cleared tests, Ova1 and Overa, to assess the risk of ovarian malignancy in women planned for surgery. Boston, Massachusetts-based BDO USA, P.C., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Form 10-K Report for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and expects to continue to incur substantial losses in the future, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Aspira Women's Health had $5.49 million in total assets, $8.05 million in total liabilities, and a total stockholders' deficit of $2.56 million. The Company's working capital deficit was $1,285,000 at Dec. 31, 2024. AUDACY CAPITAL: Moody's Alters Outlook on 'Caa1' CFR to Stable -------------------------------------------------------------- Moody's Ratings affirmed Audacy Capital, LLC's (Audacy) Caa1 Corporate Family Rating, Caa1-PD Probability of Default Rating, B2 rating on the senior secured first lien first out exit term loan A due October 2028 and Caa2 rating on the senior secured first lien second out exit term loan B due October 2029. The outlook was changed to stable from positive. The change in outlook to stable from positive reflects Moody's views that Audacy's EBITDA and free cash flow over the next 12-18 months will be lower than previously anticipated. Although the company has delivered meaningful cost savings, growth in the digital business has been slower than expected, partly due to headwinds in digital marketing solutions, while secular pressures on the radio industry continue to weigh on the operations. Moody's now expect Audacy to maintain adjusted debt to EBITDA (including Moody's standard lease adjustments) in the low-4.0x range over the next 12 to 18 months. RATINGS RATIONALE The Caa1 CFR reflects continued weakness in traditional radio advertising demand due to secular industry pressures, uncertainty around the execution of additional planned cost initiatives, and one-time restructuring costs that are pressuring liquidity. At the same time, the credit reflects Audacy's position as the second largest radio broadcaster in the US with diversified format offerings, moderate leverage, and a growing digital business. Under new management, the company is focused on improving operational efficiencies, expanding radio reach through distribution partnerships, and investing in its digital strategy. The company has realized meaningful cost reductions, with further opportunities for savings. Moody's adjusted leverage was 3.8x as of LTM Q2 2025 and Moody's expects it to increase to low-4x in 2025, reflecting the impact of a non-political year and restructuring costs. Adding back one-time restructuring costs, debt to EBITDA was 3.2x and is projected to increase to mid-3x range over the same period. Moody's expects revenue growth to remain flat, EBITDA to decline in the low-single digit percentage, and free cash flow to be negative in 2026. Leverage is projected to remain in the low-4x (mid to high-3x after adding back one-time costs). As the company continues to look for opportunities to sell towers sites and land, Moody's expects the proceeds from the asset sales will contribute to liquidity. Moody's expects Audacy to maintain adequate liquidity over the next 12 to 18 months supported by $107 million of cash on the balance sheet and availability up to $75 million of the upsized $150 million accounts receivable securitization (AR) facility, which is not rated. In Q3 2025, the company upsized the AR facility to $150 million from $100 million and extended the maturity to January 2031 from January 2026. Moody's expects free cash flow to be negative in 2026, primarily due to one-off expenses related to ongoing restructuring and working capital requirements. The company's uses of cash include 1% amortization ($2.3 million per annum) of the second out term loan, annual interest expense of $25-$30 million, working capital needs and capital expenditure of approximately $40 million. The AR facility and term loan contains a financial covenant that requires the maintenance of a minimum liquidity of $25 million. The B2 rating on the $25 million senior secured first out exit term loan A is two notches above the Caa1 CFR given the instrument's small size, senior most ranking in the capital structure, and first loss support provided by the second out exit term loan B and unsecured claims. The Caa2 rating on the $225 million senior secured second out exit term loan B is one notch below the CFR given the ranking within the capital structure. Audacy's ESG Credit Impact Score of CIS-5 indicates the rating is lower than it would have been if ESG risks did not exist and the negative impact on the rating is higher than for issuers scored CIS-4. Governance risk is the main driver reflecting the financial policies that led to the bankruptcy and short track record post emergence. The exit resulted in ownership and control being transferred to its former creditors. The stable outlook reflects Moody's expectations that Audacy's adjusted financial leverage (including standard lease adjustments) will remain in the low-4.0x range while negative free cash flow generation improves over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Audacy demonstrates positive organic revenue and EBITDA growth on a sustained basis driven by expansion in its digital businesses and is on a path to positive free cash flow generation as cost initiatives are realized. The ratings could be downgraded if Audacy faces weakening competitive position or a deterioration in operating performance that further constrains the liquidity profile. A shift to more aggressive financial policies including debt-funded acquisitions or shareholder distributions could also pressure the ratings. Audacy, Inc. (fka Entercom Communications Corp.), headquartered in Philadelphia, PA, is the second largest US radio broadcaster based on revenue. The company was founded in 1968 by Joseph M. Field and is focused on radio broadcasting with radio stations in large and mid-sized markets as well as podcasting, digital initiatives, and live events. In November 2017, the company completed the merger of CBS Radio. As of last twelve months ended June 2025, revenue totaled $1.2 billion. The principal methodology used in these ratings was Media published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. AVANT GARDNER: Pursues Financing Deals Lawsuit Against Lenders -------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Avant Gardner, a bankrupt New York City entertainment group, has sued several lenders over what it describes as "predatory financing agreements" linked to renovations at the Brooklyn Mirage. The company said in a Tuesday, September 30, 2025, filing with the Delaware bankruptcy court that the deals -- presented as "receivables purchases" or "cash advances" -- were in reality disguised, high-interest loans with onerous repayment requirements. Of the eight agreements struck from January through April 2025, Avant Gardner said only two were called loans. The rest, it alleged, enabled lenders to collect returns "well in excess" of the revenue from the receivables they supposedly acquired. About Avant Gardner Avant Gardner is a prominent Brooklyn-based entertainment venue operator and event promoter that is operating from its principal location at 140 Stewart Ave in Brooklyn, New York. The company manages entertainment venues and produces live events, with operations in the performing arts and entertainment event promotion sector. Avant Gardner sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11443) on August 4, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Sean Matthew Beach, Esq. at Young, Conaway, Stargatt & Taylor. BEYOND MEAT: Exchange Offer Scheduled to Expire October 28 ---------------------------------------------------------- Beyond Meat, Inc., a leader in plant-based meat, announced on Sept. 29, 2025, that it has commenced an exchange offer to exchange any and all of its 0% Convertible Senior Notes due 2027 for a pro rata portion of: (i) up to $202.5 million in aggregate principal amount of its new 7.00% Convertible Senior Secured Second Lien PIK Toggle Notes due 2030 and (ii) up to 326,190,370 shares of its common stock. Beyond Meat President and CEO Ethan Brown commented, "As we continue our business transformation, we have simultaneously worked to strengthen our balance sheet and are today pleased to announce that we are launching an Exchange Offer for our Existing Convertible Notes. The Exchange Offer is intended to significantly reduce leverage and extend maturity, two outcomes that meaningfully support our long-term vision of being the global plant protein company." Simultaneously with the Exchange Offer, the Company is soliciting consents from holders of the Existing Convertible Notes to adopt certain proposed amendments to the indenture governing the Existing Convertible Notes. The Proposed Amendments would eliminate substantially all of the restrictive covenants in the Existing Convertible Notes Indenture as well as certain events of default and related provisions applicable to the Existing Convertible Notes. On the date hereof, holders of approximately 47% of the Existing Convertible Notes have entered into a transaction support agreement with the Company to support the Exchange Offer and Consent Solicitation, including by tendering all of their Existing Convertible Notes in the Exchange Offer. The Transaction Support Agreement is subject to certain customary conditions, including a condition that the Company will not consummate the Exchange Offer unless the holders of 85% of the aggregate principal amount of Existing Convertible Notes tender their Existing Convertible Notes in the Exchange Offer. In addition, the Company agreed in the Transaction Support Agreement to pay or cause to be paid to the parties to the Transaction Support Agreement, on a pro rata basis, a non-refundable amount equal to $12.5 million principal amount of New Convertible Notes on the initial settlement date of the New Convertible Notes. The New Convertible Notes will be secured, second lien obligations of the Company. The New Convertible Notes will mature on the fifth anniversary of the initial settlement date of the New Convertible Notes, unless earlier redeemed, converted, equitized or repurchased in accordance with the terms of the New Convertible Notes. The New Convertible Notes will bear interest at a rate of 7.00% per annum from the initial settlement date of such New Convertible Notes, which interest may be paid in cash or, subject to certain limitations, in shares of common stock. At the option of the Company, interest on the New Convertible Notes may be accrued and compounded in whole or in part for any interest period as "payment-in-kind" interest at a rate of 9.50% per annum from the initial settlement date of such New Convertible Notes. Initially, the New Convertible Notes will not be guaranteed; however, the Company will agree to cause its future wholly-owned subsidiaries, subject to certain customary exceptions, to guarantee the New Convertible Notes, and will also agree to take commercially reasonable efforts, including seeking advice and consultation procedures with the works council, to cause its subsidiary, Beyond Meat EU B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, to guarantee the New Convertible Notes following the closing of the Exchange Offer. The conversion rate for the New Convertible Notes will initially be the number of shares of common stock per $1,000 principal amount of New Convertible Notes equal to the lesser of: (i) 1,029.2716 and (ii) an amount calculated based on a 10% premium to a reference price determined over an observation period consisting of 20 consecutive trading days following the initial settlement date of the New Convertible Notes, with such rate subject to customary adjustments. The conversion rate will be increased for conversions occurring prior to the date that is three years from the initial settlement date to reflect a "make-whole" premium, payable in the form of shares of common stock, to compensate holders for interest that would have been payable to such date. Prior to obtaining stockholder approval of certain proposals that will allow the issuance of common stock pursuant to the terms of the New Convertible Notes, the Company will be permitted to satisfy its obligations upon conversion of the New Convertible Notes only in the form of cash settlement. Following such stockholder approval, the Company will be permitted to satisfy its obligations under the New Convertible Notes with any settlement method it is otherwise permitted to elect, including by physical settlement of shares of common stock. A holder of New Convertible Notes will not be permitted to convert its New Convertible Notes at any time prior to the earlier of: (a) the date of the first special meeting at which the Company seeks stockholder approval of such proposals, whether or not such approvals are obtained, and (b) the date that is 61 calendar days following the initial settlement date of the New Convertible Notes. The New Convertible Notes will be convertible at any time following such date and prior to the close of business on the second trading day immediately preceding the maturity date. The Exchange Offer and Consent Solicitation will expire at 5:00 p.m., New York City time, on October 28, 2025, unless extended or earlier terminated. Rights to withdraw tendered Existing Convertible Notes and revoke consents terminate at 5:00 p.m., New York City time, on October 10, 2025, unless extended. The Company may, subject to the terms of the Transaction Support Agreement, accept for exchange any Existing Convertible Notes validly tendered (and not validly withdrawn) in the Exchange Offer at or prior to 5:00 p.m., New York City time, on October 10, 2025 (such time and date, as the same may be extended, the "Early Tender Date") if all conditions to the Exchange Offer have been or are concurrently satisfied or waived prior to the Early Tender Date. Whether or not the Early Settlement occurs, if, at or prior to the Expiration Deadline, unless extended, all conditions to the Exchange Offer have been or are concurrently satisfied or waived, the Company will accept for exchange all Existing Convertible Notes validly tendered in the Exchange Offer at or prior to the Expiration Deadline, and not validly withdrawn at or prior to the Withdrawal Deadline. The Final Settlement Date will be promptly after the Expiration Deadline and is currently expected to occur on October 30, 2025, the second business day immediately following the Expiration Deadline. The Company's ability to amend, extend, terminate, or waive the conditions of the Exchange Offer are subject to the terms of the Transaction Support Agreement. The Exchange Offer and Consent Solicitation may each be amended or extended at any time prior to the Expiration Deadline and for any reason, and may be terminated or withdrawn if any of the conditions of the Exchange Offer and Consent Solicitation are not satisfied or waived by the Expiration Deadline (as it may be extended), subject to applicable law and the terms of the Transaction Support Agreement. Tenders of Existing Convertible Notes tendered in the Exchange Offer may be validly withdrawn at any time at or prior to the Withdrawal Deadline, unless extended by the Company, but will thereafter be irrevocable. Subject to applicable law and the terms of the Transaction Support Agreement, the Company may extend the Expiration Deadline at any time, which may or may not have the effect of extending the Withdrawal Deadline. The Company's obligation to accept for exchange Existing Convertible Notes validly tendered (and not validly withdrawn) pursuant to the Exchange Offer is subject to the satisfaction or waiver of certain conditions, including without limitation, that a minimum of 85% of the aggregate principal amount of Existing Convertible Notes shall have been validly tendered (and, if applicable, not validly withdrawn) pursuant to the Exchange Offer. The New Convertible Notes and shares of common stock offered in the Exchange Offer are being offered only to holders of Existing Convertible Notes that are: (i) "qualified institutional buyers" as defined in Rule 144A under the Securities Act or (ii) "accredited investors" (within the meaning of Rule 501(a) under the Securities Act) that beneficially own a minimum of $200,000 in aggregate principal amount of Existing Convertible Notes. Eligible Holders who validly tender (and do not validly withdraw) their Existing Convertible Notes and deliver their related consents at or prior to the Early Tender Date will be eligible to receive for each $1,000 in aggregate principal amount of Existing Convertible Notes validly tendered for exchange, $176.0870 in aggregate principal amount of New Convertible Notes and 283.6438 shares of common stock. Upon the terms and subject to the conditions of the Exchange Offer and Consent Solicitation, Eligible Holders who validly tender Existing Convertible Notes after the Early Tender Date but at or prior to the Expiration Deadline, and whose Existing Convertible Notes are accepted for exchange by the Company, will receive for each $1,000 in aggregate principal amount of Existing Convertible Notes validly tendered for exchange, $170.8044 in aggregate principal amount of New Convertible Notes and 283.6438 shares of common stock. PJT Partners LP is acting as financial advisor to the Company and dealer manager in connection with the Exchange Offer and Consent Solicitation. Mackenzie Partners, Inc. is acting as the exchange agent and the information agent (the "Exchange Agent") in connection with the Exchange Offer and Consent Solicitation. Questions concerning the Exchange Offer and Consent Solicitation may be directed to: Dealer Manager at: 280 Park Avenue, New York, NY 10017 Tel: (212) 364-7117 or to the Exchange Agent at: 7 Penn Plaza, Suite 503, New York, NY 10001, Tel: (800) 322-2885, e-mail: exchangeoffer@mackenziepartners.com. Eligible Holders should also consult their broker, dealer, commercial bank, trust company or other institution for assistance concerning the Exchange Offer and Consent Solicitation. Latham & Watkins LLP is acting as legal counsel to the Company in connection with the Exchange Offer and Consent Solicitation. Houlihan Lokey Capital, Inc. is acting as financial advisor and Akin Gump Strauss Hauer & Feld LLP is acting as legal counsel to certain holders of Existing Convertible Notes that are party to the Transaction Support Agreement. Registered brokers and dealers in the United States that successfully process exchanges from a beneficial owner of Existing Convertible Notes that is a non-institutional accredited investor will be eligible to receive a cash retail processing fee from the Company equal to $2.50 per $1,000 principal amount of Existing Convertible Notes validly tendered and not validly withdrawn by or on behalf of such non-institutional accredited investor beneficial owner and accepted for exchange by the Company, except for any Existing Convertible Notes tendered by such broker or dealer for its own account. The Retail Processing Fee will only be paid to each eligible broker or dealer in respect of beneficial owners submitting Existing Convertible Notes equaling an aggregate principal amount of at least $200,000 and less than or equal to $1,000,000. Under no circumstances will such fee be remitted, in whole or in part, by an eligible broker or dealer to the relevant beneficial owner of the Existing Convertible Notes exchanged. The Retail Processing Fee will be paid only if the Exchange Offer is consummated and only if the applicable retail processing dealer form is received by the Exchange Agent on or prior to the Early Tender Date (for Existing Convertible Notes tendered on or prior to the Early Tender Date) or the Expiration Deadline (for Existing Convertible Notes tendered after the Early Tender Date and prior to the Expiration Deadline). Inquiries regarding the Retail Processing Fee may be directed to the Exchange Agent. Only Eligible Holders may receive a copy of the offering memorandum relating to the Exchange Offer and Consent Solicitation and participate in the Exchange Offer and Consent Solicitation. None of the Company, the Dealer Manager, the Exchange Agent, any trustee or collateral agent for the Existing Convertible Notes or New Convertible Notes, or any affiliate of any of them makes any recommendation as to whether any Eligible Holder of Existing Convertible Notes should exchange or refrain from exchanging the principal amount of such Eligible Holder's Existing Convertible Notes in the Exchange Offer or submit consents in the Consent Solicitation. No one has been authorized by any of them to make such a recommendation. Eligible Holders must make their own decision whether to tender Existing Convertible Notes in the Exchange Offer or submit consents in the Consent Solicitation. No Eligible Holder may tender less than all of its Existing Convertible Notes in the Exchange Offer. The New Convertible Notes and shares of common stock offered in the Exchange Offer, and shares of common stock issuable upon conversion of the New Convertible Notes have not been, and will not be, registered under the Securities Act of 1933, as amended, or any other securities laws. About Beyond Meat Beyond Meat, Inc. (NASDAQ: BYND) is a leading plant-based meat company offering a portfolio of revolutionary plant-based meats made from simple ingredients without GMOs, no added hormones or antibiotics, and 0mg of cholesterol per serving. Founded in 2009, Beyond Meat products are designed to have the same taste and texture as animal-based meat while being better for people and the planet. Beyond Meat's brand promise, Eat What You Love(R), represents a strong belief that there is a better way to feed the future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based protein, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. BIG LOTS: Changes Name to Former BL Stores Inc. ----------------------------------------------- Big Lots, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company filed a Certificate of Amendment to its Amended Articles of Incorporation with the Ohio Secretary of State to change its name to Former BL Stores, Inc. The Name Change and the Amendment became effective on September 23, 2025. The Board of Directors approved the Name Change and the Amendment pursuant to Section 1701.70(B)(6) of the Ohio General Corporation Law. Pursuant to Section 1701.70(B)(6) of the Ohio General Corporation Law, shareholder approval was not required to complete the Name Change or to approve or effect the Amendment. A copy of the Amendment is available at https://tinyurl.com/3cxtfsan About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value, delivering bargains on everything for the home, including furniture, decor, pantry and more. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus Capital Management LP. PNC Bank, National Association, the DIP ABL Agent and Prepetition ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the Prepetition Term Loan Agent are represented by Otterbourg, P.C. and Richards, Layton & Finger, P.A. BIOLARGO INC: Terminates Pooph License Deal Over Unpaid Royalties ----------------------------------------------------------------- BioLargo, Inc., a Delaware corporation and its wholly owned subsidiary, ONM Environmental, Inc., a California corporation, entered into a License Agreement and Preferred Master Manufacturing Agreement with Ikigai Holdings, LLC, which were later assigned with permission by Ikigai to Pooph Inc., a Nevada corporation whereby Pooph was granted an exclusive, royalty-bearing license under the BioLargo's patents, trade secrets, and know-how, to make, use, sell, offer for sale, export, and import "licensed products" that reduce and eliminate odors caused by household pets. On June 6, 2025, the PMMA was amended to allow Pooph to pay past due amounts of $1,378,141 in royalties and $2,385,468 on product invoices through a weekly payment plan bearing 10% interest and maturing July 3, 2026. The PMMA Amendment also modified payment and invoicing terms on existing and future product purchase orders, and allowed BioLargo to withhold product if the payment terms were not met. On September 24, 2025, BioLargo and ONM delivered notice to Pooph that the grant of license was immediately revoked due to Pooph's failure to pay royalties, and that it was terminating the License Agreement in its entirety with 150 days' notice. The notice further advised that Pooph is not allowed to market or sell products that incorporate, use, or are based on, in whole or in part, BioLargo's patents and proprietary information, including but not limited to know-how, disclosed to Pooph, and that absent reinstatement of the grant of license, Pooph must immediately stop marketing and selling any such products in its possession, custody or control (or sold through market portals or platforms such as Amazon). In a letter dated September 19, 2025, Pooph indicated that it has been working to independently develop a new formula for Pooph-branded products (which BioLargo contends was done without its knowledge or consent), that it will no longer be ordering products from BioLargo, and that it will continue submitting royalty reports with respect to sales of remaining inventory purchased from BioLargo but it will not be accruing future royalty obligations to BioLargo. Additionally, the letter advised that Pooph was terminating the PMMA, citing BioLargo's refusal to deliver products. BioLargo disagrees with this claim because the PMMA Amendment allowed BioLargo to withhold product if Pooph failed to keep current in its weekly payment plan, which it did not. BioLargo believes the PMMA termination is a breach of contract, among others, by Pooph. Material Impairment: On its balance sheet at June 30, 2025, BioLargo included as an asset a "note receivable" in the amount of $3,486,000 representing the amount due by Pooph Inc. for royalties and product invoices in accordance with the PMMA Amendment. Given the termination of the License Agreement and PMMA, BioLargo management is considering impairing the fair value of the note receivable asset. While it has not made such determination currently, it expects the impairment to be substantial. About BioLargo Inc. Headquartered in Westminster, Calif., BioLargo, Inc. -- www.BioLargo.com -- is a cleantech and life sciences innovator and engineering services solution provider. The Company's core products address PFAS contamination, achieve advanced water and wastewater treatment, control odor and VOCs, improve air quality, enable energy-efficiency and safe on-site energy storage, and control infections and infectious disease. Its approach is to invent or acquire novel technologies, develop them into product offerings, and extend their commercial reach through licensing and channel partnerships to maximize their impact. In its report dated March 31, 2025, the Company's auditor Hacker, Johnson & Smith PA, issued a "going concern" qualification citing that the Company has suffered recurring losses from operations, has negative cash flow from operations and has a significant accumulated deficit. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $12.5 million in total assets, $6.4 million in total liabilities, and a total stockholders' equity of $6.1 million. BITTREX INC: Court Affirms Disallowance of Arabour, et al. Claims ----------------------------------------------------------------- In the appeals styled ARABOUR., et al., Appellants, v. THE PLAN ADMINISTRATOR, Appellee, Case No. 24-cv-00714-JLH (lead), Case No. 24-cv-00716-JLH and Case No. 24-cv-00719-JLH (D. Del.), the Honorable Jennifer L. Hall of the United States District Court for the District of Delaware will affirm the Bankruptcy Court's orders sustaining the Debtors' claim objections, disallowing Appellants' claims for damages, and limiting Appellants' claims to the cryptocurrency associated with their accounts. The appeals arise from the chapter 11 cases of Bittrex, Inc. and certain of its affiliates. Pro se appellants Adel Abbasi, Shahriar Arabpour, and Amirali Momenzadeh, Iranian citizens, are cryptocurrency investors and traders who filed claims against the Debtors. Those claims seek recovery for alleged lost value and damages suffered when Appellants' accounts on Bittrex's exchange were frozen in 2017. Following plan confirmation, the Debtors, through their plan administrator, objected to Appellants' claims, arguing that the terms of service applicable to Appellants' accounts precluded any liability or recovery for incidental, consequential, or punitive damages, and thus precluded damages based on Appellants' inability to access their assets on the Bittrex exchange while their accounts were frozen. The Debtors further argued that Appellants could not pursue tort claims resulting from the disabling of their accounts. Following trial, the Bankruptcy Court issued comprehensive memorandum orders addressing each of the Appellants' arguments and evidence, and on June 5, 2024, the Bankruptcy Court issued accompanying orders sustaining the Debtors' claim objections, disallowing Appellants' claims for damages, and limiting Appellants' claims to the cryptocurrency associated with their accounts. Appellants have appealed each of the Memorandum Orders and accompanying Orders. On July 22, 2024, at the request of the parties, the appeals were consolidated. Appellants filed a total of 34 proofs of claim in an aggregate amount of $7,800,000, asserting claims for loss of value and profits resulting from the disabling of their accounts. The Plan Administrator contends that Appellants' accounts were worth approximately $12,540 as of the Petition Date. On November 13, 2023, the Plan Administrator filed objections to Appellants' Claims, setting a related trial for December 13, 2023. The Objections assert, among other things, that each of the Appellants accepted the 2015 Terms of Service, that two of the Appellants accepted the 2018 Terms of Service, and that both Terms of Service preclude any liability for incidental, consequential, or punitive damages; thus, the Terms of Service preclude damages based on Appellants' inability to access their assets on the Exchange while their accounts were disabled. As set forth in the Objections, the Terms of Service further provide that Bittrex can suspend or terminate service for any reason, and that currencies can be delisted and taken off the Exchange. The Objections further assert that Appellants' list of contract claims are barred by the Terms of Service, and that their list of tort claims are barred by the three-year statute of limitations applicable under Washington law, as the suspension of Appellants' accounts all occurred in October 2017—long before May 8, 2020 (i.e., the date that is three years prior to the Petition Date). Appellants' primary response to the Objections was lack of discovery. Each Appellant also noted his withdrawal of duplicate claims. On May 23, 2024, the Bankruptcy Court issued the Memorandum Orders sustaining the Objection to Appellants' Claims for damages, based on its determinations, inter alia, that the Terms of Service, including disclaimers of damages and limitations on liabilities, are clear and enforceable under Washington law, precluding Appellants' claims for incidental, consequential, and punitive damages. The Bankruptcy Court held that Appellants' claims for lost profits and various other categories of damages were expressly waived under the Terms of Service, which operate to disclaim damages and otherwise effectively limit the Debtor's liability. On June 5, 2024, the Bankruptcy Court entered the related Orders. The Appeals The Debtors objected to the Claims under 11 U.S.C. Sec. 502(b)(1), which provides that a court will disallow a claim to the extent it is unenforceable under applicable law. The crux of Appellants' challenge to the disallowance of their Claims is that Bittrex knowingly permitted residents of Iran to become customers to increase their commissions. Appellants' frustration with the Debtors' past failure to comply with regulations, as well as their attempts to navigate the complex chapter 11 process without counsel, is evident from their briefs. What is not evident from the briefing are the specific findings or conclusions that Appellants seek to challenge on appeal. Construing their briefs liberally, Appellants appear to challenge the Bankruptcy Court's determination that they are bound by the Terms of Service, which Appellants argue are void and unenforceable as contrary to Washington (and U.S.) law. Appellants further argue that they are not bound by the Terms of Service because the terms are not comprehensible and do not specifically address the situation where, as here, Bittrex refused to return and/or refund a customer's assets. Appellants further contend that the exculpatory clauses contained in the Terms of Service are unconscionable and unenforceable. Appellants assert that their claims are not time-barred under Washington law under a proper application of the doctrine of continuing wrongs, equitable tolling, and/or the discovery rule. According to the Plan Administrator, certain issues identified for appeal were either never raised by Appellants before the Bankruptcy Court or raised only in passing reference. Even assuming these issues were properly raised, the Plan Administrator asserts, the Bankruptcy Court did not err in holding that the Terms of Service are valid and enforceable, including their disclaimers of damages and limitations on liabilities. The Plan Administrator further asserts that, even if the Terms of Service were unenforceable, Appellants' tort claims for conduct predating May 8, 2020 (i.e., three years from the Petition Date) are barred by the applicable statutes of limitations under Washington law, and for conduct postdating May 8, 2020, those claims are barred under Washington's independent duty doctrine. Appellants argue that they have done their best to present their claims as pro se foreign appellants but point to no place in the record where those arguments were raised. The District Court finds even if the arguments identified by Appellants were properly raised below and preserved for appeal, they do not support reversal of the Orders. The record reflects that both the 2015 and 2018 Terms of Service: (i) bar liability for incidental, consequential, and punitive damages; and (ii) limit all liability to 12 months of commissions preceding the event giving rise to the claim. Under the Terms of Service, Bittrex could suspend Appellants' account for any reason, including Appellants' breach of the Terms of Service, without incurring liability for consequential damages. Appellants do not challenge the Bankruptcy Court's determination that their Claims for lost profits and various other categories of damages are precluded under the Terms of Service, which disclaim damages and otherwise effectively limit the Debtor's liability. Rather, they argue that they are not bound by the Terms of Service because any such agreement is void, illegal, or otherwise unenforceable. Even if these arguments are properly before this Court, the District Court finds no basis to conclude that the Terms of Service are void under Washington law. The Terms of Service do not require the performance of illegal acts, and they contain provisions that require compliance with United States law. The records supports the finding that each of Appellants agreed to the 2015 Terms of Service by checking the box to accept those Terms of Service. Plaintiff's assent to the terms of the License Agreement, manifested through his clicking the 'I agree' button, binds him under Washington law to the terms of the License Agreement. According to the District Court, Appellants had a reasonable opportunity to understand the exculpatory clauses contained in Terms of Service. That Appellants did not negotiate the Terms of Service with Bittrex does not render the Terms of Service and their Exculpatory Clauses unconscionable, as Appellants had the opportunity to review and understand the Terms of Service before agreeing to them, and Bittrex did not impose any time constraints or other forms of pressure to force Appellants' acceptance. The District Court agrees that the Exculpatory Clauses are enforceable under Washington law because they are clear, conspicuous, and each of the Appellants had a reasonable opportunity to understand their terms, which are not contrary to public policy. Appellants' Claims, based on alleged damages arising from the suspension of their accounts in October 2017, accrued long before May 8, 2020 (i.e., three years before the May 8, 2023 Petition Date). According to the District Court, any of the following claims arising before May 8, 2020 are thus time-barred: (1) negligence or negligent misrepresentation, (2) conversion, (3) fraud, (4) breach of fiduciary duty, (5) unjust enrichment, (6) personal injury and negligent or intentional emotional distress, (7) breach of implied covenant of good faith and fair dealing, and (8) civil conspiracy. Thus, even if these claims could exist in the face of a binding contract, which they cannot in light of the applicable Terms of Service, the applicable statutes of limitations bar their assertion now. Appellants also contend that they are entitled to equitable tolling because they are residents of Iran without access to lawyers or a financial system to pay legal fees, including attorney fees, which are circumstances beyond their control. The District Court finds even if Appellants had preserved that argument by raising it in the Bankruptcy Court, the circumstances cited by Appellants do not entitle them to equitable tolling. According to the District Court, to the extent that Appellants' tort-based claims are based on facts that occurred after May 8, 2020 (i.e., tort claims that would not have expired by the Petition Date), such claims are precluded by Washington's independent duty doctrine. Judge Hall explains, "Here, the Terms of Service which govern the parties' relationship disclaim damages and permit account suspension. Appellants' Claims for conduct post-May 8, 2020 are premised on the allegation that Bittrex wrongfully refused to allow Appellants to withdraw cryptocurrencies. Appellants have not asserted (or proved) any duty independent of the Terms of Service. Accordingly, the independent duty doctrine bars Appellants' claims that are predicated on Bittrex's refusal to permit Appellants to withdraw cryptocurrencies after May 8, 2020." A copy of the Court's Opinion dated September 19, 2025, is available at https://urlcurt.com/u?l=L09EjY Counsel for appellee, David Maria, as Plan Administrator: Susheel Kirpalani, Esq. Patricia B. Tomasco, Esq. Robert A. Zink, Esq. Alain Jaquet, Esq. Razmig Izakelian, Esq. Joanna D. Caytas, Esq. QUINN EMANUEL URQUHART & SULLIVAN, LLP 295 5th Avenue, 9th Floor New York, NY 10016 E-mail: susheelkirpalani@quinnemanuel.com pattytomasco@quinnemanuel.com robertzink@quinnemanuel.com Robert S. Brady, Esq. Kenneth J. Enos, Esq. Rebecca L. Lamb, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 E-mail: rbrady@ycst.com kenos@ycst.com About Bittrex Inc. Bittrex is a regulated digital assets exchange platform. Desolation Holdings and three of its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Lead Case No. 23-10597) on May 8, 2023. Desolation Holdings' debtor affiliates are Bittrex, Inc., Bittrex Malta Holdings Ltd. and Bittrex Malta Ltd. At the time of filing, the Debtors estimated consolidated assets of $500 million to $1 billion in assets and $500 million to $1 billion in liabilities. The Hon. Brendan Linehan Shannon presides over the cases. Quinn Emanuel Urquhart & Sullivan, LLP, led by partner Patricia B. Tomasco, is the Debtors' counsel. Berkeley Research Group, LLC, is the Debtors' restructuring advisor. Omni Agent Solutions is the claims agent. * * * The Bankruptcy Court confirmed the Debtors' Amended Joint Chapter 11 Plan of Liquidation on Oct. 31, 2023. The Plan was declared effective Nov. 15, 2023. BLACKBERRY LIMITED: Reports $13.3 Million Net Income in Q2 FY2026 ----------------------------------------------------------------- BlackBerry Limited filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $13.3 million for the three months ended August 31, 2025, compared to a net loss of $19.7 million for the three months ended August 31, 2024. Total revenue for the three months ended August 31, 2025, was $129.6 million, compared to a revenue of $126.2 million for the same period in 2024. For the six months ended August 31, 2025, the Company reported a net income of $15.2 million, compared to a net loss of $61.1 million for the same period in 2024. Total revenue for the six months ended August 31, 2025, was $251.3 million, compared to a revenue of $249.6 million for the same period in 2024. As of August 31, 2025, the Company had $1.18 billion in total assets, $459 million in total liabilities, and $725.1 million in total stockholders' equity. "BlackBerry delivered year-over-year revenue growth and expanded gross margins while reducing operating expenses. This combination ensured strong profitability in the second quarter, beating expectations and achieving a second consecutive quarter of GAAP profitability," said John J. Giamatteo, CEO, BlackBerry. "Our QNX division recorded a "rule of 40" quarter and progress across all our key growth initiatives. Our Secure Communications division exceeded expectations at both the top and bottom line, and delivered improvements in its key metrics." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/y8rzyp6h About BlackBerry Headquartered in Waterloo, Canada, BlackBerry Limited provides intelligent security software solutions. * * * Egan-Jones Ratings Company on May 30, 2025, maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by BlackBerry Limited. BOXLIGHT CORP: HIC 2 Holds 4.3% of Class A Shares as of Sept. 22 ---------------------------------------------------------------- HIC 2, LLC disclosed in a Schedule 13D/A (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of September 22, 2025, it beneficially owns 115,000 shares of Boxlight Corp's Class A common stock, par value $0.0001 per share, along with warrants exercisable into additional shares. The reporting person holds sole voting and sole dispositive power over the 115,000 shares, representing 4.3% of the outstanding class. The filing also noted HIC 2, LLC's intention to divest its entire position in Boxlight securities, including shares acquired upon warrant exercise. HIC 2, LLC may be reached through: Gorr Sahakian, Vice President 4000 Route 66 Tinton Falls, N.J. 07753 Tel: 732-922-6100 A full-text copy of HIC 2, LLC's SEC report is available at: https://tinyurl.com/ys9eryfw About Boxlight Corp Boxlight Corporation, based in Duluth, Georgia, develops, sells, and services interactive technology solutions primarily for the education sector, with additional offerings for corporate and government clients. The Company designs, produces, and distributes interactive and non-interactive flat-panel displays, LED video walls, classroom audio systems, cameras, peripherals, STEM products, and software integrated into a classroom suite for learning, assessment, and collaboration. Boxlight sells its products through over 1,000 global reseller partners, reaching more than 1.5 million classrooms and meeting spaces in over 70 countries. In its audit report dated March 28, 2025, Forvis Mazars, LLP issued a "going concern" qualification citing that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. The Company's Term Loan, which has an outstanding balance of $39.0 million as of June 30, 2025, matures on Dec. 31, 2025. As of June 30, 2025, the Company's short-term debt will mature within the six months. The Company said it is seeking to refinance its debt with new lenders but noted there is no guarantee the effort will succeed before the Term Loan matures, at which point all amounts will be due. As of June 30, 2025, the Company had cash and cash equivalents of $7.6 million, a working capital balance of ($0.5) million, and a current ratio of 0.99. Boxlight reported total assets of $99.20 million, total liabilities of $91.32 million, total mezzanine equity of $28.51 million, and a total stockholders' deficit of $20.63 million. BOXLIGHT CORP: Raises $4M in Registered Direct Stock Offering ------------------------------------------------------------- Boxlight Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a Placement Agency Agreement with A.G.P./Alliance Global Partners and a Securities Purchase Agreement with certain purchasers, pursuant to which the Company agreed to issue and sell, in a Registered Direct Offering, an aggregate of: (i) 1,333,333 shares of the Company's Class A common stock, par value $0.0001 per share. The public offering price for each share of Class A Common Stock was $3.00. The Offering closed on September 24, 2025. The gross proceeds to the Company from the Offering were approximately $4.0 million, before deducting the Placement Agent's fees and other Offering expenses payable by the Company. The Company intends to use the net proceeds from the Offering for working capital and debt reduction as agreed upon with the Company's senior lender. Each of the Placement Agency Agreement and the Purchase Agreement contains customary representations and warranties of the Company, indemnification obligations of the Company, customary conditions to closing and termination provisions. Additionally, each of the directors and officers of the Company, pursuant to lock-up agreements, agreed not to sell or transfer any of the Company securities which they hold, subject to certain exceptions, during the 45-day period following the closing of the Offering. Pursuant to the Purchase Agreement, from the date of such agreement until 30 days after the closing of the Offering, the Company will not: (i) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Class A Common Stock or securities convertible, exchangeable or exercisable into, shares of Class A Common Stock or (ii) file any registration statement or amendment or supplement thereto, other than in connection with the prospectus supplement to be filed by the Company in connection with the Offering; provided, however, that commencing after 5 days following the closing of the Offering, the Company may enter into an At-The-Market Offering facility or similar agreement with the Placement Agent, file any related prospectus supplement thereto and conduct sales pursuant to the ATM. Pursuant to the Placement Agency Agreement, the Company paid the Placement Agent as compensation a cash fee of 7% of the aggregate gross proceeds from the Offering, plus reimbursement of certain expenses and legal fees. The Shares were offered by the Company pursuant to the registration statement on Form S-3 originally filed on January 24, 2025, with the Securities and Exchange Commission under the Securities Act of 1933, as amended (File No. 333-284493), and declared effective on February 5, 2025. The legal opinion, including the related consent, of Kilpatrick Townsend & Stockton LLP relating to the legality of the issuance and sale of Shares in the Offering is available at https://tinyurl.com/2wvrthpz About Boxlight Corp Boxlight Corporation, based in Duluth, Georgia, develops, sells, and services interactive technology solutions primarily for the education sector, with additional offerings for corporate and government clients. The Company designs, produces, and distributes interactive and non-interactive flat-panel displays, LED video walls, classroom audio systems, cameras, peripherals, STEM products, and software integrated into a classroom suite for learning, assessment, and collaboration. Boxlight sells its products through over 1,000 global reseller partners, reaching more than 1.5 million classrooms and meeting spaces in over 70 countries. In its audit report dated March 28, 2025, Forvis Mazars, LLP issued a "going concern" qualification citing that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. The Company's Term Loan, which has an outstanding balance of $39.0 million as of June 30, 2025, matures on Dec. 31, 2025. As of June 30, 2025, the Company's short-term debt will mature within the six months. The Company said it is seeking to refinance its debt with new lenders but noted there is no guarantee the effort will succeed before the Term Loan matures, at which point all amounts will be due. As of June 30, 2025, the Company had cash and cash equivalents of $7.6 million, a working capital balance of ($0.5) million, and a current ratio of 0.99. Boxlight reported total assets of $99.20 million, total liabilities of $91.32 million, total mezzanine equity of $28.51 million, and a total stockholders' deficit of $20.63 million. BRIGHTLIFE ELECTRIC: Seeks Cash Collateral Access ------------------------------------------------- Brightlife Electric NV, LLC asks the U.S. Bankruptcy Court for the District of Nevada for authority to use cash collateral and provide adequate protection. The Debtor argues that Funding Metrics, Funderz Group doing business as Lifetime Funding, FundBox, and Pipe Capital LLC may hold perfected security interests in its cash and deposit accounts, and seeks authorization to use such funds in accordance with an 18-week rolling cash flow projection. The Debtor contends the secured creditors are adequately protected because: (1) the cash will be used to maintain business operations, (2) the value of their collateral is not diminishing, and (3) they will receive replacement liens on post-petition cash. As a Nevada-based electrical contracting business, Brightlife previously obtained merchant cash advance loans from the four named creditors, each of whom filed UCC-1 financing statements in Nevada. These statements suggest that Metrics has first priority, followed by Lifetime, FundBox, and Pipe. As of the petition date, Debtor owed approximately $35,000 to Metrics, $57,688 to Lifetime, $47,178 to FundBox, and $182,360 to Pipe. The Debtor's total assets were valued at $210,873, of which $174,000 consists of vehicles that are not subject to UCC liens. The remaining assets potentially subject to the creditors' security interests include $10,685 in accounts receivable and $19,517 in cash. About BrightLife Electric NV BrightLife Electric NV filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-50836) on September 12, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hilary L. Barnes presides over the case. The Debtors are represented by Kevin A. Darby, Esq. at Darby Law Practice, Ltd. BW NHHC: Moody's Rates New $244MM Secured Term Loan Due 2026 'Caa1' ------------------------------------------------------------------- Moody's Ratings assigned a Caa1 rating to BW NHHC Holdco, Inc.'s ("BW NHHC") new $244.6 million backed super priority senior secured term loan due August 2026. At the same time, Moody's appended a limited default "/LD" designation to the company's probability of default rating, revising it to Ca-PD/LD from Ca-PD. The LD designation will remain in place for three business days. There is no change to BW NHHC's Ca corporate family rating or the ratings on the other debt instruments, including the Ca rating of the backed senior secured bank credit facility (second-out term loan) and the C rating of backed senior secured bank credit facility (third-out term loan and senior secured second lien term loan). The outlook remains stable. Proceeds from the new super priority term loan were used to pay off all outstanding amounts under the pre-amendment super priority senior secured revolving credit facility expiring on October 14, 2025, and super priority senior secured term loan due January 15, 2026. On September 19, 2025, BW NHHC executed amendments to its super priority and second-out credit agreements, which included amended maturity and interest payment terms/forbearance agreement applicable to certain tranches of the company's debt. The amendment of the super priority first-out credit agreement extends the maturity of the super priority first-out debt from 1/15/2026 to 8/31/2026. The amendment/forbearance agreement for the second-out term loan introduces the flexibility to delay/pay in-kind (PIK) the cash portion of third-out interest payments. The LD designation reflects a limited default under Moody's definitions following these amendments, which Moody's sees as default avoidance. RATINGS RATIONALE BW NHHC Holdco, Inc.'s Ca CFR reflects the company's very high financial leverage, weak liquidity position and upcoming maturity wall in early 2026. The rating is also constrained by the company's high exposure to Medicare and Medicaid and longer-term risks associated with changes to the way that the government reimburses for post-acute and in-home services. The company's rating is supported by a good long-term demand outlook for the company's services for at-home care, driven by aging demographics and patient preference for care at home. The stable outlook reflects Moody's views that the default probability is high and appropriately captured in the current rating. Moody's expects BW NHHC to have weak liquidity over the next 12 to 18 months. Despite the extension of maturity of the super priority first-out debt through a recent amendment, more than 90% of the company's total debt (approximately $1.3 billion outstanding) will be due in 2026. Moody's expects the company to sustain negative free cash flow generation over the next 12 to 18 months. The Caa1 rating on the new $244.6 million backed super priority senior secured term loan reflect its first priority position in the capital structure. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be downgraded if the company fails to address the refinancing risks in advance of scheduled maturities or if the company defaults. Ratings could be upgraded if the company addresses the refinancing risks and the upcoming maturity wall, substantially improves operating performance and liquidity. BW NHHC Holdco, Inc., headquartered in Dallas, TX, provides skilled home health, personal care, behavioral health and hospice services, primarily to Medicare and Medicaid patients. The company has revenue of about $1.1 billion as of March 31, 2025. The company is privately owned by Blue Wolf Capital Partners LLC and Kelso & Company. The principal methodology used in this rating was Business and Consumer Services published in November 2021. BW NHHC's Ca CFR is three notches below the Caa1 scorecard indicated outcome. The difference reflects high default probability, significant refinancing risk from the company's near-term maturity wall, and a scorecard factor that is upwardly skewed by the company's scale. CALABRIO INC: Moody's Assigns First Time 'B3' Corp. Family Rating ----------------------------------------------------------------- Moody's Ratings assigned a first-time B3 corporate family rating and B3-PD probability of default rating to Calabrio, Inc. (Calabrio). Moody's also assigned a B1 rating to the proposed $300 million senior secured first lien revolving credit facility, a B1 rating to the $1.5 billion first-out senior secured first lien term loan, and a Caa2 rating to the $1.175 billion last-out senior secured first lien term loan. The outlook is stable. Net proceeds from the new first lien term loans will be used to finance Thoma Bravo's public-to-private buyout of Verint Systems Inc. (Ba2, ratings under review for downgrade), repay existing debt at Verint and Calabrio, and pay fees and expenses. The buyout of Verint is expected to close before the end of Verint's current fiscal year ending January 2026, subject to customary closing conditions including shareholder and regulatory approvals. Governance considerations were a driver of the rating, including the company's elevated leverage and controlled ownership. RATINGS RATIONALE The B3 CFR reflects Calabrio's high initial leverage at closing with Moody's adjusted leverage above 9.0x, exposure to a competitive customer engagement software market, potential business disruption related to integration and cost actions, and the potential for shareholder-friendly financial policies. At the same time, the CFR reflects moderate growth prospects, a high mix of recurring revenue, and a leading position in workforce and customer engagement management software. Verint and Calabrio bring complementary customer bases, with Verint serving large enterprises and Calabrio leading in SaaS-first Workforce Management (WFM) for mid-market segments. The transaction creates cross-sell opportunities and will likely accelerate cloud migration, where Verint could leverage Calabrio's playbook to drive Verint's transition to cloud-hosted SaaS. Moody's expects the combined company to realize cost savings and achieve Moody's adjusted EBITDA margins of about mid 30% in the 12 to 18 months post LBO closing, which is more in line with Thoma Bravo owned peers. Execution will be key to integrate the two companies, reduce costs, while achieving revenue growth. Standalone profitability for Verint (majority of pro forma revenue) is about 15% Moody's adjusted EBITDA margins for the twelve months ending July 2025. Liquidity is good, supported by closing cash over $200 million and an undrawn $300 million revolver. Moody's projects break even free cash flow in 2026 given severance and integration costs and over $100 million in 2027 as the company realizes the benefit of cost savings. The stable outlook reflects Moody's expectations of low single digit revenue growth and deleveraging over the 12 to 18 months post-closing of the Verint buyout as the company realizes the benefit of cost savings. ESG CONSIDERATIONS Calabrio's credit impact score of CIS-4 reflects its exposure to governance risks as a result of being a private company fully owned by the private equity firm Thoma Bravo. Financial policies are expected to be aggressive across the period, as highlighted by the very high leverage at closing. Moody's also believes that the company will be able to leverage Thoma Bravo's strong track record and expertise in the software industry. These governance considerations are reflected in the company's issuer profile score of G-4. Social risks include dependence on highly skilled technology talent and risk of reputational harm from cybersecurity breaches and data privacy concerns, as reflected by the assigned issuer profile score of S-3. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if revenue growth is at least low single digit percentage, Moody's adjusted leverage is sustained below 7x and free cash flow to debt exceeds 5%. The ratings could be downgraded if revenue growth slows materially, Moody's leverage is sustained over 8.0x, or there is a deterioration of liquidity including sustained negative free cash flow generation on more than a temporary basis. The proposed $300 million revolving credit facility due 2030 and $1.5 billion first-out term loan due 2032 are rated B1, reflecting the priority in payment to the $1.175 billion last-out term loan due 2032, which is rated Caa2. The outstanding Verint debt is expected to be repaid upon closing of the LBO. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $450 million and 100% of LTM EBITDA, plus unused capacity from the general debt basket, plus unlimited amounts subject to the greater of 5.75x First Lien Net Leverage Ratio and leverage neutral incurrence. There is an inside maturity sublimit up to the greater of $450 million and 100% of LTM EBITDA. There are no "blocker" provisions which prohibit the transfer of specified assets to unrestricted subsidiaries. There are no protective provisions restricting an up-tiering transaction. Asset sale proceeds received from the sale of assets related to certain specified disposition are not subject to mandatory prepayment provisions. The company may make restricted payments from specified disposition or retained asset sale proceeds. Calabrio is a leading provider of workforce and customer engagement management software, with expertise in AI-enhanced analytics and contact center optimization. Pro forma for the business combination with Verint, the company generated over $1.1 billion for the twelve months ending June 30, 2025. The principal methodology used in these ratings was Software published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CALABRIO INC: S&P Assigns 'B' ICR Following Verint Acquisition -------------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to Minneapolis, Minn.-based customer experience automation and solutions company Calabrio Inc. S&P also assigned its 'B+' issue-level rating to the company's proposed first-out first-lien term loan and revolver, and its 'B-' issue-level rating to the second-out first-lien term loan. S&P will withdraw its ratings on Verint when the transaction close, which is subject to regulatory approval. The stable outlook reflects S&P's expectation that organic top-line growth will continue but one-time costs will temporarily weigh on margins and cash flows in the next year. Calabrio Inc. will merge with peer Verint Systems Inc. (BB/CreditWatch Negative) following Thoma Bravo's acquisition of Verint in a transaction valued at $2 billion. Calabrio will merge with a company that is significantly larger, which elevates operating execution risks including achievement of targeted cost savings and the ongoing transformation of Verint's business. The business combination with Verint will temporarily weaken Calabrio's S&P adjusted leverage. To complete the transaction, Calabrio will issue $2.7 billion term loan to pay the equity consideration, repay existing Calabrio debt, and finance Thoma Bravo's acquisition of Verint. S&P said, "We expect leverage will rise to around 8x at the end of the first year after the merger from under 6x on a stand-alone basis for Calabrio. Our EBITDA calculation includes sizeable transaction costs and expenses to achieve planned synergies. Because of these expenses, we estimate its free operating cash flow will be stretched to about $30 million. As one-time items roll off and the company realizes synergies, we forecast leverage will decrease to about 5.5x in the subsequent year and free operating cash flow will rise to about $200 million." S&P said, "Thoma Bravo purchased Calabrio in 2021, and we have not yet seen a dividend payment by Calabrio to its owners, likely because of its growth plans that have so far been largely through acquisitions. We will continue to monitor the company's financial policy, considering the available forecasted cash generated from operations." The combined companies will serve a broader customer base and create upsell opportunities. Verint has long-standing relationships with large enterprise customers, while Calabrio has a good footing in software-as-a-service (SaaS) offerings for workflow management serving small to medium-sized companies, middle market and lower enterprise customer segments. S&P said, "We think cross-selling opportunities could arise from Verint's customer experience automation capabilities and Calabrio's workforce management tool, providing the combined company with opportunities for good organic top-line growth. We don't expect a material investment in the salesforce to implement this initiative, though we anticipate the ramp up to clients' interface could take a several quarters. We are not factoring any material uplift from cross-selling until a year after the acquisition closes." The merger with Verint deepens Calabrio's market presence and lessens its overall exposure to smaller clients, though competitive pressures remain. S&P said, "We think Calabrio plays a niche role in the customer experience SaaS space. As call center operators are racing to update their business models to achieve greater efficiencies, we think Calabrio should benefit from the robust offerings of its cloud-based AI capabilities and service offerings with a full end-to-end suite of solutions, including workflow management and data and analytics tools." Switching costs might be high for customers because Calabrio's and Verint's offerings are deeply embedded within its clients' operations. S&P said, "Though a large portion of its revenues are recurring and client retention is high, we think Calabrio could face performance headwinds because of its exposure to small to medium-sized middle market and lower enterprise companies, which tend to be more affected during macroeconomic or technological disruptions. Larger peers with greater resources could also pose a challenge to Calabrio at a time when it is focusing on integrating a much larger operator. We believe industry consolidation by larger providers could weaken the company's market position longer term. "The proposed transaction increases operational risks. As Verint is executing a business transition, a disruption in sales could occur if the merger is not carefully executed. Verint is shifting its business model toward greater SaaS sales and higher recurring revenues. We think combining the two companies during this time increases operational risks as management's attention will be divided among areas including integration and extraction of synergies. In addition, current management would have to contend with operating a combined company that is significantly larger. On a stand-alone basis, Calabrio reported revenues of over $200 million as of March 2025, while the combined company will have revenues of over $1.1 billion. "We expect some oversight of merger integration by Thoma Bravo, which is modestly credit positive in our view. We do not believe Calabrio has the experience executing such large-scale synergies, which, if not prudently performed, could disrupt its marketing initiatives and delay the improvement we forecast for its credit metrics. "The stable outlook reflects our expectation that Calabrio's performance will strengthen from business initiatives and the realization of synergies, driving profit and cash flow growth and contributing to improved credit metrics to more comfortable levels for the ratings. "We would consider lowering our ratings on Calabrio if the company experiences difficulties integrating with Verint or business execution issues causing an underperformance relative to our expectations." This would lead to: -- Performance declines likely caused by a disruption in the sales and marketing initiatives, inability to achieve cost savings as planned, or competitor inroads; or -- Leverage sustained around 7.5x and FOCF to debt sustained in the low-single-digit percent area with no visibility of an improving trend. Although unlikely over the next 12 months given the business combination, S&P could raise its ratings on Calabrio if it achieves merger-related benefits including synergies and cross-selling opportunities and S&P sees a track record of the company adopting a more conservative financial policy. Under this scenario, S&P would expect: -- A meaningful EBITDA improvement as the company realized full benefits from synergies, causing leverage to stay below 5x and free operating cash flow to debt rising to about 10%; and -- S&P would need to be convinced that a sizeable debt-funded event, including a large-scale acquisition or dividends, would not occur. CAMP LOUEMMA: Seeks Cash Collateral Access ------------------------------------------- Camp Louemma Lane Inc. and 11 Louemma Lane, LLC ask the U.S. Bankruptcy Court for the District of New Jersey for authority to use cash collateral and provide adequate protection. The Debtors' secured obligations stem from a series of loan documents executed on December 24, 2021, including a consolidated promissory note for $3,000,000, a mortgage, an assignment of leases and rents, and a loan agreement. The related mortgage and ALR were recorded on August 5, 2022, and cover both properties. The Lender, L&L Capital Partners LLC, subsequently commenced a foreclosure action in state court, which resulted in an Amended Final Judgment against the Debtors in the amount of $5,322,972, with an additional $1,555 in costs and $106,474 in attorney's fees. The lender's security interests in the Debtors' properties and related proceeds, rents, and revenues constitute the "Prepetition Collateral." The Debtors have been using cash collateral with the consent of the lender since the petition date. This motion seeks to formalize that arrangement. The proposed use of cash collateral will fund operational costs as detailed in the budget, including employee wages and benefits, utilities, taxes, property maintenance, and necessary administrative expenses related to the Chapter 11 cases. To satisfy the Bankruptcy Code's requirement for “adequate protection” under 11 U.S.C. Section 363(e), the Debtors and the lender have agreed on multiple protective measures for the lender. First, the Debtors will provide monthly adequate protection payments of $25,000. Second, the lender will receive replacement liens on postpetition assets of the same type and nature as the prepetition collateral to the extent of any diminution in the value of the original collateral due to the use of cash collateral, use or sale of prepetition collateral, or the imposition of the automatic stay. Third, the lender will be granted an allowed superpriority administrative expense claim under 11 U.S.C. sections 503(b) and 507(b), ensuring it receives priority over most other unsecured creditors in repayment. The Debtors assert that the lender is adequately protected either through a continuing equity cushion or by ensuring the value of the collateral is not diminishing. The Debtors note that these protections are consistent with precedent in the jurisdiction, citing several similar Chapter 11 rulings. L&L Capital Partners LLC, as lender, is represented by: Clifford A. Katz, Esq. Goetz Platzer, LLP One Penn Plaza, Suite 3100 New York, NY 10119 Attn: Clifford A. Katz, Esq. Telephone: 212-695-8100 ckatz@goetzplatzer.com About Camp Louemma Lane Inc. Camp Louemma Lane Inc. is a nonprofit organization that operated a co-ed overnight summer camp for children in Sussex, New Jersey. The camp emphasized group living and daily activities designed to promote personal growth and learning. Camp Louemma Lane Inc. 29ought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15658) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtors are represented by Eric H. Horn, Esq. and Deanna Olivero, Esq. at A.Y. STRAUSS LLC. CAPE FEAR: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------- Cape Fear Discount Drug, LLC asks the U.S. Bankruptcy Court for the Eastern District of North Carolina, Fayetteville Division, for authority to use cash collateral and and to compel the turnover of certain withheld funds. The Debtor, operating in Fayetteville since 2020, filed for Chapter 11 bankruptcy on September 23, 2025, citing declining revenues in the pharmacy industry and the improper redirection of its funds by various creditors. The Debtor identifies a secured loan from First Financial Bank via the Small Business Administration, totaling approximately $3.5 million and secured by a blanket lien on all its assets. In addition, it entered into numerous Merchant Cash Advance loans with companies such as Byzfunder, Fintegra, Daytona Funding, Kapitus, and Aurum Funding Solutions, some of whom have filed UCC financing statements and allegedly redirected payments from insurance companies and vendors to themselves. The Debtor also has vendor debt, notably to Anda and Cardinal Health, which have filed UCC liens. Specifically, LeaderNet, a Cardinal Health affiliate, began withholding payments owed to the Debtor in apparent setoff against other debts. Similarly, entities like Express Scripts have redirected funds owed to the Debtor to Daytona Funding. The Debtor argues that these receivables are property of the bankruptcy estate and should be returned. The Debtor requests immediate court approval to use its cash collateral to continue operations—covering payroll, rent, inventory, insurance, and other costs—asserting that failure to do so would cause irreparable harm to its estate. The Debtor seeks preliminary and final hearings to authorize the use of cash collateral and proposes granting replacement liens to secured creditors on a post-petition basis. It also asks the Court to order all third parties, including banks, insurers, and processors, to forward payments directly to the Debtor despite any contrary notices or garnishments. 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. 25-03693) on September 23, 2025. In the petition signed by Dustin Cody Gay, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge David M. Warren oversees the case. Laurie B. Biggs, Esq., at BIGGS LAW FIRM PLLC, represents the Debtor as legal counsel. CARIBBEAN CRESCENT: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Caribbean Crescent, Inc. 143 Desoto Road Baltimore, MD 21230 Business Description: Caribbean Crescent, Inc., doing business as Quality Ethnic Foods, produces and distributes halal-certified ethnic foods from its facility in Baltimore, Maryland, including Jamaican-style beef patties, Dhal Puri Roti, pepperoni, franks, and gyro. The Company supplies major distributors such as Sysco, Restaurant Depot, Giant Foods, Cheney Brothers, and Sky Chef, and provides doner products to German doner kebab franchises across North America. It operates in the food manufacturing and distribution industry. Chapter 11 Petition Date: September 30, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-19065 Judge: Hon. Michelle M Harner Debtor's Counsel: Steven H Greenfeld, Esq. LAW OFFICE OF STEVEN H. GREENFELD 329 Ellington Blvd, #610 Gaithersburg MD 20878 Email: steveng@cohenbaldinger.com Total Assets: $0 Total Liabilities: $5,559,016 The petition was signed by Shah Rahman as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RVWT4VQ/Caribbean_Crescent_Inc__mdbke-25-19065__0001.0.pdf?mcid=tGE4TAMA CARPENTER TECHNOLOGY: Moody's Ups CFR to 'Ba2', Outlook Positive ---------------------------------------------------------------- Moody's Ratings upgraded Carpenter Technology Corporation's (Carpenter) Corporate Family Rating to Ba2 from Ba3, its Probability of Default Rating to Ba2-PD from Ba3-PD and the rating on its senior unsecured notes to Ba3 from B1. Carpenter's rating outlook remains positive and its Speculative Grade Liquidity (SGL) rating at SGL-1. "The upgrade of Carpenter's ratings reflects Moody's expectations that its operating performance, free cash flow and credit metrics will continue to strengthen over the next 12 to 18 months as it benefits from strength in its key aerospace and defense end market. It also incorporates Moody's expectations the company's free cash flow will support working capital investments and expected shareholder returns" said Michael Corelli, Moody's Ratings' Senior Vice President, and lead analyst for Carpenter Technology Corporation. RATINGS RATIONALE Carpenter's Ba2 Corporate Family Rating incorporates Moody's expectations for improved operating results over the next 12 to 18 months, which will keep its credit metrics strong for the rating. Carpenter's rating is supported by its position in the specialty metals markets as a producer of high strength, high temperature and corrosion resistant alloys. The company's technological capabilities enable it to produce specialty alloys and titanium products for demanding end use applications in the aerospace, defense, medical, transportation, energy, industrial and consumer sectors. These attributes position the company to achieve a materially improved operating performance as demand from these markets remains strong. The rating also incorporates its very good liquidity profile which enables it to navigate periods of weakness in the aerospace sector and investments in working capital as business continues to improve. Carpenter's rating also reflects its reliance on the aerospace and defense sector and the historical volatility of its operating performance and credit metrics which tend to track the aerospace cycle. It also incorporates the risk of continued production issues at The Boeing Company (Baa3 negative) and potentially lower demand if worldwide economic growth weakens. Carpenter's operating performance materially strengthened for the fourth consecutive year in fiscal 2025 (ended June 2025) due to strength in the aerospace and defense end market, which accounted for about 61% of its net sales. The company also benefitted from improved productivity, product mix optimization and strategic pricing actions. As a result, its adjusted EBITDA rose to a record high level of $683 million versus $508 million in fiscal 2024 and $280 million in fiscal 2023. The company is expected to achieve significant growth again in fiscal 2026 and produce another record high as it continues to benefit from strong order rates and the same dynamics supporting its fiscal 2025 performance. Carpenter is expected to generate solid free cash flow as earnings grow and investments in working capital moderate. These investments consumed around $475 million of cash in fiscal years 2022-2025. Moody's anticipates the company will use this free cash to fund its annual dividend and to repurchase stock. Carpenter's credit metrics are expected to continue to strengthen in the near term along with the company's operating performance. If the company can generate adjusted EBITDA of around $750 million, then its leverage ratio (debt/EBITDA) will decline to around 1.2x and its interest coverage (EBITDA/Interest) will rise to about 11.5x as of June 2026. These metrics will be strong for the rating and could lead to an upgrade if they are likely to be sustained. Carpenter's Speculative Grade Liquidity rating of SGL-1 reflects its very good liquidity profile. The company had $315.5 million of cash and $348.9 million of borrowing availability on its $350 million secured revolving credit facility which had no borrowings outstanding and $1.1 million of letters of credit issued as of June 2025. Carpenter's senior unsecured notes are rated Ba3, which is one notch below the Corporate Family Rating since they are subordinated to the company's secured $350 million revolving credit facility which has a security interest in substantially all of the personal property of the company. The positive outlook incorporates Moody's expectations that Carpenter's operating performance and credit metrics will strengthen over the next 12 to 18 months and its credit metrics will remain strong for its rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Carpenter's rating could be upgraded if the company sustains a track record of higher profitability and financial policies commensurate with a higher rating, and it sustains EBITDA/interest above 7.5x, debt/EBITDA below 2.5x and retained cash flow of more than 30% of net debt. Downward rating pressure could materialize if Carpenter sustains EBITDA/interest below 5.0x, debt/EBITDA above 3.5x and retained cash flow below 20% of outstanding debt. The rating could also be downgraded if the company's liquidity position materially deteriorates. The principal methodology used in these ratings was Aerospace and Defense published in July 2025. Carpenter's corporate family rating of Ba2 is three notches below the scorecard-indicated outcome of Baa2 reflecting the company's moderate scale versus higher rated companies and its reliance on the highly cyclical aerospace and defense sector. Carpenter Technology Corporation, headquartered in Philadelphia, PA, is a producer and distributor of specialty materials, including stainless steel, titanium alloys and specialty alloys for the aerospace, defense, medical, transportation, energy, industrial, and consumer sectors. The company also provides metal powder solutions and has additive manufacturing capabilities. It operates through two business segments: Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP), with the SAO segment contributing about 95% of LTM revenues. Revenues for the twelve months ended June 30, 2025, were $2.88 billion. CAT DADDY: Seeks Chapter 7 Bankruptcy in Mississippi ---------------------------------------------------- On September 24, 2025, Cat Daddy Logistics LLC entered Chapter 7 bankruptcy proceedings in the U.S. Bankruptcy Court for the Southern District of Mississippi. The company disclosed debts of $100,001–$1 million, affecting between 1 and 49 creditors. About Cat Daddy Logistics LLC Cat Daddy Logistics LLC operates in the transportation and logistics industry, providing freight hauling and trucking services across regional and interstate routes. The company specializes in the movement of goods for businesses and individuals, offering reliable logistics solutions tailored to customer needs. Cat Daddy Logistics LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-02383) on September 24, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Katharine M. Samson handles the case. The Debtor is represented by Francois David Choudoir, Esq. of Smith & Choudoir Law, PLLC. CATHOLIC BISHOP: Moody's Affirms 'Ba1' Rating on Revenue Bond ------------------------------------------------------------- Moody's Ratings has affirmed Catholic Bishop of Chicago, IL's (CBC) Ba1 revenue bond rating. Total debt of the CBC was approximately $203 million as of June 30, 2024. The outlook remains stable. RATINGS RATIONALE The affirmation of the Ba1 reflects CBC's ongoing core social and business risks in a sector that has seen a substantial amount of preemptive bankruptcy among dioceses outside the state of Illinois, a pattern that shows no correlation to soundness of financial operations, balance sheets, differences in state laws and other nominal fundamental credit strengths. While sexual misconduct claims have been manageable, their full impact and magnitude - and their implications for defensive filing - reflect a significant element of unpredictability given the actions of dioceses outside the State of Illinois. Additionally, the conclusion of the investigation by the Illinois attorney general and publication of the office's findings in 2023 could contribute to growth in claims over time. The rating also incorporates CBC's substantial financial reserves and other assets that continue to provide solid coverage of liabilities. Its relatively large-scale operations and investment portfolio provide operating flexibility and a platform to cope with misconduct claims. Management effectively manages expenses, including the continuous review of parishes and schools across the archdiocese, leading to favorable operating performance and continued growth in financial reserves. RATING OUTLOOK The stable outlook reflects management's effective financial stewardship in managing the CBC's operations and resources, and fulfilling its mission while continuing to manage its misconduct claims exposure. The outlook incorporates no material deterioration of wealth and liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Mitigation of litigation exposure and demonstrated ability to manage potential escalation of self-insurance claims -- Maintenance of sufficient assets, financial and other, to manage ongoing misconduct claims without meaningful weakening of financial flexibility FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Further increase in the number of claims or settlement costs of lawsuits, requiring use of liquidity or raising the risk of reorganization PROFILE The Archdiocese of Chicago, the third largest in the United States, has diverse operations including operating in over 200 parishes in Cook County and Lake County, a geographic area of over 1,400 square miles. The Archdiocese has one of the country's largest seminaries and is also one of the largest US private school systems. METHODOLOGY The principal methodology used in these ratings was Nonprofit Organizations (Other Than Healthcare and Higher Education) published in August 2024. CIBUS INC: Appoints Carlo Broos as Chief Financial Officer ---------------------------------------------------------- Cibus, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors has appointed Cornelis (Carlo) Broos to serve as the Company's Chief Financial Officer. In connection with this appointment, Cibus Global, LLC and Mr. Broos entered into an Executive Employment Agreement, dated as of September 19, 2025, with a retroactive effective date of September 18, 2025. Mr. Broos, age 54, has served as Cibus' Interim Chief Financial Officer since October 1, 2024. Previously, Mr. Broos served as Senior Vice President of Finance of the Company since 2024 and has significant public finance, accounting and audit experience. Prior to his current role, Mr. Broos served as the Company's Vice President of Finance and Business Development after joining the Company in 2011. Before joining the Company, Mr. Broos served as the Head of Finance (Services) for Syngenta Europe Africa Middle East from 2008 to 2011, as CFO Netherlands and CFO Belgium for Syngenta from 2005 to 2008, as Group Controller for Advanta from 2002 to 2005 and as Audit Manager at Deloitte (Netherlands) from 1995 to 2002. Mr. Broos completed a Master of Science in Business Administration from Radboud University in 1995 and completed a post-master program in accountancy at Tilburg University in the Netherlands in 1999, becoming Registered Accountant (the equivalent of a CPA) in the Netherlands. Pursuant to the Employment Agreement and in connection with his appointment as Chief Financial Officer, the Board established an initial base salary for Mr. Broos of EUR440,000, as may be adjusted from time to time, and Mr. Broos will be eligible for a discretionary annual bonus and annual incentive equity award, in each case, as determined by the Board based on the Company's performance and Mr. Broos' individual performance. Mr. Broos is eligible to participate in employee benefit plans, such as pension, profit sharing and other retirement plans, incentive compensation plans, disability and other insurance plans, and other employee welfare plans (except for the Company's sponsored group health insurance plan), in each case, in accordance with the employee benefit plans established by Cibus, and as may be amended from time to time in Cibus' sole discretion. Mr. Broos' employment is at-will and may be terminated at any time for any reason, except that upon termination of his employment by Mr. Broos for Good Reason or by Cibus without Cause (other than Mr. Broos' death or Disability), in which case, Mr. Broos will be entitled to continued payments of base salary for a period of 18 months. If Mr. Broos' employment is terminated by Mr. Broos for Good Reason or by Cibus without Cause (other than Mr. Broos' death or Disability), in each case, in connection with a Change in Control, Mr. Broos will be entitled to continued payment of base salary for a period of 24 months, payment of a lump sum equal to the higher of Mr. Broos' target Annual Bonus for the year of such termination and, if termination occurs in the second half of a fiscal year, the reasonably projected Annual Bonus for the termination year, and full vesting of all of Mr. Broos' stock options and other unvested equity. The receipt of Severance Benefits and Change in Control Severance Benefits, as applicable, will be subject to delivery of customary releases contemplated by the Employment Agreement. Capitalized terms used but not defined in this paragraph have the meanings assigned in the Employment Agreement. Mr. Broos previously entered into the Company's standard indemnification agreement for directors and officers, the form of which is filed with the Company's Annual Report on Form 10-K and remains in effect with respect to Mr. Broos. The foregoing summary of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is available at https://tinyurl.com/26dcb7yr Mr. Broos has no other direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, nor are any such transactions currently proposed, except that, solely for purposes of tax efficiency, approximately half of Mr. Broos' compensation will be paid to a Belgian entity established by Mr. Broos for such purpose and wholly owned by Mr. Broos. There are no arrangements or understandings between Mr. Broos and any other persons pursuant to which Mr. Broos is being appointed as Chief Financial Officer, and there are no family relationships between Mr. Broos and any director or executive officer of the Company. About Cibus Cibus Inc. is an agricultural biotechnology company based in San Diego, California. It develops genetic traits for major food crops using its proprietary gene-editing platform, the Rapid Trait Development System. The Company's technology aims to improve crop productivity and resilience by addressing challenges such as pests, diseases, and environmental stressors. San Diego, Calif.-based BDO USA, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31,2024. The report highlights that the Company has suffered recurring losses from operations and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $346.20 million in total assets, $271.72 million in total liabilities, and a total stockholders' equity of $74.48 million. CLEAR GUIDE: Case Summary & 15 Unsecured Creditor ------------------------------------------------- Debtor: Clear Guide Medical, Inc. 3600 Clipper Mill Road Suite 400 Baltimore, MD 21211 Business Description: Clear Guide Medical, a privately held company headquartered in Baltimore, Maryland, develops next-generation navigation technology for minimally invasive medical procedures, including biopsies, ablations, pain injections, and peripheral nerve blocks. The Company's offerings, including the CLEAR GUIDE SCENERGY system and the SuperPROBE platform, integrate image fusion and instrument guidance using computer vision to enhance procedural efficiency and reduce healthcare costs. Clear Guide Medical is a spinout of Johns Hopkins Medical Institutions and Johns H opkins University and provides solutions across multiple imaging modalities for interventional radiology and surgical applications. Chapter 11 Petition Date: October 1, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-19171 Debtor's Counsel: Stephen B. Gerald, Esq. TYDINGS & ROSENBERG LLP One East Pratt Street Suite 901 Baltimore, MD 21202 Tel: 410-752-9700 Email: sgerald@tydings.com Total Assets as of December 31, 2024: $1,347,691 Total Liabilities as of December 31, 2025: $683,594 The petition was signed by Patrick Duke as chief operating officer. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VBXVXQY/Clear_Guide_Medical_Inc__mdbke-25-19171__0001.0.pdf?mcid=tGE4TAMA COMPLETELY CONCRETE: Case Summary & 14 Unsecured Creditors ---------------------------------------------------------- Debtor: Completely Concrete Structures Inc. 990 North Hill Street, Ste C Los Angeles, CA 90012 Business Description: Completely Concrete Structures Inc., based in Los Angeles, California, provides structural concrete contracting services, specializing in commercial, multi-family, and mixed-use developments. The Company offers expertise in shoring, superstructure construction, and value engineering. Chapter 11 Petition Date: October 1, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-18746 Judge: Hon. Neil W Bason Debtor's Counsel: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 Email: michael.berger@bankruptcypower.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $10 million to $50 million The petition was signed by Noah P. Ornstein as CFO. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CYJCAUA/Completely_Concrete_Structures__cacbke-25-18746__0001.0.pdf?mcid=tGE4TAMA CONCORDE METRO: Seeks Continued Cash Collateral Access ------------------------------------------------------ Concorde Metro Seguros LLC and Banco Popular de Puerto Rico advise the U.S. Bankruptcy Court for the District of Puerto Rico that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The Debtor filed for Chapter 11 bankruptcy on March 24. BPPR subsequently filed a secured claim for approximately $1.96 million, based on a credit facility secured by various loan documents including a mortgage and assignment of leases and rents. BPPR holds a first-priority, perfected security interest over the Debtor's leases and associated rental income, which constitutes the cash collateral in question. On April 14, the parties initially filed a stipulation allowing the debtor interim use of this cash collateral to cover essential operational expenses per a court-approved budget, with the initial period ending June 23. The stipulation was later extended by court order through August 31. In this joint motion, the parties seek to further extend the stipulation through October 15, under the same terms and conditions as previously agreed. This extension is intended to allow the debtor to continue operating while negotiations for a longer-term arrangement or reorganization plan proceed. A copy of the motion is available at https://urlcurt.com/u?l=O7Q03j from PacerMonitor.com. About Concorde Metro Seguros Concorde Metro Seguros LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). The Company's primary business involves managing the Metro Medical Center in Bayamon, Puerto Rico, which serves as its principal asset. Concorde Metro Seguros LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-01269) on March 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Javier Vilarino, Esq. at Vilarino and Associates LLC. Banco Popular de Puerto Rico, as lender, is represented by: Luis C. Marini-Biaggi, Esq. Ignacio J. Labarca-Morales, Esq. Getzemarie Lugo-Rodríguez, Esq. MARINI PIETRANTONI MUNIZ, LLC 250 Ponce de León Ave, Suite 900 San Juan, P.R. 00918 Tel: (787) 705-2171 lmarini@mpmlawpr.com ilabarca@mpmlawpr.com glugo@mpmlawpr.com CONCORDE METRO: To Sell Puerto Rico Property to MDD Child Neurology ------------------------------------------------------------------- Concorde Metro Seguros LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor retains Christiansen Commercial as the exclusive sales agent and broker of the Property. The Debtor seeks to sell certain real property as part of its reorganization efforts under the Bankruptcy Code, specifically that certain commercial property described as follows: "Propiedad Horizontal: Apartamento: A-102. CONDOMINIO METRO MEDICAL CENTER de Bayamón Sur. Cabida: 184.36 Metros Cuadrados. Local para oficina situado en la primera planta del Edificio "A" del Condominio Metro Medical Center, ubicado en la calle Marginal, "PR" guión dos (PR-2), Barrio Pájaros, Urbanización Hermanas Dávila, Bayamón, Puerto Rico, con un área superficial de mil novecientos ochenta y tres punto cuarenta y siete (1,983.47) pies cuadrados, equivalentes a ciento ochenta y cuatro punto treinta y seis (184.36) metros cuadrados, y que colinda: por el Norte, en setenta y nueve pies (79') una pulgada (1"), con pasillo comunal; por el Sur, en setenta y nueve pies (79') una pulgada (1") con elementos exteriores; por el Este, en veinticinco pies (25') dos pulgadas (2") y siete octavos (7/8) de otra, con elementos comunes del edificio; y por el Oeste, en veinticinco pies (25') dos pulgadas (2") y siete octavos (7/8) de otra, con elementos exteriores del edificio. Las entradas a este local son por su lado Norte. A esta unidad le corresponde la siguiente participación en los elementos comunes generales del condominio, 1.22% (Property"). The Property was registered in favor of Concorde Metro Seguros, LLC, which acquired it by Purchase and Sale by Deed Number 63 executed in San Juan on December 31, 2015, before Notary Public Ricardo O. Melendez Sauri. The Property is subject to liens and encumbrances, including a Mortgage in favor of Banco Popular de Puerto Rico. The Debtor receives a private offer from MDD Child Neurology LLC, a Puerto Rico limited liability company, with a purchase price of $120,000. The Debtor will coordinate with the Buyer for the closing of said transaction and with BPPR for the partial release of Suite A-102 from the existing lien. The net proceeds from the sale, unless otherwise agreed in writing between the Debtor and BPPR, shall be paid to BPPR and applied toward reduction of the mortgage debt secured by the Property. The Payment Terms are cash at closing on or before December 19, 2025. The deposit is $6,000.00 earnest money and the Property will be conveyed by special warranty deed, free and clear of all liens, claims and encumbrances. The Debtor has obtained recent comparable sales data from Christiansen Commercial, the Court-approved broker, for office condominium units within the Metro Medical Center complex to establish the fair market value of the Property. The comparable sales data shows that the Purchase Price of $120,000 ($61 per square foot) represents fair market value. The Debtor shall bear the cost of the internal revenue stamps required for the execution of the original deed. Buyer shall pay the costs of rights, fees, and stamps on certified copies of the deed for registration in the Property Registry of Puerto Rico, as well as the statutorily applicable notarial tariff, and shall select the notary. Each party shall bear its own legal fees and expenses in connection with this transaction. There are real estate property taxes owed to the Centro de Recaudación de Ingresos Municipales for the Property in the amount of $1,448.89 as of October 1, 2025. The Buyer has the right, upon written notice to Seller at any time prior to Closing, to assign this Agreement or to designate as purchaser any affiliate or newly formed entity under Buyer's control. Any such assignee or designee shall assume all obligations of Buyer under the Agreement. About Concorde Metro Seguros Concorde Metro Seguros LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). The Company's primary business involves managing the Metro Medical Center in Bayamon, Puerto Rico, which serves as its principal asset. Concorde Metro Seguros LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-01269) on March 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Javier Vilarino, Esq. at Vilarino and Associates LLC. CONGREGATION TEFILA: Case Summary & Four Unsecured Creditors ------------------------------------------------------------ Debtor: Congregation Tefila Lemoshe, Inc. 35 Brockton Road Spring Valley, NY 10977 Business Description: Congregation Tefila Lemoshe, Inc. is a Jewish religious organization based in Spring Valley, New York, providing daily and weekly religious services, including Daf Yomi classes, under the leadership of Rabbis Meshulem Nussen Spiegel and Avrohom Neuberger, and operating as a 501(c)(3) nonprofit entity. Chapter 11 Petition Date: October 1, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-22933 Judge: Hon. Sean H Lane Debtor's Counsel: H Bruce Bronson, Esq. BRONSON LAW OFFICES PC 480 Mamaroneck Ave HarrisonHarrison, NY 10528 Tel: (914) 269-2530 Fax: (888) 908-6906 Email: hbbronson@bronsonlaw.net Total Assets: $1,400,000 Total Liabilities: $434,992 The petition was signed by Rabbi Meshulem Nussen Spiegel as trustee. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WVGNLQY/Congregation_Tefila_Lemoshe_Inc__nysbke-25-22933__0001.0.pdf?mcid=tGE4TAMA CORBETT BUILDINGS: Claims to be Paid from Property Sale Proceeds ---------------------------------------------------------------- Corbett Buildings and Holdings LLC filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement describing Plan of Liquidation dated September 24, 2025. The Debtor's Plan of Liquidation is based on the debtor's belief that the cash flow of the debtor cannot sustain a Chapter 11 plan of reorganization. As such, the Debtor filed a Motion seeking to sell its real property located at 54 Union Street, Montgomery, New York 12549 (the "Real Property"), free and clear of liens, claims and encumbrances. The Motion is scheduled for hearing before the Bankruptcy Court on October 28, 2025. The Debtor submits that the highest and best offer for the purchase of the Debtor's Real Property was submitted by Gilbert and Sheryl Morrissey ("Morrissey"), with a cash purchase price of $310,000.00, as further evidenced by the Contract of Sale between the Debtor and Morrissey. Class 3 consists of Unsecured Claims. Allowed claims for all other creditors of the debtor, subject to an allowance of their claims by the Court, will not be paid pursuant to the Plan of Liquidation. The claim in this class totals the approximate sum of $19,250.00. Class 3 is impaired and claimant's vote will be solicited. For purposes of this Liquidating Plan, any and all proceeds generated from the sale of the Debtor's Real Property, or that the Debtor is entitled to receive as a result of this Chapter 11 filing, shall be forwarded to counsel to the Debtor and deposited in the escrow account of the firm of Genova, Malin & Trier. Genova, Malin & Trier shall act as disbursing agent under the Debtor's Liquidating Plan and shall disburse the sums due and owing to creditors as provided for and set forth under said Plan. The disbursing agent shall disburse funds pursuant to this Liquidating Plan within 30 days of the Effective Date. The source of funds to achieve Consummation and to carry out the Plan shall be the Cash and Real Property of the Debtor, to be sold in accordance with the Contract of Sale between the Debtor and Morrissey, scheduled to be heard for approval by the Bankruptcy Court on October 28, 2025. The anticipated cash purchase price is $310,000.00. In addition to the sale of the Real Property to Morrissey, the approximate balance in the Debtor's DIP bank account to be available for funding of the Plan is $10,000.00. A full-text copy of the Disclosure Statement dated September 24, 2025 is available at https://urlcurt.com/u?l=7cqmfK from PacerMonitor.com at no charge. Counsel to the Debtor: Andrea B. Malin, Esq. Michelle L. Trier, Esq. Genova, Malin & Trier LLP Hampton Business Center 1136 Route 9 Wappingers Falls, New York 12590 Tel: (845) 298-1600 About Corbett Buildings and Holdings Corbett Buildings and Holdings LLC operates as a single-asset real estate company based in Montgomery, NY, focusing on a partially constructed single-family residence in a historic district. Corbett Buildings and Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35073) on January 24, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtor tapped Michelle L. Trier, Esq., at Genova, Malin & Trier, LLP as bankruptcy counsel and The Law Offices of Alan L. Joseph as special counsel. CORPAY TECHNOLOGIES: Moody's Affirms Ba1 CFR, Outlook Stable ------------------------------------------------------------ Moody's Ratings affirmed Corpay Technologies Operating Company, LLC's (Corpay) Ba1 corporate family rating, Ba1-PD probability of debt rating, and Ba1 senior secured bank credit facility ratings. Moody's also assigned a Ba1 rating to Corpay's proposed senior secured term loan B (TLB). The outlook remains stable. Corpay intends to use the net proceeds of the new TLB along with revolver borrowings as takeout financing associated with the company's planned approximately $2.5 billion acquisition of Alpha Group International plc (Alpha Group). The transaction is expected to close by year end, subject to customary closing conditions. Alpha Group is a London-based provider of business to business cross border payments-related foreign exchange solutions to corporations and alternative bank accounts to investment managers primarily in the UK and Europe. Pro forma for the transaction and including a full year of Alpha Group's results, Corpay's debt/EBITDA (Moody's adjusted) is 4.3x at June 30, 2025. Moody's expects leverage to decline to under 4x by year end 2026, driven by Corpay's continued underlying earnings growth. Anticipated de-leveraging could be more significant to the extent Corpay uses planned divestiture proceeds to reduce debt, although the company remains active on the M&A front. RATINGS RATIONALE Corpay's credit profile benefits from a scaled and diversified portfolio of leading vehicle, corporate and lodging payment solutions supported by positive secular growth trends and strong competitive positions. The profile is limited by cyclicality, particularly in the vehicle and lodging payments segments, risks related to potential commercial fleet EV transition, and frequent acquisition activity that can result in temporary increases in leverage, or heightened integration risk. However, with recently announced acquisitions and partnerships, Corpay expects corporate payments revenue as a percentage of total to rise to 40% in 2026 from under 30% in 2024. The stable outlook reflects Moody's expectations that Corpay's underlying business will grow at a high single digit percentage rate over the next 12-18 months while maintaining its low 50% EBITDA margin (Moody's adjusted). Moody's anticipates that Corpay's earnings growth along with the addition of Alpha Group's full year EBITDA contribution in 2026 will support a decline in financial leverage. Moody's expects debt/EBITDA (Moody's adjusted) to decline to below 4x by the end of 2026 as a result. Corpay has very good liquidity as reflected in the company's SGL-1 speculative grade liquidity rating, supported by nearly $2 billion of unrestricted cash and cash equivalents at June 30, 2025, pro forma for other planned company transactions which are also expected to close in Q4 of this year. Liquidity is further supported by Moody's expectations that Corpay will generate around $1.5 billion of annual free cash flow over the next 12-18 months. The company will also have access to around $725 million in availability under its $1.275 billion revolving credit facility tranche A, which terminates in June 2027, pro forma for an incremental draw, along with a drawn proposed upsized revolving credit facility tranche B, which also terminates in June 2027, to fund the Alpha Group transaction. Over the next 12 to 18 months Moody's expects Corpay to remain in compliance on its financial maintenance covenants (maximum net leverage and minimum interest coverage, as defined in the credit agreement). The Ba1 ratings for Corpay's bank credit facilities are consistent with the Ba1 CFR, reflecting the single class of debt comprising the preponderance of the company's debt capital structure. The senior secured bank credit facilities are secured by substantially all the material domestic assets of the borrower and subsidiary guarantors. The new proposed TLB is expected to have the same terms as the company's existing term loan B due 2028, although with a different maturity date. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if while maintaining its business scale and diversification, Corpay committed to more conservative financial policies consistent with an investment grade credit profile. The ratings could be downgraded if Corpay were to experience a sustained slowdown in growth, revenue or margin, experience a material reduction in scale and diversification, or if leverage were to be sustained above 4x. With revenues of approximately $4.2 billion in the LTM period ended June 30, 2025, Corpay is a leading global provider of commercial payments solutions. 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. CORPORATE AIR: Seeks Chapter 11, Requests Court OK for DIP Funding ------------------------------------------------------------------ Bondoro reports that Corporate Air LLC, along with its affiliated debtors, a West Mifflin, Pennsylvania-based aircraft charter and aviation services company, filed for Chapter 11 bankruptcy on September 29, 2025 in the U.S. Bankruptcy Court for the Western District of Pennsylvania. The filing is intended to support a pre-arranged sale of the company's assets as a going concern to its prepetition bridge lender and proposed debtor-in-possession (DIP) lender, Vantage AGC, LLC, under a Restructuring Support Agreement (RSA). The bankruptcy follows a severe liquidity crisis triggered by the loss of key managed aircraft customers in 2023 and a recent threat of termination of ground leases at Allegheny County Airport, which was addressed with Vantage’s $2 million prepetition bridge loan. To support operations and the planned sale, Corporate Air is seeking court approval for up to $4.5 million in new-money junior DIP financing from Vantage, with $1.5 million available on an interim basis. The company also requests authorization to use cash collateral from senior secured lenders Huntington National Bank and the U.S. Small Business Administration to maintain operations during the Chapter 11 process, the report states. According to the filing, Corporate Air reports assets in the range of $1 million to $10 million and liabilities between $10 million and $50 million. The bankruptcy case indicates that there will be funds available for distribution to unsecured creditors. About Corporate Air LLC Corporate Air LLC and affiliates provide flight training, aircraft rental (including charter services), maintenance, and Fixed-Base Operator services in Pennsylvania and Colorado, operating facilities that support charter flights, pilot training, and related airport operations. Corporate Air LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Lead Case No. 25-22602) on September 29, 2025. In its petition, the Debtor reports estimated Honorable Bankruptcy Judge John C. Melaragno handles the case. Kevin Douglass, Esq. of BABST, CALLAND, CLEMENTS AND ZOMNIR, P.C. is the Debtors' Co-Bankruptcy Counsel. Domenic E. Pacitti, Esq. and Michael W. Yurkewicz, Esq. of KLEHR HARRISON HARVEY BRANZBURG LLP is Debtors' General Bankruptcy Counsel. RIVERON MANAGEMENT SERVICES, LLC is Debtors' Financial Advisor. OMNI AGENT SOLUTIONS, INC. is the Debtors' Noticing, Claims & Solicitation Agent. CPV FAIRVIEW: Moody's Affirms Ba2 Rating on Amended Secured Debt ---------------------------------------------------------------- Moody's Ratings has affirmed the Ba2 senior secured rating of CPV Fairview, LLC's ("CPV Fairview" or "Project") amended senior secured bank credit facilities. The outlook is stable. The amended senior secured credit facilities will consist of an upsized $700 million senior secured Term Loan B due 2031 and $75 million senior secured revolving credit facility maturing in 2030. The proceeds of the upsized Term Loan B will be used to repay approximately $494 million outstanding balance under CPV Fairview's existing Term Loan B, fund related transaction costs and to fund a sizable cash dividend to Project's shareholders with the remaining proceeds. The $75 million revolving facility will be used for general working capital purposes and as backstop for letter of credits for credit support. RATINGS RATIONALE The Ba2 senior secured rating considers the Project's solid operating profile, asset competitiveness, and strong financial performance. CPV Fairview's upsized Term Loan B of $700 million reflects a manageable level of debt for the Project that is supported by the high realized PJM Interconnection, LLC (PJM, Aa2 stable) Base Residual Auction (BRA) prices and expectations of continued high prices at least through the 2027/2028 BRA settlement periods. The PJM BRA capacity prices for the 2025/2026 and 2026/2027 auction periods have increased to about $269 per MW-day and $329 per MW-day, respectively, within the PJM MAAC region from $49 per MW-day during the 2024/2025 period reflecting tighter capacity supply in PJM and which should lead to a material increase in revenues and cash flow for the Project in the upcoming years. CPV Fairview's rolling spark spread hedging strategy also provides a good degree of margin protection for the Project, which when combined with higher capacity revenues will enable the Project to maintain robust credit metrics even with the higher debt quantum. Based on cash flow scenarios considered by us, Moody's expects the Project's cash flow from operations (CFO) to debt ratio to average at approximately 23.8% and the debt service coverage ratio (DSCR) to be approximately 3.7x over the next three years and supportive of the rating level. CPV Fairview Energy Center is relatively new and is a highly efficient combined cycle natural gas fired generating plant which has consistently demonstrated a competitive heat rate of about 6,500 Btu/kWh. The plant has demonstrated availability levels ranging between 86% to 92% since beginning commercial operations in 2020, and has incurred a less than 2.5% forced outage rates in the past four years. The plant has also realized capacity factors ranging between 80% to 89% during the past four year period which is reflective of a strong baseload generation profile within the PJM MAAC supply stack. The plant operations benefit from the long-term contractual service agreement with General Electric Company (GE) and O&M contract with North American Energy Services (NAES). CPV Fairview is supplied natural gas through the TETCO M3 pipeline under a firm gas supply and transportation contract with Shell Energy North America (US), L.P (A2 stable). Furthermore, CPV Fairview's proximity to the Utica and Marcellus shale natural gas supply resources enables the Project to access low cost natural gas for the power plant. The Project's liquidity is supported by a $75 million revolving facility which will be used for general working capital purposes and to issue letters of credits. The credit profile considers the project finance structural features under the Term Loan B which include a 6 month debt service reserve account (DSRA), limitations on business activities and additional indebtedness, a security package including all property and assets, a project cash flow waterfall, and an excess cash flow sweep mechanism. The rating considers the Project's expected de-levering based on the excess cash sweep mechanism within the Term Loan B financing structure, which Moody's expects will repay the Term Loan B balance to a level slightly below 50% of the upsized Term Loan B by the 2031 maturity date. CPV Fairview's credit profile also considers its ownership by Osaka Gas and CPV, a Sponsor group with a long term strategic ownership view of the asset and a conservative approach to managing and operating the asset. These positive considerations are offset by CPV Fairview's inherent business risks and cash flow volatility as a single asset project with ongoing exposure to a wholesale merchant power market. OUTLOOK The stable outlook reflects Moody's expectations that CPV Fairview will continue to operate consistent with historically achieved availability and heat rate efficiency levels and maintain its competitive position, enabling the Project to produce cash flows and financial metrics consistent with Moody's current expectations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE The rating could be upgraded if the Project's cash flow predictability enhances through incremental hedges being implemented. Quantitatively, upward pressure could arise if CPV Fairview's DSCR remains above 4.0x and CFO/debt exceeds 35% on a sustained basis. FACTORS THAT COULD LEAD TO A DOWNGRADE The rating could be downgraded if the DSCR and CFO to debt ratio stays below 3.0x and 20%, respectively, on a sustained basis due to operational disruptions, future weaknesses in capacity prices and weaker-than-expected margins, resulting in a lower than expected debt reduction. PROFILE CPV Fairview, LLC is owns and operates the 1,050MW CPV Fairview Energy Center combined cycle natural gas-fired generation facility located in Pennsylvania which is located within PJM's MAAC capacity zone. The Project utilizes a two by one configuration GE 7HA.02 combustion turbines and one steam turbine. The facility commissioned its operations in December 2019. CPV Fairview is owned by Osaka Gas USA (50%), Competitive Power Ventures (25%), and DL Energy (25%), collectively the "Sponsors". LIST OF AFFECTED RATINGS Issuer: CPV Fairview, LLC Affirmations: Senior Secured Bank Credit Facility, Affirmed Ba2 Outlook Actions: Outlook, Remains Stable The principal methodology used in these ratings was Power Generation Projects published in June 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. DANTE F. LUBRICO: Court Allows $40,145 in Attorney Fees, Expenses ----------------------------------------------------------------- The Honorable Jacqueline P. Cox of the United States Bankruptcy Court for the Northern District of Illinois issues her findings of fact and conclusions of law in support of the order awarding to J. Kevin Benjamin for compensation and reimbursement of expenses as counsel to the debtor. TOTAL FEES REQUESTED: $41,520.00 TOTAL FEES REDUCED: $1,375.00 TOTAL FEES ALLOWED: $40,145.00 TOTAL EXPENSES REQUESTED: $0.00 TOTAL EXPENSES REDUCED: 0 TOTAL EXPENSES ALLOWED: $0.00 TOTAL FEES AND EXPENSES ALLOWED: $40,145.00 The total of disallowed amounts for unreasonable time is $1,375.00 The Court denies, in part, the allowance of compensation for the following tasks because the professional or paraprofessional expended an unreasonable amount of time on this task in light of the nature of the task, the experience and knowledge of the professional performing the task, and the amount of time previously expended by the professional or another on the task. On February 17, 2025, Counsel requests compensation for 2.3 hours at $1,265.00. The Court will allow 1 hour, compensation in the amount of $550.00. On April 12, 2025, Counsel requests compensation for 2.7 hours at $1,485.00. The Court will allow 1.5 hours, compensation in the amount of $825.00. As Counsel has previously received and applied $8,435.00 from an advanced fee retainer, Counsel is entitled to $31,710.00 based upon the total fees reduced. A copy of the Court's Findings of Fact and Conclusions of Law dated September 23, 2025, is available at http://urlcurt.com/u?l=TxeYEg from PacerMonitor.com. Dante F. Lubrico filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 25-01762) on February 4, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by Kevin J. Benjamin, Esq. DEALER TIRE: Moody's Alters Outlook on 'B2' CFR to Negative ----------------------------------------------------------- Moody's Ratings affirmed Dealer Tire Financial, LLC's (Dealer Tire) B2 corporate family rating, B2-PD probability of default rating, the B1 backed senior secured bank credit facility rating and the Caa1 senior unsecured notes rating. The outlook was changed to negative from stable. The negative outlook reflects Moody's expectations that revenue growth will be flat to slightly down in 2025 and improve to modest growth in 2026. Moody's now expects 2025 EBITDA to be modestly pressured despite pricing actions followed by a small rebound in 2026. High leverage will limit the company's ability to absorb additional negative developments if the expected improvement does not materialize. RATINGS RATIONALE Dealer Tire's B2 CFR reflects the company's moderate scale, geographically diverse operations and its niche position as a leading tire distributor serving the automotive dealer channel with exclusive, long-term relationships with many premium-brand auto manufacturers. The ratings also reflect Moody's expectations that the company will continue to have adequate liquidity. Dealer Tire generates positive free cash flow which benefits from strong industry margins and low capex requirements. The ratings also reflect Moody's expectations that debt-to-EBITDA will be high at approximately 6.5x at the end of 2025, an improvement from 7.3x at June 30, 2025. The lower leverage is largely attributed to expectations that Dealer Tire will repay revolver borrowings by the end of 2025. With mandatory debt amortization payments and EBITDA growth, Moody's expects debt-to-EBITDA to remain high at approximately 6.0x by the end of 2026. Moody's expects the company to continue to make small tuck-in acquisitions to grow the business. Moody's expects Dealer Tire's liquidity to be adequate and supported by moderate levels of available cash and the $250 million secured revolving credit facility expiring in 2029. Moody's projects the company to continue to have positive free cash flow in the range of $20 million to $30 million per annum. The company also has high customer and supplier concentration which poses risk that the loss of a large customer or supplier would have a meaningful impact on operating results. In 2024, its top three customers accounted for 35% of net sales and its top three suppliers accounted for 43% of all purchases. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if debt to EBITDA was approaching 4.5x and EBITA-to-interest exceeds 2.0x. Maintenance of good liquidity, including consistent free cash flow, would also be a precursor to a ratings upgrade. The ratings could be downgraded if debt to EBITDA is expected to be above 6.0x or EBITA-to-interest is below 1.5x. Negative free cash flow on a sustained basis could also result in a rating downgrade. A lower rating could also result from changing industry dynamics that result in falling market share from the loss of a key customer or supplier. The principal methodology used in these ratings was Distribution and Supply Chain Services published in December 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Cleveland, Ohio, Dealer Tire Financial, LLC is engaged primarily in the business of distributing replacement tires through alliance relationships with automobile OEMs and their dealership networks in the US. Other platforms include Simple Tire, Dent Wizard and Sonsio Vehicle Protection. Dealer Tire is majority owned by Bain Capital Private Equity, L.P. since 2018 and generated about $3.9 billion in revenue for the twelve month period ended June 30, 2025. DESSERT HOLDINGS: Moody's Affirms 'B3' CFR, Outlook Stable ---------------------------------------------------------- Moody's Ratings affirmed BCPE North Star US Holdco 2, Inc.'s ("Dessert Holdings") B3 Corporate Family Rating and B3-PD Probability of Default Rating. Moody's also affirmed the Caa2 rating on the company's existing senior secured second lien term loans. Moody's concurrently downgraded the ratings on the senior secured first lien revolving credit facility and term loans, including the upsized term loan, to B3 from B2. The outlook is stable. The company completed a $100 million add-on to its existing USD first lien term loan due 2028. Proceeds will be used to repay approximately $75 million of the second lien term loan, reduce the revolver balance, and cover related transaction costs. The transaction is credit positive, as it is expected to reduce annual interest expense by a modest $2–3 million. Liquidity is also expected to improve due to increased revolver availability. As of the quarter ended June 2025, the balance on the $155 million revolving credit facility was $26 million. In July 2025, the company acquired Willamette Valley Pie Company, primarily funded through the revolver. Moody's estimates the pro forma revolver balance post-acquisition to be approximately $50 million. The refinancing transaction is expected to reduce this balance, further supporting liquidity. The affirmation of the B3 CFR reflects Moody's views that Dessert Holdings' debt-to-EBITDA leverage remains elevated at roughly 8x (Moody's-adjusted) as of the LTM period ended June 28, 2025. While leverage is expected to remain high, Moody's anticipates a decline over the next 12–18 months, driven by earnings growth from new customer wins and easing input cost pressures. Earnings were negatively impacted in the first half of the year due to elevated costs for inputs such as eggs and cocoa. However, with pricing actions and cost stabilization, margin pressure is expected to ease toward year-end. Top-line trends remain healthy, supported by volume growth from customer wins, some of which are expected to benefit 2026 as well. These gains have been partially offset by margin pressure from higher input costs, mix shifts, and broader macroeconomic softness affecting foodservice traffic. Nonetheless, Moody's expects leverage to decline to 6.5x-7.0x (Moody's-adjusted) over the next 12–18 months, with free cash flow flat in 2025 and improving to approximately $20 million in 2026, driven by earnings growth and lower interest expense. The refinancing transaction leads to a downgrade of the first lien senior secured debt rating to B3 from B2. This is because the first lien debt facilities now make up the preponderance of the company's debt due to the first lien upsize and a significant reduction in the amount of loss-absorption cushion provided by the now much lower second lien term loan. As a result, the B3 rating on the first lien senior secured debt is now the same as the B3 CFR. RATINGS RATIONALE Dessert Holdings' B3 CFR reflects its high leverage, weak free cash flow, small scale and relatively narrow product focus. The company is weakly positioned within the rating category, with challenges including potential softness in consumer demand due to constrained budgets and evolving health and wellness trends, such as increased focus on healthier eating and the potential impact of weight loss drugs. Earnings could also be pressured by rising input costs, particularly given limited consumer appetite for further price increases. The credit profile also reflects Dessert Holdings' aggressive debt-financed acquisition strategy under private equity ownership. These credit challenges are partially offset by the company's solid EBITDA margin, leading position in narrowly-defined bakery categories, and strong customer relationships. The company's solid EBITDA margin is primarily the result of the ability to offer differentiated premium desserts at scale to its in-store bakery and foodservice customers. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations of organic volume and earnings growth, which are expected to drive gradual improvements in leverage, free cash flow generation, and overall liquidity. A rating upgrade could be considered if Dessert Holdings demonstrates improved operating performance, including sustained organic revenue growth and a higher EBITDA margin, along with stronger liquidity, highlighted by solid and consistent positive free cash flow and good revolver availability. Dessert Holdings would need to also sustain debt-to-EBITDA leverage below 6.0x. A rating downgrade could be considered if earnings fail to grow, liquidity deteriorates, free cash flow remains weak or negative, or if the company pursues debt-financed acquisitions or shareholder distributions. A downgrade could also occur if debt-to-EBITDA leverage is sustained above 7.0x. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE BCPE North Star US Holdco 2, Inc., ("Dessert Holdings") based in St. Paul, Minnesota, is a leading manufacturer of premium frozen desserts. The company sells dessert cakes, cheesecakes, cake pops, brownies, bars, pies, and cookies to retail and foodservice customers across the US and Canada. The company was acquired by investment funds associated with Bain Capital Private Equity (Bain Capital) in June 2021 and revenue for the 12 months ended June 2025 was approximately $1.0 billion. DIOCESE OF BUFFALO: Drops Jones Day Retention Bid After Objections ------------------------------------------------------------------ Angelica Serrano-Roman of Bloomberg Law reports that the Diocese of Buffalo has withdrawn its bid to retain Jones Day as special counsel in its bankruptcy case after objections were raised by a nonprofit and an insurer. In a September 30, 2025 letter to Judge Carl L. Bucki of the U.S. Bankruptcy Court for the Western District of New York, the diocese said it would not pursue the hiring at this time but maintained that it "strongly disagrees with certain assertions of fact and unfounded conclusions" made by the Foundation of the Roman Catholic Diocese of Buffalo and U.S. Fire Insurance Company. About The Diocese of Buffalo N.Y. The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics in eight counties in Western New York. The territory of the diocese is co-extensive with the counties of Erie, Niagara, Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York State, comprising 161 parishes. There are 144 diocesan priests and 84 religious priests who reside in the Diocese. The diocese through its central administrative offices (a) provides operational support to the Catholic parishes, schools, and certain other Catholic entities that operate within the territory of the Diocese "OCE"; (b) conducts school operations through which it provides parish schools with financial and educational support; (c) provides comprehensive risk management services to the OCEs; (d) administers a lay pension trust and a priest pension trust for the benefit of certain employees and priests of the OCEs; and (e) provides administrative support for St. Joseph Investment Fund, Inc. Dealing with sexual abuse claims, the Diocese of Buffalo sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb. 28, 2020. The diocese was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Honorable Carl L. Bucki is the case judge. The Debtor tapped Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., as counsel; Connors LLP and Lippes Mathias Wexler Friedman LLP as special litigation counsel; Jones Day as special corporate governance counsel; and Phoenix Management Services, LLC as financial advisor. Stretto is the claims agent, maintaining the page: https://case.stretto.com/dioceseofbuffalo/docket The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on March 12, 2020. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as bankruptcy counsel, and Burns Bair LLP as special insurance counsel. DMO NORTH: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- The U.S. Trustee for Region 1 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of DMO North Hampton Realty, LLC. About DMO North Hampton Realty 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. E3 PEST CONTROL: Case Summary & 16 Unsecured Creditors ------------------------------------------------------ Debtor: E3 Pest Control, LLC 975 W. 165 Service Rd. N. Mobile, AL 36618 Business Description: E3 Pest Control, LLC, based in Mobile, Alabama, provides pest management services, including termite inspections, termite bonds, general pest control, and eco- friendly treatments for residential properties. The Company specializes in services for homes with spray foam insulation, stucco, and pilings, and offers advanced crawl space inspections. Chapter 11 Petition Date: October 1, 2025 Court: United States Bankruptcy Court Southern District of Alabama Case No.: 25-12713 Judge: Hon. Henry A Callaway Debtor's Counsel: Jodi Daniel Dubose, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 440 Bayfront Pkwy. Pensacola, FL 32502 Tel: 850-637-1836 Email: jdubose@srbp.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Michael L. Adams as manager. A copy of the Debtor's list of 16 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/L2AY6WY/E3_Pest_Control_LLC__alsbke-25-12713__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LQ3HBSQ/E3_Pest_Control_LLC__alsbke-25-12713__0001.0.pdf?mcid=tGE4TAMA EASTGATE WHITEHOUSE: To Sell NY Property to Mazal Echad ------------------------------------------------------- Eastgate Whitehouse LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of New York, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor is the ground lessee of certain real property located at 939-943 First Avenue, a/k/a/ 344-350 East 52nd Street, New York, New York (Property), pursuant to that certain ground lease dated as of June 28, 1956 with 939 First Avenue, LLC. The Property is a 15 story mixed use building. Under the Ground Lease, the Debtor is responsible for paying monthly rent of $3,125.00 (a total of $37,500 annually) to the Ground Lessor. The term of the Ground Lease runs through June 30, 2055. The Debtor also owns certain personal property (Assets) located on or about the Property. The Debtor is indebted to Barclays Bank PLC in an amount which is not less than $45,176,900.24 as of the Petition Date. On March 4, 2025, the Court entered an order authorizing the Plan Administrator to retain Eastdil Secured, LLC as real estate broker for the Debtor and to market the Assets. The Extended Marketing Period concludes on October 30, 2025. After receiving approximately 15 offers during the Marketing Period and Extended Marketing Period, the Plan Administrator, in his business judgment, has concluded that the offer from Mazal Echad LLC, as reflected in the Purchase and Sale Agreement (PSA), represents the highest and best offer for the Assets, has designated Mazal as the stalking horse, and with the Secured Lender's consent has entered into the PSA, which is subject to this Court's approval and higher and better offers. The proposed Purchase Price is $13,000,000.00. Mazal has provided the $650,000.00 deposit required under the PSA to Stewart Title Guaranty Company, who is acting as the escrow agent. The closing of the Sale will occur at 10:00 a.m. (prevailing Eastern Time) 30 days after the entry of an order approving the Sale, or such earlier date as may be agreed upon by the parties. Notably, Mazal does not require a break-up fee in connection with its offer. The PSA does contain an expense reimbursement provision of $350,000 if – and only if – a higher and better offer is received before November 3, 2025, and the Plan Administrator closes with a buyer other than Mazal. In the event that a higher and better offer and a deposit of at least $650,000.00 is received by the Plan Administrator by the Bid Deadline, the Plan Administrator shall request the Court continue the Sale Hearing and schedule an auction between the Stalking Horse and all parties that have submitted such a higher and better offer by the Bid Deadline. About Eastgate Whitehouse, LLC Rye, N.Y.-based Eastgate Whitehouse, LLC, owns an apartment building in Manhattan. Eastgate Whitehouse sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-22635) on Aug. 19, 2022. In the petition filed by its managing member, William W. Koeppel, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtor tapped Joel Shafferman, Esq., at Shafferman & Feldman, LLP as bankruptcy counsel; the Law Office of Christopher J. Alvarado, P.C., as special counsel; and Krell & Associates, CPA, PC, as accountant. ECGPR LLC: Section 341(a) Meeting of Creditors on October 28 ------------------------------------------------------------ On September 27, 2025, ECGPR LLC filed Chapter 11 protection in the District of Puerto Rico. According to court filing, the Debtor reports $1,122,000 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 28, 2025 at 10:00 AM via Telephonic Conference. About 2025, ECGPR LLC 2025, ECGPR LLC holds fee simple ownership of a property at AA 62 Angel Maldonado Street in the Coco Margarita sector of Barrio Playa, Salinas, Puerto Rico, valued at about $117,000. 2025, ECGPR LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. P.R. Case No. 25-04341) on September 27, 2025. In its petition, the Debtor reports total assets of $121,000 and total liabilities of $1,122,000. Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the case. The Debtor is represented by Jacqueline Hernandez Santiago, Esq. of HERNANDEZ AND ASSOCIATES LAW FIRM. ECO MATERIAL: S&P Withdraws 'B' Issuer Credit Rating ---------------------------------------------------- S&P Global Ratings withdrew its rating on Eco Material Technologies Inc., including its 'B' issuer credit rating and 'B' senior secured issue rating. This follows the close of its acquisition by CRH plc and the repayment of its rated debt. ELETSON HOLDINGS: Reed Smith Asks 2nd Circ. to Review Court Orders ------------------------------------------------------------------ Emily Lever of Law360 reports that Reed Smith LLP has urged the Second Circuit to nix an order displacing the firm as counsel and requiring it to turn over client files for international shipping group Eletson Holdings Inc. to lawyers representing the company's new owners, saying Eletson's bankruptcy plan has not validly taken effect. The Troubled Company Reporter, citing Rick Archer of Law360 Bankruptcy Authority, previously reported that oil and gas shipper Eletson Holdings renewed its bid in New York bankruptcy court to disqualify Reed Smith, contending that court findings suggest the law firm's purported client doesn't exist and could be tied to fraud. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Lawyers at Reed Smith represent the Debtors as bankruptcy counsel. Riveron RTS served as the Debtors' Domestic Financial Advisor; Harold Furchtgott-Roth as Economic Expert; and Kurtzman Carson as Voting Agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel and FTI Consulting as the Committee's financial advisors. ELITE EQUIPMENT: U.S. Trustee Appoints Creditors' Committee ----------------------------------------------------------- Jonas Anderson, Acting U.S. Trustee for Region 18, appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Elite Equipment Leasing, LLC and its affiliates. The committee members are: 1. Wind Power Solutions, LLC c/o Jeremy Norris P.O. Box 12 Casper, WY 82602 2. Sarens, USA c/o Ricardo Lopez, General Counsel 10855 John Ralston Rd. Houston, TX 77044 3. 260 Smith Partners, LLC c/o Jeff Pustizzi (Alterra Property) Two Town Pl. Ste. 220 Bryn Mawr, PA 19010 4. Mountain Crane Service, LLC c/o Paul Belcher 393 South Monterey St. Salt Lake City, UT 84104 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 Elite Equipment Leasing Elite Equipment Leasing, LLC is a Billings, Montana-based crane rental group. Elite Equipment Leasing and its affiliates filed Chapter 11 petitions (Bankr. D. Mon. Lead Case No. 25-10145) on September 7, 2025. In its petition, Elite Equipment Leasing reported between $10 million and $50 million in assets and liabilities. Judge Benjamin P. Hursh oversees the cases. The Debtors tapped James A. Patten, Esq., at Patten, Peterman, Bekkedahl & Green, PLLC and Lesnick Prince Pappas & Alverson LLP as legal counsel; Garrett Stiepel Ryder, LLP as special corporate and transactional counsel; SierraConstellationPartners, LLC as financial advisor; and Epiq Corporate Restructuring, LLC as claims agent. EMERALD TECHNOLOGIES: Moody's Cuts CFR to Caa2, Outlook Negative ---------------------------------------------------------------- Moody's Ratings downgraded Emerald Technologies (US) AcquisitionCo, Inc.'s (Emerald Technologies) corporate family rating to Caa2 from Caa1. Concurrently, Moody's downgraded the probability of default rating to Caa2-PD from Caa1-PD and the senior secured first lien bank credit facility rating to Caa2 from Caa1. The outlook has been revised to negative from stable. The rating downgrades and negative outlook reflect a constrained liquidity position and operating pressures under a looming revolver maturity in December 2026 (and further term loan maturity in December 2027). Moody's do not believe that the company will have sufficient liquidity to repay its outstanding revolver balance at maturity, and any other addressment of maturing debt may be viewed as distressed given the company's current liquidity and cash flow profile. Emerald Technologies has faced operating challenges as a result of a significant reduction in demand from the company's top customer from its peak volumes in 2022 on the back of geopolitical tensions with China and a downcycle in wafer fab equipment spend, as well as a slowdown in capital spending across certain of the company's other customer end markets. These factors have led to a Moody's adjusted debt / EBITDA of over 10x for the LTM period ended March 2025 when adding back certain one-time costs. Liquidity during this time has been constrained despite support from the company's sponsor, working capital management, and cost actions RATINGS RATIONALE The Caa2 CFR reflects upcoming debt maturities, high leverage, and limited liquidity following the impacts of Emerald Technologies' challenges with its top customer as well as the slowdown in manufacturing activity across certain customers' end markets. Further constraining the rating is a small scale relative to other electronic manufacturing services (EMS) industry participants as well as significant customer concentration. The CFR also considers the company's narrow scope of operations as a tier-3 EMS provider. Moody's expects the company to have aggressive financial policies under controlled ownership, although Moody's acknowledge support from the sponsor as a credit positive. Emerald benefits from the specialty nature of its high-mix, low volume assembly and engineering services. The company's long-term, strategic relationships with core customers also supports the rating. Moody's views Emerald Technologies' liquidity as weak given Moody's expectations of negative free cash flow through 2025. Current liquidity is supported by a cash balance of around $9 million and about $9 million of availability on its $45 million revolver as of March 2025. Moody's expects continued cash outflow through 2025, the size of which will depend on earnings recovery, timing of reduction in redundant costs, and working capital management. Like most EMS providers, Emerald Technologies is exposed to working capital swings that can stress quarterly cash flow generation. Emerald Technologies' term loan matures in December 2027 and its revolver matures in December 2026. Access to the company's revolver is governed by a 6x net first lien leverage ratio that tests when 25%+ of the commitment is drawn (or $11.25 million). Emerald Technologies' 25% utilization test is stricter than the typical 30-35% utilization test governing similar peers' credit agreements. The negative outlook reflects Moody's expectations that the company's liquidity will remain limited, albeit improving, in the next 12-18 months. Moody's expects leverage will remain elevated in the next 12-18 months, but improve following realization of pushed out purchase orders, drop-off of onetime and redundant costs, and a broader recovery in the demand environment of the company's customers. The timing and quantity of this improvement is uncertain, but Moody's believes Emerald Technologies can start generating positive free cash flow in 2026. The company's limited liquidity position does not provide it a lot of leeway during this period of time. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if a recovery in the customer demand environment and subsequently the company's key metrics is further delayed, the company is unable to refinance its debt or enters into a distressed exchange. The ratings could also be downgraded if Moody's assessments of recovery in a default scenario deteriorates. The ratings could be upgraded upon a return to consistent and stable revenue growth, improvement in liquidity profile, and a return of positive FCF generation. The principal methodology used in these ratings was Distribution and Supply Chain Services published in December 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Emerald Technologies, headquartered in San Jose, California, is a tier-3 electronic manufacturing services (EMS) provider of high mix, low volume (HMLV) design, prototyping, assembly, and lifecycle support services (supply chain management, order fulfilment, and reverse logistics) for original equipment manufacturer (OEM) customers in end markets including semiconductor equipment, industrial controls, A&D, utility infrastructure, and medical. Emerald specializes in high-complexity electronic assemblies, specifically printed circuit boards (PCBA), box builds/systems integrations, new product introduction and design/engineering services for customer-specific products with significant design variations. The company's manufacturing footprint spans more than 500,000 square feet across eight manufacturing facilities in the US, China, and Malaysia. Emerald Technologies is owned by private equity firm Crestview Partners following the December 2021 buyout. EMPIRE CORE: Seeks to Use Cash Collateral ----------------------------------------- Empire Core Group LLC asks the U.S. Bankruptcy Court for the Southern District of New York for authority to use cash collateral and provide adequate protection. The Debtor identifies eight purported secured creditors, most notably the U.S. Small Business Administration, Bondex Insurance, Florim Lajqi, Justin Kerker, Orange Bank & Trust Company, CT Corporation System, PIRS Capital LLC, VState Filings, and the Surety (International Fidelity Insurance Company and Harco National Insurance Company). Notably, OB&T is the largest secured creditor with a combined estimated claim of $1.78 million across two loans. The Debtor disputes some of the asserted liens, especially those related to CT Corp. and VState Filings, citing unclear creditor identities and lack of loan documentation. Additionally, the Debtor believes it may have overpaid PIRS and disputes the secured status of the Surety's claim due to a recent UCC-1 filing potentially avoidable under preference rules. To continue operating during bankruptcy and preserve the value of its estate, the Debtor seeks interim authority to use cash collateral and proposes providing adequate protection to any valid secured creditors. This includes granting replacement liens on both pre- and post-petition assets (excluding recoveries from avoidance actions) and making interest-only payments to SBA and OB&T, which the Debtor recognizes as properly secured. These protections aim to safeguard creditor interests against collateral value diminution during reorganization. The Debtor further proposes a budget covering necessary expenses and seeks to schedule a final hearing to confirm continued access to cash collateral. Orange Bank & Trust Company is represented by: Robert B. Hunter, Esq. 212 Dolson Avenue Middletown, NY 10940 Office: (845) 341-5000 Direct: (845) 341-5163 bhunter@orangebanktrust.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. The Company 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-22894) on September 22, 2025. In the petition signed by Florim Lajqi, CEO and member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sean H. Lane oversees the case. Erica Aisner, Esq., at Kirby Aisner & Curley, LLP, represents the Debtor as legal counsel. ENVERIC BIOSCIENCES: Intracoastal Capital Holds 0.4% Equity Stake ----------------------------------------------------------------- Intracoastal Capital LLC, Mitchell P. Kopin, and Daniel B. Asher disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of September 18, 2025, they beneficially own 19,333 shares of Enveric Biosciences, Inc.'s common stock, par value $0.01 per share, issuable upon exercise of a warrant held by Intracoastal Capital LLC, representing 0.4% of the 5,079,612 shares of common stock outstanding as reported by the Company. The additional shares are subject to warrants containing blocker provisions that limit exercise above 4.99% beneficial ownership. Intracoastal Capital LLC may be reached through: Mitchell P. Kopin, Manager 245 Palm Trail Delray Beach, Fla. 33483 Tel: 847-562-9030 A full-text copy of Intracoastal Capital's SEC report is available at: https://tinyurl.com/3cc33h4m About Enveric Biosciences Enveric Biosciences (NASDAQ: ENVB) -- http://www.enveric.com/-- is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, The Psybrary, the Company has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. The Company's lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. The Company is developing the first product from the EVM201 Series "EB-002" for the treatment of psychiatric disorders. The Company is also advancing its second program, the EVM301 Series "EB 003" expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. Morristown, New Jersey-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred significant losses and 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. Enveric Biosciences had total assets amounting to $3.08 million, total current liabilities of $1.49 million, and total shareholders' equity of $1.59 million as of Dec. 31, 2024. FAITH FAMILY: Moody's Downgrades Revenue Rating to Ba3 ------------------------------------------------------ Moody's Ratings has downgraded to Ba3 from Baa2 the underlying revenue rating of Faith Family Academy, TX. Concurrently, Moody's have placed the charter school academy's underlying rating under review for downgrade. The previous outlook was negative. The academy currently has $17.7 million in outstanding revenue debt. These revenue bonds also carry an enhanced Aaa rating based on the guarantee provided by the Texas Permanent School Fund (Aaa stable). The downgrade is being driven by a combination of the academy's unexpectedly diminished likelihood of retaining its charter along with further declines in liquidity. Recently released state academic assessments for school years 2023-2025 indicate three consecutive "F" grades from the Texas Education Agency (TEA). The academy's operational liquidity was already weak and has further deteriorated, with only 23 days of cash on hand reported at the end of fiscal 2025 (unaudited). Governace considerations, including weakening management credibility and track record, are a key driver of this rating action. The rating is under review for a potential further downgrade, pending the outcome of the academy's appeal of the assessment scores for fiscal years 2024 and 2025. If these scores are finalized at "F", statutory requirements mandate that the Texas Commissioner of Education revoke the academy's charter which would drive rapid and severe underlying credit decline. RATINGS RATIONALE The Ba3 rating indicates the charter school academy's increased risk of charter revocation or non-renewal by state authorities, primarily due to below-average academic performance. Persistently weak operating results and narrow annual EBIDA margins have led to a reduced cash position. Nevertheless, the academy continues to maintain a good standing with the Texas Education Agency's Financial Integrity Rating System of Texas (FIRST). The prospect of significantly increasing days cash on hand through improved operating performance remains uncertain, as no major expenditure reductions are planned. However, additional per-pupil state funding and other anticipated receivables in fiscal 2026 could moderately boost near term liquidity, potentially achieving at least 40 days cash on hand by the year's end. Enrollment remains stable around 3,000 students, but below-average academic performance could begin to erode the school's competitive profile. Governance risks further affect the rating, as the school has struggled to substantially improve its academic and financial performance despite generally favorable enrollment trends. Debt levels and related annual fixed costs are moderate, as the academy maintains a low debt-to-revenue ratio of 0.4x, with maximum annual debt service (MADS) of just $1.1 million against a revenue base exceeding $44 million. RATING OUTLOOK Moody's reviews will be highly influenced by the resolution of the academy's appeal of its fiscal 2024 and fiscal 2025 "A-F" accountability rating with the TEA. If the appeal is unsuccessful, it is required that the academy's current charter will be revoked per state statute, necessitating the closure of its two school campuses at the end of fiscal 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING A confirmation will be considered if the academy succeeds in one or both of its appeals to the TEA, as this would allow it to continue operations. Additionally, the academy's ability to show improved financial performance, particularly in terms of available liquidity, will also be a key factor in the decision. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING A multi-notch downgrade will be likely if the academy is unsuccessful in both of its appeals to the TEA. A downgrade will also be considered if the academy demonstrates further weakening to its financial metrics, including days cash on hand, or projected annual debt service coverage. PROFILE Faith Family Academy is a non-profit charter school authorized by the Texas Education Agency (TEA). The academy is governed by a four member Board of Directors and operates two campuses located in the cities of Dallas (A1 negative) and Waxahachie (Aa2 stable) under a consolidated charter that expires on July 31, 2033. The academy offers preK-12th grade education based on the Texas Essential Knowledge and Skills (TEKS) curriculum model and enrolls approximately 2,950 students for the fiscal 2026 school year. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. FIRST BRANDS: Gets Interim OK to Obtain DIP Loan ------------------------------------------------ First Brands Group, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to obtain post-petition financing to get through bankruptcy. The financing is a $4.4 billion senior secured, superpriority and priming debtor-in-possession term loan credit facility, which First Brands Group has negotiated with its existing lenders, led by Morgan Stanley Senior Funding, Inc., holding a majority of its secured debt. Wilmington Savings Fund Society, FSB is the DIP agent. The DIP facility consists of (i) $3.3 billion of roll-up obligations and (ii) $1.1 billion new money term loans, of which $500 million will be available immediately and $600 million will be funded into an escrow account upon entry of a final order. It also includes emergency bridge financing of $24.5 million provided just before filing to cover payroll and critical expenses. The DIP facility is due and payable on the earliest to occur of: (a) 270 days from the initial funding date, with two 45-day extensions to the extent requested by First Brands Group and four 30 additional day extensions with the consent of the required lenders holding at least 50.1% of the DIP facility; (b) The closing of any sale of assets pursuant to Section 363 of the U.S. Bankruptcy Code, which when taken together with all other sales of assets since the initial funding date, constitutes a sale of all or substantially all of the assets of First Brands Group and the guarantors; (c) The plan consummation date; (d) The first business day after the date on which the interim order expires by its terms or is terminated, unless the final order has been entered and becomes effective prior thereto; and (e) The date that the final order is vacated, terminated, rescinded, revoked, declared null and void (as finally determined in a non-appealable decision by a court of competent jurisdiction) or otherwise ceases to be in full force and effect (unless, in each case, as otherwise consented to by the required lender. The DIP credit agreement requires First Brands Group and its affiliates to comply with the following milestones including: 1. By the date that is no later than five business days after the petition date, the bankruptcy court must have entered the interim order; 2. By the date that is no later than 30 days after the petition date, First Brands Group and the DIP lenders must enter into a transaction support agreement in form and substance acceptable to the required lenders; 3. By the date that is no later than 45 days after the petition date, the bankruptcy court must have entered the final order; and 4. By the date that is no later than 75 days after the petition date, First Brands Group and its affiliates must have delivered a quality of earnings report prepared by an independent accounting firm to the DIP lenders. As security for the DIP obligations, the lenders will be granted security interests and liens on some of the Debtors' assets. Moreover, the lenders will be granted an allowed superpriority administrative expense claim, subject to the fee carveout. Use of Cash Collateral First Brands Group is also authorized to use cash collateral in accordance with its budget, subject to adequate protection for pre-bankruptcy secured lenders. First Brands Group's authority to use cash collateral expires upon entry of a final order or 30 days after October 1, whichever comes first. A copy of the interim DIP order is available at https://is.gd/G273CK from PacerMonitor.com. The final hearing is scheduled for October 29. The deadline for filing objections is on October 22. First Brands Group, a major global supplier of aftermarket automotive parts with approximately 26,000 employees, has filed for Chapter 11 bankruptcy due to severe liquidity issues. These financial difficulties were driven by tariffs, high up-front costs from recent acquisitions, and over $10 billion in debt. Despite efforts to secure a $6.2 billion refinancing deal in July, lenders demanded further due diligence, which stalled the process. With liquidity collapsing and disputes escalating, First Brands Group engaged advisors to explore restructuring options. Attempts to raise capital out-of-court failed, prompting First Brands Group to seek Chapter 11 protection with only $14 million in cash. 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. Wilmington Savings Fund Society, FSB, as DIP agent, is represented by: Jeffery R. Gleit, Esq. Matthew R. Bentley, Esq. ArentFox Schiff, LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Tel: (212) 484-3900 Jeffrey.Gleit@afslaw.com Matthew.Bentley@afslaw.com -and- Eric J. Fromme, Esq. 555 South Flower Street, 43rd Floor Los Angeles, CA 90071 Tel: (213) 629-7400 Eric.Fromme@afslaw.com FIRST BRANDS: Moody's Alters Outlook on 'Ca' CFR to Stable ---------------------------------------------------------- Moody's Ratings downgraded First Brands Group, LLC's (First Brands) probability of default rating to D-PD from Ca-PD. Concurrently, Moody's affirmed the company's Ca corporate family rating, Ca senior secured first lien debt rating, and C senior secured second lien debt rating. The outlook has been changed to stable from negative. These actions follow First Brands' filing for Chapter 11 bankruptcy protection on September 28, 2025 in the United States Bankruptcy Court for the Southern District of Texas. RATINGS RATIONALE The Chapter 11 bankruptcy filing has resulted in a downgrade of First Brands' PDR to D-PD, reflecting the company's default on its debt obligations. The filing follows the company's inability to complete a proposed refinancing transaction that was paused in August 2025 to conduct additional due diligence at the request of prospective lenders. During the refinancing pause, broader investor confidence in First Brands deteriorated sharply due to concerns of its accounting practices and that the company's use of off-balance sheet factoring and supply chain financing programs has been more substantial than previously disclosed. Moody's believes these programs were significantly disrupted in a rapid timeframe, thus resulting in a liquidity shortfall for First Brands and the need to file for bankruptcy protection. The Ca rating on the company's first lien debt and C rating on its second lien debt reflect Moody's expectations for recovery. Governance considerations were a key driver to the rating action. Moody's believes the company's aggressive financial policies and risk management practices along with questionable management credibility eroded investor confidence in a rapid timeframe. These factors significantly limited the company's capital sources, which contributed to liquidity constraints and a bankruptcy filing. The stable outlook reflects Moody's views that the ratings are properly positioned based on expected recoveries. Subsequent to the rating action, Moody's will withdraw all the ratings of First Brands. The principal methodology used in these ratings was Automotive Suppliers published in December 2024. The Ca CFR of First Brands is six notches below the methodology scorecard-indicated outcome of B1 as of December 31, 2024. The wide differential reflects the company's strained liquidity and bankruptcy filing. First Brands Group, LLC, headquartered in Cleveland, OH, is a leading manufacturer and distributor of primarily aftermarket component parts for the automotive and other industrial equipment markets. The company's products include wipers, air and oil filters, water and fuel pumps, brake drums and rotors, lighting, spark plugs, towing and trailering equipment and gas springs. FIRST BRANDS: Moody's Cuts CFR to 'Ca', Outlook Negative -------------------------------------------------------- Moody's Ratings downgraded First Brands Group, LLC's (First Brands) corporate family rating to Ca from Caa1 and probability of default rating to Ca-PD from Caa1-PD. Concurrently, Moody's downgraded the company's senior secured first lien debt rating to Ca from Caa1 and senior secured second lien debt rating to C from Caa3. The outlook remains negative. The downgrade reflects Moody's views that First Brands will pursue a debt restructuring or a bankruptcy filing in the immediate future. Moody's believes liquidity risks associated with the company's use of factoring and supply chain financing have materialized at a rapid pace. As a result, Moody's believes the company is likely facing a near term liquidity shortfall despite ending June 2025 with over $800 million in cash, which has resulted in a decline in Moody's estimates of creditor recovery. Given the lack of investor support reflected in the severely distressed trading prices of the company's debt, Moody's believes First Brands will not be able to address the upcoming maturity of its debt and the capital structure is untenable. Governance considerations were a key driver to the rating actions. Moody's believes the company's aggressive financial policies and risk management practices along with questionable management credibility eroded investor confidence in a rapid timeframe. These factors significantly limited the company's capital sources, which contributed to liquidity constraints and a likely bankruptcy filing. RATINGS RATIONALE First Brands' Ca CFR reflects the very high likelihood that the company will default on its debt obligations. The company's default risk has increased significantly following the postponement of its July 2025 refinancing transaction and negative investor sentiment since that time. Moody's believes that First Brands use of receivables factoring and supply chain financing programs has been significantly disrupted, thus resulting in a need for liquidity in a short time span. As a result, Moody's expects First Brands' to undertake a debt restructuring or file for bankruptcy in order to secure needed liquidity from lenders to support its operations. The Ca rating on the company's first lien debt and C rating on its second lien debt reflect Moody's expectations for recovery in the event of a default. The negative outlook reflects Moody's views that First Brands will default on its debt obligations either through a bankruptcy filing or distressed exchange. The outlook also reflects that the extent of the liquidity required and its likely sources are uncertain at this time. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if First Brands addresses any near-term liquidity pressures without entering a transaction Moody's deems a distressed exchange or Moody's estimates of recovery are revised. The ratings could be downgraded if First Brands defaults either through a bankruptcy filing or out of court debt restructuring. The principal methodology used in these ratings was Automotive Suppliers published in December 2024. The Ca CFR of First Brands is six notches below the methodology scorecard-indicated outcome of B1 as of December 31, 2024. The wide differential reflects Moody's views that the company's liquidity is strained and it will enter into a debt restructuring or declare bankruptcy. First Brands Group, LLC, headquartered in Cleveland, OH, is a leading manufacturer and distributor of primarily aftermarket component parts for the automotive and other industrial equipment markets. The company's products include wipers, air and oil filters, water and fuel pumps, brake drums and rotors, lighting, spark plugs, towing and trailering equipment and gas springs. FLUENT INC: Board OKs New Equity Participation Plan --------------------------------------------------- Fluent, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved the Fluent, Inc. Equity Participation Plan. The purpose of the Plan is to create a cash incentive for certain employees and other service providers to contribute to the long-term success of the Company and its affiliates through the ownership of interests, which track the value of shares of the common stock of the Company. Eligible participants are employees, directors and independent contractors of the Company, including the Company's named executive officers. The Plan provides for the grant of Restricted Stock Units, each of which generally represents the economic equivalent of a share of the Company's common stock, and which shall be settled by the Company by the payment in cash in an amount equal to the fair market value of a share of common stock (less applicable withholdings) on the settlement date of such RSU. Under the current draft of the award agreement, except with respect to equitable adjustments in connection with extraordinary dividends, holders of these RSUs will not be entitled to participate in dividends. RSUs granted under the Plan may be subject to time-based and/or performance-based vesting as determined by the Administrator and set forth in the applicable award agreement. The Plan will be administered by the Board, provided that the Board may, in its sole discretion, delegate some of the responsibilities and powers to another person, entity, or governing body, including without limitation, the Compensation Committee of the Board. The Administrator shall have the exclusive authority to designate the participants to receive RSU awards under the Plan, determine the number of awards to be granted and the number of RSUs applicable to each award, prescribe the form and substance of each award agreement, and make all other decisions and determinations that may be required or that the Administrator deems necessary or advisable to administer the Plan. The Board may terminate, amend or modify the Plan at any time in its sole discretion; provided, that no such termination, amendment or modification shall materially adversely affect any award previously granted thereunder without the prior written consent of the applicable participant. The foregoing description of the Plan is a summary and does not purport to be complete and is qualified in its entirety by reference to the Plan, which is available at https://tinyurl.com/3nfb8utm About Fluent Inc. Fluent, Inc. -- https://www.fluentco.com -- Fluent, Inc. provides commerce media solutions that connect brands with consumers through customer acquisition and digital marketing campaigns. The Company utilizes proprietary machine learning, first-party data, and diverse ad inventory across partner ecosystems and owned sites. Headquartered in the U.S., Fluent has operated in the performance marketing sector since 2010. New York, New York-based Grant Thornton LLP issued a "going concern" qualification in its report dated March 31, 2025, citing that as of Dec. 31, 2024, the Company was not in compliance with financial covenants of the SLR Credit Agreement. On March 10, 2025, the Company entered into the Fourth Amendment to the SLR Credit Agreement, which among other things, waived the non-compliance with the financial covenants as of Dec. 31, 2024. The Company's business plan for 2025, contemplates reduced operating losses, maintaining compliance with the revised financial covenants under the SLR Credit Agreement and obtaining additional working capital. The Company's ability to achieve the foregoing elements of its business plan and maintaining compliance with its financial covenants is uncertain and raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $74.47 million in total assets, against $55.35 million in total liabilities. FOCUS UNIVERSAL: Enters Into $3.5M Sales Agreement With Ladenburg ----------------------------------------------------------------- Focus Universal Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into an At-Market-Issuance Sales Agreement with Ladenburg Thalmann & Co. Inc., as sales agent, to sell shares of its common stock, $0.001 par value per share, having an aggregate offering price of up to $3,547,506 from time to time through an "at the market offering" as defined in Rule 415 under the Securities Act of 1933, as amended. The offer and sale of the Shares will be made pursuant to the Company's effective "shelf" registration statement on Form S-3 and an accompanying base prospectus contained therein (File No. 333-284048) filed with the Securities and Exchange Commission on December 26, 2024, amended on January 6, 2025 and declared effective by the SEC on January 8, 2025. On September 22, 2025, the Company filed a prospectus supplement with the SEC relating to the offer and sale of up to $3,547,506 of Common Stock in the ATM Offering. Subject to the terms and conditions of the Sales Agreement, the Agent will use its reasonable best efforts to sell the Shares, based upon the Company's instructions, consistent with its normal trading and sales practices and applicable law and regulations. Under the Sales Agreement, the Agent may sell the Shares by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415 of the Securities Act. Under the Sales Agreement, Ladenburg will also be able to sell shares of Common Stock by any other method permitted by law, including in negotiated transactions with the Company's prior written consent. The Company or the Agent may, upon notice to the other party in accordance with the terms of the Sales Agreement, suspend the offering of the Shares for any reason and at any time. The Company has agreed to pay the Agent a commission for its services in acting as agent in the sale of the Shares in the amount of 3% of the aggregate gross proceeds from the sale of the Shares pursuant to the Sales Agreement. The Company has also agreed to provide the Agent with customary indemnification and contribution rights, and agreed to reimburse Ladenburg for certain specified expenses, including the expenses of counsel to Ladenburg. The foregoing description of the material terms of the Sales Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full Sales Agreement, which is available at https://tinyurl.com/5n7875hp About Focus Universal Focus Universal Inc. (NASDAQ: FCUV) is a provider of patented hardware and software design technologies for Internet of Things (IoT) and 5G. The company has developed five disruptive patented technology platforms with 28 patents and patents pending in various phases and 8 trademarks pending in various phases to solve the major problems facing hardware and software design and production within the industry today. These technologies combined to have the potential to reduce costs, product development timelines, and energy usage while increasing range, speed, efficiency, and security. Los Angeles, Calif.-based Weinberg & Company, P.A, the Company's auditor since 2024, issued a "going concern" qualification in its report dated February 28, 2025, citing that the Company has suffered recurring losses from operations and has experienced negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, the Company had $4.1 million in total assets, $885,089 in total liabilities, and $3.2 million in total stockholders' equity. As of June 30, 2025, the Company had $1.7 million in total assets, $829,224 in total liabilities, and $845,581 in total stockholders' equity. FTX TRADING: Silvergate Ex-CFO Loses Bid to Toss SEC Fraud Suit --------------------------------------------------------------- Ben Miller of Bloomberg Law reports that Antonio Martino, former chief financial officer of the now-closed Silvergate Bank, lost his bid to throw out an SEC suit claiming he misrepresented the bank's financial health after FTX collapsed. Judge Andrew L. Carter Jr. of the Southern District of New York ruled Tuesday, September 30, 2025, that the SEC had adequately pled fraud allegations concerning Martino's role in hiding Silvergate's precarious financial state following FTX's 2022 bankruptcy. The lawsuit centers on statements and disclosures by Martino that allegedly understated the impact of forced securities sales by the bank, along with other misleading information, the report states. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FUTURE FINTECH: Avondale Capital, 3 Others Hold 8% Stake -------------------------------------------------------- Avondale Capital, LLC, Streeterville Capital LLC, Streeterville Management, LLC, and John M. Fife, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of September 24, 2025, they beneficially own 1,505,000 shares of Future FinTech Group Inc.'s common stock, par value $0.001 per share. The shares are directly held by Avondale Capital, LLC and indirectly beneficially owned by the other reporting persons. These holdings represent 8% of the 18,708,311 shares outstanding as of September 17, 2025, as reported in the Company's Form 8-K filed September 22, 2025. The reporting persons have sole voting and dispositive power over the 1,505,000 shares. The Reporting Persons through: John M. Fife, President 297 W Auto Mall Drive, Suite 4 St. George, Utah 84770 Tel: 312-297-7000 A full-text copy of the SEC report is available at: https://tinyurl.com/3bukzhv8 About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. As of Dec. 31, 2024, the Company had $25.9 million in total assets, $13.3 million in total liabilities, and a total stockholders' equity of $12.6 million. FUTURE FINTECH: Shanchun Huang, Wealth Index Hold 48.107% Stake --------------------------------------------------------------- Shanchun Huang and Wealth Index Capital Limited disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of September 16, 2025, they beneficially own 9,000,000 shares of Future Fintech Group Inc.'s common stock, par value $0.001 per share. These shares are directly held by Wealth Index Capital Limited, which is wholly owned and controlled by Shanchun Huang. The holdings represent 48.107% of the 18,708,311 shares of common stock outstanding as of September 17, 2025, according to the Issuer's transfer agent. Both reporting persons have sole voting and dispositive power over the 9,000,000 shares. Wealth Index Capital Limited may be reached through: Shanchun Huang 3-2-205 Xi Jing Rd., Badachu High-Tech Industrial Park Beijing, F4, 100041 Tel: 86 10 67084378 A full-text copy of Shanchun Huang's SEC report is available at: https://tinyurl.com/mswe42b5 About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. As of Dec. 31, 2024, the Company had $25.9 million in total assets, $13.3 million in total liabilities, and a total stockholders' equity of $12.6 million. GENESIS HEALTHCARE: Files Decertification Suit Against Medicare --------------------------------------------------------------- Randi Love of Bloomberg Law reports that bankrupt nursing home operator Genesis Healthcare Inc. has taken legal action against the Centers for Medicare and Medicaid Services after its Alabama facility, Magnolia Ridge, lost certification and began transferring residents. The company said in a complaint filed Tuesday, September 30, 2025, in the U.S. Bankruptcy Court for the Northern District of Texas that CMS's termination of the 148-bed facility's provider agreement "stands to cause substantial and irreparable harm." Genesis is requesting both injunctive and declaratory relief. CMS's termination became effective September 15, 2025, giving the company just 30 days to transfer 105 residents and close the Gardendale-based facility. About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. The U.S. Trustee for Region 11 appointed Michael Bubman of BFW, LLC and Sunset-Herman-Frankel-Fleishman, LLC and Peter Gudaitis of Aculabs, Inc., as additional members of the official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel. GETTY IMAGES: Moody's Rates New $628MM Secured Notes Due 2030 'B1' ------------------------------------------------------------------ Moody's Ratings assigned a B1 rating to Getty Images, Inc.'s (Getty Images) proposed $628.4 million senior secured notes due 2030. The notes are being issued in connection with the company's previously announced merger with Shutterstock, Inc. (Shutterstock). All other ratings, including the B2 corporate family rating, and the stable outlook remain unchanged. Getty Images is planning to use the net proceeds from the notes to pay $350 million of estimated cash consideration to Shutterstock shareholders at closing of the merger and to refinance existing Shutterstock debt. Pursuant to the terms of the notes, the proceeds of the notes will be initially placed in escrow and if the merger with Shutterstock does not close, the notes will be subject to a special mandatory redemption. Moody's continues to view the proposed merger with Shutterstock as credit positive because it will improve the combined entity's balance sheet as Shutterstock is less levered (~$276 million debt at June 2025 relative to Getty Images' $1.4 billion debt). Cost savings from the combination are substantial, estimated to reach $150 million — $200 million by year three, roughly equivalent to Shutterstock's EBITDA. Approximately two thirds of estimated cost synergies are expected to be achieved within 12 to 24 months of close. However, cash costs are estimated to be $75 million — $100 million, the majority of which are expected to be incurred in the first year and before most savings are generated. Therefore, Moody's expects most free cash flow improvement to occur in year two and three post-merger. RATINGS RATIONALE Getty Images' B2 CFR reflects the company's high leverage, weak interest coverage, limited free cash flow with Moody's adjusted FCF/Debt in the low-single percent range and intense industry competition as market demand for visual imagery continues to grow. Getty Images' Debt/EBITDA at June 2025 was 5.3x (Moody's adjusted, including adding back the fair value adjustment to EBITDA) and Moody's do not expect material deleveraging on a standalone basis, absent the merger with Shutterstock. While the company generates most of its revenue from enterprise customers, it does have some exposure to small businesses which are typically more cyclical and likely to experience greater pullback in spend compared to larger firms during periods of weak economic growth. The rise of AI has transformed the content-creation market and led to increased competition and challenges — real and perceived — for visual content companies like Getty Images and its peers, including Shutterstock. Getty Images will continue to benefit from its position as a preeminent global visual content creator and marketplace that offers a full range of content solutions to meet the needs of customers around the globe. The company serves over one million customers annually across more than 200 countries and boasts a sizable collection of pictorial content, believed to be one of the largest and broadest in the world under the Getty Images' (premium) as well as Unsplash.com and iStock.com logos (budget-conscious) brands. Getty Images' good geographic diversification, variable cost operating model with imagery and video content from diversified sources, and long-term relationships across a broad customer base comprising news, entertainment and sports publishing organizations further support its credit profile. The company's annual subscriptions now comprise a larger share of revenue (55% of total revenue for the six months ended June 2025), which reduces revenue volatility. The senior secured notes issuance follows Getty Images' commencement of an offer to exchange its existing $300 million 9.75% senior unsecured notes due 2027 for newly issued 14% senior unsecured notes due 2028 (New Notes). Moody's expects that Getty Images will maintain adequate liquidity (SGL-3) over the next 12-15 months. The company had $110 million of cash on balance sheet at the end Q2 2025, access to a $150 million revolver (undrawn at Q2 2025) and generated free cash flow of $13 million in the LTM June 2025 period. Moody's expects modest annual free cash flow in the $10 to $30 million range over the coming year. Given high debt service costs, including $60 million of mandatory amortization on the New Notes, Moody's expects the cash balance to decline to under $100 million in 2026 absent a refinancing of the New Notes. Getty Images' revolver matures in May 2028, subject to a 180-day springing maturity if more than $100 million of term loans and/or senior notes are outstanding with a maturity date earlier than 180 days after May 04, 2028. The revolver contains a quarterly leverage maintenance covenant that enables access to the facility if consolidated total debt to consolidated EBITDA (as defined in the bank credit agreement) does not exceed 5x, with no step-downs remaining through maturity in 2028. Moody's expects that Getty Images will have good cushion under the requirement over the next year. The term loans are not subject to maintenance covenants. The instrument ratings reflect the probability of default of the company, as reflected in the B2-PD Probability of Default Rating, an average expected family recovery rate of 50% at default given the mix of secured and unsecured debt in the capital structure and the particular instruments' ranking in the capital stack. The company's senior secured debt (the proposed and existing senior secured notes due 2030, the revolver due 2028 and the senior secured term loans) are each rated B1, one notch above the B2 CFR given the cushion provided by the senior unsecured notes in a default scenario. The proposed senior secured notes will be jointly and severally guaranteed by the same guarantors that guarantee the existing credit agreement and the secured notes. The existing senior unsecured notes and the New Notes are rated Caa1, two notches below the CFR, because Moody's expects these obligations to absorb most of the potential loss in a distress scenario. The New Notes will be guaranteed by the subsidiaries that are guarantors of the existing senior unsecured notes. Shutterstock and its subsidiaries will provide a guarantee of the proposed senior secured and the New Notes no later than twenty business days following the consummation of the merger. The stable outlook reflects Moody's expectations that the proposed merger with Shutterstock will close by the end of 2025. It also incorporates Moody's views that on a standalone basis, Getty Images will focus on reducing leverage, maintain adequate liquidity and demonstrate organic revenue growth in the low-single digit percentage range over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING A ratings upgrade could occur if Getty Images demonstrates at least mid-single-digit percentage organic revenue growth, maintains very good liquidity, sustains free cash flow to debt in the mid-to-high single-digit percentage range and total debt to EBITDA below 4x (both metrics are Moody's adjusted). The ratings could be downgraded if organic revenue growth remains weak, (EBITDA – Capex)/Interest Expense approaches 1x, Debt/EBITDA is sustained above 5x (both metrics Moody's adjusted), or liquidity deteriorates, including free cash flow remaining near break-even. Headquartered in Seattle, WA, Getty Images, Inc. is a wholly-owned subsidiary of Getty Images Holdings, Inc., a leading creator and distributor of still imagery, vector, video and multimedia products, as well as a recognized provider of other forms of premium digital content, including music. The company provides stock images, music, video and other digital content through gettyimages.com, iStock.com and Unsplash.com. Getty Images reported $947 million in revenue for the twelve months ended June 30, 2025. Combined with Shutterstock, pro forma revenue reached $1,969 million for that period. The principal methodology used in this rating was Media published in September 2025. GMB TRANSPORT: Gets OK to Use Cash Collateral Until Oct. 7 ---------------------------------------------------------- GMB Transport LLC received got the green light from the U.S. Bankruptcy Court for the Northern District of New York to use cash collateral. The court authorized the Debtor to use cash collateral through October 7 to pay the operating expenses set forth in its budget, with a permitted variance of up to 15% per line item or 10% of the total budget. The Debtor projects total monthly operational expenses of $80,045.58. The secured creditors that have a purported interest in the cash collateral are CFG Merchant Solutions, LLC, Everest Business Funding, Prime Funding Direct, LLC and Panthers Capital. These secured creditors will be granted rollover liens and security interests on their collateral as adequate protection. The Debtor's authority to use cash collateral automatically terminates upon occurrence of events of default including material breach of the terms of the final order; appointment of a Chapter 11 operating trustee; and dismissal or conversion of the Debtor's Chapter 11 case to one under Chapter 7, or a subsequent interim or final order entered on or before October 10. The next hearing is scheduled for October 7. The Debtor needs to use cash collateral to cover employee wages, necessary operating expenses, and administrative costs—as the Debtor has no unencumbered cash and faces the risk of shutting down operations without such relief. The Debtor previously filed for Chapter 11 in October 2024, but that case was dismissed in August 2025. The current case was refiled on September 23, 2025, and the Debtor continues to act as a debtor-in-possession under 11 U.S.C. Sections 1107(a) and 1108. The Debtor identifies several pre-petition secured creditors -- CFG Merchant Solutions, Everest Business Funding, Prime Funding Direct LLC, and Panthers Capital -- all of which are merchant cash advance entities with UCC filings asserting interests in the Debtor's cash and equivalents. The Debtor acknowledges that legal disputes may arise regarding the enforceability and validity of these security interests under both New York State usury laws and the Bankruptcy Code. About GMB Transport LLC GMB Transport, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 25-60850) on September 23, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Wendy A. Kinsella oversees the case. Boyle Legal LLC represents the Debtor as bankruptcy counsel. GRANGE PUBLIC: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- The Grange Public House & Brewery, LLC asks the U.S. Bankruptcy Court for the Southern District of Iowa for authority to use cash collateral and provide adequate protection. The Debtor acknowledges that Danville State Savings Bank holds a valid, perfected lien on a wide range of the Debtor's assets, including real estate, equipment, ingredients, beer, liquor, general intangibles, and proceeds thereof, which qualify as cash collateral under 11 U.S.C. Section 363(a). Because the Debtor cannot use such collateral without the creditor’s consent or a court order ensuring adequate protection, this motion seeks authorization to use the funds to continue operating the business and to avoid disruption during the Chapter 11 process. As adequate protection, the Debtor proposes the following terms: 1. A first-priority post-petition lien on all of the Debtor’s post-petition assets and proceeds, subordinate only to any existing valid superior liens and a Carve-Out for administrative costs (such as U.S. Trustee fees and court-approved professional fees). 2. A super-priority administrative claim in the event of any diminution in the value of Danville's collateral, which would prime all other claims except the carve-out. 3. Monthly adequate protection payments of $2,500 to Danville during the case. 4. Debtor's compliance with insurance requirements and provision of evidence that Danville is listed as a mortgagee/loss payee within 30 days. 5. Deposit of all operational income and receivables into Debtor-In-Possession (DIP) accounts, with disbursements limited to ordinary and necessary business expenses as outlined in the monthly budget forecast. To safeguard Danville's rights, the Debtor agrees to limitations on non-ordinary course expenses, including a prohibition on paying pre-petition debts or operating at new locations without Danville's and the Court's approval. Any failure to comply with insurance, tax obligations, or other terms will constitute a default, allowing Danville to seek relief from the automatic stay and terminate Debtor's use of cash collateral if not cured within 30 days. The Debtor emphasizes that its continued business operations depend on access to cash collateral, and that the terms proposed sufficiently protect Danville’s interests while maximizing the likelihood of a successful reorganization. About The Grange Public House & Brewery, LLC The Grange Public House & Brewery, LLC operates a restaurant and brewery at 129 S. Jefferson Street in Mount Pleasant, Iowa, offering farm-to-table dining and craft beers brewed on-site. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcyu Code (Bankr. S.D. Iowa Case No. 25-01625) on September 22, 2025. In the petition signed by Suzanne Sorensen, manager, the Debtor disclosed $144,319 in total assets and $1,674,841 in total liabilities. Judge Lee M. Jackwig oversees the case. Robert Gainer, Esq. at CUTLER LAW FIRM PC, represents the Debtor as legal counsel. GREENWICH RETAIL: Plan Exclusivity Period Extended to Feb. 6, 2026 ------------------------------------------------------------------ Judge Michael E. Wiles of the U.S. Bankruptcy Court for the Southern District of New York extended Greenwich Retail Group LLC and Madison Westside LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 6, 2026 and April 6, 2026, respectively. As shared by Troubled Company Reporter, the Debtors assert that they remain committed to filing a consensual plan, if possible, and will endeavor to continue to work with its key constituents to maximize value for creditors. The Debtors are continuing to operate their two retail locations for high-end clothing in a manner that maximizes efficiency and the returns to the estates. The requested enlargements of the Exclusivity Periods are also appropriate because the Debtors have been substantially paying, and will continue to pay, their undisputed postpetition debts as they come due. The Debtors further assert that they commenced these Chapter 11 Cases, in part, on account of actions taken by predatory merchant cash advance lenders. The Debtors seek to maintain the status quo while they work to reorganize without the disruptive and predatory pressure commonly associated with these merchant cash advance lenders. The requested extension is necessary to preserve and restore operational stability during the reorganization process and allow the adversary proceeding to take place. The Debtors state that they cannot finalize the substantive discussions and internal assessments necessary to formulate a proposed plan until certain operational and financial uncertainties have been resolved. Chief among these contingencies is the need to stabilize business operations across the Debtors' retail establishments, which have been materially impacted by the burdensome repayment terms of various merchant cash advance obligations. The Debtors note that without first understanding the available operating capital and core business performance, any plan the Debtors may propose would be premature and speculative, and would significantly impair the likelihood of obtaining plan support and, ultimately, confirmation. Assessing the outcome of these efforts will allow the Debtors to make informed decisions regarding plan structure, creditor treatment, and feasibility. Counsel to the Debtors: Robert L. Rattet, Esq. Craig M. Price, Esq. John D. Molino, Esq. Davidoff Hutcher & Citron LLP 120 Bloomingdale Road, Suite 100 White Plains, NY 10605 Telephone: (914) 381-7400 Email: rlr@dhclegal.com cmp@dhclegal.com jdm@dhclegal.com About Greenwich Retail Group LLC Greenwich Retail Group, LLC operates retail clothing stores under brands including Everafter, which focuses on children's and teen apparel, and The Westside, a women's fashion boutique. Greenwich Retail Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11295) on June 9, 2025. In its petition, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Judge Michael E. Wiles oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP is the Debtor's legal counsel. Hanover Bank, as secured creditor, is represented by: Mitchell Seidman, Esq. Andrew Pincus, Esq. Seidman & Pincus, LLC 777 Terrace Avenue, Suite 508 Hasbrouck Heights, NJ 07604 Tel: (201) 473-0047 ms@seidmanllc.com ap@seidmanllc.com GUARDIAN ELDER: Plan Exclusivity Period Extended to October 27 -------------------------------------------------------------- Judge Jeffery A. Deller of the U.S. Bankruptcy Court for the Western District of Pennsylvania extended Guardian Elder Care at Johnstown, LLC d/b/a Richland Healthcare and Rehabilitation Center, and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 27 and December 29, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that their good faith progress in these Chapter 11 Cases warrants the extensions requested herein. The Debtors' primary goal in these Chapter 11 Cases has always been to transition their nursing home operations safely and efficiently to viable operators. The Debtors have now achieved this overriding goal with the closing of the HUD Facilities. Since the last extension of the Debtors' Exclusive Periods, the Debtors have continued their dialog with the Committee regarding the mediation, a possible plan and/or the best way to resolve these Chapter 11 Cases. As such discussions continue, more time is needed for the Debtors, in consultation with S&T Bank and the Committee to address the issues outlined, to pursue the mediation noted, and otherwise determine the best path forward for these Chapter 11 Cases. The Debtors thus seek further extension of the Exclusive Periods. The Debtors seek the requested extension so that they can maintain the status quo in these Chapter 11 Cases while continuing to work with their key constituents on the appropriate path forward for the Debtors' cases and the appropriate structure for any plan. In particular, the requested extension is consistent with the Mediation Scheduling Deadline. Thus, because neither the Debtors' creditors nor any other party in interest will be prejudiced by the proposed extension of the Exclusive Periods, the Debtors submit that the relief requested should be approved. Lastly, although the Debtors hope to be in a position to file a chapter 11 plan of liquidation within the extended Exclusive Filing Period, the Debtors reserve the right to request further extensions of the Exclusive Periods for cause. The Debtors' Counsel: Jeffrey C. Hampton, Esq. Sabrina Espinal, Esq. SAUL EWING LLP 1500 Market Street, 38th Floor Philadelphia, PA 19102 Tel: (215) 972-7777 Email: jeffrey.hampton@saul.com sabrina.espinal@saul.com - and - Michael J. Joyce, Esq. SAUL EWING LLP One PPG Place, Suite 3010 Pittsburgh, PA 15222 Tel: (412) 209-2539 Email: michael.joyce@saul.com - and - Mark Minuti, Esq. Monique B. DiSabatno, Esq. Paige N. Topper, Esq. 1201 N. Market Street, Suite 2300 Wilmington, DE 19801 Tel: (302) 421-6800 Email: mark.minuti@saul.com monique.disabatino@saul.com paige.topper@saul.com About Guardian Elder Care at Johnstown Guardian Elder Care at Johnstown, LLC (doing business as Richland Healthcare and Rehabilitation Center), its affiliates, and their non-debtor affiliates are a private, family-owned organization that has provided inpatient and outpatient services to predominately small and/or rural communities through a network of skilled nursing facilities and personal care homes since 1995. Guardian Healthcare maintains 19 skilled nursing facilities, with one facility in West Virginia and the remaining facilities located in Pennsylvania. Through its facilities, Guardian Healthcare maintains more than 1,700 skilled nursing, personal care, and independent living beds, providing long-term care and rehabilitation services. Guardian Elder Care at Johnstown and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Lead Case No. 24-70299) on July 29, 2024. In the petitions signed by Allen Wilen, chief restructuring officer, Guardian Elder Care at Johnstown disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Jeffery A. Deller oversees the cases. The Debtors tapped Saul Ewing LLP as legal counsel, Eisner Advisory Group LLC as financial advisor, and Omni Agent Solutions, Inc., as claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. HEALTHY EXTRACTS: Donald Swanson Named CEO, Pitts Becomes President ------------------------------------------------------------------- Healthy Extracts Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Donald Swanson was appointed as Chief Executive Officer effective September 16, 2025, replacing Kevin "Duke" Pitts, who was appointed as the Company's President (replacing Donald Swanson) and Chief Operating Officer. There are no family relationships between any of the officers or directors. About Healthy Extracts Headquartered in Henderson, Nev., Healthy Extracts Inc. -- www.healthyextractsinc.com -- is a platform for acquiring, developing, patenting, marketing, and distributing plant-based nutraceuticals. The Company's proprietary and patented products target select high-growth categories within the multibillion-dollar nutraceuticals market, such as heart, brain, and immune health. As of Dec. 31, 2024, the Company had $2,377,973 in total assets, $1,967,596 in total liabilities, and a total stockholders' equity of $410,377. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company's operating losses raise substantial doubt about its ability to continue as a going concern. HELIUS MEDICAL: Daniel Morehead, Pantera Entities Hold 9.67% Stake ------------------------------------------------------------------ Daniel W. Morehead and Pantera Capital Entities disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of September 18, 2025, they beneficially own an aggregate of 3,897,319 shares of Class A Common Stock of Helius Medical Technologies, Inc., including 3,160,680 shares held by Pantera Blockchain Fund LP, 581,311 shares held by Pantera DAT Opportunities Master Fund SP, 145,328 shares held by Pantera Liquid Token Fund LP, and 10,000 shares directly held by Daniel W. Morehead, representing 9.67% of the 40,295,612 shares of Class A Common Stock outstanding. The shares held by the Pantera-managed funds are subject to shared voting and dispositive power by Pantera, while Mr. Morehead directly holds sole voting and dispositive power over his shares. The Reporting Persons may be reached through: Pantera Capital Management LP c/o Matthew Gorham, Authorized Signatory 600 Montgomery St, 45th Floor San Francisco, Calif., 94111 Tel: 650-854-7000 A full-text copy of the SEC report is available at: https://tinyurl.com/yx2fd7j7 About Helius Medical Headquartered in Newtown, Pennsylvania, Helius Medical Technologies, Inc. (www.heliusmedical.com) is a neurotechnology company dedicated to neurological wellness. The Company's mission is to develop, license, or acquire non-implantable technologies aimed at reducing the symptoms of neurological disease or trauma. Its flagship product, the Portable Neuromodulation Stimulator (PoNS), is an innovative, non-implantable medical device consisting of a controller and a mouthpiece that delivers mild electrical stimulation to the surface of the tongue, offering treatment for gait deficits and chronic balance deficits. In its report dated March 25, 2025, the Company's auditor since 2022, Baker Tilly US, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These factors raise substantial doubt about their ability to continue as a going concern. As of March 31, 2025, Helius Medical Technologies had $3.5 million in total assets, $2.2 million in total liabilities, and total stockholders' equity of $1.3 million. HELIUS MEDICAL: Director Chee Controls 6.83M Shares, 6.83M Warrants ------------------------------------------------------------------- Chee Choon Wee, Director and 10% Owner of Helius Medical Technologies, Inc. (NASDAQ: HSDT), disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of September 25, 2025, he beneficially owns 6,830,402 shares of common stock indirectly through Fusion Summer Limited, of which he is the controlling shareholder via Summer Wisdom Holdings Limited, as well as stapled warrants to purchase an additional 6,830,402 shares of common stock at an exercise price of $10.134 per share, and 1,109,118 restricted stock units granted under the company's 2022 Equity Incentive Plan. As the controlling shareholder of Summer Wisdom, Mr. Chee has sole power to exercise investment discretion over the shares held by Fusion Summer. Chee Choon Wee may be reached through: C/O Helius Medical Technologies, Inc. 642 Newtown Yardley Rd #100 Newtown, Pa. 18940 Tel: 215-944-6100 About Helius Medical Headquartered in Newtown, Pennsylvania, Helius Medical Technologies, Inc. (www.heliusmedical.com) is a neurotechnology company dedicated to neurological wellness. The Company's mission is to develop, license, or acquire non-implantable technologies aimed at reducing the symptoms of neurological disease or trauma. Its flagship product, the Portable Neuromodulation Stimulator (PoNS), is an innovative, non-implantable medical device consisting of a controller and a mouthpiece that delivers mild electrical stimulation to the surface of the tongue, offering treatment for gait deficits and chronic balance deficits. In its report dated March 25, 2025, the Company's auditor since 2022, Baker Tilly US, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These factors raise substantial doubt about their ability to continue as a going concern. As of March 31, 2025, Helius Medical Technologies had $3.5 million in total assets, $2.2 million in total liabilities, and total stockholders' equity of $1.3 million. HELIUS MEDICAL: Grants Cash Bonuses to CEO, CFO ----------------------------------------------- Helius Medical Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into side letter agreements with Dane C. Andreeff, President and Chief Executive Officer, and Jeffrey S. Mathiesen, Chief Financial Officer, Treasurer and Secretary. The Side Letters provide for one-time discretionary cash bonuses paid to Mr. Andreeff and Mr. Mathiesen in amounts equal to $890,000 and $610,000, respectively. The Cash Bonuses will directly offset any severance, bonus opportunity, equity, retirement or other benefit under any plan or arrangement of the Company to which Mr. Andreeff and Mr. Mathiesen would otherwise be entitled. In consideration of the payment of the Cash Bonuses, each of Mr. Andreeff and Mr. Mathiesen have agreed that the offerings consummated on September 18, 2025, as previously disclosed in the Company's Current Report on Form 8-K filed on September 18, 2025, do not constitute a Change in Control (as defined Mr. Andreeff's and Mr. Mathiesen's employment agreements, as applicable or give rise to an event constituting Good Reason under the Employment Agreements. To the extent any amounts become due or claimed to be due to Mr. Andreeff or Mr. Mathiesen under the Employment Agreements or otherwise upon or following any termination of Mr. Andreeff's or Mr. Mathiesen's employment with the Company, including without limitation any severance, change-in-control severance, pro‑rata bonus, continued COBRA subsidies, or other cash amounts, such amount will be offset dollar-for-dollar against the Cash Bonuses, as applicable. The foregoing description of the Side Letters does not purport to be complete and is qualified in its entirety by the terms and conditions of the Side Letters, which are available at https://tinyurl.com/5n7f6sxb and https://tinyurl.com/4rk3fcst About Helius Medical Headquartered in Newtown, Pennsylvania, Helius Medical Technologies, Inc. (www.heliusmedical.com) is a neurotechnology company dedicated to neurological wellness. The Company's mission is to develop, license, or acquire non-implantable technologies aimed at reducing the symptoms of neurological disease or trauma. Its flagship product, the Portable Neuromodulation Stimulator (PoNS), is an innovative, non-implantable medical device consisting of a controller and a mouthpiece that delivers mild electrical stimulation to the surface of the tongue, offering treatment for gait deficits and chronic balance deficits. In its report dated March 25, 2025, the Company's auditor since 2022, Baker Tilly US, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These factors raise substantial doubt about their ability to continue as a going concern. As of March 31, 2025, Helius Medical Technologies had $3.5 million in total assets, $2.2 million in total liabilities, and total stockholders' equity of $1.3 million. HERMS LUMBER: Seeks to Extend Plan Exclusivity to Feb. 13, 2026 --------------------------------------------------------------- Herms Lumber Sales, Inc., asked the U.S. Bankruptcy Court for the Central District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 13, 2026 and April 17, 2026, respectively. The Debtor explains that its request for an extension of the exclusivity periods for the filing of a plan and the solicitation of acceptances to such plan satisfies the general principles established by courts as guideposts for demonstrating “cause” within the meaning of Section 1121(d). * The first factor, the size and complexity of the case, weighs in favor of granting the Motion. This case involves numerous creditors, and the Debtor is actively working on preparing a plan of reorganization to make a meaningful distribution to creditors. The Debtor has taken meaningful strides towards preparing the Plan but needs more time to resolve the disputes with these creditors before the Plan is filed. * The second factor, the necessity of sufficient time to permit the debtor to negotiate a plan of reorganization and provide adequate information, weighs in favor of granting the Motion. This is the Debtor's second request for an extension. The Debtor seeks further extensions to February 13, 2026, and April 17, 2026, respectively. These extensions are well within the caps set forth by the Bankruptcy Code. * The third factor, the existence of good faith progress towards reorganization, weighs in favor of granting the Motion. The Debtor has made good faith progress in moving toward reorganization, particularly in light of the stage of the case and the status of negotiations with its junior lenders. Negotiations with the Debtor's other junior lenders are ongoing. Once those negotiations are concluded, the Debtor will finalize its plan and projections. The Debtor is also hopeful that these efforts to negotiate and formulate a plan will result in a consensual plan. * The fourth factor, whether the debtor is paying its bills as they come due, weighs in favor of granting the Motion. As reflected in the Debtor's monthly operating reports, the Debtor is consistently paying its post-petition bills as they come due. * The fifth factor, whether the debtor has demonstrated reasonable prospects for filing a viable plan, weighs in favor of granting the Motion. The Debtor has been using its time since the Petition Date to formulate a plan that will provide a meaningful distribution to creditors. Based on the Debtor's preliminary projections, it appears that there are reasonable prospects for filing a viable plan in this case. * The sixth factor, whether the debtor has made progress in negotiations with creditors, weighs in favor of granting the Motion. The Debtor has negotiated with a number of its creditors with respect to their claims, including the claims of its junior lenders, and will continue to negotiate with creditors in the hopes of reaching an accord with respect to its plan. * The seventh factor, the amount of time that has elapsed in the case, weighs in favor of granting the Motion. The Debtor simply requires more time to negotiate with its creditors, finalize its plan, and put together its projections in order to propose what it believes will be a plan that provides a meaningful distribution to creditors. * The eighth factor, whether the debtor is seeking an extension of exclusivity in order to pressure creditors to submit to the debtor's reorganization demands, weighs in favor of granting the Motion. This is not the sort of case where the Debtor seeks to extend the exclusivity periods in order to maintain leverage over a group of creditors whose interests are being harmed by the pendency of the Chapter 11 case. * The ninth factor, whether an unresolved contingency exists, weighs in favor of granting the Motion. There are several unresolved contingencies that will need to be addressed by the Debtor, including the adversary proceeding commenced by the Debtor against RDM Capital Funding, LLC, Herms Lumber Sales, Inc. v. RDM Capital Funding LLC, 8:25-ap-01221-SC, and the claim filed by RDM Capital Funding, LLC dba FinTap. Herms Lumber Sales, Inc. is represented by: Aaron E. De Leest, Esq. Laila Rais, Esq. Sarah R. Hasselberger, Esq. Marshack Hays Wood LLP 870 Roosevelt Irvine, CA 92620 Telephone: (949) 333-7777 Facsimile: (949) 333-7778 Email: adeleest@marshackhays.com About Herms Lumber Sales Inc. Herms Lumber Sales, Inc. specializes in the wholesale distribution of lumber and related construction materials. The Company offers a variety of products, including dense mixed hardwoods, softwoods, and plywood/OSB, catering to industries such as pallet manufacturing and construction. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10403) on Feb. 19, 2025. In the petition signed by Mark C. Herms, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Theodor Albert oversees the case. Aaron E. De Leest, Esq., at Marshack Hays Wood, LLP, is the Debtor's legal counsel. HOMES NOW: Court OKs Rockwall Property Sale to Emily Knize ---------------------------------------------------------- Homes Now LLC seeks permission from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is comprised of improvements located at 7 Amity Lane, Rockwall, Texas 75087. The Court has authorized the Debtor to sell the Property to Emily Knize and/or her assigns for the amount of $330,000. In the event that the Buyer does not close the sale of the Property within 30 days of the entry of the order, then the Debtor is authorized, in its discretion, to sell the Property to any third party who pays at least $330,000.00, or more, to purchase the Property on similar terms to those set forth in the Motion. The Debtor is authorized: i) to pay Lender the amount of $296,889.19, plus applicable interest, advances and reasonable fees and costs; ii) to pay Debtors counsel a carve-out of $2,000.00 for administrative expenses incurred in bringing this Motion (to be placed in counsel's trust account until this court authorizes withdrawal) and iii) to pay normal closing costs, including a realtor's commission in the amount of $9,900. Debtor will pay for the title policy, seller's closing costs and the prorated unpaid real property taxes. In the event the sale proceeds are insufficient to satisfy all amounts specified in the preceding paragraph, the payments shall be reduced in the following order: first, the carve-out for Debtor's counsel shall be reduced. After that amount has been entirely exhausted, the realtor's commission may, with the realtor's consent, be reduced by up to one percent. If the reduction of the realtor's commission is fully exhausted and proceeds remain insufficient, then a portion of applicable interest payable to the Lender shall be reduced, such that the total interest paid does not exceed the amount of net sale proceeds available for distribution. About Homes Now LLC Homes Now LLC operates as a lessor of real estate, engaging in the rental and leasing of residential, commercial, and industrial properties. Homes Now LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex.Case No. 25-41516) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by John Paul Stanford, Esq. at QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER, P.C. HOMES NOW: Seeks to Extend Plan Exclusivity to November 25 ---------------------------------------------------------- Homes Now LLC asked the U.S. Bankruptcy Court for the Eastern District of Texas to to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 25, 2025 and January 24, 2026, respectively. The Debtor owns 13 residential properties which are in various stages of being marketed for sale. While some are ready to be marketed, some need additional work. Additionally, The Debtor has engaged a broker to market and sell its homes. Indeed, one house in Rockwall, Texas is under contract for sale and is expected to close in October 2025. The Debtor explains that, together with its retained broker, it is actively evaluating the economic impact of the Fed's rate cut on housing demand and pricing, as well as expected marketing and sale timelines. Additional time is needed to thoroughly assess how the decline in borrowing costs may affect transaction values and to adjust sale strategies appropriately to maximize recovery for creditors and the estate. Accordingly, the Debtor requires an extension of the exclusivity period, not only to resolve pending motions for relief from stay and finalize property marketing, but also to respond prudently to these major changes in national monetary policy, which directly impact the Debtor's ability to formulate an effective Chapter 11 plan based on the latest real estate market dynamics. The Debtor claims that its motives in this case are proper. Granting the requested extension of the Exclusivity Periods in this instance would not give the Debtor any unfair bargaining leverage over its creditors, nor will it prejudice any creditors or parties in interest. On the contrary, the extensions requested herein will allow the Debtor and parties in interest additional time to negotiate and prosecute a chapter 11 plan to a successful conclusion. Therefore, extending the Exclusivity Periods as requested herein would fulfill the very purpose of Section 1121 of the Bankruptcy Code, to provide the Debtor with a reasonable opportunity to negotiate with creditors and other parties in interest and propose a confirmable chapter 11 plan. Homes Now LLC is represented by: John Paul Stanford, Esq. Quilling, Selander, Lownds, Winslett & Moser, P.C. 2001 Bryan Street, Suite 1800 Dallas, TX 75201 Tel: (214) 880-1851 Fax: (214) 871-2111 Email: jstanford@qslwm.com About Homes Now LLC Homes Now LLC operates as a lessor of real estate, engaging in the rental and leasing of residential, commercial, and industrial properties. Homes Now LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex.Case No. 25-41516) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by John Paul Stanford, Esq. at QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER, P.C. HYPER FOX: Case Summary & 15 Unsecured Creditors ------------------------------------------------ Debtor: Hyper Fox, Inc. 501 Marcus Drive Lombard, IL 60148 Business Description: Hyper Fox, Inc. provides transportation and logistics services from its headquarters at 501 Marcus Drive, Lombard, Illinois. The Company operates as a for-hire carrier across the United States, managing a fleet of trucks and trailers for freight hauling. It is specializing in general freight transportation. Chapter 11 Petition Date: October 1, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-15174 Debtor's Counsel: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN 8707 Skokie Blvd Suite 305 Skokie, IL 60077 Tel: 888-536-6607 Fax: 866-575-3765 Email: david.freydin@freydinlaw.com Total Assets: $591,450 Total Liabilities: $1,186,247 The petition was signed by Mariusz Poniewozik as president. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/G7IXVUI/Hyper_Fox_Inc__ilnbke-25-15174__0001.0.pdf?mcid=tGE4TAMA HYPERION DEFI: Increases ATM Stock Offering Price to $100M ---------------------------------------------------------- Hyperion DeFi, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into Amendment No. 1 to the Amended and Restated Sales Agreement with Chardan Capital Markets, LLC, with respect to the Company's existing at-the-market offering program. The Amendment, among other things, increases the aggregate offering price under the A&R Sales Agreement from $50 million to $100 million. The issuance and sale of shares of the Company's common stock, par value $0.0001 per share, by the Company under the A&R Sales Agreement have been, and the future issuance and sale of shares, if any, will be, pursuant to the Company's Registration Statement on Form S-3 (File No. 333-282458) filed with the SEC on October 1, 2024, and the prospectus supplement relating to the at-the-market offering program dated October 8, 2024, as further supplemented from time to time. As of September 24, 2025, the Company has offered and sold 4,176,196 shares of Common Stock pursuant to the A&R Sales Agreement for net proceeds of approximately $29 million, after deducting commissions and offering expenses. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of the Amendment, a copy of which is available at https://tinyurl.com/4kpunjry About Hyperion DeFi Inc. Hyperion DeFi, Inc. formerly known as Eyenovia, Inc., is the first U.S. publicly listed company building a long-term strategic treasury of Hyperliquid's native token, HYPE. The Company is focused on providing its shareholders with simplified access to the Hyperliquid ecosystem, one of the fastest growing, highest revenue-generating blockchains in the world. New York, N.Y.-based Marcum LLP, the Eyenovia's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $55.66 million in total assets, against $18.30 million in total liabilities. INSPIREMD INC: Director Danny Dearen Owns 58,017 Common Shares -------------------------------------------------------------- Danny L. Dearen, Director of InspireMD, Inc. (NASDAQ: NSPR), disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of September 23, 2025, he beneficially owns 58,017 shares of common stock, consisting of 2,000 shares purchased on the open market and 56,017 shares of restricted stock subject to vesting, as well as options to purchase an additional 28,206 shares of common stock at an exercise price of $2.41 per share. Explanation of Responses: 1. These shares of common stock represent (1) 2,000 shares of common stock purchased by the Reporting Person on the open market and (2) 56,017 shares of restricted stock, which vest on September 16, 2026, subject to the Reporting Person's continued service, provided that in the event that the Reporting Person is either (i) not reelected as a director at the Company's 2026 annual meeting of stockholders, or (ii) not nominated for reelection as a director at the Company's 2026 annual meeting of stockholders, any unvested shares of restricted stock will vest in full and become exercisable on the date of the decision not to reelect or nominate him (as applicable). 2. The options vest and become exercisable on September 16, 2026, subject to the Reporting Person's continued service, provided that in the event that the Reporting Person is either (i) not reelected as a director at the Company's 2026 annual meeting of stockholders, or (ii) not nominated for reelection as a director at the Company's 2026 annual meeting of stockholders, any unvested options will vest in full and become exercisable on the date of the decision not to reelect or nominate him (as applicable). Danny L. Dearen may be reached: C/O InspireMD, Inc. 6303 Waterford District Drive, Suite 215 Miami, Fla. 33126 Tel: (888) 776-6804 A full-text copy of the Report is available at https://tinyurl.com/25mam8dd About InspireMD Headquartered in Tel Aviv, Israel, InspireMD, Inc. -- http://www.inspiremd.com/-- is a medical device company focusing on the development and commercialization of its proprietary MicroNet stent platform technology for the treatment of complex vascular and coronary disease. A stent is an expandable "scaffold-like" device, usually constructed of a metallic material, that is inserted into an artery to expand the inside passage and improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. Tel-Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2010, issued a "going concern" qualification in its report dated March 12, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and cash outflows from operating activities that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, the Company had $46.8 million in total assets, $10.7 million in total liabilities, and $36.1 million in total stockholders' equity. JANE STREET: $1.25BB Debt Upsize No Impact on Moody's 'Ba1' Rating ------------------------------------------------------------------ Moody's Ratings said that Jane Street Group, LLC's (Jane Street) plans to raise around $1.25 billion in new debt does not affect any of Jane Street's ratings. Jane Street anticipates raising around $750 million by upsizing its Ba1 Senior Secured First Lien Term Loan B and around $500 million of senior secured notes. The plan to raise around $1.25 billion in new debt also does not affect Jane Street's Ba1 issuer rating, senior secured notes ratings and stable outlook. The Baa3 long-term issuer ratings and stable outlooks of Jane Street Capital, LLC, Jane Street Execution Services, LLC, Jane Street Financial Limited and Jane Street Netherlands B.V. were also unaffected. Jane Street's Ba1 issuer rating and stable outlook reflects its strong risk management and governance over its electronic trading activities and surrounding its business growth. Jane Street has a deliberative partnership culture that enables it to maintain and strengthen credit positive cultural attributes with a focus on risk awareness. Also, key executives maintain ownership stakes and a high level of involvement in managing the firm. The rating also incorporates Jane Street's resilient balance sheet - characterized by a strong equity capital base, modest leverage, rapidly turning positions, tactical use of crash protection and prudent liquidity. These strengths help mitigate the credit, market, liquidity and operational risks inherent to Jane Street's business model. These include navigating rapid shifts in market sentiment - due either to losses at Jane Street or elsewhere - that erode market liquidity and counterparty confidence. Moreover, the intensely competitive nature of technology driven market-making dictates that Jane Street continually stay at the forefront in terms of trading technology, risk controls and retaining intellectual capital, otherwise its franchise may erode and it's creditworthiness could deteriorate. Factors that could lead to an upgrade of the ratings -- Continued growth in market share across a broad set of asset classes while diversifying revenue through the development of lower-risk and profitable business activities. -- Substantial reduction of trading capital mix in less-liquid and higher-risk assets -- Demonstration of the firm's ability to manage its expansion in size and complexity while retaining its deliberative risk management and partnership culture Factors that could lead to a downgrade of the ratings - Increase its risk appetite or a significant risk management or operational failure -- Experience adverse changes in corporate culture or management quality -- Increase its capital distributions in a manner that is not commensurate with its historic trends or change its funding mix to a significantly heavier weighting towards long-term debt and away from equity resulting in a substantial increase in its balance sheet leverage. JAYADEEP RAMESH DESHMUKH: Court Affirms Chapter 7 Conversion Order ------------------------------------------------------------------ In the appeal styled JAYADEEP RAMESH DESHMUKH, Appellant, v. UNITED STATES TRUSTEE OFFICE, Appellee, Case No. 25-cv-04017 (D.N.J.), Judge Michael A. Shipp of the United States District Court for the District of New Jersey denies Jayadeep Ramesh Deshmukh's motion for an emergency restraining order with respect to the conversion of his bankruptcy case to Chapter 7. On April 29, 2024, Appellant filed a Chapter 11 bankruptcy petition in the United States Bankruptcy Court for the District of New Jersey. Included among his assets was a property at 458 Cherry Hill Road, Princeton, New Jersey, that he co-owned with his estranged wife as tenants in the entirety. Appellant valued the Property at over $2.7 million. On Dec. 30, 2024, Appellant filed a reorganization plan that was to be funded by the sale of the Property and income from a prospective job. Objections to the plan were interposed by several parties in interest, including the Internal Revenue Service, secured creditors, Appellant's estranged spouse (who asserted a domestic support obligation claim in the amount of $440,000), and Appellee. On March 19, 2025, Appellee UST filed a Motion to Convert the Case to a Chapter 7 Case, or, in the alternative, to Dismiss the Case. Appellant did not oppose the motion. On March 20, 2025, the Bankruptcy Court held a hearing on Appellant's Dec. 30, 2024 reorganization plan and found it was unconfirmable. The Bankruptcy Court ultimately held the hearing on Appellee's Motion to Convert on April 25, 2025. Three days after this hearing, the Bankruptcy Court granted the Motion to Convert. On May 8, 2025, Appellant appealed the Conversion Order to the District Court. On May 15, 2025 and May 18, 2025, Appellant filed a Motion to Stay and a Motion for a TRO, respectively, with the District Court. The District Court denied these motions on May 19, 2025 as procedurally deficient because they were not filed before the Bankruptcy Court in the first instance. Appellant then filed a Motion for an Emergency TRO with the Bankruptcy Court on May 19, 2025, which the Bankruptcy Court expressed was procedurally deficient and would be construed as a motion to stay pending appeal. Appellant withdrew the Bankruptcy Court TRO Motion on June 3, 2025. On May 27, 2025, Appellant returned to the District Court and filed a Motion for an Emergency TRO. Appellee opposed. Appellant purports to seek injunctive relief pursuant to Federal Rule of Civil Procedure 65. More specifically, Appellant seeks an emergent TRO to: (1) block the enforcement of the Conversion Order; (2) require the Bankruptcy Court to update the Conversion Order; (3) require the Bankruptcy Court to reconsider appointment of a Chapter 11 trustee; and (4) block the listing of the Property for sale. Motion for TRO Because Appellant fails to show that he moved for a stay and/or TRO in the Bankruptcy Court in the first instance or that it was impracticable to do so, the District Court finds that his motion is procedurally improper. Motion for a Stay The appeal challenges the Conversion Order, which converts the case from a Chapter 11 to a Chapter 7 case. Appellant advances two primary grounds on which he contends that legal error was made. Specifically, Appellant argues that: (1) he was not afforded due process because he did not have notice; and (2) the Bankruptcy Court did not issue findings of fact before it entered the Conversion Order. At the outset, the District Court finds that Appellant is unlikely to succeed on the merits because he failed to raise the majority of his concerns before the Bankruptcy Court and thus did not preserve his arguments for appeal. Appellant fails to meet his burden in demonstrating likelihood of success on his due process argument. Judge Shipp explains, "Appellant's argument ignores the fact that the Bankruptcy Court issued notice of the hearing a full month before the hearing took place. The notice itself apprised Appellant that conversion of the case was at issue. Appellant had a month to prepare for the Chapter 11 conversion hearing. Moreover, Appellant did not ask for additional time or additional notice." In light of the foregoing, the District Court concludes Appellant's due process challenge is unlikely to succeed on the merits. Appellant fails to show a likelihood of success of establishing that the Bankruptcy Court abused its discretion in finding that cause existed under Section 1112(b). While the word "cause" was not explicitly used, the inability to propose a confirmable plan has been found sufficient cause to convert. The District Court, accordingly, finds that Appellant has failed to demonstrate likelihood of success on this ground. Appellant fails to meet his burden in demonstrating likelihood of success on appeal regarding his arguments pertaining to conversion. That is, Appellant fails to show a likelihood of success on his arguments that the Bankruptcy Court should have: (1) found "unusual circumstances"; and (2) appointed a Chapter 11 trustee instead of converting to Chapter 7. When, as in this case, cause exists, whether to order conversion or dismissal is determined in the sound discretion of the Bankruptcy Court based upon the circumstances of the case. The Bankruptcy Court made several findings with regard to the best interests of creditors, including that the best way to ensure that the creditors that have an interest in the property and in the estate and potential equity in the property can best be protected in the Bankruptcy Court's view is only by the appointment of an independent fiduciary and that it would be a disservice to the creditor community in this case if the Bankruptcy Court was simply to allow the Appellant to continue outside of the bankruptcy what has continued as part of the Chapter 11. Ultimately, the Bankruptcy Court found conversion preferable and opined that it didn't see the need for a Chapter 11 Trustee. To the extent Appellant argues that the Bankruptcy Court should have dismissed his bankruptcy rather than converted it, Appellant does not identify any error in the Bankruptcy Court's conclusion. As such, The District Court finds Appellant fails to show a likelihood of success that the Conversion Order will be reversed on appeal because the Bankruptcy Court abused its discretion. In light of the foregoing, none of Appellant's arguments demonstrate a significantly better than negligible likelihood that he will be successful on appeal. A copy of the Court's Memorandum Opinion dated September 17 2025, is available at http://urlcurt.com/u?l=GjPOycfrom PacerMonitor.com. Jayadeep Ramesh Deshmukh filed for Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 24-14339) on April 29, 2024, listing under $1 million in both assets and liabilities. The case was converted to Chapter 7 on April 28, 2025. JB GROUP: Gets Interim OK to Obtain DIP Loan From ISG Capital ------------------------------------------------------------- JB Group of LA, LLC, doing business as Infrastructure Solutions Group, got the green light from the U.S. Bankruptcy Court for the Middle District of Louisiana to use cash collateral and obtain post-petition financing to get through bankruptcy. At the hearing held on September 24, the court granted the Debtor's bid to use cash collateral and obtain bankruptcy loan on an interim basis and set a final hearing on October 15. The Debtor entered into a debtor-in-possession financing arrangement with ISG Capital Group, LLC, an affiliate of the Debtor's majority member, under which the Debtor will receive an initial $1.375 million in liquidity upon interim approval and potentially up to an additional $3.6 million upon final court approval. The total maximum funding available under the arrangement is $4.975 million, which includes a $360,000 "roll-up" of prepetition debt owed to the DIP Lender under a prior, unperfected secured note. The DIP facility is due and payable on the earlier of: (i) the one-year anniversary of the Petition Date; (ii) the date on which a plan of reorganization for Debtor confirmed by the Bankruptcy Court becomes effective; (iii) the day on which the DIP Obligations become immediately due and payable pursuant to the terms of this Agreement, or by Court order, except to the extent that such date is extended by written agreement of the Parties; or (iv) the date that substantially all of the assets of Debtor are sold, transferred or alienated in any way. The Debtor is required to comply with these milestones: 1. The DIP Final Order must be entered by the Bankruptcy Court by October 17, 2025. 2. The Debtor must file a motion to approve bid procedures to sell itself or substantially all of its assets under 11 U.S.C. section 363 within 10 days of the Petition Date. 3. The Court must approve the Bid Procedures Motion within 30 days after its filing. The Debtor offers to grant the DIP Lender superpriority claims and junior liens on its assets, subordinate only to valid pre-existing secured creditors like b1Bank. The DIP Lender's liens would become effective once b1Bank's debt is repaid, which the Debtor anticipates occurring around the tenth week of its proposed budget. Meanwhile, the Debtor offers adequate protection measures for existing secured creditors, including replacement liens and a carve-out provision to preserve funds for professional fees. ISG Capital Group, LLC, as DIP lender, is represented by: David S. Rubin, Esq. Butler Snow LLP 445 N. Blvd. Suite 300 Baton Rouge, LA 70802 Telephone: (225) 325-8700 Fax: 225-325-8800 david.rubin@butlersnow.com About JB Group of LA LLC JB Group of LA LLC, doing business as ISG Infrastructure Group, provides electrical, instrumentation, communications, and renewable energy solutions to public and private sector clients, including the U.S. Army Corps of Engineers, military installations, state departments of transportation, and industrial customers in data, energy, and manufacturing sectors. JB Group of LA LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-10807) on September 12, 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 Paul Douglas Stewart, Jr., Esq. at STEWART ROBBINS BROWN & ALTAZAN, LLC. JJTA2 REAL: Case Summary & One Unsecured Creditor ------------------------------------------------- Debtor: JJTA2 Real Properties LLC 2501 Jammes Road Jacksonville, FL 32210 Business Description: JJTA2 Real Properties LLC, classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B), leases property at its principal location at 1956 Jammes Road, Jacksonville, Florida 32210. Chapter 11 Petition Date: September 30, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-03529 Judge: Hon. Jason A Burgess Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 Email: jeff@bransonlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million Jarek Tadla, Manager of Peoples Choice Apartments LLC, signed the petition on behalf of JJTA2 Real Properties LLC. The Debtor identified Creative MultiCare, Inc., located at 100 Andrew Drive, Stockbridge, GA 30281, as its sole unsecured creditor, with a claim totaling $900. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AKNY2SQ/JJTA2_Real_Properties_LLC__flmbke-25-03529__0001.0.pdf?mcid=tGE4TAMA JPC LAND: Unsecured Creditors to Get Nothing in Trustee's Plan -------------------------------------------------------------- John Patrick Lowe, Chapter 11 Trustee of JPC Land Holdings, LLC, filed with the U.S. Bankruptcy Court for the Western District of Texas an Amended Disclosure Statement for Plan of Liquidation dated September 23, 2025. The Debtor is a limited liability company in the real estate business. Its assets consist of undeveloped acreage near Bastrop, Texas (the "Property"). Debtor does not currently generate any income. The Debtor is wholly owned by Raif Castello as its sole member. On September 24, 2021, Debtor, as borrower, and Capital Farm Credit FLCA ("Mortgage Lender"), as lender, entered into a Mortgage Loan Agreement, promissory note, and other related Mortgage Loan Documents, pursuant to which Mortgage Lender agreed to make a loan in the principal amount of $3.2 million ("Mortgage Loan"). The Mortgage Loan is secured by a first priority lien recorded against the Property. At the time of commencement of the Bankruptcy Case, the amount due under the Mortgage Loan was $3,088,485.52, with additional amounts continuing to accrue during the Chapter 11 Case. The Trustee estimates that the payoff on the Mortgage Loan as of October 16, 2025, will be $3,237,929.28. The Trustee marketed the Real Property and has obtained approval from the Court for a sale of the Real Property in the amount of $3,650,000.00, with a backup purchaser approved in the amount of $3,600,000.00. Under the Plan, the proceeds from the sale, together with Available Cash from the Estate (which is nominal) will be used to make payments to all Allowed Claims. The Plan provides for the payment of creditors with proceeds from the sale of the Property and Available Cash held by the Estate, followed by the potential liquidation of Causes of Action and then wind up of the Debtor and closing of the Bankruptcy Case. The Plan contemplates that the Trustee will implement the Plan with respect to the Estate and will make all Distributions to creditors required under the Plan. All Distributions under the Plan will be paid with Available Cash. Any amounts remaining after payment of all Allowed Claims and Wind Down Expenses of the Estate, will be paid to Castello as the sole Equity Interest holder. The Trustee anticipates sufficient cash to pay all the Mortgage Lender Claim, Priority Tax Claims, and the Carveout Administrative Claims. There likely will be some funds left over that could be used to make payments on Other Secured Claims. Beyond those amounts, however, recovery for the Other Secured Claims, Other Administrative Claims, General Unsecured Claims, and Equity Interest is unlikely as the Trustee does not believe it to be likely that much, if any, Available Cash will be generated by any Causes of Action. Class 4 consists of General Unsecured Claims. Except to the extent that a holder of a Class 4 Claim has been paid prior to the Effective Date, or agrees to a less favorable treatment in writing or is the subject of an order entered with respect to the treatment of such General Unsecured Claim prior to the Effective Date, each such holder shall receive on (or as soon as is reasonably practicable thereafter) the later of: (i) the Effective Date; and (ii) the date such Class 4 General Unsecured Claim becomes an Allowed Claim, in full and final satisfaction, settlement, release, and discharge of, and in exchange for such Class 4 Claim, Cash up to the amount of such Allowed Class 4 Claim. Class 4 Claims are impaired under the Plan and are entitled to vote to accept or reject the Plan. The allowed unsecured claims total $2,500,000.00. This Class will receive a distribution of 0% of their allowed claims. Class 5 consists of Equity Interests. The holder of the Equity Interests shall retain its Equity Interest. Class 5 Equity Interests are unimpaired under the Plan. The holder of an Allowed Class 5 Equity Interest shall be conclusively deemed to have accepted the Plan pursuant to Section 1126(f) of the Bankruptcy Code and, therefore, is not entitled to vote to accept or reject the Plan. All Distributions under the Plan will be paid with Available Cash held by the Estate, including Cash realized from the sale of the Real Property and liquidation of the Causes of Action. A full-text copy of the Amended Disclosure Statement dated September 23, 2025 is available at https://urlcurt.com/u?l=BKgiDz from PacerMonitor.com at no charge. Counsel for John Patrick Lowe: Brian T. Cumings, Esq. Graves Dougherty Hearon & Moody, PC 401 Congress Avenue, Suite 2700 Austin, TX 78701 Tel: (512) 480-5626 Fax: (512) 536-9926 Email: bcumings@gdhm.com About JPC Land Holdings JPC Land Holdings is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor owns a 369-acre property known as Terra Escondido Subdivision valued at $3.2 million. JPC Land Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-11180) on September 24, 2024, with up to $3,200,000 total assets and up to $7,537,126 total liabilities. Raif Castello, director and president, signed the petition. Judge Shad Robinson presides over the case. Stephen W. Sather, Esq., at Barron Newburger, PC serves as the Debtor's counsel. JSL COMPANIES: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- JSL Companies, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Ohio, Western Division, at Dayton, to use cash collateral. The court's interim order authorized the Debtor to use cash collateral to pay the operating expenses set forth in its budget. The budget projects total operational expenses of $1,085,885 for the period from September 28 to December 21. The Debtor's primary secured creditor is First Financial Bank, which holds various claims against the Debtor totaling several million dollars, secured by a first-priority, properly perfected security interest in all of the Debtor's personal property. The obligations to FFB include: 1. A $700,000 line of credit (with an outstanding balance of approximately $675,000), 2. A $250,000 commercial promissory note (with about $96,684 due), 3. JSL's guarantees on two warehouse loans made to Medsker Family, LLC: 4. The Centerville Warehouse Note (approx. $205,669 outstanding), 5. The Carlisle Warehouse Note (approx. $1,010,276 outstanding). The Debtor operates from these two warehouse locations, leasing them from Medsker Family, LLC. The Centerville Warehouse is currently under contract to be sold for $925,000, which could significantly reduce the Debtor's guaranty obligations. All these debts and guarantees were reaffirmed through a forbearance agreement entered into in March 2025, and later amended in May and August 2025, by JSL, Medsker Family, and Joseph and Susan Medsker. In addition to its obligations to FFB, JSL has entered into four merchant cash advance loans with: 1. Alliance Funding Group ($200,000), 2. Forward Financing, LLC ($90,000), 3. Kapitus, LLC ($150,000), and 4. Unique Funding Solutions, LLC ($250,000). The Debtor asserts these MCA loans are unsecured, as FFB's liens exceed the total value of the Debtor's assets. FFB has not consented to the interim use of cash collateral. However, the Debtor argued that such use is urgently necessary to avoid shutting down operations, which would cause irreparable harm, including mass layoffs and the loss of going-concern value. As adequate protection, the Debtor offers to pay First Financial Bank $2,500 per month beginning October 7, subject to disgorgement if the bank is later found not to hold an interest in cash collateral. Additionally, all pre-petition secured creditors will be granted replacement liens of the same type and extent as their existing liens, to cover any diminution in collateral value caused by post-petition use. These replacement liens are automatically perfected but do not replace existing valid liens. The Debtor's authority to use cash collateral terminates automatically upon certain events including unauthorized expenses beyond permitted variance, failure to make adequate protection payments, and dismissal or conversion of its Chapter 11 case. A final hearing is scheduled for October 28. 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. The Company 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-31919) on September 23, 2025. In the petition signed by Joseph Medsker, owner, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Tyson A. Crist oversees the case. Denis E. Blasius, Esq. at THOMPSEN LAW GROUP, LLC, represents the Debtor as legal counsel. KC 117: Seeks Subchapter V Bankruptcy in California --------------------------------------------------- On September 29, 2025, KC 117 LLC filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports up to $50,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About KC 117 LLC KC 117 LLC is a limited liability company. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11802) on September 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. The Debtor is represented by Shai Oved, Esq. of THE LAW OFFICES OF SHAI OVED. KC PET: Seeks to Use Cash Collateral Until Nov. 30 -------------------------------------------------- KC Pet, Inc asks the U.S. Bankruptcy Court for the District of Minnesota for authority to use cash collateral through November 30. The Debtor needs to use funds currently held or obtained post-petition to continue essential business operations such as paying employees, insurance, rent, and other operating expenses. As adequate protection for secured creditors with interests in this cash collateral, the Debtor proposes granting replacement liens on post-petition cash collateral up to the amount used and making monthly adequate protection payments of $2,000 to Old National Bank, which holds the largest secured claim. ONB loaned the Debtor $852,000 in 2023, secured by a lien on all personal property, and is currently owed approximately $750,000. Another secured creditor, Quickbridge Funding, is owed $36,562 and also has a lien on the Debtor's personal property. As of the bankruptcy petition date, the Debtor held $450 in cash and $30,776 in deposit accounts, with monthly recurring revenue of approximately $7,000 from customer memberships. The Debtor anticipates maintaining a stable cash balance of around $33,963 throughout the proposed cash collateral use period due to consistent inventory and service sales. To protect creditors' interests, the Debtor agrees to maintain insurance on the collateral, provide monthly financial reporting, and comply with all court-imposed protections. A hearing on the matter is set for October 22. Old National Bank is represented by: Courtney M. Strean, Esq. Sanford, Pierson, Thone & Strean, PLC 1905 E. Wayzata Blvd., Suite 220 Wayzata, MN 55391 (952) 404-2100 courtneys@ssmnlaw.com About KC Pet Inc. KC Pet, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-41990) on June 18, 2025. In the petition signed by Kristina Clay, president and owner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Katherine A. Constantine oversees the case. Mary Sieling, Esq., at Sieling Law, PLLC, represents the Debtor as legal counsel. LANDMARK HOLDINGS: Seeks $3.5MM DIP Loan From eCapital ------------------------------------------------------ Landmark Holdings of Florida, LLC and its affiliates ask the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, for authority to obtain debtor-in-possession financing to get through bankruptcy. The DIP financing is a $3.5 million superpriority senior secured revolving credit facility from eCapital Healthcare Corp., with $1.5 million available upon interim approval of the financing. The Debtors intend to use the DIP facility to fund operations, restructuring efforts, the sale of the Savannah facility and the winddown of the Cape Girardeau facility. The DIP facility is due and payable on the earliest of: (i) 24 months following the closing date; (ii) The consummation of any sale of all or substantially all of the collateral pursuant to 11 U.S.C. Section 363; (iii) The acceleration of the loans and the termination of the revolving facility upon the occurrence of an event of default; and (iv) The effective date of any plan of reorganization of any borrowers unless otherwise agreed by lender. As protection, the Debtors propose to grant eCapital allowed superpriority administrative expense claims, and priming liens on assets securing their DIP obligations, including property that constitutes cash collateral. The Debtors also propose to pay the DIP lender standard fees and interest at the Prime Rate, plus 1.5% per annum. Under the proposed financing, the Debtors have the option to convert DIP loans into an exit facility on the effective date of their Chapter 11 plan of reorganization to ensure a seamless transition. The Debtors operate five long-term acute care hospitals in Missouri and Georgia, with a complex capital structure including a $30 million Main Street Loan administered by Amerant Bank and secured by nearly all of their assets. Due to liquidity challenges, the Debtors deferred substantial lease obligations -- approximately $13 million pre-petition -- and now face ongoing administrative costs and operational demands as they pursue a dual-track restructuring strategy involving both asset sales and a plan of reorganization. As part of that process, a court-approved auction took place in early September, resulting in the designation of winning bidders for most of the Debtors' facilities. However, the Cape Girardeau hospital did not receive any bids, prompting the Debtors to seek authority to close it. The Debtors emphasize the urgent need for DIP financing, stating that absent this funding, they lack sufficient liquidity to meet near-term expenses such as payroll, vendor payments, and administrative costs necessary to preserve operations and patient care. They argue that losing access to these funds would jeopardize the Savannah sale, halt restructuring progress, and destroy estate value—leaving Amerant as the sole beneficiary of any liquidation proceeds. After a broad marketing effort involving 20 third-party financing sources and with Amerant refusing to provide new loans, eCapital's proposal emerged as the most favorable and only actionable offer. A copy of the motion is available at https://urlcurt.com/u?l=hmZNka from PacerMonitor.com. About Landmark Holdings of Florida LLC Landmark Holdings of Florida, LLC and seven affiliates filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-00397) on March 9, 2025. The petitions were signed by Landmark CEO Bryan Day. At the time of the filing, Landmark reported between $50 million and $100 million in assets and between $50 million and $100 million in liabilities. Judge Caryl E. Delano oversees the cases. Jamie Zysk Isani, Esq., at Hunton Andrews Kurth, LLP is the Debtors' legal counsel. Joseph J. Tomaino is the patient care ombudsman appointed in the Debtor's case. Amerant Bank N.A., as secured creditor, is represented by Brian P. Yates, Esq. at Garbett, Allen, Roza & Yates, P.A. eCapital Healthcare Corp, as DIP lender, is represented by: Mark J. Wolfson, Esq Foley & Lardner, LLP 100 North Tampa Street, Suite 2700 Tampa, FL 33602 Telephone: 813-225-4119 Facsimile: 813-221-4210 Primary email: mwolfson@foley.com Secondary email: crowell@foley.com -and- Edward J. Green, Esq. Foley & Lardner, LLP 321 N. Clark Street, Suite 3000 Chicago, Il 60654 Telephone: (312) 832-4500 Facsimile: (312) 832-4700 Email: egreen@foley.com -and- Jake W. Gordon, Esq. Foley & Lardner, LLP 500 Woodward Avenue, Suite 2700 Detroit, MI 48226 Telephone: (313) 234-7100 Facsimile: (313) 234-2800 Email: jake.gordon@foley.com LEVEL 3 FINANCING: Moody's Rates New Senior Secured Term Loan 'B1' ------------------------------------------------------------------ Moody's Ratings assigned a B1 rating to Level 3 Financing, Inc.'s (Level 3) senior secured term loan. The rating of the senior secured term loan is also on review for upgrade. All other ratings at Lumen Technologies, Inc.'s (Lumen), Level 3 and Qwest Corporation (Qwest) remain on review for upgrade, including Lumen's B3 corporate family rating and B3-PD probability of default rating. Lumen's SGL-1 Speculative Grade Liquidity Rating (SGL) also remains unchanged. The outlooks for Lumen, Level 3 and Qwest remain Ratings Under Review. The B1 rating assigned to the senior secured term loan is two notches above Lumen's CFR reflecting its structural seniority to Level 3's backed senior secured second lien notes rated B3, and backed senior unsecured notes rated Caa1, and all the debt at Lumen (except to the extent of the guarantees of the super priority revolving credit facilities at Lumen). The new senior secured term loan is pari passu with the existing secured term loan of Level 3. RATINGS RATIONALE Lumen's ratings remain on review for upgrade. The ratings on review for upgrade reflects (i) the announced sale of the company's Mass Market fiber-to-the-home (FTTH) business to AT&T Inc. (Baa2 stable) for a total of $5.75 billion in cash, and (ii) the company's stated objective of using all the net proceeds from the sale and some cash on hand to retire $4.8 billion worth of outstanding debt, reducing Lumen's (the parent) financial leverage (total debt-to-EBITDA) by more than 1.0x turn of EBITDA. The review for upgrade reflects Moody's expectations that Lumen's credit quality will materially improve upon closing of the sale transaction. Lumen's existing B3 CFR reflects the company's high leverage, sizable capex program and elevated execution risks associated with the company's on-going plans to modernize and expand its fiber rich network. In addition, Moody's rating considers the continued declining revenue and EBITDA trends mainly driven by the Mass Market division, and the remaining uncertainty around the pace of recovery in earnings. To offset these competitive challenges Lumen is aggressively reinvesting in its business division to (i) deliver compelling value add solutions such as network-as-a-service for its enterprise customers, and (ii) deploy additional fiber strands to meet growing demand from large corporations to secure future fiber capacity. As a result, in the short term, Moody's expects capex spending and operating expenses to remain elevated negatively impacting the company's credit profile until year end 2026. At the same time Moody's rating considers the company's very good liquidity and recent customer wins. As of June 30, 2025, Lumen had secured approximately $9.0 billion in new orders to provide fiber capacity and network management to large customers (including AWS, Google, Meta and Microsoft). These twenty year contracts were structured with upfront cash payments to be received between 2024 and 2027, materially strengthening the company's near term free cash flow and liquidity. The SGL-1 speculative grade liquidity rating reflects Moody's expectations that Lumen will have very good liquidity over the next 12 months, supported by (i) around $1.6 billion in cash as of June 30, 2025 (ii) about $723 million in availability (net of $231 million in letter of credits) under the company's approximately $954 million senior secured revolving credit facility expiring in June 2028, (iii) Moody's expectations of around $850 million of free cash flow in 2025, and (iv) a long dated debt maturity schedule with no significant maturities due prior to 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's reviews for upgrade will focus on the transaction concluding as planned and the expected post-transaction debt structure, liquidity and financial policies. Furthermore, the review will (i) consider execution risks associated with the company's capex program to expand its business segment infrastructure and (ii) evaluate the revenue contribution from hyperscalers and operating improvement as the company shifts its primary focus to the business segment. Headquartered in Monroe, Louisiana, Lumen Technologies, Inc., is an integrated communications company that provides an array of communications services to large enterprise, mid-market enterprise, government and wholesale customers in its larger Business segment. The company's smaller Mass Markets segment primarily provides broadband services to its residential and small business customer base. The principal methodology used in this rating was Telecommunications Service Providers published in November 2023. LEXARIA BIOSCIENCE: Terminates $5M Sales Contract With JonesTrading ------------------------------------------------------------------- Lexaria Bioscience Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that effective September 19, 2025, it terminated the Capital on Demand(TM) Sales Agreement with JonesTrading Institutional Services LLC, as originally entered into on August 21, 2024 and, as amended by Amendment No. 1 on February 5, 2025. The Sales Agreement provided that the Company may issue and sell, from time to time, up to $5,000,000 in aggregate principal amount of shares of the Company's common stock through or to the Agent, as the Company's sales agent or principal. As at the date of termination, the Company had sold an aggregate 14,995 Shares under the Sales Agreement for gross proceeds of $38,236.00. https://tinyurl.com/427b3sm4 About Lexaria Headquartered in Kelowna, BC, Canada, Lexaria Bioscience Corp. -- http://www.lexariabioscience.com/-- is a biotechnology company developing the enhancement of the bioavailability of a broad range of fat-soluble active molecules and active pharmaceutical ingredients using its patented DehydraTECH drug delivery technology. DehydraTECH combines lipophilic molecules or APIs with specific long-chain fatty acids and carrier compounds that improve the way they enter the bloodstream, increasing their effectiveness and allowing for lower overall dosing while promoting healthier oral ingestion methods. Since inception, the Company has incurred significant operating and net losses. Net losses attributable to shareholders were $9.2 million and $3.6 million for the nine months ended May 31, 2025, and May 31, 2024, respectively. As of May 31, 2025, it had an accumulated deficit of $60.8 million. The Company expects to continue to incur significant operational expenses and net losses in the upcoming 12 months. Its net losses may fluctuate significantly from quarter to quarter and year to year, depending on the stage and complexity of its research and development studies and corporate expenditures, additional revenues received from the licensing of our technology, if any, and the receipt of payments under any current or future collaborations into which the Company may enter. The recurring losses and negative net cash flows raise substantial doubt as to the Company's ability to continue as a going concern. As of May 31, 2025, the Company had $6.74 million in total assets, $1.57 million in total liabilities, and total stockholders' equity of $5.17 million. LITTLE MINT: Seeks to Extend Plan Exclusivity to November 28 ------------------------------------------------------------ The Little Mint, Inc., asked the U.S. Bankruptcy Court for the Eastern District of North Carolina to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 28 and November 26, 2025, respectively. Pursuant to the terms of the Consent Order, the period in which the Debtor has the exclusive right to file a Plan of Reorganization under Section 1121(b) of the Bankruptcy Code runs to and through September 29, 2025, and the acceptance deadline is November 26, 2025. On September 19, 2025, the Debtor filed its proposed Amended Plan of Reorganization and Amended Disclosure Statement. The Debtor does not request an extension of the acceptance deadline pursuant to Section 1121(b), and such deadline shall remain November 26, 2025, as set forth in the Consent Order. The Debtor explains that an extension of the exclusivity period will allow the company time to serve its Amended Plan and Amended Disclosure Statement and ballot and prepare for confirmation of its Amended Plan. Accordingly, cause exists to extend the exclusivity period as provided herein. The Debtor continues to make progress in negotiations with various creditor constituencies. The Debtor claims that an order allowing the extensions as requested in this application will not prejudice any party and is in the best interests of the Estate and all parties in interest. The Little Mint Inc. is represented by: Rebecca Redwine Grow, Esq. Jason L. Hendren, Esq. Benjamin E.F.B. Waller, Esq. Lydia C. Stoney, Esq. Hendren, Redwine & Malone PLLC 4600 Marriott Drive Suite 150 Raleigh, NC 27612 Telephone: (919) 420-7867 Facsimile: (919) 420-0475 Email: jhendren@hendrenmalone.com rredwine@hendrenmalone.com bwaller@hendrenmalone.com lstoney@hendrenmalone.com About The Little Mint Inc. The Little Mint Inc., doing business as Hwy 55 Burgers Shakes & Fries, owns multiple Hwy 55 Burgers, Shakes & Fries restaurants. The Little Mint Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-04510) on Dec. 31, 2024. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Joseph N. Callaway presides over the case. Rebecca F. Redwine, Esq. of HENDREN, REDWINE & MALONE, PLLC represents the Debtor as counsel. LIVEONE INC: Approves 1-for-10 Reverse Stock Split -------------------------------------------------- LiveOne, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company filed a Certificate of Amendment to its Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware to effect on the corporate level a one-for-ten reverse stock split of the Company's outstanding shares of common stock, $0.001 par value per share. The Company has received approval from The Nasdaq Stock Market, LLC to effect the Reverse Stock Split in the market and for the shares to begin trading on a split-adjusted basis on the Nasdaq Capital Market. The trading symbol for the Company's common stock will remain "LVO". As a result of the Reverse Stock Split, when effected in the market, every ten shares of the pre-split issued and outstanding shares of the Company's common stock will automatically convert into one post-split share of the Company's common stock. Stockholders who otherwise would be entitled to receive fractional shares of common stock shall be entitled to receive cash (without interest) from the Company's transfer agent (VStock Transfer, LLC) in lieu of such fractional shares in an amount equal to the proceeds attributable to the sale of such fractional shares following the aggregation and sale by the Company's transfer agent of all fractional shares otherwise issuable. Following the Reverse Stock Split the new CUSIP number for the Company's common stock will be 53814X300. The Reverse Stock Split when effected in the market, will not reduce the number of authorized shares of the Company's common stock and will not change the par value of the common stock. The Reverse Stock Split will affect all stockholders uniformly and will not affect any stockholder's ownership percentage of the Company's shares of common stock (except to the extent that the Reverse Stock Split would result in some of the stockholders' fractional shares being paid out in cash). As a result of the Reverse Stock Split, when effected in the market, proportionate adjustments will be made to the number of shares of the Company's common stock underlying the Company's outstanding equity awards, warrants and convertible securities and the number of shares issuable under the Company's equity incentive plan and other existing agreements, together with the exercise price or conversion price, as applicable or as required by the terms of each security. Additionally, when effected in the market, the Company's stockholders who hold their shares: (i) in electronic form at brokerage firms will not need to take any action, as the effect of the Reverse Stock Split will automatically be reflected in their brokerage accounts, (ii) electronically in book-entry form with the transfer agent, VStock Transfer, LLC, will not need to take action to receive shares of post-Reverse Stock Split common stock, and (iii) with a bank, broker, custodian or other nominee and who have any questions in this regard are encouraged to contact their banks, brokers, custodians or other nominees. The Company's stockholders who are holding their shares in certificated form will be mailed a letter of transmittal to exchange their existing stock certificates for new stock certificates in connection with the Reverse Stock Split. The Company's stockholders approved the Reverse Stock Split at the Company's 2025 Annual Meeting of Shareholders held on September 8, 2025, at a ratio between one-for-three through one-for-ten, with such ratio to be determined in the discretion of the Company's Board of Directors and with such reverse stock split to be effected at such time and date as determined by the Board in its sole discretion. The Board subsequently selected the one-for-ten Reverse Stock Split ratio. The foregoing descriptions of the Certificate of Amendment and the Reverse Stock Split set forth above do not purport to be complete and are qualified in their entirety by the full text of the Certificate of Amendment, which is available at https://tinyurl.com/3r8bmp8c About LiveOne Headquartered in Beverly Hills, California, LiveOne, Inc. -- www.liveone.com -- is a creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. The Company is a pioneer in the acquisition, distribution and monetization of live music events, Internet radio, podcasting/vodcasting and music-related membership, streaming and video content. Through its comprehensive service offerings and innovative content platform, it provides music fans the ability to listen, watch, attend, engage and transact. Serving a global audience, the Company's mission is to bring the experience of live music and entertainment to consumers wherever music and entertainment is watched, listened to, discussed, deliberated or performed around the world. As of June 30, 2025, the Company had $48.9 million in total assets, $61.0 million in total liabilities, and $12.1 million in total stockholders' deficit. New York, New York-based Macias Gini & O'Connell LLP, the Company's auditor since 2022, a "going concern" qualification dated July 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Macias Gini & O'Connell cited that the Company has suffered recurring losses from operations, negative cash flows from operating activities and has a net capital deficiency. These matters raise substantial doubt about the Company's ability to continue as a going concern. LUMEN TECHNOLOGIES: CAO Donald Holt Owns 45K Common Shares ---------------------------------------------------------- Donald Leroy Holt, Chief Accounting Officer & Controller of Lumen Technologies, Inc. (NASDAQ: LUMN), disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of September 25, 2025, he beneficially owns 45,008 shares of common stock, including 18,092 unvested shares of restricted stock. Donald Holt may be reached through: Lumen Technologies, Inc. 100 Centurylink Dr, P.O. Box 4065 Monroe, La. 71203 Phone Number: 318-388-9000 About Lumen Technologies Headquartered in Monroe, Louisiana, Lumen Technologies, Inc. -- lumen.com -- is a facilities-based technology and communications company that provides a broad array of integrated products and services to its domestic and global business customers and its domestic mass markets customers. The Company's platform empowers its customers to swiftly adjust digital programs to meet immediate demands, create efficiencies, accelerate market access, and reduce costs, which allows its customers to rapidly evolve their IT programs to address dynamic changes. As of June 30, 2025, it had $32.98 billion in total assets, $33.57 billion in total liabilities, and $595 million in total stockholders' deficit. * * * In July 2025, Fitch Ratings has placed the Long-Term Issuer Default Ratings (IDRs) of Lumen Technologies Inc., Level 3 Parent LLC, Level 3 Financing Inc., Qwest Corporation and related subsidiaries on Rating Watch Positive (RWP). The current Long-Term IDR for each rated entity is 'CCC+'. LUNAI BIOWORKS: Reverse Split to Reduce Common Shares to 23.18M --------------------------------------------------------------- Lunai Bioworks, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company filed a Certificate of Amendment to the Certificate of Incorporation of the Company with the Secretary of State of the State of Delaware to effect a 1-for-10 reverse stock split of the shares of the Company's common stock, par value $0.0001 per share, either issued and outstanding or held by the Company as treasury stock. On August 15, 2025, stockholders owning a majority of the outstanding voting capital stock of the Company entitled to vote thereon approved a corporate action by Special Meeting of Stockholders authorizing the Company's board of directors to amend the Company's certificate of incorporation, as amended, to effect a reverse stock split of all outstanding shares of Common Stock, by a ratio in the range of 1-for-3 to 1-for-10 to be determined in the Board's sole discretion. Following the approval of the stockholders, the Board determined to effect the Reverse Stock Split at a ratio of 1-for-10 and approved the filing of the Certificate of Amendment. As a result of the Reverse Stock Split, every 10 shares of issued and outstanding Common Stock will be automatically combined into one issued and outstanding share of Common Stock, without any change in the par value per share. No fractional shares will be issued as a result of the Reverse Stock Split. Any fraction of a share of Common Stock outstanding that would be created as a result of the Reverse Stock split will be rounded up to the next whole share. The Reverse Stock Split will reduce the number of shares of Common Stock outstanding from 231,780,434 shares to approximately 23,178,096 shares, inclusive of adjustments for the rounding up of fractional shares. The number of authorized shares of Common Stock under the Certificate of Incorporation will remain unchanged at 350,000,000 shares and no changes will be made to the authorized or outstanding shares of preferred stock. The Common Stock will trade on a reverse stock split-adjusted basis on The Nasdaq Capital Market. The trading symbol for the Common Stock is "LNAI." The new CUSIP number for the Common Stock following the Reverse Stock Split is 29350E 203. About Lunai Bioworks Headquartered in Los Angeles, Calif., Lunai Bioworks Inc. (formerly Renovaro Inc.) is an AI-powered drug discovery and biodefense company pioneering safe and responsible generative biology. With proprietary neurotoxicity datasets, advanced machine learning, and a focus on dual-use risk management, Lunai is redefining how artificial intelligence can accelerate therapeutic innovation while safeguarding society from emerging threats. Draper, Utah-based Sadler, Gibb & Associates, LLC, Renovaro Inc.'s auditor since 2018, issued a "going concern" qualification in its report dated Oct. 10, 2024, citing that the Company has incurred substantial recurring losses from operations, has used cash in the Company's continuing operations, and is dependent on additional financing to fund operations which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2024, Renovaro had $111,340,272 in total assets, $29,280,954 in total liabilities, and total stockholders' equity of $82,059,318. MARELLI AUTOMOTIVE: Seeks to Extend Exclusivity to Feb. 6, 2026 --------------------------------------------------------------- Marelli Automotive Lighting USA LLC and affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 6, 2026 and April 7, 2026, respectively. The Debtors explain that their capital structure, which as of the Petition Date consisted of approximately $4.9 billion in funded debt obligations, is large and complex. As such, administering these chapter 11 cases requires significant input from the Debtors' management team and advisors on a wide range of complicated matters necessary to bring structure and consensus to a large and complex process. Accordingly, the complexity of these chapter 11 cases weighs in favor of extending the Exclusivity Periods. The Debtors claim that they have made significant progress in negotiating with their stakeholders and administering these chapter 11 cases, which warrants an extension of the Exclusivity Period. The Debtors commenced these chapter 11 cases with limited liquidity and have moved expeditiously through these chapter 11 cases and advanced discussions among the Debtors' key stakeholders regarding global consensus in these chapter 11 cases. The Debtors' substantial progress administering these chapter 11 cases weighs in favor of an extension of the Exclusivity Periods. Since the Petition Date, the Debtors have paid their postpetition debts in the ordinary course of business or as otherwise provided by Court order. The Debtors assert that their request for an extension of the Exclusivity Periods is their first such request and comes fewer than four months after the Petition Date. During this short time, the Debtors have accomplished a great deal all while the Debtors continue to work diligently with all stakeholders to ensure widespread support of the chapter 11 plan and disclosure statement. Additionally, the fact that this is the Debtors' first request for an extension further supports granting the requested extension. The Debtors further assert that their exclusivity extension request is not intended to pressure creditors to submit to the Debtors' restructuring demands but to provide sufficient time for the Debtors to file and eventually confirm a value-maximizing chapter 11 plan and implement the transactions contemplated thereby without the disruption and distraction created by competing plan proposals. Accordingly, the relief requested herein is without prejudice to the Debtors' creditors and will benefit the Debtors' estates, their creditors, and all other key parties in interest. Co-Counsel for the Debtors: Laura Davis Jones, Esq. Timothy P. Cairns, Esq. Edward A. Corma, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, Delaware 19899 (Courier 19801) Tel: (302) 652-4100 Fax: (302) 652-4400 Email: ljones@pszjlaw.com tcairns@pszjlaw.com ecorma@pszjlaw.com Co-Counsel for the Debtors: Joshua A. Sussberg, P.C. Nicholas M. Adzima, Esq. Evan Swager, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 Email: joshua.sussberg@kirkland.com nicholas.adzima@kirkland.com evan.swager@kirkland.com - and - Ross M. Kwasteniet, P.C. Spencer A. Winters, P.C. 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: ross.kwasteniet@kirkland.com spencer.winters@kirkland.com About Marelli Automotive Lighting USA Marelli Automotive Lighting USA, LLC is a global automotive parts supplier based in Saitama, Japan. The company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Marelli and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11. 2025. In its petition, Marelli reported between $1 billion and $10 billion in assets and liabilities. Judge Brendan Linehan Shannon handles the cases. The Debtors are represented by Kirkland & Ellis LLP, Kirkland & Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP. Alvarez & Marsal North America, LLC is the Debtors' restructuring advisor. PJT Partners Inc. is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' notice and claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Paul Hastings, LLP and Morris James, LLP as legal counsel and FTI Consulting, Inc. as its financial advisor. MAYS & JEUNE: Case Summary & One Unsecured Creditor --------------------------------------------------- Debtor: Mays & Jeune, Inc. 39 Pleasantview Drive Hudson, NY 12534 Business Description: Mays & Jeune, Inc. owns commercial and residential properties in Albany County, New York, including mixed-use buildings at 159 and 171 Central Avenue and a three-unit residential rental at 215 Clinton Avenue. The Company manages storefronts and apartments across its portfolio. Chapter 11 Petition Date: September 30, 2025 Court: United States Bankruptcy Court Northern District of New York Case No.: 25-11127 Judge: Hon. Patrick G Radel Debtor's Counsel: Michael Boyle, Esq. BOYLE LEGAL LLC 64 2nd Street Troy, NY 12180 Tel: 518-687-1648 Fax: 518-516-5075 Email: mike@boylebankruptcy.com Total Assets: $1,037,300 Total Liabilities: $360,760 The petition was signed by Tanya Mays, M.D. as president. The Debtor identified National Grid, located at 300 Erie Blvd West, Syracuse, New York 13202-0960, as its only unsecured creditor, holding a claim of $700 related to utility services. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HPPU5LI/Mays__Jeune_Inc__nynbke-25-11127__0001.0.pdf?mcid=tGE4TAMA MCKENNA STORER: Case Summary & 11 Unsecured Creditors ----------------------------------------------------- Debtor: McKenna, Storer, Rowe, White and Farrug a/k/a Mckenna Storer a/k/a McKenna Storer Rowe White & Farrug a/k/a McKenna Storer a/k/a McKenna, Storer, Rowe, White & Farrug, Attorneys at Law 230 W. Monroe St., Suite 1010 Chicago, IL 60606 Business Description: McKenna Storer, with offices in Chicago and Woodstock, Illinois, is a full-service law firm providing legal services to businesses and individuals across multiple practice areas, including commercial litigation, estate planning, real estate, and insurance matters. The firm emphasizes hands-on involvement from partners and attorneys known for strategic planning and negotiation skills, offering legal counsel tailored to client objectives. Established over 65 years ago, McKenna Storer serves clients with a focus on responsiveness, transparency, and comprehensive legal expertise. Chapter 11 Petition Date: October 1, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-15166 Judge: Hon. David D Cleary Debtor's Counsel: Jeffrey Paulsen, Esq. PAULSEN & HOLTSCHLAG LLC 1245 S Michigan #115 Chicago, IL 60605 Email: jpaulsen@ph-firm.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Andrew D. Bratzel, as Member of Andrew D. Bratzel LLC, co-managing partner of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/X2EKGLI/McKenna_Storer_Rowe_White_and__ilnbke-25-15166__0001.0.pdf?mcid=tGE4TAMA MCMILLAN LOGGING: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of McMillan Logging, Inc., according to court dockets. About McMillan Logging Inc. McMillan Logging Inc. is a Florida-based logging contractor that engages in timber harvesting and related hauling services. McMillan Logging 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 reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Karen K. Specie oversees the case. The Debtor is represented by Byron W. Wright III, Esq., and Robert C. Bruner, Esq., at Bruner Wright, P.A. MENDEL PANETH: Reiner, et al. Lose Bid to Compel Arbitration ------------------------------------------------------------ In the appeal styled DAVID REINER, KIDLINE ENTERPRISES INC., TELE GO INC., INFINITE SOLUTIONS NY INC., CHAIM KOHN, JCR PRINTING, YOSSI REINER VERSUS MENDEL PANETH AND SARAH PANETH, Case No. 24-cv-01402-RER (E.D.N.Y.), the Honorable Ramon E. Reyes, Jr. of the United States District Court for the Eastern District of New York affirmed the order of the United States Bankruptcy Court for the Eastern District of New York that denied the motion filed by David Reiner, Kidline, Tele Go Inc., Infinite Solutions NY Inc., Chaim Kohn, JCR Printing, and Yossi Reiner to compel arbitration and to lift the automatic stay. The appeal is denied. This bankruptcy appeal arises from a business dispute concerning the operation of Kidline Enterprises Inc. Mendel Paneth formed Kidline to publish a children's magazine with Eli Nadler and David Reiner. At formation, Mendel Paneth and David Reiner each held 45% of Kidline, and Nadler held 10%. David Reiner later acquired Nadler's interest, and eventually owned 55% of Kidline. After disagreements arose among the principals, the parties submitted disputes to rabbinical arbitration. Later, Mendel Paneth and Sarah Paneth commenced multiple state court actions. The Supreme Court of the State of New York, Kings County ordered the matter to proceed in arbitration. That arbitration was stayed when Mendel Paneth filed for bankruptcy in the United States Bankruptcy Court for the Eastern District of New York on June 19, 2022. On Sept. 20, 2022, Appellants David Reiner and Kidline commenced an adversary proceeding seeking to declare their claims nondischargeable under 11 U.S.C. Secs. 523(a)(2), (4), and (6). On Sept. 23, 2022, Appellants filed a motion to compel arbitration and for relief from the automatic stay. On Feb. 8, 2024, the Bankruptcy Court entered an order denying Appellants' motion. Appellants appealed the Feb. 8 Order to the District Court. The District Court concludes that the Kings County Supreme Court's order is entitled to preclusive effect with respect to the existence of a valid arbitration agreement. Nonetheless, the Bankruptcy Court properly determined that arbitration of the dischargeability proceeding would create a severe conflict with the Bankruptcy Code's core purposes, and it did not abuse its discretion in denying enforcement of the arbitration agreement. The District Court finds the Bankruptcy Court also acted within its discretion in denying Appellants' request for stay relief under section 362(d)(1). According to Judge Reyes, "Allowing arbitration here would jeopardize the Bankruptcy Court's ability to centralize and resolve the dischargeability of Appellees' alleged misconduct in diverting Kidline's assets, a function integral to the bankruptcy court's ability to provide debtors with the fresh start that is the very purpose of the Code." A copy of the Court's Memorandum & Order dated September 17, 2025, is available at http://urlcurt.com/u?l=FVtxzEfrom PacerMonitor.com. Mendel Paneth filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 22-41414) on June 19, 2022, listing under $1 million in both assets and liabilities. The Debtor is represented by Paul Hollender, Esq. MERCURITY FINTECH: Chaince Signs Gold Tokenization Advisory Deal ---------------------------------------------------------------- Mercurity Fintech Holding Inc. announced that its wholly owned subsidiary Chaince Securities, LLC, a U.S.-based broker-dealer, has entered into an advisory agreement with a U.S. mining company, to provide specialized tokenization consulting services in connection with a gold mining project in Central America and Northwestern Argentina. Northwestern Argentina and Central America represent geologically prospective gold mining regions and remain comparatively underexplored for gold, presenting opportunities for modern exploration and innovative financing solutions. Under the advisory agreement, Chaince Securities will provide comprehensive blockchain tokenization advisory services, including: * Asset Structuring: Designing frameworks to tokenize both physical gold reserves and future production-linked assets. * Technology & Compliance: Developing instruments designed to comply with applicable securities regulations, supported by smart contract frameworks that facilitate on-chain rights enforcement with off-chain verification. * Investor Protection: Implementing asset lock models, audit trail mechanisms, and whitelisting structures to ensure transparency and security of tokenized assets. * Market Access: Connecting the gold-backed tokens with institutional-grade RWA (Real-World Assets) ecosystems and compliant marketplaces worldwide. Strategic Significance: This advisory agreement marks a major step for MFH in advising on the digitization of tangible real-world assets. Northwestern Argentina is a resource-rich mining region, known for its abundant gold, lithium, and rare metal reserves, and has long attracted international mining and investment capital. Through this advisory engagement, MFH aims to support the development of innovative financing solutions. "We believe that the tokenization of real-world assets such as gold will be a defining trend for the future of capital markets," MFH's Chief Executive Officer Shi Qiu commented. "By combining the transparency and compliance of blockchain with the fundamentals of traditional resource industries, we aim to support the development of new, secure, traceable, and more liquid investment solutions for global investors." About Chaince Securities, LLC Chaince Securities, LLC (CRD #10590) is a FINRA-registered broker-dealer founded in 1982 and headquartered in New York City. The firm specializes in equity capital markets, investment banking, asset management, and innovative financial solutions. With decades of institutional experience, Chaince Securities is committed to building long-term relationships and delivering tailored strategies that align with the unique goals of its clients. About Mercurity Fintech Holding Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries engaged in distributed computing and financial brokerage. Beyond its core fintech operations, the Company contributes to the advancement of AI hardware technology by delivering secure and innovative solutions in intelligent manufacturing and advanced liquid cooling systems. Its focus on compliance, innovation, and operational efficiency supports its position as a trusted player in both the evolving digital finance space and the AI technology sector. For more information, please visit the Company's website at https://mercurityfintech.com. In an audit report dated April 30, 2025, the Company's auditor, Onestop Assurance PAC, issued a "going concern" qualification, citing that at Dec. 31, 2024, the Company has incurred recurring net losses of $4.5 million and negative cash flows from operating activities of $3.6 million and has an accumulated deficit of $680 million, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million in total assets, $11.60 million in total liabilities, and $24.09 million in total shareholders' equity. MJH HEALTHCARE: Moody's Affirms 'B2' CFR, Outlook Remains Stable ---------------------------------------------------------------- Moody's Ratings affirmed MJH Healthcare Holdings, LLC's ("MJH") ratings including its B2 corporate family rating and B2-PD probability of default rating. At the same time, Moody's affirmed the B2 ratings on the company's senior secured first lien bank credit facilities, which includes a $75 million revolving credit facility expiring in 2027 and $1.167 billion term loan B (which includes a $430 million fungible add-on) due 2029. The outlook remains stable. The rating action follows the announcement that MJH has agreed to acquire BPD Healthcare ("BPD") for approximately $450 million, excluding transaction fees and expenses. BPD is a marketing and communications partner to hospitals and health systems. The acquisition will be financed with approximately $430 million of incremental senior secured first lien term loan B, along with BPD equity rollover. The ratings affirmation reflects Moody's views that, although MJH's pro forma debt-to-EBITDA will increase materially to approximately 5.7x (up from 4.3x), the acquisition of BPD is strategically sensible and will increase MJH's size and scale in the healthcare marketing and communications sector. Moody's expects that MJH will reduce debt-to-EBITDA to approximately 5x over the next 12 to 18 months following the acquisition. Further, Moody's expects that MJH will maintain good liquidity, despite Moody's expectations for lower, but still positive, free cash flow as a result of higher interest expense. RATINGS RATIONALE MJH's B2 CFR is constrained by the company's relatively modest size and scale with revenues of approximately $530 million pro forma for BPD and recent New Beauty acquisition. Moody's expects that MJH will grow its top-line in the mid-single digits on an organic basis over the next 12 to 18 months. The rating is also constrained by the company's moderately high financial leverage of 5.7x for the LTM period ending June 30, 2025 and pro forma for the BPD and recent New Beauty acquisitions. Moody's expects debt-to-EBITDA will decline to approximately 5 times over the next 12 to 18 months. MJH's rating also reflects some therapeutic category concentration in oncology, though that has improved over the past few years. The B2 rating is supported by MJH's solid position as a niche provider of medical marketing services across several therapeutic categories, such as oncology, neurology, ophthalmology, among others, to its diversified customer base within the pharmaceutical, biotechnology, and life sciences industries. The company also differentiates itself by collaborating with industry experts (key opinion leaders, or KOLs) to internally develop most of the medical content it distributes to end users. Content is distributed through various mediums, including live in-person events, virtual events, and custom publications. The rating is also supported by MJH's good EBITDA margins and liquidity. Moody's expects MJH will maintain good liquidity over the next 12 to 18 months. As of June 30, 2025 and pro forma for the BPD transaction, the company will maintain approximately $29 million of cash on hand and access to an undrawn $75 million revolving credit facility, which expires in 2027. Moody's expects the company to generate approximately $20 million in free cash flow over the next 12 to 18 months, which includes a recurring distribution to shareholders. Moody's expects MJH will remain compliant with its springing first lien net leverage covenant of 7.5 times, if revolver utilization was to exceed 35%. MJH's senior secured first lien bank credit facility, comprised of a $75 million revolving credit facility expiring in 2027 and a $1.167 billion term loan (which includes a $430 million fungible add-on) maturing in 2029, is rated B2, in line with the B2 CFR. The senior secured bank credit facility accounts for the preponderance of debt in the company's capital structure. The stable outlook incorporates Moody's expectations that MJH will deleverage to approximately 5x in the next 12 to 18 months following the BPD acquisition. The outlook also incorporates Moody's expectations that MJH will refrain from further significant M&A while integrating BPD and reducing financial leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if MJH demonstrates a track record of positive free cash flow, and effectively manages its growth with prudent financial policies. Further, the ratings could be upgraded if adjusted debt to EBITDA is sustained below 4 times. The ratings could be downgraded if the company were to make a large debt financed acquisition or shareholder distribution. The ratings could also be downgraded if liquidity weakens or adjusted debt-to-EBITDA is sustained above 5 times. MJH Healthcare Holdings, LLC (MJH) - dba MJH Life Sciences - headquartered in Cranbury, NJ, is a medical media company that provides health care news, information, and other content to millions of health care decision makers, physicians, pharmacists, payers and patients. The fundamental data and insights that are presented are developed in collaboration with its network of industry partners and key opinion leaders. Information is distributed through multiple channels including print and digital content, live events, educational programs, custom market research, and creative services. The company is majority owned by private equity firm BDT Capital Partners, LLC. Revenues for the last twelve months ending June 30, 2025 were approximately $428 million. 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. MON ARC: Gets Interim OK to Use Cash Collateral ----------------------------------------------- Mon Arc Group, Inc. received interim approval from the U.S. Bankruptcy Court for the Middle District of Georgia, Athens Division, to use cash collateral. The court's interim order authorized the Debtor to use cash collateral in accordance with its budget pending the final hearing scheduled for October 27. The Debtor's cash collateral is primarily subject to a first-priority security interest held by Fifth Third Bank. As adequate protection, Fifth Third Bank, N.A. will be granted replacement liens on all assets acquired by Debtors after the petition date, with the same priority as its pre-bankruptcy liens. Fifth Third Bank is also entitled to senior super-priority administrative expense claims. The Debtor is managed by its CEO and sole shareholder, Loren Wesley Vankirk, who operates the business primarily from his home in Watkinsville, Georgia, while its operations office is located in Winder, Georgia. It undertakes large-scale electrical construction projects, including student housing, assisted living facilities, and mixed-use developments across the U.S. About Mon Arc Group, Inc. Mon Arc Group, Inc. undertakes large-scale electrical construction projects, including student housing, assisted living facilities, and mixed-use developments across the United States. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-30512) on September 19, 2025. In the petition signed by Loren Wesley Vankirk, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. David L. Bury, Jr, Esq., at Stone & Baxter, LLP, represents the Debtor as legal counsel. MONTANA VILLAGE: Case Summary & One Unsecured Creditor ------------------------------------------------------ Debtor: Montana Village Developers, LLC 4260 E Evans Ave Denver, CO 80222 Case No.: 25-16406 Business Description: Montana Village Developers, LLC, based in Denver, Colorado, is a real estate development company focused on a single property, qualifying it as a single-asset real estate entity under 11 U.S.C. Section 101(51B). The Company is managed by Nathan Adams through its sole equity holder, redtCapital Partners, LLC. Chapter 11 Petition Date: October 1, 2025 Court: United States Bankruptcy Court District of Colorado Judge: Hon. Joseph G Rosania Jr Debtor's Counsel: Aaron A. Garber, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street Suite 200 Littleton, CO 80120 Tel: 303-296-1999 Email: agarber@wgwc-law.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition for Montana Village Developers, LLC was signed by Nathan Adams, in his capacity as manager of redtCapital Partners, LLC, which serves as the managing member of Montana Village. The Debtor listed Nathan Adams of 4260 E Evans Ave, Denver, Colorado 80222, as its only unsecured creditor, with a claim of $5,931 related to a business debt. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IH65OJI/Montana_Village_Developers_LLC__cobke-25-16406__0001.0.pdf?mcid=tGE4TAMA MR. COOPER GROUP: S&P Raises ICR to BB' on Acquisition by Rocket ---------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Mr. Cooper to 'BB' from 'B' and removed it from CreditWatch, where S&P placed it with positive implications on April 1, 2025. Subsequently, S&P withdrew its issuer credit rating on Mr. Cooper. At the time of withdrawal, S&P's outlook on the company was positive. On Oct. 1, 2025, Rocket Cos. Inc. (BB/Positive/--), an indirect parent of Rocket Mortgage LLC, announced that it has closed its $14.2 billion acquisition of Texas-based residential mortgage servicer and originator Mr. Cooper Group Inc. in an all-stock transaction. S&P said, "We raised our issuer credit rating on Mr. Cooper to 'BB', the same level as our issuer credit rating on Rocket, and removed the rating from CreditWatch positive due to the completion of its acquisition by Detroit, Michigan-based Rocket. At the same time, Rocket closed the previously announced tender and exchange offers and repurchased or assumed Mr. Cooper's callable bonds." S&P subsequently withdrew its issuer credit rating on Mr. Cooper. MY CITY BUILDERS: Reports $62K Net Loss in Fiscal Q3 ---------------------------------------------------- My City Builders, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $62,267 for the three months ended April 30, 2025, compared to a net loss of $81,368 for the three months ended April 30, 2024. Total revenue for the three months ended April 30, 2025, was $34,961, compared to a revenue of $15,877 for the same period in 2024. For the nine months ended April 30, 2025, the Company reported a net loss of $215,051, compared to a net loss of $1.17 million for the same period in 2024. Total revenue for the nine months ended April 30, 2025, was $90,232, compared to a revenue of $35,645 for the same period in 2024. As of April 30, 2025, the Company had $4.31 million in total assets, $1.64 million in total liabilities, and $2.66 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/ysk2ceuc About My City Builders, Inc. Headquartered in Miami, Fla., My City Builders, Inc., through its subsidiary, plans to focus on real estate transactions, in which it will buy and develop real estate for sale or rent of low-income housing. The Company plans to invest in three sectors of this market by (i) buying, refurbishing, and selling traditional foreclosures, (ii) buying, developing and renting "Land Banks" that have an average pool of homes or lots in excess of 100 in one location, and (iii) buying, refurbishing or developing and selling homes made available by the government through HECM pools. Sugar Land, Texas-based TPS Thayer, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Oct. 29, 2024, citing that Company has negative operating cashflow and is in need of additional capital to grow its operations so that it can become profitable. These factors raise substantial doubt about the Company's ability to continue as a going concern. NATURAL STATE: Unsecureds Will Get 5.8% of Claims over 60 Months ---------------------------------------------------------------- Natural State Contractors, Inc. filed with the U.S. Bankruptcy Court for the Western District of Arkansas a Plan of Reorganization for Small Business. The Debtor is an Arkansas corporation formed in 2002 that operates as a residential builder in Garland County and nearby markets. A state court Judgment entered on April 7, 2025 divested NSC of title to 213 Long Beach Drive. The related relief and judgment created immediate operational and financial impacts, including the loss of an asset and pressure on NSC's construction financing, which contributed directly to NSC seeking relief under Chapter 11, Subchapter V. The Debtor will complete and sell the remaining Arkridge properties using court-approved construction financing, with draws paid directly to subcontractors on invoice. Financing already approved by the Court (including the First Community Bank construction loans) and any supplemental financing authorized under Section 364 will be repaid from sale proceeds. To maintain liquidity throughout the plan term, the debtor will observe the following cash governance: * Sale proceeds and plan funding. At each property closing, the Debtor will pay the Class 2 mortgage payoff for the property sold (principal, allowed interest through payoff, and allowed costs) at closing or, in all events, within sixty days after the sale is completed, with prompt lien release as to that property. General unsecured distributions are paid from sale proceeds, with an aggregate minimum of $60,000.00 to Class 3 over the plan term; any shortfall accrues without interest and is added to the next annual Class 3 distribution. Any remaining sale proceeds are applied as provided in Class 4. * Secured and priority servicing. Priority taxes will be paid in equal annual installments with interest, concluding no later than June 25, 2030 (five years from the June 25, 2025 petition date). Secured claims against the Arkridge properties will be paid from net sale proceeds of the property sold, with the payoff remitted at closing or, in all events, within 60 days after the sale is completed, and lien release as to that property. The interest rate for secured claims is the lesser of (i) the non default contract rate in the Allowed proof of claim, and (ii) the national prime rate on the business day immediately preceding the Effective Date, fixed as of that date; provided that, if a non consenting holder shows this would fail to provide Till present value, the Court may set a Till-compliant formula rate at confirmation. No prepayment penalty. This Subchapter V Plan of Reorganization for the Debtor provides for payment of administrative and priority claims in full, risk-adjusted amortization of allowed secured claims, and annual distributions to general unsecured creditors over a 60-month term. Plan payments are funded primarily from net sale proceeds of the Debtor's residential properties. Upon each closing, net proceeds are applied per Articles 4 and 7. Secured creditors are paid from sale proceeds (property-by-property for First Community Bank). General unsecured distributions occur annually, beginning one year after the Effective Date. The minimum scheduled distributions to Class 3 total $60,000.00 over the plan term. Based on currently scheduled general unsecured claims, this approximates 5.8%. Class 3 consists of General unsecured claims. This class consists of all allowed claims that are not administrative, priority, or secured, including trade claims, rejection damages, and any deficiency portions of secured claims treated in Class 2. Amounts are as filed and remain subject to allowance, objection, reclassification, setoff, and all other rights including any non compensatory tax penalties. * Ferrellgas (POC #3) filed in the amount of $1,582.33, general unsecured; no postpetition interest. * Mason Island, LLC (POC #4) filed in the amount of $636,483.76, general unsecured; no postpetition interest. Class 3 will receive pro rata annual distributions, with the first distribution one year after the Effective Date, funded by sale proceeds, with an aggregate minimum of $60,000.00 to Class 3 over the plan term. Shortfalls accrue without interest and carry to the next annual distribution. Class 4 consists of the Debtor's equity interests, held 100% by Jason Taylor. Equity is retained subject to Section 1191(a)/Section 1191(b) of the Bankruptcy Code. From each property sale's remaining net proceeds (after costs, taxes, and Class 2 payoff(s)), the balance is allocated 50% to the equity holder and 50% to the Class 3 unsecured pool and aggregated for the annual Class 3 distribution. This allocation shall be credited toward the $60,000.00 Class 3 Minimum. Plan payments will be funded from: * operating cash flow generated by the Debtor's continuing construction activity using subcontractors; * proceeds from the completion and sale of the two Arkridge properties under the post-petition construction financing previously authorized by the Court (aggregate principal $81,500.00 at 8.5 percent); * recoveries, if any, from avoidance or other estate causes of action preserved by the Plan; and * any other non-ordinary course sale or financing approved by the Court if required. Sale proceeds will be applied consistent with Article 4 (secured claims first to the extent of collateral, then to plan obligations). A full-text copy of the Plan of Reorganization dated September 23, 2025 is available at https://urlcurt.com/u?l=dnM79R from PacerMonitor.com at no charge. Counsel to the Debtor: Marc Honey, Esq. Honey Law Firm, PA P.O. Box 1254 Hot Springs, AR 71902 Tel: (501) 321-1007 Fax: (501) 321-1255 Email: mhoney@honeylawfirm.com About Natural State Contractors Inc. Natural State Contractors, Inc. is a construction firm based in Hot Springs National Park, Arkansas. It specialized in residential remodeling projects, including kitchen and bathroom renovations, custom home building, and countertop installations. Natural State Contractors sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 25-71062) on June 25, 2025. In its petition, the Debtor reported total assets of $839,049 and total liabilities of $1,839,89. Judge Richard D. Taylor handles the case. The Debtor is represented by Marc Honey, Esq., at Honey Law Firm, P.A. NEED SPACE MONTEITH: Section 341(a) Meeting of Creditors on Nov. 20 ------------------------------------------------------------------- On September 25, 2025, Need Space Monteith LLC filed Chapter 11 protection in the Northern District of Mississippi. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 20, 2025 at 03:00 PM at Telephonic Meeting. About Need Space Monteith LLC Need Space Monteith LLC, operating in Olive Branch, provides self-storage units for personal and small business use, including climate-controlled options and security features. Need Space Monteith LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13184) on September 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtor is represented by John Keith Perry, Jr., Esq. of PERRY GRIFFIN, PC. NEUEHEALTH INC: Extends 'Outside Date' Under NH Merger Deal ----------------------------------------------------------- As previously reported, NeueHealth, Inc. entered into an Agreement and Plan of Merger, dated as of December 23, 2024, by and among the Company, NH Holdings 2025, Inc., and NH Holdings Acquisition 2025, Inc. On September 18, 2025, NH Holdings 2025 delivered to the Company written notice of the extension of the Outside Date (as defined in the Merger Agreement) to December 23, 2025 in accordance with Section 8.1(a) of the Merger Agreement. About NeueHealth Inc. Headquartered in Doral, Fla., NeueHealth Inc. -- http://www.neuehealth.com/-- is a value-driven healthcare company rooted in the belief that every health consumer deserves high-quality, coordinated care. The Company operates through two primary segments -- NeueCare and NeueSolutions -- each focused on optimizing the healthcare experience for consumers, providers, and payors with a consumer-centric, value-based care model. NeueCare provides accessible, affordable healthcare across diverse populations, including those in the ACA Marketplace, Medicare, and Medicaid, through both owned and affiliated clinics. NeueSolutions empowers providers and medical groups to succeed in performance-based care models. This segment also participates in the Centers for Medicare & Medicaid Innovation's (CMMI) ACO REACH program, ensuring high-quality healthcare access for Medicare beneficiaries. In its report dated March 21, 2025, Deloitte & Touche LLP, the Company's auditor since 2020, issued a "going concern" qualification attached in the Company's Form 10-K for the year ended Dec. 31, 2024, stating that the Company has a history of operating losses, negative cash flows from operations and does not have sufficient cash on hand or available liquidity to meet its obligations. These conditions raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $743.69 million in total assets, $1.14 billion in total liabilities, and $1.37 billion in total stockholders' deficit. NEW AGE FLOORING: Case Summary & 12 Unsecured Creditors ------------------------------------------------------- Debtor: New Age Flooring, LLC FDBA Gen Investment Group, LLC 1134 College St Suite A Clarksville, TN 37040 Case No.: 25-04056 Business Description: New Age Flooring, LLC provides residential and commercial remodeling services, specializing in flooring installation, fence construction, painting, and whole-home renovations. The Company operates in Tennessee, including Clarksville, Nashville, and surrounding areas, as well as parts of Kentucky such as Fort Campbell and Oak Grove. With 20 years of experience in the home remodeling and flooring industry, it offers a range of services from hardwood and luxury vinyl plank flooring to kitchen and bathroom remodeling. Chapter 11 Petition Date: September 26, 2025 Court: United States Bankruptcy Court Middle District of Tennessee Judge: Hon. Charles M Walker Debtor's Counsel: Robert J. Gonzales, Esq. EMERGELAW, PLC 4235 Hillsboro Pike, Suite 300 Nashville, Tennessee 37215 Tel: (615) 815-1535 Email: robert@emerge.law ecf@emerge.law Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Brandon Williams 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/3NEUGYQ/New_Age_Flooring_LLC__tnmbke-25-04056__0001.0.pdf?mcid=tGE4TAMA NORTH BROWARD: Case Summary & Nine Unsecured Creditors ------------------------------------------------------ Debtor: North Broward Pentecostal Tabernacle, Inc. 5349-5355 N Nob Hill Rd. Fort Lauderdale, FL 33351 Business Description: North Broward Pentecostal Tabernacle, Inc., based in Sunrise, Florida, operates as a religious organization providing Pentecostal Christian worship services and community programs. It is registered as an active not-for-profit entity with the Florida Department of State and is led by a board of officers including Horatio A. Tulloch as president. Chapter 11 Petition Date: September 30, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-21561 Debtor's Counsel: Adam I. Skolnik, Esq. LAW OFFICE OF ADAM I SKOLNIK, PA 1761 West Hillsboro Boulevard Suite 207 Deerfield Beach, FL 33442 Tel: 561-265-1120 Email: askolnik@skolniklawpa.com Total Assets: $914,437 Total Liabilities: $1,615,844 Horatio A. Tulloch signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6RB2OAY/North_Broward_Pentecostal_Tabernacle__flsbke-25-21561__0001.0.pdf?mcid=tGE4TAMA ODYSSEY MARINE: Investors Convert $2.35M Notes Into 1.98M Shares ---------------------------------------------------------------- As previously reported, on March 6, 2023, Odyssey Marine Exploration, Inc. entered into a Note and Warrant Purchase Agreement with institutional investors pursuant to which the Company issued convertible promissory notes (as amended, the "March 2023 Notes") in the aggregate principal amount of $14.0 million and warrants to purchase shares an aggregate of 3,703,710 shares of the Company's common stock, and (b) on December 1, 2023, the Company entered into a Note and Warrant Purchase Agreement with institutional investors pursuant to which the Company issued convertible promissory notes (as amended, the "December 2023 Notes") in the aggregate principal amount of $6.0 million and warrants to purchase shares an aggregate of 1,623,330 shares of the Company's common stock. Odyssey Marine Exploration, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on September 3 and 11, 2025, investors converted an aggregate of $830,846 of indebtedness under the March 2023 Notes into 698,714 shares of the Company's common stock. On August 26 and September 3 and 18, 2025, investors converted an aggregate of $1,520,254 of indebtedness under the December 2023 Notes into 1,279,637 shares of the Company's common stock. The issuance and sale of the shares of common stock were exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 thereunder. After giving effect to these issuances, the Company has 47,616,793 shares of common stock outstanding. About Odyssey Marine Odyssey Marine Exploration, Inc. and its subsidiaries are engaged in deep-ocean exploration. Their innovative techniques are currently applied to mineral exploration and other marine survey and contracted services. The corporate headquarters are in Tampa, Florida. Tampa, Fla.-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company incurred a loss from operations of $12 million during the year ended December 31, 2024, and as of that date, the Company's current liabilities exceeded its current assets by $16 million and its total liabilities exceeded its total assets by $79 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $16.6 million in total assets, $106.8 million in total liabilities, and a total stockholders' deficit of $90.3 million. ONDAS HOLDINGS: Ret. Brigadier Gen. Patrick Huston Joins OAS Board ------------------------------------------------------------------ Ondas Holdings Inc., a provider of autonomous aerial and ground robot intelligence and private wireless solutions through its business units Ondas Autonomous Systems (OAS) and Ondas Networks, announced that Brigadier General Patrick Huston, U.S. Army (ret.) has joined its OAS Advisory Board. In this role, General Huston will support the leadership team as Ondas continues to execute its strategic growth plan. General Huston's distinguished background aligns directly with OAS's mission. His combat leadership, legal expertise, and deep involvement in AI and emerging technologies bring invaluable perspective to OAS as it scales delivery of its autonomous intelligence, surveillance, and reconnaissance (ISR) and counter-UAS drone infrastructure, and advanced ground robotics platforms to global defense and security markets. He will also support Ondas' acquisition and investment strategy both in the United States and in international markets. "We are honored to welcome General Huston to our Advisory Board," said Eric Brock, Chairman and CEO of Ondas Holdings. "Patrick's distinguished operational and legal background with U.S. and allied forces, combined with his deep expertise in emerging technologies, provides Ondas with unique insight as we scale our operational platform and execute on go-to-market initiatives. His perspective will be instrumental in guiding our growth as we deliver advanced autonomous systems to defense and security customers globally." "I'm thrilled to join the extraordinary team at Ondas," said General Huston. "Their commitment to delivering advanced technologies that protect infrastructure, strengthen security, and enhance global stability truly sets them apart. Ondas' network and drone platforms – both air and ground – are second to none and play a vital role in safeguarding critical assets and supporting allied forces." Having served in senior legal and operational roles across elite commands such as the 101st Airborne Division, Joint Special Operations Command (JSOC), and U.S. Central Command, Huston's experience provides OAS with strategic insight into defense procurement, regulatory frameworks, and the integration of autonomous technologies in mission-critical environments. His guidance will strengthen Ondas' ability to deliver field-proven autonomous solutions that meet the evolving needs of U.S. and Allied defense customers. General Huston retired from the Pentagon after a 35-year military career that included service as a Commanding General, Army Ranger, helicopter pilot, and prosecutor, with five combat tours in Iraq and Afghanistan. He served as General Counsel of the 101st Airborne Division, JSOC, and U.S. Central Command. He was also on the "Responsible AI Board" in the Pentagon. General Huston is a member of the FBI's AI Task Force and the American Bar Association's AI Task Force. He is a certified director (NACD.DC) with the National Association of Corporate Directors and holds FAA commercial pilot ratings. About Ondas Holdings Marlborough, Mass.-based Ondas Holdings Inc. provides private wireless data solutions through its subsidiary, Ondas Networks Inc., and commercial drone solutions through Ondas Autonomous Systems Inc. (OAS), which includes wholly owned subsidiaries American Robotics, Inc. and Airobotics LTD. OAS focuses on the design, development, and marketing of autonomous drone solutions, while Ondas Networks specializes in proprietary, software-based wireless broadband technology for both established and emerging commercial and government markets. Together, Ondas Networks, American Robotics, and Airobotics deliver enhanced connectivity, situational awareness, and data collection capabilities to users in defense, homeland security, public safety, and other critical industrial and government sectors. In an audit report dated March 12, 2025, the Company's auditor, Rosenberg Rich Baker Berman, P.A., issued a "going concern" qualification, citing that the Company has experienced recurring losses from operations, negative cash flows from operations and a working capital deficit as of Dec. 31, 2024. As of Dec. 31, 2024, Ondas Holdings had $109.62 million in total assets, $73.68 million in total liabilities, and $16.58 million in total stockholders' equity. As of June 30, 2025, the Company had $151.95 million in total assets, $39.29 million in total liabilities, and $90.82 million in total stockholders' equity. OSTENDO TECHNOLOGIES: Seeks to Sell Technology Business at Auction ------------------------------------------------------------------ Ostendo Technologies Inc. seeks permission from the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, to sell substantially all Assets action, free and clear of liens, claims, interests, and encumbrances. The Debtor is seeking the Court's authority to assume and assign to the winning bidder/winning backup bidder all of the Debtor's executory contracts and unexpired leases that the winning bidder/winning backup bidder wants to have assigned to it and to fix the required Cure Amounts that would need to be paid to the other parties to the executory contracts and unexpired leases to enable compliance with the provisions of Section 365(b)(1)(A) of the Bankruptcy Code at the Cure Amounts set forth in the Contracts and Leases Schedule unless the other parties to the executory contracts and unexpired leases file a timely objection to the Motion and the Court determines that the required Cure Amount is different than the amount set forth in the Contracts and Leases Schedule. On August 29, 2025, the Court entered an order approving the Debtor's proposed Bidding Procedures. On August 29, 2025, the Debtor filed and served the Sale Hearing Notice and the Bidding Opportunity Notice on all creditors and on September 16, 2025, the Debtor served the Sale Hearing Notice and the Bidding Opportunity Notice on all equity interest holders with known contact information. After extensive consultation with the Debtor's well regarded and experienced financial advisor/sale agent, Sherwood Partners, Inc., the Debtor established the timeline for the sale process and Auction: -- Friday, October 10, 2025 at 5:00 p.m. (prevailing Pacific time): Initial Bid Deadline -- Monday, October 13, 2025 at 5:00 p.m. (prevailing Pacific Time):Deadline to revoke Initial Bids -- Monday, October 20, 2025 at 5:00 p.m. (prevailing Pacific Time): Notice of Qualified Bids provided to Qualified Bidders -- Wednesday, October 22, 2025 at 2:00 p.m. (prevailing Pacific Time): Auction and Sale Hearing -- Friday, November 7, 2025: Outside date by when the winning bidder at the Auction is required to close its purchase of the Assets unless the winning bidder and the Debtor jointly agree to extend the outside closing date and the winning bidder pays the closing date extension fees. The Bidding Procedures approved by the Bankruptcy Court are designed to ensure that the highest price possible is paid for the Assets by a purchaser who has the financial ability to close on a purchase of the Assets. The Debtor's Assets are comprised of two general categories: (1) the Debtor's intellectual property Assets; and (2) the Debtor's "hard" Assets such as equipment, furniture and fixtures. Bidders have been invited to bid on either or both categories of Assets, and as set forth in the Bidding Procedures, the minimum cash bid for the intellectual property Assets must be in the minimum cash amount of $2,500,000. Sherwood, with the assistance of the Debtor, has established an extensive data room, prepared a comprehensive Sale Memorandum, and conducted an extensive and comprehensive marketing and outreach effort designed to spur as much interest as possible in the Debtor’s sale process and Assets. The Debtor intends to file a supplement/status report in connection with this Motion after the Initial Bid Deadline to provide the Court and interested parties with an update on the status of the sale process. The Debtor urges all parties in interest and prospective bidders to read the entire Bidding Procedures document and the Bidding Procedures Order to understand the details of the Auction and sale process. The Debtor was founded in 2005 by Dr. Hussein S. El-Ghoroury and others to develop display technologies and products for commercial, consumer and government markets. Dr. El-Ghoroury served as the Chairman and the Chief Executive Officer of the Debtor from its inception until his termination in September 2024. During the past 20 years, the Debtor raised nearly $300 million in equity and government funding and explored options to go public. The Debtor developed hardware and software technologies including the "Quantum Photonic Imager" core technology and showed early promise in diverse and large markets from augmented reality glasses and holographic displays to solar energy and energy storage. Unfortunately, as a result of what the Debtor's current management believes to be serious mismanagement of the Debtor and its financial and business affairs by the Debtor's former management including, without limitation, the recurrence of debt obligations without required Board approvals, attempts to transfer assets to third parties without requisite Board approval or corporate authority, using corporate assets for personal purposes and without Board oversight or approval, the failure to renew and protect valuable patents, and the failure to pay employees and other creditors resulting in numerous lawsuits being filed against the Debtor, the Debtor has been forced to cease operations. In September 2024, as a result of such mismanagement, the Board of Directors of the Debtor terminated Dr. El-Ghoroury's employment with the Debtor and appointed Barak Bussel as Interim CEO. At the time of Dr. El-Ghoroury's departure, the Debtor was left with approximately $22 million - $25 million of debt obligations, no commercial traction for the Debtor’s technology or products, at least seven – and now more – lawsuits/legal actions where the Debtor was named a defendant, no active employees, no remaining facilities, except for one warehouse space which housed the Debtor's remaining physical assets, no access to technical or other information on the Debtor's servers due to mismanagement of IT, and an intellectual property portfolio in distress due to the lapse of key patents due to lack of payment and other questionable decision making. The purpose of this bankruptcy case is to preserve and to maximize the value of the Debtor's assets s (comprised primarily of intellectual property and equipment) for the benefit of creditors, address various pre-petition litigation commenced against the Debtor across multiple venues in a single forum, and monetize the Debtor's assets for the greatest recoveries possible, and reorganize or otherwise wind down the affairs of the Debtor in an orderly and efficient manner. The Debtor's assets are comprised primarily of intellectual property and certain remaining equipment of the Debtor. The Debtor has the following outstanding secured debt obligations and liens asserted against some or all of the Debtor's assets: U.S. Small Business Administration, John D. Pierce, NextMed III Owner, LLC, RAF Pacifica Group, and Rowen. The Debtor also estimates that it has more than $17 million of general unsecured debt obligations, not including potential additional lease and contract rejection damages claims which may arise as and to the extent any of the Debtor's unexpired leases or executory contracts are rejected and counterparties are entitled to rejection damages claims as a result. About Ostendo Technologies Inc. Ostendo Technologies, Inc. develops advanced display and imaging technologies, including micro-LED and quantum photonic imagers. It operates in the semiconductor sector and maintains facilities in California. Ostendo Technologies sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11111) on June 24, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtor tapped Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP as legal counsel and Sherwood Partners, Inc. as restructuring advisor. OUR HOUSE: Superior Court Appoints Judy Morton as Receiver ---------------------------------------------------------- vtdigger reports that a Superior Court judge has appointed an independent manager to oversee three Rutland City elder care facilities after approving the state's receivership request in July 2025. The decision follows reports of abuse, neglect, and persistent staffing shortages and marks the second time in under five years that a court has intervened at these homes, according to the report. The violations have also prompted the Vermont Attorney General's Office to resume efforts to collect $40,000 in previously suspended fines from the facilities' owners. The facilities — Our House, Our House Too, and Our House Outback — are operated by Inn-One Home LLC, which does business as Our House Residential Care Homes. Located east of Route 7 in Rutland, the three homes are licensed for a total of 35 beds. They are classified as Level III residential care group-living homes, serving residents who need assistance with daily activities but do not require full-time nursing care. Owned by Paula and Pasquale Patorti, the facilities have a long history of health, safety, and care violations dating back to 2016. In May 2025, the Department of Disability, Aging and Independent Living, with counsel from the Vermont Attorney General's Office, filed a civil complaint citing ongoing violations that posed serious risks to residents. Two counts were brought under state long-term care regulations, alleging repeated breaches that created "imminent danger of death or serious physical or mental harm" to residents, according to vtdiggers. On September 9, 2025, Washington County Superior Court Judge Benjamin Battles appointed Judy Morton as the independent manager, or receiver, of the three facilities. Morton, administrator of Thompson House Nursing Home in Brattleboro, was selected for her extensive experience in Vermont's long-term care industry and her reasonable hourly rate. Judge Battles noted that the receivership was necessary due to a recurring pattern of staffing and training violations that threatened resident welfare, the report states. About Our House Residential Care Homes Our House Residential Care Homes is a residential care home that provides homelike environment for individusals with dementia. PACIFIC BELLS: S&P Affirms 'B-' ICR on Fungible Term Loan Add-On ---------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on U.S.-based Taco Bell franchisee Pacific Bells LLC, primarily reflecting its high leverage, relatively small scale, geographic concentration, and single-brand focus. S&P Global Ratings also affirmed its 'B-' issue-level rating on the company's proposed first-lien credit facilities. The '3' recovery rating is unchanged, indicating its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. The stable outlook reflects S&P's expectation that Pacific Bells will generate consistent operating results and steady credit metrics over the next 12 months, with pro forma S&P Global Ratings-adjusted leverage in the mid-7x area. Pacific Bells announced a proposed $120 million fungible add-on to its existing first-lien term loan facility to finance its acquisition of Taco Bell locations. The company is also proposing to upsize its revolver by $10 million to $80 million. Therefore, S&P expects Pacific Bells' pro forma leverage will be in the mid-7x area and trending toward 7x in 2026. S&P said, "Pacific Bells' proposed fungible term loan add-on and upsized revolver are consistent with our expectations for its growth strategy. The company's pro forma capital structure will comprise $590 million of first-lien term loans (including its $471 million of existing term loans and the proposed $120 million add-on) and an upsized $80 million revolving credit facility. We view Pacific Bells' acquisition of additional Taco Bell restaurants as complementary to its overall business strategy and portfolio. We think the geographic mix of the target portfolio fits well with the company's current footprint and will likely not require significant investments to integrate. We expect Pacific Bells will realize some synergies related to back-office consolidation following the transaction. Following the close of the acquisition, we expect the company's leverage will be elevated in the high-7x area but anticipate it will deleverage over the coming years as it realizes the run-rate benefits from its acquisition and expands its organic earnings. On a pro forma basis, we anticipate Pacific Bells' leverage will be in the mid-7x area before improving toward 7x in 2026. "Furthermore, we expect Pacific Bells will continue generating positive free operating cash flow (FOCF) net of its annual capital expenditure (capex). We anticipate the company will spend about $30 million-$35 million annually on capex, including for future store development and remodels. While we expect Pacific Bells' FOCF will remain positive, its ongoing cash tax distributions will limit its level of discretionary cash flow." Taco Bell's value-focused menu and ongoing rollout of limited-time offers will support a mid-single digit percent increase in same-store sales in 2025 and 2026. Pacific Bells expanded the same-store revenue from its Taco Bell restaurants by 10.1% in the first quarter of 2025 and 5.7% in the second quarter on increases in its volumes and average check size. The Taco Bell franchise outperformed the broader quick-service restaurant (QSR) industry, despite softening consumer sentiment, as the franchise gained market share from fast-casual restaurants and raised its sales across all income bands. S&P said, "We believe ongoing macroeconomic headwinds and soft consumer sentiment will further encourage value-seeking behavior and trade-in. Pacific Bells stands to benefit from this trend due to Taco Bell's value offerings, such as its successful combination "Luxe” boxes and cravings value menu, both of which performed particularly well in Pacific Bells' southern market due to higher price sensitivity among consumers there. We believe Taco Bell's ongoing rollout of limited-time offerings will also benefit the company's top-line and expect the Taco Bell franchise will continue to outperform the overall QSR industry in the near term. Pacific Bells improved its S&P Global Ratings-adjusted EBITDA margin in the second quarter of 2025, supported by the benefits from its earlier pricing initiatives that mitigated the impact of last year's passage of the FAST Act in California on labor costs. S&P said, "We anticipate a slight improvement in the company's S&P Global Ratings-adjusted EBITDA margin in its existing store base in 2025, relative to the 21.1% margin it reported in 2024, primarily due to its improving labor margin. We expect Taco Bell franchises generally will continue delivering high restaurant-level margins due, in part, to the brand's promotion of chicken products, which has helped offset some of the pressure from elevated beef prices. As of the second quarter of 2025, systemwide Taco Bell chicken sales were up 50% over the last two years, and we think this has benefited Pacific Bells' margins." S&P said, "The stable outlook reflects our expectation that Pacific Bells will generate consistent operating results and steady credit metrics over the next 12 months, with pro forma S&P Global Ratings-adjusted debt to EBITDA in the mid-7x area in 2025 and in the low-7x area in 2026. We expect the company will also expand its EBITDA base supported by its new unit development and a mid-single digit percent rise in its same-store sales." S&P could lower its rating on Pacific Bells if: -- The company cannot execute on its growth strategy, leading to lagging sales and EBITDA; and -- S&P expects its liquidity will be constrained as the company approaches sustained negative FOCF generation. S&P could raise its rating on Pacific Bells if: -- The company adopts a more conservative financial policy such that S&P expects its S&P Global Ratings-adjusted leverage to remain below 6.5x on a sustained basis; and -- It significantly expands its operating scale and profitability through continued successful new-store development and explores incorporating new restaurant styles into its portfolio. PALATIN TECHNOLOGIES: Reports $17.3 Million Net Loss for FY2025 --------------------------------------------------------------- Palatin Technologies Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended June 30, 2025, reporting net losses of $17.31 million and $29.74 million in fiscal 2025 and 2024, respectively. The Company recorded no revenue for the year ended June 30, 2025, as compared with a revenue of $4.49 million for the year prior. As of June 30, 2025, the Company had total assets of $3.27 million, $8.04 million in total liabilities, and $4.78 million in total shareholders' deficit. Philadelphia, Penn.-based KPMG LLP, the Company's auditor since 2002, issued a "going concern" qualification in its report dated Sept. 23, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has incurred operating losses and negative cash flows from operations since inception and will need additional funding to complete its planned product development efforts that raise substantial doubt about its ability to continue as a going concern. The Company is evaluating strategies to obtain additional funding for future operations which include, but are not limited to, obtaining equity financing, issuing debt, or reducing planned expenses. A failure to raise additional funding or to effectively implement cost reductions could harm the Company's business, results of operations, and future prospects. If the Company is not able to secure adequate additional funding in future periods, the Company would be forced to make additional reductions in certain expenditures. This may include liquidating assets and suspending or curtailing planned programs. The Company may also have to delay, reduce the scope of, suspend, or eliminate one or more research and development programs or its commercialization efforts or pursue a strategic transaction. If the Company is unable to raise capital when needed or enter into a strategic transaction, then the Company may be required to cease operations, which could cause its stockholders to lose all or part of their investment. The consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the continuity of operations, the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Assuming no additional funding and based on its current operating and development plans, the Company expects that existing cash and cash equivalents as of the date of this filing will be sufficient to fund currently anticipated operating expenses through the second half of calendar year 2025. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/mryxpv4m About Palatin Headquartered in New Jersey, Palatin Technologies Inc. -- www.Palatin.com -- is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. PARENT SUPPORT: Section 341(a) Meeting of Creditors on October 27 ----------------------------------------------------------------- On September 25, 2025, Parent Support Network of Rhode Island Inc. filed Chapter 11 protection in the District of Rhode Island. According to court filing, the Debtor reports $1,250,945 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. Meeting to be held telephonically. About Parent Support Network of Rhode Island Inc. Parent Support Network of Rhode Island Inc. is a nonprofit organization that provides free peer-based support, education, and advocacy services for parents and families in Rhode Island. It offers family peer support to those navigating mental health and substance use challenges, child welfare involvement, and the juvenile justice system, with services including parenting education, fatherhood support, family groups, and one-on-one assistance from trained Family Support Partners. The organization has been supporting families statewide for more than 30 years through a helpline, group programs, and community-based services. Parent Support Network of Rhode Island Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. R.I. Case No. 25-10775) on September 25, 2025. In its petition, the Debtor reports total assets of $90,680 and total liabilities of $1,250,945. Honorable Bankruptcy Judge John A Dorsey Jr. handles the case. The Debtor is represented by Russell D. Raskin, Esq. of RASKIN & BERMAN PEACOCK INTERMEDIATE II: Moody's Lowers CFR to Caa2, Outlook Stable ------------------------------------------------------------------- Moody's Ratings downgraded the ratings of Peacock Intermediate Holding II, L.P. (doing business as Pelican Products), including the corporate family rating to Caa2 from Caa1 and the probability of default rating to Caa2-PD from Caa1-PD. Moody's also downgraded the backed senior secured first lien term loan and backed senior secured first-lien revolving credit facility at the company's wholly owned subsidiary Pelican Products, Inc. to Caa1 from B3. The outlook remains stable for both issuers. The ratings downgrades reflect Pelican Products' weak liquidity, attributed to ongoing negative free cash flow and limited availability on an ABL revolving credit facility and cash flow revolver. Further, the facilities will expire in December 2026. The company will also continue to have high leverage and weak interest coverage despite Moody's expectations of improved earnings over the next 12-18 months. Governance was a key consideration for this rating action. Governance factors including aggressive financial strategies and risk management practices resulted in weak liquidity and high financial leverage while efforts to improve operating results have been ineffective. RATINGS RATIONALE Pelican Products' Caa2 CFR reflects the company's weak liquidity, high leverage, weak interest coverage and modest scale in a fragmented market. Moody's expects continued negative free cash flow over the next 12-18 months, driven by low earnings and high interest costs from a high debt level. The company has exposure to cyclical industrial and consumer end markets, which can result in earnings volatility. However, Pelican Products has strong brand recognition for its quality protective cases. The company has good geographic and product diversification, including the Pelican Products division's protective cases and portable lighting systems and the Peli Biothermal division's parcels and bulks. New product and service offerings will help drive top line growth and margin expansion over the next 12-18 months. Moody's expects debt-to-EBITDA to decline to 7.6x and EBITDA less capex to interest to increase to about 0.9x over the next 12-18 months, driven by higher earnings. Moody's expects organic revenue growth of 4% per year over the next 12-18 months, driven by favorable pricing, new product and service launches, strong demand from the consumer end market and improved demand from the government end market for its Pelican Products division's products, and improved demand for its Peli Biothermal division's parcels and bulks. Pelican Products has implemented cost and expense control initiatives to improve profit margin. Moody's expects its EBITA margin to improve to 13.9% over the next 12-18 months. The company's cost and expenses saving plans include procurement initiatives to reduce vendor input costs, corporate overhead expense reductions and freight cost optimization measures. The stable outlook reflects Moody's expectations that modest revenue growth and improved margin will drive higher earnings, resulting in a decline in financial leverage, although debt-to-EBITDA will likely remain high. The stable outlook also assumes that Pelican Products will timely and successfully address its December 2026 ABL revolving credit facility and cash flow revolver expirations. Pelican Products will have weak liquidity over the next 12 months. Liquidity is supported by $23 million of cash at June 30, 2025. Moody's expects the company will have negative $7 million of free cash flow over the next 12 months. The company had $2 million available on a $40 million cash flow revolver expiring in December 2026 and about $20 million available on a $95 million ABL revolving credit facility expiring December 2026 as of the end of June 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if Pelican Products fails to improve liquidity, including generating positive free cash flow or increasing revolver availability, or if the capital structure becomes untenable. A downgrade could also occur if Moody's believes the likelihood of default, including a distressed exchange, increases or Moody's estimates of recovery rates declines. The ratings could be upgraded if Pelican Products materially improves its liquidity and operating performance. In addition, demonstrating a trajectory of meaningfully reducing debt-to-EBITDA and adequately covering the related interest expense could support an upgrade. 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. Peacock Intermediate Holding II, L.P. is doing business as Pelican Products. Pelican Products designs, develops, manufactures and markets high-performance protective cases, temperature-controlled packaging solutions, portable lighting systems and rugged gear, for use in a variety of end markets including life sciences, law enforcement, military, aerospace, entertainment, industrial and outdoor markets. Pelican Products is owned by private equity firm Platinum Equity. Pelican Products is based in Torrance, CA and operates 19 international offices and seven manufacturing facilities around the world. Pelican Products has two operating groups: the Pelican Products division and Peli Biothermal division. PEGRUM CREEK: To Sell Madison Property to Northaven Land for $6MM ----------------------------------------------------------------- Pegrum Creek, LLC seeks permission from the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the Northern District of Alabama, Northern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. Included in the property of the estate is real property located in an unincorporated portion in the Hazel Green Community of Madison County, Alabama identified by the Madison County Tax Assessor as having the following property tax ID numbers: A. 03-08-33-0-000-007.000 B. 03-08-28-0-000-046.000 C. 03-08-28-0-000-040.000 consisting of approximately 239 +/- acres. The Debtor received an offer from Northaven Land Company to purchase the Property for $6,015,000. First Bank is a first position lien holder on the following property tax ID numbers: A. 03-08-33-0-000-007.000 B. 03-08-28-0-000-046.000 collectively totaling 134 +/- acres. In order for the Sale to close with clear title, approval to pay from the net proceeds at closing is required to satisfy the payoff to First Bank. Bank of Frankewing is a first position lien holder following property tax ID number: A. 03-08-28-0-000-040.000 collectively totaling 105 +/- acres. In order for the Sale to close with clear title, approval to pay from the net proceeds at closing is required to satisfy the payoff to Bank of Frankewing. The anticipated net proceeds will be held in the trust account of the Debtor's counsel. The Debtor agrees to sell the Property for a total purchase price of $6,500,000.00 and believes that the sale of the Property is fair and reasonable and will not adversely affect the creditors. The Debtor proposes to sell the Property free and clear of all liens and interests. About Pegrum Creek LLC Pegrum Creek is engaged in activities related to real estate. Pegrum Creek LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-81037) on June 3, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by William E. Taylor, Jr., as president. Judge Clifton R Jessup Jr. presides over the case. Stuart Maples, Esq. at Thompson Burton PLLC represents the Debtor as counsel. PEGRUM CREEK: To Sell New Market Property to Allen & Heath Roeber ----------------------------------------------------------------- Pegrum Creek, LLC seeks permission from the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the Northern District of Alabama, Northern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. Included in the property of the estate is real property described as 396 Billy D Harbin Rd., New Market, Alabama 35761. The Debtor received a cash offer from Allen Jon Roeber and Heath Allen Roeber to purchase the Property for the sum of $465,000.00. First Bank is a first position lien holder on the following property tax ID numbers: A. 03-08-33-0-000-007.000 B. 03-08-28-0-000-046.000 collectively totaling 134 +/- acres. In order for the Sale to close with clear title, approval to pay from the net proceeds at closing is required to satisfy the payoff to First Bank. First Bank is a lien holder on the Property. The Debtor proposes to sell all of the estate's right, title and interest in the Property for a total purchase price of $465,000.00, with a closing to be on or before October 14, 2025 and after the entry of an order approving the sale becomes final. The Debtor believes the Offer is fair and reasonable and in the best interest of the estate and its creditors based upon the market analysis. About Pegrum Creek, LLC Pegrum Creek is engaged in activities related to real estate. Pegrum Creek LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-81037) on June 3, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by William E. Taylor, Jr., as president. Judge Clifton R Jessup Jr. presides over the case. Stuart Maples, Esq. at Thompson Burton PLLC represents the Debtor as counsel. PLANO HOLDCO: S&P Downgrades ICR to 'B', Outlook Negative --------------------------------------------------------- S&P Global Ratings lowered all its ratings on Plano HoldCo Inc.'s (d/b/a Perficient), including the issuer credit rating, to 'B' from 'B+'. The negative outlook reflects the potential that S&P will lower its rating if the company's sales and cost-management initiatives are unsuccessful and it underperforms our base-case expectations. Perficient's revenue continued to decline in the second quarter of 2025, which further reduced its earnings. S&P Global Ratings expects the challenges the company faced in late 2024 and early 2025, precipitated by the earlier spike in attrition among its sales team, will cause its leverage to rise well above our previous downside threshold this year. Perficient's revenue continues to decline on a year-over-year basis, as it grapples with the fallout from the elevated attrition among its sales team, while broader industry trends remain challenging. The company reported a 17% year-over-year revenue decline in the second quarter of 2025, which followed a 13% decline in the first quarter and was significantly below our prior expectations. This contraction is largely attributable to the voluntary attrition of Perficient's sales team in the second half of 2024, which stemmed from changes to its compensation plans amid a challenging selling environment. While the company's sales force headcount has since normalized, its sales will likely take time to recover as it ramps up the productivity of its new sales force. S&P said, "We believe the impact on Perficient's revenue was compounded by the broader slowdown in customer spending across the consulting industry. The company's focus on design and development services leads to an even greater sensitivity to discretionary spending, which has been constrained by economic uncertainty. We still think management's initiatives--including an AI-first strategy to spur its deal flow and an enhanced sales approach targeting new business--may help to mitigate these challenges. However, we have lowered our forecast for 2025 to reflect the significant setback relative to our prior expectations through the first half of the year and a muted recovery in the second half. Therefore, we now expect Perficient's revenue will decline by 10.3% for the full year, which is well below our previous expectation for nearly flat year-over-year revenue." S&P said, "We now expect very high leverage and free operating cash flow (FOCF) deficits this year, though we note the company maintains a comfortable liquidity cushion. In step with its revenue and volume declines, Perficient's profitability was also very weak in the first half of 2025. Management's cost and headcount adjustments also lagged the onset of its volume declines, which negatively affected its utilization rates in the first half of the year (utilization was 78% in the first half, down from 82% in the second quarter of 2024). Consequently, Perficient's S&P Global Ratings-adjusted EBITDA margin fell to about 6.5% in the first half of 2025, which compares with about 17% for the same period last year. The combination of reduced revenue and profitability led to a spike in the company's S&P Global Ratings-adjusted leverage to 9.5x as of June 30, 2025, which is well above our previous downside trigger. In the first half, Perficient also reported a FOCF deficit of about $9 million. We expect even the company's leverage will exceed this level as of the end of 2025 because the full-year impact of the disruption on its business will reflected in its earnings, though we estimate its FOCF will be about flat in the second half as its business starts to recover. We view Perficient's currently elevated leverage and weak cash flow as transitory and forecast a rapid improvement in its credit metrics in 2026. The company maintains a good liquidity cushion, supported by its about $37 million of cash and access to an undrawn $280 million revolver. We believe this liquidity provides will management with some additional flexibility if its business recovery is slower than we anticipate. "Business recovery in 2026 will support rapid deleveraging. We believe Perficient will increase its revenue by about 6.5% in 2026, supported by the improving productivity of its sales force. Recent improvement in the company's pipeline and bookings (July and August monthly bookings increased by 18.5% relative to the previous five months) give us some confidence that its second-quarter revenue represented a trough period. We think Perficient's new leadership and successful ramp-up of its new sales staff will help it regain its productivity. Furthermore, management's focus on AI-driven offerings positions it favorably to benefit from the secular growth trends in this sector. Our base-case forecast assumes a substantial margin expansion, relative to current levels, due to sustained improvements in its sales force's effectiveness, the realization of benefits from its cost-optimization initiatives (including improving utilization rates), the phasing out of one-time costs, and--to a lesser extent--an increasing proportion of offshore delivery. We think these combined improvements will likely cause the company's S&P Global Ratings-adjusted EBITDA margin to expand to about 17% in 2026, which compares with our forecast for 8.3% in 2025. "Still, our negative outlook reflects the execution risks associated with management's initiatives to improve its utilization rates and the sustainability of its recent bookings momentum, which are critical to our projections. If these expected improvements do not materialize, we anticipate Perficient's credit metrics would weaken further, potentially leading to a downgrade. "The negative outlook reflects the potential that we will lower our rating if the company's sales and cost-management initiatives are unsuccessful and it underperforms our base-case expectations. "We could lower our rating on Perficient if the benefits from its business-improvement efforts do not materialize, leading to a weaker-than-expected performance and diminished prospects for business and liquidity improvements." This could occur if: -- The company's revenue growth and EBITDA margins underperform S&P's base-case expectations such that it takes a less-favorable view of the business; -- Its leverage remains above 7.5x; or -- Its liquidity tightens due to cash flow shortfalls and revolver borrowings. S&P said, "We could revise our outlook on Perficient to stable if we believe its performance will recover in line with our expectations such that it improves its revenue and EBITDA margins, enabling it to sustain leverage of less than 7.5x." POINT CLEAR CAPITAL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------------ Debtor: Point Clear Capital Management, LLC 14239 Perdido Key Dr. Apt. 8 Pensacola, FL 32507 Business Description: Point Clear Capital Management, LLC, based in Pensacola, Florida, provides investment management and advisory services, operating as a Florida limited liability company. The firm has been involved in managing pooled investment funds and other capital management activities. Chapter 11 Petition Date: October 1, 2025 Court: United States Bankruptcy Court Northern District of Florida Case No.: 25-30966 Judge: Hon. Jerry C Oldshue Jr Debtor's Counsel: Jodi Daniel Dubose, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 440 Bayfront Pkwy. Pensacola, FL 32502 Tel: 850-637-1836 Estimated Assets: $0 to $50,000 Estimated Liabilities: $50 million to $100 million The petition was signed by Darryl Seelhorst as authorized member. A copy of the Debtor's list of 20 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ITR4GOI/Point_Clear_Capital_Management__flnbke-25-30966__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ILMKZAY/Point_Clear_Capital_Management__flnbke-25-30966__0001.0.pdf?mcid=tGE4TAMA POWIN LLC: Plan Exclusivity Period Extended to January 5, 2026 -------------------------------------------------------------- Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey extended Powin, LLC and affiliated debtors' exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 5, 2026 and March 6, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that these Chapter 11 Cases involve nine Debtor entities that formerly operated global energy platforms across the United States, Vietnam, China, Canada, Australia, and Spain. Powin and its affiliates engineered and installed battery energy storage systems ("BESS") for clean energy projects. The Debtors' business model was highly technical, capital-intensive, and proprietary. The scale and complexity of restructuring such a business strongly support extending the Exclusivity Periods to allow the Debtors to continue building on the progress already achieved and to craft a comprehensive chapter 11 plan. The Debtors claim that working closely with the Committee, they have made substantial, goodfaith progress toward developing a chapter 11 plan and preparing the related disclosures that seeks to liquidate the proceeds of the FlexGen Sale and the EKS Sale, among other things, for the benefit of all creditors. Additional time is necessary to ensure that the plan maximizes value for creditors and the estates. The Debtors assert that because of the substantial work, they were able to stabilize their business and ultimately successfully negotiate and close the FlexGen Sale, the Mainfreight Sale, and the EKS Sale, each generating significant value for the Debtors' estates and their stakeholders. Thus, this factor supports the extension of the Exclusive Periods. The Debtors further assert that an extension of the Exclusivity Periods will directly benefit the estates and their stakeholders by allowing them to continue this orderly administration while finalizing the formulation of a comprehensive chapter 11 plan. The ability to continue making timely payments ensures the orderly administration of the estates, preserves creditor confidence, and facilitates the cooperative engagement of key constituencies in connection with the chapter 11 process. For these reasons, this factor strongly supports the relief requested. Counsel to the Debtors: Tania M. Moyron, Esq. Van C. Durrer, II, Esq. DENTONS US LLP 601 S. Figueroa Street #2500 Los Angeles, CA 90017 Tel: (213) 623-9300 Fax: (213) 623-9924 Email: tania.moyron@dentons.com van.durrer@dentons.com - and - John D. Beck, Esq. Sarah M. Schrag, Esq. 1221 Avenue of the Americas New York, NY 10020-1089 Tel: (212) 768-6700 Fax: (212) 768-6800 Email: john.beck@dentons.com sarah.schrag@dentons.com Coumsel to the Debtors: Frank A. Oswald, Esq. TOGUT, SEGAL & SEGAL LLP 550 Broad Street Suite 1508 Newark, NJ 07102 Tel: (212) 594-5000 Fax: (212) 967-4258 Email: frankoswald@teamtogut.com - and - Albert Togut, Esq. Amanda C. Glaubach, Esq. Eitan Blander, Esq. One Penn Plaza, Suite 3335 New York, New York 10119 Tel: (212) 594-5000 Fax: (212) 967-4258 Email: altogut@teamtogut.com aglaubach@teamtogut.com eblander@teamtogut.com About Powin LLC Powin, LLC, is a manufacturer of utility-scale battery energy storage systems. It specializes in designing and manufacturing advanced energy storage solutions for utility, commercial, and industrial applications. Powin and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16137) on June 10, 2025. In its petition, Powin listed assets and liabilities between $100 million and $500 million. Bankruptcy Judge Michael B. Kaplan handles the cases. The Debtors tapped Togut, Segal & Segal LLP and Dentons US LLP as counsel, and Huron Transaction Advisory LLC as investment banker. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Powin LLC and its affiliates. The Committee retained Genova Burns LLC and Brown Rudnick LLP as its co-counsel. PREDICTIVE ONCOLOGY: Reverse Stock Split, $10M Share Issuance OK'd ------------------------------------------------------------------ Predictive Oncology Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company held a Special Meeting of Stockholders. As of August 18, 2025, the record date for the Special Meeting, there were 10,892,657 shares of common stock outstanding and entitled to vote. The results of the matters submitted to a vote of the stockholders at the Special Meeting are set forth below: 1. To approve amendment to the Company's certificate of incorporation, as amended, to effect a one-for-fifteen reverse stock split of the outstanding shares of the Company's common stock, par value $0.01 per share. Stockholders approved the Reverse Split Proposal by the following votes: Voted For: 3,739,479 Voted Against: 1,317,568 Abstentions: 54,693 Broker Non-Votes: 1 Following such approval, the Company filed a Certificate of Amendment to the Charter with the Secretary of State of the State of Delaware on September 22, 2025, to effect the reverse stock split. The Common Stock will trade on a reverse-split-adjusted basis on the Nasdaq Capital Market under the existing ticker symbol "POAI." The new CUSIP number for the Common Stock is 74039M408. As a result of the reverse stock split, every 15 shares of issued and outstanding Common Stock will be automatically combined into one issued and outstanding share of Common Stock, without any change in the par value per share. No fractional shares will be issued as a result of the reverse stock split and any fractional shares that would otherwise have resulted from the reverse stock split will be rounded up to the next whole number. The reverse stock split does not change the total number of authorized shares of Common Stock or preferred stock. 2. To approve the issuance of up to $10,000,000 of the Company's common stock pursuant to a Standby Equity Purchase Agreement dated July 1, 2025, for purposes of complying with Nasdaq listing rule 5635. Stockholders approved the Nasdaq Proposal by the following votes: Voted For: 1,301,709 Voted Against: 355,445 Abstentions: 88,591 Broker Non-Votes: 3,365,996 3. To approve the adjournment of the Special Meeting in the event that the number of shares of common stock present or represented by proxy at the meeting and voting "FOR" the adoption of the foregoing proposals are insufficient to approve such proposals. Stockholders approved the Adjournment Proposal by the following votes: Voted For: 3,850,719 Voted Against: 1,146,863 Abstentions: 114,155 Broker Non-Votes: 4 Although stockholders approved the Adjournment Proposal, because a quorum was present and stockholders approved the Reverse Split Proposal and the Nasdaq Proposal, no adjournment of the Special Meeting was necessary. About Predictive Oncology Predictive Oncology Inc., headquartered in Pittsburgh, Pennsylvania, is a science- and knowledge-driven company that leverages artificial intelligence (AI) to advance the discovery and development of optimal cancer therapies. By combining AI with a proprietary biobank of over 150,000 tumor samples, categorized by tumor type, the Company delivers actionable insights into drug compounds, enhancing the drug discovery process and increasing the likelihood of clinical success. Predictive Oncology offers a comprehensive suite of solutions that support oncology drug development from early discovery through to clinical trials, ultimately aiming to improve treatment effectiveness and patient outcomes. In its report dated March 31, 2025, the Company's auditor, KPMG LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Predictive Oncology had $3.44 million in total assets, $5.09 million in total liabilities, and a total stockholders' deficit of $1.65 million. PROSOURCE MACHINERY: Seeks to Extend Plan Exclusivity to October 20 ------------------------------------------------------------------- ProSource Machinery, LLC asked the U.S. Bankruptcy Court for the District of Colorado to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 20 and December 16, 2025, respectively. Since the Petition Date, the Debtor has worked diligently to formulate a plan of reorganization. Here, several factors favor granting the requested extension. * Complexity: The Debtor's operations span two states and involve approximately 15 secured creditors with interests in numerous pieces of equipment and machinery. * Time and Information: The Debtor is undertaking material operational changes. * Progress: The Debtor has determined a restructuring path and is implementing a strategy to return to viability. * Compliance: The Debtor is generally paying its operating expenses as they come due and timely filing its monthly operating reports. * Reasonable Prospects and Progress in Negotiations: The Debtor has simplified operations and surrendered a significant amount of collateral to secured creditors. * Amount of Time: The Debtor seeks only a modest extension of 21 days. * Good Faith and No Prejudice: This Motion is not intended to coerce creditors or cause undue delay. ProSource Machinery, LLC is represented by: David V. Wadsworth, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 W. Main St., Ste. 200 Littleton, CO 80120 Telephone: (303) 296-1999 Email: dwadsworth@wgwc-law.com About ProSource Machinery ProSource Machinery, LLC, sells and rents off-highway construction and mining equipment in Montana and Colorado. ProSource filed a Chapter 11 petition (Bankr. D. Colo. Case No. 25-11010) on Feb. 28, 2025, listing up to $10 million in assets and up to $50 million in liabilities. Derek Dicks, managing member of ProSource, signed the petition. Judge Kimberley H. Tyson oversees the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C., is the Debtor's legal counsel. PROVIDENT GROUP: S&P Affirms 'BB-' Rating on Housing Revenue Bond ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' long-term rating on the District of Columbia's series 2013 student housing revenue bonds, issued for Provident Group - Howard Properties LLC, a not-for-profit corporation that constructed student housing for Howard University. The outlook is stable. S&P assessed the project's environmental, social, and governance risk factors pertaining its market position, financial performance, and management and governance, and found them neutral in our credit rating analysis. The stable outlook reflects our expectation that occupancy will remain solid and rate increases and collection efforts will yield improving debt service coverage. A negative rating action is possible in the next year if there is continued pressure on debt service coverage and payments or an inability to maintain occupancy given other housing options on campus. S&P could consider a positive rating action with persistent coverage above the 1.2x covenant level and some increases in reserves commensurate with a higher rating such that cushion against unforeseen issues grows. QM GP: Gets Initial CCAA Stay Order; A&M as Monitor --------------------------------------------------- QM GP Inc. and Highpoint Environmental Services Inc. ("Highpoint") ("QME" or the "Applicants") made an application to the Ontario Superior Court of Justice (Commercial List) ("Court") and were granted an order ("Initial Order") pursuant to the Companies' Creditors Arrangement Act. The Initial Order, among other things: (i) declares that the Applicants are debtor companies to which the CCAA applies, extending the protections, authorizations, restrictions, and benefits of the Initial Order and the CCAA to QM LP, QMF LP, TWT LP, and Quantum Holdings LP; and (ii) provides for a stay of proceedings in favor of the QM Group. Pursuant to the Initial Order, Alvarez & Marsal Canada Inc. was appointed as monitor of the business and financial affairs of the Applicants. On July 29, 2025, the Court granted the Lien Regularization Order ("LRO"). Among other things, the LRO establishes a streamlined Court supervised process, administered by the Monitor, to replace the process typically utilized by lien claimants’ to preserve and perfect a lien under the Provincial Lien Legislation (as defined in the LRO). A copy of the LRO can be found here: https://tinyurl.com/3t6y9c92. The LRO is applicable for Continuing QM Projects. The list of Continuing QM Projects can be found here: https://tinyurl.com/nhk5enpf. Any Person who wishes to assert a Lien Claim (as defined in the LRO) in respect of a Continuing QM Project, whether in respect of materials and/or services supplied before or after the Filing Date shall deliver by email a Lien Notice in the form attached to the LRO as Schedule “C”. The form of Lien Notice can be found here: https://tinyurl.com/59euxemv. Lien Notices must be sent by email to the following: jnevsky@alvarezandmarsal.com; nfennema@alvarezandmarsal.com; carmstrong@goodmans.ca; eaxell@goodmans.ca; skour@reconllp.com; cfell@reconllp.com; nrambaran@reconllp.com On Aug. 7, 2025, the Court granted the SISP Approval Order, approving a sale and investment solicitation process ("SISP"). The SISP has been designed to solicit interest in and opportunities for one or more transactions in respect of QME's assets, business and/or individual business units, including but not limited to the: (i) construction business, and the individual project contracts included therein; (ii) emergency response business; (iii) Hamilton waste transfer station; and (iv) other assets and/or groups of assets. More information about the SISP can be found here: https://tinyurl.com/4shsu8up. The Monitor can be reached at: Alvarez & Marsal Canada Inc. Royal Bank Plaza South Tower 200 Bay Street Suite 2900 Toronto, ON M5J 2J1 Josh Nevsky Email: jnevsky@alvarezandmarsal.com Nate Fennema Email: nfennema@alvarezandmarsal.com Raymond Cho Email: raymond.cho@alvarezandmarsal.com Counsel for the Applicants: Reconstruct LLP 80 Richmond Street West Suite 1700 Toronto, ON M5H 2A4 Caitlin Fell Email: cfell@reconllp.com Tel : 416-613-8282 Sharon Kour Email: skour@reconllp.com Tel: 416-613-8283 Brendan Bissell Email: bbissell@reconllp.com Tel: 416-613-0066 Natasha Rambaran Email: nrambaran@reconllp.com Tel : 416-587-1439 Counsel for the Monitor: Goodmans LLP 333 Bay Street Suite 3400 Toronto, ON M5H 2S Chris Armstrong Email: carmstrong@goodmans.ca Tel: 416-849-6013 Erik Axell Email: eaxell@goodmans.ca Tel: 416-840-2579 A copy of the Initial Order, the LRO and all materials filed in these proceedings may be obtained at the Monitor’s website at https://www.alvarezandmarsal.com/QME or on request from the Monitor by calling (416) 847-5194 or by emailing QME@alvarezandmarsal.com. QM GP Inc. -- https://www.qmenv.com -- Canadian environmental and industrial services company providing remediation, hazardous material abatement, demolition. RADIA CORPORATION: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------------- On September 19, 2025, Radia Corporation initiated a voluntary Chapter 7 bankruptcy proceeding in the Northern District of New York. According to the petition, the corporation's liabilities between $100,001 and $1 million. The company disclosed having between 1 and 49 creditors. About Radia Corporation Radia Corporation provides business services aimed at supporting operational needs and advancing efficiency across organizations. By offering specialized solutions, the company helps clients increase productivity, refine processes, and achieve long-term success. Radia Corporation sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-11076) on September 19, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Robert E. Littlefield Jr. handles the case. The Debtor is represented by Elizabeth Fairbanks-Fletcher, Esq. of Fairbanks Fletcher Law PLLC. RADIAN GROUP: Moody's Affirms '(P)Ba1' Subordinate Shelf Rating --------------------------------------------------------------- Moody's Ratings has affirmed the debt ratings of Radian Group Inc. (Radian Group, Baa3 senior unsecured) and the A3 insurance financial strength (IFS) rating of Radian Guaranty Inc. (Radian Guaranty). Radian Group's (P)Ba2 preferred shelf, (P)Ba2 preferred shelf non-cumulative, (P)Ba1 senior subordinate shelf, (P)Baa3 senior unsecured shelf, Baa3 senior unsecured notes, and (P)Ba1 subordinate shelf ratings have all been affirmed. The rating action follows Radian Group's announcement that it has entered into a definitive agreement to acquire Inigo Limited (Inigo), a specialty insurer operating in the Lloyd's market, for $1.7 billion in cash. Radian Group also announced that it plans to divest all of its title, real estate services and mortgage conduit businesses over the next year to focus on its strategic transition to a global multi-line specialty insurance company. The rating outlooks for Radian Group and Radian Guaranty remain stable. Radian Group plans to fund the acquisition from its own liquidity sources, including a $600 million intercompany note provided by Radian Guaranty. The transaction is expected to close in the first quarter of 2026, pending regulatory approvals and other customary closing conditions. RATINGS RATIONALE The affirmation of Radian Group's Baa3 senior unsecured debt rating and Radian Guaranty's A3 IFS rating reflect the group's strong position in the US mortgage insurance market, its diverse customer base, its strong capital adequacy and good financial flexibility due to its large cash and investments position at the holding company. The acquisition of Inigo enhances the firm's overall business profile and diversification, while also improving Radian Group's expected profitability metrics. Since its formation in 2020, Inigo has rapidly grown and was the 20th largest syndicate at Lloyd's based on gross written premium in 2024. On a pro forma basis, earned premiums will be split roughly 50% mortgage insurance, 30% insurance and 20% reinsurance. Offsetting these strengths and benefits are a number of challenges, including the commodity-like nature of the mortgage insurance product and the fact that the MI sector's fortunes are greatly influenced by lenders, the GSEs, public policy decisions, and other uncontrollable variables, including competition from government-sponsored mortgage insurers. While Inigo's expected profitability is strong, it also has the potential to produce earnings and capital volatility due to the company's substantial property catastrophe reinsurance exposures, as well as its exposure to reserve risk from claims inflation in long-tail casualty lines. Following the acquisition of Inigo, Radian Group's liquidity will be reduced as the firm uses cash and investments held at the holding company to fund a large portion of the acquisition. Additionally, around $600 million of goodwill will be added to the balance sheet. Radian's profitability metrics are expected to improve, but will be subject to heightened volatility due to Inigo's property catastrophe reinsurance exposures. Any draws on Radian Group's revolving credit facility to help fund the acquisition are expected to be short-term in nature. From a capital adequacy perspective, Radian Guaranty's PMIERs sufficiency ratio is expected to remain largely consistent with current levels (151% at Q2 2025) following the acquisition. Moody's thinks Inigo's property catastrophe exposures, while substantial as a stand-alone company, are manageable relative to the size and core earnings power of the pro forma consolidated group. Given Inigo's separate and distinct business operations relative to Radian Group's, there is limited integration risk. However, there is significant execution risk in managing a specialty insurance and reinsurance business given the aggregation of complex risks that are very different from those in Radian's mortgage insurance business. This will require the company to meaningfully upgrade its risk management and governance infrastructure and processes over the next year. Through the first six months of 2025, Radian Group reported net income of $286 million and a mortgage insurance combined ratio of 33.1% compared to $304 million and 24.9%, respectively, in the prior year period. As of June 30, 2025, Radian Group's default rate was 2.27%. The spread between Radian Group's Baa3 senior unsecured debt rating and the A3 IFS rating of Radian Guaranty is three notches, which is consistent with Moody's typical notching practices for US insurance holding company structures. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The following factors could lead to an upgrade of the ratings: 1) sustained maintenance of PMIERs sufficiency ratio at 150%, or above; 2) continued maintenance of comprehensive reinsurance program; and 3) maintaining adjusted financial leverage in the 15% range, or below. The following factors could result in a downgrade of the ratings: (1) PMIERs sufficiency ratio below 130% for more than one quarter, (2) decline in shareholders' equity (including share repurchases) by more than 10% over a rolling twelve month period; (3) significant deterioration in the firm's profitability metrics; and (4) adjusted financial leverage above 25%. Radian Group Inc., through its subsidiaries, provides mortgage insurance and products and services to the real estate and mortgage finance industries. As of June 30, 2025, Radian had primary insurance-in-force of approximately $277 billion and shareholders' equity of approximately $4.5 billion. The principal methodology used in these ratings was Mortgage Insurers published in March 2024. Radian Group's "Standalone Scorecard - Indicated Outcome" adjusted score of A3 is set two notches below the "Preliminary Standalone Outcome" score of A1 to reflect the company's higher adjusted financial leverage relative to peers and its diminished excess of loss reinsurance protection relative to the size of its insured portfolio. REGIS REAL: Section 341(a) Meeting of Creditors on October 22 ------------------------------------------------------------- On September 24, 2025, Regis Real Estate Investments LLC filed Chapter 11 protection in the District of New Jersey. According to court filing, the Debtor reports $2,951,360 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 22, 2025 at 11:00 AM at Telephonic. About Regis Real Estate Investments LLC Regis Real Estate Investments LLC, a single-asset real estate entity as defined in 11 U.S.C. Section 101(51B), holds primary assets at 6 Bordens Brook Way, Holmdel, New Jersey 07733, valued at $3 million. Regis Real Estate Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-20000) on September 24, 2025. In its petition, the Debtor reports total assets of $3,000,000 and total liabilities of $2,951,360. The Debtor is represented by Brian G. Hannon, Esq. of NORGAARD OBOYLE HANNON. REVIVA PHARMACEUTICALS: Laxminarayan Bhat Holds 3.8% Stake ---------------------------------------------------------- Laxminarayan Bhat, disclosed in a Schedule 13D (Amendment No. 6) filed with the U.S. Securities and Exchange Commission that as of September 22, 2025, he beneficially owns 3,680,874 shares of Reviva Pharmaceuticals Holdings, Inc.'s common stock, par value $0.0001 per share, consisting of 2,478,856 shares held directly, 873,321 shares issuable upon the exercise of options exercisable within 60 days, 5,388 shares held by his spouse, and 323,309 shares issuable upon the exercise of options held by his spouse exercisable within 60 days, representing 3.8% of the 96,337,119 shares outstanding as reported by the Company. Laxminarayan Bhat may be reached through: Reviva Pharmaceuticals Holdings, Inc. 10080 N. Wolfe Rd., Suite SW3-200 Cupertino, Calif. 95014 Tel: 408-501-8881 A full-text copy of Laxminarayan Bhat's SEC report is available at: https://tinyurl.com/2m8j2wr4 About Reviva Pharmaceuticals Holdings Cupertino, Calif.-based Reviva Pharmaceuticals Holdings, Inc. is a late-stage biopharmaceutical company that discovers, develops, and seeks to commercialize next-generation therapeutics for diseases representing unmet medical needs and burdens to society, patients, and their families. San Francisco, Calif.-based Moss Adams LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 2, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $15.5 million in total assets, $14.7 million in total liabilities, and a total stockholders' equity of $0.8 million. REVIVA PHARMACEUTICALS: Parag Saxena Holds 6.2% Equity Stake ------------------------------------------------------------ Vedanta Partners, LLC and Parag Saxena, disclosed in a Schedule 13D (Amendment No. 11) filed with the U.S. Securities and Exchange Commission that as of September 22, 2025, they beneficially own shares of Reviva Pharmaceuticals Holdings, Inc.'s common stock, par value $0.0001 per share. * Parag Saxena beneficially owns 6,259,806 shares, consisting of shares held directly, shares held by affiliated entities, warrants, pre-funded warrants, and vested options, representing 6.2% of the 96,337,119 shares outstanding. * Vedanta Partners, LLC beneficially owns 5,367,069 shares, consisting of shares held by affiliated entities and shares underlying warrants and pre-funded warrants exercisable within 60 days, representing 5.4% of the 96,337,119 shares outstanding. Vedanta Partners, LLC and Parag Saxena may be reached through: Parag Saxena Vedanta Management, L.P. 250 West 55th Street, Ste 13D New York, N.Y. 10019 Tel: 212-710-5220 A full-text copy of Parag Saxena's SEC report is available at: About Reviva Pharmaceuticals Holdings Cupertino, Calif.-based Reviva Pharmaceuticals Holdings, Inc. is a late-stage biopharmaceutical company that discovers, develops, and seeks to commercialize next-generation therapeutics for diseases representing unmet medical needs and burdens to society, patients, and their families. San Francisco, Calif.-based Moss Adams LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Apr. 2, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $15.5 million in total assets, $14.7 million in total liabilities, and a total stockholders' equity of $0.8 million. RIZO-LOPEZ FOODS: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Rizo-Lopez Food, Inc. The committee members are: 1. Sargento Foods, Inc. Representative: Chad Hamilton, General Counsel One Persnickety Pl. Plymouth, WI 53073 Attorney: L. Katie Mason Quarles & Brady LLP Phone: (414) 277-3018 Katie.mason@quarles.com 2. Jimenez Mexican Foods, Inc. Representative: Veronica M. Jimenez, Chief Financial Officer 20343 Harvill Ave. Perris, CA 92570 Phone: (909) 239-9283 veronica@jimenezfoods.com 3. Arden Credits Group LLC dba R&D Incentives Group Representative: Bobby Chang, Account Manager 725 S. Figueroa St., Suite 2250 Los Angeles, CA 90017 Phone: (310) 883-4859 bchang@RDIG.com 4. Norcal Construction Poultry Specialist Representative: Luis Orellana 1465 Ellerd Dr. Turlock, CA 95380 Phone: (209) 568-9956 l-orellana@sbcglobal.net 5. Rana Meal Solutions, LLC Representative: Mark Windt, Plant Controller 1370 Brewster Creek Blvd. Bartlett, IL 60103 Attorney: Timothy M. Hughes Lavelle Law, Ltd. Phone: (847) 705-7555 thughes@lavellelaw.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 Rizo-Lopez Foods Inc. Rizo-Lopez Foods, Inc. produces Mexican-style dairy products including cheeses, sour creams, and desserts under the Tio Francisco and Don Francisco brands. Rizo-Lopez Foods, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ca. Case No. 25-25004) on September 15, 2025. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. The petition was signed by Edwin Rizo as chief executive officer. Judge Christopher M Klein presides over the case. Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP represents the Debtor as legal counsel. Donlin, Recano & Company, LLC is the Debtor's claims and noticing agent. ROADONE TRANSPORTATION: Seeks Chapter 7 Bankruptcy in Pennsylvania ------------------------------------------------------------------ On September 29, 2025, Roadone Transportation Inc. submitted a Chapter 7 bankruptcy filing in the Eastern District of Pennsylvania. The voluntary case shows the company holds debts between $0 and $100,000 and reports 1 to 49 creditors. About Roadone Transportation Inc. Roadone Transportation Inc. operates in the transportation and logistics sector, providing trucking and freight services to support the efficient movement of goods. Roadone Transportation Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13943) on September 29, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 each. Honorable Bankruptcy Judge Ashely M. Chan handles the case. The Debtor is represented by Michael A. Cibik, Esq. of Cibik Law, P.C. RYVYL INC: Extends CFO George Oliva's Employment Agreement ---------------------------------------------------------- RYVYL Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into an employment agreement with George Oliva in connection with the continuation of his role as Chief Financial Officer of the Company. Pursuant to the Employment Agreement, Mr. Oliva will continue his employment on an "at-will" basis with compensation to be set by the Company's management team on an annual basis, eligibility for bonuses in accordance with the Company's applicable bonus programs, and eligibility for other benefits such as participation in any retirement plans and insurance plans. The Company may terminate the Employment Agreement for cause and Mr. Oliva may terminate the Employment Agreement for good reason, both as further described the Employment Agreement, and both the Company and Mr. Oliva may also terminate without cause subject to fifteen prior days' notice. Upon termination for cause (by the Company) or without cause (by Mr. Oliva), the Company pay for any earned but unpaid base salary, bonus, and vested benefits through the date of termination. In the addition to the foregoing, in the case of termination without cause (by the Company) or for good reason (by Mr. Oliva), the Company will also pay Mr. Oliva severance in the amount of twelve months salary to be paid in twelve equal instalments, all unvested equity awards will be fully vested, and continue to cover Mr. Oliva's group health plan premium for a period of 12 months. The Employment Agreement contains standard covenants by the Company and Mr. Oliva, including as relates to confidentiality and indemnification, and defines the duties and responsibilities of Mr. Oliva's continued employment with the Company. The foregoing description of the Employment Agreement is qualified in its entirety by reference to the full text of such agreement, a copy of which is available at https://tinyurl.com/46bt5m32 About RYVYL Inc. RYVYL Inc., headquartered in San Diego, California, develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. In its audit report dated March 28, 2025, Simon & Edward, LLP issued a "going concern" qualification citing that the Company transitioned its QuickCard product in North America away from terminal-based to app-based processing on February 2024, which was then terminated on the second quarter of 2024 and the Company then decided to introduce a licensing product for its payments processing platform. This business reorganization has resulted in a significant decline in processing volume and revenue, the recovery of the loss of revenues resulting from this product transition is not expected to occur until late 2025. The auditor said the loss of revenue has jeopardized the Company's ability to continue as a going concern. The Company reported a net loss of $26.83 million in 2024 following a net loss of $53.10 million in 2023. As of June 30, 2025, the Company had $20.60 million in total assets, $27.54 million in total liabilities, and a total stockholders' deficit of $6.94 million. As of Dec. 31, 2024, the Company had an accumulated deficit of $179.4 million. According to RYVYL, there can be no assurances that it will be able to achieve a level of revenues adequate to generate sufficient cash flow from operations or additional financing through private placements, public offerings and/or bank financing necessary to support its working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financing are insufficient, it will need to raise additional working capital. There is no guarantee that additional financing will be available, or that any obtained funding can be secured on terms deemed acceptable. RYVYL INC: Names SeatonHill Partner Forest Ralph as Director ------------------------------------------------------------ RYVYL Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors appointed Forest Ralph as a director of the Company. Mr. Ralph will serve until the date of the Company's 2025 Annual Meeting of Shareholders and until his successor is duly elected and qualified. Mr. Ralph is a partner at SeatonHill Partners, LP, a firm specializing in CFO services and project-based financial leadership. He has over 25 years of experience as a Chief Financial Officer, Business Development and Strategic Planning lead and consultant to the Offices of the CFO and Treasurer, in the infrastructure construction project management, healthcare, automotive, manufacturing, technology, consumer packaged goods, agribusiness, and banking industries. From 2021 to 2024, Mr. Ralph was also the Founder and Principal of FR Falconwing, LLC, a strategic financial services consultancy group. His broad and deep skillset includes corporate, divisional, and operating group management of strategic and annual financial planning & analysis, margin improvement, acquisitions and divestitures, Treasury, enterprise risk, internal controls, and systems implementation processes. Forest has provided leadership in domestic and international environments during all phases of the company life cycle: start- up, high growth, turnaround, restatement, remediation, buy- and sell-side preparation, and post-acquisition integration. He earned an MBA from Harvard Business School and a BSFS from Georgetown University. There is no arrangement or understanding between Mr. Ralph and any other person pursuant to which he was selected to serve as a director. Mr. Ralph does not have any family relationships with any of the Company's executive officers or directors, and does not have any direct or indirect material interest in any transaction or proposed transaction required to be reported under Item 404(a) of Regulation S-K. About RYVYL Inc. RYVYL Inc., headquartered in San Diego, California, develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. In its audit report dated March 28, 2025, Simon & Edward, LLP issued a "going concern" qualification citing that the Company transitioned its QuickCard product in North America away from terminal-based to app-based processing on February 2024, which was then terminated on the second quarter of 2024 and the Company then decided to introduce a licensing product for its payments processing platform. This business reorganization has resulted in a significant decline in processing volume and revenue, the recovery of the loss of revenues resulting from this product transition is not expected to occur until late 2025. The auditor said the loss of revenue has jeopardized the Company's ability to continue as a going concern. The Company reported a net loss of $26.83 million in 2024 following a net loss of $53.10 million in 2023. As of June 30, 2025, the Company had $20.60 million in total assets, $27.54 million in total liabilities, and a total stockholders' deficit of $6.94 million. As of Dec. 31, 2024, the Company had an accumulated deficit of $179.4 million. According to RYVYL, there can be no assurances that it will be able to achieve a level of revenues adequate to generate sufficient cash flow from operations or additional financing through private placements, public offerings and/or bank financing necessary to support its working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financing are insufficient, it will need to raise additional working capital. There is no guarantee that additional financing will be available, or that any obtained funding can be secured on terms deemed acceptable. SAKS GLOBAL: Moody's Affirms 'Caa3' CFR, Outlook Negative --------------------------------------------------------- Moody's Ratings affirmed Saks Global Enterprises LLC's (Saks Global) Caa3 corporate family rating and Caa3-PD probability of default rating. In addition, Moody's assigned a Caa2 rating to the new senior secured SPV notes issued at Saks Global's subsidiary SGUS LLC, a Ca rating to Saks Global's senior secured second out (FL20) exchange notes and a C rating to Saks Global's senior secured third out (FL30) exchange notes. The rating for the remaining stub of senior secured notes issued in December 2024 that were not exchanged was downgraded to C from Ca. The outlook is negative for Saks Global and SGUS LLC. Saks Global exchanged its $2.2 billion senior secured notes issued in December 2024 into three tranches of debt: 1) $762.5 million special purpose vehicle (SPV) notes issued by SGUS LLC of which $162.5 million was from the exchange and $600 million was new money, 2) $1.44 billion senior secured second out FL20 notes issued by Saks Global, and 3) $441 million senior secured third out FL30 notes also issued by Saks Global. All the notes mature in December 2029. Following the exchange only $51 million of the existing senior secured notes remain which are now the most junior tranche of debt in the company's capital structure. The exchange was consummated at a discount of about $115 million of the original amount of senior secured notes. The proceeds of the $600 million of new money were used to pay down revolver borrowings and for general corporate purposes. "Although the new money will alleviate near term liquidity pressures, the investments needed to stabilize the business will continue to drain liquidity and the company's capital structure remains unsustainable with debt levels not in line with the expected profit generation", Moody's Ratings Vice President Mickey Chadha stated. "Synergies continue to be a bright spot and are better than expected but are not enough to offset the negative impact of a declining topline and high interest burden on credit metrics", Chadha further said. The Caa2 rating of the SPV notes reflects Moody's expectations of higher recovery than the FL20 and FL30 exchange notes due to their senior position in payment priority in new the capital structure. RATINGS RATIONALE Saks Global's Caa3 CFR reflects the company's very high leverage, weak liquidity position with negative free cash flow and expected continued weak topline growth particularly of the Saks Fifth Avenue business. Moody's expects Moody's-adjusted debt/EBITDA to be over 10.0x and (EBITDA-Capex)/interest expense to not be meaningful in 2025, excluding unrealized synergies and addbacks for costs to achieve synergies. Saks Global will benefit from synergy realization, which the company estimates at a total run rate of over $600 million, however Moody's expects savings to be partly offset by investments in the business. In addition, the company's earnings growth, synergy realization and return to positive free cash flow are subject to execution risks, particularly in a difficult consumer discretionary spending environment and given the uncertainty around tariffs. A disruption in the company's inventory flow during the previous holiday season and the subsequent renegotiations with vendors resulted in a deterioration of the company's liquidity as past due payments and borrowing base constraints resulted in more than expected usage under the company's $1.8 billion ABL revolver. Availability under the revolver was $303 million at the end of the first quarter ended May 03, 2025. The new money raise will improve liquidity but Moody's believes the company will still burn cash in 2025. The negative outlook reflects the high execution risk and uncertainty surrounding the improvement in the company's operating performance, credit metrics and cash flows. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would require a reduction in the likelihood of default and sustained improvement in operating performance and liquidity such that it would allow the company improve funded debt/EBITDA and interest coverage to a more sustainable level and improve the estimated debt instrument recoveries. The ratings could be downgraded if earnings do not improve or liquidity is worse than projected, estimated recoveries are less than expected or should the company fail to make its scheduled interest or principal payments or file for bankruptcy. Headquartered in New York, NY, Saks Global Enterprises LLC operates full-line Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman stores and off-price SaksOFF5TH and Neiman Marcus Last Call stores. Total proforma revenue was $7.7 billion for fiscal year 2024. The principal methodology used in these ratings was Retail and Apparel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. SCILEX HOLDING: Reports Beneficial Ownership in Denali Capital -------------------------------------------------------------- Scilex Holding Company, 10% Owner in Denali Capital Acquisition Corp. (SMNR), disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of September 23, 2025, it beneficially owns: * 193,750,000 shares of common stock indirectly through its subsidiary Scilex, Inc. * 6,250,000 shares of common stock indirectly through its majority-owned subsidiary Scilex Bio, Inc., and * 1,054,849 shares of common stock directly, all received pursuant to a business combination with Semnur Pharmaceuticals, Inc. (Old Semnur) under the Agreement and Plan of Merger dated August 30, 2024, as amended on April 16, 2025, and July 22, 2025. About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Scilex Holding had $92.95 million in total assets, $285.59 million in total liabilities, and a total stockholders' deficit of $192.64 million. SHARPLINK GAMING: Increases Authorized Shares to 2.5 Billion ------------------------------------------------------------ SharpLink Gaming, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it filed a Third Certificate of Amendment to the Company's Amended and Restated Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware to increase the number of authorized shares of the Company's common stock, par value $0.0001 per share, from 500,000,000 to 2,500,000,000 and to make a corresponding change to the number of authorized shares of capital stock. The Authorized Share Increase was approved by stockholders at the Special Meeting convened virtually via live webcast on September 24, 2025, and the Certificate of Amendment, including the Authorized Share Increase, became effective at 4:15 p.m. Eastern Time on September 25, 2025. The foregoing description of the Certificate of Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Certificate of Amendment, a copy of which is available at https://tinyurl.com/4e8ew5b7 About SharpLink Gaming SharpLink Gaming, Inc., operates as a marketing partner to sportsbooks and online casino gaming operators globally. SharpLink Gaming operates as a marketing partner to sportsbooks and online casino gaming operators globally. Based in Minneapolis, Minnesota, the Company operates PAS.net, an affiliate marketing network that facilitates player acquisition and engagement for regulated iGaming operators. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. Cherry Bekaert LLP, the Company's auditor since 2022, included a "going concern" qualification in its audit report dated March 14, 2025, for the fiscal year ended December 31, 2024. The firm cited recurring losses and negative operating cash flows as factors that raise substantial doubt about the Company's ability to continue operating. As of Dec. 31, 2024, the Company had $2.57 million in total assets against $488,300 in total liabilities. As of June 30, 2025, the Company had $453.92 million in total assets, including $382.4 million in digital tangible assets, against $1.393 million in total liabilities. SHARPLINK GAMING: Plans to Tokenize Stock on Ethereum w/ Superstate ------------------------------------------------------------------- SharpLink Gaming, Inc. announced its intention to tokenize its SEC-registered common stock directly on the Ethereum blockchain, appointing financial technology firm Superstate as its Digital Transfer Agent. By enabling its equity to be tokenized natively onchain, SharpLink aims to demonstrate how public companies can use blockchain infrastructure to create shareholder value, improve market efficiency and drive forward the next generation of capital markets. SharpLink intends to partner with Superstate to tokenize its equity on Ethereum through its Opening Bell platform, expanding Superstate's multichain capital markets infrastructure. SharpLink and Superstate also intend to closely collaborate on advancing how tokenized public equities can ultimately trade on Automated Market Makers and other decentralized finance protocols in a fully compliant manner. This initiative aligns with the SEC's broader Project Crypto innovation agenda aimed at modernizing U.S. securities regulation to better enable digital assets, blockchain and onchain markets. This work has the potential to position SharpLink's tokenized equity, along with future Opening Bell tokenizations, for secondary market trading on AMMs. Doing so would demonstrate how compliant tokenized securities can deliver broader utility, enhance liquidity and modernize capital flows for a new era of investor and issuer engagement. Commenting on the new partnership with Superstate, SharpLink Co-CEO Joseph Chalom, stated, "Tokenizing SharpLink's equity directly on Ethereum is far more than a technological achievement – it is a statement about where we believe the future of the global capital markets is headed. At SharpLink, our core mission is two-fold: to build the world's most trusted digital asset treasury and to pursue initiatives that accelerate the global adoption of the Ethereum network. By working with Superstate, not only are we enabling our shareholders to hold SBET shares natively on Ethereum, but we are also embarking on entirely new frontiers for how compliant, tokenized public equities could one day trade seamlessly through AMMs – an evolution we believe could redefine market structure itself." Joseph Lubin, SharpLink's Chairman of the Board, Founder and CEO of Consensys and Co-Founder of Ethereum, added, "We're proud to have been the first public company to become a Digital Asset Treasury company on Ethereum, onboarding traditional finance to Ethereum. And now we are excited to raise the floodgates further by onboarding TradFi to composable DeFi on Ethereum. As one of the largest corporate holders of ETH, this major step forward reinforces SharpLink's conviction that Ethereum is the foundation upon which the next generation of financial infrastructure will be built." Launched in 2025, Opening Bell is a regulated onchain issuance and tokenization platform that allows companies to tokenize SEC-registered equity via blockchain infrastructure. Shares tokenized with Opening Bell remain fully compliant and legally equivalent to traditional book-entry equity, but can also be held in self-custodied wallets, integrated with digital financial products and made available to global investor segments. "SharpLink will be the first public company to tokenize their shares on Ethereum using Superstate's Opening Bell, a milestone worthy of such an important Ethereum-aligned company," said Superstate CEO Robert Leshner. "We're very pleased to be partnering with SharpLink as they build the ecosystem for tokenized equity on Ethereum and beyond." Following the appointment of Lubin as Chairman and the forging of its strategic partnership with Consensys, one of the most important companies in the Ethereum ecosystem, SharpLink launched its ETH treasury strategy in early June 2025. Since that time, the Company has accumulated more than 838,000 ETH and generated 3,815 ETH in native and liquid staking rewards as of late September, establishing itself as one of the largest corporate holders of Ethereum in the world. About Superstate: Superstate is a financial technology firm reshaping public capital markets. They connect financial assets with crypto capital markets to expand access, improve liquidity, and advance capital formation through on-chain public investment products. Their offerings include Opening Bell, a platform for compliant on-chain equity issuance and tokenization; USTB, a tokenized fund backed by US Treasuries; and USCC, a tokenized fund optimized for crypto basis exposure. Learn more at superstate.com. About SharpLink Gaming SharpLink Gaming, Inc., operates as a marketing partner to sportsbooks and online casino gaming operators globally. SharpLink Gaming operates as a marketing partner to sportsbooks and online casino gaming operators globally. Based in Minneapolis, Minnesota, the Company operates PAS.net, an affiliate marketing network that facilitates player acquisition and engagement for regulated iGaming operators. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. Cherry Bekaert LLP, the Company's auditor since 2022, included a "going concern" qualification in its audit report dated March 14, 2025, for the fiscal year ended December 31, 2024. The firm cited recurring losses and negative operating cash flows as factors that raise substantial doubt about the Company's ability to continue operating. As of Dec. 31, 2024, the Company had $2.57 million in total assets against $488,300 in total liabilities. As of June 30, 2025, the Company had $453.92 million in total assets, including $382.4 million in digital tangible assets, against $1.393 million in total liabilities. SHPS LLC: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: SHPS LLC 5 Cowboys Way Suite 300 MB-F Frisco, TX 75034 Business Description: SHPS LLC, doing business as Radiologist.com, provides onsite and teleradiology services from its facility in Frisco, Texas, offering expert imaging interpretations, consultations, and radiology management support. The Company leverages advanced imaging technology and AI to deliver precise diagnostic insights and partners with healthcare providers to enhance patient care. SHPS LLC serves hospitals, clinics, and other healthcare professionals across its operational network. Chapter 11 Petition Date: September 30, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-43740 Debtor's Counsel: Joseph Acosta, Esq. CONDON TOBIN 8080 Park Lane Suite 700 Dallas TX 75231 Tel: 214-763-3440 Email: jacosta@condontobin.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Aldo Ruffolo as president. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7NXQTMI/SHPS_LLC__txnbke-25-43740__0001.0.pdf?mcid=tGE4TAMA SILVERGATE CAPITAL: Court Approves Disclosure Statement ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware approved the adequacy of the disclosure statement with respect to the first amended joint Chapter 11 plan of Silvergate Capital Corporation and its debtor-affiliates. All votes to accept or reject the Debtors' amended Chapter 11 plan must be filed no later than 4:00 p.m. (prevailing Eastern Time) on Oct. 15, 2025. Under the Debtors' plan, holders of Class 5 Indemnified Individuals Indemnifiable claims and Class 8 Preferred stock interests are entitled to vote. Holders of Unimpaired Claims and/or Interests in classes conclusively presumed to accept the Plan are not entitled to vote and will not receive a Ballot. Such holders will receive an applicable Notice of Unimpaired Non-Voting Status. In addition, holders of Impaired Claims and/or Interests in classes deemed to reject the Plan are not entitled to vote and will not receive a Ballot. Such holders will receive a Notice of Impaired Non-Voting Status. Any party in interest wishing to obtain information about the solicitation procedures or copies of the Disclosure Statement or the Plan should contact the Debtors' claims and noticing agent, Stretto, (i) by phone at 1-(855) 316-3507 (toll free in the U.S.), (ii) by email at TeamSilvergate@stretto.com, or (iii) by writing to Stretto, Inc, Re: Silvergate Capital Corporation, Inc., et al, 410 Exchange, Suite 100, Irvine, CA 92602. In addition, the Disclosure Statement and Plan may be viewed free of charge at https://cases.stretto.com/Silvergate and are on file with the Bankruptcy Court and may be reviewed by accessing the Bankruptcy Court's website: www.deb.uscourts.gov. Note that a PACER password and login are needed to access documents on the Bankruptcy Court's website. A PACER password can be obtained at: www.pacer.psc.uscourts.gov. Copies of the Disclosure Statement and Plan may also be examined by interested parties during normal business hours at the office of the Clerk of the Bankruptcy Court. The Debtors said the purpose of their Disclosure Statement is to provide information that (i) summarizes the Plan, (ii) advises Holders of Claims or Interests of their rights under the Plan, (iii) assists parties entitled to vote on the Plan in making informed decisions as to whether they should vote to accept or reject the Plan, and (iv) assists the Bankruptcy Court in determining whether the Plan complies with the provisions of chapter 11 of the Bankruptcy Code and should be confirmed. The Debtors added that they believe the confirmation and implementation of their Plan is in the best interests of their estates, creditors, and equity interest holders. The Debtors urged that all persons entitled to vote on the Plan vote to accept the Plan. According to the Debtors, the Plan, pursuant to the Restructuring Support Agreement, is supported by an ad hoc group of certain holders of Series A 5.375% Fixed Rate Non-cumulative Perpetual Preferred Stock of Silvergate Capital Corporation, representing holders of approximately 63% of the Preferred Stock Interests. In addition, pursuant to that certain settlement memorialized in that certain Common Stock Settlement Term Sheet, dated July 1, 2025, entered into by and between Stilwell Activist Investments, L.P., Exploration Capital Fund, LP, the Ad Hoc Preferred Stockholder Group and the Debtors, subject to the Opt-Out Condition (as defined herein), the Common Stock Sponsors also support the Plan. Subsequent to the entry of the Common Stock Settlement Term Sheet, the Bankruptcy Court sustained the NYDIG Claim Objection, disallowing the NYDIG Claims in their entirety and mooting the Opt-Out Condition under the Common Stock Settlement. As discussed herein, and as a result of the Debtors' successful prosecution of the NYDIG Claim Objection, the Opt-Out Condition is not exercisable. Summary of Expected Recoveries Class Claim or Interest Est. Amount Est. Recovery ----- ----------------- ----------- ------------- 1 Other Priority $250,000 100% 2 Secured Claim $0 100% 3 Gen. Unsecured $1,900,000 100% 4 Subord. Notes $15,980,000 100% 5 Indemnified Variable for Up to 100% Individual each Indemnified Indemnifiable Individual & Claim subject to the terms of the indemnification settlement term sheet and Article V.C.2 of the Plan 6 Intercompany N/A N/A Claims 7 Intercompany N/A N/A Interests 8 Preferred Stock 200,000 Shares 25%-50% Interests w/ liquidation preference of $200 Mil. 9 Common Stock 31,729,832 N/A Interest Shares 10 Section 510(b) $0 0% Claims 11 Bhatia Litigation $10,000,000 100% Class Claim A full-text copy of the Disclosure Statement is available for free at https://cases.stretto.com/public/x353/13020/PLEADINGS/1302009052580000000126.pdf A full-text copy of the Amended Joint Chapter 11 plan is available for free at https://cases.stretto.com/public/x353/13020/PLEADINGS/1302009052580000000121.pdf About Silvergate Capital Corporation Silvergate Capital Corporation is a Maryland corporation headquartered in La Jolla, Calif. Until July 1, 2024, it was a bank holding company subject to supervision by the Board of Governors of the Federal Reserve. Silvergate Capital Corporation filed voluntary Chapter 11 petition (Bankr. D. Del. Lead Case No. 24-12158) on Sept. 17, 2024, listing $100 million to $500 million in assets and $10 million to $50 million in liabilities. The petitions were signed by Elaine Hetrick as chief administrative officer. Judge Karen B. Owens oversees the case. Paul N. Heath, Esq., at Richards, Layton & Finger, P.A. represents the Debtor as legal counsel. The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Silvergate Capital Corporation. SILVERGATE CAPITAL: Oct. 29 Plan Confirmation Hearing Set --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware will hold a hearing on Oct. 29, 2025, at 9:30 a.m. (prevailing Eastern Time) to confirm the first amended joint Chapter 11 plan of Silvergate Capital Corporation and its debtor-affiliates before the Hon. Karen B. Owens in the U.S. Bankruptcy Court, 824 North Market Street, 6th Floor, Courtroom 3, Wilmington, Delaware 19801. Objections to the confirmation of the Debtors' amended joint Chapter 11 plan, if any, must be filed no later than 4:00 p.m. (prevailing Eastern Time) on Oct. 15, 2025. About Silvergate Capital Corporation Silvergate Capital Corporation is a Maryland corporation headquartered in La Jolla, Calif. Until July 1, 2024, it was a bank holding company subject to supervision by the Board of Governors of the Federal Reserve. Silvergate Capital Corporation filed voluntary Chapter 11 petition (Bankr. D. Del. Lead Case No. 24-12158) on Sept. 17, 2024, listing $100 million to $500 million in assets and $10 million to $50 million in liabilities. The petitions were signed by Elaine Hetrick as chief administrative officer. Judge Karen B. Owens oversees the case. Paul N. Heath, Esq., at Richards, Layton & Finger, P.A. represents the Debtor as legal counsel. The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Silvergate Capital Corporation. SOLUNA HOLDINGS: Files Prospectus for $87.7M ATM Stock Offering --------------------------------------------------------------- Soluna Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it filed a prospectus supplement with the Commission for the offer and sale of shares of its common stock, par value $0.001 per share, having an aggregate offering price of up to $87,650,000, pursuant to that certain At the Market Offering Agreement, dated April 29, 2025, by and between the Company and H.C. Wainwright & Co., LLC. The Prospectus Supplement amends and supplements the information in the prospectus dated April 29, 2025, as previously amended and supplemented by the prospectus supplements dated April 29, 2025 and September 2, 2025, filed as a part of the Company's registration statement on Form S-3 (File No. 333-286638). The Prospectus Supplement should be read in conjunction with the ATM Prospectus, and is qualified by reference thereto, except to the extent that the information therein amends or supersedes the information contained in the ATM Prospectus. The Prospectus Supplement is not complete without and may only be delivered or utilized in connection with, the ATM Prospectus and any future amendments or supplements thereto. The Company has previously sold 13,680,483 shares of its common stock for aggregate gross proceeds of approximately $12.3 million under the Sales Agreement. A copy of the opinion of Brownstein Hyatt Farber Schreck, LLP relating to the validity of the Shares is available at https://tinyurl.com/4xxvdshz About Soluna Holdings Headquartered in Albany, N.Y., Soluna Holdings, Inc. designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. The Company's modular data centers can be co-located with wind, solar, or hydroelectric power plants and support compute-intensive applications, including Bitcoin mining, generative AI, and scientific computing. This approach aids in energizing a greener grid while providing cost-effective and sustainable computing solutions. Albany, N.Y.-based UHY LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 31, 2025, attached in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company was in a net loss, has negative working capital, and has significant outstanding debt that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2024, Soluna Holdings had $98.68 million in total assets, $48.74 million in total liabilities, and $49.93 million in total equity. SPIRIT AIRLINES: Advances Chapter 11 With $475MM DIP Loan --------------------------------------------------------- Spirit Aviation Holdings, Inc., parent company of Spirit Airlines, LLC, continues to advance the Company's transformation to position the airline for the future. At a hearing before the U.S. Bankruptcy Court for the Southern District of New York, Spirit announced significant progress in its ongoing Chapter 11 restructuring, including: -- The Company has negotiated a multi-tranche debtor-in-possession financing facility of up to $475 million from its existing bondholders that will provide Spirit with additional financial flexibility to support normal business operations during its restructuring. The DIP financing is subject to Court approval, with a hearing scheduled for Oct. 10, 2025. $200 million is expected to be available immediately upon Court approval. -- As part of its motion for the use of cash collateral, the Company obtained immediate interim access to $120 million of liquidity. -- Spirit has negotiated an agreement with AerCap Ireland Limited, its largest aircraft lessor, that will accelerate the Company's fleet optimization strategy. Under the agreement, AerCap will pay Spirit $150 million. Additionally, Spirit will reject leases on 27 aircraft, allowing the Company to reduce operating costs by hundreds of millions of dollars. The proposed agreement also resolves all claims and disputes between AerCap and Spirit and provides for the future delivery of 30 aircraft. The agreement is subject to Court approval and will be considered at the Oct. 10 hearing. -- In line with the Company's network adjustments announced in recent weeks, the Court approved Spirit's motion to reject 12 airport leases and 19 ground handling agreements, yet another important step forward in cost and network rationalization. -- Active discussions with key stakeholders continue. The Company expects to announce agreements with additional lessors, including new liquidity and further fleet rationalization, as a part of the rightsizing of the business that will generate significant cost savings. -- Spirit also has engaged with its principal labor unions to identify cost savings within the respective collective bargaining agreements. "These are significant steps forward in a short period of time to build a stronger Spirit and secure a future with high-value travel options for American consumers," said Dave Davis, President and Chief Executive Officer. "While there's more work to be done, we're grateful to our stakeholders who have stepped up to support us during the restructuring. We remain focused on delivering a safe, reliable operation, and I'm incredibly proud of our Team Members for continuing to rise to the occasion and take great care of our Guests." The Company maintains a dedicated website about its restructuring process at www.spiritrestructuring.com. Additional information about the Company's Chapter 11 case, including access to Court filings and other documents related to the restructuring process, is available at https://dm.epiq11.com/SpiritAirlines or by calling Spirit's restructuring information line at (855) 952-6606 (U.S. toll free) or +1 (971) 715-2831 (international). 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. SPLASH BEVERAGE: Issues $2.2M Convertible Notes, Secures $35M ELOC ------------------------------------------------------------------ Splash Beverage Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Securities Purchase Agreement with two institutional investors. Pursuant to the Purchase Agreement, the Company received $2,000,000 on September 22, 2025 and that day issued to the Investors Original Issue Discount Secured Convertible Promissory Notes in an aggregate principal amount of $2,200,000. Each Note is convertible into shares of the Company's Common Stock at a conversion price equal to the lower of: (i) $1.75 per share and (ii) $0.01 above the closing sale price on the date of conversion. The Notes do not bear any interest absent an event of default, and mature on September 22, 2026. The Notes contain customary events of default, the occurrence of which results in the entire outstanding amount of principal and other amounts payable becoming immediately due and payable, and interest accruing at a rate of 7% per annum. The Company may prepay the Notes at any time and from time to time, in whole or in part, without premium or penalty. While any portion of the Notes is outstanding, and after the Company has effected an aggregate of $3,000,000 of purchases from the Investor under the ELOC Agreement, if the Company receives further gross proceeds under the ELOC Agreement, the Company shall apply 30% of the proceeds to repay the outstanding amounts owed under the Notes, until the Notes are paid in full. As collateral for the obligations under the Notes, the Company granted to the Investors a security interest in all of the Company's assets, subject to certain exceptions, pursuant to and as set forth in a Security Agreement entered into between the Company and each Investor. In connection with the Purchase Agreement, on September 19, 2025, the Company also entered into a Registration Rights Agreement pursuant to which the Company has agreed to file a Registration Statement for the Common Stock underlying the Notes within 30 days of the closing date. The Company also agreed to hold a shareholders' meeting by October 31, 2025 for purposes of obtaining shareholder approval of the issuance of shares of the underlying common stock under NYSE American rules in connection with the transactions described above. The foregoing descriptions of the terms of the Purchase Agreement, and Registration Rights Agreement, and the transactions contemplated thereby do not purport to be complete and are qualified in their entirety by reference to the full text of such agreements, copies of which are available at https://tinyurl.com/3y6f2khv and https://tinyurl.com/3z6m9aet, respectively. Equity Line of Credit Agreement In addition, on September 19, 2025, the Company entered into a Common Stock Purchase Agreement with one of the Investors pursuant to which the Company has the right, but not the obligation, subject to the terms and conditions set forth therein, to direct the Investor to purchase shares from the Company from time to time, with proceeds not to exceed $35,000,000. Sales under the ELOC Agreement are subject to a sale limit of 19.99% of the outstanding shares of the Company's Common Stock prior to shareholder approval in accordance with the rules of NYSE American. Investors are also subject to a beneficial ownership limitation, which limits their ownership of more than 4.99% of outstanding shares of the Company's Common Stock. The transactions contemplated by the ELOC Agreement are subject to the Company registering the Investor's resale of the shares on a Registration Statement on Form S-1 to be filed with the Securities and Exchange Commission. The foregoing descriptions of the terms of the ELOC Agreement and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference to the full text of such Agreement, a copy of which is available at https://tinyurl.com/yc79jnpd About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of accelerating them to higher volumes and increased sales revenue. As of December 31, 2024, the Company had $2.8 million in total assets, $21.4 million in total liabilities, and $18.6 million in total stockholders' deficit. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. SPLASH BEVERAGE: Licenses CdV IP, Agrees to $673K Settlement ------------------------------------------------------------ Splash Beverage Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that in December 2020, the Company acquired the key assets, including intellectual property rights, of the Copa DI Vino single-serve wine company. On April 4, 2025 the Company entered into an intellectual property license agreement granting CdV an exclusive license to use the IP for sales of wine beverages and other products bearing the Copa di Vino brand name in the U.S. Under the License Agreement, Splash may require full rights to the IP by paying a termination amount, estimated at approximately $1.75 million - $2.25 million (which includes sums due under the Settlement Agreement, as defined below), before October 4, 2025. If such termination amount is not paid by such deadline, CdV has the right, but not the obligation, to purchase the IP at fair market value, determined by an independent third party, during the period beginning January 4, 2026 and ending January 4, 2027. If neither the Company nor CdV exercise the respective rights to terminate the license and purchase the IP under the License Agreement, the exclusive license granted to CdV thereunder will continue for the life of the IP, as applicable. The Company has not marketed or sold the wine or other CdV products since April 2025. On April 4, 2025, the Company entered into a settlement agreement with CdV under which the parties agreed to the settlement of two lawsuits brought by CdV against the Company in Oregon and Florida, and the Company agreed to pay CdV a total of $673,007.13, with interest accruing at 12% per annum, with installment payments beginning on November 4, 2025 in monthly payments of $62,726.25 plus applicable accrued interest. The Settlement Agreement provides for certain events of default, the occurrence of which, subject to the Company's right to cure within 15 days as to a payment default or 30 days with respect to other defaults, would entitle CdV to accelerate payment of the settlement amount, file suit against the Company and/or exercise its right to setoff against any funds or other property in CdV's possession. About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of accelerating them to higher volumes and increased sales revenue. As of December 31, 2024, the Company had $2.8 million in total assets, $21.4 million in total liabilities, and $18.6 million in total stockholders' deficit. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. STANLEY UTILITY: Section 341(a) Meeting of Creditors on November 3 ------------------------------------------------------------------ On September 29, 2025, Stanley Utility Contractor Inc. filed Chapter 11 protection in the Northern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 3, 2025 at 10:00 AM, ET, at/via with the U.S. Trustee by telephone at (888) 330-1716, Access Code 7738427. About Stanley Utility Contractor Inc. Stanley Utility Contractor Inc. is a Florida-based construction company specializing in right-of-way and telecommunications infrastructure projects, including fiber deployments, small cell installations, and utility services. The Company operates primarily in Florida and provides project management, inspection, and maintenance support for its infrastructure work. Its principal office is in Leesburg, with Michael Stanley listed as president and registered agent. Stanley Utility Contractor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40481) on September 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Karen K. Specie handles the case. The Debtor is represented by Byron W. Wright III, Esq. of BRUNER WRIGHT, P.A. SUNSTONE DEVELOPMENT: Claims to be Paid from Asset Sale Proceeds ---------------------------------------------------------------- Sunstone Development, LLC filed with the U.S. Bankruptcy Court for the Central District of California an Amended Disclosure Statement describing Chapter 11 Plan dated September 23, 2025. The Debtor is a California limited liability company formed in April 2021 to manage the investments of its members in commercial property in Orange County, California. The Debtor owns a membership interest in Sunstone JV Partner, LLC, which holds an indirect interest in two hotels located in Anaheim, California ("Anaheim Hotels"). The Anaheim Hotels were purchased by an affiliate of Debtor to develop into a luxury resort ("Anaheim Project"). In September 2022, Debtor acquired four contiguous parcels of vacant in Dana Point, California on the southwest and southeast corners of Pacific Coast Highway and Dana Point Harbor Drive ("Dana Point Parcels"). The Dana Point Parcels were purchased for $18,365,000. In 2024, substantially higher interest rates and construction cost inflation delayed Debtor's ability to secure construction financing to continue development of the Dana Gateway Project. After Debtor spent months negotiating with Oakhurst regarding a refinancing or extension of its loan, just four days before the loan matured on October 1, 2024, Oakhurst declined to proceed with a refinancing. Debtor was unable to secure alternative financing, and a foreclosure sale was noticed for April 23, 2025. Consistent with the Stay Order, Debtor filed and served a motion ("Sale Motion") seeking to approve the sale ("Dana Point Sale") of the Dana Point Parcels to Galaxy Holdings, LLC for $15,000,000 on August 14, 2025. Debtor's Sale Motion was granted at a hearing ("Sale Hearing") on September 4, 2025. At the Sale Hearing, the Court delayed effectiveness of the Stay Order to October 15, 2025. Debtor understands a foreclosure sale of the Dana Point Parcels is scheduled for October 17, 2025 and will proceed unless Debtor's Sale of the Dana Point Parcels closes prior to that time. Coldwell has been actively marketing the Dana Point Parcels since September 2024. Cash offers received to purchase two of the Dana Point Parcels in an as-is condition with a 30- to 60-day escrow have generally ranged between $6,000,000 to $6,500,000 and cash offers to purchase all of the Dana Point Parcels in an as-is condition with a 30- to 60-day escrow have ranged between $12,000,000 and $13,000,000. If Debtor were able to sell the Dana Point Parcels subject to certain contingencies (such as and including a potential ground lease), Debtor estimates the Dana Point Parcels could be sold for at least $20,000,000. Debtor is in the process of negotiating with interested parties to finalize the terms of a sale that will provide the maximize value for the Dana Point Parcels with the quickest closing date and fewest contingencies. Class 3 consists of general unsecured claims (claims that are not entitled to priority payment under the Bankruptcy Code and that are not secured by the Property). Class 3 is divided into two subclasses: Class 3A and Class 3B. Class 3A consists of general unsecured claims that do not qualify for treatment as Class 3B claims. Class 3B consists of non-priority, general unsecured claims allowed in an amount equal to or less than $5,000. Under the Plan, Class 3B claims are be paid on the Effective Date first from the Post-Confirmation Operating Facility and Class 3A claims are paid on a pro-rata basis from sale of substantially all of Debtor's assets. Class 5 consists of Interests. Interests means ownership interests in Debtor. This class remains unchanged under the Plan unless otherwise stated in the Plan or Disclosure Statement. To the extent there are any proceeds remaining from the sale of Debtor's assets after the payment of Class 1 to 4 claims under the Plan, the proceeds are distributed to the holders of claims in Class 5 in accordance with their interest in the reorganized debtor. Payments due on the Effective Date will be funded from the Post Confirmation Operating Facility. Future payments will come from the sale of Debtor's assets. Debtor will act as the Disbursing Agent under the Plan, making all required distributions, which must occur within 15 days of the due date provided for in the Plan. A full-text copy of the Amended Disclosure Statement dated September 23, 2025 is available at https://urlcurt.com/u?l=YJTe7B from PacerMonitor.com at no charge. Counsel to the Debtor: Paul J. Leeds, Esq. Meredith King, Esq. Franklin Soto Leeds, LLP 444 West C Street, Suite 300 San Diego CA 92101 Tel: (619) 872-2520 About Sunstone Development Sunstone Development, LLC, is a California limited liability company formed in April 2021 to manage the investments of its members in commercial property in Orange County, California. The Debtor filed a Chapter 11 petition (Bankr. C.D. Cal. 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. SUPERIOR ENERGY: Moody's Assigns 'B1' CFR, Outlook Stable --------------------------------------------------------- Moody's Ratings assigned new ratings to Superior Energy Services, Inc. (Superior Energy), including a B1 Corporate Family Rating, B1-PD Probability of Default Rating, and B2 senior secured notes rating issued by its subsidiary, SESI, L.L.C. The outlook for both entities is stable. "Superior Energy will utilize the proceeds from its secured notes issuance to pay off borrowings taken on in connection with its recent acquisition of Quail and to replenish the cash on its balance sheet," said Jake Leiby, Moody's Ratings Senior Analyst. RATINGS RATIONALE Superior Energy's B1 CFR is supported by its global rentals and well services brands with exposure to key onshore and offshore end-markets, strong operating margins and free cash flow profile, and its low financial leverage. The company's stated financial policies include maintaining at least $150 million of cash on hand and net leverage of no more than 1.0x. These positive attributes to the company's credit profile are somewhat offset by its exposure to the inherently cyclical and highly competitive oilfield services business with volatile margins and cash flows, its limited organic growth opportunities, and its smaller scale relative to competitors on certain business lines. Moody's expects the company to pursue growth through M&A, which entails inherent valuation, financing and execution risks. Superior Energy's credit profile also reflects its private ownership with a concentrated shareholder base and a number of changes to its business strategy and financial policies since emerging from bankruptcy in 2021. Moody's expects Superior Energy to maintain good liquidity through at least 2026. Pro forma for the proposed $600 million senior secured notes issuance, Moody's expects the company to have around $260 million of cash on hand and access to an undrawn committed $200 million five-year ABL credit facility. Moody's expects the company to generate sufficient operating cash flow to cover its required spending, including capital spending and debt service, and for free cash flow to be reinvested into organic and inorganic growth initiatives. The ABL contains a Springing Fixed Charge Coverage ratio covenant of 1.0x when availability is less than 12.5% of the Loan Limit or there is an EOD. Moody's do not expect the covenants to become operable and in the event that availability does fall below the limit, the company should remain in comfortable compliance with the financial covenants through at least 2026. Superior Energy's proposed senior secured notes are rated B2, one notch below the B1 CFR, given the size of the $200 million ABL facility and its priority claim on more liquid collateral. The senior secured notes are expected to have a maturity of 2030, a first lien on substantially all of the company's fixed assets, and a second lien on all ABL collateral. The secured notes are expected to be guaranteed by SESI Holdings, Inc. and each domestic subsidiary. The ABL credit facility will have a five-year maturity, first priority lien on domestic accounts receivable and eligible cash up to $65 million, and a second priority lien on all other assets. The stable outlook reflects Moody's expectations that Superior Energy will continue generate free cash flow, reinvest in its business, maintain good liquidity, and adhere to its stated financial policies. ESG CONSIDERATIONS There is discernible negative impact on the rating (CIS-4) driven by high exposure to governance risks. Environmental and social risks will likely have more consequential effects over time as the world transitions towards cleaner energy sources, but have limited impact to day. Superior Energy's credit metrics and competitive position could support a higher rating if governance risks were mitigated through a longer track record of conservative financial management and strategically sound growth through acquisition. Superior Energy is majority owned by GoldenTree Asset Management, LP. Concentrated ownership increases the risks of financial policies that favor equity owners over creditors. Management's stated financial policies, including the maintenance of low net leverage and good liquidity, are solid and could lead to a higher score in the future with a further established track record and management through industry cycles. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Superior Energy's ratings could be upgraded if it demonstrates adherence to its financial policies while meaningfully growing its EBITDA and enhancing its market position and cash flow stability relative to similarly rated peers. Sustaining debt/EBITDA below 1.5x could also be supportive of an upgrade. The ratings could be downgraded if the company significantly utilizes its cash balance for dividends, experiences a meaningful decline in free cash flow generation or liquidity, or if its debt/EBITDA is sustained above 2.5x. SESI, L.L.C. is a wholly-owned subsidiary of Superior Energy Services, Inc. Based in Houston, TX, Superior Energy Services, Inc. is privately owned global oilfield products and services company with a portfolio of premier rental and well services brands providing customers with robust inventory, responsive delivery, engineered solutions, and expert consultative service. The company provides specialized solutions to the upstream oil and gas industry through two segments: Rentals and Well Services. The principal methodology used in these ratings was Oilfield Services published in January 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. TGI FRIDAY'S: Plan Exclusivity Period Extended to October 28 ------------------------------------------------------------ Judge Stacey G Jernigan of the U.S. Bankruptcy Court for the Northern District of Texas extended TGI Friday's Inc. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 28 and December 27, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that ample cause exists to grant the relief requested by this Motion in these Chapter 11 Cases. The relevant factors strongly weigh in favor of an extension of the Exclusivity Periods include: * The Debtors' chapter 11 cases are large and complex. As reflected by the Court's Order Granting Chapter 11 Complex Case Treatment, the Debtors' significant number of creditors and assets make these cases large and complex. * The terms of a chapter 11 plan depended on the outcome of the sales process. The Debtors marketed, held an auction, and obtained Court approval for sales of their assets pursuant to the results of the auction. Thereafter, the Debtors continued to pursue asset sales, culminating in Court approval for the sales of certain assets to two additional parties. Given the length of time dedicated to pursuing such sales, the Debtors require additional time to negotiate with the Committee and all other stakeholders in an effort to propose a consensual plan. * The Debtors are not seeking to extend exclusivity to pressure creditors, and an extension of the exclusivity periods will not prejudice creditors. The Debtors have not sought an extension of exclusivity to pressure creditors or other parties in interest. Extending exclusivity benefits all creditors by preventing the drain on time and resources that inevitably occurs when competing plans are filed. All stakeholders benefit from continued stability and predictability that a centralized process provides, which can only occur while the Debtors remain the sole plan proponent. * The Debtors are paying their bills as they come due. The Debtors have paid their undisputed postpetition debts in the ordinary course of business or as otherwise provided by Court order. Counsel to the Debtors: Chris L. Dickerson, Esq. Rahmon J. Brown, Esq. ROPES & GRAY LLP 191 North Wacker Drive, 32nd Floor Chicago, IL 60606 Tel: (312) 845-1200 Fax: (312) 845-5500 E-mail: chris.dickerson@ropesgray.com rahmon.brown@ropesgray.com Holland N. O'Neil, Esq. Mark C. Moore, Esq. Zachary C. Zahn, Esq. FOLEY & LARDNER LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Tel: (214) 999-3000 Fax: (214) 999-4667 E-mail: honeil@foley.com mmoore@foley.com zzahn@foley.com About TGI Friday's Inc. TGI Friday's Inc., doing business as Wow Bao, operates a chain of restaurants. The Company provides appetizers, sizzlings, seafood, salads, sandwiches, entres, desserts, and non-alcoholic and alcoholic beverages. Wow Bao serves customers in the United States. TGI Friday's Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-80069) on Nov. 2, 2024, listing $100 million to $500 million in both assets and liabilities. Judge Stacey G Jernigan presides over the case. Holland N. O'Neil, Esq., at Foley & Lardner LLP, is the Debtor's counsel. THREEPIECEUS LLC: Case Summary & 18 Unsecured Creditors ------------------------------------------------------- Debtor: Threepieceus, LLC 2101 Starkey Road Building W Largo, FL 33771 Business Description: Threepieceus, LLC is a Florida-based company that designs and sells custom wheels and automotive accessories, operating an online store at its Largo headquarters. The Company offers a range of products including rims, wheel and tire packages, and accessories from brands such as Work, CCW, SSR, and Fuel Forged. Chapter 11 Petition Date: October 1, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-07261 Debtor's Counsel: Buddy D. Ford, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Fax: (813) 877-5543 Email: All@tampaesq.com Buddy@tampaesq.com Total Assets: $270,753 Total Liabilities: $1,395,402 The petition was signed by Jake Owens as manager. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FS24ZOA/Threepieceus_LLC__flmbke-25-07261__0001.0.pdf?mcid=tGE4TAMA TRANSOCEAN INT'L: Moody's Rates New $500MM Unsecured Notes 'B3' --------------------------------------------------------------- Moody's Ratings assigned a B3 rating to Transocean International Limited's (Transocean) proposed $500 million unsecured Senior Priority Guaranteed Notes (SPGNs) due 2032. Concurrently, Moody's affirmed Transocean's B3 Corporate Family Rating, B3-PD Probability of Default Rating, and its various instrument ratings. The SGL-3 Speculative Grade Liquidity (SGL) rating is unchanged. The outlook remains stable. Transocean will use the proceeds from the proposed notes, along with proceeds from its recent equity issuance and cash from its balance sheet, to repay some of its 2027 maturities as part of its ongoing maturity management and debt reduction efforts. RATINGS RATIONALE The proposed SPGNs are rated B3, in-line with Transocean's CFR. The rating benefits from a substantial cushion of Priority Guaranteed Notes (PGNs, rated Caa1) and senior unsecured notes (Caa2) that are subordinate to the SPGNs in Transocean's capital structure. However, the SPGNs are subordinate to the senior secured revolving credit facility (Ba3) and rig-backed secured notes (B1). Transocean's B3 CFR reflects its high, albeit improving, debt leverage, which continues to be a drag on its free cash flow generation and valuation. Recent debt reduction, through a combination of proceeds from equity issuance and ongoing debt amortization, has aided the company's deleveraging efforts and should enable it to reduce debt/EBITDA to 5x including Moody's standard debt adjustments at year-end 2025. Transocean's credit metrics have shown steady improvement but remain weak, and the company remains highly reliant on a stable global offshore drilling market in order for its capital structure to become sustainable. The company's complicated capital structure and elevated debt levels leave open the risk for future transactions that could be considered distressed exchanges. Despite improved leverage, near-term upward ratings momentum is tempered by an industry-wide slowdown in new contracting after several years of improving dayrates and increasing utilization. Transocean is well contracted through mid-2026; however, a large amount of uncontracted rigs – both among its competitors and at Transocean – will likely pressure dayrates on recontracting opportunities. While Transocean benefits from its large size, high fleet quality, and market-leading $7.2 billion revenue backlog as of July 16, 2025, revenue backlog has dropped from $9.3 billion at October 24, 2024 due to significantly diminished deepwater contracting activity. Moody's expects Transocean to maintain adequate liquidity as reflected by its SGL-3 rating. As of June 30, 2025, the company had $377 million of unrestricted cash on hand and liquidity is further supported by Transocean's currently undrawn $510 million revolving credit facility. The revolver expires in June 2028. The credit agreement contains several financial covenants including minimum liquidity of $200 million, maximum debt to capitalization of 60%, minimum guarantee coverage ratio of 3.0x, and minimum collateral coverage ratio of 2.1x. The credit agreement has a springing maturity feature that is triggered if Transocean has at least $325 million of principal payments due within 91 days and is carrying less than $250 million of available cash. Moody's expects that the company will remain in compliance with its covenant requirements. Transocean will generate free cash flow in 2025, funding its capital spending and required debt amortization with cash from operations and cash on hand. Following the repayment of some of its 2027 maturities with proceeds from the proposed notes, Transocean will have about $1.02 billion of maturities and principal payments due through the end of 2027. Moody's expects the company to be able to cover these obligations with internally generated cash flow. The stable outlook reflects the likelihood Transocean will be able to meet expectations for moderate debt reduction through mid-2026, given its high percentage of contracted revenue. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of Transocean's ratings would require EBITDA/Interest coverage to approach 2.5x while undertaking sufficient recontracting to ensure leverage will remain below 6x in 2027. Ratings could be downgraded if the company's interest coverage falls below 1.5x, leverage rises above 7x, or liquidity weakens materially. Ratings could also be downgraded if Moody's view on the company's overall debt recovery or specific debt instrument recovery is reduced. Transocean International Ltd. is a wholly-owned subsidiary of Transocean Ltd, the leading international offshore drilling contractor operating in deepwater, ultra-deepwater and harsh environment basins around the world. LIST OF AFFECTED RATINGS Issuer: Transocean International Limited Assignment: Backed Senior Unsecured Regular Bond/Debenture, Assigned B3 Affirmations: Corporate Family Rating, Affirmed at B3 Probability of Default Rating, Affirmed at B3-PD Senior Secured Bank Credit Facility, Affirmed at Ba3 Backed Senior Secured Regular Bond/Debenture, Affirmed at B1 Backed Senior Unsecured Regular Bond/Debenture, Affirmed at Caa1 Senior Unsecured Regular Bond/Debenture, Affirmed at Caa2 Outlook Actions: Outlook, Remains Stable Issuer: Transocean Poseidon Limited Affirmations: Backed Senior Secured Regular Bond/Debenture, Affirmed at B1 Outlook Actions: Outlook, Remains Stable Issuer: Transocean Titan Financing Limited Affirmations: Backed Senior Secured Regular Bond/Debenture, Affirmed at B1 Outlook Actions: Outlook, Remains Stable Issuer: Transocean Aquila Limited Affirmations: Backed Senior Secured Regular Bond/Debenture, Affirmed at B1 Outlook Actions: Outlook, Remains Stable The principal methodology used in these ratings was Oilfield Services published in January 2023. Transocean's B3 rating is three notches below the scorecard-indicated outcome of Ba3.The assigned B3 rating places a high emphasis on the company's very high debt levels and low interest coverage, outweighing its fleet scale and business profile. TRANSOCEAN LTD: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on offshore drilling contractor Transocean Ltd. to stable from negative and affirmed all its ratings on the company, including the 'CCC+' issuer credit rating. S&P said, "At the same time, we assigned our 'B-' issue-level rating and '2' recovery rating: to its subsidiary's proposed unsecured notes. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 85%) recovery in the event of a default. "The stable outlook reflects our expectation that Transocean will improve its liquidity and free cash flow generation in 2026 and increase its backlog in 2027. We forecast the company's average funds from operations (FFO) to debt and debt to EBITDA will be 11% and in the 4.75x-5.00x range, respectively, through 2027." Transocean Ltd.'s subsidiary, Transocean International Ltd., has launched an offering of $500 million of super-priority guaranteed unsecured notes, which it will use primarily to refinance its 2027 debt maturities. While the company's new contract awards for 2027 remain muted, its recent equity issuances have helped it address its near-term debt maturities and improve its liquidity, in S&P's view. The outlook revision reflects Transocean's improved liquidity following its equity issuances and proposed debt offering. S&P said, "In July and August 2025, the company issued about $195 million of shares to address most of its 2025 exchangeable bonds maturing in December ($37 million remains outstanding, which we expect it will be repay with cash on hand). On Sept. 26, 2025, Transocean closed on a separate equity issuance, which provided it with net proceeds of $421 million. We expect the company will use these proceeds, along with those from its proposed $500 million super-priority guaranteed notes (SPGNs), to address its $655 million of priority guaranteed notes due February 2027, $289 million of secured notes secured by the rig Poseidon, and a tender offer for up to combined aggregate $50 million of the 7.35% Senior Notes due December 2041 and 7.00% Notes due June 2028. After addressing most of its 2027 maturities, we now view Transocean's liquidity as adequate." As of June 30, 2025, the company had $377 million of unrestricted cash and availability of $487 million under its revolving credit facility maturing June 2028 (which is governed by a $200 million minimum liquidity covenant). Transocean's liquidity is further supported by the $52 million of restricted cash that will be released as part of the transaction. S&P said, "However, our assessment also incorporates the company's high annual mandatory debt amortization of $400 million-$500 million. We expect Transocean will generate free cash flow after debt amortization of $50 million-$100 million in 2026, which will turn negative in 2027 due to our lower re-contracted dayrate assumptions. We forecast the company's average FFO to debt and debt to EBITDA will be about 11% and in the 4.75x-5.00x range, respectively, through 2027. Given Transocean's lack of sustained free cash flow after debt amortization and elevated leverage, we continue to view it as dependent on favorable operational conditions to meet its debt obligations." Backlog and dayrates remain subdued, due to oil price uncertainty, but revenue is 75% contracted for 2026 and about 50% for 2027. As of July 2025, Transocean's backlog stood at $7.2 billion, which was down from $8.6 billion for the prior 12 months. While the company's backlog is still strong relative to those of its peers, and we estimate it has already contracted about 75% of its revenue for 2026 and 50% for 2027, it has not made any additional contract announcements for 2027, which limits the visibility into its cash flows beyond 2026. S&P said, "While we expect Transocean will continue operating at average dayrates of about $440,000 through 2026, we anticipate its EBITDA will decline in 2027 as its higher dayrate contracts roll off. Given our price deck assumption of $60 per barrel (/bbl) for Brent crude oil in 2025 and $65/bbl for 2026 and thereafter, we assume some fleet re-contracting at average dayrates of about $375,000 on steady average fleet utilization of about 75%. Although the company has progressed on its cost-reduction initiatives, including by identifying $150 million of operating cost reductions, we do not expect these savings will be sufficient to offset its lower dayrates under our base-case forecast. Therefore, we expect the company's free cash flow will decline to about $300 million-$325 million in 2027 from about $550 million-$565 million in 2026." Fleet size shrinks to 27 rigs following rig impairment announcement. Transocean classified five rigs as held for sale, in addition to the two existing, which had an average age of about 15 years. Taking older rigs out of supply is in-line with the actions of its offshore drilling peers. S&P said, "We expect the company will receive the scrap value for these rigs over the next six months and do not expect them to generate material cash proceeds. Transocean has three stacked drill ships remaining, which we assume remain stacked across our forecast period." S&P said, "We assigned our 'B-' issue-level rating and '2' recovery rating to Transocean International Ltd.'s proposed $500 million SPGNs. These rank pari passu with the company's 2025 exchangeable bonds and are subordinated to its secured debt, including the revolving credit facility and secured notes. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 85%) in the event of a payment default. The stable outlook reflects our expectation that Transocean will improve its liquidity and free cash flow generation in 2026 and increase its backlog in 2027. We forecast the company's average FFO to debt and debt to EBITDA will be 11% and in the 4.75x-5.00x range, respectively, through 2027. "We could lower our rating on Transocean over the next 12 months if its liquidity deteriorates, which would most likely occur if it is unable to re-contract its fleet for 2027. "We could raise our rating on Transocean if it improve its FFO to debt comfortably above 12% and generates positive free cash flow after debt amortization on a sustained basis, while maintaining adequate liquidity. This would most likely occur if the company re-contracts its fleet at favorable dayrates." UNIFIED VAILSBURG: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Unified Vailsburg Services Organization 1044 South Orange Avenue Floor 2 Newark, NJ 07106 Business Description: Unified Vailsburg Services Organization provides community development and social services in Newark, New Jersey, offering programs across child care, senior services, youth and family support, and housing initiatives. Founded in 1972, the nonprofit serves residents through educational, health, and social programs designed to strengthen community engagement and well- being. Chapter 11 Petition Date: September 30, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-20236 Debtor's Counsel: George E. Veitengruber, III, Esq. VEITENGRUBER LAW LLC 1720 Route 34 Suite 10 Wall, NJ 07727 Tel: (732) 695-3303 Email: bankruptcy@veitengruberlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Arthur Mockabee as chief executive officer. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FEQ6JGA/Unified_Vailsburg_Services_Organization__njbke-25-20236__0001.0.pdf?mcid=tGE4TAMA VG IMPERIAL: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------- On September 24, 2025, VG Imperial Inc. entered a voluntary Chapter 7 bankruptcy proceeding in the Eastern District of New York. The company's petition disclosed liabilities ranging from $100,001 to $1 million, with a reported creditor count of 1–49. About VG Imperial Inc. VG Imperial Inc. is active in the business and services space, offering specialized solutions aimed at helping organizations optimize processes, boost efficiency, and achieve growth. The company's services are structured to support both immediate operational needs and long-term objectives. VG Imperial Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44595) on September 24, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Rachel S. Blumenfeld, Esq. of Law Office Of Rachel Blumenfeld. VOLKE GROUP: Seeks Chapter 11 Bankruptcy in Illinois ---------------------------------------------------- On September 26, 2025, Volke Group Inc. entered voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Northern District of Illinois. According to the petition, the company estimated liabilities between $0 and $100,000. The filing further indicated a creditor count in the range of 1 to 49. About Volke Group Inc. Volke Group Inc. is a professional services firm specializing in business consulting, management strategies, and tailored support solutions. The company assists organizations in enhancing efficiency, refining processes, and achieving operational improvements across diverse industries. Volke Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-14863) on September 26, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities up to $100,000. Honorable Bankruptcy Judge Janet S. Baer handles the case. The Debtor is represented by Paul M. Bach, Esq. of Bach Law Offices and Alexander Tynkov, Esq. of Zalutsky & Pinski, Ltd. VOLTZ INC: Unsecureds Will Get 1.72% of Claims over 3 Years ----------------------------------------------------------- Voltz, Inc. d/b/a Legacy Toys, filed with the U.S. Bankruptcy Court for the District of Minnesota a Plan of Reorganization under Subchapter V dated September 23, 2025. The Debtor is locally owned specialty toy store operating in Minnesota with five brick and mortar locations, as well as an online e-commerce website. The Debtor encourages creative play throughout its store locations and encourages creative play for its end users. Like most small businesses, the global pandemic changed costumer buying habits and this resulted in a loss of revenue and caused financial strain on the Debtor. However, the Debtor plans to emerge from this chapter 11 reorganization as a viable company. This chapter 11 plan of reorganization proposes to pay creditors of the Debtor with all of the projected disposable income of the Debtor for a 36-month period. The Plan has four classes, two secured classes, one unsecured class, and one class for equity interests. The Debtor's cashflow projections confirm that the Debtor generates sufficient cash flow to fund the payments due under the Plan and provides payments to unsecured creditors in the total amount of $48,000.00 over the next 36-month period. Class 3 consists of Allowed General Unsecured Claims. As of the date hereof, the Debtor estimates the total pool of allowed General Unsecured Claims to be approximately $2,795,617.38, including insider claim(s) and disputed claims. In full satisfaction of such claims, each Holder of a Class 3 non-insider claim shall receive its pro-rata share of $14,000.00 per year on the anniversary of the Effective Date, and two more pro-rata payments on the second ($14,000.00) and third ($20,000.00) year anniversaries of the Effective Date, for a total of three payments equaling $48,000.00. The percentage payment to each Class 3 creditor is approximately 1.72%. The insider claim is in favor of Brad Ruoho in the amount of $223,991.14, and this claim will receive no distributions and is otherwise waived. Class 3 is impaired and entitled to vote to accept or reject the Plan. Class 4 consists of Equity Interests. Equity interest holders are parties who hold an ownership interest in the Debtor. The only member of Class 4 is Brad Ruoho. Mr. Ruoho shall retain his equity interests in the Debtor on the Effective Date. Class 4 is unimpaired and deemed to accept the Plan. On the Effective Date, all of the Debtor's respective rights, title, and interest in and to all assets shall vest in the reorganized Debtor, and in accordance with section 1141 of the Bankruptcy Code. A full-text copy of the Plan of Reorganization dated September 23, 2025 is available at https://urlcurt.com/u?l=pCiPj7 from PacerMonitor.com at no charge. Attorney for the Debtor: John D. Lamey III, Esq., 980 Inwood Ave N Oakdale, MN 55128 651-209-3550 Fax 651-789-2179 About Voltz, Inc. Voltz, Inc. is locally owned specialty toy store operating in Minnesota with five brick and mortar locations, as well as an online e-commerce website. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-42086) on June 25, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Brad Ruoho, president of Voltz, Inc., signed the petition. Judge William J. Fisher oversees the case. John D. Lamey, III, Esq., at Lamey Law Firm, PA, represents the Debtor as bankruptcy counsel. VOYAGER DIGITAL: Court Enters Consent Order in CFTC v. Ehrlich Case ------------------------------------------------------------------- Judge Lewis A. Kaplan of the United States District Court for the Southern District of New York entered: -- a consent order for permanent injunction and other statutory equitable relief against Defendant Stephen Ehrlich; and -- an order dismissing counts II, III, and IV, in the case captioned as COMMODITY FUTURES TRADING COMMISSION, Plaintiff, v. STEPHEN EHRLICH, Defendant, Case No. 1:23-cv-08962-LAK (S.D.N.Y.). On Oct. 12, 2023, Plaintiff Commodity Futures Trading Commission filed a Complaint against Defendant Stephen Ehrlich seeking injunctive and other equitable relief as well as the imposition of civil penalties, for violations of Sections 4k(2), 4m(1), 4o(l)(A)-(B), and 6(c)(1) of the Commodity Exchange Act, 7 U.S.C. Secs. 6k(2), 6m(l), 6o(1)(A)-(B), 9(1), and Commission Regulations 4.2l(a)(l) and 180.l(a)(l)-(3), 17 C.F.R. Secs. 4.2l(a)(l), 180.l(a)(1)-(3)(2025). To effect settlement of all claims alleged in the Complaint against Defendant without a trial on the merits or any further judicial proceedings, Defendant consents to the entry of this Consent Order for Permanent Injunction and Other Statutory and Equitable Relief Against Defendant Stephen Ehrlich and Order Dismissing Counts II, III, and IV of the Complaint. Permanent Injunction Defendant is permanently restrained, enjoined, and prohibited from directly or indirectly, in connection with any contract of sale of any commodity in interstate commerce, intentionally or recklessly: a. using or employing, or attempting to use or employ, any manipulative device, contrivance, scheme, or artifice to defraud; b. making or attempting to make an untrue or misleading statement of material fact or omitting to state a material fact necessary in order to make the statements made not untrue or misleading; or c. engaging or attempting to engage, in any act, practice, or course of business, which operates or would operate as a fraud or deceit upon any person; Defendant shall be restrained, enjoined, and prohibited for a period of three (3) years after the date of entry of this Consent Order, from directly or indirectly: a. Trading on or subject to the rules of any registered entity (as that term is defined in Section 1a(40) of the Act, 7 U.S.C. Sec. 1a(40)(2025)); b. Entering into any transactions involving "commodity interests" (as that term is defined in Regulation 1.3, 17 C.F .R. Sec. l.3 (2025)), for Defendant's own personal account(s) or for any account in which Defendant has a direct or indirect interest; c. Having any commodity interests traded on Defendant's behalf; d. Controlling or directing the trading for or on behalf of any other person or entity, whether by power of attorney or otherwise, in any account involving commodity interests; e. Soliciting, receiving, or accepting any funds from any person for the purpose of purchasing or selling any commodity interests; f. Applying for registration or claiming exemption from registration with the Commission in any capacity, and engaging in any activity requiring such registration or exemption from registration with the Commission, except as provided for in Regulation 4.14(a)(9), 17 C.F.R. Sec. 4.14(a)(9)(2025); and/or g. Acting as a principal (as that term is defined in Regulation 3.l(a) 17 C.F.R. Sec. 3.l(a)(2025)), agent or any other officer or employee of any person (as that term is defined in 7 U.S.C. Sec. 1a(38)), registered, exempted from registration or required to be registered with the Commission except as provided for in Regulation 4.14(a)(9), 17 C.F.R. 4.l4(a)(9)(2025). Disgorgement Defendant shall pay disgorgement in the amount of seven hundred fifty thousand dollars ($750,000.00) within ten (10) days of the date of entry of this Consent Order. If the Disgorgement Obligation is not paid in full within ten (10) days of the date of entry of this Consent Order, then post-judgment interest shall accrue on the unpaid portion of the Disgorgement Obligation beginning on the date of entry of this Consent Order and shall be determined by using the Treasury Bill rate prevailing on the date of entry of this Consent Order pursuant to 28 U.S.C. Sec. 1961. Defendant shall make the the Disgorgement Obligation payment, and any postjudgment interest payments, under this Consent Order to Michael Wyse, solely in his capacity as the Plan Administrator of Voyager Digital Holdings, Inc., et al. for the benefit of Holders of Class 3 Account Holder Claims (as defined in the Third Amended Joint Plan of Voyager Digital Holdings, Inc. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code, Case No. 22-10943). Acceptance by the Plan Administrator of any partial payment of Defendant's Disgorgement Obligation shall not be deemed a waiver of Defendant's obligation to make further payments pursuant to this Consent Order, or a waiver of the Commission's right to compel payment of any remaining balance. To effect settlement of all charges in the Complaint, the parties agree and the Court directs that Counts II, III, and IV of the Complaint be dismissed with prejudice. A copy of the Court's Consent Order dated September 15 2025, is available at http://urlcurt.com/u?l=tVEtIl from PacerMonitor.com. About Voyager Digital Holdings Based in Toronto, Canada, Voyager Digital Holdings Inc. -- https://www.investvoyager.com/ -- ran a cryptocurrency platform. Voyager claimed to offer a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provided crypto payment solutions for both consumers and merchants around the globe. Voyager Digital Holdings Inc. and two affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10943) on July 5, 2022. In the petition filed by Stephen Ehrlich, chief executive officer, the Debtors estimated assets and liabilities between $1 billion and $10 billion. Judge Michael E. Wiles oversees the cases. The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy counsel; Berkeley Research Group, LLC, as financial advisor; Moelis & Company as investment banker; Consello Group as strategic financial advisor; Deloitte Tax, LLP as tax services provider; and Deloitte & Touche, LLP, as accounting advisor. Stretto, Inc., is the claims agent. On July 19, 2022, the U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped McDermott Will & Emery, LLP as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq Corporate Restructuring, LLC, as noticing and information agent. The committee also tapped the services of Harney Westwood & Riegels, LP, in connection with Three Arrows Capital Ltd.'s liquidation proceedings in British Virgin Islands. On July 6, 2022, the Debtors filed a joint Chapter 11 plan of reorganization. * * * Following an auction process, the Debtors in September 2022 selected the bid submitted by FTX US' West Realm Shires Inc. as the winning bid for the assets. But after a series of events, FTX collapsed in November 2022, before the sale could be completed. After reopening bidding, Voyager Digital selected the offer from U.S. exchange BAM Trading Services Inc. (doing business as "Binance.US") as the highest and best bid for its assets. Binance's bid is valued at $1.022 billion. In April 2023, Binance.US called off its deal to buy assets of bankrupt crypto lender Voyager Digital, citing a "hostile and uncertain regulatory climate." WASH MULTIFAMILY: S&P Withdraws 'B-' ICR on Completion of Buyout ---------------------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on WASH Multifamily Acquisition Inc. following the completion of the company's sale to Northleaf Capital Partners and AVALT through a sponsor-to-sponsor purchase. S&P also discontinued its 'B-' issue-level rating and '3' recovery rating on WASH Multifamily's senior secured notes because all its outstanding legacy debt facilities were repaid as part of the transaction. S&P said, "At the time of the withdrawal, our issuer credit rating on the company was on CreditWatch, where we placed it with negative implications on July 1, 2025. "Following the sale, we will continue to cover the business under its new name, Wash BidCo Inc." WASHINGTON YU YING: S&P Alters Outlook to Pos., Affirms 'BB' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook to positive from stable and affirmed its 'BB' issuer credit rating (ICR) on Washington Yu Ying Public Charter School (WYY), District of Columbia. S&P said, "The outlook revision reflects our view of the school's success meeting its articulated enrollment growth targets over the past two years, along with the completion of its expansion projects this fall, and expectations for growing reserves and lease-adjusted maximum annual debt service (MADS) coverage beyond fiscal 2026, which, if achieved, could support a higher rating. "We analyzed WYY's environmental, social, and governance factors, and consider them neutral in our credit rating analysis. "The positive outlook reflects our view that there is at least a one-in-three chance that we could raise the rating within the next one to two years if the school can sustain its current liquidity position and continue improving operating performance while meeting its enrollment growth targets. "We could revise the outlook to stable should WYY miss its enrollment growth targets, if excess margins and MADS coverage do not improve as the school continues growing, or if liquidity were to decline materially. "We could raise the rating if the school continues growing enrollment while improving excess margins and MADS coverage to levels more in line with those of comparable higher-rated peers. We would also view a credible plan to refinance its balloon maturity as supportive of the school's credit profile at a higher rating." WELLPATH HOLDINGS: Loses Bid to Dismiss Poronto Case ---------------------------------------------------- The Honorable Robert J. White of the United States District Court for the Eastern District of Michigan denied Wellpath, LLC's motion to dismiss the amended complaint in the case captioned as ANDREW PORONTO, Plaintiff, v. T.D. HOIST, et al., Defendants, Case No. 24-cv-10522 (E.D. Mich.) based on its bankruptcy discharge. Andrew Poronto commenced this 42 U.S.C. Sec. 1983 action against, among others, Wellpath, LLC and two of its nurse employees, Sarah Breen and Kenneth Debus. The amended complaint alleges that Breen and Debus exhibited deliberate indifference to Poronto's underlying seizure condition, while he was incarcerated at the Macomb County jail, in violation of the Eighth and Fourteenth Amendments to the United States Constitution. It also alleges that Wellpath failed to adequately train the nurses. The case is now consolidated to include nearly identical claims against another Wellpath nurse employee, Mary Krause. On Nov. 11, 2024, Wellpath filed a voluntary petition for chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of Texas. That court confirmed the chapter 11 plan on May 1, 2025. It declared that all Claims and Causes of Action of any nature whatsoever against Wellpath are discharged. Before the District Court is Wellpath's motion to dismiss the amended complaint based on its bankruptcy discharge. According to the District Court, the bankruptcy court's order lifting any previously imposed stays authorizes holders of personal injury tort and wrongful death claims against Wellpath to seek determinations of Wellpath's liability by the appropriate civil court with the Wellpath Liquidating Trust as a nominal party (a) to the extent such inclusion is necessary to recover against available third-party insurance proceeds or an unreleased Non-Debtor Defendant, or (b) to establish or liquidate the amount of their claim for distribution under the Plan from the Liquidating Trust. The District Court finds in view of this procedure, it is appropriate to maintain Wellpath as a nominal defendant in this action for the sole purpose of determining its liability for Poronto's asserted injuries. In the event Poronto prevails and obtains a judgment against Wellpath, he may seek to collect damages from either: (1) Wellpath's insurer, or (2) the Wellpath Liquidating Trust. He may not commence post-judgment collection activities against Wellpath directly. Accordingly, Wellpath's motion to dismiss the amended complaint based on its bankruptcy discharge is denied. A copy of the Court's Order dated September 22, 2025, is available at http://urlcurt.com/u?l=Vqkqi3from PacerMonitor.com. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. WELLPATH LLC: Liquidating Trust Added as Defendant in Poronto Case ------------------------------------------------------------------ The Honorable Robert J. White of the United States District Court for the Eastern District of Michigan granted Andrew Poronto's motion for leave to file a second amended complaint in the case captioned as ANDREW PORONTO, Plaintiff, v. T.D. HOIST, et al., Defendants, Case No. 24-cv-10522 (E.D. Mich.). Andrew Poronto commenced this 42 U.S.C. Sec. 1983 action against, among others, Wellpath, LLC and two of its nurse employees, Sarah Breen and Kenneth Debus. The amended complaint alleges that Breen and Debus exhibited deliberate indifference to Poronto's underlying seizure condition, while he was incarcerated at the Macomb County jail, in violation of the Eighth and Fourteenth Amendments to the United States Constitution. It also alleges that Wellpath failed to adequately train the nurses. The case is now consolidated to include nearly identical claims against another Wellpath nurse employee, Mary Krause. On Nov. 11, 2024, Wellpath filed a voluntary petition for chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of Texas. That court confirmed the chapter 11 plan on May 1, 2025. The plan established the Wellpath Liquidating Trust. Before the District Court is Poronto's motion for leave to file a second amended complaint to add the Wellpath Liquidating Trust and its trustee, Matthew J. Dundon, as nominal defendants. The District Court finds contrary to Wellpath's argument, the proposed second amended complaint does not contain new legal theories that would necessitate the filing of a revised motion to dismiss, which would delay these proceedings further. Nor is there any other discernible reason for Wellpath to supplement or amend its pending motion to dismiss the first amended complaint since the inclusion of the nominal defendants does not alter the substantive grounds for seeking dismissal. The District Court concludes Poronto's proposed amendment is not futile since it adheres to the procedures delineated in the bankruptcy court's June 4, 2025 order regarding the lifting of stay motions. By adding the Trust and its trustee as nominal defendants, Poronto aims to pursue this very course of action. Accordingly Poronto's motion for leave to file a second amended complaint to add the Wellpath Liquidating Trust and its trustee, Matthew J. Dundon, as nominal defendants is granted. A copy of the Court's Order dated September 22, 2025, is available at http://urlcurt.com/u?l=FlnCLbfrom PacerMonitor.com. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. WHITE TREE: Case Summary & Five Unsecured Creditors --------------------------------------------------- Debtor: White Tree LLC Allegra Bozeman 39 S Tracy Ave Bozeman, MT 59715 Business Description: White Tree LLC, doing business as Allegra Bozeman, is a Montana-based limited liability company providing full-service marketing and print communications. The Company offers a range of printing products and marketing materials, including flyers, brochures, business cards, menus, and signage, serving businesses and organizations in Bozeman and the surrounding areas of Gallatin County, Montana. Allegra Bozeman operates in the marketing and printing services industry. Chapter 11 Petition Date: September 30, 2025 Court: United States Bankruptcy Court District of Montana Case No.: 25-20177 Judge: Hon. Benjamin P Hursh Debtor's Counsel: James A. Patten, Esq. PATTEN PETERMAN BEKKEDAHL & GREEN 2817 Second Ave N Ste 300 Billings MT 29101 Email: APATTEN@PPBGLAW.COM Total Assets: $412,857 Total Liabilities: $1,121,269 The petition was signed by Matthew Cook as principal co-owner. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JSSIWAA/WHITE_TREE_LLC__mtbke-25-20177__0001.0.pdf?mcid=tGE4TAMA WOLFSPEED INC: Stock Surges Following Chapter 11 Bankruptcy Exit ---------------------------------------------------------------- Arsheeya Bajwa and Akash Sriram of Reuters report that the shares of Wolfspeed surged 33% on Tuesday, September 30, 2025, following the chipmaker's successful exit from Chapter 11 bankruptcy with a dramatically reduced debt load. The market response reflects renewed investor confidence in Wolfspeed's potential to lead in silicon carbide semiconductors, which are increasingly critical for energy-efficient electric vehicles and other high-demand applications, according to the report. The company had entered bankruptcy in June 2025 amid economic pressures, including shifting U.S. trade policies and softening demand. During the restructuring, Wolfspeed extended debt maturities, cut overall debt by roughly 70%, and implemented leadership changes, such as naming Van Issum as chief financial officer. CEO Robert Feurle described the emergence as "a new era" and emphasized the company's readiness to capitalize on growth in AI, EVs, industrial, and energy markets, according to Reuters. As part of the bankruptcy plan, Wolfspeed canceled all prior shares and issued only 1.3 million new shares to existing investors at an exchange ratio of less than 1% per old share. The majority of new equity went to creditors and backstop investors, leaving legacy shareholders with a small portion of ownership. Despite the optimism surrounding the stock rally, analysts caution that Wolfspeed still carries a negative valuation multiple, reflecting ongoing losses, compared with forward price-to-earnings ratios of 17.9 for Onsemi and 16.7 for NXP, the report states. About Wolfspeed Inc. Wolfspeed, Inc. (NYSE:WOLF) is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. On June 30, 2025, Wolfspeed, Inc. and Wolfspeed Texas, LLC each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90163), with Judge Christopher M. Lopez presiding. The Debtors sought Chapter 11 protection after reaching a deal with lenders on a debt-for-equity plan that would reduce debt by $4.6 billion. Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Epiq is the claims agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. WORKSPORT LTD: Sees Record Q3 Growth; SOLIS, COR Launch on Track ---------------------------------------------------------------- Worksport Ltd. provided a comprehensive corporate update for September 2025, highlighting strong revenue growth, expanding margins, and progress across its flagship SOLIS, COR, and Terravis product lines. 1. The Company is excited to report that Q3 2025 is pacing to be another record quarter, with gross margins exceeding 30% and expected to climb further as production scales. This follows an 83% sequential revenue increase reported in Q2 2025 and sets the stage for continued momentum as Worksport advances toward profitability. "Our growth is accelerating every single month," said Steven Rossi, Chief Executive Officer (CEO) of Worksport. "Margins are strengthening, sales are growing, and the upcoming launch of our COR & SOLIS clean-tech products will introduce Worksport to entirely new multi-billion-dollar markets. We are building a foundation not just for near-term growth, but for long-term leadership in clean energy and automotive innovation." 2. The Company is announcing that the highly anticipated SOLIS Solar Tonneau Cover and COR Portable Energy System remain on schedule for commercial launch in late Q4 2025, in time for Holiday sales. Initial shipments are expected to fulfill existing pre-orders before opening a new round of consumer pre-orders. Worksport CEO recently demonstrated the products' performance: * COR powered a large industrial fan under 120°F conditions, showcasing its reliability in extreme environments. * SOLIS generated more power than the fan consumed, replenishing the COR battery faster than it discharged--underscoring the system's potential as a true clean energy nano-grid. The Company is projecting $2-3 million in potential revenue from SOLIS and COR in 2025, with 2026 expected to see 8-figure growth potential as sales expand across both business-to-consumer (B2C) and business-to-business (B2B) channels. 3. Worksport management is exploring strategic distribution facility expansions within the Southeast and West Coast of the U.S, to support its rapidly expanding B2C business. These facilities are expected to lower shipping times and costs, further enhancing customer experience while driving efficiencies at scale. Worksport believes this model will be a successful pilot for increased e-commerce sales and scale. 4. Worksport subsidiary Terravis Energy continues to make significant strides in advancing its AetherLux ZeroFrost Heat Pump program. The product continues to see expanding market opportunities: * Ongoing discussions are underway with multi-billion-dollar corporations and government officials. * Third-party validation programs are being initiated to further prove the heat pump system's general performance superiority, along with performance in extreme climates. * The roadmap includes finalizing a manufacturing partner, pursuing certifications, and advancing to launch, anticipated in mid-2026. Management also emphasized that potential licensing opportunities remain under consideration, highlighting the broad technological and commercial reach of ZeroFrost technology. "Our story is one of acceleration and execution," Rossi added. "We're seeing record sales, record margins, and transformative product launches right around the corner. With Terravis attracting global attention and SOLIS & COR heading to market, we believe Worksport is on the verge of a breakout." For further information: Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com W: www.worksport.com E: investors@worksport.com About Worksport Ltd. West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries, designs, develops, manufactures, and owns intellectual property on a portfolio of tonneau cover, solar integration, portable power station, and NP (Non-Parasitic), Hydrogen-based green energy products and solutions for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries. Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. The Company recorded a net loss of $16,163,789 for the year ended December 31, 2024, and has an accumulated deficit of $64,476,966 as of December 31, 2024. As of Dec. 31, 2024, the Company had $25,736,660 in total assets, $8,323,029 in total liabilities, and a total stockholders' equity of $17,413,631. ********* 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 ***