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251006.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, October 6, 2025, Vol. 29, No. 278 Headlines 1021-1025 SANTA: Hires Law Offices as Insolvency Counsel 264 CHESTNUT: Employs Country Squires Realty as Broker 301 W NORTH: Court Extends Cash Collateral Access to Nov. 30 51319 W US HIGHWAY: Gets Interim OK to Use Cash Collateral 51319 W US: Cameron McCord Named Subchapter V Trustee 5902 HUDSON: Seeks to Use Cash Collateral 98 THATFORD: Hires Pagan Lopez Law Office as Legal Counsel A P BECK: Hires Matthew T. Desrochers PC as Legal Counsel AASRAH 889: Retains Pagan Lopez Law Office as Legal Counsel ADVANCED SYSTEMS: Claims to be Paid from Property Sale Proceeds ADVANCED SYSTEMS: Hires Trustee Realty as Exclusive Broker ALACHUA GOVERNMENT: Sues DOD to Compel Removal of Worksite Gear ALLIANCE LAUNDRY:S&P Places 'B' ICR on Watch Positive on IPO Plans AMERICAN UNAGI: Seeks Chapter 11 Bankruptcy in Maine ANTERO MIDSTREAM: Moody's Ups CFR to Ba1 & Alters Outlook to Stable ARCHDIOCESE OF NEW ORLEANS: Committee Taps Neblett as Reviewer ATI INC: Moody's Raises CFR to Ba2, Outlook Stable BARRACUDA NETWORKS: BlackRock FRA Marks $1.03MM Loan at 17% Off BARROW SHAVER: Seeks to Extend Plan Exclusivity to Jan. 27, 2026 BAXSTO LLC: Hires Armbrust & Brown as Special Counsel BEAR'S FRUIT: Court Extends Cash Collateral Access to Nov. 14 BEECH INTERNATIONAL: Gets Extension to Use Cash Collateral BEELINE HOLDINGS: Adds $5M to ATM Equity Program With Ladenburg BELLA INVESTMENT: Taps Keller Williams as Listing Agent BH DOWNTOWN: Amends Unsecured Claims Pay Details BINGO HOLDINGS I: Fitch Alters Outlook on 'B+' IDR to Negative BOY SCOUTS: Insurers Move to Dismiss Sexual Abuse Coverage Lawsuit BRAND INDUSTRIAL: BlackRock FRA Marks $3.5MM Loan at 17% Off BROADBAND TELECOM: Files Emergency Bid to Use Cash Collateral BROADWAY REALTY: Plan Exclusivity Period Extended to December 15 BUBBLY PAWS: Mary Sieling Named Subchapter V Trustee CANYON CREEK: Seeks to Extend Plan Exclusivity to November 25 CENTRAL PARENT: BlackRock FRA Marks $2.8MM Loan at 17% Off CENTURY DESIGN: Jean Goddard of NGS LLP Named Subchapter V Trustee CHANDON LTD: Amends Internal Revenue Service Claims Pay Details CIS INTERNATIONAL: Section 341(a) Meeting of Creditors on October 6 CITY MASSAGE: Gets Interim OK to Use Cash Collateral Until Oct. 31 CIUDAD DEPORTIVA: Section 341(a) Meeting of Creditors on October 29 CLB TRUCKING: Gets Court OK to Use Cash Collateral CLESMA INC: Frances Smith Named Subchapter V Trustee COBRA ENERGY: Scott Seidel Named Subchapter V Trustee COMMSCOPE HOLDING: Updates Award Certificate for SVP Stock Options COMPLETELY CONCRETE: Section 341(a) Meeting of Creditors on Nov. 3 CREATIVE REALITIES: CFO David Ryan Mudd to Resign Oct. 10 CROSS FINANCIAL: Moody's Affirms 'B2' CFR, Outlook Stable CROSSKIX LLC: Cash Collateral Hearing Set for Oct. 14 CROUSE HEALTH: Fitch Lowers LongTerm IDR to 'B', Outlook Negative DAVID RAMOS: Section 341(a) Meeting of Creditors on November 5 DIAMOND K: To Sell Beverly Hills to Estelle Arlene Marco for $5.5MM DIOCESE OF BUFFALO: Submits Ch. 11 Reorg. Plan After Settling Suit EAZY-PZ LLC: Court Denies Williams' Writ of Mandamus Petition EAZY-PZ LLC: Seeks to Extend Plan Exclusivity to Jan. 14, 2026 ELEVATE ACADEMY: Moody's Rates New Ser. 2025A/B Revenue Bonds 'Ba2' ELITA 7 LLC: Cash Collateral Hearing Set for Oct. 8 ELITE PRINTING: Seeks Continued Cash Collateral Access ELLINGTON FINANCIAL: Fitch Assigns BB- LongTerm IDR, Outlook Stable ELMA TRANSPORT: Unsecureds to Get 5 Cents on Dollar in Plan EMPIRE CORE: Court Stays Accredited Surety Case Due to Bankruptcy ERC REPAIR: Seeks Subchapter V Bankruptcy in Florida ERIC R. HARTMAN: Gets Interim OK to Use Cash Collateral EUSHI FINANCE: Fitch Assigns 'BB+' Rating on Jr. Subordinated Notes EVENTIDE CREDIT: Court OKs Appointment of Chapter 11 Trustee FANATICS COMMERCE: S&P Withdraws 'BB-' Issuer Credit Rating FIT & THRIVE: Case Summary & Nine Unsecured Creditors FLAGSHIP RESORT: Court Approves Chapter 11 Liquidation Plan FOUR PALMS: Michael Markham Named Subchapter V Trustee FREE SPEECH: Infowars Sale in Limbo After Buyer Not Found FTX TRADING: Ornelas Appeal Can't Proceed to Mediation FUTURE FINTECH: Completes $1M Pre-Paid Purchase #2 With Avondale GARCIA GRAIN: Plascencia et al. Must Pay $35,650 in Fees, Costs GRADY'S HARDWARE: Gets Interim OK to Use Cash Collateral GULF STATES: Seeks to Hire Stichter Riedel as Legal Counsel GULF STREAM: Hires Wade Kelly LLC as Legal Counsel HALL OF FAME: Merger With HOFV Holdings Gets Shareholder Approval HARADA FAMILY: Kapitus Loses Bid to Stay Arbitration Ruling HEADWAY WORKFORCE: Seeks to Extend Plan Exclusivity to December 1 HERTZ CORP: BlackRock FRA Marks $190,000 Loan at 17% Off HERTZ CORP: BlackRock FRA Marks $970,000 Loan at 17% Off HOLLYWOOD EXCAVATING: Daniel Etlinger Named Subchapter V Trustee HOOTERS OF AMERICA: Seeks to Extend Plan Exclusivity to Nov. 26 HOPSCOTCH HEALTH: Hires Langley & Banack as Legal Counsel HOPSCOTCH HEALTH: Michael Colvard Named Subchapter V Trustee HORNBLOWER GROUP: Court Rules on Argonaut Subrogation Claims HUDSON PACIFIC: S&P Alters Outlook to Stable, Affirms 'CCC' ICR I-ON DIGITAL: Signs Deal With GGBR for Goldfish Stablecoin IMMANUEL SOBRIETY: No Patient Care Concern, 12th PCO Report Says IMPRO SYNERGIES: Hires Wharton Law as Special Counsel IN HOLDINGS: Taps Beach Freeman Lim as Auditing Accountant INGENOVIS HEALTH: BlackRock FRA Marks $765,000 Loan at 61% Off INTERNATIONAL LAND: Obtains $100K Proceeds From Vista Capital Note KDC SOLAR: Employs Leslie Cohen Law as Legal Counsel KID FRIENDLY: Hires Gertz & Rosen as Legal Counsel KIM ENGINEERING: Gets OK to Use Cash Collateral Until Oct. 31 KOLSTEIN MUSIC: Cash Collateral Hearing Set for Oct. 15 LESLIE WESSINGER: Seeks Subchapter V Bankruptcy in North Carolina LILLY INDUSTRIES: Amends SBA Secured Claim Pay Details LINQTO TEXAS: Investors Reject Bankruptcy Plan, Propose Rival Deal LITTLE MINT: Plan Exclusivity Period Extended to November 28 LOCUST HOMES: Seeks Chapter 7 Bankruptcy in Connecticut LUXURBAN HOTELS: Court Stays ZCAP, et al. Lawsuit Due to Bankruptcy M&K ACTIVE: Gets Interim OK to Use Cash Collateral MAGENTA SECURITY: BlackRock FRA Marks $385,314 Loan at 17% Off MAGENTA SECURITY: BlackRock FRA Marks $451,000 Loan at 54% Off MARIANAS PROPERTIES: Asset Sale Proceeds to Fund Plan Payments MARTINS INTERSTATE: To Sell Edgewater Property to Adventure Science MASS POWER: Court Extends Cash Collateral Access to Oct. 31 MAWSON INFRASTRUCTURE: Celsius Network Wants Chap. 11 Dismissed MAYS & JEUNE: Section 341(a) Meeting of Creditors on November 6 MEDICAL SOLUTIONS: BlackRock FRA Marks $611,000 Loan at 58% Off MEDICAL SOLUTIONS: BlackRock FRA Marks $889,000 Loan at 48% Off MID SOUTH MATTRESS: Unsecureds to Get 100 Cents on Dollar in Plan MIRION TECHNOLOGIES: S&P Ups Sec. Credit Facilities Rating to 'BB' MODIVCARE INC: Committee Hires Quinn Emanuel as Counsel MONTE MARTIN: Areya Holder Aurzada Named Subchapter V Trustee NAKED JUICE: BlackRock FRA Marks $535,000 Loan at 54% Off NAKED JUICE: BlackRock FRA Marks $805,000 Loan at 21% Off NAVIDEA BIOPHARMACEUTICALS: Case Summary & 20 Unsecured Creditors NEP GROUP: Fitch Hikes LongTerm IDR to 'B', Outlook Stable NEW AGE FLOORING: Glen Watson Named Subchapter V Trustee NEW FORTRESS: BlackRock FRA Marks $185,000 Loan at 46% Off NISSAN MOTOR: Fitch Rates Issuance of $2MM Sr. Unsecured Notes 'BB' NORTHERN DYNASTY: Receives $12M in 4th Tranche Under Royalty Deal NORTIA LOGISTICS: Court Stays Union Pacific Suit Due to Bankruptcy NOVA LIFESTYLE: Appoints Wen Tao as Director and Committee Member OFFICE PROPERTIES: S&P Cuts ICR to 'SD' on Missed Interest Payments ORIGINAL MOWBRAY'S: Seeks Continued Cash Collateral Access OUTTEN BROTHERS: Closes Doors Unexpectedly, Goes Out of Business PACIFIC BELLS: Moody's Rates New $80MM Revolver Due 2028 'B3' PACKERS HOLDINGS: BlackRock FRA Marks $887,000 Loan at 47% Off PACKERS HOLDINGS: Fitch Lowers LongTerm IDR to 'CC' PAI HOLDCO: BlackRock FRA Marks $716,000 Loan at 24% Off PAP-R PRODUCTS: Plan Exclusivity Period Extended to December 30 PAP-R PRODUCTS: Seeks to Hire SBBA STL LLC as Business Broker PAP-R PRODUCTS: Taps Sunbelt Business as Business Broker PARENT SUPPORT: Joseph DiOrio Named Subchapter V Trustee PARK HOTELS: S&P Alters Outlook to Negative, Affirms 'BB-' ICR PG&E CORPORATION: Execs, Insurers Win Dismissal of Investor Suit PHILLIPS ACRES: Court Extends Cash Collateral Access to Oct. 30 PHOEBEN 2 LLC: Hires Waldron & Schneider as Legal Counsel PLATE RESTAURANT GROUP: Gets Final OK to Use Cash Collateral POINT CLEAR: Case Summary & 20 Largest Unsecured Creditors POOLE FUNERAL: Hires Foresight Companies as Marketing Advisor POTTSVILLE OPERATIONS: Plan Exclusivity Period Extended to Oct. 10 PRAESUM HEALTHCARE: Taps Frost & Associates as Tax Counsel PREMIER SURGICAL: U.S. Trustee Appoints PCO for Michael E Jones MD PRIMUS CONTRACTING: Seeks Chapter 7 Bankruptcy in California PROSPECT MEDICAL: Uconn Health Finalizes Bid to Buy 3 Hospitals PROST LLC: Unsecured Creditors Will Get 12.4% of Claims in Plan PSB NY HOLDINGS: Hires Cushner & Associates as Legal Counsel PUERTO RICO: Court Says Oversight Committee Members Firing Unlawful QUORE GEM: Tarek Kiem of Kiem Law Named Subchapter V Trustee R.W. SIDLEY: Hires Global Real Estate as Real Estate Agent RAS DATA: Hires McCullough P.C. as Insurance Counsel RAZZOO'S INC: Seeks Chapter 11 Bankruptcy Amid Consumer Shifts REDDIRT ROAD: Court Denies Bid to Use Cash Collateral RIVERSIDE EXPRESS: Court Extends Cash Collateral Access to Dec. 4 RIVERSIDE EXPRESS: Employs Doherty Accounting as Accountant RONALD WILSON: S&P Alters Outlook to Positive, Affirms 'BB' LT ICR SANTA ANA EXPRESS: Seeks to Hire Doherty Accounting as CPA SANTIS & ARGENTA: Unsecureds Will Get 18.24% over 60 Months SANUWAVE HEALTH: Secures $28M Credit Facility With JPMorgan SAR AMERICAN: Taps PAM Consulting as Financial Consultant SCHAFER FISHERIES: Court Extends Cash Collateral Access to Oct. 31 SIMBA IL HOLDINGS: Hires Compass Colorado as Real Estate Broker SIMPLIA INC: Seeks Subchapter V Bankruptcy in California SIRVA WORLDWIDE: BlackRock FRA Marks $980,000 Loan at 61% Off SOLID FINANCIAL: Unsecureds Will Get 34.7% to 100% in Plan SOLUTIONS BY THE SEA: Gets Extension to Access Cash Collateral SOUTH MOON: Jerome Kerkman Named Subchapter V Trustee SPIRIT AIRLINES: Negotiates Up to $475MM DIP Funding w/ Bondholders SPRINGS WINDOWS: BlackRock FRA Marks $640,000 Loan at 24% Off SS INNOVATIONS: Appoints Naveen Kumar Amar as CFO STEREO ONE MENDENHALL: Craig Geno Named Subchapter V Trustee STEREO ONE: Craig Geno Named Subchapter V Trustee STITCH ACQUISITION: BlackRock FRA Marks $233,000 Loan at 17% Off STOLI GROUP: Court Rejects Chapter 11 Plan SUPER RICH: Seeks to Hire Siconolfi PLLC as Legal Counsel SUPERIOR ENERGY: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable SVG 26 LLC: Seeks Chapter 11 Bankruptcy in New York SWAHILI VILLAGE: Case Summary & 20 Largest Unsecured Creditors SYNERGY MEDICAL: Gets Final OK to Use Cash Collateral TABERNACLE CHRISTIAN: Section 341(a) Meeting of Creditors on Oct.30 TAX TIME: Jonathan Dickey Named Subchapter V Trustee TBB DEEP: Affiliate Seeks to Sell Kitchen Equipment at Auction TERRAFORM GLOBAL: Moody's Confirms 'Ba3' CFR, Outlook Negative THRILL INTERMEDIATE: Seeks Ch. 11, Oct. 30 Sec. 341 Meeting TIME OUT: To Sell Home Park Property to MHCI Group for $13MM TMK HAWK: BlackRock FRA Marks $1.8MM Loan at 40% Off TOTAL AUTO: 4th Circuit Tosses Bayramov v. Wee, et al. Appeal TPI COMPOSITES: Creditors Sue Oaktree Over Pre-Ch. 11 Uptier Deal TRICOLOR AUTO: Docs Reveal Thousands of Loans Linked to Same Cars TRIPLE L TRANSPORT: Ongoing Operations to Fund Plan Payments TWIG CUSTOM: Seeks Chapter 7 Bankruptcy in Colorado TYLER 2 CONSTRUCTION: Gets Final OK to Use Cash Collateral U.S. CREDIT: Court Tosses Arlington Appeal on Asset Sale Order UGI ENERGY: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive VALYRIAN MACHINE: Employs Maddin Hauser as Legal Counsel VILLAGE HOMES OF FORT WORTH: Intends to File Chapter 11 Bankruptcy VIRGIN ORBIT: 3rd Cir. Rejects Bid to Revoke Plan Confirmation VM CONSOLIDATED: Moody's Rates New $689MM 1st Lien Term Loan 'Ba2' VOLKE GROUP: Robert Handler Named Subchapter V Trustee VORTEX OPCO: BlackRock FRA Marks $670,000 Loan at 57% Off VSBROOKS INC: Hires Milan Accounting LLC as Accountant WAYPOINT ROOFING: Amends Unsecured Claims Pay Details WBI OPERATING: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable WELLNESS PET: BlackRock FRA Marks $259,000 Loan at 26% Off WELLNESS PET: BlackRock FRA Marks $259,000 Loan at 45% Off WESTBANK HOLDINGS: Court Okays AKD's $3.3-Mil. Fee Application WESTCHESTER 3148: Section 341(a) Meeting of Creditors on October 30 WHITEEAGLE PROPERTIES: Taps Mark J. Lazzo PA as Counsel ZAHAV VENTURES: Lender Seeks to Prohibit Cash Collateral Access [] Chapter 7 Filings Rose 15% from January to September 2025 [] Large Bankruptcy Cases Filing Rise in Northern Texas ********* 1021-1025 SANTA: Hires Law Offices as Insolvency Counsel -------------------------------------------------------- 1021-1025 Santa Fe Avenue, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire the Law Offices of Raymond H. Aver, A Professional Corporation, to serve as general insolvency counsel in its Chapter 11 case. Mr. Aver will provide these services: (a) represent the Debtor at its Initial Debtor Interview; (b) represent the Debtor at its meeting of creditors pursuant to Bankruptcy Code Section 341(a), or any continuance thereof; (c) represent the Debtor at all hearings before the United States Bankruptcy Court involving the Debtor as debtor in possession and as reorganized debtor, as applicable; (d) prepare on behalf of the Debtor all necessary applications, motions, orders, and other legal papers; (e) advise the Debtor regarding matters of bankruptcy law, including its rights and remedies with respect to its assets and the claims of its creditors; (f) represent the Debtor with regard to all contested matters; (g) represent the Debtor in the preparation of a disclosure statement and the negotiation, preparation, and implementation of a plan of reorganization; (h) analyze any secured, priority, or general unsecured claims filed in the Debtor's bankruptcy case; (i) negotiate with the Debtor's secured and unsecured creditors regarding the amount and payment of their claims; (j) object to claims as may be appropriate; and (k) perform all other legal services for the Debtor as debtor in possession as may be necessary, other than adversary proceedings requiring a separate agreement. Mr. Aver will receive an hourly rate of $695. The Debtor agreed to pay a $45,000 retainer, with $4,000 applied prepetition (inclusive of the $1,738 filing fee). The Law Offices of Raymond H. Aver is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Raymond H. Aver, Esq. LAW OFFICES OF RAYMOND H. AVER A Professional Corporation 10801 National Boulevard, Suite 100 Los Angeles, CA 90064 Telephone: (310) 571-3511 E-mail: ray@averlaw.com About 1021-1025 Santa Fe Avenue, LLC 1021-1025 Santa Fe Avenue, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:25-bk-17398-WB) on August 25, 2025. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Honorable Judge Julia W. Brand oversees the case. The Law Offices of Raymond H. Aver, A Professional Corporation, is the Debtor's legal counsel. 264 CHESTNUT: Employs Country Squires Realty as Broker ------------------------------------------------------ 264 Chestnut Rd Holdings LLC, Debtor-in-Possession, seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Thomas Schatzman of Country Squires Realty, Inc. as real estate broker in its Chapter 11 case. Mr. Schatzman will provide these services: (a) provide the Debtor-in-Possession with sales advice with respect to the sale of the real estate located at 264 Chestnut Rd., Blakeslee, PA 18610; (b) prepare the necessary paperwork and contracts, including the listing agreement and the agreement of sale; and (c) show the property to potential purchasers, market the property, and otherwise promote the property to the general public in order to procure a buyer for the property. Mr. Schatzman will receive a commission of 5% of the sale price. According to court filings, Mr. Schatzman represents no interest adverse to the estate and filed an affidavit of disinterestedness affirming that he is a "disinterested person" within the meaning of the Bankruptcy Code. The firm can be reached at: Thomas Schatzman, Realtor COUNTRY SQUIRES REALTY, INC. 3641 Bridge St., Suite 101 Stroudsburg, PA 18360 Telephone: (570) 421-5555 About 264 Chestnut Rd Holdings 264 Chestnut Rd Holdings, LLC sought relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 24-02807) on Oct. 30, 2024, listing under $1 million in both assets and liabilities. Honorable Judge Mark J. Conway oversees the case. Philip W. Stock, Esq., serves as the Debtor's counsel. 301 W NORTH: Court Extends Cash Collateral Access to Nov. 30 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois extended 301 W North Avenue, LLC's authority to use the cash collateral of BDS III Mortgage Capital G, LLC to November 30. The court's fourth agreed interim order authorized the Debtor to continue using the secured lender's cash collateral in accordance with its budget, which projects total operational expenses of $142,713 for October and $143,418 for November. All provisions from the earlier agreed orders remain in effect, with modifications only as provided in the fourth stipulation. A status hearing will be held on November 19. About 301 W North Avenue 301 W North Avenue LLC is a real estate debtor with a single asset, as outlined in 11 U.S.C. Section 101(51B), and its main property is situated at 1552 N. North Park Avenue, Chicago, IL 60610. 301 W North Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.Â N.D. Ill. Case No. 25-05275) on April 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million to $50 million each. HonorableÂ Bankruptcy JudgeÂ Timothy A. Barnes handles the case. The Debtor is represented by Robert Glantz, Esq. ROBERT GLANTZ MUCH SHELIST, P.C. BDS III Mortgage Capital G LLC, as creditor, is represented by: Steven Yachik, Esq. William S. Gyves, Esq. Benjamin Feder, Esq. Philip A. Weintraub, Esq. KELLEY DRYE & WARREN LLP 3 World Trade Center 175 Greenwich Street New York, New York 10007 Telephone: (212) 808-7800 Facsimile: (212) 808-7897 Email: syachik@kelleydrye.com wgyves@kelleydrye.com bfeder@kelleydrye.com pweintraub@kelleydrye.com 51319 W US HIGHWAY: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- 51319 W US Highway 60, LLC received a one-month extension from the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to use cash collateral. The court order authorized the Debtor's interim use of cash collateral from September 24 to October 24 to fund operations. This cash collateral includes rents from the trailer park in which Judy Zobel, the Debtor's lender, claims an interest. The Debtor operates the trailer park located in Aguila, Arizona, which it acquired in 2020. The business generates income through rental of trailers and lots, including space rentals. The Debtor needs this rental income to pay for critical business expenses and maintain operations during its Chapter 11 case. Ms. Zobel claims an interest in the trailer park and associated rents under a series of loan documents. As adequate protection, the lender will receive payment in the sum of $1,000 on or before October 15. The lender is also entitled to an administrative priority claim. The final hearing is set for October 23. About 51319 W US Highway 60 51319 W US Highway 60 LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21357) on September 24, 2025, listing up to $500,000 in both assets and liabilities. Charles N. Kelley, Jr., Esq., at Kelley Law LLC, represents the Debtor as legal counsel. 51319 W US: Cameron McCord Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Cameron McCord, Esq., at Jones & Walden, LLC, as Subchapter V trustee for 51319 W US Highway 60, LLC. Ms. McCord will be paid an hourly fee of $500 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. McCord declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Cameron McCord, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Phone: (404) 564-9300 Fax: (404) 564-9301 Email: cmccord@joneswalden.com About 51319 W US Highway 60 LLC 51319 W US Highway 60, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21357) on September 24, 2025, with $100,001 to $500,000 in assets and liabilities. Charles N. Kelley, Jr., Esq., at Kelley Law LLC represents the Debtor as legal counsel. 5902 HUDSON: Seeks to Use Cash Collateral ----------------------------------------- 5902 Hudson Ave LLC asks the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection. The Debtor, which owns a multi-family rent-controlled residential building at 5902 Hudson Avenue in West New York, New Jersey, seeks court approval to use cash collateral in which U.S. Bank National Association (as trustee for Plaza RTL Trust and successor to Coventus LLC) holds a security interest. 5902 Hudson's Chapter 11 case was filed on May 7 to halt a scheduled foreclosure sale in a state court action, and it continues to operate as a debtor-in-possession under 11 U.S.C. sections 1107 and 1108. The Debtor refinanced the property in 2021 with a $1.05 million loan that was subsequently assigned to U.S. Bank, N.A. The Debtor emphasizes the urgent need to use cash collateral to maintain operations of the property, specifically to pay for critical expenses like utilities, payroll, insurance, taxes, and ongoing maintenance. Without access to these funds, the Debtor warns of immediate and irreparable harm, including the possible shutdown of operations, deterioration of the property, and the loss of potential going-concern value. In support of the request, the Debtor asserts that it is willing to provide adequate protection to the secured lender in the form of replacement liens on post-petition assets and continued monthly payments. The relief sought includes both interim and final orders authorizing cash collateral use, scheduling a final hearing, and modifying the automatic stay to the extent necessary to implement these terms. U.S. Bank, N.A., as secured creditor, is represented by: Jenelle C. Arnold Aldridge Pite, LLP 3333 Camino del Rio South Suite 225 San Diego CA 92108 Telephone: (858) 750-7600 Facsimile: (619) 590-1385 bkecfinbox@aldridgepite.com About 5902 Hudson Ave LLC 5902 Hudson Ave, LLC is a single-asset real estate debtor under U.S. Bankruptcy Code. The Company lists a property at 5902 Hudson Avenue in West New York, New Jersey, as its principal asset. 5902 Hudson Ave sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42224) on May 7, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Joel M. Shafferman, Esq., at Shafferman & Feldman, LLP. 98 THATFORD: Hires Pagan Lopez Law Office as Legal Counsel ---------------------------------------------------------- 98 Thatford LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Pagan Lopez Law Office PLLC to serve as legal counsel in its Chapter 11 case. Pagan Lopez Law Office will provide these services: (a) advise the Debtor of its rights, powers and duties as debtor-in-possession under the Bankruptcy Code; (b) perform all legal services for and on behalf of the Debtor that may be necessary or appropriate in the administration of this bankruptcy case and the Debtor's business; (c) advise the Debtor concerning, and assist in, the negotiation and documentation of financing agreements and debt restructurings; (d) counsel the Debtor in connection with the formulation, negotiation, and consummation of a possible sale of the Debtor or its assets; (e) review the nature and validity of agreements relating to the Debtor's interests in real and personal property and advise the Debtor of its corresponding rights and obligations; (f) advise the Debtor concerning preference, avoidance, recovery, or other actions to collect and recover property for the benefit of the estate and its creditors; (g) prepare all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents, and review all reports to be filed in this bankruptcy case; (h) advise the Debtor concerning, and prepare responses to, applications, motions, complaints, pleadings, notices, and other papers that may be filed and served; (i) counsel the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents or liquidation of the estate; (j) work with and coordinate efforts among other professionals to preclude duplication of efforts in the Debtor's reorganization or liquidation; and (k) work with professionals retained by other parties in interest to attempt to structure a consensual plan of reorganization, liquidation, or other resolution for the Debtor. Roberto L. Pagan Lopez, Owner, and Christina Falcone, Associate, will lead the engagement. Each will bill at an hourly rate of $500. The firm is requesting a $7,500 retainer deposit. Pagan Lopez Law Office PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Roberto L. Pagan Lopez, Esq. Pagan Lopez Law Office PLLC 28-07 Jackson Ave, Tower 3, 5FL Long Island City, NY 11101 Telephone: (347) 434-3040 E-mail: info@paganlopezlaw.com About 98 Thatford LLC 98 Thatford LLC is a limited liability company registered in New York, operating out of Woodside, Queens and established in June 2016. 98 Thatford LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42479) on May 22, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtors are represented by Roberto Pagan-Lopez, Esq. at PAGAN LOPEZ LAW. A P BECK: Hires Matthew T. Desrochers PC as Legal Counsel --------------------------------------------------------- A P Beck Lawrence Realty LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Matthew T. Desrochers of the Law Office of Matthew T. Desrochers, P.C. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers, duties and responsibilities in the continued operation of its business and management of its property; (b) prepare on behalf of the Debtor and Debtor-in-Possession necessary applications, answers, statements, complaints, orders, reports and other legal papers; (c) represent the Debtor in all other matters incidental to the petition; and (d) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary herein. The Law Office of Matthew T. Desrochers, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Matthew T. Desrochers, Esq. Law Office of Matthew T. Desrochers, P.C. 274 Main Street, Suite 208 Reading, MA 01867 Telephone: (781) 279-1822 E-mail: matthewtdesrochers@gmail.com About A P Beck Lawrence Realty, LLC A P Beck Lawrence Realty, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-40962) on September 11, 2025. At the time of the filing, Debtor had estimated assets of between $50,001 and $100,000 and liabilities of between $500,001 and $1 million. Judge Elizabeth D. Katz oversees the case. The Law Office of Matthew T. Desrochers, P.C. is Debtor's legal counsel. AASRAH 889: Retains Pagan Lopez Law Office as Legal Counsel ----------------------------------------------------------- AASRAH 889 SUTTER, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to retain Pagan Lopez Law Office PLLC as its legal counsel in its Chapter 11 case. Pagan Lopez Law Office will provide these services: (a) advising the Debtor of its rights, powers and duties as debtor-in-possession under the Bankruptcy Code (b) performing all legal services for and on behalf of the Debtor that may be necessary or appropriate in the administration of this bankruptcy case and the Debtor's business (c) advising the Debtor concerning, and assisting in, the negotiation and documentation of financing agreements and debt restructurings (d) counseling the Debtor in connection with the formulation, negotiation, and consummation of a possible sale of the Debtor or its assets (e) reviewing the nature and validity of agreements relating to the Debtor's interests in real and personal property and advising the Debtor of its corresponding rights and obligations (f) advising the Debtor concerning preference, avoidance, recovery, or other actions that they may take to collect and to recover property for the benefit of the estate and its creditors, whether or not arising under Chapter 5 of the Bankruptcy Code (g) preparing on behalf of the Debtor all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents and reviewing all financial and other reports to be filed in this bankruptcy case (h) advising the Debtor concerning, and preparing responses to, applications, motions, complaints, pleadings, notices, and other papers that may be filed and served in this bankruptcy case (i) counseling the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents or other liquidation of the estate (j) working with and coordinating efforts among other professionals to attempt to preclude any duplication of effort among those professionals and to guide their efforts in the overall framework of Debtor's reorganization or liquidation (k) working with professionals retained by other parties in interest in this bankruptcy case to attempt to structure a consensual plan of reorganization, liquidation, or other resolution for Debtor Subject to Court approval, Pagan Lopez Law Office will be paid on an hourly basis plus reimbursement of actual, necessary expenses. These attorneys will represent the Debtor: –- Roberto L. Pagan Lopez, Owner -- $500 per hour –- Christina Falcone, Associate -- $500 per hour The Firm also requests a $7,500 retainer deposit. According to the Debtor, Pagan Lopez Law Office does not represent or hold any interest adverse to the Debtor, its estate, creditors, equity security holders, or affiliates in the matters upon which the Firm is to be engaged, and is a "disinterested person" as defined in the Bankruptcy Code. The firm can be reached at: Pagan Lopez Law Office PLLC 28-07 Jackson Ave, Tower 3, 5FL Long Island City, NY 11101 Telephone: (347) 434-3040 E-mail: info@paganlopezlaw.com About Aasrah 889 Sutter LLC Aasrah 889 Sutter LLC is a limited liability company. Aasrah 889 Sutter LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42477) on May 21, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtors are represented by Roberto L. Pagan-Lopez, Esq. at Pagan Lopez Law Office. ADVANCED SYSTEMS: Claims to be Paid from Property Sale Proceeds --------------------------------------------------------------- Advanced Systems Realty, LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement for Plan of Liquidation dated September 25, 2025. The Debtor is a Florida limited liability company with a mailing address of 120 E. Oakland Park Blvd., #105, Fort Lauderdale, FL 33334. The Debtor's Managing Member is Carlos Kosloff. The Debtor owns the real property located at 708 SE 2 Avenue, #327, Deerfield Beach, FL 33441 (the "Real Property"). According to the Broward County, Florida property appraiser, the market value of all of the Real Property is $191,380.00. On April 18, 2025, the Circuit Court of the Seventeenth Judicial Circuit in and for Broward County, Florida entered its Amended Final Judgment of Foreclosure in favor of Brookfield Gardens North No. 4 Association, Inc. against the Debtor, which scheduled a foreclosure sale of the Real Property for May 28, 2025. In order to stop the foreclosure sale and permit the Debtor to sell its Real Property in an orderly fashion to preserve value of the Real Property for the benefit of the Debtor's creditors and equity security holders, Debtor filed this chapter 11 case. Class 3, the Priority and Unsecured Claim of the Internal Revenue Service will be paid in full at the closing of the sale of the Real Property. This Class is unimpaired. Class 4 consists of the allowed equity interests in the Debtor, which includes interests in any share of preferred stock, common stock, membership interest or other instrument evidencing ownership interest in the Debtor, whether or not transferable, and any option, warranty, right, contractual or otherwise, to acquire any such interest. Class 3 equity interest(s) of the Debtor shall retain any and all net proceeds from the closing of the sale of the Real Properties, after payment in full of allowed claims, including payment to the United States Trustee of its quarterly fees and payments to the Debtor's professionals. The means necessary for the execution of this Plan include the proceeds from the sale of the Real Property. The sale will be free and clear of any and all liens, claims, encumbrances and other interests. A full-text copy of the Disclosure Statement dated September 25, 2025 is available at https://urlcurt.com/u?l=gGCqpn from PacerMonitor.com at no charge. Counsel to the Debtor: Mark S. Roher, Esq. Law Office of Mark S. Roher, P.A. 1806 N. Flamingo Road, Suite 300 Pembroke Pines, FL 33028 Tel: (954) 353-2200 Email: mroher@markroherlaw.com About Advanced Systems Realty Advanced Systems Realty, LLC is a Florida limited liability company which owns the real property located at 708 SE 2 Avenue, #327, Deerfield Beach, FL 33441 (the "Real Property"). The Debtor filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-15435) on May 15, 2025, listing $100,001 to $500,000 in assets and $50,001 to $100,000 in liabilities. Judge Scott M. Grossman oversees the case. Mark S. Roher, P.A., is the Debtor's legal counsel. ADVANCED SYSTEMS: Hires Trustee Realty as Exclusive Broker ---------------------------------------------------------- Advanced Systems Realty LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Trustee Realty Inc. to serve as exclusive real estate broker in its Chapter 11 case. Trustee Realty Inc. will provide these services: (a) market the Property to potential buyers; (b) cooperate and communicate with other brokers; (c) make the Property available for showings; and (d) place the Property in a multiple listing service (MLS). Debtor proposes that the total brokerage fee payable at the closing of any sale of the Property be equal to 6% of the gross purchase price. Any buyer's broker will receive 2% of the gross purchase price with Trustee Realty Inc. receiving 4%, or the full 6% if there is no buyer's broker. Trustee Realty Inc. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jason A. Welt, Agent Trustee Realty Inc. 2200 North Commerce Parkway, Suite 200 Weston, FL 33326 Telephone: (954) 803-0790 E-mail: jw@jweltpa.com About Advanced Systems Realty Advanced Systems Realty, LLC filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-15435) on May 15, 2025, listing $100,001 to $500,000 in assets and $50,001 to $100,000 in liabilities. Judge Scott M. Grossman oversees the case. Mark S. Roher, P.A. is the Debtor's legal counsel. ALACHUA GOVERNMENT: Sues DOD to Compel Removal of Worksite Gear --------------------------------------------------------------- Biologics developer Alachua Government Services Inc. has filed suit against the U.S. Department of Defense, seeking to compel the removal of heavy government equipment from its Florida manufacturing facility. The company warned that unless the machinery is cleared, a pending bankruptcy sale could collapse, jeopardizing its restructuring efforts. According to the complaint filed in the U.S. Bankruptcy Court for the District of Delaware, the Alachua facility—originally built to produce drugs and vaccines under government contracts—remains filled with federally owned property. AGS said the site must be cleared by October 17, 2025 in order to move forward with a $3.5 million stalking horse asset sale. The company argued that without swift government action, buyers may walk away, leaving its Chapter 11 case in jeopardy. AGS stressed that timely removal of the equipment is essential not only for closing the transaction but also for preserving value for creditors and securing a path out of bankruptcy, the report states. About Alachua Government Services, Inc. Alachua Government Services Inc., is a pharmaceutical and medicine manufacturing company formerly known as Ology Bioservices. The company, based in Alachua, Florida, operates in the pharmaceutical manufacturing sector. Alachua Government Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11289) on July 6, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Judge J. Kate Stickles oversees the case. Richards, Layton & Finger, P.A. is Debtor's legal counsel. ALLIANCE LAUNDRY:S&P Places 'B' ICR on Watch Positive on IPO Plans ------------------------------------------------------------------ S&P Global Ratings placed all of its ratings on U.S.-based commercial laundry equipment manufacturer Alliance Laundry Holdings LLC, including its 'B' issuer credit rating, on CreditWatch with positive implications. The resolution of the CreditWatch placement will depend on the completion of the IPO and debt repayment, as well as S&P's assessment of the company's future financial policies. The positive CreditWatch placement reflects the potential for a higher rating following Alliance's IPO and debt repayment. Alliance filed an S-1 for an IPO. The company estimates it will raise about $464 million in net proceeds with which it intends to pay down debt. While S&P expects financial sponsor BDT Capital Partners to retain majority ownership and control, it believes this will be a deleveraging transaction that could meaningfully improve Alliance's credit measures. Alliance announced its plans to list its shares of common stock on the New York Stock Exchange the week of Oct. 6, 2025. The company stated in its S-1 filings that it intends to use the $464 million of net proceeds from the IPO to pay down borrowings under its term loan. Alliance has about $1.94 billion currently outstanding on its term loan following its $135 million voluntary prepayment on Sept. 22, 2025. S&P estimates that the company could reduce S&P Global Ratings-adjusted leverage to about 5x assuming the transaction is completed as contemplated. S&P said, "We expect Alliance will continue to seek out bolt-on acquisition opportunities to support geographic expansion and strengthen its market position and bolster growth, but we believe it will maintain lower leverage as a public company. Furthermore, Alliance has announced it does not intend to pay dividends in the near term. We expect financial sponsor BDT Capital to retain majority ownership of about 76% in Alliance post-IPO and, as such, will continue to dictate financial policies. We believe it will likely sell down shares over time, reducing the risk of leveraging. Nonetheless, a clearer understanding of financial policy moving forward will be a key factor in our CreditWatch resolution. "We forecast Alliance will sustain its solid operating performance through 2026, driven by growing demand for on-premise and commercial laundromats, customer replacement of aging equipment, and international expansion. Our base-case forecast assumes year-over-year EBITDA growth of at least 10% in 2025 and 3% in 2026. We believe the company could sustain leverage below 5x over next 12 months, depending on its financial policies going forward. "We will resolve the CreditWatch upon completion of the IPO and debt pay down. We could raise or affirm our ratings on Alliance, including the issuer credit rating, following its debt repayment and our assessment of the company's financial policies. We will also reassess our recovery ratings on its first-lien credit facilities once debt reduction is confirmed. We could raise our ratings if we expect Alliance will maintain operating performance and financial policies consistent with sustaining S&P Global Ratings adjusted leverage below 5x over the long term." AMERICAN UNAGI: Seeks Chapter 11 Bankruptcy in Maine ---------------------------------------------------- Chris Chase of Seafood Source reports that American Unagi, a Waldoboro, Maine-based aquaculture company, has filed for voluntary Chapter 11 protection in an effort to restructure its balance sheet and pursue a sale of the business. The filing is intended to serve as a strategic measure that allows the company to stabilize operations while transitioning to new ownership. The company, which began operations at its USD 10 million (EUR 8.5 million) recirculating aquaculture system facility in 2023, is the only large-scale producer of domestically raised eel in the U.S., according to the report. Its efforts to expand the domestic market have gained industry recognition, with its Gluten Free Eel Kabayaki Fillet winning Best New Foodservice Product at the 2025 Seafood Excellence Awards, according to report. In announcing the filing, American Unagi said the Chapter 11 process followed extensive deliberation and was the most effective path to safeguard its business and customers. The company will continue day-to-day operations while restructuring is underway, ensuring continuity for buyers and partners. CEO and Founder Sara Rademaker said the filing, backed by secured financing, will allow the company to adjust its financial obligations while maintaining a strong operational foundation. She emphasized that the process will help attract new investors and partners to strengthen its position in the aquaculture industry. The company anticipates completing the Chapter 11 proceedings before the close of 2025. About American Unagi Inc. American Unagi Inc., located in Waldoboro, Maine, operates a land-based aquaculture facility specializing in the sustainable farming of American eels. The Company raises glass eels sourced from licensed Maine harvesters in recirculating aquaculture systems and produces products including smoked, butterflied, and tinned eel. It serves both direct consumers through its online store and select seafood retailers, and is part of the aquaculture and seafood production industry. American Unagi Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-10180) on September 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by D. Sam Anderson, Esq. of BERNSTEIN SHUR SAWYER & NELSON, P.A. ANTERO MIDSTREAM: Moody's Ups CFR to Ba1 & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings upgraded the ratings of Antero Midstream Partners LP (AM), including its Corporate Family Rating to Ba1 from Ba2, Probability of Default Rating to Ba1-PD from Ba2-PD, and the rating on the backed senior unsecured notes to Ba2 from Ba3. The SGL-2 Speculative Grade Liquidity Rating (SGL) remains unchanged. The outlook is changed to stable from positive. "The upgrade of AM's ratings reflects the company's steady and ongoing progress in reducing its financial leverage while continuing to grow its gathering volumes," commented John Thieroff, a Moody's Ratings Senior Credit Officer. RATINGS RATIONALE AM's Ba1 CFR is supported by its growing earnings base, declining financial leverage, and predominantly fee-based long-term contracted revenue from its primary customer, Antero Resources Corporation (Antero, Ba1 positive). The company has continued to reduce leverage, which Moody's expects to remain a priority. AM's credit profile is constrained by its geographic concentration in Appalachia; high reliance on a single counterparty for its natural gas and water volumes; exposure to volumetric risks through mostly acreage dedication contracts; and indirect exposure to volatile natural gas prices which ultimately dictate upstream drilling and production levels. Antero Midstream's senior unsecured notes are rated Ba2, one notch below the Ba1 CFR, reflecting the significant size of AM's secured revolving credit facility, which has an all-asset pledge and a priority-claim over the notes. The company should have good liquidity through 2026 which is captured in the SGL-2 rating. Liquidity is supported by AM's $1.25 billion revolving credit facility, which had $861 million of availability as of June 30, 2025. Moody's expects AM to generate about $300 million of free cash flow after making planned distributions that could be used to reduce revolver debt. The company should have ample compliance cushion under the three financial covenants governing the credit agreement, including a senior secured leverage covenant no more than 3.75x, a total leverage covenant no more than 5x and an interest coverage covenant of at least 2.5x. AM's next maturity will be its $650 million issue due in 2028. AM's stable outlook reflects Moody's expectations that the company will continue to generate solid free cash flow and operate within its long-term debt/EBITDA target of 3x or less. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS In order for AM to be upgraded to investment-grade, its primary counterparty Antero would have to be upgraded to Baa3 but also the company would have to strengthen its business profile by expanding its geographic footprint and/or customer diversification and continue to grow its EBITDA while maintaining low financial leverage. AM's ratings could be downgraded if debt/EBITDA rises above 3.5x or if Antero's CFR is downgraded below Ba1, its current level. Antero Midstream Partners LP is a wholly owned subsidiary of Antero Midstream Corporation, a midstream energy company based in Denver, Colorado. Antero Midstream Corporation owns and operates an integrated system of natural gas gathering pipelines, compression stations, processing and fractionation plants, and water handling and treatment assets in northwest West Virginia and southern Ohio. The principal methodology used in these ratings was Midstream Energy published in February 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ARCHDIOCESE OF NEW ORLEANS: Committee Taps Neblett as Reviewer -------------------------------------------------------------- The Official Committee of Unsecured Creditors of the Roman Catholic Archdiocese of New Orleans seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Richard Arsenault to serve as Abuse Claims Reviewer in the Chapter 11 case of the Archdiocese. Mr. Arsenault will provide these services: (a) review and assess Abuse Claims under the Allocation Protocol; (b) review proofs of claims filed by Additional Debtors Sexual Abuse Bar Date set forth in the Joint Plan; (c) review Abuse Claims seeking reconsideration after award; and (d) charge for all expenses connected with his review of Abuse Claims, including travel, mail, delivery, photocopying, research, and other related costs. Mr. Arsenault will receive compensation as follows: $1,500 per Abuse Claim reviewed, payable by the Archdiocese; and $1,000 for each Abuse Claim seeking reconsideration, payable by the claimant as a deduction from the award. He will also be reimbursed for related expenses. Mr. Arsenault is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, as modified by Section 1103(b), according to court filings. The firm can be reached at: Richard J. Arsenault, Esq. Neblett, Beard & Arsenault, Attorney at Law 2220 Bonaventure Ct. Alexandria, LA 71301 Telephone: (800) 256-1050 E-mail: rarsenault@nbalawfirm.com About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans --https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano& Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of PachulskiStangZiehl& Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ATI INC: Moody's Raises CFR to Ba2, Outlook Stable -------------------------------------------------- Moody's Ratings upgraded ATI Inc.'s (ATI) 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. At the same time, Moody's upgraded Allegheny Ludlum, LLC's backed senior unsecured rating to Ba3 from B1. The rating outlooks for both entities remain stable and ATI's Speculative Grade Liquidity Rating (SGL) remains at SGL-1. "The upgrade of ATI Inc.'s ratings reflects Moody's expectations that its operating performance 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 will use a portion of its cash balance and future free cash flow to pay down debt" said Michael Corelli, Moody's Ratings' Senior Vice President and lead analyst for ATI Inc. RATINGS RATIONALE ATI Inc.'s Ba2 corporate family rating reflects its relatively low leverage, good interest coverage and the expectation these metrics will be supported by the ongoing strength in its key commercial aerospace end market. This end market is experiencing strong orders and demand and should continue to recover assuming The Boeing Company (Baa3 negative) is able to move past its recent issues and ramp up production to meet that demand. ATI's rating also reflects its position as a leading producer of specialty titanium and titanium alloys, nickel-based alloys and super alloys serving a wide range of end markets including aerospace and defense, energy, medical, electronics, automotive and others. The company benefits from long-term agreements (LTA's) with many of its customers across the airframe, aero engine, defense, and medical markets. The rating also incorporates its very good liquidity position, which provides support to its credit profile and enables it to navigate periods of weakness in the aerospace sector and investments in working capital as business recovers. ATI'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. ATI's operating performance continues to strengthen for the fourth consecutive year due to strength in the aerospace and defense end market, which accounted for about 66% of its revenues in the first half of 2025. The company has also benefitted from improved productivity, product mix optimization and strategic pricing actions. As a result, its adjusted EBITDA is expected to rise to about $825 million versus $736 million in 2024 and $644 million in fiscal 2023. The company is expected to achieve earnings growth again in fiscal 2026 as it continues to benefit from strong order rates and the same dynamics supporting its fiscal 2025 performance, along with share gains in titanium products as the company restarts and expands capacity. ATI is expected to generate solid free cash flow as earnings grow and investments in working capital moderate. These investments have consumed around $865 million of cash over the past 4.5 years. Moody's anticipates the company will use this free cash to repurchase stock and pay down debt. ATI'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 $825 million, then its leverage ratio (debt/EBITDA) will decline to around 2.3x and its interest coverage (EBITDA/Interest) will rise to about 7.0x as of December 2025. These metrics will be strong for the rating and could lead to a positive change in the company's outlook or ratings if they are likely to be sustained. ATI's speculative grade liquidity rating of SGL-1 considers the company's very good liquidity profile which consists of $319.6 million in cash and approximately $570.6 million of borrowing availability on its $600 million asset-based lending credit facility as of June 30, 2025. Availability was reduced by $29.4 million of letters of credit issued as the company had no outstanding borrowings. The ABL facility was amended in June 2025, and the maturity was extended by 3 years to June 2030. ATI also established a 3-year $125 million accounts receivable securitization facility in September 2025 to take advantage of its over-collateralized ABL and to add flexible revolving liquidity. As of September 25, 2025, approximately $80 million of loans were outstanding under the facility. The Ba3 rating on ATI's senior unsecured debt instruments reflects the effective subordination of the unsecured debt relative to the ABL facility and the term loan. The senior unsecured debt at Allegheny Ludlum, LLC (guaranteed by ATI) has the same rating as the senior unsecured debt at ATI given the high level of interdependence between the operations. The instruments are also considered to be at parity given the significantly higher asset values of ATI relative to the asset value of Allegheny Ludlum and the view that given the operating interdependence, ATI would support Allegheny Ludlum. The stable outlook incorporates Moody's expectations that ATI's operating performance and credit metrics will remain historically strong over the next 12 to 18 months and its credit metrics will continue to support its rating. However, it also reflects the historical volatility of its operating results due to its reliance on the highly cyclical aerospace and defense sector. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS ATI'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 ATI 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. Headquartered in Dallas, Texas, ATI Inc. is a diversified producer and distributor of components and specialty metals such as titanium and titanium alloys, nickel-based alloys and stainless and specialty steel alloys. It sells these products mainly to the aerospace, defense, energy, automotive, electronics, medical, construction and mining sectors. For the twelve months ended June 30, 2025, the company generated revenues of $4.5 billion. The principal methodology used in these ratings was Aerospace and Defense published in July 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. BARRACUDA NETWORKS: BlackRock FRA Marks $1.03MM Loan at 17% Off --------------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $1,038,000 loan extended to Barracuda Networks, Inc to market at $858,617 or 83% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2022 Term Loan to Barracuda Networks, Inc. The loan accrues interest at a rate of 8.78% (3-mo. CME Term SOFR at 0.50% floor+ 4.50%) per annum. The loan matures on August 15, 2029. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882-0052 Barracuda Networks, Inc. (NYSE: CUDA), designs and delivers security and data protection solutions. The Company maintains its headquarters in Campbell, California. BARROW SHAVER: Seeks to Extend Plan Exclusivity to Jan. 27, 2026 ---------------------------------------------------------------- Barrow Shaver Resources Company LLC, asked the U.S. Bankruptcy Court for the Southern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 27, 2026 and April 6, 2026, respectively. The Debtor explains that following the Third Exclusivity Motion, it has continued to make good faith efforts toward an exit strategy. The Debtor has kept the sale process moving forward by filing its Cure Notices according to the Sale Schedule in the Bidding Procedures Order. The Debtor has been working through the relevant objections that were filed as a response to the Cure Notices. Further, as heard in the August 6, 2025, and August 20, 2025 status conferences, the Debtor has actively communicated the status of the sale to the Court and counterparties, to the extent possible without jeopardizing its ongoing negotiations. Accordingly, an additional extension of the exclusivity periods for cause is both warranted under the circumstances and is within the statutory time limits imposed by section 1121(d)(2) of the Bankruptcy Code. In addition to the grounds already recognized, significant developments in the sale process demonstrate the need for an extension of the Debtor's exclusivity periods. As previously mentioned, the Debtor is in the process of finalizing negotiations with interested parties to facilitate the designation of a lead bidder. The Debtor claims that once a lead bidder is designated, the Debtor intends to hold an auction pursuant to the Bidding Procedures. The Debtor is close to making this designation and proceeding with the next phase of the sale process. Given the status of the sale, the Debtor cannot finalize a transaction or file a chapter 11 plan until the at least the following steps are accomplished: * The negotiations between the interested parties and the Debtor conclude and produce a form asset purchase agreement; * The Debtor designates a lead bidder and holds an auction; and * The transaction between the winning bidder and the Debtor is finalized following the auction. The Debtor asserts that the developments described since the entry of the Third Exclusivity Order provide ample justification to extend the Debtor's exclusive period to file a chapter 11 plan through and including January 27, 2026, and to extend the Debtor's exclusive period to solicit votes accepting or rejecting a plan through and including April 6, 2026. Barrow Shaver Resources Company, LLC is represented by: Joseph E. Bain, Esq. Sean T. Wilson, Esq. Olivia K. Greenberg, Esq. Elizabeth De Leon, Esq. JONES WALKER LLP 811 Main Street, Suite 2900 Houston, Texas 77002 Telephone: (713) 437-1800 Facsimile: (713) 437-1810 Email: jbain@joneswalker.com swilson@joneswalker.com ogreenberg@joneswalker.com edeleon@joneswalker.com About Barrow Shaver Resources Company Barrow Shaver Resources Company, LLC is a privately held, independent oil and gas exploration and acquisition company based in Tyler, Texas. Barrow Shaver is engaged in prospect generation, producing properties acquisition, lease acquisition, assembly and marketing of prospects for the exploration and development of oil and natural gas in the prolific producing trends of the East Texas and West Texas Basins. Barrow Shaver Resources Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33353) on Aug. 19, 2024. In the petition signed by James Katchadurian, chief restructuring officer, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. The Debtor tapped Jones Walker LLP as counsel, CR3 Partners, LLC as financial advisor, and Kroll Restructuring Administration, LLC as claims, noticing, and solicitation agent. BAXSTO LLC: Hires Armbrust & Brown as Special Counsel ----------------------------------------------------- Baxsto LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire the Law Offices of Armbrust & Brown PLLC to serve as special counsel in its Chapter 11 case. Armbrust & Brown will provide these services: (a) represent the Debtor in Case No. 11-25-00058-CV in the 11th Court of Appeals; (b) represent the Debtor in any further appeal to the Supreme Court of Texas; (c) represent the Debtor, in the event of remand, in Case No. 55565, in the 118th District Court of Howard County, TX; and (d) render legal services in Debtor's appeal of an adverse judgment in favor of Birch Operations Inc., Birch Resources LLC, Birch EOC LLC, and Carolyn Collins Underwood. Armbrust & Brown will be compensated on a contingency fee basis equal to 35% of the gross amount of recoveries obtained, with reimbursement of out-of-pocket expenses. The firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Guillermo A. Alarcón, Esq. ARMBRUST & BROWN, PLLC 100 Congress Avenue, Suite 1300 Austin, TX 78701 Telephone: (512) 435-2300 Facsimile: (512) 435-2360 E-mail: galarcon@labaustin.com About Baxsto LLC Baxsto LLC, based in Austin, Texas, manages and owns undivided mineral interests in Howard and Borden Counties. Formed in 2014, the Company leases these mineral rights to oil and gas operators for the extraction of oil, gas, limestone, gravel, coal, sulfur, and other minerals. Baxsto LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11291) on August 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Stephen W. Sather, Esq. at BARRON & NEWBURGER, P.C. BEAR'S FRUIT: Court Extends Cash Collateral Access to Nov. 14 ------------------------------------------------------------- Bear's Fruit, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral to fund operations. The court's interim order extended the Debtor's authority to use the cash collateral of Express Trade Capital, Inc. and the U.S. Small Business Administration from September 24 to November 14. Express Trade Capital and SBA will be granted replacement liens on all existing and future property of the Debtor to protect against any diminution in collateral value caused by the Debtor's use of their cash collateral. Both secured creditors are entitled to superpriority claims pursuant to Section 507(b) of the Bankruptcy Code. As additional protection, Express Trade Capital will receive a monthly payment of $7,500 from the Debtor. The use of cash collateral ends upon conversion or dismissal of the Debtor's Chapter 11 case; confirmation of a bankruptcy plan; uncured default; improper modification of the order without notice; or cessation of substantially all operations of the Debtor. A final hearing is scheduled for November 12. Express Trade Capital holds a perfected lien via a pre-petition factoring arrangement and is owed $38,533, while SBA holds a potentially lapsed security interest related to a $99,925 loan. About Bear's Fruit LLC Bear's Fruit, LLC operates an asset-light model, outsourcing manufacturing, warehousing, and distribution. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-43951) on August 15, 2025. In the petition signed by Amy Driscoll, co-founder, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Jill Mazer-Marino oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP, is the Debtor's legal counsel. Express Trade Capital, as secured creditor, is represented by: Benjamin M. Ellis, Esq. 1410 Broadway, Suite 2600 New York, NY 10018 212-997-0155 x271 ben@expresstradecapital.com BEECH INTERNATIONAL: Gets Extension to Use Cash Collateral ---------------------------------------------------------- Beech International, LLC received a one-month extension from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The court's interim order extended the Debtor's authority to use cash collateral from October 2 to October 31, marking the 15th extension since its Chapter 11 filing. The interim order signed by Judge Ashely Chan authorized the Debtor to use cash collateral within a 15% variance per budget category, (except those cash held by UMB Bank, National Association in reserves). As protection, each creditor with an interest in the cash collateral will be granted a replacement lien on all property of the Debtor acquired after its bankruptcy filing. The replacement lien does not apply to proceeds of actions commenced under Chapter 5 of the Bankruptcy Code. Termination events under the interim order include the entry of a subsequent cash collateral order; the appointment of a Chapter 11 trustee or examiner; the conversion of the Debtor's Chapter 11 case to one under Chapter 7; or the filing by the Debtor of a motion to obtain financing secured by liens senior to the liens in favor of UMB. A final hearing is scheduled for October 29. The deadline for filing objections is on October 22. The Debtor believes that only UMB and PIDC Local Development Corporation have an asserted interest in cash collateral. UMB is the trustee under a Trust Indenture dated as of Sept. 1, 2010, between the Philadelphia Authority for Industrial Development and TD Bank, N.A., as prior trustee. Pursuant to the Indenture, among other things, PAID issued certain Revenue Bonds (International Apartments at Temple University) Series 2010A, 2010B, and 2010C, in the aggregate principal amount of $17.280 million. On Sept. 1, 2010, PAID loaned the proceeds of the bonds to the Debtor to acquire, construct, equip and install the student housing facility with two commercial units adjacent to Temple University. This loan is evidenced by, among other things, a loan agreement between PAID and the Debtor dated as of September 1, 2010, and three promissory notes issued by the Debtor in favor of PAID. As of the petition date, UMB asserts that approximately $15,241,671.88 remained due and owing on the notes. Prior to the petition Date, PIDC Local Development Corporation made (i) a loan in the amount of $600,000 to the company's sole member, Beech Interplex, Inc.; and (ii) a loan in the amount of $1 million to Beech Interplex. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Iwr2u from PacerMonitor.com. About Beech International Beech International, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Beech International filed Chapter 11 petition (Bankr. E.D. Pa. Case No. 24-14406) on December 10, 2024, listing between $10 million and $50 million in both assets and liabilities. Ken Scott, chief executive officer of Beech International, signed the petition. Judge Ashely M. Chan handles the case. Robert Lapowsky, Esq., at Stevens & Lee, P.C. is the Debtor's legal counsel. UMB Bank, N.A., as secured creditor, is represented by: Tobey M. Daluz, Esq. Margaret A. Vesper, Esq. Ballard Spahr, LLP 1735 Market Street, 51st Floor Philadelphia, PA 19103 Tel: (215) 864-8148 Facsimile: (215) 864-8999 daluzt@ballardspahr.com vesperm@ballardspahr.com -- and -- William P. Wassweiler, Esq. Ballard Spahr, LLP 2000 IDS Center 80 South 8th Street Minneapolis, MN 55402-2119 Telephone: (612) 371-3289 Facsimile: (612) 371-3207 wassweilerw@ballardspahr.com BEELINE HOLDINGS: Adds $5M to ATM Equity Program With Ladenburg --------------------------------------------------------------- Beeline Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company filed a prospectus supplement registering the offer and sale from time-to-time of up to $5,000,000 of shares of the Company's common stock under that certain At The Market Offering Agreement dated April 30, 2025, with Ladenburg Thalmann & Co., Inc. acting as sales agent. The sales of the Shares are in addition to prior sales of a total of 5,540,043 shares of common stock for total gross proceeds of approximately $7,000,000 previously sold under the Agreement. Sales of the Shares, if any, may be made by any method permitted by law deemed to be an "at the market" offering as defined in Rule 415 of the Securities Act of 1933, including without limitation sales made directly on or through The Nasdaq Capital Market, the trading market for the Company's common stock, or any other existing trading market in the United States for the Company's common stock, sales made to or through a market maker other than on an exchange or otherwise, sales made directly to Ladenburg as principal in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices, and/or in any other method permitted by law. Ladenburg will use commercially reasonable efforts to sell on our behalf all of the Shares requested to be sold by us, consistent with its normal trading and sales practices, subject to the terms of the Agreement. Under the Agreement, Ladenburg will be entitled to compensation of 3.0% of the gross proceeds from the sales of the Shares sold under the Agreement. In addition, we have agreed to reimburse Ladenburg for the fees and disbursements of its counsel, payable upon execution of the Agreement, in an amount not to exceed $50,000. In addition, the Company shall reimburse Ladenburg for legal fees of its counsel up to $5,500 for each quarterly due diligence update and up to $7,500 pursuant to certain terms of the Agreement including annual due diligence updates. The Shares are being offered and sold pursuant to a prospectus supplement filed with the Securities and Exchange Commission on September 26, 2025 and the accompanying base prospectus which is part of the Company's effective Registration Statement on Form S-3 (File No. 333-284723). Investors should read the Registration Statement, the base prospectus and the prospectus supplement and all documents incorporated therein by reference. About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, against $17.5 million in total liabilities. As of June 30, 2025, the Company had $68.57 million in total assets, against $13.02 million in total liabilities. BELLA INVESTMENT: Taps Keller Williams as Listing Agent ------------------------------------------------------- Bella Investment Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Keller Williams Empower to serve as Listing Agent/Broker in its Chapter 11 case. Keller Williams Empower will provide these services: (a) market and sell (or lease to facilitate sale) the Debtor's real property located at 1824 E. Passyunk Avenue, Philadelphia, PA; (b) provide professional expertise and experience of KW's sales agents to maximize the value of the property; and (c) perform services related to marketing and facilitating a sale or lease subject to court approval. Keller Williams Empower proposes a broker's commission of 5 percent of the purchase price, which the Debtor believes is fair and customary. According to the Verified Statement of Mario Tropea, Keller Williams Empower (a) does not hold an interest adverse to the Debtor's estate; (b) does not represent an interest adverse to the Debtor's estate; and (c) is a disinterested person under Bankruptcy Code Section 101(14). The firm can be reached at: Keller Williams Empower Attn: Mario Tropea 1824 E. Passyunk Avenue Philadelphia, PA 19148 About Bella Investment Properties Bella Investment Properties LLC is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Bella Investment Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13573) on September 8, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Derek J. Baker handles the case. The Debtor is represented by David B. Smith, Esq., at Smith Kane Holman, LLC. BH DOWNTOWN: Amends Unsecured Claims Pay Details ------------------------------------------------ BH Downtown Miami, LLC and 340 Biscayne Owner, LLC submitted an Amended Joint Disclosure Statement describing Amended Plan of Reorganization dated September 25, 2025. 340 is the fee simple owner of the real property located at 340 Biscayne Boulevard in Miami, Florida, as well as the improvements located thereon, which house a hotel, commonly known as Holiday Inn Port of Miami-Downtown. Since the Petition Date, 340 has continued to operate the Hotel as a debtor-in-possession under the management of Aimbridge and the IHG flag. The Hotel operates at a profit, and the Debtors have paid all their debts as they become due. Prior to the Chapter 11 Case, 340 was undergoing its 40-year recertification of the Hotel building with the City of Miami, and it has continued its efforts towards recertification during the Chapter 11. As part of the recertification process, 340 is required to make certain repairs to the Property. The deadline for 340 to comply is March 3, 2026, subject to further extensions. In April 2025, the Debtors retained a broker, Hilco Real Estate, LLC, to market the Property for sale. Hilco embarked on a national and international marketing campaign to sell or refinance the Property. The Debtors have pursued each option and will sell to a buyer using any one of these structures by Private Sale or Auction Sale. Upon closing of the Sale of the Property, the Debtors shall have no further operation other than complying with the terms of the Plan and closing down the corporate structures. The Debtors also filed an Adversary Complaint and Objection to Claims against Cirrus. In the Adversary Proceeding the Debtors object to the claims filed by Cirrus against each of the Debtors and also seek damages in excess of $70 Million for breach of contract, fraud in the inducement, usury, and other claims. The Adversary Proceeding is scheduled to go to trial the week of February 9, 2026. Cirrus filed a secured claim against each of the Debtors in the amount of $98,525,616.99 plus interest. The outcome of the Adversary Proceeding will determine the amount of any Allowed Claim Cirrus may have and the amount of damages that Cirrus owes to the Debtors. The outcome may include a payment by each party or a setoff. The Plan is a liquidating Plan. 340 will sell the Property by Private Sale or Auction, to a third party purchaser free and clear of all liens, claims and encumbrances, pursuant to Section 363(f) of the Bankruptcy Code, with any liens, claims and encumbrances to attach to the proceeds of the Sale. The Net Sale Proceeds will be used to make the distributions under the Plan. The Property has been appraised at more than $200 Million, and the Debtors expect to receive sufficient funds to pay all Creditors in full and make a significant Distribution to the Equity Interest Holders. The Debtors also anticipate having approximately $1 Million in Cash as of the Effective Date to pay creditors. The Debtors will continue to collect accounts receivable and insurance refunds and other deposits after the Effective Date, but expect the amounts to be de minimis after setoffs and related costs. In addition, the Litigation Proceeds, if any, may provide an additional source of funds for payment to Creditors and Equity Interest Holders. While the Debtors anticipate the Net Sale Proceeds will be sufficient to pay all Creditors in full, Litigation Proceeds will be available to ensure payments under the Plan. The Class 3 General Unsecured Claims against 340 include all Allowed Claims of General Unsecured Creditors that are not General Administrative Claims, Claims entitled to Priority, or Class 1 Claims. The Unsecured Creditors shall be paid on account of their Allowed Claims on the Initial Distribution Date on a Pro Rata basis after setting aside funds sufficient to pay anticipated General Administrative Claims, and payment in full of the Allowed General Administrative Claims, Priority Claims, Priority Tax Claims, and Class 1 and 2 Claims are paid in full or funds are escrowed for the Class 1 Claim. In the event that 340 receives payment from the Cirrus Litigation or any other Litigation Proceeds, or Cash from any other source, 340 will make a second Distribution to Class 3 Creditors who did not receive payment in full on the Initial Distribution Date, and will make the second Distribution on a Pro Rata basis after setting aside funds sufficient to pay anticipated General Administrative Claims. In the event 340 has sufficient Cash to pay the Class 3 Creditors in full, it will make additional Distributions until they are paid in full. The total amount of General Unsecured Claims asserted against 340 is approximately $700,000 based on the Schedules and Proofs of Claim filed, other than any potential Deficiency Claims and Rejection Damage Claims. Class 3 is impaired. Class Six consists of Allowed General Unsecured Creditors Against BH. The General Unsecured claims of BH include all Allowed claims of Unsecured Creditors against BH that are not part of Class 1, 2, 3, 4 or 5 and any Deficiency Claim of Cirrus. The Class 6 Unsecured Creditors shall be paid on a Pro Rata basis from any Cash BH receives on account of its Class 4 Claim on the later of (a) ten days after payment to BH on account of its Class 4 Claim and (b) a date that is no more than 10 days after entry of a Final Order allowing their claim. The total amount of Claims asserted is approximately $25,000. Class 6 is impaired. The Debtors' Property shall be liquidated, and there shall be no further operations, other than the maintenance of the corporate structure and the payment of claims under the Plan. A full-text copy of the Amended Joint Disclosure Statement dated September 25, 2025 is available at https://urlcurt.com/u?l=XKqFLk from PacerMonitor.com at no charge. Counsel for the Debtors: Pardo Jackson Gainsburg & Shelowitz, PL Linda Worton Jackson, Esq. Linsey M. Lovell, Esq. 100 Southeast 2nd Street, Suite 2050 Miami, Florida 33131 Telephone: (305) 358-1001 Facsimile: (305) 358-2001 Email: LJackson@pardojackson.com LLovell@pardojackson.com sramos@pardojackson.com About BH Downtown Miami BH Downtown Miami, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-23028) on Dec. 13, 2024. In its petition, the Debtor reported estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Judge Laurel M. Isicoff oversees the case. The Debtor tapped Pardo Jackson Gainsburg & Shelowitz, PL as counsel and Gould & Pakter Associates, LLC as financial expert. BINGO HOLDINGS I: Fitch Alters Outlook on 'B+' IDR to Negative -------------------------------------------------------------- Fitch Ratings has affirmed Bingo Holdings I, LLC's (also known as PlayAGS, Inc. or AGS) Long-Term Issuer Default Rating (IDR) at 'B+'. Fitch has also affirmed AGS' senior secured debt at 'BB-' with a Recovery Rating of 'RR3'. The Rating Outlook has been revised to Negative from Stable. The Outlook revision follows AGS' announced incremental $100 million fungible term loan B (TLB) to fund share redemption. Fitch believes the transaction deviates from management's financial policy, weakens AGS' credit profile within the context of the current rating, and reduces flexibility within the current rating to accommodate potential operating weakness. EBITDA leverage pro forma for the transaction will increase to 5.0x. The affirmation incorporates Fitch's expectation that EBITDA leverage will improve to align with the current rating within the next 12 months. Fitch could revise the Outlook to Stable if EBITDA leverage progresses towards Fitch's sensitivity of 4.5x over the medium term. Key Rating Drivers Higher than Expected Leverage: Pro forma Fitch-defined EBITDA leverage will rise to 5.0x from about 4.5x at June 30, 2025 due to a higher debt load, with leverage remaining higher than previously expected through the forecast period. Fitch expects leverage to remain stable through 2025 as casino operators navigate a complex capital decision cycle with evolving tariff policies, a softer macroeconomic environment, and some geopolitical tensions between the U.S. and Canada. Subsequently, Fitch expects leverage to sequentially moderate to around 4.5x in 2026 and approach 3.6x over the outer years of the forecast horizon. The transaction represents a deviation from management's targeted leverage policy of 4.0x over the medium term, which does not include an aggressive M&A strategy, with modest-sized tuck-in acquisitions a possibility. Fitch does not anticipate any voluntary debt repayments under the TLB as organic growth will materially assist with the deleveraging trajectory, though a paydown of the $10 million revolver balance is likely. Additionally, Fitch expects EBITDA margins will expand slightly as the share of Gaming Operations and Interactive businesses grows. Small but Improving Market Share: AGS has improved its global slot market share from low single digits in 2020 to mid-single digits despite strong competition from larger suppliers. Fitch expects AGS to drive continued growth through research and development (R&D) investments in new game content across its electronic gaming machines (EGM), table products, and interactive segments. This strategy will enhance premium game mix and recurring revenue, enabling AGS to optimize installed bases while increasing revenue per day (RPD), ship share, and table product lease prices. Growth among suppliers will likely soften over the near term as catch-up demand in gross gaming revenue (GGR) eases, outright sales and base installations normalize and pricing power tempers to some extent. However, market share among participants can remain dynamic depending on their expansion plans, as well as their ability to maintain strong recent prices. Concentrated Portfolio and End-Markets: AGS generates about 90% of its revenue from the U.S., with Oklahoma accounting for under 20%, down from about 30% in 2019. The tables and interactive businesses have doubled their share over the past five years, though EGMs still contribute about 90% of its sales. Fitch expects AGS to leverage its substantial tribal (Class II) footprint by expanding into premium and Class III cabinets, boosting its average RPD and closing the gap with larger peers. The company has actively diversified its installed base, with premium game mix growing from 1% to 21% over five years, supported by premium EGM unit growth. Evolving Interactive Presence: AGS has pivoted from largely unregulated social casino (68% of 2019 revenue) to real-money gaming (RMG), which now contributes nearly all its segment sales and has helped it take advantage of its omnichannel. Fitch believes AGS will continue to leverage its portfolio of games and produce content with strong theoretical win, expanding across more online casino sites. This shift can improve GGR share in the North American market to 8% from 4% in 2021 and support double digit compound annual growth rate (CAGR) in revenue. Expansion into interactive categories, including iLottery, would strengthen its offering, brand strength and geographical reach. Healthy FCF Margins: AGS' FCF margin in 2025 will not be materially negatively affected by the proposed transaction as proceeds are expected to be used for the redemption of common shares, rather than a dividend to shareholders which Fitch includes in its calculations. Consequently, Fitch expects FCF margin to remain in the high single digits, relatively in line with the prior two years. Excluding any future potential dividends, the FCF margin will approach mid-teens over the rating horizon due to relatively steady capex. AGS could use FCF towards bolt-on M&A and potential shareholder returns. Stable Management: Fitch views Brightstar's approach to portfolio management. However, AGS' private equity ownership, whose financial policy includes opportunistic dividend recapitalizations, albeit infrequently, could have a negative impact on its credit profile. AGS' existing management averages about 20 years of gaming industry experience per executive, helping offset Brightstar's limited expertise in this sector. Peer Analysis AGS is a small player in the slots supplier industry and competes with the big three: Aristocrat Leisure Ltd. (ALL; BBB-/Positive), Voyager Parent, LLC (BB/Stable), and Light & Wonder, Inc. (LNW; BB/Stable). Its weaker market position in the segment, larger North American market focus, higher product concentration and leverage position it lower than peers. Aristocrat Leisure Limited has a leading market position in the slot segment, greater diversification and lower leverage (target net leverage of 1.0x-2.0x). This positions it as a low-investment-grade gaming supplier. In addition, it is a solid digital offeror of mobile gaming, iLottery and real-money gaming, consistently generating robust FCF margins. Voyager Parent, LLC, recently formed by a combination of International Gaming Technology plc's Gaming & Digital business with Everi Holding Inc., is rated on par with LNW. The rating reflects its top-three slot supplier status in North America, FinTech diversification (15% of sales), moderate leverage of about 4.0x, though it lacks a formal financial policy, strong FCF margins in the low to mid-single digits, and private equity ownership (Apollo Global Management, Inc.). LNW's rating reflects its top-three gaming supplier status, conservative leverage profile (target net leverage in the 2.5x to 3.5x range), pro forma for the refinancing and the Grover Gaming acquisition, and robust FCF margin. LNW is a somewhat diversified gaming supplier with exposure to traditional gaming, including charitable, iGaming, social casino and casual mobile gaming. Key Assumptions - Total Revenue in 2025 grows in low single digits but improves to high single digits between 7%-9% thereafter; - Segmentally, 2025 EGM sales remain relatively flat due to a high single digit decline in equipment sales as casino operators take a more measured approach towards slot purchases over the near term, offset by a low single digit rise in Gaming Operations sales as content offerings and premium cabinets proliferate further, along with an improvement in RPD. Subsequently, equipment sales revert to low double digits growth, supported by unit growth and stable to marginally improving ASPs, with Gaming Operations sales continuing to grow in low single digits; - Table Products keep relative pace with the EGM segment rising in single digits, with the pace of improvement across gaming operations and equipment relatively in line with gaming machines as AGS makes further inroads into progressives, shufflers, and premium games; - Interactive segment grows substantially at a CAGR of about 30% over the rating period as AGS maintains its pivot towards B2B RMG (from B2C social casino) due to its omni-channel advantage and continues producing a diverse portfolio of games and offering them at an increasing number of online casino sites; - R&D spend remains largely in line with the historical trend of 12%-13% of revenue; - EBITDA margin approaches 45.5% over the rating horizon, up from about 43% in 2024, as the EGM's Gaming Operations and Interactive businesses contribute healthier shares; - Capex as a percentage of revenue is in the 15%-19% range as AGS remains focused on manufacturing quality games; - Total gross debt balance remains tied to the revolver and term loan B (TLB), with a modest required annual amortization of 1% under its TLB. Fitch assumes no voluntary debt paydown under the TLB; - Base interest rates assumptions reflect the current SOFR curve. Recovery Analysis The 'BB-'/'RR3' rating for AGS' senior secured debt is notched from its 'B+' IDR based on a bespoke analysis. The recovery analysis assumes AGS would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch estimates an enterprise value (EV) on a going-concern basis of $600 million. The EV assumption is based on a post-reorganization EBITDA of about $120 million, a 5.0x multiple and a deduction of 10% for administrative claims, all of which are unchanged from its previous review. Fitch projects a post-restructuring sustainable cash flow, which assumes both depletion of the current position to reflect the distress that can cause a default and a level of corrective action Fitch assumes either would have occurred during restructuring or would be priced into a purchase price by potential bidders. The going-concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the EV. AGS' going-concern EBITDA of about $120 million, takes into consideration recessionary and inflationary pressures, the inability to maintain or increase its market share, the potential of concentrating only on its EGM segment and the possibility for the company to take on unsustainable leverage to fund shareholder dividends. This is around 30% below normalized EBITDA but reflects a forward view that a restructuring would alleviate operating and leverage pressures, and that the business would recover strongly post reorganization. The 5.0x EV multiple assumption is aligned with Fitch's 5.0x to 7.0x recovery multiples band for the U.S. gaming industry. It incorporates AGS' weak position in the suppliers' market, geographically concentrated position in North America and the segment's high barriers to entry. In applying the distributable proceeds, Fitch assumes $975 million of senior secured debt, including a fully drawn $100 million revolving credit facility and $875 million TLB, which includes the proposed $100 million incremental debt raise. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A change in financial policy with raised leverage targets and/or an aggressive growth strategy pursuing debt-funded acquisitions or shareholder returns without a reasonable de-levering path; - EBITDA leverage sustaining above 4.5x; - FCF primarily funding shareholder returns, as opposed to reinvestment. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Growing slot share, particularly in North America; - Diversification of EBITDA towards digital, while maintaining steady operations in land-based gaming; - EBITDA leverage sustaining below 4.0x. Liquidity and Debt Structure At June 30, 2025 when AGS was taken private, it had $55.7 million in unrestricted cash and $90 million in availability under its $100 million senior secured revolving credit facility, maturing in 2030. Once Brightstar's acquisition closes the proposed transaction to raise an incremental $75 million under its term loan B, which matures in 2032, AGS is expected to have $20 million in cash and $90 million available under its revolver. This is in comparison to a scheduled debt repayment of $8.75 million (or 1%) per annum under the upsized $875 million pari passu term loan B. FCF will remain positive over its forecast horizon, should disbursements to the sponsor be managed appropriately, and FCF margin is anticipated to be robust in the high single digits to mid double digits range. Issuer Profile PlayAGS, Inc. (or AGS) is a leading designer and supplier of diverse gaming products and services for the gaming industry. AGS provides products and services in three distinct operating segments: Electronic Gaming Machines, Table Products, and Interactive. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Bingo Holdings I, LLC LT IDR B+ Affirmed B+ senior secured LT BB- New Rating RR3 senior secured LT BB- Affirmed RR3 BB- BOY SCOUTS: Insurers Move to Dismiss Sexual Abuse Coverage Lawsuit ------------------------------------------------------------------ Angelica Serrano-Roman of Bloomberg Law reports that dozens of insurers are asking a Texas federal court to dismiss a lawsuit filed by the Boy Scouts of America's settlement trust, which accuses them of refusing to honor coverage for sexual abuse claims and acting in bad faith. The trustee alleges that the insurers have failed to pay under policies meant to fund the multibillion-dollar settlement compensating thousands of abuse survivors, according to the report. In a motion filed Thursday, October 2, 2025, a group of insurers tied to Allianz SE urged the U.S. District Court for the Northern District of Texas to either dismiss or stay the case, arguing it was brought in the wrong venue. The Allianz-affiliated insurers maintain that the dispute belongs in another jurisdiction and that the current court lacks proper authority to hear the matter, the report states. Separately, insurers including Great American Assurance Co. and Continental Insurance Co. filed their own motions seeking dismissal, citing lack of personal jurisdiction and failure to state a claim. They contend that the trustee's allegations fall short of the legal requirements needed to hold them responsible for payments under the contested insurance policies, the report relays. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. The Debtors obtained confirmation of their Third Modified Fifth Amended Chapter 11 Plan of Reorganization (with Technical Modifications) on September 8, 2022. The Order was affirmed on March 28, 2023. The Plan was declared effective on April 19, 2023. The Hon. Barbara J. House (Ret.) has been appointed as trustee of the BSA Settlement Trust. BRAND INDUSTRIAL: BlackRock FRA Marks $3.5MM Loan at 17% Off ------------------------------------------------------------ BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $3,552,069 loan extended to Brand Industrial Services, Inc to market at $2,959,069 or 83% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2024 Term Loan to Brand Industrial Services, Inc. The loan accrues interest at a rate of 8.78% (3-mo. CME Term SOFR at 0.50% floor+ 4.50%) per annum. The loan matures on August 1, 2030. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882-0052 Headquartered in Kennesaw, GA, Brand Industrial Services, Inc. is the largest provider of scaffolding, insulation, coatings and other industrial services within the following market segments in North America: upstream, midstream, and downstream oil & gas, power generation, industrial and infrastructure. The company is majority owned by Clayton, Dubilier & Rice and Brookfield Business Partners. BROADBAND TELECOM: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------- Broadband Telecom, Inc. and affiliates ask the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection. The Debtors, comprised of two operational groups -- the BB Debtors, which include Broadband Telecom, Bridgevoice, BB Capital SPV, and BB Servicer, and the Carriox Debtors, including Carriox Telecap, Carriox Towercap, and Carriox Capital -- provide voice termination services and factoring services in the telecommunications sector. The BB Debtors operate a wholesale VOIP trading business where call traffic is routed through their networks to global telecommunications providers, generating receivables that are purchased by BB Capital to provide liquidity. The Carriox Debtors operate a similar model focused on the purchase of receivables from wholesale VOIP and infrastructure clients, which are then sold to Carriox Capital. Both groups are closely integrated, sharing corporate ownership and financing arrangements. In August 2024, the Debtors and their affiliates entered into a Credit Agreement with several secured lenders, under which BB Capital and Carriox Capital are borrowers, the operating companies are guarantors, and Alter Domus LLC serves as agent. The agreement is secured by substantially all assets of the Debtors. Following financial distress and alleged defaults, the agent and lenders issued acceleration notices in July 2025 and initiated litigation in the Delaware Chancery Court, leading to a restraining order that significantly restricted the Debtors' ability to operate, including purchasing receivables or transferring assets. These restrictions prompted the Debtors' Chapter 11 filings on August 12, 2025. In response to concerns raised by the lenders and to avoid the appointment of a Chapter 11 trustee, the Debtors negotiated a Corporate Governance Stipulation. This agreement provided for the appointment of an independent director (Robert Warshauer) and the retention of a Chief Restructuring Officer (John Baumgartner) to oversee the cases. The bankruptcy court approved these appointments on September 17. The Debtors request authority to use the lenders' cash collateral, asserting that the ability to do so is critical to maintaining operations, preserving relationships with customers and vendors, and funding payroll and other administrative costs. The Debtors propose to use the cash collateral in accordance with a negotiated budget, subject to ongoing consent by the agent and lenders. In exchange, the Debtors offer adequate protection to the secured parties in the form of replacement liens, superpriority administrative expense claims, and the preservation of collateral value through continued business operations. About Broadband Telecom Inc. Broadband Telecom Inc., part of the Bankai Group, provides international wholesale telecommunications services including voice over internet protocol and messaging solutions to telecom operators, carriers, communication service providers, enterprises, and retailers. The Company operates from its headquarters in Garden City, New York, and serves clients globally with scalable communications infrastructure. Broadband Telecom Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73095) on August 12, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtor is represented by Tracy L. Klestadt, Esq. at KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP. BROADWAY REALTY: Plan Exclusivity Period Extended to December 15 ---------------------------------------------------------------- Judge David S. Jones of the U.S. Bankruptcy Court for the Southern District of New York extended Broadway Realty I Co., LLC and its debtor affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 15, 2025 and February 17, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that they negotiated for the consensual use of cash collateral to fund a robust and comprehensive sale and refinancing marketing process to maximize value for the estates and their creditors. The terms of the final cash collateral agreement between the Debtors and Flagstar are set forth in the proposed final cash collateral order (the "Final Cash Collateral Order"), which authorizes the Debtors to use cash collateral through and including February 17, 2026. The extensions requested by this Motion are consistent with the milestones in the Final Cash Collateral Order. The Debtors claim that now that a longer-term consensual arrangement with their secured lender has been obtained, the companies can shift their focus to the sale and refinancing marketing process to maximize value for the estates and their stakeholders and move forward with pursing confirmation of one or more chapter 11 plans. The Debtors should be afforded the additional time that is necessary to conduct the sale and refinancing marketing process and seek to achieve these goals. The Debtors assert that as explained in the First Day Declaration, their business and capital structure, together with their parent company and its other non-Debtor subsidiaries, is complex. Each Debtor is individually party to consolidated mortgage agreements with Flagstar, with the Debtors' aggregate indebtedness as of the Petition Date totaling approximately $564 million. Accordingly, the Debtors are part of a large, complex corporate enterprise. Proposed Attorneys for the Debtors: Gary T. Holtzer, Esq. Garrett A. Fail, Esq. Matthew P. Goren, Esq. Philip L. DiDonato, Esq. Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 About Broadway Realty I Co. Broadway Realty I Co., LLC is a real estate investment business and management company headquartered in New York City. The company operates from its principal location at 2 Grand Central Tower in Manhattan, with its main asset property at 4530 Broadway in New York. It specializes in real estate investment and property management activities across the New York metropolitan area. Broadway Realty I Co. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11050) on May 21,2025. In its petition, Broadway Realty I Co. reported between $500 million and $1 billion in both assets and liabilities. Judge David S. Jones, Esq. handles the cases. The Debtors are represented by Gary Holtzer, Esq., at Weil Gotshal & Manges, LLP. Flagstar Bank, N.A., as creditor, is represented by: Harvey A. Strickon, Esq. Brett Lawrence, Esq. Justin Rawlins, Esq. Nicholas A. Bassett, Esq. PAUL HASTINGS LLP 200 Park Avenue New York, New York 10166 Telephone: (212) 318-6000 Facsimile: (212) 319-4090 Emails: harveystrickon@paulhastings.com brettlawrence@paulhastings.com justinrawlins@paulhastings.com nicholasbassett@paulhastings.com BUBBLY PAWS: Mary Sieling Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Mary Sieling as Subchapter V trustee for Bubbly Paws, LLC. Ms. Sieling will be paid an hourly fee of $330 for her services as Subchapter V trustee and an hourly fee of $200 for paralegal time. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Sieling declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mary F. Sieling 150 South Fifth Street, Suite 3125 Minneapolis, MN 55402 Email: mary@mantylaw.com About Bubbly Paws LLC Bubbly Paws, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-43137) on September 24, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Mychal A. Bruggeman presides over the case. CANYON CREEK: Seeks to Extend Plan Exclusivity to November 25 ------------------------------------------------------------- Canyon Creek Villas, LLC asked the U.S. Bankruptcy Court for the District of Colorado to extend its exclusivity periods to file a plan of reorganization to November 25, 2025. The Debtor is a real estate development company and owns real property in Boulder, Colorado. The Debtor is a Single Asset Real Estate ("SARE") Debtor undersection 101(51B) of the Bankruptcy Code. The Debtor explains that as put forth in the First Extension Motion, it had a pending annexation amendment request before the City of Boulder, to reduce the number of affordable housing units Debtor is required to build, resulting in financial feasibility of the intended project. As a consequence, the Debtor is now able to and has been in negotiations for financing sufficient to complete the project. Debtor anticipates an agreement within two weeks of this filing which will be incorporated in and become a basis for its plan of reorganization. The Debtor asserts that it can file a plan of reorganization that has a reasonable possibility of being confirmed within a reasonable time in accordance with Section 362(d)(3)(A) and cause exists for the Court to enlarge the 90-day period as the events requiring the extension are due circumstances outside of the Debtor's control, namely the delays due to the City of Boulder's approval process. The Debtor submits this Motion over a month before the 90-day period to provide adequate time for the order to enter before the 90-day period expires. Out of an abundance of caution, the Debtor is contemporaneously filing a Motion for Entry of an Interim Order as well. Therefore, the Debtor requests an extension of the exclusive period for an additional 60 days from the date of the Debtor's current exclusive period, through and including November 25, 2025, as well as an extension of the 180-day period to solicit acceptances of their initial Plans of Reorganization for an additional 60 days. Canyon Creek Villas, LLC is represented by: Jeffrey A. Weinman, Esq. Katharine S. Sender, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Tel: (303) 534-4499 Email: JWeinman@allen-vellone.com KSender@allen-vellone.com About Canyon Creek Villas Canyon Creek Villas LLC is a Colorado-based single asset real estate company that owns and manages condominium units in Boulder. Canyon Creek Villas LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-11683) on March 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. CENTRAL PARENT: BlackRock FRA Marks $2.8MM Loan at 17% Off ---------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $2,826,000 loan extended to Naked Juice LLC to market at $2,352,960 or 83% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2025 FLSO Term Loan to Naked Juice LLC. The loan accrues interest at a rate of 7.55% (3-mo. CME Term SOFR at 0.00% floor+ 3.25%) per annum. The loan matures on JuLy 6, 2029. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Central Parent LLC of Delaware provides software solutions. The Company serves customers in the United States. CENTURY DESIGN: Jean Goddard of NGS LLP Named Subchapter V Trustee ------------------------------------------------------------------ The Acting U.S. Trustee for Region 15 appointed Jeanne Goddard, a certified public accountant at NGS, LLP, as Subchapter V trustee for Century Design Inc. Ms. Goddard will be paid an hourly fee of $275 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Goddard declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jeanne Goddard, CPA, CFE, CIRA NGS, LLP 6120 Paseo Del Norte Suite A-1 Carlsbad, CA 92011 Phone: (760) 930-0282 Email: jgoddard@NGSLLP.com About Century Design Inc. Century Design Inc. designs and manufactures composite processing machinery for industries including aerospace, defense, automotive, marine, medical, sports, energy, and industrial applications. The Company develops equipment for prepreg production, resin development, ducting, hoses, and tubular structures, serving customers engaged in research, manufacturing, and product development worldwide. Founded in 1959, it has supplied thousands of machines globally and contributed to advances in materials processing technologies. Century Design sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-03975) on September 26, 2025. In its petition, the Debtor reports total assets of $174,341 and total liabilities of $1,536,142. The Debtor is represented by: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212-2929 Phone: 310.271.6223 Fax: 310.271.9805 michael.berger@bankruptcypower.com CHANDON LTD: Amends Internal Revenue Service Claims Pay Details --------------------------------------------------------------- Chandon Ltd d/b/a Ohana Salon submitted an Amended Subchapter V Plan of Reorganization dated September 25, 2025. The Debtor is seeking to: * Pay its Secured Creditor, BayFirst National Bank, in full for its Allowed Secured Claim determined under Section 506 of the Bankruptcy Code. * Pay all Administrative Creditors in full; * Pay all Priority Creditors in full; and * Pay the remaining balance of Plan payments to the Class Four General Unsecured Creditors, to be divided pro rata. The treatment of Claims and Interests in the Plan is in full and complete satisfaction of the legal, contractual, and equitable rights (including any liens) that each entity holding an Allowed Claim or an Allowed Interest may have in or against the Debtor, the Estates, or their respective property. This treatment supersedes and replaces any agreements or rights those entities may have in or against the Debtor, the Estate, or their respective property. Class Two shall consist of the Allowed Secured Tax Claim of the Internal Revenue Service. The Internal Revenue Service shall be paid in the amount of $19,582.70 at 7% interest. Class Two is Impaired. Class Three shall consist of the Allowed Priority Tax Claim of the Internal Revenue Service. The Internal Revenue Service shall be paid in the amount of $44,042.33 at 7% interest. Class Three is Impaired. Class Four shall consist of all Allowed General Unsecured Claims. Class Four will be paid the balance under the Plan, pro rata. Class Four is Impaired. Plan Payments Months 1 to 6. The Debtor shall pay $1,373.02 per month, to be distributed as follows: BayFirst National Bank: $224.02; and Internal Revenue Service (Allowed Secured Claim): $1,149.00. Months 7 to 12. The Debtor shall pay $1,122.02 per month, to be distributed as follows: BayFirst National Bank: $224.02; and Internal Revenue Service (Allowed Secured Claim): $898.00. Months 13 to 19. The Debtor shall pay $1,324.02 per month, to be distributed as follows: BayFirst National Bank: $224.02; and Internal Revenue Service (Allowed Secured Claim): $1,100.00. Month 20. The Debtor shall pay $1,324.25 per month, to be distributed as follows: BayFirst National Bank: $224.02; Internal Revenue Service (Allowed Secured Claim): $822.23; and Internal Revenue Service (Allowed Priority Claim): $278.00. Months 21 to 24. The Debtor shall pay $1,324.02 per month, to be distributed as follows: BayFirst National Bank: $224.02; and Internal Revenue Service (Allowed Priority Claim): $1,100.00. Months 25 to 33. The Debtor shall pay $2,527.02 per month, to be distributed as follows: BayFirst National Bank: $224.02; and Internal Revenue Service (Allowed Priority Claim): $2,303.00. Months 34 to 36. The Debtor shall pay $3,152.02 per month, to be distributed as follows: BayFirst National Bank: $224.02; and Internal Revenue Service (Allowed Priority Claim): $2,928.00. Months 37 to 40. The Debtor shall pay $3,282.02 per month, to be distributed as follows: BayFirst National Bank: $224.02; and Internal Revenue Service (Allowed Priority Claim): $3,058.00. Month 41. The Debtor shall pay $3,281.99 per month, to be distributed as follows: BayFirst National Bank: $224.02; Internal Revenue Service (Allowed Priority Claim): $635.97; and General Unsecured Creditors, pro rata: $2,422.00. Month 42. The Debtor shall pay $3,282.02 per month, to be distributed as follows: BayFirst National Bank: $224.02; and General Unsecured Creditors, pro rata: $3,058.00. Months 43 to 48. The Debtor shall pay $3,031.02 per month, to be distributed as follows: BayFirst National Bank: $224.02; and General Unsecured Creditors, pro rata: $2,807.00. Months 49 to 60. The Debtor shall pay $3,292.02 per month, to be distributed as follows: BayFirst National Bank: $224.02; and General Unsecured Creditors, pro rata: $3,068.00. A full-text copy of the Amended Plan dated September 25, 2025 is available at https://urlcurt.com/u?l=cQIo8x from PacerMonitor.com at no charge. Counsel to the Debtor: Ronald J. Ellet, Esq. Ellett Law Offices, PC 299 North 44th Street, Suite 330 Phoenix, AZ 85018 Tel: (602) 235-9510 Fax: (602) 235-9098 Email: rjellett@ellettlaw.com About Chandon Ltd d/b/a Ohana Salon Chandon Ltd. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04091) on May 7, 2025 listing up to $50,000 in assets and between $500,001 and $1million in liabilities. Judge Madeleine C. Wanslee presides over the case. Ronald J. Ellett, Esq., at Ellett Law Offices, P.C. represents the Debtor as bankruptcy counsel. CIS INTERNATIONAL: Section 341(a) Meeting of Creditors on October 6 ------------------------------------------------------------------- On September 22, 2025, CIS International Holdings (N.A.) Corporation filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 6, 2025 at 01:30 PM at UST-LA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:8009991. About CIS International Holdings (N.A.) Corporation CIS International Holdings (N.A.) Corporation, doing business as DBA E Tropical Fish, imports, breeds, and distributes ornamental fish, aquatic plants, live rock, and aquarium accessories. The Company sources livestock and products from regions including Sri Lanka, Thailand, Maldives, Fiji, Australia, China, and the United Kingdom, and supplies customers across the United States as well as in Canada and Mexico. Founded in 1999, it is based in Gardena, California. CIS International Holdings (N.A.) Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18374 on September 22, 2025. In its petition, the Debtor reports estimated estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Byron Z. Moldo, Esq. and Chase A. Stone, Esq. of ERVIN COHEN & JESSUP LLP. CITY MASSAGE: Gets Interim OK to Use Cash Collateral Until Oct. 31 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Florida granted City Massage, LLC interim authority to use cash collateral until October 31. The interim order authorized the Debtor to use funds for operating expenses such as employee wages, payroll taxes and workers compensation insurance, and for monthly payments of $580 to TD Bank as adequate protection. The remaining funds will stay in City Massage's debtor-in-possession account, subject to TD Bank's lien. The interim order also approved the Debtor's budget, with any line-item exceeding 10% requiring TD Bank's consent or expedited court relief. Adequate protection will be provided to TD Bank through the $580 monthly payment, insurance, tax payments, and a post-petition lien on remaining cash, junior to court and professional fees. A final hearing is scheduled for October 21. The Debtor employs two W-2 staff members and contracts with 19 independent service providers to deliver luxury spa treatments such as massages and facials. Its ability to continue operating hinges on its access to funds to pay expenses. The Debtor obtained a secured loan from TD Bank in February 2020, which is backed by a UCC financing statement covering the Debtor's inventory, equipment, accounts, deposit accounts, and other payment rights. While the Debtor has other financial obligations, including an SBA loan and merchant cash advances, TD Bank is the only confirmed secured creditor. Other UCC filings exist but their true secured parties are unclear and the Debtor denies having any agreements with the entities such as Corporation Service Company or Financial Agent Services. About City Massage City Massage, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20791) on September 16, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Corali Lopez-Castro presides over the case. Tamara D. McKeown, Esq., represents the Debtor as legal counsel. CIUDAD DEPORTIVA: Section 341(a) Meeting of Creditors on October 29 ------------------------------------------------------------------- On September 27, 2025, Ciudad Deportiva Roberto Clemente Inc. filed Chapter 11 protection in the District of Puerto Rico. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 29, 2025 at 10:00 AM via Telephonic Conference. About Ciudad Deportiva Roberto Clemente Inc. Ciudad Deportiva Roberto Clemente Inc. operates in the sports and recreation industry from its base in Carolina, Puerto Rico, where it was established to develop and manage athletic and educational facilities for youth and the community. The nonprofit entity was created to oversee a large-scale sports complex known as Sports City, intended to provide baseball fields, courts, swimming pools, and training areas. It reports business activity under the classification of "Other Amusement and Recreation Industries" and maintains limited operations tied to sports, education, and recreational services. Ciudad Deportiva Roberto Clemente Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-04345) on September 27, 2025. In its petition, the Debtor reports estimated estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the case. The Debtor is represented by Hector Eduardo Pedrosa Luna, Esq. of THE LAW OFFICES OF HECTOR EDUARDO PEDROSA LUNA. CLB TRUCKING: Gets Court OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania authorized CLB Trucking, Inc. to use its cash collateral. The Debtor's cash collateral includes all funds currently in checking accounts, petty cash, equipment, inventory, general intangibles, and any future funds generated from its operations. It needs to use this cash collateral to fund operations and preserve the business as a going concern. The Debtor's liabilities consist primarily of equipment leases and unsecured debts. As part of its reorganization efforts, the Debtor needs access to its incoming and existing cash flows, which are currently subject to liens by secured creditors. Samson MCA, LLC and BMO Bank, N.A. are the creditors asserting liens on the Debtor's assets, including cash. Samson MCA holds a first priority lien while BMO Bank holds a second priority lien. These liens cover vehicles, attachments, and all cash and non-cash proceeds. BMO Bank is represented by: Robert J. Tritschler, Esq. Reed Smith, LLP Reed Smith Centre 225 Fifth Avenue Pittsburgh, PA 15222-2716 Phone: +1 412 288 3131 Fax: +1 412 288 3063 rtritschler@reedsmith.com About CLB Trucking Inc. CLB Trucking, Inc., based in Greensburg, Pennsylvania, provides interstate trucking services specializing in the transport of metals, coal, asphalt, and dry bulk commodities. The Company operates a fleet of trucks and trailers to serve industrial clients in the region and beyond. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22144) on August 15, 2025. In the petition signed by Traci L. Peters, owner, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Brian C. Thompson, Esq., at Thompson Law Group, P.C., represents the Debtor as bankruptcy counsel. CLESMA INC: Frances Smith Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for CLESMA Inc. Ms. Smith will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About Clesma Inc. Clesma Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Texas Case No. 25-42744) on September 18, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Carlos Arce, president of Clesma, signed the petition. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. COBRA ENERGY: Scott Seidel Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter V trustee for Cobra Energy Services, LLC. Mr. Seidel will be paid an hourly fee of $520 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Seidel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott Seidel 6505 West Park Blvd., Suite 306 Plano, TX 75093 214-234-2500-main 214-234-2503-direct Email: scott@scottseidel.com About Cobra Energy Services Cobra Energy Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-50257) on September 22, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Brad W. Odell presides over the case. COMMSCOPE HOLDING: Updates Award Certificate for SVP Stock Options ------------------------------------------------------------------ CommScope Holding Company, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Compensation Committee of the Company's Board of Directors amended the Award Certificate relating to 32,050 non-qualified stock options held by Koen ter Linde, its Senior Vice President and President, CCS. As previously reported on a Form 8-K filed with the Commission on August 7, 2025, the Company and Amphenol Corporation, a Delaware corporation, have entered into a Purchase Agreement, pursuant to which Amphenol has agreed to purchase, and the Company has agreed to sell, the Company's Connectivity and Cable Solutions reporting segment. Pursuant to the terms of the amendment, if Mr. ter Linde's employment is terminated resulting from the successful closing of the Transaction and while his options remain outstanding, then instead of lapsing three months following such termination, his options instead will lapse on the earliest to occur of the expiration date of the options and one year after the date of such qualifying termination. Mr. ter Linde's options were granted in May of 2019, have an exercise price equal to $18.60 per share, and are fully vested. No other provisions of the Award Certificate were changed. About CommScope Holding Headquartered in Hickory, North Carolina, CommScope Holding Company, Inc. -- https://www.commscope.com -- is a global provider of infrastructure solutions for communication, data center, and entertainment networks. The Company's solutions for wired and wireless networks enable service providers, including cable, telephone, and digital broadcast satellite operators, as well as media programmers, to deliver media, voice, Internet Protocol (IP) data services, and Wi-Fi to their subscribers. This allows enterprises to experience constant wireless and wired connectivity across complex and varied networking environments. As of March 31, 2025, CommScope Holding Company had $7.5 billion in total assets, $8.8 billion in total liabilities, $1.2 billion in Series A convertible preferred stock and total stockholders' deficit of $2.5 billion. * * * S&P Global Ratings placed its 'CCC+' issuer credit rating on network connectivity provider CommScope Holdings Co. Inc. on CreditWatch with positive implications., as reported by the TCR on Aug. 07, 2025. S&P said, "We will resolve the CreditWatch placement after we collect the necessary information about CommScope's new capital structure, operating strategy, financial outlook, and financial policy, potentially upgrading the issuer credit rating by more than one notch." In March 2025, Moody's Ratings upgraded CommScope Holding Company, Inc.'s ratings including the corporate family rating to Caa1 from Caa2 and the probability of default rating to Caa1-PD from Caa3-PD. CommScope's speculative grade liquidity (SGL) rating was upgraded to SGL-3 from SGL-4. The new backed senior secured term loan and backed senior secured notes issued in December 2024 at CommScope's subsidiary, CommScope, LLC. were assigned a B3 rating and the existing secured notes were confirmed at B3. The existing senior unsecured notes at CommScope, LLC and CommScope Technologies LLC were upgraded to Caa3 from Ca. The B3 rating on the backed senior secured term loan due 2026 was withdrawn. The outlook is stable, previously the ratings were on review for upgrade. These actions conclude the review for upgrade that was initiated on January 8, 2025. The ratings upgrade reflects the refinancing of debt due in 2025 and 2026 with a combination of about $2.1 billion in assets sale proceeds and $4.15 billion in new secured debt as well as Moody's expectations for a significant improvement in operating performance that will lead to a reduction in leverage levels well below 9x in 2025. The ratings are constrained by the existing high pro forma leverage (over 10x as of Q4 2024, including Moody's standard lease adjustments) and the significant amount of debt due in 2027 ($1.6 billion as of Q4 2024). COMPLETELY CONCRETE: Section 341(a) Meeting of Creditors on Nov. 3 ------------------------------------------------------------------ On October 1, 2025, Completely Concrete Structures Inc. filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 3, 2025 at 01:30 PM at UST-LA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE: 8009991. About Completely Concrete Structures Inc. 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. Completely Concrete Structures Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18746) on October 1, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Michael Jay Berger, Esq. of LAW OFFICES OF MICHAEL JAY BERGER. CREATIVE REALITIES: CFO David Ryan Mudd to Resign Oct. 10 --------------------------------------------------------- David Ryan Mudd disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that he informed the Company that he is resigning as its Chief Financial Officer effective as of October 10, 2025, to accept another CFO opportunity at a company with annual revenues exceeding $2 billion. Mr. Mudd's departure from the Company was not due to any disagreement with respect to any matter relating to the Company's operations, policies or practices or any issues regarding accounting or other financial policies or practices. The Company expects to appoint Richard Mills, Chief Executive Officer of the Company, to serve as interim Chief Financial Officer upon Mr. Mudd's departure pending the appointment of a permanent replacement. The Company expects to announce a permanent replacement Chief Financial Officer in the near future. About Creative Realities Headquartered in Louisville Ky., Creative Realities -- www.cri.com -- designs, develops and deploys digital signage-based experiences for enterprise-level networks utilizing its Clarity, ReflectView, and iShowroom Content Management System (CMS) platforms. The Company is actively providing recurring SaaS and support services across diverse vertical markets, including but not limited to retail, automotive, digital-out-of-home (DOOH) advertising networks, convenience stores, foodservice/QSR, gaming, theater, and stadium venues. In addition, the Company assists clients in utilizing place-based digital media to achieve business objectives such as increased revenue, enhanced customer experiences, and improved productivity. This includes the design, deployment, and day to day management of Retail Media Networks to monetize on-premise foot traffic utilizing its AdLogic and AdLogic CPM+ programmatic advertising platforms. The independent registered public accounting firm's report on the Company's Consolidated Financial Statements for the fiscal year ended Dec. 31, 2024, included a note stating that there is significant uncertainty regarding the Company's ability to continue as a going concern within one year from the date the Consolidated Financial Statements are issued. Grant Thornton LLP, the Company's auditor since 2014 and based in Cincinnati, Ohio, emphasized that the Company is facing challenges in generating adequate cash flow to meet its contingent consideration obligations, which raises considerable doubt about its ability to remain a going concern. Creative Realities incurred a net loss of $3.51 million for the year ending Dec. 31, 2024, compared to a net loss of $2.94 million for the year ending Dec. 31, 2023. As of Dec. 31, 2024, the Company held total assets of $65.21 million, total liabilities of $39.75 million and total shareholders' equity of $25.46 million. CROSS FINANCIAL: Moody's Affirms 'B2' CFR, Outlook Stable --------------------------------------------------------- Moody's Ratings has affirmed the B2 corporate family rating and B2-PD probability of default rating of Cross Financial Corp. (Cross Financial). Moody's also affirmed Cross Financial's senior secured bank credit facilities at B2. The rating outlook for Cross Financial is stable. RATINGS RATIONALE Cross Financial's ratings affirmation reflects the company's good regional market presence in small and middle-market insurance brokerage particularly in Maine, Massachusetts and New Hampshire. The company has good diversification across clients, client industries, producers and insurance carriers for property & casualty (P&C) insurance and some employee benefits products. Cross Financial also has a track record of healthy EBITDA margins and cash flow generation. These strengths are offset by its relatively high financial leverage, limited scale and geographic concentration across its top three states of operation, exposing revenue and earnings to fluctuations in economic and regulatory conditions in the northeastern US. The company also faces potential liabilities from errors and omissions, a risk inherent in professional services. Moody's expects Cross Financial will have a pro forma debt-to-EBITDA ratio in the 4.5-5.5x range in the next 12-18 months, with (EBITDA - capex) interest coverage of 2.5x-3.5x and a free-cash-flow-to-debt ratio in the mid-single digits. These metrics incorporate Moody's accounting adjustments for operating leases and run-rate earnings from acquisitions. For the 12 months through June 2025, Cross Financial reported total revenues of $316 million, up from $307 million in 2024, driven mostly by organic growth. EBITDA margins remained strong in the low-30s (per Moody's calculations) despite higher investments in technology and staffing to support growth. Moody's expects organic growth will continue in the mid-single digits through 2025 based on strong business retention and new business generation, supplemented by tuck-in acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of Cross Financial's ratings include: (i) increased scale and geographic diversification, (ii) debt-to-EBITDA ratio below 4.5x, (iii) (EBITDA - capex) coverage of interest exceeding 3.5x, and (iv) free-cash-flow-to-debt ratio exceeding 7%. Factors that could lead to a downgrade of Cross Financial's ratings include: (i) revenue decline and/or disruptions to existing or newly acquired operations, (ii) debt-to-EBITDA ratio above 5.5x, (iii) (EBITDA - capex) coverage of interest below 2.5x, or (iv) free-cash-flow-to-debt ratio below 4%. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in February 2024. Cross Financial's B2 corporate family rating is two notches below the historical view of Ba3 reflecting the company's limited scale in the insurance brokerage sector and high geographic concentration. Headquartered in Bangor, Maine, Cross Financial is a 100% family-owned insurance broker founded in 1954 by the Cross family. It provides a broad array of P&C, life and health, surety and employee benefits products to small and mid-sized businesses and high net worth individuals mainly across the New England region. For the 12 months through June 2025, the company generated revenue of $316 million and net income of $21 million. CROSSKIX LLC: Cash Collateral Hearing Set for Oct. 14 ----------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, is set to hold a hearing on October 14 to consider another extension of Crosskix, LLC's authority to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's second interim order expires on October 14. The second interim order signed by Judge Lori Vaughan authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor JPMorgan Chase Bank N.A. As adequate protection, JP Morgan Chase Bank and other creditors with security interest in the cash collateral were granted a replacement lien on property acquired by the Debtor after its bankruptcy filing. The replacement lien have the same validity, priority and extent as the secured creditors' pre-bankruptcy lien. As further protection, the Debtor was ordered to keep its property insured in accordance with applicable loan and security agreements. About Crosskix LLC Crosskix, LLC, an Ocoee, Florida-based company, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04309) on July 11, 2025. In its petition, the Debtor reported estimated assets and liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP is the Debtor's legal counsel. JPMorgan Chase Bank N.A., as secured creditor, is represented by: Ryan C. Reinert, Esq. Bridget M. Dennis, Esq. Shutts & Bowen, LLP 4301 W. Boy Scout Blvd., Suite 300 Tampa, FL 33607 Telephone: (813) 229-8900 rreinert@shutts.com bdennis@shutts.com CROUSE HEALTH: Fitch Lowers LongTerm IDR to 'B', Outlook Negative ----------------------------------------------------------------- Fitch Ratings has downgraded the Long-Term Issuer Default Rating (IDR) of Crouse Health System (CH) to 'B' from 'B+'. Fitch has also downgraded the series 2024A and 2024B revenue bonds issued by the Onondaga Civic Development Corporation on behalf of CH to 'B' from 'B+'. At the same time, Fitch has removed the ratings from Rating Watch Negative and assigned a Negative Outlook. Entity/Debt Rating Prior ----------- ------ ----- Crouse Health System, Inc. (NY) LT IDR B Downgrade B+ Crouse Health System, Inc. (NY) /General Revenues/1 LT LT B Downgrade B+ The downgrade of Crouse Health's IDR and revenue bond ratings reflects persistent financial operating pressures through mid-2025. Fitch expects these pressures to be partially offset by significant proceeds from the sale of CH's laboratory division to LabCorp, which is scheduled to close in 1Q'2026. CH disclosed details of the sale to its laboratory division's employees and clients on Sept. 30, 2025. The one-time cash infusion from the sale will temporarily strengthen CH's balance sheet and improve its liquidity measures including days cash on hand (DCOH). This will shore up its credit quality, albeit at the new 'B' rating level. Despite the removal of the rating from Rating Watch Negative, the system would need to execute on its operational turnaround plan over the next 12-18 months to demonstrate to Fitch that its finances have stabilized. CH's 'B' rating reflects continued operating pressures through July 2025 as well as uncertainty regarding the hospital's ability to secure alternative state funding to replace reduced New York State (NYS) Directed Payment Template (DPT) revenues. DPT formula changes enacted by NYS in 2024 have pressured CH's cash flows and balance sheet given the loss of $28 million in state enhanced Medicaid funding versus 2023 levels. Management continues to work with the state to secure new, grant-based funding sources. Fiscal 2024 operations concluded with a $38 million operating loss (-5.7% operating margin) and negative FCF of $10.6 million (a -2% operating EBITDA margin) due to the loss of $28 million of DPT revenues compared to 2023 with DPT moneys declining to $37 million in 2024 (43%) from $65 million the year prior. CH breached its 1.25x debt service coverage (DSC) covenant in FY24 and hired Premier Healthcare as an outside consultant to assist it in returning to full compliance in 2025. CH had 36 DCOH at FYE 2024 (Dec. 31, 2024), barely meeting its liquidity covenant of maintaining at least 30 DCOH. Removal of the ratings from Rating Watch Negative reflects the substantial short-term improvement to CH's liquidity metrics that will be realized when the laboratory business sale closes in early 2026, which will lessen its immediate cash flow pressures. The Negative Outlook reflects potential further weakening of CH's operating and balance sheet metrics prior to the receipt of lab sale proceeds if it is unable to control near-term expenditure growth. The Negative Outlook also considers execution risks related to CH's turnaround efforts and the uncertain timing of new state grant moneys. CH's balance sheet-related ratios are weak, with cash-to-debt of 32% at unaudited July 31, 2025. Financial metrics could improve under Fitch's forward-looking scenario if management can execute on the operating improvements identified by Premier Healthcare and restore lost state funding, but they must act quickly to stabilize CH's credit quality at the current rating level. SECURITY Revenue bonds are supported by a revenue pledge and a debt service reserve fund (DSRF). Crouse Health Hospital represents the obligated group (OG). The OG represents about 95% of system assets and 93% of system operating revenue. KEY RATING DRIVERS Revenue Defensibility - 'bb' Local Competition with Somewhat Modest Payor Mix CH's revenue defensibility is modest, given the high level of competition in the local health care market and the system's payor mix. Crouse is one of three health systems within its primary service area (PSA), competing directly against SUNY Upstate and St. Joseph's Health Hospital (a member of AA- rated Trinity Health). SUNY Upstate is the market leader for total inpatient admissions, with a 44% share in the PSA as of 1Q 2025, followed by CH with 30.6% and St. Joseph's with 25.4%. Despite the high level of competition, CH maintains a clear market lead for key service lines, including OB (61% as of 1Q 2025, with St. Joseph's at 23%) and NICU (77%). CH operates the only perinatal center for high-risk pregnancies in the central New York region, encompassing 17 counties. CH is also the market leader for substance abuse treatment, capturing a 50% share of the PSA. CH lags the market in cardiac care, capturing only an 18% market share and is nearly tied with SUNY Upstate with 19%. For cardiac care, St. Joseph's is the regional market leader with a 63% market share. In June 2024, CH applied to NYS for a certificate of need (CON) approval to add an open-heart surgery program. Management expects this new service line, if approved, to add significant cash flows because the system currently refers out approximately 600 open heart surgeries per year. CH is a safety net provider, and its payor mix is modestly weak with combined Medicaid and self-pay accounting for about 20%-25% of gross revenue (including 20% for FY 2025 YTD). Demographics in the service area are reasonably stable. The PSA is Onondaga County, and the secondary and tertiary service areas cover a broad section of central upstate New York that reaches south to the Pennsylvania border and north to the Canadian border. The median household income level in the county is just below the national average, and the unemployment rate is in line with the U.S. average. Operating Risk - 'b' 2023 Operating Improvements Derailed by Subsequent DPT Funding Loss Fitch assesses CH's operating risk as very weak and believes it could be pressured further depending on the DPT outcome. In September 2024, the state notified CH about updates to the DPT funding formula that reduced CH's program funding from $65 million in state FY 2024 (NYS has a March 31 FYE) to about $37 million in SFY 2025 (CH's FY2024). This $28 million reduction had a profound effect on CH's cash flows, effectively eliminating FY 2024 FCF from operations and resulting in a violation of its 1.25x DSC covenant. CH is working with the state to identify remedies to offset the lost DPT funding, such as NYS's new Safety Net Transformation Program (SNTP). Management has applied to the program and believes it could restore a large portion of the lost DPT funding. CH has been in constant communication with the state regarding the status of their SNTP application. Failure to restore the funding could pressure the rating further. Outside of the considerable revenue compression from the DPT change, key utilization statistics for CH held up reasonably well through 2Q FY 2025. Volume trends were positive in 2024 and through the June 2025 interim period. 2024 discharges were up 5.2%, observation stays up 8.5%, and inpatient surgeries up 8.25% compared to 2023 levels. For the quarter ended June 30, 2025, patient discharges were up 3.1% and observation stays were up by a solid 15.6%, while inpatient surgeries fell by 1.7% compared to the same period last year. Prior to FY 2024, CH's operating margins had been modest. Between FY 2019 and FY 2023 the operating margin averaged -3.1% and the operating EBITDA margin averaged 1.3% (including -1.3% and 2.2%, respectively, in FY 2023). Like the rest of the healthcare industry, CH has contended with serious macro challenges related to labor costs and other inflationary pressures. If CH can replace the lost DPT funding, then operating margins could show improvement over the medium term. A number of factors could contribute to this, including: (a) The aforementioned open heart surgery program, which would require limited capex and hiring as CH already has cardiac physicians and surgeons on staff, (b) financial benefits related to the 340b pharmacy program, which CH rejoined in 2024, and (c) the Medicare wage index was adjusted for the Central New York region effective January 2024; management estimates this to be worth a net $28 million annually to CH over the medium term. Plans for a new Micron chip manufacturing plant in Clay, NY (north of downtown Syracuse) could also help drive future population growth and patient volumes over time. Management is working to implement core operating improvements, some of which are being accelerated because of the DPT funding loss. These include enhanced accounts receivable and revenue cycle management, reducing denials, lowering length of stay, and realizing savings from the 2024 debt refinancing. Management's long-term goal is to generate sufficient operating margins without DPT or SNTP funding. For SFY2026, the state is holding CH's DPT funding allocation at the same levels as in SFY2025 with a 5% rate increase (for CH's 2025 fiscal year). Management anticipates receiving about $42 million of DPT funds from NYS during its 2025 fiscal year - the majority in 4Q 2025 - subject to realized patient volumes. In December 2024, CH completed negotiations with a material commercial payor, which are expected to net the hospital $10 million annually in 2025, excluding $7.5 million of capital support payments. CH's capital spending has been comparatively light in recent years, in part to preserve the balance sheet during a period of negative operating margins. The capital spending ratio averaged less than 40% of depreciation between FY 2020 and FY 2024, and the average age of plant measured a high 19 years at FYE24. Nevertheless, CH has invested sufficiently in facilities and technology to remain competitive in its central New York home market. Routine capex is targeted at about $9 million over the next five years, but annual spending could exceed $30 million depending on external support. Financial Profile - 'b' Balance Sheet Metrics Remain Weak in FY2025 YTD, but Could Improve if State Funding is Restored CH's current balance sheet ratios are weak. However, metrics could improve if DPT funding is restored or replaced close to prior levels, or if the system is able to successfully execute on operational efficiencies to restore positive cash flow and begin rebuilding balance sheet metrics. Capital spending is largely supported externally. It is common for NYS hospitals to hold modest liquidity. In the absence of a DPT funding restoration or the securing of a commensurately sized alternative state funding source, Fitch believes CH's balance sheet will remain under pressure and is likely to weaken further. At FYE24, CH had about $66 million in unrestricted cash and investments versus total adjusted debt measuring approximately $140 million. These numbers translated into a very low 35 DCOH and cash-to-debt of 52%. Ratios continued to narrow at unaudited July 31, 2025, with 21 DCOH and 32% cash-to-debt. The weaker cash-to-debt ratio factors in the auditor's decision to recategorize CH's long-term debt as current liabilities in the FY 2024 audit due to the covenant breach. The expected receipt of significant cash proceeds in connection with the sale of the Laboratory Association of Central New York (LACNY, CH's lab business) to LabCorp in 1Q 2026 will temporarily strengthen CH's balance sheet and liquidity measures, but Fitch believes the cash infusion mainly buys CH time to address its underlying pressures. Management expects to meet its liquidity covenant, which requires a minimum of 30 DCOH, at FYE 2025 despite ongoing fiscal pressures and not including the LACNY sale proceeds from LabCorp, which won't be received in full until March 2026. The system budgeted for operating EBITDA of negative $15.1 million for FY 2025 factoring in $16.6 million of non-cash depreciation expense. CH is working with outside consultants to achieve $11.3 million in unbudgeted efficiencies in 2025 for revenue cycle, work force, and clinical operations. Through the seven months ended July 31, 2025 unaudited, CH realized a $18.9 million operating loss (operating margin of -4.7%) and operating EBITDA of -$6.0 million (-1.5% operating EBITDA margin), both of which represent very modest YOY improvements compared to FY 2024. CH had $40.4 million of unrestricted cash and investments on hand as of July 31, 2025. Fitch will be closely monitoring month-end cash balances. CH's liquidity profile could improve over time if Crouse receives sufficient SNTP make-up funding, secures an alternative funding source to plug the gap created by 2024's DPT funding cut, or achieves commensurate operating savings. Fitch's forward-looking stress scenario applies operating and investment stresses. CH's balance sheet would weaken rapidly under a stress case scenario, although much depends on the extent to which DPT funding is restored or replaced and operating efficiencies are achieved. Otherwise, the balance sheet is likely to deteriorate further, even under Fitch's base case, which assumes a stable near-term economic environment. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to prior restore DPT (or a comparable program) annual funding levels; - Failure to improve operating margins, particularly if operating losses persist and the operating EBITDA margin remains below the 2%-4% range annually; - Failure to sustain 24FYE balance sheet ratios, particularly if cash-to-adjusted-debt were expected to remain below 30% in a forward-looking stress case. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Revision of the Outlook to Stable is contingent on CH resolving DPT funding issues and demonstrating improved operating margins and cash balances as measured by DCOH above 40 days; - Sustained improvement in operating margins, resulting in an operating EBITDA margin at least in the 5% range; - Improved balance sheet metrics, due either to stronger operations, asset monetization or increased state funding, particularly if cash-to-adjusted debt were expected to be sustained close to, or above, 50%. PROFILE Crouse Health System is a 355-staffed-bed tertiary referral hospital system based in Syracuse, NY. In addition to its main hospital, the system owns and operates several outpatient and ambulatory surgical clinics in Onondaga County, NY and operates the largest neo-natal intensive care unit (NICU) in central New York. The system has a teaching relationship and other affiliations with SUNY Upstate and operates its own nursing school. CH recorded operating revenues of $665 million in FY24 (Dec. 31 fiscal year-end). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. DAVID RAMOS: Section 341(a) Meeting of Creditors on November 5 -------------------------------------------------------------- On September 30, 2025, David Ramos Roofing & Remodeling Co. filed Chapter 11 protection in the Southern District of Ohio. 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 5, 2025 at 01:00 PM. The meeting will be held telephonically. Please dial 1-888-330-1716 and enter the code 3475860# to join. About David Ramos Roofing & Remodeling Co. David Ramos Roofing & Remodeling Co. provides residential and commercial roofing, storm damage repairs, gutter installation, and siding services across Central Ohio, including Columbus, Bexley, Dublin, Gahanna, Hilliard, Westerville, and surrounding communities. It serves homeowners and businesses seeking exterior home improvement and roofing solutions. David Ramos Roofing & Remodeling Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-54299) on September 30, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtor is represented by David Whittaker, Esq. of ALLEN STOVALL NEUMAN & ASHTON LLP. DIAMOND K: To Sell Beverly Hills to Estelle Arlene Marco for $5.5MM ------------------------------------------------------------------- Diamond K LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California, to sell Property, free and clear of liens, claims, interests and encumbrances. The Debtor wants to sell the residential property located at 623 N. Rexford Dr., Beverly Hills, California, 90210. The Property consists of land and a single-family home. The Debtor has marketed the Property as a tear-down, with the value mainly in the land. The proposed sale is an "all cash" sale to Estelle Arlene Marco for $5,500,000 subject to one contingency. The sale is supported by a sound business decision. A significant component of the Debtor's strategy is to sell its residential real property for the highest and best price. The Sale Price of $5,500,000 will substantially pay down the second-in-priority asserted secured claim. The sale of the Property is free and clear of liens and is proper with or without the consent of the parties asserting security interests. Kamaljit Kaur Kalkat is the sole member and manager of the Debtor. The Debtor is primarily in the business of acquiring, improving, and selling luxury residential properties in Southern California. The Debtor owns one almond farm and three residential real properties, including the Property. Each property is subject to one or more asserted secured claims. Certain of the creditors of the Debtor also assert claims against Ms. Kalkat. Each property owned by the Debtor was subject to a noticed foreclosure sale prior to the Petition Date. The Debtor acquired the Property with the intent to improve and sell it. The Debtor acquired the Property for $7,000,000. It was the Debtor's first acquisition in Beverly Hills and the Debtor was told there was a competing offer at $6,800,000. The Debtor made a down payment of $200,000 and the balance of the $7,000,000 purchase price was financed. Due to the Debtor's overall financial distress and unfavorable conditions in the financial and real estate markets following the Debtor's acquisition of the Property, the Debtor was unable to finance the improvement of the Property and resell it for a profit as originally planned. Additionally, due to a lack of cash flow from the Property and the Debtor's other properties, the Debtor was unable to service the loans secured by such properties. In an effort to mitigate potential losses, the Debtor shifted its strategy away from improving the Property and instead attempted to sell it as-is. The first and second mortgage lienholders of the property are Baroody Joseph Family Living Trust; Steven Kay Living Trust, Steven Kay Trustee; Lisa G. Dungan Family Trust U/A, The Juliet Alcasid Family Trust; Igya Demirci; Andrew L. Jones Defined Benefit Plan; Andrew Louis Jones, and Trustee of The Groundhog Trust. The First Mortgage Beneficiaries will be paid in full the allowed amount of their claim from the proposed sale of the Property. The Debtor and the Second Mortgage Beneficiaries have, through their respective counsel, been in communication concerning the marketing of the Property and the proposed sale discussed. The Debtor reserves any and all rights and objections with respect to the allowance and amount of the claims asserted against the Property. About Diamond K LLC Diamond K LLC and Kamaljit Kaur Kalkat filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Lead Case No. 24-25180) on Nov. 11, 2024, listing $10,000,001 to $50 million in both assets and liabilities. Judge Ronald H Sargis presides over the case. Robert S. Marticello, Esq. at RAINES FELDMAN LITTRELL LLP represents the Debtor as counsel. DIOCESE OF BUFFALO: Submits Ch. 11 Reorg. Plan After Settling Suit ------------------------------------------------------------------ Kayleigh Hunter-Gasperini of WIVB4 reports that the Diocese of Buffalo has submitted a Chapter 11 reorganization plan that incorporates a $150 million settlement to resolve more than 800 sexual abuse claims. The plan also secures $123.9 million in contributions from major insurers, including CNA, Wausau, and AIG, bringing the total fund for survivors to $273.9 million, according to the report. This latest filing builds on a previous agreement in which insurers had pledged $122.5 million toward the settlement, the report related. The diocese confirmed Wednesday that additional insurance carriers are expected to contribute further, which could increase the total amount available to survivors, according to WIVB4. Alongside the bankruptcy proceedings, the diocese has been undergoing significant restructuring, including the closure of multiple parishes. Last year, church leaders announced that roughly one-third of parishes across Western New York would be consolidated, citing declining attendance and a shortage of priests, the report states. 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. EAZY-PZ LLC: Court Denies Williams' Writ of Mandamus Petition ------------------------------------------------------------- Judges Alan Lourie, Sharon Prost and Raymond Chen of the United States Court of Appeals for the Federal Circuit denied the petition filed by Ben Williams for a writ of mandamus seeking, inter alia, to direct the United States District Court for the Western District of Louisiana to vacate its order denying his motion for leave to appear pro hac vice in Luv n' care Ltd. v. Laurain, No. 3:16-cv-777 (W.D. La.). Luv n' care, Ltd. and Nouri E. Hakim oppose the petition. In 2016, LNC brought that action against Eazy-PZ, LLC in the Western District of Louisiana alleging unfair competition and seeking a declaratory judgment that it did not infringe EZPZ's design patent that had been prosecuted by Mr. Williams, then a patent agent. EZPZ counterclaimed for infringement. In February 2025, following an eight-day bench trial during which Mr. Williams testified, the district court found EZPZ's patent unenforceable based in part on Mr. Williams's inequitable conduct. The court subsequently entered a final judgment and issued orders denying EZPZ's post-judgment motions. In March 2025, following trial and the court's inequitable conduct judgment, Mr. Williams moved to appear pro hac vice on behalf of EZPZ. On March 21, 2025, the court denied that request, citing its finding that Mr. Williams had engaged in inequitable conduct. Mr. Williams moved for reconsideration, contending that denying his motion without a hearing violated In re Evans, 524 F.2d 1004, 1008 (5th Cir. 1975). On May 22, 2025, the district court denied that motion. Mr. Williams then filed this petition seeking a writ of mandamus to, among other things, compel the district court to hold a hearing on his motion. The panel holds, "A writ of mandamus requires a petitioner to show that he has a clear and indisputable right to relief, that he has no other adequate avenue for relief, and that issuance of this extraordinary relief is appropriate under the circumstances. Mr. Williams has not satisfied that standard here. Mr. Williams has not shown that an appeal following entry of final judgment would be an inadequate alternative to challenge the denial of the motion for leave to appear pro hac vice. Nor has Mr. Williams shown a clear and indisputable right to his requested hearing. Mr. Williams's other requests are on the merits of the underlying case. Since he is not a party to those proceedings, we deny the petition in full." A copy of the Court's Order is available at https://urlcurt.com/u?l=inzZzS from PacerMonitor.com. About Eazy-PZ LLC Eazy-PZ LLC designs and sells silicone mealtime products for infants and toddlers, including plates, bowls, mats, and utensils. The Company operates through online and retail channels from its base in Parker, Colorado. Eazy-PZ LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-13720) on June 18, 2025. In its petition, the Debtor reports total assets of $1,019,774 and total liabilities of $3,881,257. Honorable Bankruptcy Judge Thomas B. Mcnamara handles the case. The Debtors are represented by Aaron J. Conrardy, Esq. at WADSWORTH GARBER WARNER CONRARDY, P.C. EAZY-PZ LLC: Seeks to Extend Plan Exclusivity to Jan. 14, 2026 -------------------------------------------------------------- Eazy-PZ 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 January 14, 2026 and April 14, 2026, respectively. The Debtor explains that cause exists to extend the exclusivity periods in this case. The following is an analysis of the applicable factors: * The size and complexity of the case; and (b) the necessity of sufficient time to prepare adequate information: While the case is not unusually complex, resolving the issues relating to Luv n' Care Ltd. and Nouri E. Hakim (together, "LNC") and the judgment that entered against Debtor in the amount of approximately $2.9 million in the case styled Luv n' Care, Ltd. v. Laurain, et al., Case No. 16-cv-777 in the United States District Court for the Western District of Louisiana (the "Judgment" and "Louisiana Case", respectively) are of critical importance. * The existence of good faith progress toward reorganization; (e) whether the debtor has demonstrated reasonable prospects for filing a viable plan; and (f) whether the debtor has made progress in negotiations with its creditors: Debtor has made good faith progress toward seeking confirmation of a plan of reorganization. The Debtor has demonstrated reasonable prospects for filing a viable plan as demonstrated, described progress in the case, ongoing operations, and approximately $262,000 in its bank account as August 31, 2025. * Whether the debtor is paying its bills as they come due: Debtor has been paying its bills as they come due as shown by its most recent Monthly Operating Reports. * The amount of time which has elapsed in the case: This is Debtor’s first request for an extension of the 120-day Period and 180-day Period. * Whether the debtor is seeking an extension to pressure creditors: Debtor is not seeking an extension to pressure creditors. Just the opposite, the purpose of the extension is to allow time for the Federal Circuit Court to rule on an appeal of the Judgment to fix Debtor and LNC's rights as they relate to the Judgment. * Whether an unresolved contingency exists: Appealing the Judgment is the most important unresolved contingency. Whether the Judgment is reversed, modified, or amended bears directly on plan formulation and confirmation. Until the Judgment becomes final, formulating and confirming a plan is not practical. The landscape of this case will be significantly altered once the appeal is concluded because LNC is currently Debtor's largest creditor (for the avoidance of doubt, Debtor disputes LNC's claim). Eazy-PZ LLC is represented by: Aaron J. Conrardy, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 W. Main St., Ste. 200 Littleton, CO 80120 Tel: (303) 296-1999 Email: aconrardy@wgwc-law.com About Eazy-PZ LLC Eazy-PZ LLC designs and sells silicone mealtime products for infants and toddlers, including plates, bowls, mats, and utensils. The Company operates through online and retail channels from its base in Parker, Colorado. Eazy-PZ LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-13720) on June 18, 2025. In its petition, the Debtor reports total assets of $1,019,774 and total liabilities of $3,881,257. Honorable Bankruptcy Judge Thomas B. Mcnamara handles the case. The Debtors are represented by Aaron J. Conrardy, Esq. at WADSWORTH GARBER WARNER CONRARDY, P.C. ELEVATE ACADEMY: Moody's Rates New Ser. 2025A/B Revenue Bonds 'Ba2' ------------------------------------------------------------------- Moody's Ratings has assigned an initial Ba2 underlying rating and Aa2 enhanced rating to Elevate Academy Nampa, ID's proposed Nonprofit Facilities Revenue Bonds (Elevate Academy Nampa Project) $14 million Series 2025A (Credit Enhancement) and proposed $126,000 Series 2025B (Credit Enhancement) (Federally Taxable). The bonds will be issued by the Idaho Housing and Finance Association and, once issued, will represent the entirety of the charter school's outstanding bonded debt. The outlook on the underlying rating is stable. RATINGS RATIONALE The initial Ba2 reflects the school's limited operating history, during which it has demonstrated healthy financial performance. Fiscal 2025 operating margins provided roughly 1.8x coverage of the projected maximum annual debt service (MADS) requirement for the proposed debt. Although the school's liquidity is only moderate on a nominal basis at $1.8 million, it is healthy relative to operations at 103 days cash on hand. The school is small at 497 students, although it is fully enrolled and will remain so for the 2025-26 school year. Due to its designation as an alternative school serving at-risk youth, Elevate receives more revenue relative to other small Idaho charter schools. The school's leverage is high, although the 13% cash to debt ratio is not unusual for relatively new charter schools. Governance is a key driver of all initial charter school ratings. The school's governance compares favorably to other small charters as a unified board serves all four schools in the Elevate network. Support has also been historically provided by the Bluum Foundation. The school's good academic and financial performance are indicative of proactive and effective governance, although the school's short operating history means that it has not yet undergone the charter renewal process. The Aa2 enhanced rating reflects the credit quality of the State of Idaho (Aaa stable) and its moral obligation pledge under the provisions of the Idaho Public Charter School Facilities Program (Aa2 stable). The program's strengths include statutory requirements that the Idaho Housing and Finance Association and the Governor request the legislature to make an appropriation to replenish the bonds' debt service reserve fund in the event of a draw on that fund. The rating also reflects the essentiality of charter schools in the state's K-12 education system and the state's established track record of making appropriation-backed debt payments under certain financing agreements for state projects. The two-notch distinction between the programmatic rating and the state's issuer rating reflects the weaknesses inherent in the contingent, subject-to-appropriation nature of the state's support. RATING OUTLOOK The stable outlook reflects the likelihood that the additional funding provided to the school due to its designation as an alternative school serving at-risk youth will allow it to maintain its strong financial margins for the foreseeable future. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained liquidity of over 150 days -- Improved competitive profile, particularly if the school's waitlist were to approach 100% of enrollment -- Increase in the ratio of cash to debt above 28% -- Successful renewal of the school's charter FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Decrease in state funding, potentially due to change in alternative school designation or a general reduction in education funding -- Failure to achieve expected debt service coverage, currently projected to average 1.6x over next five years -- Drawdown of liquidity to below 90 days cash on hand PROFILE Elevate Academy Nampa opened in Fall 2022 and serves 497 students in Nampa, ID, within the Boise metropolitan area. The school is part of a network of four schools that provide career and technical education, although each school operates under a separate charter. METHODOLOGY The principal methodology used in the underlying ratings was US Charter Schools published in April 2024. ELITA 7 LLC: Cash Collateral Hearing Set for Oct. 8 --------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts is set to hold a hearing on October 8 to consider another extension of Elita 7, LLC and Victoria Light, LLC's authority to use cash collateral. The court previously issued a proceeding memorandum and order authorizing the Debtors to use the cash collateral of their lenders through October 8 under previously established terms. The lenders' cash collateral consists of cash accounts, receivables and inventory. The value of the cash collateral is estimated at $168,000, according to court documents filed in December last year. The Debtors are liable to DMT SPE I, the primary secured lender, on a loan made last year in the original principal amount of $6.1 million. Meanwhile, the Debtors have given security interest in receivables or sales of future receivables to other creditors including Capybara Capital LLC, Dependence Platinum, Forward Financing, EN OD Capital, Stage Advance LLC, and Unique Funding Solutions, LLC. About Elita 7 and Victoria Light Elita 7, LLC operates a 60-bed Rest Home located at 16 Marble Street, Worcester, Mass. Elita 7 and its affiliate, Victoria Light, LLC, filed Chapter 11 petitions (Bankr. D. Mass. Lead Case No. 24-41303) on December 20, 2024. At the time of the filing, the Debtors reported $1 million to $10 million in both assets and liabilities. Judge Elizabeth D. Katz oversees the cases. John O. Desmond, Esq., is the Debtors' legal counsel. Secured lender DMT SPE I, LLC is represented by: Douglas K. Clarke, Esq. Riemer & Braunstein, LLP 100 Cambridge Street, 22nd Floor Boston, MA 02114-2527 Phone: (617) 880-3485 Fax: (617) 692-3485 Email: dclarke@riemerlaw.com ELITE PRINTING: Seeks Continued Cash Collateral Access ------------------------------------------------------ Elite Printing & Packaging Inc. asks the U.S. Bankruptcy Court for the Eastern District of Missouri, Eastern Division, for authority to use cash collateral and provide adequate protection, in accordance with its agreement with secured creditors U.S. Bank, NA and Newtek Bank. The original final order allowed the Debtor to use cash collateral -- funds subject to creditors' liens -- through September 8, unless the debts to U.S. Bank or Newtek were paid in full earlier. The current request seeks to extend that authority through November 10 under the same terms, with one modification: the Debtor will begin providing bi-weekly updates to U.S. Bank and Newtek on its reorganization plan progress. No trustee, examiner, or official committee of unsecured creditors has been appointed in this case. A copy of the motion is available at https://urlcurt.com/u?l=e4IUy9 from PacerMonitor.com. About Elite Printing & Packaging Inc. Elite Printing & Packaging, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (E.D. Mo. Case No. 25-41743) on May 5, 2025, listing up to $10 million in both assets and liabilities. Michael K. Sloan, president of Elite Printing & Packaging, signed the petition. Judge Kathy A. Surratt-States oversees the case. Spencer Desai, Esq., at The Desai Law Firm, represents the Debtor as bankruptcy counsel. U.S. Bank N.A., as secured creditor, is represented by: Mark V. Bossi, Esq. Thompson Coburn, LLP One US Bank Plaza St. Louis, MO 63101 Phone: (314)552-6000 Fax: (314) 552-7000 mbossi@thompsoncoburn.com Newtek Bank, as secured creditor, is represented by: Christopher D. Lee, Esq. Sandberg Phoenix & von Gontard, P.C. 701 Market Street, Suite 600 St. Louis, MO 63101 Phone: (314) 725-9100 Fax: (314) 725-5754 clee@sandbergphoenix.com ELLINGTON FINANCIAL: Fitch Assigns BB- LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has assigned a Long-Term Issuer Default Rating (IDR) of 'BB-' to Ellington Financial Inc. (EFC). The Rating Outlook is Stable. Fitch has also assigned an expected 'BB-(EXP)' rating to the proposed $400 million senior unsecured debt co-issuance of Ellington Financial Operating Partnership LLC, EF Cayman Holdings Ltd, EF Holdco Inc., Ellington Financial REIT Cayman Ltd., and Ellington Financial REIT TRS LLC (together, the EFC subsidiaries). The rate of interest and maturity date will be determined at the time of issuance. The EFC subsidiaries intend to use the net proceeds from the issuance for EFC's general corporate purposes and to repay a portion of EFC's repurchase agreements (repos) outstanding. Key Rating Drivers Diversified Business Model: EFC's ratings reflect its established platform as a diversified, credit-focused mortgage lender, experienced management team, solid asset quality with limited net realized losses, hedging strategy preserving book value, consistent operating performance through market cycles, and adequate leverage and liquidity given limited near-term corporate maturities. Challenging Sector Conditions: EFC's ratings are constrained by the highly cyclical nature of the real estate industry, the company's largely secured funding profile, including reliance on repos and warehouse lines, exposure to increased haircuts or significant margin calls during periods of market stress, and modest franchise compared with those of peers. The firm's rating is also constrained by its REIT status, which requires distributions, limiting the ability to retain capital. High Delinquencies, Very Low Realized Losses: EFC's overall impaired and nonperforming loan ratio averaged 4.2% in 2021-2024 but rose to 7.6% at 2Q25. This was within Fitch's 'bb' asset quality benchmark range of 4%-10% for balance-sheet-intensive finance and leasing companies with a sector risk operating environment (SROE) score in the 'bbb' category. The uptick resulted from the underperformance of certain 2022 vintage loans that were originated at peak housing prices with high loan-to-value ratios, as well as the short-duration nature of the portfolio, which can inflate ratios as loans mature or transition. Despite these elevated delinquencies, realized loss rates remain low at 0.25%, supported by high recovery rates and effective asset management. Adequate Profitability: EFC's pre-tax return on average assets was 2.9% for 1H25 (annualized), up from 2.4% in 2024 and an average of 1.6% from 2021-2024, which was within Fitch's 'bb' benchmark range of 1%-4% for balance sheet-heavy finance and leasing firms with a SROE score in the 'bbb' category. Profitability in 1H25 was driven by strong contributions from diversified origination and credit platforms, including robust net interest income, realized and unrealized gains, and resilient net operating cash flow. The Longbridge segment, which was acquired in 2022, was a material contributor, supported by higher origination volumes and stable margins. Appropriate Leverage: EFC's leverage, defined as gross debt to tangible equity, including long-term non-recourse securitization debt (excluding home equity conversion mortgage-backed securities (HMBS) debt) and giving 50% equity credit to preferred shares, was 3.4x at 1H25, largely in line with the 2021-2024 average of 3.7x. Pro forma for the planned $400 million senior unsecured note issuance, leverage is expected to increase to 3.6x, which is at the higher end of Fitch's 'bb' benchmark range (0.75x-4x) for finance and leasing companies with a SROE score in the 'bbb' category. EFC targets gross leverage below 4.0x, which excludes off-balance sheet, non-recourse fundings. On this basis, leverage was 1.9x at 2Q25. Fitch expects leverage to remain below the firm's leverage maximum of 4.0x throughout 2025. Largely Secured Funding Profile: Unsecured debt was 7.9% (excluding HMBS debt) of total debt at 2Q25 and will increase to 14.9% pro forma for the proposed issuance. As of 2Q25, EFC's borrowings totaled $14.9 billion, with $2.95 billion in recourse borrowings and $11.9 billion in non-recourse, asset-backed debt. The funding structure remains predominantly secured, constraining financial flexibility, especially in times of stress. Fitch expects EFC to access the unsecured debt markets to enhance funding diversification and strengthen its liquidity profile over time. Sufficient Liquidity: At 2Q25, EFC had $371 million of cash and equivalents on a pro forma basis, which Fitch believes is sufficient to address funding needs including near-term debt maturities of $37.5 million in August 2026 and $210 million in April 2027. As of June 30, 2025, EFC also had $2.3 billion of repos and $2.1 billion of non-recourse debt outstanding. Repos are short term with well-laddered maturities, but collateral haircuts and margin calls can impact liquidity in the period of market stress. Fitch expects debt maturities in these buckets to be met with refinancings, net cash flows from principal and interest repayments on loans and securities, or asset sales. Improving Coverage: As a REIT, EFC is required to distribute at least 90% of its annual net taxable income to shareholders, which constrains the firm's ability to build equity and Fitch's assessment of its liquidity. Adjusted distributable earnings coverage of its dividend averaged 94.7% from 2021-2024, driven by a compressed net interest margin from an increase in funding costs. Coverage improved to 110% in 1H25, driven by higher net investment income, which rose due to growth in investment in loans and improved yields. Stable Outlook: The Stable Outlook reflects Fitch's expectation that EFC will continue to manage leverage below 5.0x, credit losses will remain low, and earnings will continue to improve resulting in full dividend coverage. Fitch also expects the company to opportunistically issue unsecured debt, appropriately manage its debt maturity profile, and maintain solid liquidity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in credit performance, whereby impaired and nonperforming loans remain elevated and result in elevated provisioning expense and meaningful credit losses, adversely affecting capitalization; - A sustained increase in Fitch-calculated total leverage, excluding HMBS debt, above 5.0x; - An inability to maintain sufficient liquidity relative to debt maturities, unfunded commitments and margin call potential associated with collateral loan non-performance or material credit deterioration; - A reduction in business line diversity due to a material change in strategy; - A reduction in core earnings and earnings coverage of the dividend. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Ability to resolve problem loans without a meaningful impact to capitalization; - Sustained increase in the proportion of unsecured debt at or above 10% of total debt (excluding HMBS debt); - Sustained maintenance of Fitch-calculated total leverage, excluding HMBS debt, at or below 4.0x; - Enhanced consistency of core earnings performance; - Maintenance of a solid liquidity profile relative to near-term debt maturities and strong dividend coverage; - Growth of the business that enhances the franchise and platform scale; - Ability to reduce and contain the margin call exposure on repos. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The expected senior unsecured debt ratings of the EFC subsidiaries are equalized with the Long-Term IDR of EFC, given the debt is co-issued by them benefits from a corporate guarantee from EFC. The rating also reflects the availability of unencumbered assets and Fitch's expectation for average recovery prospects for creditors under a stress scenario. Fitch would expect to convert the expected unsecured debt ratings of 'BB-(EXP)' to a final rating of 'BB-' upon settlement of the planned transaction. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The expected senior unsecured debt ratings for the EFC subsidiaries are primarily sensitive to changes in EFC's Long-Term IDR and are expected to move in tandem. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason: Risk profile and business model (negative). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason: Historical and future metrics (positive). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Ellington Financial Inc. LT IDR BB- New Rating Ellington Financial Operating Partnership LLC senior unsecured LT BB-(EXP) Expected Rating EF Holdco Inc. senior unsecured LT BB-(EXP) Expected Rating Ellington Financial REIT Cayman Ltd. senior unsecured LT BB-(EXP) Expected Rating EF Cayman Holdings Ltd. senior unsecured LT BB-(EXP) Expected Rating Ellington Financial REIT TRS LLC senior unsecured LT BB-(EXP) Expected Rating ELMA TRANSPORT: Unsecureds to Get 5 Cents on Dollar in Plan ----------------------------------------------------------- Elma Transport, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Plan of Reorganization dated September 25, 2025. The Debtor is an Illinois Corporation. Since 2013, Debtor has been in the business of interstate trucking. In early 2023, the trucking industry experienced a downturn and Debtor used any cash reserves to cover a cash flow shortage but this eventually led to inability to remain current on payments on their equipment loans and potential repossession of the equipment by the secured lenders. The Chapter 11 filing has enabled Debtor to continue using their equipment and to return to focusing on their interstate trucking business. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $716.46. The final Plan payment is expected to be paid on November 1, 2029. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 5 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 5 consists of Non-priority unsecured creditors. Claims in this class will receive the projected disposable income of the Debtor pro rata within the class for a period of four years, estimated at $716.46 monthly remaining after any outstanding administrative claims are paid from the disposable income. Disposable income, as defined in Section 1191(d), shall be determined on a quarterly basis, based on the disposable income generated, if any, during the preceding quarter. The Debtor will begin to make monthly payments commencing on the fifteenth day of the fourth full month following the Effective Date and thereafter due on the fifteenth day of every fourth month. A minimum total amount of $34,390.07 will be paid to this class. Class 6 consists of Equity security holders of the Debtor. Equity security holders shall retain their interests in the Debtor as they existed on the Petition Date. The Debtor shall continue is business operations, which shall be the primary source of funds for payments required by this Plan that are to be made by the Debtor over time. After the Effective Date, the Debtor may operate the business and use, acquire, sell, transfer, convey, or dispose of property without supervision by the Bankruptcy Court and free of any restrictions of the Bankruptcy Code or Bankruptcy Rules, other than those restrictions expressly imposed by the Plan and the Confirmation Order. A full-text copy of the Plan of Reorganization dated September 25, 2025 is available at https://urlcurt.com/u?l=Ossdgj from PacerMonitor.com at no charge. Counsel to the Debtor: Saulius Modestas, Esq. Modestas Law Offices, P.C. 401 S. Frontage Road, Ste. C Burr Ridge, IL 60527 A.R.D.C. No. 6278054 (312) 251-4460 About Elma Transport Inc. Elma Transport, Inc., an Illinois-based trucking company, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-09866) on June 27, 2025. In its petition, the Debtor reported assets between $100,001 and $500,000 and liabilities between $500,001 and $1 million. Judge Janet S. Baer handles the case. The Debtor is represented by Saulius Modestas, Esq., at Modestas Law Offices, P.C. TBK Bank, SSB, as secured creditor, is represented by: Jeffrey P. Monberg, Esq. Quarles & Brady, LLP 155 N. Wacker Drive, Suite 3200 Chicago, IL 60606 Tel: (312) 715-5162 jeff.monberg@quarles.com EMPIRE CORE: Court Stays Accredited Surety Case Due to Bankruptcy ----------------------------------------------------------------- Judge Edgardo Ramos of the United States District Court for the Southern District of New York stayed the case captioned as EMPIRE CORE GROUP LLC, Plaintiff, -against- ACCREDITED SURETY & CASUALTY COMPANY, INC., Defendant, Case No. 24-cv-03316-ER (S.D.N.Y.). Empire Core Group, LLC informed the Court on Sept. 24, 2025 that it filed a voluntary petition for non-individuals filing for bankruptcy pursuant to Chapter 11 of the U.S. Code in the United States Bankruptcy Court for the Southern District of New York on Sept. 22, 2025. Accordingly, this instant action was automatically stayed upon the filing of the voluntary petition. A copy of the Court's Order is available at https://urlcurt.com/u?l=lcsToh from PacerMonitor.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. Empire Core Group LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22894) on September 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Erica Aisner, Esq. of KIRBY AISNER & CURLEY LLP. ERC REPAIR: Seeks Subchapter V Bankruptcy in Florida ---------------------------------------------------- On September 26, 2025, ERC Repair LLC filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About ERC Repair LLC ERC Repair LLC is a limited liability company. ERC Repair LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06126) on September 26, 2025. In its petition, the Debtor reports estimated estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Justin M. Luna, Esq. of LATHAM LUNA EDEN & BEAUDINE LLP. ERIC R. HARTMAN: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Eric R. Hartman, D.C., PLLC received interim approval from the U.S. Bankruptcy Court for the Western District of Michigan to use cash collateral to fund operations. The court's interim order authorized the Debtor to use cash collateral to pay operating expenses set forth in its budget, including pre-bankruptcy and post-petition employee wages, subject to a 10% variance. Bankers Healthcare Group holds a first priority secured interest in the cash collateral and is owed approximately $140,000. The current monthly obligation to Bankers Healthcare Group is $1,710.16. As adequate protection, the Debtor will make monthly payments to Bankers Healthcare Group. In addition, Bankers Healthcare Group and other secured creditors will be granted replacement liens on all property acquired by the Debtor after its Chapter 11 filing. The interim order does not provide any creditor with an improvement of position from the values of its collateral as of the petition date nor grant interests in property which the creditor does not have a properly perfected lien. The Debtor's authority to use cash collateral will terminate upon failure to provide adequate protection; conversion or dismissal of the Chapter 11 case without the secured creditors' consent; or a court-determined material decrease in cash collateral exceeding the adequate protection provided. A final hearing is set for October 23. The deadline for filing objections is on October 16. The Debtor, established in 2003, generated gross revenues of $759,155 in 2023, $777,432 in 2024, and $426,579 through July. A significant revenue decline occurred this year due to insurance reimbursement changes by companies like Blue Cross Blue Shield, along with rising labor costs and a drop in patient appointments. As a result, the Debtor can no longer meet its financial obligations and seeks permission to use its limited cash collateral, particularly to cover payroll due on September 26, 2025. The Debtor believes it can stabilize its finances and improve profitability through several measures, including staff reductions, restructuring its debt with Bankers Healthcare Group (its primary secured creditor), discharging junior claims, and shifting away from services no longer reimbursed by insurers. The business employs approximately four full-time and three part-time employees, and it remains current on all tax obligations. About Eric R. Hartman, DC, PLLC Eric R. Hartman, DC, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-02687) on September 22, 2025, listing up to $500,000 in both assets and liabilities. Eric R. Hartman, president and managing member, signed the petition. Martin L. Rogalski, Esq., at Martin L. Rogalski, P.C., represents the Debtor as legal counsel. EUSHI FINANCE: Fitch Assigns 'BB+' Rating on Jr. Subordinated Notes ------------------------------------------------------------------- Fitch Ratings has assigned a 'BB+' rating to EUSHI Finance Inc's (EUSHI FI) planned fixed-to-fixed rate reset junior subordinated notes. Proceeds from the offering will be used for general corporate purposes, including repayment of existing indebtedness. The notes issued by EUSHI FI are unconditionally guaranteed by parent Emera Inc. (Emera; BBB/Stable) and Emera U.S. Holdings Inc. (EUSHI). The notes rank pari-passu with Emera's existing junior subordinated notes. The securities are eligible for 50% equity credit based on Fitch's hybrid methodology. Features supporting the equity categorization include junior subordinate priority, the option to defer interest payments on a cumulative basis for up to 10 years on each occasion and no step-up. Emera's ratings and Outlook reflect the execution of its deleveraging plan and commitment to maintain FFO leverage below 6.0x. Failure to meet this target will likely result in a negative rating action. Key Rating Drivers Deleveraging Plan Execution: Emera successfully executed several steps in its deleveraging plan in 2024. The company sold its equity investment in Labrador Island Link, issued hybrid notes and common equity, securitized deferred fuel costs and obtained a credit-supportive, multi-year base rate outcome at Tampa Electric Company (TEC; A-/Stable). The pending sale of New Mexico Gas Company, Inc. (NMGC; BBB+/Stable), expected to close in 1Q26, will further reduce Emera's leverage. Emera also moderated its dividend growth from 4%-5% to 1%-2% to preserve cash for capex. Fitch views these steps to reduce leverage as a credit positive. Improving Leverage but Limited Cushion: With the execution of its deleveraging plan, Emera's fiscal 2024 FFO leverage improved to 6.6x from an average of 7.1x over the past four years. FFO leverage at YE 2024 was slightly higher than its projected 6.3x, but this was mainly due to an FX translation mismatch from a sudden spike in U.S. dollar-Canadian dollar exchange rate at YE 2024. Fitch expects Emera's FFO leverage to further improve with the closing of the NMGC sale and new base rates at Nova Scotia Power Inc. (NSPI). Fitch estimates Emera's FFO leverage at about 5.8x-5.9x during 2025 to 2027 but with limited headroom against the 6.0x downgrade sensitivity. Failure to maintain FFO leverage below 6.0x will likely result in a negative rating action. Sale of NMGC: Fitch's rating case assumes the NMGC divestiture will close in 1Q26. In the unlikely event that the sale does not close, Fitch expects Emera to take appropriate steps to maintain its FFO leverage below 6.0x, consistent with management's commitment. Sizable Capex Pressures Metrics: Emera has a large capex plan of about CAD11.5 billion over 2025-2027, almost 3x depreciation expense. The plan will lead to higher execution risk that could pressure credit metrics during construction. Fitch expects Emera to execute the plan on time and within budget, and fund it in a balanced manner through parent-equity infusions, internal cash flow and utility debt. Peer Analysis Emera and peer utilities FirstEnergy Corp. (FE; BBB/Stable) and American Electric Power Company Inc. (AEP; BBB/Stable) are large utility holding companies with operations spanning multiple jurisdictions, focused strategically on maximizing relatively predictable operating utility returns. FE and AEP both benefit from greater regulatory diversification and scale than Emera. FE and AEP operate in six and 11 states, respectively, while Emera operates in two states, two provinces in Canada and the Caribbean. In terms of scale, FE and AEP are much larger than Emera, serving about 6.0 million and 5.6 million customers, respectively, while Emera serves about 2.5 million customers. From a financial standpoint, based on Fitch's estimates, Emera's FFO leverage will average about 5.9x through 2026, compared with 5.8x for AEP and 5.1x for FE. Key Assumptions - Sale of NMGC closes in 1Q26; - Capital plan of about CAD11.5 billion from 2025-2027; - New base rates established at NSPI for 2026; - Dividend growth of 1%-2%; - Rate increases at other utilities reflect rate filings and riders. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - FFO leverage above 6.0x on a sustained basis; - A change in management's commitment to maintaining FFO leverage below 6.0x; - An unexpected, material deterioration in the Florida regulatory compact. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Further deleveraging that leads to sustained FFO leverage less than 5.0x. Liquidity and Debt Structure Emera and its subsidiaries have, in aggregate, access to CAD$2.1 billion and $1.603 billion of committed credit facilities, with approximately CAD$935 million and $799 million undrawn and available on June 30, 2025. The company also had unrestricted cash balance of about CAD$200 million on June 30, 2025. Emera's syndicated credit facilities have a financial covenant that the debt to total capitalization ratio should be no greater than 70%. The company was compliant with the covenant on June 30, 2025. Fitch believes future maturities are manageable and will be refinanced upon maturity. Issuer Profile Emera Inc. is a diversified electric and natural gas utility holding company serving approximately 2.5 million customers in Canada, the U.S. and the Caribbean. Date of Relevant Committee 23-May-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ EUSHI Finance, Inc. junior subordinated LT BB+ New Rating EVENTIDE CREDIT: Court OKs Appointment of Chapter 11 Trustee ------------------------------------------------------------ Emily Lever of Law360 reports that a Texas bankruptcy court has approved the appointment of a Chapter 11 trustee to oversee the case of Eventide Credit Acquisitions after the unsecured creditors' committee pushed for stronger oversight. The committee argued that the debtor and its leadership had repeatedly disregarded bankruptcy obligations, creating the need for an independent fiduciary to safeguard creditor recoveries, according to the report. Following a two-day hearing, Judge Mark X. Mullin of the Northern District of Texas granted the committee's motion, citing concerns about transparency, conflicts of interest, and the debtor’s control over key restructuring decisions. With the ruling, the trustee will take over case administration, shifting authority away from Eventide's management during the Chapter 11 process, the report states. About Eventide Credit Acquisitions, LLC Eventide Credit Acquisitions, LLC, a Dallas-based company, filed voluntary Chapter 11 petition (Bankr. N.D. Tex. Lead Case No. 23-90007) on Sept. 6, 2023. On October 9, 3023, its affiliate, BWH Texas LLC, filed its voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code. In the petition signed by Matt Martorello, manager, Eventide Credit disclosed up to $100 million in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped Forshey Prostok as bankruptcy counsel and Donlin, Recano & Company, Inc. as notice, claims and balloting agent. FANATICS COMMERCE: S&P Withdraws 'BB-' Issuer Credit Rating ----------------------------------------------------------- S&P Global Ratings withdrew all its ratings on Fanatics Commerce Intermediate Holdco LLC at the issuer's request following the full repayment of its senior secured term loan. At the time of the withdrawal, S&P's outlook on the company was negative. S&P's 'BB-' issuer credit ratings on Fanatics Holdings Inc. and its core operating subsidiary, Fanatics Collectibles Intermediate Holdco Inc., are unaffected. FIT & THRIVE: Case Summary & Nine Unsecured Creditors ----------------------------------------------------- Debtor: Fit & Thrive Inc. d/b/a Clean Eatz of Edwardsville d/b/a HG Enterprises, LLC d/b/a Clean Eatz of Belleville 316 S. Buchanan St Edwardsville, IL 62025 Business Description: Fit & Thrive Inc., operating the Edwardsville, Illinois franchise of Clean Eatz, provides food and wellness services, including meal plans with pre-portioned products designed to balance protein, carbohydrates, and fats, catering to diverse lifestyles. Chapter 11 Petition Date: September 30, 2025 Court: United States Bankruptcy Court Southern District of Illinois Case No.: 25-30752 Judge: Hon. Mary E Lopinot Debtor's Counsel: J. D. Graham, Esq. J. D. GRAHAM, PC #1 Eagle Center; Suite 3A O Fallon, IL 62269 Tel: (618) 235-9800 Fax: (618) 235-9805 Email: jd@jdgrahamlaw.com Total Assets: $168,928 Total Liabilities: $1,247,466 The petition was signed by Sara Sanderson 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/JJYO6EA/Fit__Thrive_Inc__ilsbke-25-30752__0001.0.pdf?mcid=tGE4TAMA FLAGSHIP RESORT: Court Approves Chapter 11 Liquidation Plan ----------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that Flagship Resort Development's Chapter 11 liquidation plan has won court approval from a New Jersey bankruptcy judge, despite pushback over provisions releasing certain parties from liability. The plan, crafted as part of a global settlement, extends sweeping third-party and insider releases while offering creditors the option to opt out. The ruling clears the way for the company's restructuring and liquidation to continue in line with the settlement's framework, the report states. About Flagship Resort Development Corporation Flagship Resort Development Corporation, a privately held hospitality and resort development company based in New Jersey, specializes in timeshare vacation ownership in the Atlantic City region. It operates 774 living units across three properties -- Flagship All-Suites Resort, Atlantic Palace, and La Sammana Resort -- offering a mix of deeded timeshare interests, club memberships, and exchange-based travel benefits. The company is a wholly owned subsidiary of FantaSea Resorts Group, Inc. Flagship Resort Development Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15047) on May 10, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million. Honorable Bankruptcy Judge Jerrold N. Poslusny Jr. handles the case. The Debtors are represented by Warren J. Martin Jr., Esq. at PORZIO, BROMBERG & NEWMAN, P.C. The Debtor's Notice, Claims, Solicitation, Balloting & Administrative Agent is KROLL RESTRUCTURING ADMINISTRATION LLC. FOUR PALMS: Michael Markham Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for Four Palms Investments, Inc. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Markham declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Mikem@jpfirm.com About Four Palms Investments Four Palms Investments, Inc. and its affiliates, Platinum Automotive Styling, LLC, and NC Automotive Styling, Inc., are related Florida businesses linked to entrepreneur Todd C. Simms, operating in investment management and automotive customization. Incorporated in 2018 and based in the Tampa Bay area, Four Palms Investments manages business holdings as the group's investment arm. Meanwhile, Platinum Automotive Styling and NC Automotive Styling both provide vehicle customization and enhancement services. Four Palms Investments and its affiliates filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-06972) on September 23, 2025. At the time of the filing, Four Palms Investments disclosed up to $50,000 in assets and between $1 million and $10 million in liabilities. Amy Denton Mayer, Esq., at Berger Singerman, LLP represents the Debtor as legal counsel. FREE SPEECH: Infowars Sale in Limbo After Buyer Not Found --------------------------------------------------------- John Wayne Ferguson of Houston Chronicle reports that the court-appointed trustee overseeing the sale of Alex Jones' Infowars said he may soon abandon efforts to find a buyer. According to the report, Christopher Murray, the trustee, told U.S. Bankruptcy Judge Christopher Lopez during a Wednesday, October 1, 2025, hearing in Houston that only minimal interest has surfaced and no formal offers have been made. "We're leaning toward abandonment," Murray said, noting his mandate to sell Jones’ equity in parent company Free Speech Systems could end this month. Jones, who owes more than $1.3 billion to Sandy Hook families after being found liable for defamation in 2022, has faced repeated challenges in the bankruptcy process. Lopez previously canceled an attempted auction last year after bids for Free Speech Systems' assets -- including Infowars’ intellectual property and studio equipment -- topped out at around $3.5 million, which the judge deemed insufficient. One bidder was satirical news outlet The Onion, according to Houston Chronicle. At the emergency hearing, lawyers for Sandy Hook families accused Jones and his attorneys of misrepresenting prior court orders to delay collection efforts. A Texas district judge recently appointed a receiver to take control of Jones’ assets in a separate proceeding, raising the possibility of a renewed auction of Infowars outside Murray's control. Lopez clarified that Free Speech Systems' bankruptcy is distinct from Jones' personal estate, rejecting arguments that sought to merge the cases, the report states. While Murray weighs abandoning the equity sale, Jones' personal assets remain subject to liquidation. Lopez has already approved an auction of Jones' luxury watches, vehicles, and rental property in Austin, expected within weeks. Despite the massive judgment, the Sandy Hook families have yet to recover any money, though Jones' lawyers said they expect a pending appeal in Connecticut to reach the U.S. Supreme Court in October 2025, the report relays. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. FTX TRADING: Ornelas Appeal Can't Proceed to Mediation ------------------------------------------------------ Pursuant to Section 1 of the Procedures to Govern Mediation of Appeals from the United States Bankruptcy Court for the District of Delaware, dated July 19, 2023, Magistrate Judge Christopher Burke of the United States District Court for the District of Delaware determined that mediation is not appropriate in the appeal styled EDWARD ORNELAS, Appellant, v. FTX TRADING LTD., Appellee, Case No. 25-cv-01059-JLH (D. Del.). Counsel for appellee has not been able to confer with Edward Ornelas, the pro se appellant in this appeal, and the Court has not received a statement regarding appellant's position regarding mediation. Counsel for appellee believes that the disputes in this case cannot be resolved through mediation and the Court agrees. The Court recommends that the assigned District Judge issue an order withdrawing the matter from mediation. A copy of the Court's Order is available at https://urlcurt.com/u?l=njz4BT 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: Completes $1M Pre-Paid Purchase #2 With Avondale ---------------------------------------------------------------- As previously disclosed, on July 28, 2025, Future FinTech Group Inc. entered into a Pre-Paid Securities Purchase Agreement with Avondale Capital, LLC providing for potential funding of up to $10,000,000 through the issuance of pre-paid purchase instruments. At the initial closing, the Company received $800,000 in gross proceeds and issued a Pre-Paid Instrument with a principal amount of $884,000. On September 22, 2025, the Company entered into Pre-Paid Purchase #2 Agreement with the investor, pursuant to the Pre-Paid SPA. Under Pre-Paid Purchase #2, the Company issued a Pre-Paid Instrument with a principal amount of $1,080,000 in exchange for $1,000,000 in cash proceeds, reflecting an 8% original issue discount (OID) of $80,000, which is included in the initial principal balance of the Pre-Paid Instrument and is deemed fully earned and non-refundable as of the purchase date. The material terms of Pre-Paid Purchase #2 are substantially consistent with Pre-Paid Purchase #1, which was previously reported on the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 31, 2025. The Pre-Paid SPA and transactions contemplated thereunder were approved by the Company's shareholders in a special shareholders meeting held on September 5, 2025. Waiver Letter: On the same date, the Company and the Investor entered into a Waiver Letter, pursuant to which the Investor agreed to waive the Second Purchase Conditions under the Pre-Paid SPA and to increase the Second Purchase Price from $500,000 to $1,000,000. Further, the Company agreed to issue the 1,445,000 shares of common stock as Pre-Delivery Shares to the Investor within two trading days of the date of the Waiver Letter and register such shares for resale in the Company's initial registration statement. On September 24, 2025, following the issuance of 1,445,000 shares of common stock of company as the Pre-Delivery Shares to the Investor, the Company received $1,000,000 in gross proceeds from the Investor by wire transfer. The shares of Common Stock issued or issuable pursuant to the Pre-Paid SPA or the Pre-Paid Purchase #2, respectively, have been, or will be, offered and sold in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended, including Section 4(a)(2) thereof and Rule 506 of Regulation D promulgated thereunder, as transactions not involving a public offerings, or pursuant to Regulation S under the Securities Act. 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. GARCIA GRAIN: Plascencia et al. Must Pay $35,650 in Fees, Costs --------------------------------------------------------------- In the adversary proceeding captioned as GARCIA GRAIN TRADING CORP. and THE GARCIA GRAIN CHAPTER 11 PLAN TRUST, Plaintiffs, VS. RODOLFO PLASCENCIA, SR. and WNGU PROPERTIES, LLC, Defendants, Case No. 23-07002 (Bankr. S.D. Tex.), Chief Judge Eduardo V. Rodriguez of the United States Bankruptcy Court for the Southern District of Texas denied Rodolfo Plascencia, Sr., and WNGU Properties, LLC's emergency motion for a stay pending appeal of the Bankruptcy Court's Order signed on August 21, 2025, ordering the payment of $35,650.15 in reasonable attorneys' fees and costs to Garcia Grain Trading Corp. On March 13, 2024, Defendants filed a single pleading self-styled as Defendants' Motion for Sanctions Against Plaintiff and Plaintiff's Counsel Including Under Rule 9011. On April 11, 2024, this Court issued its order setting an in-person hearing for May 17, 2025, in McAllen, Texas, wherein the Court ordered that counsel for Defendants Rodolfo Plascencia Sr. and WNGU Properties, LLC and counsel for Plaintiff Garcia Grain Trading Corp. must appear in person. On May 17, 2024, the Court held a hearing on the Motion for Sanctions wherein the Court ordered fee shifting as against Defendants and further directed Plaintiff to file its fee application. On August 1, 2024, the Court issued an order cancelling the August 2, 2024, hearing and instead issued its show cause order for September 6, 2024, wherein Rodolfo Plascencia, Sr. and WNGU Properties, LLC were to show cause as to why the Court should not order fee shifting as against Rodolfo Plascencia, Sr., and WNGU Properties, LLC, for its acts related to withdrawing, without notice, its Motion for Sanctions as against Garcia Grain Trading Corp. and its counsel David Langston on the date of the scheduled hearing that occurred on May 17, 2024. The Court ordered the parties to appear in person causing Plaintiff's Counsel to travel from Lubbock, Texas, to McAllen, Texas, and incur substantial expenses in not only responding to the Motion for Sanctions, but preparing for, traveling to, and appearing at the hearing. Providing advance notice of their intent to withdraw their Motion for Sanctions but not in fact withdrawing it prior to the hearing clearly caused Plaintiffs to incur substantial expenses and expend substantial time in preparing and defending a serious matter that remained live on the Court's docket. Defendants contend that if they have not made a prima facie case for lack of bad faith, they alternatively have a substantial case on the merits involving a serious legal question with the balance of equities weighing heavily in favor of granting the stay. But Defendants have failed to present any evidence showing that this sanction dispute involves a serious legal question, or that the balance of equities tips in favor of granting the stay, the Court finds. Defendants also argue that the $35,650.15 in damages ordered by the Court is incommensurate with the nature of the violation and should be reduced. But this Court has already determined that $35,650.15 is the reasonable and necessary cost of defending against the Motion for Sanctions. According to the Court, Defendants have failed to show why this amount is improper. Defendants provided absolutely no evidence or witnesses whatsoever in support of this factor. Accordingly, the Court concludes Defendants have not established a substantial likelihood of success on their appeal. The Court finds Defendants have not established that they will suffer irreparable harm if the stay pending appeal is denied. They also failed to establish that Plaintiff will not be substantially harmed if a stay pending appeal is not granted. The Court also finds Defendants have failed to demonstrate that the granting of a stay pending appeal would be in the public's interest. Defendants have failed to meet even a single factor in this emergency proceeding that they requested. Accordingly the Emergency Motion for Stay will be denied. Defendants and their counsel are admonished to comply with the Federal Rules of Evidence in any matter that this Court sets for evidentiary hearing, failure of which Defendants and their counsel may be subject to further orders of this Court including an order for show cause as to why they should not be held in civil contempt of this Court and subject to sanctions under this Court's inherent powers and statutory authority provided by 11 U.S.C.A. Sec. 105(a). A copy of the Court's Memorandum Opinion is available at https://urlcurt.com/u?l=6SInHO from PacerMonitor.com. About Garcia Grain Trading Corp. Garcia Grain Trading Corp.'s line of business includes buying and marketing grain, dry beans, soybeans, and inedible beans. The company is based in Donna, Texas. Garcia Grain Trading sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 23-70028) on Feb. 17, 2023, with $10 million to $50 million in both assets and liabilities. Octavio Garcia, chief executive officer and president, signed the petition. Judge Eduardo V. Rodriguez oversees the case. David R. Langston, Esq., at Mullin Hoard & Brown, LLP represents the Debtor as legal counsel. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Jordan & Ortiz, P.C. serves as the committee's legal counsel. GRADY'S HARDWARE: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Grady's Hardware, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Minnesota to use cash collateral to fund operations. The court's interim order authorized the Debtor to use cash collateral in line with its filed budget projections until the final hearing on October 14. As adequate protection, secured creditors will be granted replacement liens on assets acquired by the Debtor that are similar to their pre-bankruptcy collateral. These replacement liens do not attach to Chapter 5 avoidance claims. In addition, the Debtor was ordered to keep its assets insured as additional protection to secured creditors and pay Red Iron Acceptance, LLC the purchase cost of any Toro-branded unit that is sold. The three secured creditors with potential claims on the cash collateral are: Red Iron Acceptance ($12,177) with a lien on Toro-branded inventory and proceeds; and Spartan Business Solutions, LLC ($2,902) and Top Choice Financial, LLC ($40,882), both holding liens on personal property. As of the petition date, the Debtor had $1,000 in cash and $15,120.62 in deposit accounts. This is expected to rise to $59,072 by the time of the final hearing, with further fluctuations projected through the end of 2025. All liquid cash and deposits stem from store inventory sales, which means ongoing operations are critical to preserving and generating further value. About Grady's Hardware Inc. About Grady's Hardware, Inc. sought protection under U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-43090) on September 22, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Shawn Grady, president and owner of About Grady's Hardware, signed the petition. Judge Mychal A. Bruggeman oversees the case. Mary Sieling, Esq., at Sieling Law, PLLC, represents the Debtor as bankruptcy counsel. GULF STATES: Seeks to Hire Stichter Riedel as Legal Counsel ----------------------------------------------------------- Gulf States Performance LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to hire Stichter, Riedel, Blain & Postler, P.A. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) rendering legal advice with respect to the Debtor's powers and duties as debtor in possession; (b) preparing on behalf of the Debtor necessary motions, applications, orders, reports, pleadings, and other legal papers; (c) appearing before the Court and the Bankruptcy Administrator to represent and protect the interests of the Debtor; (d) assisting with and participating in negotiations with creditors and other parties in interest in formulating a chapter 11 plan, drafting such a plan, and taking necessary legal steps to confirm such a plan; (e) representing the Debtor in all adversary proceedings, contested matters, and matters involving administration of this case; and (f) performing all other legal services that may be necessary for the proper preservation and administration of this Chapter 11 case. Stichter Riedel will receive compensation based on its ordinary hourly rates, including: $650 for Harley E. Riedel; $550 for Charles A. Postler; $495 for Scott A. Stichter; $475 for Elena P. Ketchum; $450 for Stephen R. Leslie, Dan R. Fogarty, and Michael Bachman; $425 for Barbara A. Hart, Matt B. Hale, and Jodi D. Dubose; $400 for Michael Wynn, $300 for Alma C. Torres and Nicole Jones; $275 for Melanie Foley (paralegal); and $250 for Susan Jeffcoat (paralegal). The firm received $27,000 on account of prepetition services and as a retainer for postpetition services, of which $12,008.50 was applied to prepetition services, leaving a balance of $14,991.50 toward postpetition fees and costs. Stichter Riedel is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jodi Daniel Dubose, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 440 Bayfront Parkway Pensacola, FL 32502 Telephone: (850) 637-1836 E-mail: jdubose@srbp.com About Gulf States Performance Gulf States Performance, LLC, doing business as Floyd's Performance, provides automotive repair and performance upgrade services, including custom exhaust work and fleet maintenance. The Company serves individual vehicle owners and local businesses in Baldwin County. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 25-12354) on September 2, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Mark Jones, president, signed the petition. Jodi Daniel Dubose, Esq., at Stichter, Riedel, Blain, & Postler P.A. represents the Debtor as legal counsel. GULF STREAM: Hires Wade Kelly LLC as Legal Counsel -------------------------------------------------- Gulf Stream Manor MHC, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana, Lake Charles Division, to hire Wade Kelly LLC to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) provide legal advice to the Debtor and Debtor-in-Possession in connection with the Chapter 11 case; (b) prepare on behalf of the Debtor and Debtor-in-Possession the necessary documents for the Chapter 11 filing; (c) represent the Debtor in defense of a pre-petition state court injunction proceeding that has been stayed; and (d) perform such other legal services for the Debtor and Debtor-in-Possession as may be necessary in the course of the case. Wade N. Kelly, Esq. will receive an hourly rate of $400 together with reimbursable expenses. Wade N. Kelly is a "disinterested person" within the meaning of Section 327 of the Bankruptcy Code, according to court filings. The firm can be reached at: Wade N. Kelly, Esq. WADE KELLY LLC 2201 Oak Park Boulevard Lake Charles, LA 70601 Telephone: (337) 431-7170 E-mail: wade@packardlaw.com About Gulf Stream Manor MHC, LLC Gulf Stream Manor MHC, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 25-20473) on September 25, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge John Kolwe oversees the case. Packard Lapray is Debtor's legal counsel. HALL OF FAME: Merger With HOFV Holdings Gets Shareholder Approval ----------------------------------------------------------------- Hall of Fame Resort & Entertainment Company, a Delaware corporation, reconvened its special meeting of stockholders, which was initially held on September 16, 2025. An aggregate of 4,172,273 shares of the Company's common stock or 62.1% of the voting authority, constituting a quorum, were represented virtually, in person, or by valid proxies at the Reconvened Special Meeting. At the Reconvened Special Meeting, the Company's stockholders approved the proposal to adopt the Agreement and Plan of Merger, dated May 7, 2025, by and among the Company, HOFV Holdings, LLC, Omaha Merger Sub, Inc., and CH Capital Lending, LLC, solely as guarantor, pursuant to which Merger Sub will merge with and into the Company, with the Company surviving such merger as a wholly owned subsidiary of Parent. The results of the votes were as follows: For: 3,396,118 Against: 733,949 Abstentions: 42,206 Broker Non-Votes: 0 The consummation of the Merger remains subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement by the parties thereto. About Hall of Fame Resort Hall of Fame Resort & Entertainment Co. is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Company owns the DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF's campus. Cleveland, Ohio-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has sustained recurring losses through December 31, 2024 and utilized cash from operations of $10.9 million during the year ended December 31, 2024. The Company has $109.5 million of debt due through December 31, 2025, and will need to raise additional financing to accomplish its development plans and fund its working capital. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $366.7 million in total assets, $294.5 million in total liabilities, and a total equity of $72.2 million. As of June 30, 2025, the Company had $360.5 million in total assets, $315.7 million in total liabilities, and $44.8 million in total equity. HARADA FAMILY: Kapitus Loses Bid to Stay Arbitration Ruling ----------------------------------------------------------- In the adversary proceeding captioned as HARADA FAMILY DENTAL CARE, P.C., Plaintiff v. STRATEGIC FUNDING SOURCE, INC, D/B/A KAPITUS SERVICING INC. and KAPITUS SERVICING INC., AS SERVICING AGENT FOR KAPITUS LLC, Defendants, Adv. No. 4:25-ap-04001-BPH (Bankr. D. Mont.), the Honorable Benjamin P. Hursh of the United States Bankruptcy Court for the District of Montana denied the request of Kapitus to stay the Court's order denying its motion to compel arbitration. In this adversary proceeding, Kapitus filed a motion to compel arbitration on April 16, 2025. This Court entered an order denying the Arbitration Motion on July 1, 2025. Kapitus filed a Notice of Appeal and a Motion for Leave to Appeal Interlocutory Order on July 15, 2025, respectively. On the same day, Kapitus filed a Motion to Stay Pending Appeal. Harada filed an objection to the Stay Motion on July 29, 2025. A hearing was held on the Stay Motion on Aug. 29, 2025. Kapitus was included on Harada's schedules and received notice of the underlying bankruptcy case. Consistent with the notice of case filing, Kapitus filed a proof of claim. According to the Claim, Kapitus was owed $110,898.85 on the petition date. Harada objected to the Claim on Feb. 5, 2025. The Claim Objection disputed: (i) the value of Harada's alleged security; (ii) the validity of Kapitus's security interest; and (iii) argued that the Claim is subject to offset because the underlying transaction was usurious and subject to a penalty for usury. Kapitus's response to the Claim Objection was due March 7, 2025. Prior to March 7, 2025, Harada filed this adversary proceeding. In this adversary action, Harada requests: declaratory relief regarding choice of law; declaratory relief and a finding that the transaction is a loan; declaratory relief and a finding that the loan is usurious under Mont. Code. In the prayer for relief, Harada seeks the statutory penalty for usury, which is forfeiture of a sum double the amount of interest to be paid under the loan. Harada calculates that amount to be $231,662.12. Kapitus failed to respond to the Claim Objection. As a result, the Court sustained the Claim Objection. The amended plan provides that Class 3 unsecured claimants will receive a pro rata share of Harada's projected disposable income plus any surplus of the funds (after payment of Class 4 unsecured claims) resulting from Harada's usury claim against Kapitus. Under the plan's definitions, the Claim was a disputed claim. A stipulation between the parties was approved, and the Plan was confirmed. A pretrial scheduling conference was held in this adversary proceeding on May 14, 2025. Shortly before the conference, the Arbitration Motion was filed. At the pretrial conference, the Arbitration Motion was discussed and Kapitus expressed the need for a speedy resolution. The Court concurred and indicated its willingness to set the trial on an expedited basis. Kapitus refused, explaining that their client's interest in arbitration was not limited to efficiency and speediness of trial. The Court held a hearing on the Arbitration Motion on June 27, 2025. Because these matters are core proceedings and arbitration would circumvent the objectives of the bankruptcy code, the Court declines to enforce the arbitration agreement. The decision to stay proceedings pending appeal is distilled into four factors: (1) Whether the stay applicant has made a strong showing that he is likely to succeed on the merits; (2) Whether the applicant will be irreparably injured absent a stay; (3) Whether issuance of the stay will substantially injure the other parties interested in the proceeding; and (4) Where the public interest lies. The Court's determination that the issues are core and its exercise of discretion to deny the Arbitration Motion are not likely to be reversed on appeal because its analysis was anchored in controlling law. In this case, the Court is not convinced there is any likelihood of irreparable injury. The Court agrees that Harada will likely suffer little injury from a stay pending appeal, subject to an exception. Kapitus has little to gain from a stay except their "mere preference" to proceed with arbitration. The Court finds the public interest weighs against staying the proceedings pending appeal. In the underlying bankruptcy, there are ten other creditors awaiting the outcome of this adversary proceeding. These parties consented to the confirmation of a plan with the understanding that claims would be resolved expeditiously in this adversary proceeding. According to the Court, it does not serve their interest to prolong their uncertainty pending appeal, while they receive 2.24 cents on the dollar. Ultimately, it is the other unsecured creditors that benefit from the Claim Objection, not the Debtor, the Court concludes. In weighing these factors, the Court finds that factors 1, 2, and 4 all weigh against granting a stay pending appeal. Accordingly, the Stay Motion will be denied. A copy of the Court's Memorandum of Decision is available at https://urlcurt.com/u?l=KSaie3 from PacerMonitor.com. About Harada Family Dental Care Harada Family Dental Care, P.C. is a privately owned dental group. Harada Family Dental Care filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mont. Case No. 24-40076) on Nov. 22, 2024, listing $73,202 in assets and $1,174,825 in liabilities. The petition was signed by Christopher W. Harada as president. The Debtor tapped James A. Patten, Esq. at Patten, Peterman, Bekkedahl & Green as counsel and Lindsey Kellam, CPA, at Scharfe, Kato & Company PC as accountant. HEADWAY WORKFORCE: Seeks to Extend Plan Exclusivity to December 1 ----------------------------------------------------------------- Headway Workforce Solutions, Inc. and its affiliates asked the U.S. Bankruptcy Court for the Eastern District of North Carolina to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 1, 2025 and January 30, 2026, respectively. Since the Petition Date, the Debtors have expended significant time and effort to negotiate and obtained a consensual resolution for initial post-petition financing, finalized the sale of certain limited assets and have continued the negotiation of a term sheet for a potential plan of reorganization that preserves the tax attributes of the Debtors. The Debtors explain that they have also filed motions relating to notice requirements for trading in equity and claims, seeking approval of compensation for employees and rejecting the Debtors' nonresidential leases. Moreover, the creditors' committee is also in the process of collecting discovery and investigating potential claims during the court-approved challenge period. Since requesting the first extension, the Debtors have also begun the process of circulating and receiving feedback from interested parties on the terms of a second post-petition financing and have drafted and circulated a draft plan to the potential DIP lender. The Debtors anticipate they will be circulating an updated draft of the proposed plan of reorganization to the Committee shortly. Accordingly, because the Debtors have made significant progress under difficult circumstances in these chapter 11 cases and continue to work diligently, collaboratively and efficiently towards what they hope will be a consensual resolution of these chapter 11 cases, the Debtors believe that an additional 60-day extension of each of the Exclusivity Periods is warranted. This is the Debtors' second request for an extension of the Exclusivity Periods. An order allowing the extensions as requested in this application will not prejudice any party and is in the best interests of the estates and all parties in interest. Further, the Official Committee of Unsecured Creditors has consented to the requested relief. Counsel to the Debtors: Jason L. Hendren, Esq. Rebecca Redwine Grow, Esq. Benjamin E.F.B. Waller, Esq. Lydia C. Stoney, Esq. Hendren, Redwine & Malone, PLLC 4600 Marriott Drive, Suite 150 Raleigh, NC 27612 Tel: (919) 573-1422 Fax: (919) 420-0475 Email: jhendren@hendrenmalone.com rredwine@hendrenmalone.com bwaller@hendrenmalone.com lstoney@hendrenmalon.com and Kirk B. Burkley, Esq. Bernstein-Burkley, PC 601 Grant Street, 9th Floor Pittsburg, PA 15219 Tel: (412) 456-8100 E-mail: kburkley@bernsteinlaw.com About Headway Workforce Solutions Headway Workforce Solutions, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01682-5-JNC) on May 5, 2025. In the petition signed by Brendan Flood, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Joseph N. Callaway oversees the case. Rebecca Redwine Grow, Esq., at Hendren, Redwine & Malone, PLLC, is the Debtor's legal counsel. Noor Staffing Group, LLC, as DIP lender, is represented by: Pamela P. Keenan, Esq. Kirschbaum, Nanney, Keenan & Griffin, P.A. PO Box 19766 Raleigh, NC 27619-9766 Telephone: (919) 848-0420 Facsimile: (919) 848-8755 Email: pkeenan@kirschlaw.com HERTZ CORP: BlackRock FRA Marks $190,000 Loan at 17% Off -------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $190,000 loan extended to Hertz Corp to market at $157,872 or 83% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2021 Term Loan C to Hertz Corp. The loan accrues interest at a rate of 8.04% (3-mo. CME Term SOFR + 3.76%) per annum. The loan matures on June 30, 2028. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Hertz is a global car rental company. HERTZ CORP: BlackRock FRA Marks $970,000 Loan at 17% Off -------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $970,000 loan extended to Hertz Corp to market at $804,177 or 83% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2021 Term Loan B to Hertz Corp. The loan accrues interest at a rate of 8.04% (3-mo. CME Term SOFR + 3.76%) per annum. The loan matures on June 30, 2028. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882-0052 Hertz is a global car rental company. HOLLYWOOD EXCAVATING: Daniel Etlinger Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Daniel Etlinger of Underwood Murray, P.A. as Subchapter V trustee for Hollywood Excavating of Florida, LLC. Mr. Etlinger will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Etlinger declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Daniel E. Etlinger Underwood Murray, P.A. 100 N. Tampa Street, Suite 2325 Tampa Florida 33602 (813) 540-8401 Email: detlinger@underwoodmurray.com About Hollywood Excavating of Florida Hollywood Excavating of Florida, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-50192) on September 24, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Robert C. Bruner, Esq., at Bruner Wright, P.A. represents the Debtor as legal counsel. HOOTERS OF AMERICA: Seeks to Extend Plan Exclusivity to Nov. 26 --------------------------------------------------------------- Hooters of America, LLC, and its affiliated debtors asked the U.S. Bankruptcy Court for the Northern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 26, 2025 and January 25, 2026, respectively. The Debtors explain that the wide scope of their operational footprint and the size of their capital structure signal that the Debtors must navigate a number of complex issues during these Chapter 11 Cases. Courts have acknowledged that the size and complexity of a debtor's case alone may provide cause for extending a debtor's exclusivity periods. Certainly, the size and complexity of these Chapter 11 Cases alone provide sufficient cause for the Court to extend the Exclusivity Periods. The Debtors claim that they are not seeking an extension of the Exclusivity Periods to pressure or prejudice any of their stakeholders. The Third Amended Plan enjoys the broad support of the Debtors' key stakeholders, including the Ad Hoc Group, the DIP Lenders, and the Committee, and the Debtors have consistently sought to build further consensus among their stakeholders. Additionally, the Debtors have been responsive to numerous diligence demands, disseminating information as requested by their creditors. The Debtors note that they have paid their postpetition debts in the ordinary course of business or as otherwise provided by Court order. The Debtors will continue to pay their bills in the ordinary course as they become due and owing. The Debtors assert that they seek to maintain exclusivity so parties with competing interests do not impede the Debtors' pursuit of the highly consensual, value-maximizing restructuring transactions contemplated by the RSA and Third Amended Plan. Extending the Exclusivity Periods benefits all parties in interest by preventing the drain on time and resources that inevitably occurs when multiple parties with potentially diverging interests vie for the consideration of their own respective plans. Moreover, even if the Court approves an extension of the Exclusivity Periods, nothing prevents parties in interest from later arguing to the Court that cause supports termination of the Debtors' exclusivity should such cause arise. Accordingly, an extension of the Exclusivity Periods is in the best interest of the Debtors' estates, their creditors, and all other parties in interest. The Debtors' Co-Bankruptcy Counsel: Holland N. O'Neil, Esq. Stephen A. Jones, Esq. Zachary C. Zahn, Esq. FOLEY & LARDNER LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Tel: (214) 999-3000 Fax: (214) 999-4667 Email: honeil@foley.com sajones@foley.com zzahn@foley.com The Debtors' General Bankruptcy Counsel: Ryan Preston Dahl, Esq. ROPES & GRAY LLP 1211 Avenue of the Americas New York, New York 10036 Tel: (212) 596-9000 Fax: (212) 596-9090 ryan.dahl@ropesgray.com - and - Chris L. Dickerson, Esq. Rahmon J. Brown, Esq. Michael K. Wheat, Esq. ROPES & GRAY LLP 191 North Wacker Drive, 32nd Floor Chicago, Illinois 60606 Tel: (312) 845-1200 Fax: (312) 845-5500 Email: chris.dickerson@ropesgray.com rahmon.brown@ropesgray.com michael.wheat@ropesgray.com About Hooters of America Hooters of America, LLC, owner and operator of a restaurant chain with hundreds of locations in the United States, and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Founded in 1983, the Debtors own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports, and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. The case is before the Hon. Scott W Everett. The Debtors Co-Bankruptcy Counsel are Holland N. O'Neil, Esq., Stephen A. Jones, Esq., and Zachary C. Zahn, Esq., at FOLEY & LARDNER LLP, in Dallas, Texas. The Debtors' General Bankruptcy Counsel are Ryan Preston Dahl, Esq., at ROPES & GRAY LLP, in New York, and Chris L. Dickerson, Esq., Rahmon J. Brown, Esq., and Michael K. Wheat, Esq., at ROPES & GRAY LLP, in Chicago, Illinois. The Debtors' Investment Banker is SOLIC CAPITAL, LLC. The Debtors' Financial Advisor is ACCORDION PARTNERS, LLC. The Debtors' Notice, Claims, Solicitation & Balloting Agent is KROLL RESTRUCTURING ADMINISTRATION LLC. HOPSCOTCH HEALTH: Hires Langley & Banack as Legal Counsel --------------------------------------------------------- Hopscotch Health Children's Urgent Care, PLLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to hire Langley & Banack, Inc. to serve as legal counsel in its Chapter 11 case. Langley & Banack, Inc. will provide these services: (a) give the Debtor legal advice with respect to its duties and powers in this case; (b) handle all matters which come before the Court in this case; and (c) represent the Debtor in Possession of the bankruptcy estate, ensuring that management acts in the best interest of the estate. William R. Davis, Jr., attorney with the firm, will receive an hourly rate of $425. The firm has requested a retainer of $20,000. A retainer of $9,000 has been paid, of which $7,908.40 was offset against pre-petition legal services and expenses, leaving a balance of $1,091.60. Langley & Banack, Inc. represents that it is a "disinterested person" within the meaning of Section 327(a) of the Bankruptcy Code, and neither holds nor represents an interest adverse to the estate. The firm can be reached at: William R. Davis, Jr., Esq LANGLEY & BANACK, INC. 745 E. Mulberry, Suite 900 San Antonio, TX 78212 Telephone: (210) 736-6600 About Hopscotch Health Children's Urgent Care PLLC Hopscotch Health Children's Urgent Care PLLC operates a pediatric urgent care center in San Antonio, Texas, serving patients across the South Texas region. The clinic was established by local clinicians and provides after-hours medical services for children, including treatment for flu, colds, allergies, minor injuries, broken bones, and falls, with on-site diagnostic testing, x-rays, and splinting. It offers both in-person and digital visits, emphasizing convenience and streamlined care outside of traditional office hours. Hopscotch Health Children's Urgent Care PLLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52216) on September 24, 2025. In its petition, the Debtor reports total assets of $155,488 and total liabilities of $1,898,931. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by William R. Davis, Jr., Esq. at LANGLEY & BANACK, INC. HOPSCOTCH HEALTH: Michael Colvard Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 7 appointed Michael Colvard as Subchapter V trustee for Hopscotch Health Children's Urgent Care, PLLC. Mr. Colvard will charge $400 per hour for his services as Subchapter V trustee and $150 per hour for his support staff. The trustee will also seek reimbursement for work-related expenses incurred. Mr. Colvard declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael Colvard Weston Centre 112 East Pecan St., Ste. 1616 San Antonio, TX 78205 Email: mcolvard@mdtlaw.com Telephone: (210) 220-1334 About Hopscotch Health Children's Urgent Care Hopscotch Health Children's Urgent Care, PLLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Texas Case No. 25-52216) on September 24, 2025, listing between with $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Craig A. Gargotta presides over the case. William R. Davis, Jr., Esq., at Langley & Banack, Inc. represents the Debtor as legal counsel. HORNBLOWER GROUP: Court Rules on Argonaut Subrogation Claims ------------------------------------------------------------ Judge Marvin Isgur of the United Bankruptcy Court for the Southern District of Texas granted in part and denied in part the motion of Hornblower Consulting, LLC and its debtor affiliates for summary judgment on their objection to Argonaut Insurance Company's indemnification claims and subrogation claims, including the asserted priority status of the subrogation claims. Hornblower operated cruise, ferry, and maritime services internationally. Before filing for chapter 11 protection, various Hornblower entities purchased surety bonds from Argonaut with an aggregate penal sum of $51,980,304.00. In connection with these bonds, multiple Hornblower entities entered into a General Indemnity Agreement with Argonaut. Hornblower Group, Inc. also entered into a Collateral Security Agreement with Argonaut that secured Hornblowers' obligations under the Indemnity Agreement with approximately $5 million of collateral. The claims relate to surety bonds issued on behalf of Hornblower by Argonaut under the Federal Maritime Commission regulations. These bonds were acquired by: -- American Queen Steamboat Operating Company, LLC, in the amount of $32,000,000; and -- Victory Operating Company, LLC, in the amount of $7,000,000. American Queen and Victory were affiliate debtors in the Hornblower bankruptcy case. Prior to filing for bankruptcy, Hornblower cancelled all cruises operated by American Queen Steamboat Operating Company, LLC and Victory Operating Company, LLC. Passengers were entitled to a refund of payments made for such cruises. On May 2, 2024, Argonaut filed proofs of claim against 12 Hornblower affiliates in the aggregate amount of $51,980,304. These claims assert two theories of liability against Hornblower: (1) contractual and common law indemnity claims partially secured by collateral, and (2) subrogation rights based on potential payments Argonaut may make in the future to Hornblower's customers. As of July 18, 2025, Argonaut received about 5,037 claims from AQV passengers based on the AQV bonds. About 4,126 of the 5,037 claims were resolved either through payment, withdrawal, or denial. Argonaut has paid 2,046 of the claims in the aggregate amount of about $20,233,929.80. About 911 of the received claims remained pending as of July 18, 2025. On June 7, 2024, the Court confirmed Hornblower's Chapter 11 Plan of Reorganization, with a July 3, 2024 effective date. When the Court confirmed the plan, the Court held that Argonaut's subrogation rights were not entitled to priority under 11 U.S.C. Sec. 507(d). Argonaut appealed solely on that issue and sought a stay pending appeal, which was denied. Claim Objections Hornblower seeks summary judgment holding that: (1) Argonaut's Indemnification Claims are disallowed; (2) the Subrogation Claims are not entitled to priority under 11 U.S.C. Sec. 507; and (3) the Subrogation Claims are General Unsecured Claims, treated under Class 5 of the Plan. Hornblower argues that Argonaut's indemnification claims should be disallowed because Argonaut asserts subrogation claims for the same debts. But under Sec. 509(a), Argonaut only has subrogation rights with respect to the AQV passenger claims that have been paid. Judge Isgur explains, "As of July 18, 2025, Argonaut was still in the process of reconciling claims by AQV passengers. Argonaut had paid [2,046] claims but still had over one thousand outstanding claims to reconcile. As of that date, Argonaut's right to subrogation existed with respect to the 2,046 claims that had been paid. Under Sec. 502(e)(1)(C), Argonaut may not simultaneously assert indemnification and subrogation for the same obligations. Accordingly, the indemnification claims corresponding to the 2,046 paid claims are disallowed." The Court notes that Argonaut had the right to either indemnification or to subrogation. It could have elected either remedy. But, when it asserts both remedies for the same payment, Secs. 502(e) and 509, read together, mandate that the subrogation claim is allowed and the indemnification claim is disallowed. With respect to the subrogation claims for which Argonaut has not paid AQV passengers, those subrogation claims remain contingent and must be disallowed under Sec. 502(e)(1)(B). Ultimately, the Court must disallow indemnification claims corresponding to the fixed subrogation claims at this time. Disallowance of the indemnification claims is without prejudice. Under Sec. 502(j), Argonaut may seek reconsideration of the allowance or disallowance of claims as circumstances change. The parties dispute whether Argonaut's subrogation claims are entitled to priority under Sec. 507. According to the Court, although Sec. 1129(a)(9)(B) requires full payment of Sec. 507(a)(7) deposit claims, Sec. 507(d) strips Argonaut, as the subrogee, of these priority rights. The Court finds Argonaut's Subrogation Claims are not entitled to priority. The parties dispute whether Argonaut's subrogation claims are secured by Collateral. The General Indemnity Agreement obligates Hornblower to indemnify Argonaut for "any and all Losses" arising from its issuance of surety bonds. The Collateral Security Agreement grants Argonaut a first-priority security interest in certain collateral to enforce that indemnity. Argonaut contends that its subrogation rights fall within the General Indemnity Agreement's definition of "Losses." According to Judge Isgur, "The language of the Collateral Security Agreement only secures Hornblower's obligations to Argonaut under the General Indemnity Agreement. Those rights are separate and distinct from subrogation, which arises under Sec. 509 of the Code. While Argonaut's subrogation rights are preserved under the Agreement, a subrogee cannot obtain greater rights than its subrogor had, regardless of whether the subrogation is equitable or conventional. In this case, the subrogors are the AQV passengers who hold unsecured refund claims. Because Argonaut steps into the shoes of the AQV passengers once it pays on the bond, Argonaut's subrogation claims are likewise unsecured." Whether Argonaut has security was determined by the Confirmation Order. It has not been appealed. The Court must enforce the Confirmation Order. Argonaut's subrogation rights are unsecured, the Court finds. A copy of the Court's Memorandum Opinion is available at https://urlcurt.com/u?l=XXC3XR from PacerMonitor.com. About Hornblower Group Hornblower Group -- http://www.hornblowercorp.com-- is a global leader in experiences and transportation. Hornblower Group's corporate businesses are comprised of two premier experience divisions: City Experiences, its land- and water-based experiences as well as ferry and transportation services; and Journey Beyond, Australia's leading experiential travel group. Spanning a 100-year history, Hornblower Group's portfolio of international offerings includes water-based experiences (dining and sightseeing cruises), land-based experiences (walking tours, food tours and excursions), overnight experiences (cruises and railways) and ferry and transportation services. Hornblower Marine, a subsidiary of Hornblower Group, provides vessel outhaul and maintenance services at Bridgeport Boatworks in Bridgeport, Connecticut. Additionally, Anchor Operating System, LLC, a subsidiary of Hornblower Group and independent entity, provides reservation, ticketing and website integration services for clients in the transportation, tourism and entertainment industries. Today, Hornblower Group's global portfolio covers 114 countries and territories, 125 U.S. cities and serves more than 30 million guests annually. Headquartered in San Francisco, California, Hornblower Group's additional corporate offices reside in Adelaide, Australia; Boston, Massachusetts; Chicago, Illinois; London, United Kingdom; New York, New York; Dublin, Ireland; and across Ontario, Canada. Hornblower Holdings, LLC and its affiliates filed Chapter 11 petitions (Bankr. S.D. Tex. Lead Case No. 24-90061) on Feb. 21, 2024. At the time of the filing, Hornblower reported $500 million to $1 billion in assets and $1 billion to $10 billion in liabilities. The Hon. Bankruptcy Judge Marvin Isgur oversees the case. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP and Porter Hedges, LLP as bankruptcy counsel; Borden Ladner Gervais, LLP as Canadian counsel; Guggenheim Securities, LLC as investment banker; and Alvarez & Marsal North America, LLC as restructuring advisor. Omni Agent Solutions, Inc., served as the Debtor's notice and claims agent and administrative advisor. RSM US LLP and RSM Canada LLP, served as the Debtors' audit and tax services and Selendy Gay PLLC, as special litigation counsel to the Debtors. Davis Polk advised Crestview Advisors, LLC. and its affiliated funds in connection with Hornblower's restructuring. Prepetition, Crestview held the majority of Hornblower's existing equity as well as substantial amounts of its funded indebtedness. On March 5, 2024, the Office of the United States Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The Creditors' Committee retained Pachulski Stang Ziehl & Jones LLP, as counsel; M3 Advisory Partners, LP, as financial advisor; and Raymond James & Associates, Inc. as valuation advisor. On June 7, 2024, the Court confirmed Hornblower's Chapter 11 Plan of Reorganization, with a July 3, 2024 effective date. HUDSON PACIFIC: S&P Alters Outlook to Stable, Affirms 'CCC' ICR --------------------------------------------------------------- S&P Global Ratings affirmed its 'CCC' issue-level rating on Hudson Pacific Properties Inc.'s (HPP) preferred stock. S&P said, "We revised the outlook to stable from negative, reflecting our view of the company's improved liquidity position and eased refinancing concerns. The stable outlook also incorporates our view that HPP's portfolio will likely continue to be challenged despite improved leasing activity. We forecast S&P Global Ratings-adjusted debt to EBITDA will remain around 13x in 2025 before declining to around 12x in 2026." HPP recent refinancing efforts have reduced its near-term refinancing risk and improved its liquidity position. HPP has addressed much of its near-term debt maturities and reducing refinancing risk. During the second quarter of 2025 the company fully repaid its Series B, Series C, and Series D notes for a total of $465 million. In August 2025 it completed the refinancing of its 1918 Eighth mortgage loan, which resulted in an extended maturity of August 2030. More recently, HPP completed its unsecured credit facility amendment and extension, which was set to mature at the end of this year. The amendment initially increases borrowings to $795 million (from $775 million), with a maturity of December 2026, after which permitted borrowings will fall to $462 million, with a maturity of December 2029 (which includes two six-month extension options). As a result, the company does not have any unsecured maturities until November 2027, when its $400 million notes mature. Furthermore, in June 2025 the company raised $690 million from a public equity offering, using proceeds primarily to repay its unsecured revolving credit facility, allowing it to maintain an unsecured revolver and have additional flexibility for future refinancings, if needed. In sum, S&P believes near-term refinancing concerns have been significantly reduced, prompting us to revise its liquidity assessment on HPP to adequate from less than adequate. Leverage remains elevated due to pressured operating performance across its office and studio segments. As of June 30, 2025, the company's S&P Global Ratings-adjusted debt to EBITDA was 12.8x, an increase from 10.7x a year prior. Similarly, S&P Global Ratings-adjusted fixed-charge coverage (FCC) declined to 1.4x from 1.7x over the same time frame. The company's EBITDA has declined as operating performance across its portfolio has remained weak amid secular headwinds and evolving industry dynamics. At the same time, interest rates remain elevated amid macroeconomic uncertainty, which has limited transaction activity and pressured FCC. S&P said, "We expect S&P Global Ratings-adjusted debt to EBITDA will remain in the 13x area through year-end 2025 before declining to the 12x area in 2026, which assumes office occupancy begins to improve in the second half of 2025 and studio production ramps up slightly. At the same time, we expect S&P Global Ratings-adjusted FCC to remain in the mid- to high-1x range over the next two years." Operating performance across HPP's portfolio continues to be pressured amid ongoing office and studio headwinds. As of June 30, 2025, the company's same-property office portfolio was 75.1% occupied and 76.2% leased, compared to 78.7% and 80.0%, respectively, a year prior. Similarly, its same-property studio portfolio was 63.0% leased, compared to 76.1% a year prior, a decline S&P attributes largely to its Sunset Glenoaks development being placed into service during the second quarter. HPP has faced significant lease expirations over the past few years, which has led to large declines in occupancy given challenging West Coast office market fundamentals, including low retention rates and a large amount of competitive space. As of June 30, 2025, HPP's office lease expirations represented 4.1% of annualized base rent (ABR) remaining in 2025, 12.0% in 2026, and 13.7% in 2027. On a positive note, the company has posted recent strong quarters of leasing, executing on 72 new and renewal leases totaling 558,055 square feet during the second quarter. If HPP continues its strong recent cadence of leasing activity amid upcoming lease expirations, it may be able to strengthen occupancy modestly during the remainder of this year and into 2026. During the six months ended June 30, 2025, same-property net operating income (NOI) decreased 12.5% on a cash basis, primarily due to lower office occupancy. The weakened studio business performance has also pressured operating performance and NOI as industry dynamics remain uncertain and production activity continues to be significantly below peak levels--although S&P expects it will increase over the next year or two, the timing and visibility into improving studio performance is also uncertain. That said, HPP has been proactive in cutting costs, which should modestly offset pressure to studio revenues. S&P said, "The stable outlook reflects our view that the company's liquidity position has improved, and refinancing concerns have eased. The stable outlook also incorporates our view that HPP's portfolio will likely continue to be challenged, although leasing activity has increased. We forecast S&P Global Ratings-adjusted debt to EBITDA will remain around 13x in 2025 before declining to around 12x in 2026." S&P could lower its ratings on HPP if: -- It's unable to successfully refinance its upcoming debt maturities, heightening liquidity and capital structure concerns; -- Its operating performance deteriorates beyond our current projections, with occupancy failing to improve from current levels, or a potential increase in cash flow volatility caused by pressure in the studio business; or -- S&P Global Ratings-adjusted debt to EBITDA rises to and is sustained above 13x, or FCC deteriorates below 1.3x over the next 12 to 24 months. S&P said, "We could also lower the issue-level ratings on HPP's unsecured notes with no subsidiary guarantees if our estimate of recovery prospects for bondholders decreases below 70%, likely because the company refinances maturities with a higher proportion of secured debt." S&P could raise its ratings on HPP if: -- It is able to successfully refinance its upcoming debt maturities such that its weighted average maturity of debt comfortably exceeds three years; -- It maintains a strong leasing cadence and effectively manages upcoming lease expirations while materially improving economic occupancy; and -- It strengthens credit protection measures such that it sustains S&P Global Ratings-adjusted debt to EBITDA at or below 11x, with FCC sustained at or above 1.7x. I-ON DIGITAL: Signs Deal With GGBR for Goldfish Stablecoin ---------------------------------------------------------- I-ON Digital Corp. announced a transformative long-term agreement with GGBR Inc., a Wyoming-based company launching the innovative Goldfish gold-backed stablecoin. This strategic partnership marks a significant milestone in I-ON Digital's mission to bridge traditional finance (TradFi) and decentralized finance (DeFi) through secure, transparent, and compliant digital asset solutions. Under the terms of the agreement, I-ON Digital will monetize its flagship ION.au, gold-asset-backed security (ABS), a regulatory-compliant asset tied to in-situ gold reserves. During the current 3rd quarter operating period, I-ON began recording initial proceeds from Goldfish pre-sales, enabling the company, among other related benefits, to build a robust Bitcoin and Ethereum reserve, diversifying its asset portfolio and strengthening its balance sheet with related cash flow. The collaboration with GGBR Inc. leverages I-ON's proprietary hybrid blockchain and smart contract technologies to support the Goldfish stablecoin, which represents 1/1000th of a troy ounce of LBMA-priced gold, at approximately USD $3.65, and offers, through the ION.au staking process, 5:1 collateral coverage for enhanced stability. "Goldfish is very different from any other stablecoin," stated Peter Mikhailenok, President of GBBR, Inc., the developer of the Goldfish token. "It's the synthesis of two titans: the timeless, anti-inflationary store of value that is gold, and the unparalleled flexibility and security of modern decentralized finance. By partnering with I-ON Digital Corp. and leveraging their ION.au reserves, we've built a foundation for trust, growth, and meaningful participation in the digital economy." "This partnership with GGBR Inc. represents a pivotal step in redefining the gold marketplace through digital innovation," said Carlos Montoya, CEO of I-ON Digital Corp. "By monetizing our ION.au gold-backed assets and securing early proceeds from Goldfish pre-sales, we are not only enhancing our financial position with a Bitcoin and Ethereum reserve and increased cash flow but also empowering GGBR's Goldfish stablecoin to deliver broad access to gold-backed digital assets for investors worldwide. This aligns perfectly with our vision of creating a transparent, compliant, asset-backed, and interoperable decentralized finance (DeFi) ecosystem." GGBR Inc.'s Goldfish stablecoin is designed for crypto-native investors seeking hard-asset stability and on-chain transparency. With features like 24/7 liquidity on major exchanges, physical redemption options through regulated dealers, and real-time price stability via proof-of-reserves oracles, Goldfish is poised to set a new standard for gold-backed digital assets. I-ON Digital's infrastructure, including its institutional-grade Digital Asset Platform (DAP) and smart contract proof-of-reserve (POR) systems, will ensure seamless integration and compliance for this groundbreaking stablecoin. The agreement is expected to drive significant revenue streams for I-ON Digital, further solidifying its position as a trusted infrastructure provider for the evolving digital finance landscape. By combining I-ON's expertise in in-situ gold digitization with GGBR's innovative stablecoin framework, this partnership is set to unlock new opportunities in digital asset banking, offering fractional ownership and liquidity to investors of all sizes. For more information about I-ON Digital Corp. and its transformative digital asset solutions, visit https://iondigitalcorp.com/. To learn more about the Goldfish stablecoin, visit https://goldfishgold.com/. About I-On Digital Corp. Headquartered in Chicago, IL, I-ON develops and provides advanced asset-digitization and securitization solutions designed to deliver a secure, fast, and transparent digital asset ecosystem. The Company converts documentary evidence of ownership into secure, asset-backed digital certificates, enhancing liquidity and value across a range of asset classes. Its hybrid blockchain architecture integrates smart contracts and workflow automation, augmented by artificial intelligence technologies. This system enables the digitization of ownership records for recoverable gold, precious metals, and mineral reserves, supporting value transfer through innovative financial instruments. In its report dated April 10, 2025, the Company's auditor, Mac Accounting Group & CPAs, 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 limited revenues and has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, I-ON Digital reported total assets of $18.42 million, total liabilities of $2.64 million, and total stockholders' equity of $15.78 million. At the end of the year, the Company held $270,095 in cash. IMMANUEL SOBRIETY: No Patient Care Concern, 12th PCO Report Says ---------------------------------------------------------------- Tamar Terzian, the court-appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Central District of California her 12th report for the period July 1 to October 1 regarding Immanuel Sobriety Inc.'s healthcare facility. The PCO physically conducted visits to all facilities in addition to verification of licensing, staffing and assuring compliance with the Department of Health Care Services. The PCO observed generally at each location that all medication was properly labeled and stored for the participants. For each location, there is a designated staff area that has the medication and files for each participant. Overall, the PCO finds Immanuel Sobriety is in compliance and no complaints or issues to report for the interim reporting period. The PCO finds that all medication logs at the Male Detox Facility (Winton location) are properly maintained by staff and executed by staff after supervising the participants taking of the medication. The safety binders are properly updated, and the office was locked only available for staff. The medications are properly labeled, with two participants only on medication. Ms. Terzian conducted a tour of the Male Sober Living Facility (Anira location). Medication was properly labeled and stored with only access by the staff. At the time of the site visit, there were 10 participants present. Through medical and IHP, participants will have other medication if necessary prescribed. No concerns noted. The PCO visited the Sober Living Facility (Aqueduct location), with five participants present at the time of her visit. The home was clean and fully supplied in the kitchen for participants to prepare their own meals. All exits and emergency signs were properly placed. No concerns noted. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=QIihH8 from PacerMonitor.com. The ombudsman may be reached at: Tamar Terzian, Esq. Terzian Law Group 1122 E. Green Street Pasadena, CA 91106 Telephone: (818) 242-1100 Facsimile: (818) 242-1012 Email: tterzian@terzlaw.com About Immanuel Sobriety Immanuel Sobriety Inc. provides drug and alcohol rehabilitation programs and treatment services. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-10806) on March 2, 2023. In the petition signed by its chief executive officer, Elizabeth Reid, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Wayne Johnson oversees the case. The Law Office of Crystle J. Lindsey represents the Debtor as legal counsel. Tamar Terzian is the patient care ombudsman appointed in the Debtor's Chapter 11 case. IMPRO SYNERGIES: Hires Wharton Law as Special Counsel ----------------------------------------------------- Impro Synergies LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida (West Palm Beach Division) to hire Wharton Law PLLC to serve as special counsel in its Chapter 11 case. Wharton Law will provide these services: (a) represent the Debtor in the administrative proceeding before the U.S. Department of Housing and Urban Development's administrative court captioned In the Matter of Glorieta Partners Ltd. and Impro Synergies LLC, Docket No. 24-JM-0383-CM-002; (b) prepare for and appear at the administrative hearing scheduled for November 2025; (c) attend related pre-hearing conferences and file necessary pleadings in the HUD administrative forum; and (d) perform all related services connected with the HUD Action. Wharton Law will receive hourly rates of $975 for partners, $850 for associates, and $550 for paralegals. Its proposed $200,000 retainer and all fees will be paid by Debtor's majority member, Jatha, LLC, not from estate funds, and Jatha, LLC will not assert an administrative or other claim against Debtor or the estate for such payment. Wharton Law PLLC is a “disinterested person” within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Kendra L. Wharton, Esq. Wharton Law PLLC 500 S Australian Ave, Ste 600-1139 West Palm Beach, FL 33401 E-mail: k.wharton@whartonlawpllc.com About Impro Synergies LLC Impro Synergies LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18274-MAM) on July 21, 2025. At the time of the filing, Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $100,001 and $500,000. Judge Mindy A. Mora oversees the case. Mancuso Law, P.A. serves as the Debtor's legal counsel. IN HOLDINGS: Taps Beach Freeman Lim as Auditing Accountant ---------------------------------------------------------- IN Holdings, Inc. fka Irwin Naturals, a Nevada corporation, and its affiliates seek approval from the U.S. Bankruptcy Court for the Central District of California to employ Beach Freeman Lim & Cleland, LLP as their auditing accountant in their Chapter 11 cases. BFLC will provide these services: (a) perform audits of the Debtors' financial statements on a flat fee basis, including certain non-debtor affiliates and the 401(k) Plan for IN Nevada; (b) perform the required audit of the 401(k) Plan for the year ending December 31, 2024; (c) charge additional fees if the Debtors changed service providers during the year ($3,600); (d) charge additional fees if the Debtors transferred Plan assets during the year ($2,400–$3,000); and (e) provide additional financial auditing services not covered by an approved flat fee agreement, at regular hourly rates. Compensation terms provide that BFLC will charge the Debtors a flat fee of $80,000 for the company audit, with an initial retainer of $15,000 paid pre-petition. For the 401(k) audit, BFLC will charge $16,500 if information is received by September 15, 2024; $18,200 if received between September 16–30, 2024; and $20,400 if received between October 1–15, 2024. Hourly rates are: Partner $495; Director $440; Senior Manager $373; Manager $280; Senior Associate $230–$240; and Associate $195. According to court filings, BFLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through Debtors' counsel: David M. Poitras, Esq. Susan K. Seflin, Esq. Ashley M. Teesdale, Esq. Jessica S. Wellington, Esq. BG LAW LLP 21650 Oxnard Street, Suite 500 Woodland Hills, CA 91367 Telephone: (818) 827-9000 E-mail: dpoitras@bg.law sseflin@bg.law ateesdale@bg.law jwellington@bg.law About IN Holdings, Inc. IN Holdings, Inc. fka Irwin Naturals, a Nevada corporation, along with its affiliates, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 1:24-bk-11323-VK, jointly administered with Case Nos. 1:24-bk-11324-VK, 1:24-bk-11325-VK, 1:24-bk-11326-VK) on August 9, 2024. At the time of the filing, Debtors had estimated assets between $10,000,001 and $50 million and liabilities between $10,000,001 and $50 million. Honorable Judge Victoria S. Kaufman oversees the case. BG LAW LLP serves as the Debtors' legal counsel. INGENOVIS HEALTH: BlackRock FRA Marks $765,000 Loan at 61% Off -------------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $765,000 loan extended to Ingenovis Health, Inc to market at $302,028 or 39% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a Term Loan B to Ingenovis Health, Inc. The loan accrues interest at a rate of 8.70% (3-mo. CME Term SOFR + 4.36%) per annum. The loan matures on March 6, 2028. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882-0052 Ingenovis Health is an Ohio based temporary healthcare staffing agency providing nurses on assignments to hospitals and medical centers, including both traditional and fast response staffing, across the US. The company also supplies nurses during strikes and provides interventional cardiologists for rural and remote hospitals. Ingenovis is majority owned by Cornell and Trilantic Capital Partners (the Investor Group). INTERNATIONAL LAND: Obtains $100K Proceeds From Vista Capital Note ------------------------------------------------------------------ International Land Alliance, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission dated September 26, 2025, that on March 11, 2025, the Company issued to Vista Capital Investments, LLC, a California limited liability company, a $110,000 principal amount convertible promissory note. The Company received $100,000 of gross proceeds from the sale of the Note. The principal amount of the Note (together with accrued interest) matures on March 11, 2026. The Note has an original issue discount of $10,000 and bears interest at a rate of 12% per annum. Upon an event of a default under the Note, the amount owing shall increase to 125% of the outstanding balance and a daily penalty of $500 shall accrue. The Note contains standard and customary events of default including but not limited to: (i) failure to make payments when due under the Note, (ii) failure to timely issue shares upon conversion of the Note, (iii) failure to maintain its periodic filing requirements as a public company, and (iv) bankruptcy or insolvency of the Company. The Note is convertible, at the holder's option at any time, into shares of the Company's Common Stock at a conversion price equal to $0.35 per share. However, the holder of the Note will not have the right to convert any portion of the Note if the holder, together with its affiliates, would beneficially own in excess of 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to its conversion. About International Land Alliance San Diego, Calif.-based International Land Alliance, Inc. was incorporated under the laws of the State of Wyoming on September 26, 2013. The Company is a residential land development company with target properties located in the Baja California, Northern region of Mexico and Southern California. The Company's principal activities are purchasing properties, obtaining zoning and other entitlements required to subdivide the properties into residential and commercial building plots, securing financing for the purchase of the plots, improving the properties' infrastructure and amenities, and selling the plots to homebuyers, retirees, investors, and commercial developers. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 21, 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 substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $30.6 million in total assets, $17.3 million in total liabilities, and $12.7 million in total equity. KDC SOLAR: Employs Leslie Cohen Law as Legal Counsel ---------------------------------------------------- KDC Solar Madera LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ Leslie Cohen Law, PC to serve as bankruptcy counsel in its Chapter 11 case. The Firm will provide these services: (a) advise regarding the Debtor's rights and responsibilities as a Chapter 11 debtor and a debtor in possession; (b) advise and assist the Debtor in connection with the preparation of certain documents to be filed with the Bankruptcy Court and/or the Office of the United States Trustee; (c) represent the Debtor, with respect to bankruptcy issues, in the context of its pending Chapter 11 case and represent the Debtor in contested matters as would affect the administration of the Debtor's case, except to the extent that any such proceeding pertains to excluded services or requires expertise in areas outside of the Firm's expertise; (d) advise, assist and represent the Debtor in the negotiation, formulation and attempted confirmation of a plan of reorganization; and (e) render services for the purpose of pursuing, litigating and/or settling litigation as may be necessary and appropriate in connection with this case, including without limitation objections to claims. The Firm's hourly rates are: Leslie Cohen $650 J'aime Williams Kerper $475 Senior Contract Attorneys $350 Paralegal - $195 Legal Administrator $125 The Firm received a pre-petition retainer totaling $96,738 (in addition to pre-petition fees and costs paid in the amount of $15,934.50) paid by the Debtor's parent company, TRITEC Americas LLC. Of this amount, $5,876 was expended on pre-petition fees and the Chapter 11 filing fee, with the balance of $90,862 to be held in trust. TRITEC Americas LLC and/or David Trepeck, the Debtor's Managing Director, will also pay ongoing fees and costs once the retainer is exhausted. According to court filings, Leslie Cohen Law, PC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Leslie A. Cohen, Esq. J'aime Williams Kerper, Esq. LESLIE COHEN LAW, PC 1615-A Montana Avenue Santa Monica, CA 90403 Telephone: (310) 394-5900 Facsimile: (310) 394-9280 E-mail: leslie@lesliecohenlaw.com jaime@lesliecohenlaw.com About KDC Solar Madera LLC KDC Solar Madera LLC develops and operates solar power facilities in the United States focusing on commercial and industrial solar energy projects. KDC Solar Madera LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-03862) on September 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge J. Barrett Marum handles the case. The Debtor is represented by Leslie Cohen, Esq. of LESLIE COHEN LAW PC. KID FRIENDLY: Hires Gertz & Rosen as Legal Counsel -------------------------------------------------- Kid Friendly Academy LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to hire Peter G. Tsarnas of Gertz & Rosen, Ltd. to serve as legal counsel in its Chapter 11 case. Gertz & Rosen will provide these services: (a) render general legal services to the Debtor as needed throughout the course of the Chapter 11 case; (b) provide bankruptcy, general business, and litigation assistance and advice; (c) maintain detailed records of actual and necessary costs and expenses incurred in connection with these legal services; and (d) represent the Debtor in all matters necessary in the Chapter 11 case. Mr. Tsarnas will receive hourly compensation at the following rates: Marc P. Gertz $395, Peter G. Tsarnas $295, Colin G. Skinner $250, Stacey Hackenberg $250, and Paralegals $75. The Debtor paid Gertz & Rosen an $8,738 security retainer on July 25, 2025, and an $8,000 security retainer on August 6, 2025, with approximately $8,769.71 remaining as of the Petition Date. According to court filings, Gertz & Rosen, Ltd. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Peter G. Tsarnas, Esq. GERTZ & ROSEN, LTD. 159 S. Main Street, Suite 400 Akron, OH 44308 Telephone: (330) 255-0735 Facsimile: (330) 932-2367 E-mail: ptsarnas@gertzrosen.com About Kid Friendly Academy LLC Kid Friendly Academy, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-51632) on September 22, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Alan M. Koschik presides over the case. Peter G. Tsarnas, Esq., at Gertz & Rosen, Ltd. represents the debtor as legal counsel. KIM ENGINEERING: Gets OK to Use Cash Collateral Until Oct. 31 ------------------------------------------------------------- Kim Engineering, Inc. received a one-month extension from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to use cash collateral to fund operations. The court's interim order extended the Debtor's authority to use cash collateral from September 30 to October 31 in accordance with its monthly budget (subject to a 10% variance), which projects total operational expenses of $558,771.96. The Debtor previously received approval to access cash collateral from September 1 to 30. As adequate protection, secured creditors the Internal Revenue Service and the Maryland Tax Department will receive monthly payments of $10,000 and $5,000, respectively. The IRS will also be granted a replacement lien on the Debtor's after-acquired property. Meanwhile, the Debtor was ordered to fully pay Prince George's County, Maryland, on its secured tax claims, including all accrued interest and penalties, upon confirmation of a Chapter 11 plan. Prince George's County holds a statutory first-priority lien on the Debtor's personal property. The Debtor's cash collateral consists of monthly operating income of approximately $574,361, recovered funds from a previously frozen PNC account ($145,200), post-petition receivables mistakenly deposited into an owner's personal account ($19,200.90), potential recoveries from UCC lien creditors' preference payments ($150,802), and withheld funds from Block, Inc. ($11,548). The only secured creditors identified are the IRS and the Comptroller of Maryland, with total outstanding tax liens exceeding $11 million, secured by virtually all of the Debtor's assets. However, because the total asset value is only approximately $6.2 million, these tax creditors are undersecured. Several other creditors have filed UCC-1 financing statements but due to their junior position, they are considered unsecured. About Kim Engineering Inc. Kim Engineering Inc. is a professional engineering services firm based in Laurel, Maryland. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-16453) on July 15, 2025. In its petition, the Debtor reports estimated assets between $1 million and $50 million and estimated liabilities between $10 million and $50 million. Judge Lori S. Simpson oversees the case. The Debtor is represented by Weon G. Kim, Esq., at Weon G. Kim Law Office. KOLSTEIN MUSIC: Cash Collateral Hearing Set for Oct. 15 ------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, is set to hold a hearing on October 15 to consider another extension of Kolstein Music, Inc.'s authority to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's third interim order expires on October 15. The third interim order signed by Judge Tiffany Geyer authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor, the U.S. Small Business Administration. As adequate protection for the Debtor's use of their cash collateral, SBA and other secured creditors were granted a perfected post-petition replacement lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy lien. In addition, the Debtor was ordered to keep its property insured in accordance with its loan and security agreements with secured creditors. About Kolstein Music Inc. Kolstein Music, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03511) on June 8, 2025, listing up to $1 million in both assets and liabilities. Andrew Layden serves as Subchapter V trustee. Judge Tiffany P. Geyer oversees the case. The Debtor is represented by: Daniel A. Velasquez, Esq. Latham, Luna, Eden & Beaudine, LLP Tel: 407-481-5800 dvelasquez@lathamluna.com LESLIE WESSINGER: Seeks Subchapter V Bankruptcy in North Carolina ----------------------------------------------------------------- On September 29, 2025, Leslie Wessinger, D.D.S. P.A. filed Chapter 11 protection in the Western District of North Carolina. According to court filing, the Debtor reports $3,319,659 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Leslie Wessinger, D.D.S. P.A. Leslie Wessinger, D.D.S. P.A., doing business as Leslie Wessinger, D.D.S., P.L.L.C., operates Biltmore Avenue Family Dentistry, a dental practice providing comprehensive family dental services. The practice offers preventive care, including cleanings, oral exams, x-rays, fluoride treatments, and periodontal assessments, as well as restorative and cosmetic procedures such as fillings, crowns, bridges, dental implants, and teeth whitening. It provides specialized pediatric preventive care, including sealants and fluoride varnish, and manages conditions such as bruxism through bite and night guards. Leslie Wessinger, D.D.S. P.A. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 25-10178) on September 29, 2025. In its petition, the Debtor reports total assets of $1,663,808 and total liabilities of $3,319,659. Honorable Bankruptcy Judge George R. Hodges handles the case. The Debtor is represented by Richard S. Wright, Esq. of MOON WRIGHT & HOUSTON, PLLC. LILLY INDUSTRIES: Amends SBA Secured Claim Pay Details ------------------------------------------------------ Lilly Industries Inc., d/b/a The Slab Studio, LM, submitted a Combined Second Amended Plan and Disclosure Statement dated September 24, 2025. Under the Plan, the Debtor proposes to reorganize around the operation of a component of its business, the natural stone business, while abandoning all assets and business related to artificial stone, which products are the source of allegations relating to alleged silica exposure liability. The Debtor had, in fact, ceased all sales and use of artificial stone well before the Petition Date. The Debtor, maintaining its current management and ownership, will operate the natural stone business and from that business pay under the Plan an amount (1) in excess of the estimated liquidation value of its assets; and (2) an amount, over the five-year plan period, that is not less than the projected disposable income of the Debtor during the five-year Plan period. After payments of Allowed Administrative Claims and Unclassified Claims of the Estate, the Payments to holders of Allowed Claims will be in the order of their priority under the Bankruptcy Code and applicable law beginning with Secured Claims, Priority Claims, and General Unsecured Claims. Class 1 consists of the Secured Claim of SBA. Beginning on the first Business Day that is 15 days after the Effective Date, the SBA will be paid regular monthly cash payments equal to the remaining Allowed amount of its Secured Claim, which is anticipated to be $340,875.00 on the Confirmation Date, bearing interest at 6.5 percent over 10 years until paid in full. The SBA's Unsecured Deficiency Claim will be classified as a Class 3 General Unsecured Claim in the amount of balance owed to the SBA as provided in section 506(a) of the Bankruptcy Code. Like in the prior iteration of the Plan, the Debtor will pay in full satisfaction of each holder's Allowed Class 3 General Unsecured Claims their Pro Rata share of distributions from the Remaining Available Cash. The amount, if any, that will be distributed to holders of Allowed Class 3 General Unsecured Claims will depend on (1) the amount of Allowed Class 2 Priority Claims that must be paid in full before holders of Allowed Class 3 General Unsecured Claims may be paid; and (2) the amount of Class 3 General Unsecured Claims that will be Allowed following the claims allowance process, but it is estimated at this time to be approximately 0-2 percent of each holders' Allowed Class 3 General Unsecured Claim. Class 5 shall consist of all Equity Interests in the Debtor. On the Effective Date, all Equity Interests will be reinstated. Class 5 is unimpaired under the Plan and deemed to accept the Plan. Holders of Allowed Class 5 Equity Interests are not entitled to vote to accept or reject the Plan. The Debtor has abandoned and will abandon by operation of the Plan all assets related to its artificial stone business. The Debtor will remain in possession of the natural stone business and all other assets of the Estate and will continue to sell its remaining line of products through its existing marketing channels. From and after the Effective Date, the Debtor shall exist and continue to exist as a separate legal entity, with all powers in accordance with the laws of the State of California and shall be governed as it was prior to the Petition Date with Josiah Lilly as its President. A full-text copy of the Combined Second Amended Plan and Disclosure Statement dated September 24, 2025 is available at https://urlcurt.com/u?l=CGnHAo from PacerMonitor.com at no charge. Counsel to the Debtor: Brian Rothschild, Esq. Darren Neilson, Esq. Parsons Behle & Latimer 201 S. Main Street, Suite 1800 Salt Lake City, UT 84111 Telephone: (801) 532-1234 Facsimile: (801) 536-6111 Email: Rothschild@parsonsbehle.com About Lilly Industries Inc. Lilly Industries, Inc. (doing business as The Slab Studio) is a trade-only gallery that offers architects, contractors, dealers, and designers access to the finest natural stone and semi-precious slabs, ensuring a sophisticated, one-of-a-kind viewing experience. With discerning standards and a global reach, they act as a trusted partner for those seeking premium materials for high-end design projects. Lilly Industries filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10301) on February 3, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Robert Goe, Esq., a practicing attorney in Irvine, Calif., serves as Subchapter V trustee. Judge Theodor Albert oversees the case. The Debtor tapped Brian M. Rothschild, Esq., at Parsons Behle & Latimer as legal counsel and Rocky Mountain Advisory, LLC, as accounting and financial advisor. LINQTO TEXAS: Investors Reject Bankruptcy Plan, Propose Rival Deal ------------------------------------------------------------------ Randi Love of Bloomberg Law reports that a group of Linqto Texas LLC shareholders has lodged an objection to a settlement deal struck between the fintech startup, its unsecured creditors' committee, and certain customers. The shareholders argue the arrangement would limit their recovery and offered an alternative restructuring approach that they say is better aligned with stakeholder interests, according to the report. Bloomberg Law, citing a court filing, said the settlement—intended to compensate customers who alleged they were wrongly told they could invest in hard-to-reach companies like Ripple -- would effectively block pursuit of other strategies that might enhance overall estate value. The objection was filed Wednesday, September in the Southern District of Texas bankruptcy court. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90187) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the case. The Debtor is represented by Gabrielle A. Hamm, Esq. at Schwartz, PLLC. Breakpoint Partners LLC is the Debtor's restructuring advisor. Epiq Corporate Restructuring, LLC is the Debtor's claims agent. ThroughCo Communications, LLC is the Debtor's public relations agent. LITTLE MINT: Plan Exclusivity Period Extended to November 28 ------------------------------------------------------------ Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina extended The Little Mint, Inc.'s exclusive period to file a plan of reorganization to November 28, 2025. As shared by Troubled Company Reporter, 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. LOCUST HOMES: Seeks Chapter 7 Bankruptcy in Connecticut ------------------------------------------------------- On September 29, 2025, Locust Homes LLC initiated a voluntary Chapter 7 bankruptcy in the District of Connecticut. Court records show debts ranging from $1 million to $10 million, with a reported creditor count of 1 to 49. About Locust Homes LLC Locust Homes LLC is a single asset real estate company. Locust Homes LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-30922) on September 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Ann M. Nevins handles the case. The Debtor is represented by Mark M. Kratter, Esq. of Law Offices Of Mark M. Kratter, LLC. LUXURBAN HOTELS: Court Stays ZCAP, et al. Lawsuit Due to Bankruptcy ------------------------------------------------------------------- Judge Paul A. Engelmayer of the United States District Court for the Southern District of New York stayed the case captioned as ZCAP EQUITY FUND LCC and ROSS MARCHETTA, individually and on behalf of all others similarly situated, Plaintiffs, -v- LUXURBAN HOTELS INC., BRIAN FERDINAND, and SHANOOP KOTHARI, Defendants, Case No. 24-cv-01030 (S.D.N.Y.) under 11 U.S.C. Sec. 362. On Sept. 22, 2025, defendant Lux Urban Hotels Inc. filed a notice of suggestion of Chapter 11 bankruptcy. However, no suggestion of bankruptcy has been filed as to defendants Brian Ferdinand and Shanoop Kothari. Automatic stays under 11 U.S.C. Sec. 362 are generally limited to debtors and do not encompass non-bankrupt co-defendants. In limited circumstances, automatic stays can apply to non-debtors, but normally only when a claim against the non-debtor will have an immediate adverse economic consequence for the debtor's estate. The Court therefore directs plaintiffs and the individual defendants to file letters addressing whether this action should also be stayed as to Ferdinand and Kothari. The letters should address whether the claims against either or both individual defendants will have any immediate adverse consequences for LuxUrban's estate. The individual defendants' letter, if any, was due by Oct. 1, 2025. Plaintiffs must file their response by Oct. 8. The Court adjourned the in-person initial pretrial conference from Oct. 2 to Oct. 15 at 11 a.m. In addition to filing pretrial conference materials in accordance with the Court's Individual Rule 2(B), the parties should be prepared to address, at the conference, whether this action should be stayed as to the individual defendants. A copy of the Court's Order is available at https://urlcurt.com/u?l=Sn4Ini from PacerMonitor.com. About LuxUrban Hotels Inc. LuxUrban Hotels Inc. is a New York, NY-based hotel operator. LuxUrban Hotels Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12000) on September 14, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by Leo Jacobs, Esq., at Jacobs P.C. The Debtor's Financial Adviser/CRO is David Goldwasser of FIA Capital. Omni Agent Solutions is the Debtor's Claims Agent. M&K ACTIVE: Gets Interim OK to Use Cash Collateral -------------------------------------------------- M&K Active Transport, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. The court's interim order authorized the Debtor to use cash collateral generated from its business operations in line with its submitted budget, allowing up to 15% line-item adjustments and carryover of unused amounts. It also authorized payment of obligations to utility service providers, taxing authorities, and insurers. The Debtor projects total monthly operational expenses of $47,524.63. As adequate protection, creditors Apex Commercial Capital, Alliance Funding Group and Corporation Service Company, as representative, will be granted replacement liens on the Debtor's post-petition assets, with the same validity and priority as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action. To maintain cash flow, all accounts receivable must be paid directly to the Debtor despite any contrary creditor demands, according to the interim order. The next hearing is scheduled for November 4. About M&K Active Transport M&K Active Transport, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60477) on September 11, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Barbara Ellis-Monro presides over the case. Thomas T. McClendon, Esq., at Jones & Walden, LLC represents the Debtor as legal counsel. MAGENTA SECURITY: BlackRock FRA Marks $385,314 Loan at 17% Off -------------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $407,000 loan extended to Magenta Security Holdings LLC to market at $321,486 or 83% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2024 Second OUT Term Loan to Magenta Security Holdings LLC. The loan accrues interest at a rate of 11.29% (3-mo. CME Term SOFR at 0.75% floor+ 7.01%) per annum. The loan matures on July 27, 2028. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Magenta Security Holdings LLC operates as a holdings company that was formed to hold a substantial portion of the overall Magenta Buyer LLC's collateral. MAGENTA SECURITY: BlackRock FRA Marks $451,000 Loan at 54% Off -------------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $451,000 loan extended to Magenta Security Holdings LLC to market at $207,314 or 46% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2024 Second out Term Loan to Magenta Security Holdings LLC. The loan accrues interest at a rate of 11.54% (3-mo. CME Term SOFR at 0.75% floor+ 7%, pik) per annum. The loan matures on July 27, 2028. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882-0052 Magenta Security Holdings LLC operates as a holdings company that was formed to hold a substantial portion of the overall Magenta Buyer LLC's collateral. MARIANAS PROPERTIES: Asset Sale Proceeds to Fund Plan Payments -------------------------------------------------------------- Marianas Properties, LLC filed with the U.S. Bankruptcy Court for the District of Guam a Disclosure Statement for the Plan of Liquidation dated September 25, 2025. The Debtor is a Guam limited liability company formed in 2009. Mathews Pothen is the sole member of the Debtor. The Debtor owned and historically operated the Pacific Star Resort & Spa, a hotel and resort located at 627b Pale San Vitores Road, Tumon, Guam 96913 (the "Hotel"). The Hotel was independent and was not affiliated with any hotel franchise. The real estate on which the Hotel was located is comprised of three lots of land. The Debtor owned two lots (the "Owned Lots") and leased one lot (the "Leased Lot"). On September 27, 2024, BOG filed its Motion for Relief from Stay or in the Alternative for SARE Debtor Designation (the "Stay Relief Motion"), seeking relief from the automatic stay under section 362 of the Bankruptcy Code to foreclose on the Hotel, or alternatively for a determination that the Debtor was a single asset real estate ("SARE") entity, as that term is defined in the Bankruptcy Code. After contested hearings, intense negotiations with BOG, and the Sale of the Hotel, the Debtor and BOG agreed to resolve the Stay Relief Motion with a payment of $32,503,544.87 to BOG in exchange for, among other relief, BOG's agreement to entry of an order by the Bankruptcy Court's denying the Stay Relief Motion. After exploring various options, the Debtor determined to pursue an asset sale (the "Sale") in the Chapter 11 Case. The Bankruptcy Court authorized the Sale to Cartium Enterprise Guam, LLC, as assignee of Eastern Contractors Corporation, through its entry of the Order Granting Motion for Authority to Sell Certain Assets of Marianas Properties, LLC, to Assume and Assign Certain Unexpired Leases and Executory Contracts, and to Assign Permits and Licenses in Relation Thereto (the "Sale Order"). The Sale Closing occurred on April 3, 2025. After the Sale, the Debtor negotiated a settlement with BOG resolving the Stay Relief Motion. In exchange for prompt payment from the proceeds of the Sale, BOG agreed to stop interest accruals under the Promissory Note and the Loan Documents, and provided the Debtor with a payoff amount of $32,503,544.87. On June 4, 2025, the Bankruptcy Court entered an order granting the 9019 Motion, and the Debtor subsequently paid BOG $32,503,544.87, in full satisfaction of BOG's claim. Class Five consists of General Unsecured Claims, including Rejection Damages Claims. On, or as soon as reasonably practicable after, the Effective Date, except to the extent such Holder and the Debtor agree to a less favorable treatment, each Holder of an Allowed General Unsecured Claim shall receive payment in full of its Allowed General Unsecured Claim. The Debtor is not aware of and does not anticipate any Rejection Damages Claims. Such Claims in Class Five are, therefore, Unimpaired and not entitled to vote on the Plan. The Holders of Interests in Class Seven shall receive and retain any and all property or interests in property on account of such Interests. Such Interests in Class Seven are, therefore, Unimpaired and deemed to accept the Plan pursuant to section 1126(f) of the Bankruptcy Code. Section 1129(a)(11) of the Bankruptcy Code requires that confirmation of a plan is not likely to be followed by the liquidation, or the need for further financial reorganization, of the Debtor or any successor to the Debtor. Considerable assets have been liquidated and converted to Cash in the Chapter 11 Case, and the Plan provides for the liquidation of any remaining assets and distribution of the Remaining Estate Funds and Remaining Cash to Holders of Allowed Claims in accordance with the Plan. Specifically, the Reorganized Debtor projects that, from the Remaining Estate Funds and the Remaining Cash, it will have sufficient Cash to pay Unclassified Claims (including Administrative Expenses, Professional Fee Claims, the DIP Financing Claim, U.S. Trustee Fees, and Priority Tax Claims), the SBA Secured Claim, Allowed Priority Non-Tax Claims, General Unsecured Claims, and the Estate Expenses, each to the extent required by the Plan. The Plan, therefore, is feasible. A full-text copy of the Disclosure Statement dated September 25, 2025 is available at https://urlcurt.com/u?l=B7GhwP from PacerMonitor.com at no charge. Marianas Properties, LLC is represented by: Minakshi V. Hemlani, Esq. Law Offices Of Minakshi V. Hemlani, P.C. 285 Farenholt Ave., Suite C-312 Tamuning, Guam 96913 Tel: (671) 588-2030 Email: mvhemlani@mvhlaw.net Andrew C. Helman, Esq. Dentons Bingham Greenebaum LLP One City Center, Suite 11100 Portland, ME 04101 Tel: (207) 619-0919 Email: andrew.helman@dentons.com About Marianas Properties Marianas Properties, LLC in Tumon, GU, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Guam Case No. 24-00013) on Sept. 12, 2024, listing as much as $10 million to $50 million in both assets and liabilities. Ajay Pothen as president, signed the petition. Judge Frances M Tydingco-Gatewood oversees the case. DENTONS BINGHAM GREENEBAUM LLP serves as the Debtor's legal counsel. LAW OFFICES OF MINAKSHI V. HEMLANI, P.C., is the local counsel. GIBBINS ADVISORS, LLC is the Debtor's financial advisor. MARTINS INTERSTATE: To Sell Edgewater Property to Adventure Science ------------------------------------------------------------------- Martins Interstate Properties LLC seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 500 Pullman Road, Edgewater, Florida 32132. The Debtor is a Florida limited liability company, wholly owned and managed by Roberto Martins. Martins formed the Debtor on July 1, 2020. Martins planned for the Debtor to operate a real estate business. The Debtor has operated the real estate business continuously since July of 2020. The Debtor obtained a secured loan, as well as tax debt over the course of the business operations for the past five years. The Debtor filed its Chapter 11 petition as a result of the inability to continue to service the debt related to the above obligations. The Debtor enters into a Purchase and Sale Agreement with Adventure Science LLC to purchase the Property for $2,100,000. The Debtor has determined that the sale of the property would result in an efficient and cost-effective manner of disposing of the estate’s interest in the assets, while simultaneously creating a benefit to the bankruptcy estate and creditors of the Debtor. The Debtor had undertaken efforts to solicit offers from third parties prior to the filing of the case and is the best and highest offer for the corporate assets. The sale of the property is "As-Is Where Is With All Faults." The closing will occur within 90 days from the entry of an Order granting the Motion. There are two liens on the property as known by the Debtor. Fairwinds Credit Union first mortgage and the property tax debt. The Buyer is an uninterested third-party and does not have any relationship with the Debtor or any estate professionals. About Martins Interstate Properties LLC Martins Interstate Properties owns two properties in Edgewater, Fla., and Matthews, S.C., with a total current value of $1.30 million. Martins Interstate Properties filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02516) on May 20, 2024, listing $1,296,406 in assets and $910,980 in liabilities. Roberto Martins, Sr., manager, signed the petition. Judge Tiffany P. Geyer presides over the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. MASS POWER: Court Extends Cash Collateral Access to Oct. 31 ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts issued a proceeding memorandum and order extending Mass Power Solutions, LLC's authority to use cash collateral. The Debtor was authorized to use cash collateral on an interim basis through October 31 under previously established terms. The next hearing is scheduled for November 6. About Mass Power Solutions LLC Mass Power Solutions, LLC is an electrical contracting company specializing in renewable energy solutions, including solar project design, installation, and management, serving both residential and commercial clients. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-40234) on March 5, 2025. In the petition signed by Ryan Lane, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Elizabeth D. Katz oversees the case. John O. Desmond, Esq., represents the Debtor as legal counsel. MAWSON INFRASTRUCTURE: Celsius Network Wants Chap. 11 Dismissed --------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that the defunct crypto company Celsius urged that any dismissal of Mawson Infrastructure's Chapter 11 bankruptcy in Delaware should only proceed once the Australian liquidator appointed by creditors is removed. In its filing, Celsius agreed to the dismissal motion but made its support conditional upon the removal of the liquidator overseeing the company's affairs in Australia. About Mawson Infrastructure Group Mawson Infrastructure Group specializes in data centers for Bitcoin miners and AI firms. Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on Dec. 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. The petitioners' counsel is Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell. Judge Mary F. Walrath handles the case. MAYS & JEUNE: Section 341(a) Meeting of Creditors on November 6 --------------------------------------------------------------- On September 30, 2025, Mays & Jeune Inc. filed Chapter 11 protection in the Northern District of New York. According to court filing, the Debtor reports $360,760 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 6, 2025 at 02:00 PM at First Meeting Albany. About Mays & Jeune Inc. 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. Mays & Jeune Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-11127) on September 30, 2025. In its petition, the Debtor reports total assets of $1,037,300 and total liabilities of $360,760. Honorable Bankruptcy Judge Patrick G. Radel handles the case. The Debtor is represented byMichael Boyle, Esq. of BOYLE LEGAL LLC. MEDICAL SOLUTIONS: BlackRock FRA Marks $611,000 Loan at 58% Off --------------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $611,000 loan extended to Medical Solutions Holdings, Inc to market at $257,640 or 42% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2021 Second Lien Term Loan to Medical Solutions Holdings, Inc. The loan accrues interest at a rate of 11.38% (3-mo. CME Term SOFR at 0.50% floor+ 7.10%) per annum. The loan matures on November 1, 2029. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Medical Solutions Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides clinical and non-clinical solutions to healthcare clients, such as nursing, allied, therapy professions, and medical services. Medical Solutions serves patients worldwide. MEDICAL SOLUTIONS: BlackRock FRA Marks $889,000 Loan at 48% Off --------------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $889,000 loan extended to Medical Solutions Holdings, Inc to market at $460,594 or 52% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2021 First Lien Term Loan to Medical Solutions Holdings, Inc. The loan accrues interest at a rate of 7.88% (3-mo. CME Term SOFR at 0.50% floor+ 3.60%) per annum. The loan matures on November 1, 2029. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882-0052 Medical Solutions Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides clinical and non-clinical solutions to healthcare clients, such as nursing, allied, therapy professions, and medical services. Medical Solutions serves patients worldwide. MID SOUTH MATTRESS: Unsecureds to Get 100 Cents on Dollar in Plan ----------------------------------------------------------------- Mid South Mattress Co. filed with the U.S. Bankruptcy Court for the Eastern District of Tennessee a Subchapter V Plan of Reorganization dated September 25, 2025. The Debtor was established as a wholesale mattress manufacturer for the greater Chattanooga and north Georgia areas. Despite success throughout the years, Mid South Mattress Co. was dealt various financial blows throughout the life of a lease dispute with its current landlord. On June 27, 2025 (the "Petition Date"), the Debtor filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code. After consulting with RMR Legal PLLC, the Debtor commenced this chapter 11 case to provide the Debtor an opportunity to stabilize its business and consummate a comprehensive lease related restructuring transaction that maximizes value and facilitates go-forward business success. The Debtor's financial projections show that the Debtor will have projected disposable income of $147,974.20. The final Plan Payment is expected to be paid on December 1, 2030, or sixty months after confirmation. This Plan of Reorganization proposes to pay creditors of Mid South Mattress Co. from future income of the Debtor. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollar (in full). This Plan also provides for the payment of administrative and priority claims. Class 3 consists of All Allowed Non-Priority Unsecured Claims. The Plan provides a pool of $117,698.59, which represents a 100 percent dividend to undisputed unsecured creditors, to be paid to the claimholders in this class. The Debtor shall pay $1,961.64 per month for sixty months beginning on the Effective Date. This Class is impaired. The Debtor will retain all ownership rights in property of the estate. The Debtor will continue business operations in order to facilitate payments sufficient to fund the Plan over sixty months. The CEO of the Company, Mr. Jody Dunn, will also continue to self-fund business operations to the extent necessary. The Debtor proposes to pay a total of $2,320.40 per month for sixty months which is necessary to pay all administrative costs, priority claims, and the secured and unsecured claims. A full-text copy of the Subchapter V Plan dated September 25, 2025 is available at https://urlcurt.com/u?l=MBkyEA from PacerMonitor.com at no charge. Counsel to the Debtor: Roy Michael Roman, Esq. RMR Legal PLLC 70 N. Ocoee Street Cleveland, TN 37311 Tel: (423) 528-8484 E-mail: Roymichael@rmrlegal.com About Mid South Mattress Mid South Mattress Co., was established as a wholesale mattress manufacturer for the greater Chattanooga and north Georgia areas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-11620) on June 27, 2025, listing between $500,001 and $1 million in assets and between $100,001 and $500,000 in liabilities. Roy Michael Roman, Esq., at Rmr Legal, PLLC represents the Debtor as bankruptcy counsel. MIRION TECHNOLOGIES: S&P Ups Sec. Credit Facilities Rating to 'BB' ------------------------------------------------------------------ S&P Global Ratings raised its issue-level rating on Mirion Technologies Inc.'s existing $450 million first-lien term loan and $175 million revolving credit facility to 'BB' from 'BB-'. Mirion completed the issuance of $375 million of senior unsecured convertible notes due 2031 and $425 million of common stock which was used to fully replace the $585 million unfunded committed Incremental term loan that served as bridge financing for the acquisition of Paragon Energy Solutions and transaction-related fees and expenses. The remainder will be used for general corporate purposes. S&P said "We raised our recovery rating on the company's first-lien credit facilities to '1' from '2', indicating our expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a hypothetical default. The increase in recovery prospects for Mirion's first-lien credit facilities--which comprise a $175 million revolving credit facility (undrawn as of June 30, 2025) and a $450 million term loan--is primarily due to the use of junior ranking instruments to fund the transaction. The acquisition of Paragon supports an increase in enterprise value in a hypothetical default scenario, and we view the senior unsecured convertible notes as structurally subordinated to the first-lien credit facilities with respect to both collateral value and noncollateral value. "Our 'B+' issuer credit rating and stable outlook on the company are unchanged. We continue to view demand trends in nuclear power favorably, supported by demand for plant modernization upgrades, capacity expansion, and operating life extensions amid aging power plant infrastructure. Nuclear power's role in the energy transition as well as growing global electricity and energy security needs means these trends will likely remain robust in the near-to-medium term. Also, advances in cancer care, radiopharmaceuticals, and diagnostic imaging--along with an aging population--provides favorable tailwinds for Mirion's medical end markets. Under our base-case forecast, we expect S&P Global Ratings-adjusted debt to EBITDA in the low-4x area over the next 12 months, resulting in some cushion to our downside trigger of 5x." Issue Ratings--Recovery Analysis Key analytical factors -- Mirion's capital structure is comprised of a first lien credit facility, comprised of a $175 million revolving credit facility (undrawn as of June 30, 2025) and a $450 million term loan, along with $775 million of convertible senior unsecured notes. -- S&P said, "Our simulated default scenario assumes a payment default occurring in 2029 due to a prolonged period of weak economic conditions, depressed natural gas prices, decreased government agency spending, and a deterioration in demand. We expect these conditions would reduce the company's volumes, revenue, and operating margins resulting in constrained liquidity and a payment default." -- S&P uses a 5x EBITDA multiple to value the company – in-line with peers having a similar business profile -- reflecting its operations in the niche, fragmented global radiation detection market and its dependence on favorable global regulatory and environmental policies. -- S&P said, "We view the senior unsecured convertible notes, which are issued by Mirion Technologies Inc. (parent), as structurally subordinated to the first-lien credit facilities, which have two indirect subsidiaries as co-borrowers: Mirion Technologies (US Holdings) Inc., and Mirion Technologies (US) Inc. We view the senior unsecured convertible notes as fully subordinated to the first-lien credit facilities with respect to both collateral value and noncollateral value." Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $141 million -- EBITDA multiple: 5.0x -- Jurisdiction: U.S. -- S&P assumes an 85% draw on the cash flow revolver at default. -- S&P assumes 65% of equity is pledged from nonobligor entities. Simplified waterfall -- Net enterprise value (after 5% administrative costs): $670 million -- Valuation split (obligor/nonobligor): 65%/35% -- Collateral value available to secured debt: $588 million -- Total first-lien debt claims: $581 million --Recovery expectations: 90%-100% (rounded estimate: 95%) Note: All debt amounts include six months of prepetition interest that S&P assumes will be owed at default. MODIVCARE INC: Committee Hires Quinn Emanuel as Counsel ------------------------------------------------------- ModivCare Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Quinn Emanuel Urquhart & Sullivan LLP as counsel to the Special Committee of the Debtors, effective as of September 15, 2025. Quinn Emanuel will provide these services: (a) identify, investigate, and evaluate any and all colorable, potentially viable, and timely claims and causes of action that may be held by or otherwise belong to the Debtors, including claims against current or former directors, officers, shareholders, insiders, affiliates, lenders, and other third parties; (b) review, discuss, consider, negotiate, approve, and authorize the pursuit, settlement, assignment, and/or release of any such claims or causes of action, if the Special Committee determines that such action is in the best interests of the Debtors; and (c) present all material determinations, findings, conclusions, and recommendations associated with the Special Committee's investigation to the board of directors of the Debtors and make advisors available to the board for questions. Quinn Emanuel's hourly rates vary with the experience and seniority of the individuals assigned and are subject to periodic adjustments. The Debtors will be exclusively responsible for paying Quinn Emanuel's court-approved fees. Quinn Emanuel is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Pursuant to paragraph D, section 1 of the Revised U.S. Trustee Guidelines, Quinn Emanuel responds to the questions set forth therein as follows: Question: Did you agree to any variations from, or alternatives to, your standard billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. The hourly rates are consistent with those charged to comparable chapter 11 clients, regardless of location. Question: If you represented the Debtors in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Quinn Emanuel was not retained pre-petition. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: The Debtors have not requested a budget and/or staffing plan from Quinn Emanuel. The firm can be reached at: Susheel Kirpalani, Esq. QUINN EMANUEL URQUHART & SULLIVAN LLP 700 Louisiana St., Suite 3900 Houston, TX 77002 Telephone: (713) 221-7000 Facsimile: (713) 221-7100 About ModivCare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MONTE MARTIN: Areya Holder Aurzada Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 6 appointed Areya Holder Aurzada, Esq., at Holder Law as Subchapter V trustee for Monte Martin Inc. Ms. Aurzada will be paid an hourly fee of $575 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Aurzada declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Areya Holder Aurzada, Esq. Holder Law 901 Main Street, Ste. 5320 Dallas, TX 75202 Office: 972-438-8800 Mobile: 817-907-4140 About Monte Martin Inc. Based in Dallas, Texas, Monte Martin Inc. provides fine art services, exhibit design and fabrication, lighting design, and electrical contracting through its headquarters at 2819 Anode Lane. It serves a diverse clientele including galleries, museums, institutions, restaurants, retail establishments, hotels, and private collectors, integrating art and lighting in its projects. Monte Martin formerly conducted business under the names Martin & Martin Design Services, LLC, Martin & Martin Design Electrical, LLC, Martin & Martin Design Fine Art Services, LLC, and Martin & Martin Design Exhibition Design, LLC. Monte Martin Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33677) on September 22, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtor is represented by David Shuster, Esq., at Shuster Law, PLLC. NAKED JUICE: BlackRock FRA Marks $535,000 Loan at 54% Off --------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $5355,000 loan extended to Naked Juice LLC to market at $246,799 or 46% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2025 FLSO Term Loan to Naked Juice LLC. The loan accrues interest at a rate of 10.40% (3-mo. CME Term SOFR at 0.50% floor+ 6.10%) per annum. The loan matures on January 24, 2030. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882-0052 Naked Juice LLC is the entity resulting from a spin-off from PepsiCo, with PAI Partners owning 61% and Pepsi retaining a 39% stake. Naked Juice, LLC owns the Tropicana, Naked Juice, KeVita and other select juice brands. NAKED JUICE: BlackRock FRA Marks $805,000 Loan at 21% Off --------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. has marked its $805,000 loan extended to Naked Juice LLC to market at $638,587 or 79% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2025 FLSO Term Loan to Naked Juice LLC. The loan accrues interest at a rate of 7.65% (3-mo. CME Term SOFR at 0.50% floor+ 6.10%) per annum. The loan matures on January 24, 2029. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882-0052 Naked Juice LLC is the entity resulting from a spin-off from PepsiCo, with PAI Partners owning 61% and Pepsi retaining a 39% stake. Naked Juice, LLC owns the Tropicana, Naked Juice, KeVita and other select juice brands. NAVIDEA BIOPHARMACEUTICALS: Case Summary & 20 Unsecured Creditors ----------------------------------------------------------------- Debtor: Navidea Biopharmaceuticals, Inc. 4100 Horizons Drive Suite 205 Columbus OH 43220 Business Description: Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB) develops precision immunodiagnostic agents and immunotherapeutics, focusing on identifying disease sites and pathways to improve diagnostic accuracy, clinical decision-making, and targeted treatment. The Company's products are based on its Manocept platform, which targets the CD206 mannose receptor on activated macrophages, and includes Tc99m tilmanocept, a commercially developed diagnostic agent. Navidea operates in the United States and engages in global partnering and commercialization efforts within the biopharmaceutical and diagnostic instruments sectors. Chapter 11 Petition Date: October 1, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-11779 Judge: Hon. J Kate Stickles Debtor's Counsel: Joseph C. Barsalona II, Esq. PASHMAN STEIN WALDER HAYDEN, P.C. 824 North Market Street, Suite 800 Wilmington DE 19801 Tel: 302-592-6496 Email: jbarsalona@pashmanstein.com Debtor's Claims & Noticing Agent: EPIQ CORPORATE RESTRUCTURING, LLC Total Assets as of August 31, 2025: $1,202,555 Total Liabilities as of August 31, 2025: $12,874,821 The petition was signed by Edward Burr as independent director. 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/RP3MPLY/Navidea_Biopharmaceuticals_Inc__debke-25-11779__0001.0.pdf?mcid=tGE4TAMA NEP GROUP: Fitch Hikes LongTerm IDR to 'B', Outlook Stable ---------------------------------------------------------- Fitch Ratings has upgraded the Long-Term Issuer Default Ratings (IDRs) of NEP Group Holdings, Inc., NEP Group, Inc., NEP/NCP Holdco, Inc., NEP Europe Finco B.V. and NEP II, Inc. (collectively NEP) to 'B' from 'B-'. Fitch has assigned the proposed senior secured first-lien term loans and senior secured first-lien revolver a 'BB-' rating with a Recovery Rating of 'RR2'. The Rating Outlook is Stable. Proceeds will be used to refinance the existing capital structure. The upgrade reflects NEP's decreased leverage, extended debt maturity runway and improved liquidity position. The new streamlined capital structure extends the maturity walls to 2030 and 2031 for the revolver and term loan respectively and reflects management's focus on debt reduction and cash flow improvement. The ratings are constrained by weak coverage metrics. The Stable Outlook reflects Fitch's expectation of positive FCF generation and Fitch-calculated EBITDA leverage below 5x over the rating horizon (fiscals 2025-2028). Fitch has withdrawn the instrument ratings on NEP's current capital structure because they have been refinanced. The withdrawn ratings are for the $2.1 billion first lien secured debt (including a EUR507 million term loan due August 2026 and a $245 million revolving facility maturing May 2026), and the $240 million second lien term loan maturing October 2026. Key Rating Drivers Reduced Leverage and Refinancing Risks: NEP's recent refinancing transaction streamlines its capital structure, significantly reduces leverage and extends the company's earliest debt maturity by five years to 2030. Fitch forecasts EBITDA leverage will fall below 5x by December 2025 from 6.6x in the prior year and will be sustained in the 3.5x - 4.5x range thereafter. This places NEP's Fitch-calculated leverage within the range of other 'B' rated diversified services issuers. Fitch projects EBITDA margins in the low to mid 20s over the forecast period (fiscal 2025 - fiscal 2028). This reflects stable revenue growth and margin improvement from ongoing restructuring initiatives. Gradually Improving Liquidity Position: NEP's liquidity is bolstered by its new $300 million revolving credit facility, lower cash interest burden and lower capex intensity. NEP reduced capex spend by approximately $100 million in fiscal 2024, in line with Fitch's expectations. However, the company has yet to demonstrate sustained positive FCF generation, as prior periods were marked by high capex, high cash interest burden and one-off working capital items. Fitch is projecting low single digit positive FCF margins over the rating horizon to reflect capex moderation, working capital normalization and lower cash interest payments, though execution risks remain. Weak Interest Coverage Metrics: NEP's EBITDA interest coverage is on the lower end of the spectrum for 'B' category issuers. While the recent refinancing has reduced interest expense, coverage metrics remain weak and will require sustained EBITDA improvement to strengthen meaningfully. Fitch expects NEP's interest coverage to remain below 4x over the rating horizon. Mixed Revenue and Cash Flow Visibility: A significant portion of NEP's revenues are derived from recurring contracts in its Media services segment, which range from three to 10 years, with price escalators. The contractual nature of revenues provides some visibility into future cash flows. This offsets some of the volatility in revenue from the Live Events segment, which has shorter-term contracts. The Live Events segment is more sensitive to macro weakness as evidenced by softness in FY24 due to headwinds in the corporate segment in the U.S and Europe. Large and Growing End Markets: NEP focuses on the sports and entertainment markets, both of which have demonstrated consistent growth, excluding exogenous shocks. Live sports programming remains one of the few opportunities generating large "appointment" viewing audiences in an increasingly fragmented media landscape. NEP has diversified its customer base to include streamers, sports leagues, and other rights holders, primarily due to direct-to-consumer platforms entering sports streaming. Fitch expects revenue from new customers to offset declines from broadcasters who lost sports broadcasting rights in recent negotiations. Heightened Risks from Market Uncertainty: Ongoing market uncertainty poses direct and indirect risks to NEP's operations. The indirect effects on global economic growth could affect NEP's business environment, particularly corporate live events, as businesses will adjust spending due to potential changes in inflation, interest rates, credit spreads, and market volatility. The financial implications of the trade war for NEP are uncertain. Therefore, revenue and EBITDA margin projections are conservative but may not fully capture the potential effects of market events. Established Market Position with Competitive Pressures: NEP is a leading global outsourced provider of production solutions for broadcasts and live events. However, the company faces ongoing competitive pressures that could impact pricing power and market share. NEP supplies broadcast equipment, post-production, video display, and software-based creative technology to major live sports and entertainment events, including the NFL, ESPN, Super Bowl and Wimbledon. Capital Intensive Business Model: NEP operates in a capital-intensive industry and has made significant capex investments in its infrastructure platform over recent years, which constrained financial flexibility. Fitch anticipates these investments will be scalable, leading to reduced future capex needs. NEP focuses on efficient capital allocation, targeting lower payback periods and increased internal rate of return on new projects, but the fundamental capex requirements will continue to weigh on cash flow metrics. Equalized IDR: NEP Group Holdings, Inc. (Parent), NEP Group, Inc., NEP/NCP Holdco, Inc., NEP II, Inc. and NEP Europe Finco B.V. have the same IDR. NEP Group, Inc. is a pass-through entity with no material assets or liabilities other than its interests in the operating subsidiaries and there are no material impediments to Parent accessing the assets of the subsidiaries. Peer Analysis NEP's ratings reflect its leading market position as the largest global outsourced provider of production solutions for broadcasts and live events. The company has significantly reduced EBITDA leverage, extended its earliest debt maturity and improved its liquidity position. NEP has no direct peer in Fitch's rated universe. The company's Fitch-calculated leverage is within the range for 'B' rated diversified services issuers. However, its EBITDA interest coverage is on the weaker end of the spectrum. Key Assumptions - Fitch assumes low single-digit (LSD) growth for FY 2025, reflecting a decrease following major events in FY 2024 and divestitures. Revenue growth stays in the low to mid-single digits throughout the forecast horizon, driven by increases in streaming revenues, live events in the Middle East, and cyclical events occurring in even years, which will offset declines in broadcast revenues. - Fitch expects EBITDA margins to be in the low 20% range, supported by revenue growth and savings from cost management initiatives. The Fitch-calculated EBITDA excludes approximately $40 million from annual lease adjustments. - Capex intensity remains maintained in the high-single digit to low-teens, as the company continues to moderate spending to align with its Return on Capital Employed targets. - Following significant one-off movements in FY 2024, working capital is expected to normalize in FY 2025, contributing to improved FCF margins. - Floating rate debt is modeled on secured overnight financing rate (SOFR) and Euribor rates, for the USD and EURO term loans respectively. Recovery Analysis The recovery analysis assumes that NEP would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. The going concern LTM EBITDA of $295 million considers the risk of insolvency due to insufficient liquidity amid recessionary stress. In this scenario, Fitch assumes the company cannot renew its major contracts, ceding market share to competitors, which results in reduced EBITDA and an unsustainable capital structure. This also reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. An enterprise valuation multiple of 6.0x EBITDA is applied to the going concern EBITDA to calculate a post-reorganization enterprise value. The company's platform acquisitions typically occur at multiples between 4.8x and 6.0x, whereas its smaller bolt-on acquisitions tend to close within the 3.5x to 4.5x range. Although these transaction multiples are lower than the 6.0x used for NEP, the targets involved operated on a smaller scale and had a less-developed footprint compared to NEP. In its analysis, Fitch assumes that the $300 million RCF is fully drawn, as companies in distress often rely on credit revolvers. Based on the Fitch-estimated enterprise value, the waterfall analysis results in a 'BB-' rating for the first lien secured facilities, positioned two notches above the IDR, with a Recovery Rating of 'RR2'. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 5x. - Sustained generation of negative FCF. - (CFO - Capex)/debt sustained below 1%. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 4x. - Sustained generation of positive FCF. - (CFO - Capex)/debt sustained above 5%. Liquidity and Debt Structure NEP had $96 million in cash and equivalents as of June 2025. Additional liquidity sources are the new $1.87 billion term loan and a $300 million senior secured revolver. NEP's capital structure comprises a $1.87 billion term loan, split between a USD and a Euro tranche, both maturing in 2031, and an undrawn $300 million revolving facility maturing in 2030. NEP Group Inc., NEP/NCP Holdco, Inc., and NEP II are U.S. borrowers of the USD term loan tranche; NEP Europe Finco B.V., is the borrower of the Euro tranche. The U.S. borrowers and the Euro Borrower are co-borrowers for the $300 million revolving credit facility. The borrowers are severally liable for obligations under the first lien dollar tranche and first lien Euro tranche, respectively. Issuer Profile NEP is the largest global outsourced provider of customized broadcast solutions to live sports, entertainment and corporate events and virtual production capabilities. NEP has been expanding globally and has leading market positions in the U.S., U.K., Europe, Asia and Australia. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- NEP Group Holdings, Inc. LT IDR B Upgrade B- NEP/NCP Holdco, Inc. LT IDR B Upgrade B- senior secured LT BB- New Rating RR2 Senior Secured 2nd Lien LT WD Withdrawn CCC senior secured LT WD Withdrawn B+ NEP II Inc LT IDR B Upgrade B- senior secured LT BB- New Rating RR2 Senior Secured 2nd Lien LT WD Withdrawn CCC senior secured LT WD Withdrawn B+ NEP Group, Inc. LT IDR B Upgrade B- senior secured LT BB- New Rating RR2 Senior Secured 2nd Lien LT WD Withdrawn CCC senior secured LT WD Withdrawn B+ NEP Europe Finco B.V. LT IDR B Upgrade B- senior secured LT BB- New Rating RR2 senior secured LT WD Withdrawn B+ NEW AGE FLOORING: Glen Watson Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Glen Watson, Esq., at Watson Law Group, PLLC as Subchapter V trustee for New Age Flooring, LLC and Michael Brandon Williams. Mr. Watson will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Watson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Glen Watson, Esq., Watson Law Group, PLLC 1114 17th Av. S., Suite 201 P.O. Box 121950 Nashville, TN 37212 Telephone: (615) 823-4680 Email: glen@watsonpllc.com About New Age Flooring New Age Flooring, LLC, a company in Clarksville, Tenn., provides residential and commercial remodeling services, specializing in flooring installation, fence construction, painting, and whole-home renovations. It 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. New Age Flooring filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04056) on September 26, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Charles M. Walker presides over the case. The Debtor is represented by: Robert J. Gonzales, Esq. EmergeLaw, PLC 4235 Hillsboro Pike, Suite 300 Nashville, TN 37215 Tel: (615) 815-1535 robert@emerge.law ecf@emerge.law NEW FORTRESS: BlackRock FRA Marks $185,000 Loan at 46% Off ---------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $185,000 loan extended to New Fortress Energy, Inc to market at $99,504 or 54% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2025 Incremental Term Loan B to New Fortress Energy, Inc. The loan accrues interest at a rate of 9.81% (3-mo. CME Term SOFR at 0.75% floor+ 5.50%) per annum. The loan matures on October 10, 2028. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. NISSAN MOTOR: Fitch Rates Issuance of $2MM Sr. Unsecured Notes 'BB' ------------------------------------------------------------------- Fitch Ratings has assigned a long-term rating of 'BB' to Nissan Motor Acceptance Company LLC's (NMAC) issuance of $2 billion of senior unsecured notes issued under the $10 billion medium-term note (MTN) program. The final debt rating is consistent with the expected rating assigned on Sept. 24, 2025, following the receipt of documents conforming to the information previously received. Key Rating Drivers Parent Rating Linkages: The ratings and Rating Outlook for NMAC are equalized with and linked to those of its parent, Nissan Motor Co., Ltd. (NML; BB/Negative), as Fitch views the issuer as a core subsidiary of NML. This view reflects strong implicit and explicit support factors including the financing of a high percentage of NML U.S. sales by NMAC, significant operational linkages between the companies, and the existence of a keepwell agreement between the parent and NMAC. NMAC's credit profile is further supported by its strong asset quality and a diverse funding profile. Shareholder Support: NMAC's 'bb' Shareholder Support Rating (SSR) is aligned with NML's Long-Term IDR and indicates the minimum level to which NMAC's IDR could fall if Fitch does not change its view on potential support from NML. A 'bb' SSR indicates a moderate probability of external support being forthcoming. Increase in Leverage: Pro forma for the unsecured notes issuance under the MTN program, leverage would be 7.5x at June 30, 2025, up from 6.1x at March 31, 2025 and above the four-year average of 4.8x from 2021-2024. The recent increase in leverage is a result of the dividend combined with continued portfolio growth. Fitch believes NMAC's leverage is high but acceptable in the context of the asset quality strength of NMAC's loan and lease portfolio relative to other captives Fitch has rated. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Changes to NMAC's ratings are largely dependent on NML's ratings and Outlook, given the rating linkage. Negative rating actions could be triggered by changes in the perceived relationship between NMAC and NML that indicate the captive has become less central to NML's strategic operations and/or adequate financial support was not provided to the captive in times of need. Meaningful and sustained credit quality deterioration, consistent operating losses, a material increase in leverage above average post-crisis levels, a material increase in the proportion of short-term debt in the funding structure, and/or a deterioration in NMAC's liquidity profile could also lead to negative rating action. The SSR is primarily sensitive to changes in NMAC's Long-Term IDR and secondarily to changes in Fitch's assessment of the probability of support being extended to NMAC from NML. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade NMAC's ratings are linked to Fitch's view of NML's credit profile. Fitch cannot envision a scenario where NMAC would be rated higher than its parent. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The CP rating is equalized with the Short-Term IDR. The senior unsecured debt rating is equalized with the Long-Term IDR, reflecting a sufficient proportion of unsecured funding in the capital structure and the unencumbered asset pool, which suggests average recovery prospects for debtholders under a stress scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The CP rating is primarily sensitive to changes in the Short-Term IDR and would be expected to move in tandem with it. The senior unsecured debt rating is primarily sensitive to changes in the Long-Term IDR and would be expected to move in tandem with it. However, a material increase in the proportion of secured funding could result in the unsecured debt rating being notched down from the Long-Term IDR. Date of Relevant Committee April 24, 2025 Public Ratings with Credit Linkage to other ratings NMAC's ratings and Outlook are equalized with NML, as Fitch considers NMAC a core subsidiary of NML. This is supported by the high percentage of NML's U.S. sales financed by NMAC, strong operational and financial linkages between the two companies, shared branding, and a support (keepwell) agreement provided directly by NML to NMAC. ESG Considerations NMAC has an ESG Relevance Score of '4' for Group Structure, due to its complexity related to the alliance with Renault and Mitsubishi. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Nissan Motor Acceptance Company LLC senior unsecured LT BB New Rating BB(EXP) NORTHERN DYNASTY: Receives $12M in 4th Tranche Under Royalty Deal ----------------------------------------------------------------- Northern Dynasty Minerals Ltd. and its 100%-owned U.S.-based subsidiary Pebble Limited Partnership announced the receipt of a $12 million payment representing the fourth tranche of investment under the Company's royalty agreement dated July 26, 2022, as amended. All amounts are in U.S. dollars unless otherwise noted. With the fourth tranche investment now completed before September 30, 2025, the royalty investor has the right to elect to complete the fifth and final $12 million tranche investment at any time up to and including December 31, 2025. The aggregate total purchase price of $60 million and maximum royalty rates (the right to purchase 10% of payable gold production and 30% of payable silver production) remain unchanged from the original Royalty Agreement. "We appreciate the continued support from our royalty investor and are pleased to see the fourth payment of $12 million completed, bringing its total investment in the royalty up to $48 million of a possible $60 million available under the royalty agreement," said Ron Thiessen, Northern Dynasty's President and CEO. "This $12 million investment, when combined with the several million dollars of inflow from the exercise of stock options and warrants this summer and when added to our second quarter closing cash balance of CA$25.2 million ($18.5 million) gives us a strong treasury position as we move the project forward." "We continue to have discussions with the government about withdrawing the veto and remain optimistic for a positive outcome. Withdrawal of the illegal veto will be a step towards developing this very large new source of copper and rhenium, as well as significant amounts of gold, molybdenum and silver, unlocking substantial and long-lasting economic benefits for the region, the state and the country." "While our focus continues to be on a successful outcome from our discussions, we are maintaining the pursuit of a parallel track and will join the other plaintiffs (the State of Alaska and Iliamna Natives Ltd, et al.) in filing our opening briefs by October 3, 2025. The court action is being pursued in the interest of keeping timelines as tight as possible. Our preferred option remains negotiating a prompt withdrawal of the illegal veto by the government and then dismissing the litigation," Mr. Thiessen concluded. About Northern Dynasty Minerals Ltd. Northern Dynasty is a mineral exploration and development company based in Vancouver, Canada. Northern Dynasty's principal asset, owned through its wholly owned Alaska-based U.S. subsidiary, Pebble Limited Partnership, is a 100% interest in a contiguous block of 1,840 mineral claims in Southwest Alaska, including the Pebble deposit, located 200 miles from Anchorage and 125 miles from Bristol Bay. The Pebble Partnership is the proponent of the Pebble Project. In an audit report dated March 27, 2025, Deloitte LLP issued a "going concern" qualification citing that the Company incurred a consolidated net loss of $33 million during the year ended December 31, 2024, and, as of that date, the Company's consolidated deficit was $729 million. These conditions, along with other matters, raise substantial doubt about its ability to continue as a going concern. Northern Dynasty reported a net loss of C$36.15 million for the year ended Dec. 31, 2024, compared to a net loss of $21 million for the year ended Dec. 31, 2023. As of Dec. 31, 2024, the Company reported total assets of C$137.16 million, total liabilities of C$39.96 million, and total equity of C$97.20 million. NORTIA LOGISTICS: Court Stays Union Pacific Suit Due to Bankruptcy ------------------------------------------------------------------ Chief Judge Robert F. Rossiter, Jr. of the United States District Court for the District of Nebraska stayed the case captioned as UNION PACIFIC RAILROAD COMPANY, Plaintiff, v. NORTIA LOGISTICS, INC., Defendant, Case No. 25-cv-00357 (D. Neb.). On Aug. 26, 2025, the magistrate judge ordered plaintiff Union Pacific Railroad Company to "show good cause for the failure" to serve the defendant Nortia Logistics, Inc. within 90 days after the complaint was filed, as required by Federal Rule of Civil Procedure 4(m). However, Union Pacific did not file proof of service with the Court because, in its view, Nortia's pending chapter 11 case implicated "an automatic stay pursuant to section 362 of the Bankruptcy Code." Union Pacific is on the right track. Upon notification that a defendant in a civil case is a debtor in a bankruptcy case, the Court ordinarily will issue an order staying further proceedings in the case as to the party in bankruptcy. The Court sees no present reason to refer this case to the bankruptcy court. Nortia is ordered to promptly notify the Court of the resolution of the bankruptcy proceedings in these cases or any other order affecting the stay under 11 U.S.C. Sec. 362(a). In the interim, Nortia must provide the Court with a status update on the bankruptcy proceedings every 90 days beginning on Dec. 12, 2025. A copy of the Court's Order is available at https://urlcurt.com/u?l=uV9FJm from PacerMonitor.com. About Nortia Logistics Inc. Nortia Logistics, Inc. is a privately held, asset-based logistics provider founded in 2012 and headquartered in Franklin Park, IL. It specializes in multimodal freight transportation covering full-truckload (FTL), less-than-truckload (LTL), and intermodal services as well as warehousing, with operations across the U.S. and Canada. Nortia Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08699) on June 2, 2025. In its petition, the Debtor reported estimated assets of $1,357,500 and total liabilities of $5,793,218. Judge Timothy A. Barnes handles the case. The Debtor is represented by David Freydin, Esq., at the Law Offices of David Freydin. RTS Financial Service, Inc., as lender, is represented by: Bryan E. Minier, Esq. Lathrop GPM, LLP 155 N. Wacker Drive, Suite 3800 Chicago, IL 60606 Tel: 312-920-3328 bryan.minier@lathropgpm.com NOVA LIFESTYLE: Appoints Wen Tao as Director and Committee Member ----------------------------------------------------------------- Nova LifeStyle, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved the increase in the size of the Board from five members to six members. The Board also appointed Ms. Wen Tao as a new member to serve on the Board. The new member was appointed to fill the vacancy on the Board created by the increase of the size of the Board. The Board also appointed Ms. Wen Tao to serve as a member of the Audit Committee, the Nominating and Corporate Governance Committee and the Compensation Committee of the Board. Ms. Wen Tao, age 35, has served as the Director and Head of Institutional Sales of Alpha Trade Pty Ltd. in Sydney/Malaysia, an Australian licensed Prime of Prime Brokerage Firm since January 2023. Ms. Tao was an Institutional Sales of APAC for Saxo Bank A/S in Singapore, a European Investment Banking Company from February 2019 to December 2022. Ms. Tao was the Head of APAC Institutional Sales for Invast Financial Services in Sydney, Australia from February 2016 to October 2018. Ms. Tao has studied her Master of Business Administration (Part-time) at University of Sydney since 2017 and has obtained her Bachelor of Commerce and Accounting & Finance Double Major at University of Sydney in 2015. Ms. Tao holds a certificate of Australian Securities and Investments Commission (ASIC) RG 146 Compliant. In connection with her appointment, the Company entered into a Director Agreement with Ms. Wen Tao. In the Agreement, Ms. Tao will receive compensation in the amount of $1,880 monthly, plus expenses. The Director Agreement imposes certain customary confidentiality and non-disclosure obligations on the director. A full-text copy of the Director Agreement is available at https://tinyurl.com/2h9ehs8a About Nova Lifestyle Headquartered in Commerce, Calif., Nova LifeStyle, Inc. is a distributor of contemporary styled residential and commercial furniture incorporated into a dynamic marketing and sales platform offering retail as well as online selection and global purchase fulfillment. The Company monitors popular trends and products to create design elements that are then integrated into the Company's product lines that can be used as both stand-alone or whole room and home furnishing solutions. Through its global network of retailers, e-commerce platforms, stagers, and hospitality providers, Nova LifeStyle also sells (through an exclusive third-party manufacturing partner) a managed variety of high-quality bedding foundation components. Singapore-based Enrome LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company incurred a net loss and operating cash outflow of $5,561,705 and $1,391,779 respectively for the year ended December 31, 2024 and accumulated deficit of $49,991,515 for the year ended December 31, 2024. These factors, raise substantial doubt about its ability to continue as going concern. As of June 30, 2025, the Company had $11.63 million in total assets, $5.09 million in total liabilities, and $6.55 million in total stockholders' equity. OFFICE PROPERTIES: S&P Cuts ICR to 'SD' on Missed Interest Payments ------------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Office Properties Income Trust (OPI) to 'SD' (selective default) from 'CCC-'. S&P lowered its issue-level ratings on the company's senior secured notes due March 2027 to 'D' from 'CCC+' and its rating on the senior secured notes due in September 2029 to 'D' from 'CCC-'. The respective '1' and '3' recovery ratings are unchanged. The issue-level ratings and recovery ratings on the company's senior secured notes due March 2029 and senior unsecured notes are unchanged. OPI announced that on Sept. 30, 2025, it did not make the required interest payments on its senior secured notes due in September 2029 or senior secured notes due in March 2027. The downgrade reflects the missed interest payments. The company announced that it did not make the September 30, 2025, interest payments for the 9% senior secured notes due in September 2029 and 3.25% senior secured notes due in March 2027. OPI also provided notice to lenders under its credit agreement of the missed interest payments, in addition to its expectation for one or more defaults to occur under the credit agreement in connection with the delisting of its common shares from Nasdaq composite index on Oct. 6, 2025. S&P said, "We expect access to capital and liquidity pressure to persist. As of June 30, 2025, OPI had cash and cash equivalents of $78.2 million, and its $325 million revolver was fully drawn. In addition to interest payments, the company has more than $275 million of debt maturing in 2026. Given its weak liquidity position and debt obligations, we do not expect OPI to make interest payments within the 30-day grace period. OPI continues to work with advisers on restructuring efforts. "We will reassess our ratings on OPI once we have more information regarding its plans." ORIGINAL MOWBRAY'S: Seeks Continued Cash Collateral Access ---------------------------------------------------------- The Original Mowbray's Tree Service, Inc. asks the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, for authority to continue using cash collateral through February 27, 2026. The Debtor needs continued access to cash collateral to fund essential operating expenses, professional fees, and payments to secured creditors under the terms of a 19-week budget. This period will carry the Debtor through the confirmation hearing scheduled for February 18, 2026, on its second amended joint Chapter 11 plan of reorganization. The only creditor with a lien on the Debtor's cash is PNC Bank, which holds a secured revolving line of credit of up to $20 million and $5 million in letters of credit, with a pre-petition balance of approximately $7 million. PNC's loan is guaranteed by Robin Mowbray and Mowbray Waterman Property, LLC, and secured by additional real property. The Debtor and PNC have previously entered into three stipulations allowing for cash collateral use on agreed terms, all approved by the court. The Debtor now seeks to continue using cash collateral on substantially the same terms, with payments to PNC of $350,000 per month, as well as replacement liens and superpriority administrative claims to ensure adequate protection. Since filing for Chapter 11 protection on October 18, 2024, the Debtor has demonstrated consistent and even improved financial performance, reporting a post-petition increase in cash from $4.2 million to nearly $10 million by September 12. The Debtor's operations have consistently met or exceeded budget expectations, generating $1.1 million in cash flow above projections during the previous budget period. The current 19-week budget forecasts continued positive operational performance, with cumulative cash flow of over $550,000, even after accounting for substantial payments to PNC and other secured creditors totaling $3.4 million. Although the cash balance is expected to decline slightly during this period, it will remain above the Petition Date level, thus preserving creditor collateral value. The Debtor attributes projected cash balance reductions to necessary but extraordinary costs, including over $1.6 million in insurance premiums and increased secured creditor payments negotiated post-petition. It is also awaiting approximately $700,000 from FEMA for past services rendered. Despite these expenditures, the Debtor maintains that continued business operations, which protect and enhance the value of the estate, are in the best interests of all stakeholders. A hearing on the matter is set for October 15. About The Original Mowbray's Tree Service Original Mowbray's Tree Service Inc., doing business as Mowbray's Tree Service, is a family owned and operated business committed to providing its client-partners with solution to their vegetation management needs. It offers hazard tree mitigation, integrated vegetation management, mechanized tree removal, emergency response, crane services, and green waste & debris management. Original Mowbray's Tree Service sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-12674) on Oct. 18, 2024, with $10 million to $50 million in both assets and liabilities. Brian Weiss, chief restructuring officer, signed the petition. Judge Theodor Albert oversees the case. Robert S. Marticello, Esq., at Raines Feldman Littrell, LLP is the Debtor's legal counsel. PNC Bank, N.A., as secured creditor, is represented by: Michael B. Lubic, Esq. K&L Gates, LLP 10100 Santa Monica Blvd., 8th Floor Los Angeles, CA 90067 +1.310.552.5000 michael.lubic@klgates.com OUTTEN BROTHERS: Closes Doors Unexpectedly, Goes Out of Business ---------------------------------------------------------------- Daniel Kline of The Street reports that the post-Covid slump in the furniture industry has forced another long-established retailer to shut down. Outten Brothers Home Furnishings, a family-owned business that has served Salisbury and neighboring communities for 78 years, has announced it is going out of business, according to the report. The company revealed the news on its website, stating that its final liquidation sale began on October 2, and that the store building is now up for sale. Founded in 1947 by Edward Outten and his brothers, Outten Bros. Inc. built its reputation on personalized service and community connection. From the beginning, the company stood out for its in-home deliveries, flexible in-house financing, and commitment to quality. Edward opened the Salisbury location in 1958, helping the brand become a household name throughout the region. Following Edward's retirement in 1992, his son Jeff Outten took over leadership of the company, maintaining its dedication to customer service for more than two decades. The third generation — Jeff’s children, April, Michael, and Jason — joined the family business, continuing its legacy. During Jeff's tenure, he formed a lasting friendship with warehouse manager Roland Powell Jr., who later purchased the business in 2016 and rebranded it as Outten Brothers Home Furnishings. In 2023, Powell married April Outten, uniting their personal and professional lives and strengthening the company's family-driven identity. While the announcement of the store's closure came as a surprise, Powell offered no details on what led to the decision. "Outten Brothers has always been about family, service, and community," he said in a brief statement. "It's been an honor to carry on this legacy, and April and I are deeply grateful to our customers for supporting us through the years." Industry analysts say the company's closure is another sign of the broader financial struggles facing the furniture retail sector. Neil Saunders, Managing Director at GlobalData, explained that consumers are cutting back on large purchases amid high interest rates and economic uncertainty. "Softness in big-ticket furnishings and furniture will persist until interest rates come down," he told Forbes. "Right now, people are more inclined to buy smaller items as part of simple home refreshes." Outten Brothers Home Furnishings - Timeline 1947: Outten Brothers (Outten Bros. Inc.) is founded by Edward Outten and his brothers, establishing a family-owned furniture business dedicated to quality and service. 1958: The company expands with the opening of its Salisbury, Maryland location, which becomes its primary retail hub and a fixture in the local community. 1992: After decades of leadership, Edward Outten retires, passing ownership to his son Jeff Outten, who continues the family’s legacy of personalized customer care and community service. 2016: Longtime warehouse manager Roland Powell Jr. acquires the company and rebrands it as Outten Brothers Home Furnishings, ushering in a new chapter for the well-known retailer. 2023: Powell marries April Outten, Edward Outten’s granddaughter, strengthening the family ties that have defined the business for generations. September 30, 2025: The company announces plans to close permanently after 78 years in operation, with a liquidation sale scheduled to begin October 2. October 2, 2025: The final liquidation sale opens to the public, offering deep discounts—up to 65% off home furnishings—as part of the going-out-of-business process. Post-closure: Following the completion of the sale, the store building is listed for sale, marking the official end of the Outten Brothers era in the Salisbury retail community. About Outten Brothers Home Furnishings Outten Brothers Home Furnishings, a family-owned furniture business that has served Salisbury and neighboring communities for 78 years. PACIFIC BELLS: Moody's Rates New $80MM Revolver Due 2028 'B3' ------------------------------------------------------------- Moody's Ratings assigned a B3 rating to Pacific Bells, LLC's new $80 million senior secured revolving credit facility due November 2028. Concurrently, Moody's affirmed the company's B3 corporate family rating, B3-PD probability of default rating and the B3 ratings on the company's existing senior secured bank credit facilities which includes the proposed $120 million fungible incremental term loan B and revolving credit facility due 2026. The outlook remains stable. Proceeds from the $120 million incremental term loan B will be used to fund the purchase of Taco Bell units in the southeastern US. The term loan is expected to be fully fungible with the company's existing $471.68 million senior secured term loan B due 2028. As part of the transaction, the company has entered into a new $80 million senior secured revolving credit facility that has the same maturity as its term loan B in November 2028. Moody's will withdraw the ratings on the existing senior secured revolving credit facility once the transaction closes. The affirmations reflect governance considerations particularly its financial strategies that have supported a history of growth through acquisitions and high leverage. Pro forma for the transaction, debt/EBITDA will modestly increase to 7.1x from 6.8x for the twelve month period ended June 2025. However, the affirmation also reflects Moody's expectations that an increase in EBITDA driven by contribution from new unit growth, an improvement in foot traffic as well as productivity initiatives will improve debt/EBITDA to around 6.0x and EBITA/interest expense to improve to around 1.5x from 1.1x over the next 12-18 months. RATINGS RATIONALE Pacific Bells' B3 CFR reflects the company's high leverage, its modest scale in terms of revenue and restaurant count and regional geographic concentration. The company is operating in a weak consumer environment with lower foot traffic and is contending with higher commodity and labor inflation at the same time. The credit profile is supported by the company's strong brand awareness as a franchisee of Taco Bell, good liquidity, a history of generally positive same store sales, operating discipline, and its stable and steady growth in number of units both organically and through acquisitions. Pacific Bells has good liquidity supported by $29 million of unrestricted cash, an expected free cash flow of about $15 million over the next 12-18 months and about $36 million available under its $80 million senior secured revolving credit facility expiring November 2028. The stable outlook reflects Moody's expectations that the company will focus on deleveraging following the acquisition, will maintain good liquidity and fund its growth capital expenditures through internally generated cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded should the company experience sustained improvement in credit metrics with an increase in size, scale, and geographic diversification. An upgrade would also require adherence to more conservative financial policies, including a demonstrated willingness to achieve and maintain stronger credit metrics. Quantitatively, an upgrade would require debt/EBITDA sustained under 5.5x and EBITA/interest expense near 1.75x. Ratings could be downgraded if operating performance sustainably weakens or if financial strategies become more aggressive, such as debt financed dividends, were instituted. Quantitatively, a downgrade could occur if debt/EBITDA is sustained above 6.75x or EBITA/interest falls below 1.25x. Headquartered in Vancouver, WA, Worldwide Bells Holdings and its subsidiaries, including Pacific Bells, LLC, operate 286 Taco Bell restaurants in nine states. The company is owned by management and Orangewood Partners. Revenue was $588 million for the twelve month period ended June 2025. The principal methodology used in these ratings was Restaurants 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. PACKERS HOLDINGS: BlackRock FRA Marks $887,000 Loan at 47% Off -------------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $887,000 loan extended to Packers Holdings LLC to market at $474,491 or 53% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2021 Term Loan to Packers Holdings LLC. The loan accrues interest at a rate of 7.68% (1-mo. CME Term SOFR at 0.75% floor+ 3.35%) per annum. The loan matures on March 9, 2028. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882-0052 Packers Holdings, LLC, known as PSSI, founded in 1972 and headquartered in Kieler, Wisconsin, is a provider of contract sanitation services to the food processing industry in the U.S. and Canada. PACKERS HOLDINGS: Fitch Lowers LongTerm IDR to 'CC' --------------------------------------------------- Fitch Ratings has downgraded the Long-Term Issuer Default Rating (IDR) of Packers Holdings, LLC (dba Fortrex) to 'CC' from 'CCC' and its outstanding term loans and revolver to 'CC' with a Recovery Rating of 'RR4' from 'CCC'/'RR4'. The downgrade reflects the refinancing risk with Fortrex's revolver maturing in March 2026 and the company's constrained financial flexibility as it faces continued challenges in turning around its business. Fitch expects the pace of cash outflows to remain elevated in 2025 and Fitch-forecasted EBITDA interest coverage to remain under 1.0x, pressuring the company's limited liquidity. Key Rating Drivers Constrained Financial Flexibility: Fortrex's total liquidity fell to about $38 million at the end of June 30, 2025, with the company's revolver, net of letters of credit, and account receivables securitization facility fully utilized. The company's turnaround efforts were hampered by additional labor costs in reaction to uncertainties around immigration policy and enforcement. Fortrex incurred higher operating costs to ensure workforce compliance and mitigate exposure to higher-risk workers. Fitch expects the projected cash burn in 2025 and 2026 will cause Fortrex's liquidity to deteriorate further. Fortrex also faces the near-term maturity of its $54 revolver, which is set to mature in March 2026. Fortrex was able to improve its liquidity position through a DDE Exchange in January 2025 and other corporate actions, but the company's options for similar off-market remedies are limited. Elevated Credit Metrics: Fitch expects Fortrex 's credit metrics to remain weak through the forecast period. Fitch's base case anticipates EBITDA interest coverage will be under 1.0x in 2025 and 2026, which is indicative of Fortrex 's limited financial flexibility. EBITDA leverage is projected to remain well above 10x through the forecast period. Strong Market Position: Fortrex remains the largest contract sanitation company for the food processing industry in North America, and Fitch believes it has been able to retain many key customers. Fortrex 's recent investment in compliance helps the company maintain its competitive position. The company won a number of new projects in the second half of 2023 and the beginning of 2024, but project wins slowed in the second half of 2024. Fitch believes Fortrex 's competitive advantage is intact, but a turnaround has been slower than expected. Necessity of Service: Fitch believes the company's business model is supported by its clear and strong position and regulatory barriers. Many U.S. protein plants are inspected daily by the USDA prior to opening. Protein plants must pass these inspections or be subject to fines, citations and production delays, with costs running in the tens of thousands of dollars per hour. In addition, non-protein plants are regularly reviewed by the FDA, with end customers such as Walmart, McDonald's and Subway driving higher sanitation standards. Peer Analysis Fortrex's 'CC' rating reflects the company's heightened near-term default risk. The company's cash flows and financial flexibility have been challenged by customer attrition following the U.S. Department of Labor's investigations into Fortrex. Key Assumptions - Customer losses continue to weigh on the company in 2025, leading to sales declining and further margin compression; - Revenue and EBITDA margins begin to recover in 2026; - Capital intensity of about 1% to 2% of sales over the forecast period; - Limited litigation risk stemming from the federal investigation; - Fitch assumes Fortrex will exercise the PIK option on the incremental term loans in 2025 and 2026; - No external liquidity support in the near term. Recovery Analysis The recovery analysis assumes that Fortrex would be reorganized rather than liquidated and would be considered on a going-concern basis. Fitch has assumed a 10% administrative claim in the recovery analysis. In Fitch's recovery analysis, a potential default is caused by loss of customers and customer churn. Fortrex's going concern (GC) EBITDA reflects Fitch's view of a sustainable, post-reorganization EBITDA level. Fortrex is currently showing signs of distress and Fitch believes EBITDA is approaching trough levels. Fitch believes the GC EBITDA level will improve alongside the recovery of sales and margins as the company emerges from distress. Fitch expects the enterprise value multiple used in Fortrex's recovery analysis will be approximately 5.5x. Fitch believes the company's business profile and market position are strong, despite the highly levered capital structure. Fortrex consistently generated positive FCF and stable margins while growing organically. Fitch's estimate of post-reorganization enterprise value results in a 'CC/'RR4' rating with a recovery estimate of 35% for the senior secured loans. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Initiation of restructuring or other transaction that qualifies as a distressed debt exchange; - Payment default occurs. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful refinancing of revolving credit facility maturing in March 2026; - Demonstrated progress toward improving cash flow while maintaining adequate liquidity. Liquidity and Debt Structure As of June 30, 2025, Fortrex had $38 million in cash and no additional availability on its accounts receivable securitization facility and revolver. The company's liquidity is pressured by the forecasted cash burn in 2025 and 2026. The company's revolver matures in March 2026 and its accounts receivable securitization facility matures in 2027. The senior secured term loans mature in 2028. Issuer Profile Fortrex is North America's largest and the only U.S. nationwide provider of outsourced cleaning and sanitation services to the growing food processing industry. The company and its subsidiaries serve a broad customer base of protein- and non-protein-processing plants. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Packers Holdings, LLC has an ESG Relevance Score of '4' for Labor Relations & Practices due to the recent Department of Labor investigation that is leading to customer attrition, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Packers Holdings, LLC has an ESG Relevance Score of '4' for Management Strategy due to concerns regarding inadequate risk governance and controls or possibly misaligned incentives contributing to alleged labor violations, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Packers Holdings, LLC has an ESG Relevance Score of '4' for Governance Structure due to its exposure to board independence risk, because of sponsor ownership and the potential for aggressive shareholder distributions, which also has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Packers Holdings, LLC LT IDR CC Downgrade CCC senior secured LT CC Downgrade RR4 CCC PAI HOLDCO: BlackRock FRA Marks $716,000 Loan at 24% Off -------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $716,000 loan extended to PAI Holdco Inc to market at 547,437or 76% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2024 FLSO Term Loan B to PAI Holdco Inc. The loan accrues interest at a rate of 8.29% (3-mo. CME Term SOFR at 0.75% floor+ 4.01%) per annum. The loan matures on October 28, 2027. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 PAI Holdco, Inc. operates as an investment company. PAP-R PRODUCTS: Plan Exclusivity Period Extended to December 30 --------------------------------------------------------------- Judge Mary E. Lopinot of the U.S. Bankruptcy Court for the Southern District of Illinois extended Pap-R Products Company's exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 30, 2025 and March 2, 2026, respectively. As shared by Troubled Company Reporter, the Debtor claims that it does require additional time to formulate, finalize and file its chapter 11 plan, although Debtor has made progress in laying the groundwork for a plan of reorganization. The Debtor needs additional time to build a consensual plan, which will be the focus of discussions with its secured creditors and other interested parties. These discussions are progressing, but more time and resources will have to be devoted by the parties in furtherance thereof. The Debtor asserts that an extension of the Exclusive Periods as requested herein will not prejudice any party in interest, but rather will afford Debtor an opportunity to achieve and propose a confirmable chapter 11 plan. Failure to extend the Exclusive Periods as requested herein would defeat the very purpose of section 1121 of the Bankruptcy Code -- i.e., to provide Debtor with a meaningful and reasonable opportunity to negotiate with creditors and other parties in interest and propose a confirmable chapter 11 plan. Pap-R Products Company is represented by: Larry E. Parres, Esq. Lewis Rice LLC 600 Washington Ave., Suite 2500 St. Louis, MO 63101 Telephone: (314) 444-7600 Facsimile: (314) 612-7660 Email: lparres@lewisrice.com About Pap-R Products Company Founded in 1947, PAP-R Products specializes in a wide range of coin and currency wrapping solutions. The Company's product lineup includes flat coin wrappers, automatic coin rolls, currency bands, and specialized wraps for items such as napkins and canceled checks. All products are crafted from high-quality Kraft paper and adhere to ABA standards when applicable. The company also offers custom imprinting services for most products, excluding basic bill bands and storage boxes. Pap-R Products Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60040) on March 3, 2025, listing up to $50 million in both assets and liabilities. The petition was signed by Kenneth Scott Ware as president. Larry E. Parres, Esq., at Lewis Rice LLC, serves as the Debtor's counsel. PAP-R PRODUCTS: Seeks to Hire SBBA STL LLC as Business Broker ------------------------------------------------------------- Pap-R Products Company seeks approval from the U.S. Bankruptcy Court for the Southern District of Illinois to hire SBBA STL, LLC, d/b/a Sunbelt Business Advisors of St. Louis as business broker in its Chapter 11 case. Sunbelt will provide these services: (a) serve as business broker to find a buyer for the Debtor's Colorkraft business line; (b) conduct the sale process for the Colorkraft business in place at the Martinsville Property; and (c) assist in negotiations with prospective buyers and facilitate closing of any sale transaction. According to court filings, Sunbelt is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sunbelt Business Brokers of St. Louis 4625 Lindell Blvd Fl 2513 Saint Louis, MO 63108-3725 Telephone: (314) 227-1222 About Pap-R Products Company Pap-R Products Company specializes in a wide range of coin and currency wrapping solutions. The Company's product lineup includes flat coin wrappers, automatic coin rolls, currency bands, and specialized wraps for items such as napkins and canceled checks. All products are crafted from high-quality Kraft paper and adhere to ABA standards when applicable. The company also offers custom imprinting services for most products, excluding basic bill bands and storage boxes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60040) on March 3, 2025. In the petition signed by Kenneth Scott Ware, president, the Debtor disclosed up to $50 million in both assets and liabilities. Larry E. Parres, Esq., at LEWIS RICE LLC, represents the Debtor as legal counsel. PAP-R PRODUCTS: Taps Sunbelt Business as Business Broker -------------------------------------------------------- Pap-R Products Company seeks approval from the U.S. Bankruptcy Court for the Southern District of Illinois to employ SBBA STL, LLC d/b/a Sunbelt Business Advisors of St. Louis as its business broker in its Chapter 11 case. Sunbelt will provide these services: (a) arrange and negotiate the possible sale, merger, lease or trade of all or substantially all of the assets of the Colorkraft business line; (b) introduce buyers, assist in negotiations, and advise the Debtor on the sale of the Colorkraft business; (c) present the business, including any real property offered for sale or lease, at a price and on terms acceptable to the Debtor; (d) preserve confidentiality of proprietary information, cooperate with other brokers, and prescreen buyer prospects; (e) advertise its role in the sale of the business; and (f) collect and review financial, contractual, and operational documents to provide prospective buyers with a fair and accurate picture of the business. Sunbelt will be compensated according to this commission structure: -- 8% of a sale transaction over $1.5 million -- 6% of a sale transaction between $800,000 to $1.5 million -- 4% of a sale transaction under $800,000 -- reimbursement of out-of-pocket expenses not to exceed $10,000 According to court filings, Sunbelt is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: SBBA STL, LLC d/b/a Sunbelt Business Advisors of St. Louis 111 West Port Plaza Drive, Suite 600 St. Louis, MO 63146 Telephone: (314) 708-1200 E-mail: cmercier@sunbeltnetwork.com About Pap-R Products Company Pap-R Products Company specializes in a wide range of coin and currency wrapping solutions. The Company's product lineup includes flat coin wrappers, automatic coin rolls, currency bands, and specialized wraps for items such as napkins and canceled checks. All products are crafted from high-quality Kraft paper and adhere to ABA standards when applicable. The company also offers custom imprinting services for most products, excluding basic bill bands and storage boxes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60040) on March 3, 2025. In the petition signed by Kenneth Scott Ware, president, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Mary E. Lopinot oversees the case. Larry E. Parres, Esq., at LEWIS RICE LLC, represents the Debtor as legal counsel. PARENT SUPPORT: Joseph DiOrio Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 1 appointed Joseph DiOrio, Esq., at Pannone Lopes Devereaux & O'Gara LLC as Subchapter V trustee for Parent Support Network of Rhode Island, Inc. Mr. DiOrio will be paid an hourly fee of $495 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. DiOrio declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph M. DiOrio, Esq. Pannone Lopes Devereaux & O'Gara LLC 1301 Atwood Avenue, Suite 215 N Johnston, RI 02919 Phone: 401-824-5100 Email: jdiorio@pldolaw.com About Parent Support Network of Rhode Island Parent Support Network of Rhode Island, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. R.I. Case No. 25-10775) on September 25, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge John A. Dorsey Jr. presides over the case. Russell D. Raskin, Esq., at Raskin & Berman represents the Debtor as legal counsel. PARK HOTELS: S&P Alters Outlook to Negative, Affirms 'BB-' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S. lodging REIT Park Hotels & Resorts Inc. to negative from stable and affirmed the 'BB-' issuer credit rating. S&P also affirmed its 'BB' issue-level rating on Park's senior unsecured debt. S&P said, "The negative outlook reflects our forecast for S&P Global Ratings-adjusted leverage to be above our 5.5x downgrade threshold through 2026. Despite elevated leverage, we expect good EBITDA coverage of interest expenses of 2.5x-3.0x through 2026, which provides some cushion compared to our 2.5x coverage downgrade threshold. Nonetheless, we could lower the ratings if we no longer believed the company will begin to reduce leverage toward the 5.5x leverage downgrade threshold over the next 12-18 months. "We expect U.S. lodging REIT Park Hotels & Resorts Inc. to have elevated S&P Global Ratings-adjusted leverage through 2026 due to an anticipated revenue per available room (RevPAR) decline of 1%-2% in 2025. This is due to slower demand in group bookings and leisure travel, cost inflation, and significant investment spending on capex, dividends, and share repurchases. As a result, we revised our base-case assumptions for S&P Global Ratings-adjusted debt to EBITDA to the low-6.0x area in 2025 and about 6.0x in 2026, which is weak compared to our 5.5x downgrade threshold. "The negative outlook reflects our expectations for leverage to be above our 5.5x downgrade threshold through 2026 amid lower RevPAR and compressed margins. We recently downwardly revised our full-year U.S. RevPAR expectations to down 0.5%-1.5% in 2025, as weakness across lower-end chain scales and slower anticipated overall demand for U.S. leisure travel will likely result in a RevPAR decline in 2025. In addition, we expect the current downward trendline for hotel demand could continue into next year. We assume U.S. RevPAR could be flat at best in 2026. On Park's second-quarter earnings call, the company downwardly revised its guidance. It cited softer-than-anticipated group demand in the third quarter, with group pace lower by 380 basis points (bps), combined with softer leisure transient demand, mainly due to heightened economic uncertainty. As a result, we downwardly revised our revenue and EBITDA expectations for 2025 and expect the company's portfolio RevPAR to decline by 1%–2%, consistent with management's guidance. Further, we expect S&P Global Ratings-adjusted EBITDA margins to compress 50 bps-100 bps to about 24% in 2025, primarily due to increased wages and benefits and disruptions from planned renovations. This results in S&P Global Ratings lease-adjusted leverage in the low-6.0x area in 2025. "For 2026, we assume in our base case that Park's portfolio RevPAR improves 2%-5% as the company benefits from the completion of multiple renovations, resulting in approximately $30 million in incremental EBITDA. In addition, the FIFA 2026 World Cup could bring an influx of travelers to host U.S cities where Park has hotels, most notably Miami, Boston, and New York. This could improve leverage to the high-5x area in 2026, which would still be above our 5.5x downgrade threshold. Our current base case for 2027 incorporates approximately 1%-3% growth in Park's RevPAR, which is in line with S&P Global economists' forecast for consumer spending of approximately 2% in 2027. We expect Park's S&P Global Ratings-adjusted EBITDA margins to expand to about 24%-25% compared to our expectation of 23.7% in 2025, as Park continues to invest in its core portfolio and sell underperforming properties that drag down margins. Partially offsetting high anticipated leverage, we expect Park's cost of capital to benefit from the high quality of its currently unencumbered hotels. We also expect it to maintain EBITDA interest coverage in the mid- to high-2x area, which provides some cushion to our 2.5x coverage downgrade threshold. However, we could lower the rating if we no longer believe the company will begin to materially reduce leverage in 2026." Park is undergoing multiple transformative renovations that are affecting its RevPAR and EBITDA margin in 2025. These efforts will likely continue to be a drag on performance through the first half of 2026. In May 2025, the company suspended operations at its Royal Palms South Beach hotel in Miami, Fla., for a renovation and repositioning. The company expects to spend about $103 million in total, of which it has spent $25 million as of June 2025. Park is confident the project will deliver a high return on investment and strong demand during the FIFA 2026 World Cup. In addition, Park is in the final phases of its renovations of the Hilton Hawaiian Village Waikiki Beach Resort and Hilton Waikoloa Village, which the company expects to complete in the first quarter of 2026. Lastly, in the fourth quarter of this year, Park expects to complete the second phase of its room renovations at its Hilton New Orleans Riverside property. S&P said, "Incorporating the spending associated with these projects, we expect total capex of about $310 million-$330 million in 2025, which is significantly higher than in recent years. However, we expect capex to decline to around $200 million-$225 million in 2026. Capex could decline more than we assume in our base case if the company accelerates asset sales of its noncore portfolio." Park's willingness to sustain leverage above its financial policy target range as it completes share repurchases is a material downside rating risk. The company's financial policy decisions will partially determine its deleveraging path. It has a publicly stated net leverage target range of 3x-5x. However, Park's use of excess cash on its balance sheet to fund share repurchases over the past two years is partially why it has sustained leverage above 5x (the high end of its policy range), even as EBITDA generation recovered from the pandemic. The company's elevated leverage in 2025 leaves minimal room for operational challenges in 2026 if the company is to begin materially reducing leverage toward our 5.5x downgrade threshold. However, we expect Park to limit share repurchases in 2025 to the $45 million it repurchased in the first quarter and repurchase minimal amounts in 2026 as it works toward its net leverage target. In addition, Park has a publicly stated goal of $300 million-$400 million in noncore dispositions that it expects to achieve by year end 2025. So far, it has generated approximately $80 million in gross proceeds from the sale of the Hyatt Centric Fisherman's Wharf in San Francisco. Moreover, management indicated on its second-quarter earnings call that it's in discussions with potential buyers for several noncore assets. S&P said, "We expect Park to continue to sell or exit noncore and underperforming assets, which is in line with its long-term strategy. As Park sells noncore assets, we expect its credit metrics--most notably its EBITDA margin--will improve, as its core portfolio generates significantly stronger RevPAR and hotel-adjusted EBITDA. However, Park's current and forecasted leverage provide limited flexibility to grow its room base without taking on incremental debt financing. In such a scenario, we expect leverage could be sustained above our 5.5x downgrade threshold." S&P said, "Given the uncertainty of the timing of hotel transactions, we've assumed that Park completes the remainder of its stated $300 million-$400 million asset disposition program by the end of 2026 and deploys net proceeds to reduce debt. Park has a geographic concentration in Hawaii. This exposes the company to broad declines in destination travel and event risk. Since 2019, and following its acquisition of Chesapeake Lodging Trust, Park has disposed 18 noncore hotels. Since the company's exit from its San Francisco Hilton properties, Hawaii has accounted for approximately 30% of hotel-adjusted EBITDA in 2024, making it the company's largest market. Furthermore, this concentration could increase following its renovation projects at its Hawaiian resorts in 2025 and 2026 and its noncore asset sales. S&P said, "We view this concentration in a single market as a potential business risk that could result in additional volatility over an economic cycle if consumers pull back on discretionary travel to destination markets." The significant concentration in a destination travel market such as Hawaii also exposes the company to event risk related to terror attacks, geopolitical unrest, and health scares that--while temporary--have significant negative impacts on travel demand and financial performance of lodging companies. Events that could affect ratings are those similar in scope and longevity to the aftermath of Sept. 11, 2001, the COVID-19 pandemic, and periodic flu pandemic scares over the past two decades, particularly if they coincide with an otherwise weak economy. S&P said, "The negative outlook reflects our forecast for S&P Global Ratings-adjusted leverage to be above our 5.5x downgrade threshold through 2026. Despite elevated leverage, we expect good EBITDA coverage of interest expenses of 2.5x-3.0x through 2026, which provides some cushion compared to our 2.5x coverage downgrade threshold. Nonetheless, we could lower the ratings if we no longer believed the company will begin to reduce leverage toward the 5.5x leverage downgrade threshold over the next 12-18 months." S&P could lower the rating if: -- Park's doesn't make material progress toward reducing its S&P Global Ratings-adjusted leverage in 2026, which could occur due to weakness in the company's RevPAR and EBITDA, or if it engages in a debt-financed acquisitions or share repurchases; or -- S&P believes Park will sustain S&P Global Ratings-adjusted net debt to EBITDA above 5.5x or S&P Global Ratings-adjusted EBITDA to interest expense coverage below 2.5x. If Park is unable to complete its asset disposition program through the end of 2026, or if the company does not use net proceeds to reduce its debt, which S&P expects would result in leverage sustaining about our 5.5x threshold. S&P said, "We could revise our outlook to stable if Park's RevPAR and EBITDA, following the completion of renovation projects in the first half of 2026, increases such that we expect that it will reduce leverage below our 5.5x downgrade threshold through the first half of 2027. Additionally, while unlikely at this time, we could raise the rating if Park maintains net leverage below 4.5x. An upgrade would also depend on our belief that Park's leverage has a sufficient cushion below 4.5x, incorporating share repurchases and debt-financed acquisitions. Park's publicly stated financial policy targets net leverage of 3x-5x. If the company nears the low end of its target range, we expect it could entertain debt-financed acquisitions to expand the portfolio or pursue opportunistic share repurchases. Therefore, we believe it's unlikely that leverage would remain sufficiently below 4.5x in the near to intermediate term." PG&E CORPORATION: Execs, Insurers Win Dismissal of Investor Suit ---------------------------------------------------------------- Law360 and Bloomberg Law report that a California federal judge has dismissed an investor class action against PG&E officers, directors, and underwriters that sought to hold them liable for shareholder losses tied to devastating wildfires. The suit alleged the company misled investors about its safety practices, but the court ruled the claims were insufficiently pleaded, according to the report. The judge, however, granted the investors another opportunity to amend their complaint for a fifth time. In his September 30, 2025 decision, U.S. District Judge Edward J. Davila said the plaintiffs failed to specify which PG&E executives or board members were directly responsible for the allegedly misleading statements. Without clearly attributing the claims to individual defendants, the allegations could not meet the required legal standard to proceed. The case arises from the catastrophic 2017 and 2018 Northern California wildfires, for which PG&E has already faced billions in liabilities. While the court acknowledged that some of the company's statements about safety might be questionable, it found the investors' current arguments too vague. The plaintiffs now have one last chance to correct those shortcomings, the report states. The case is IN RE PG&E CORPORATION SECURITIES LITIGATION, Case No. 5:18-cv-03509, N.D. Cal. A full-text copy of the Order is available at https://tinyurl.com/yc6dupk3 About PG&E Corporation PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company, faced extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. The utility faced an estimated $30 billion in potential liability damages from California's deadliest wildfires of 2017 and 2018. On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary, Pacific Gas and Electric Company, filed voluntary Chapter 11petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). As of Sept. 30, 2018, the Debtors, on a consolidated basis, had reported $71.4 billion in assets on a book value basis and $51.7 billion in liabilities on a book value basis. Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP served as PG&E's legal counsel, Lazard as its investment banker and AlixPartners, LLP as the restructuring advisor to PG&E. Prime Clerk LLC is the claims and noticing agent. PG&E has appointed James A. Mesterharm, a managing director at AlixPartners, LLP, and an authorized representative of AP Services, LLC, to serve as Chief Restructuring Officer. In addition, PG&E appointed John Boken also a Managing Director at AlixPartners and an authorized representative of APS, to serve as Deputy Chief Restructuring Officer. Morrison & Foerster LLP served as the Debtors' special regulatory counsel. Munger Tolles & Olson LLP also served as special counsel. The Office of the U.S. Trustee appointed an official committee of creditors on Feb. 12, 2019. The Committee retained Milbank LLP as counsel; FTI Consulting, Inc., as financial advisor; Centerview Partners LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. On Feb. 15, 2019, the U.S. trustee appointed an official committee of tort claimants. The tort claimants' committee is represented by Baker & Hostetler LLP. * * * PG&E Corporation and Pacific Gas and Electric Co. announced July 1, 2020, that PG&E has emerged from Chapter 11, successfully completing its restructuring process and implementing PG&E's Plan of Reorganization that was confirmed by the United States Bankruptcy Court on June 20, 2020. For the benefit of fire victims, the Plan provided for a Fire Victim Trust, which was funded with an oft-stated value of $13.5 billion, to be half in cash and half in new company PG&E common stock. The $6.75 billion in cash was paid. With respect to the stock consideration, 478 million shares of PG&E stock were delivered to the Fire Victim Trust in accordance with an agreed-to formula under the Plan. PHILLIPS ACRES: Court Extends Cash Collateral Access to Oct. 30 --------------------------------------------------------------- Phillips Acres, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, to use cash collateral to fund operations. The court's interim order authorized the Debtor to use cash collateral in accordance with its budget until the earlier of (i) October 30; (ii) the Debtor ceases operations; (iii) the Debtor expends any funds or monies for any purpose or amount other than what is set forth in the budget, (iv) any material or intentional misrepresentation by the Debtor in the reporting to the court; (v) non-compliance or default of the Debtor with any terms and provisions of the interim order; or (vi) another order concerning cash collateral is entered. For the period from October 1 to 30, the Debtor believes that it will need approximately $11,030 in cash to properly operate the farm. As adequate protection for any post-petition diminution in value of their interests in their collateral, creditors will be granted post-petition continuing replacement liens on the collateral. These replacement liens will have the same validity, priority and extent as the secured creditors' pre-bankruptcy liens. The next hearing will be held on October 29. About Phillips Acres Inc. Phillips Acres, Inc operates a flock production facility for turkeys located on a 108.1-acre property in Greene County, North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03601-5-PWM) on September 16,2025. In the petition signed by David N. Phillips, president, the Debtor disclosed up to $1million in assets and up to $10 million in liabilities. Judge Pamela W. McAfee oversees the case. C. Scott Kirk, Esq. represents the Debtor as legal counsel. PHOEBEN 2 LLC: Hires Waldron & Schneider as Legal Counsel --------------------------------------------------------- Phoeben 2, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to hire Waldron & Schneider, PLLC to serve as general bankruptcy counsel in its Chapter 11 case. Waldron & Schneider will provide these services: (a) advise the Debtor with respect to its rights, duties and powers in this case; (b) assist and advise the Debtor in the administration of this case; (c) assist the Debtor in analyzing the claims of the creditors and in negotiating with such creditors; (d) assist the Debtor in the analysis of and negotiations with any third-party concerning matters relating to, among other things, the terms of plans of reorganization; (e) represent the Debtor at all hearings and other proceedings; (f) review and analyze all applications, orders, statements of operations and schedules filed with the Court and advise the Debtor as to their propriety; (g) assist the Debtor in preparing pleadings and applications as may be necessary in furtherance of the Debtor's interests and objectives; and (h) perform such other legal services as may be required and are deemed to be in the interests of the Debtor in accordance with the Debtor's powers and duties as set forth in the Bankruptcy Code. WS will be compensated at hourly rates ranging from $250 to $475 for attorneys and $195 to $200 for clerks, paraprofessionals, and other timekeepers. The firm received a retainer of $26,717.00, of which $21,717.00 remains in the client trust account. Waldron & Schneider is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Kimberly A. Bartley, Esq. WALDRON & SCHNEIDER, PLLC 15150 Middlebrook Drive Houston, Texas 77058 Telephone: (281) 488-4438 Facsimile: (281) 488-4597 E-mail: kbartley@ws-law.com About Phoeben 2 LLC Phoeben 2 LLC, doing business as Armenta, is a Houston-based jewelry company that designs and manufactures handcrafted collections using mixed metals and gemstones. Phoeben 2 sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35368) on September 12, 2025. In its petition, the Debtor reported total assets of $710,465 and total liabilities of $3,098,776. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Kimberly A. Bartley, Esq., at Waldron & Schneider, PLLC. PLATE RESTAURANT GROUP: Gets Final OK to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Kansas issued a final order granting Plate Restaurant Group LLC's motion retroactive to July 18. The final order authorized the Debtor to use cash collateral to pay ordinary business expenses in accordance with its budget. Deviations of up to 10% per line item or overall are permitted. Community America Credit Union and other creditors whose cash collateral is used post-petition will be granted replacement liens on the Debtor's post-petition assets, matching their pre-bankruptcy priorities. The replacement liens do not apply to avoidance actions and assets, which the secured creditors did not have a right to pre-bankruptcy. As further protection, Community America Credit Union will continue to receive a monthly payment of $3,937.09. The final order remains effective until further order of the bankruptcy court. About Plate Restaurant Group LLC Plate Restaurant Group LLC is a Kansas City-based restaurant business. Plate Restaurant Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-20996) on July 18, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Dale L. Somers handles the case. The Debtor is represented by: George J. Thomas Phillips & Thomas, LLC Tel: 913-385-9900 Email: geojthomas@gmail.com POINT CLEAR: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Point Clear Capital Advisors, LLC 14239 Perdido Key Dr. Apt. 8 Pensacola, FL 32507 Business Description: Point Clear Capital Advisors, LLC provides investment management and advisory services and is based in Pensacola, Florida. Chapter 11 Petition Date: October 1, 2025 Court: United States Bankruptcy Court Northern District of Florida Case No.: 25-30963 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 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/632V67Y/Point_Clear_Capital_Advisors_LLC__flnbke-25-30963__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6REOGUY/Point_Clear_Capital_Advisors_LLC__flnbke-25-30963__0001.0.pdf?mcid=tGE4TAMA POOLE FUNERAL: Hires Foresight Companies as Marketing Advisor ------------------------------------------------------------- Poole Funeral Home Real Estate, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire The Foresight Companies, LLC as marketing advisor in its Chapter 11 case. Foresight will provide these services: (a) develop a valuation analysis, which considers factors such as historical performance, growth potential, industry trends, comparable transactions and real estate values; (b) prepare a Confidential Information Memorandum which consists of a comprehensive professional summary highlighting the businesses strengths, financials, market position, and growth prospects; (c) identify and screen potential buyers by using our network and resources to find buyers who align with the Debtors objectives, identify a qualified buyer at an acceptable purchase price and assist in the negotiation of a Letter of Intent, assist in the due diligence process, including third-party inspections, property analysis, inventory lists, and reviewing financial records and pre-need contracts; (d) assist and oversee the drafting and negotiating of sales purchase agreements or otherwise facilitating a sale of the businesses as a going concern; and (e) finalize a sale and transfer of business assets—including the disposition of a successful business sale. Foresight will receive compensation on a percent-earned basis of five percent commission of any business purchase price, subject to the Court's approval. The Foresight Companies is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Christopher H. Cruger THE FORESIGHT COMPANIES, LLC 140 Intracoastal Pointe Dr, Suite 405 Jupiter, FL 33477-5094 About Poole Funeral Home Real Estate Poole Funeral Home Real Estate, LLC operates Poole Funeral Homes at Woodstock, a locally owned funeral facility in North Georgia. The Company offers burial, cremation, veteran, green burial, and personalization services, along with caskets and urns. It emphasizes community-focused service, positioning itself as an alternative to corporately owned funeral providers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-11197) on May 12, 2025. In the petition signed by Brian K. Poole, CEO, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. Roy Michael Roman, Esq., at RMR Legal PLLC, represents the Debtor as bankruptcy counsel. POTTSVILLE OPERATIONS: Plan Exclusivity Period Extended to Oct. 10 ------------------------------------------------------------------ Judge Jeffery A. Deller of the U.S. Bankruptcy Court for the Western District of Pennsylvania extended Care Pavilion Debtors', affiliates of Pottsville Operations, LLC, exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 10 and December 9, 2025, respectively. As shared by Troubled Company Reporter, the Pottsville Debtors continue to operate their businesses and manage their properties as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. As of the date hereof, no trustee or examiner has been appointed in the Chapter 11 Cases. This is the Pottsville Debtors' fourth request to extend the Exclusive Periods. The Pottsville Debtors and other interested parties, including the Pottsville Committee, are still in the process of discussing the terms of a chapter 11 plan and need additional time to work out the details. Extending the Exclusive Periods will benefit creditors by avoiding the drain on estate assets attendant to a competing chapter 11 plan. The Debtors are making good faith efforts to advance the bankruptcy case in a manner that will maximize the return for the estate. The Debtors explain that they have been paying their undisputed post-petition bills. Likewise, the Debtors are current on their payments to the U.S. Trustee on account of quarterly fees. Furthermore, no parties have opposed the three prior motions to extend the Exclusive Periods. Thus, the requested extension of the Exclusive Periods will not jeopardize the rights of creditors and other parties who do business with the Debtors during the Chapter 11 Case. The Debtors' Counsel: Elizabeth A. Green, Esq. Andrew V. Layden, Esq. BAKER & HOSTETLER LLP SunTrust Center, Suite 2300 200 South Orange Avenue Orlando, Florida 32801-3432 Tel: (407) 540-7920 Fax: (407) 841-0168 E-mail: egreen@bakerlaw.com E-mail: alayden@bakerlaw.com The Debtors' Local Counsel: Daniel R. Schimizzi, Esq. Mark A. Lindsay, Esq. Harry A. Readshaw, Esq. Jordan N. Kelly, Esq. Sarah E. Wenrich, Esq. RAINES FELDMAN LITTRELL, LLP 11 Stanwix Street, Suite 1100 Pittsburgh, PA 15222 Tel: 412-899-6474 E-mail: dschimizzi@raineslaw.com mlindsay@raineslaw.com hreadshaw@raineslaw.com jkelly@raineslaw.com swenrich@raineslaw.com About Pottsville Operations Pottsville Operations LLC and its affiliates own and operates six skilled nursing facilities in Pennsylvania. Collectively, Pottsville has 925 beds across the six facilities, and 759 residents currently at the Facilities as of the Petition Date. Pottsville acquired the facilities in May of 2021. Pottsville Operations and its 10 affiliates sought relief under sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Penn. Lead Case No. 24-70418) on Oct. 15, 2024. In the petition signed by Neil Luria, as chief restructuring officer, Pottsville reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Jeffery A Deller handles the cases. The Debtors tapped Baker & Hostetler, LLP as general bankruptcy counsel; and RAaines Feldman Littrell, LLP as local counsel. SOLIC Capital Advisors LLC is serving as financial advisor, and Solic's Neil Luria has been tapped as CRO of the Debtors. Stretto, Inc. is the claims agent. Margaret Barajas is the patient care ombudsman appointed in the Debtors' cases. PRAESUM HEALTHCARE: Taps Frost & Associates as Tax Counsel ---------------------------------------------------------- Praesum Healthcare Services, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to employ Rebecca Sheppard, Esq. and Frost & Associates, LLC d/b/a Frost Law as special tax counsel in their Chapter 11 cases, retroactive to the August 13, 2025 petition date. Ms. Sheppard and Frost Law will provide these services: (a) represent the Debtors in connection with their Employee Retention Credit tax appeal before the Internal Revenue Service; (b) provide related tax law services on an hourly fee basis; and (c) assist in any matters necessary and appropriate relating to the ongoing tax dispute. Compensation for services will be at these hourly rates: —Rebecca Sheppard, Esq.: $850 –Accountant Justin Elanjian: $850 –Associate attorney Hunter Scott, Esq.: $425 –Paralegal Chris Hebron: $250 According to court filings, Frost Law is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Rebecca Sheppard, Esq. FROST & ASSOCIATES, LLC d/b/a FROST LAW 839 Bestgate Road, Suite 400 Annapolis, MD 21401 About Praesum Healthcare Services Praesum Healthcare Services LLC operates a network of behavioral health and addiction treatment facilities across the United States, offering a full continuum of care that includes medical detoxification, residential rehabilitation, and outpatient counseling. The Company's brands include Sunrise Detox, which provides medically supervised detox services, Evolve Recovery Center, which delivers residential treatment programs, and The Counseling Center, which offers outpatient and intensive outpatient therapy, with locations in multiple states including New Jersey, New York, Massachusetts, Georgia, and Florida. Founded in 2004, Praesum Healthcare manages more than two dozen centers under these brands, serving individuals with substance use disorders and co-occurring mental health conditions. Praesum Healthcare Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-19335) on August 13, 2025. In its petition, the Debtor reported estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq., at Shraiberg Page, PA. City National Bank of Florida, as lender, is represented by: Alexandra D. Blye, Esq. Carlton Fields, P.A. 525 Okeechobee Boulevard, Suite 1200 West Palm Beach, FL 33401 Telephone: (561) 659-7070 E-mail: ablye@carltonfields.com PREMIER SURGICAL: U.S. Trustee Appoints PCO for Michael E Jones MD ------------------------------------------------------------------ William Harrington, the U.S. Trustee for Region 2, appointed David Crapo, Esq., at Gibbons P.C., as patient care ombudsman for Michael E Jones MD PC, a debtor affiliate of Premier Surgical Pavilion of Oxon Hill, LLC. The appointment was made pursuant to the order from the U.S. Bankruptcy Court for the Southern District of New York on September 19. Mr. Crapo disclosed in a court filing that he is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. Section 333(b) of the Bankruptcy Code provides that the patient care ombudsman shall: * Monitor the quality of patient care provided to patients of the debtor, to the extent necessary under the circumstances, including interviewing patients and physicians; * Not later than 60 days after the date of this appointment, and not less frequently than at 60-day intervals thereafter, report to the court after notice to the parties in interest, at a hearing or in writing, regarding the quality of patient care provided to patients of the debtor; and * If such ombudsman determines that the quality of patient care provided to patients of the debtor is declining significantly or is otherwise being materially compromised, file with the court a motion or written report, with notice to the parties in interest immediately upon making such determination. The ombudsman may be reached at: David N. Crapo, Esq., Gibbons P.C. One Gateway Center Newark, New Jersey 07102-5310 (973) 596-4523 About Premier Surgical Pavilion of Oxon Hill and Michael E Jones MD Premier Surgical Pavilion of Oxon Hill LLC provides outpatient surgical services through an ambulatory surgery center in Oxon Hill, Maryland. The facility offers flexible scheduling, including evening and weekend appointments, and operates under accreditation from the Accreditation Association for Ambulatory Health Care and certification from the Centers for Medicare & Medicaid Services. Michael E Jones MD, PC provides cosmetic and reconstructive surgery services from its main facility in New York, New York. The practice offers procedures such as rhinoplasty, liposuction, Brazilian Butt Lift, and keloid removal, with a focus on serving diverse patient populations. It is led by Dr. Michael E. Jones, who is board-certified in facial plastic and reconstructive surgery as well as otolaryngology. Michael E Jones MD operates additional offices in several U.S. cities including Los Angeles, Atlanta, and Miami. Premier sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11607) on July 22, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. On August 7, 2025, Michael E Jones MD filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 25-11745), listing up to $50,000 in assets and between $1 million and $10 million in liabilities. The cases are jointly administered under Case No. 25-11607. The Debtors are represented by Anthony Vassallo, Esq., at the Law Office of Anthony M. Vassallo. PRIMUS CONTRACTING: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------------ On September 22, 2025, Primus Contracting Group Inc. commenced a voluntary Chapter 7 case in the Southern District of California. According to the petition, the company reports debts ranging from $1 million to $10 million, and 1 to 49 creditors. About Primus Contracting Group Inc. Primus Contracting Group Inc. provides top-tier construction and development solutions. Primus Contracting Group Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-03881) on September 22, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher B. Latham handles the case. The Debtor is represented by Christopher V. Hawkins, Esq. of Fennemore LLP. PROSPECT MEDICAL: Uconn Health Finalizes Bid to Buy 3 Hospitals --------------------------------------------------------------- Mike Savino of NBC Connecticut reports that UConn Health is moving ahead with its plan to acquire three Connecticut hospitals, arguing the move will stabilize care for patients while also protecting taxpayers. Chairman John Driscoll said the board began considering expansion after a consultant's review last 2024 showed the system had been running annual budget deficits of about $140 million between 2020 and 2023, according to the report. Initial discussions centered on Day Kimball and Bristol hospitals, but negotiations later broadened to include Waterbury Hospital, which has been struggling under Prospect Medical Holdings' ownership and is now tied up in bankruptcy. The financial condition of Waterbury Hospital remains the biggest concern. Driscoll estimated the facility will require at least $250 million in capital improvements after years of underfunding by Prospect. He argued that while UConn Health can quickly stabilize Bristol and Day Kimball, the state will need to provide backing if Waterbury is to become viable. Yale New Haven Health had previously pursued a deal to buy multiple Prospect hospitals, but that effort collapsed during the state’s Certificate of Need process, the report states. Legislative leaders are weighing the proposal. Sen. Saud Anwar, D-South Windsor, supports the acquisition, saying UConn Health should expand its footprint given the high number of Medicaid and Medicare patients it serves. Sen. Heather Somers, R-Groton, said she wants more details before committing, particularly on how the state will ensure Waterbury Hospital can operate sustainably without long-term subsidies. The debate comes as Hartford HealthCare pursues its own bid for Manchester Memorial and Rockville General hospitals, meaning state regulators could soon face two major merger applications at once. Under a new law, the Office of Health Strategy must make decisions within 60 days on acquisitions involving bankrupt hospitals. Gov. Ned Lamont said he is confident the office will move quickly, emphasizing that state leaders are aligned on the need to secure a deal that protects patients and stabilizes the healthcare system, the report relays. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Lokey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. PROST LLC: Unsecured Creditors Will Get 12.4% of Claims in Plan --------------------------------------------------------------- Prost, LLC filed with the U.S. Bankruptcy Court for the Southern District of California a Plan of Reorganization for Small Business dated September 24, 2025. The Debtor is a California limited liability company formed in 2011. Clint Stromberg and Molly Rust, husband and wife, are the managing members of Debtor (collectively, the "Insiders"). Previously, Debtor operated as "Bolt Brewery" at three locations: (1) 8179 Center Street, La Mesa, CA 91942 ("La Mesa Location"), which opened in December 2013, (2) 1971 India Street, San Diego, CA 92101 ("Little Italy Location"), which opened in August 2014, and (3) 2547 San Diego Avenue, San Diego, CA 92010 ("Old Town Location"), which opened in July 2023. In June 2025, Debtor surrendered possession of the Old Town Location. And in July 2025, Debtor surrendered possession of the La Mesa Location. Around this same time, Debtor transitioned the Little Italy Location from Bolt Brewery to Taco Loco. Initial results have been encouraging. The Little Italy Location did not experience any sales decline in the immediate aftermath. And its sales and profitability has grown in the past two months. This Plan has a 60-month term which ends on December 31, 2030. Over this term, the Debtor will have $233,559.80 in projected disposable income. Under the Plan, the Debtor proposes to pay $242,385.38 to creditors. Plan payments will be paid on a quarterly basis with each quarterly payment due not later than the last day of each calendar quarter (i.e., March 31, June 30, September 30, and December 31). Each quarter referred to herein shall be abbreviated. For example, the first quarter of 2026 shall be referred to as 1Q’26. This Plan of Reorganization proposes to pay creditors of Debtor from disposable operating income from normal business operations. Overall, the Plan projects to pay a 12.4% distribution to general unsecured creditors. The Plan provides for the payment of $72,000.00 total to general unsecured claims from 4Q'29 to 4Q'30, which shall be distributed pro rata to holders of allowed general unsecured claims. The Plan provides for the payment of administrative expense claims in full by 1Q'27, and payment of priority tax claims in full (with applicable legal interest) by 3Q'28. Class 3 consists of General Unsecured Claims. Each allowed Class 3(a) claim shall receive a pro rata distribution of equal quarterly payments in the amount of $8,000.00 beginning in 4Q'28 and ending in 4Q'30. The allowed unsecured claims total $581,466.58. This Class is impaired. Each holder of a Class 4 Interest will retain their rights and interests without impairment and will not receive any payments on account for their Class 4 Interests during the life of the Plan. The Plan will be funded with the following: (i) cash on hand, (ii) Debtor's protected disposable income over a period of sixty months, and (iii) pursuit of other estate claims and causes of action, if any. A full-text copy of the Plan of Reorganization dated September 24, 2025 is available at https://urlcurt.com/u?l=1768s4 from PacerMonitor.com at no charge. Counsel to the Debtor: Donald W. Reid, Esq. Law Office Of Donald W. Reid PO Box 2227 Fallbrook, CA 92088 Tel: (951) 777-2460 Email: don@donreidlaw.com About Prost LLC Prost LLC is a San Diego-based food service company operating multiple restaurant and brewery concepts including Taco Loco, Bolt Brewery, and Diego's Baja Grill. Prost LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. S.D. Cal. Case No. 25-03311) on August 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. The Debtor is represented by Donald Reid, Esq. at Law Office Of Donald W. Reid. PSB NY HOLDINGS: Hires Cushner & Associates as Legal Counsel ------------------------------------------------------------ PSB NY Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Todd S. Cushner of Cushner & Associates, P.C. to serve as legal counsel in its Chapter 11 case. Mr. Cushner will provide these services: (a) advising the Debtor concerning the conduct of the administration of this bankruptcy case; (b) preparing all necessary applications and motions as required under the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, and Local Bankruptcy Rules; (c) preparing a disclosure statement and plan of reorganization; and (d) performing all other legal services necessary to the administration of the case. Mr. Cushner will receive $500 per hour, and paralegals will receive $250 per hour. Cushner & Associates, P.C. has received $2,500 in connection with this Chapter 11 case, with $2,500 applied to attorneys' fees. Cushner & Associates, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Todd S. Cushner, Esq. CUSHNER & ASSOCIATES, P.C. 399 Knollwood Road Suite 205 White Plains, NY 10603 Telephone: (914) 600-5502 E-mail: todd@cushnerlegal.com jrufo@cushnerlegal.com About PSB NY Holdings, LLC PSB NY Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-92191) on Sept. 25, 2025. At the time of the filing, the Debtor had estimated assets of between $0 to $50,000 and liabilities of between $100,001 to $500,000. Judge Elizabeth S. Stong oversees the case. Cushner & Associates, P.C. is Debtor's legal counsel. PUERTO RICO: Court Says Oversight Committee Members Firing Unlawful ------------------------------------------------------------------- Jim Wyss and Michelle Kaske of Bloomberg News report that the U.S. District Court of Puerto Rico ruled that the Trump administration overstepped its authority when it dismissed several members of Puerto Rico's Financial Oversight and Management Board (FOMB) in August. The court found that the White House's action to remove the members violated federal law governing the board's structure and independence, according to the report. The administration had fired six of the seven board members, a move that prompted three of them — Arthur Gonzalez, Andrew Biggs, and Betty Rosa — to challenge their removal. They argued that the dismissals were politically motivated and lacked the legal justification required for such action under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), the report states. In a decision issued Friday, October 3, 2025, U.S. District Judge Maria Antongiorgi-Jordan agreed with the plaintiffs, ruling that the White House failed to provide valid cause for their termination. The judge's ruling reinstates the members and reinforces the board’s autonomy as it continues to oversee Puerto Rico's fiscal recovery and debt restructuring efforts. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies; Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. QUORE GEM: Tarek Kiem of Kiem Law Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Tarek Kiem, Esq., at Kiem Law, PLLC as Subchapter V trustee for Quore Gem Miracle, LLC. Mr. Kiem will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kiem declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tarek Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 tarek@kiemlaw.com About Quore Gem Miracle Quore Gem Miracle, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21237) on September 25, 2025, listing up to $50,000 in assets and between $50,001 and $100,000 in liabilities. Nicholas G. Rossoletti, Esq., represents the Debtor as legal counsel. R.W. SIDLEY: Hires Global Real Estate as Real Estate Agent ---------------------------------------------------------- R.W. Sidley, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division, Cleveland, to hire Global Real Estate Advisors, Inc. to serve as real estate agent in its Chapter 11 case. Global Real Estate Advisors will provide these services: (a) assist with the sale of real property located in Madison, OH, identified as PP# 02A002A000170; 0 South Madison Road, Madison, OH; Property Description: 59.11 acres of vacant land; (b) use its efforts in finding a Tenant(s) or Purchaser(s) for the real property; (c) attempt to sell the Premises for the sum of $30,000 per acre or for any other price and/or upon any other terms or conditions to which the Owner consents; (d) perform services based on its expertise in commercial real estate sales; and (e) maintain detailed records of any actual and necessary costs and expenses incurred in connection with these services. Global Real Estate Advisors will charge the Debtor's estate for its services to be paid at the closing of the sale. The fee for the sale of an improved property, or sale of any rights incident to such property, is 10 percent. If the property is donated to an institution, a commission will be due based on the value of the donation. Global Real Estate Advisors is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Global Real Estate Advisors, Inc. 8680 Tyler Boulevard Mentor, OH 44060 About R.W. Sidley Inc. R.W. Sidley Inc. is a construction materials company based in Thompson, Ohio. R.W. Sidley sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12797) on July 2, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Jessica E. Price Smith handles the case. The Debtor tapped Anthony J. DeGirolamo, Esq., as counsel and Root, Spitznas & Smiley, Inc. as accountant. RAS DATA: Hires McCullough P.C. as Insurance Counsel ---------------------------------------------------- RAS Data Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Stephen O'Donnell of McCullough P.C. to serve as special insurance counsel in its Chapter 11 case. Mr. O'Donnell and McCullough P.C. will provide these services: (a) provide insurance analysis, advice and representation in connection with the Chapter 11 Case; (b) provide analysis, advice, counseling and related services as needed in connection with the Debtor's insurance policies; and (c) provide other services as are customarily provided by special insurance counsel in cases of this kind. The Debtor proposes employing McCullough pursuant to the terms set forth in the Legal Services Agreement dated July 28, 2025. McCullough has rendered and continues to render services to the Debtor in the Chapter 11 Case from and since the Petition Date. Accordingly, the Debtor requests that the Court approve McCullough's employment effective as of the Petition Date. McCullough P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Stephen O'Donnell, Esq. MCCULLOUGH P.C. 205 North Michigan Avenue Suite 2550 Chicago, IL 60601 Telephone: (312) 600-0305 About RAS Data Services Inc. RAS Data Services Inc. provides railcar management services across the United States, integrating mechanical and accounting functions with internet-based applications and 24/7 support to optimize maintenance costs and fleet utilization. Founded in 2002, the Company manages approximately 500,000 railcars for shippers, operating lessors, utilities and short-line railroads. RAS Data Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11837) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Adam P. Silverman, Esq. at ADELMAN & GETTLEMAN, LTD. RAZZOO'S INC: Seeks Chapter 11 Bankruptcy Amid Consumer Shifts -------------------------------------------------------------- Joe Guszkowski of Restaurant Business reports that Razzoo's Cajun Cafe has sought Chapter 11 protection in the Southern District of Texas after closing three struggling restaurants in recent weeks. The Addison, Texas-based casual-dining brand said economic pressures, rising competition, and shifts in consumer dining habits have weighed heavily on sales, leaving the company unable to keep up with high rent and debt obligations, according to the report. Founded in Dallas in 1991, Razzoo's became known for its Cajun specialties -- such as oysters, po'boys, and alligator -- served in a lively setting that helped it grow quickly through the 1990s and 2000s. The chain expanded into Oklahoma and North Carolina and operated 24 locations at the beginning of this year, though that number has now fallen to 20 following recent closures. Court filings note the company may need to further trim its footprint to stabilize operations, even as it maintains ambitions for long-term growth across the Southeast, according to Restaurant Business. In its bankruptcy petition, the company said that inflation and post-pandemic dining changes have hurt on-premise traffic, while discount-heavy promotions by competitors like Chili's and Applebee's have drawn away price-conscious diners. A weaker crawfish season—usually one of the chain's busiest periods—also dragged down sales, as lower retail prices and heightened competition reduced revenue. These pressures, the company said, have combined to erode cash flow and profitability, the report states. Razzoo's listed between $10 million and $50 million in assets and liabilities in its filing. Before shuttering locations, its rent obligations reached roughly $650,000 per month, alongside $9.7 million in secured debt and $3.1 million in unsecured debt. With systemwide sales of $76.6 million in 2024, Razzoo's now joins a growing list of casual-dining chains that have turned to bankruptcy in recent months—including Bravo Brio, Iron Hill Brewery, Abuelo's, and Pinstripes—as the sector continues to face mounting economic and competitive headwinds, the report relays. About Razzoo's Inc. Razzoo's, Inc. operates a chain of casual dining restaurants that specialize in Cajun-inspired cuisine and Louisiana-style dishes across Texas, North Carolina, and Oklahoma. Founded in 1991 in Dallas, Texas, the Company has expanded to multiple locations offering a menu that includes seafood, fried specialties, and traditional Cajun items such as boudin balls, Rat Toes, and alligator tail. The restaurants are known for combining bold bayou flavors with a lively atmosphere that reflects Cajun culture and tradition. Razzoo's Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90522) on October 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors are represented by Matthew Okin, Esq., Ryan A. O'Connor, Esq., and Kelley Killorin Edwards, Esq. of OKIN ADAMS BARTLETT CURRY LLP. STOUT RISIUS ROSS, LLC is the Debtors' Financial Advisor. STOUT CAPITAL, LLC is the Debtors' Investments Banker. DONLIN, RECANO & COMPANY, LLC is the Debtors' Claims, Noticing & Solicitation Agent. REDDIRT ROAD: Court Denies Bid to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Florida, Panama City Division, issued a final order denying as moot Reddirt Road Partners, LLC's motions for agreed orders authorizing it to use the cash collateral of Huntington Distribution Finance, Inc. and Wells Fargo Commercial Distribution Finance, LLC. The court clarified that this ruling does not affect the enforceability of prior interim orders granting such relief nor does it negate actions or distributions already made under those prior orders. About Reddirt Road Partners Reddirt Road Partners, LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-50049) on March 12, 2025, listing between $500,001 and $1 million in both assets and liabilities. Judge Karen K. Specie oversees the case. Byron Wright, III, Esq., at Bruner Wright, P.A. is the Debtor's legal counsel. Huntington Distribution Finance, Inc., as secured creditor, is represented by: Brian W. Hockett, Esq. Thompson Coburn, LLP One US Bank Plaza St. Louis, MO 63101 Phone: (314) 552-6461 Fax: (314) 552-7000 bhockett@thompsoncoburn.com RIVERSIDE EXPRESS: Court Extends Cash Collateral Access to Dec. 4 ----------------------------------------------------------------- Riverside Express Car Wash, LLC received another extension from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to use cash collateral to fund operations. At the hearing held on October 2, the court authorized the Debtor's interim use of cash collateral until December 4. The Debtor was previously authorized to use the cash collateral of T Bank N.A. and make a monthly payment of $10,000 to the secured creditor pursuant to the court's September 18 interim order. This interim authorization expired on October 2. T Bank is represented by: Joshua K. Partington, Esq. Nicholas S. Couchot, Esq. Rachel A. McMains, Esq. Snell & Wilmer, L.L.P. 600 Anton Blvd, Suite 1400 Costa Mesa, CA 92626-7689 Telephone: 714.427.7000 Facsimile: 714.427.7799 jpartington@swlaw.com ncouchot@swlaw.com rmcmains@swlaw.com About Riverside Express Car Wash LLC Riverside Express Car Wash LLC operates a car wash facility in Riverside, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 6:25-bk-14654-RB) on July 10, 2025. In the petition signed by Amariah Olson, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Magdalena Reyes Bordeaux oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, represents the Debtor as legal counsel. RIVERSIDE EXPRESS: Employs Doherty Accounting as Accountant ----------------------------------------------------------- Riverside Express Car Wash LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to employ Michelle Doherty, CPA of Doherty Accounting Services, PLLC to serve as accountant in its Chapter 11 case. Doherty Accounting will provide these services: (a) bookkeeping to manage vendor invoices and payments; (b) matching receipts with debit card charges; (c) rendering employee payroll support to ensure payroll is timely paid and taxes and quarterly reports are made on time; (d) preparing quarterly CA sales returns; (e) preparing monthly reconciliation of QuickBooks; (f) preparing Monthly Operating Reports; (g) supporting bankruptcy counsel with documentation required for the bankruptcy case; and (h) preparing annual 1099 filing The Professional agrees to charge a monthly fee of $800, with a $5,600 retainer to be held in the Professional's business account. Payment will be drawn at $800 per month and replenished as necessary with court approval. Doherty Accounting Services, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Michelle L. Doherty, CPA Doherty Accounting Services, PLLC 2420 150th Place SW Lynnwood, WA 98087 Telephone: (310) 801-5668 E-mail: michelle@dohertyaccounting.com About Riverside Express Car Wash LLC Riverside Express Car Wash LLC operates a car wash facility in Riverside, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 6:25-bk-14654-RB) on July 10, 2025. In the petition signed by Amariah Olson, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Magdalena Reyes Bordeaux oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, represents the Debtor as legal counsel. RONALD WILSON: S&P Alters Outlook to Positive, Affirms 'BB' LT ICR ------------------------------------------------------------------ S&P Global Ratings revised the outlook to positive from stable and affirmed its 'BB' long-term rating on the Utah Charter School Finance Authority's series 2016 charter school revenue refunding bonds, issued for Ronald Wilson Reagan Academy (RWRA). The positive outlook reflects steady improvement in the school's financial profile due to consistently positive financial performance that has resulted in growing reserves and a moderating debt burden. The positive outlook also reflects consistency in RWRA's healthy demand profile, which S&P believes well positions it to continue to maintain favorable financial outcomes over the outlook period. S&P said, "We analyzed RWRA's environmental, social, and governance factors and consider them neutral in our credit rating analysis. "The positive outlook reflects our expectation that over the next year the school will maintain its enrollment and good academics, produce favorable operating results, and, despite potential for capital spending, maintain reserve levels that we believe are healthy for the rating while continuing to moderate its debt burden. "In our opinion, if enrollment were to decline or significant capital needs arose affecting RWRA's financial position where coverage and liquidity were to deteriorate, and no longer commensurate with a higher rating, we could revise the outlook to stable. "We could raise the rating if RWRA maintains its current demand profile while sustaining positive operating performance, and growing state funding contributes to further moderation of the debt burden. Clarification on upcoming capital spending plans and its potential affect to liquidity would also be necessary to warrant an upgrade." SANTA ANA EXPRESS: Seeks to Hire Doherty Accounting as CPA ---------------------------------------------------------- Santa Ana Express Car Wash LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to employ Michelle Doherty, CPA of Doherty Accounting Services, PLLC to serve as accountant in its Chapter 11 case. The firm will provide these services: (a) bookkeeping to manage vendor invoices and payments; (b) matching receipts with debit card charges; (c) giving employee payroll support to ensure payroll is timely paid and taxes and quarterly reports are made on time; (d) preparing quarterly CA sales returns; (e) preparing monthly reconciliation of QuickBooks; (f) preparing Monthly Operating Reports; (g) supporting bankruptcy counsel with documentation required for the bankruptcy case; and (h) preparing annual 1099 filing The Professional agrees to charge a monthly fee of $800, with a $5,600 retainer to be held in the Professional's business account. Payment will be drawn at $800 per month and replenished as necessary with court approval. Doherty Accounting Services, PLLC is a “disinterested person” within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Michelle L. Doherty, CPA Doherty Accounting Services, PLLC 2420 150th Place SW Lynnwood, WA 98087 Telephone: (310) 801-5668 E-mail: michelle@dohertyaccounting.com About Santa Ana Express Car Wash, LLC Santa Ana Express Car Wash LLC, doing business as Speedy Clean Car Wash, operates a car wash facility at 2035 N. Tustin Avenue in Santa Ana, California. The Company provides quick, environmentally friendly car wash services featuring a wash completed in approximately six minutes along with free vacuum stations and monthly membership options. Santa Ana Express Car Wash LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-15662) on August 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by Michael Jay Berger, Esq. at LAW OFFICES OF MICHAEL JAY BERGER. SANTIS & ARGENTA: Unsecureds Will Get 18.24% over 60 Months ----------------------------------------------------------- Santis & Argenta, LLC filed with the U.S. Bankruptct Court for the Southern District of Florida a Disclosure Statement describing Plan of Reorganization dated September 26, 2025. The Debtor, a Florida corporation, was founded in September 2016 as LVM Painting, LLC. In November 2022, Debtor changed its name to Santis & Argenta LLC. The Debtor's offices and warehouse are located at 3675 NW 19th Street, Fort Lauderdale, Florida 33311, which is leased. The Debtor is in the cabinet fabrication business. In the months leading up to filing of the original Chapter 11 in 2024, Debtor was in default of payment of seven secured loans: five for equipment and two for vehicles. Balboa Capital Corporation, a secured creditor, had obtained a judgment against Debtor and was threating to issue execution. These liabilities are still outstanding and are being addressed in this bankruptcy. The Plan is a five-year plan and consists of payment of quarterly US Trustee distribution fees owed under Section 1930 of Title 28 from Debtor's prior bankruptcy filing at 24-15278-SMG; two priority tax claims and eight classes, seven of which are impaired. Seven of the classes are secured and there are agreed orders entered as to plan treatment for three classes. A fourth secured creditor has agreed to treatment for its claim, but no relevant pleading has been filed at this time. The unsecured class (Class 8) contains 15 claims totaling $229,990.67, which sum is approximately $15,000 less than in the 2024 case. They will receive a pro rata distribution of 18.24% or a total of $41,951.04 in 8 quarterly payments of $750.00 each in months 1 through 24, followed by 12 quarterly payments of $2,995.92 in months 25 through 60. The IRS holds a small priority claim for $1,000.00 (POC-3-2) and an unsecured claim of $2,500.00, which will be treated as a member of Class 8. The Florida Department of Revenue holds a priority tax claim for sales tax in the amount of $111.25 (POC-9). Class 8 proposes treatment of 15 allowed unsecured claims totaling approximately $229,990.67. They will receive a pro rata distribution of 18.24% or a total of $41,951.04 in 8 quarterly payments of $750.00 each in months 1 through 24, followed by 12 quarterly payments of $2,995.92 in months 25 through 60. A Chapter 7 liquidation analysis of the Plan results in the unsecured creditors receiving a $0 distribution. This class is impaired. Payments and distributions under the Plan will be funded by income generated from the revenues received from the Debtor's cabinet fabrication business. Accordingly, the Debtor is able to perform all of its obligations under the Plan and the Plan satisfies the requirements or conditions set forth in Section 1129(a)(11) of the Code. A full-text copy of the Disclosure Statement dated September 26, 2025 is available at https://urlcurt.com/u?l=q6bex0 from PacerMonitor.com at no charge. Counsel to the Debtor: Chad Van Horn, Esq. Van Horn Law Group, P.A. 500 NE 4th Street #200 Fort Lauderdale, FL 33301 Telephone: (954) 765-3166 Facsimile: (954) 756-7103 Email: Chad@cvhlawgroup.com About Santis & Argenta Santis & Argenta, LLC is in the business of cabinet fabrication and is located at 3675 NW 19th Street, Fort Lauderdale, Florida 33311. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-13236) on April 3, 2024. In the petition signed by Andrey Argenta, president, the Debtor disclosed under $1 million in both assets and liabilities. Judge Scott M. Grossman oversees the case. Chad T. Van Horn, Esq., at Van Horn Law Group, PA, is the Debtor's bankruptcy counsel. SANUWAVE HEALTH: Secures $28M Credit Facility With JPMorgan ----------------------------------------------------------- Sanuwave Health, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a credit agreement among the Company, as a borrower, Sanuwave, Inc., as a guarantor, SanuWave Services, LLC, as a guarantor, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The Credit Agreement provides for a $23 million secured term loan that matures September 25, 2029 and a $5 million secured revolving credit facility that matures September 25, 2027. Availability under the Revolver is subject to a borrowing base composed of eligible accounts receivable. Proceeds of the Facility may be used for working capital and other general corporate purposes and were used at the initial closing, together with cash on hand, to repay all outstanding indebtedness and other obligations under the NWPSA and to pay fees and expenses related to the Credit Agreement. Loans made under the Facility will accrue interest at a rate per annum equal to either, at the Company's option, a term rate based upon the secured overnight financing rate plus a margin of 3.50% or base rate (generally determined according to the higher of the prime rate and 2.5%) plus a margin of 2.50%. Interest is payable in arrears, in the case of loans bearing interest based on term SOFR, at the end of the applicable interest period, and, in the case of loans bearing interest based on the base rate, quarterly in arrears. Amortization on the Term Loan is payable in equal quarterly installments. The Company may prepay outstanding loans at any time without premium or penalty, subject to customary breakage costs in the case of borrowings bearing interest based on term SOFR. The Company's obligations under the Credit Agreement are secured by a lien on substantially all of its and the guarantors' tangible and intangible assets, including the Company's equity interests in its subsidiaries. The Credit Agreement contains customary affirmative and negative covenants that, among other things and subject to certain exceptions, limit the ability of the Company and its subsidiaries to incur additional indebtedness or liens or consummate certain mergers, consolidations and sales of assets. The Company is subject to compliance, as of the end of each quarter, with a maximum total leverage ratio of 2.50 to 1.00 and a minimum fixed charge coverage ratio of 1.25 to 1.00, as each such financial covenant is calculated on a consolidated basis for the most recently completed twelve-month period. The Credit Agreement contains customary representations and warranties and events of default including, among others, payment defaults, breach of covenants, cross-default to material indebtedness, bankruptcy-related defaults, judgment defaults, and the occurrence of a change in control of the Company. The occurrence of an event of default may result in the termination of the Facility, acceleration of repayment obligations and the exercise of remedies by the lenders. Some of the lenders under the Credit Agreement or their affiliates have provided, and may in the future provide, certain commercial banking, financial advisory, and investment banking services in the ordinary course of business for the Company and its subsidiaries, for which they have received and will receive customary fees and commissions. The foregoing description of the Credit Agreement is qualified in its entirety by reference to the text of the Credit Agreement, a copy of which is available at https://tinyurl.com/yckhf7ke In connection with the funding of the Term Loan and initial draw under the Revolver, the Company paid off all amounts due under and terminated in full all commitments under the Note and Warrant Purchase and Security Agreement, dated as of August 6, 2020, with the noteholders party thereto and NH Expansion Credit Fund Holdings LP, as agent, and the related Secured Promissory Note issued to NH Expansion (collectively, the "NWPSA"). The description of the NWPSA contained in the Quarterly Report on Form 10-Q for the period ended June 30, 2025 filed by the Company with the Securities and Exchange Commission is incorporated herein by reference. About SANUWAVE Headquartered in Suwanee, Ga., SANUWAVE Health, Inc. (OTCQB:SNWV) -- http://www.SANUWAVE.com-- is an ultrasound and shock wave technology Company using patented systems of noninvasive, high-energy, acoustic shock waves or low intensity and non-contact ultrasound for regenerative medicine and other applications. The Company's focus is regenerative medicine utilizing noninvasive, acoustic shock waves or ultrasound to produce a biological response resulting in the body healing itself through the repair and regeneration of tissue, musculoskeletal, and vascular structures. The Company's two primary systems are UltraMIST and PACE. UltraMIST and PACE are the only two Food and Drug Administration (FDA) approved directed energy systems for wound healing. New York, NY-based Marcum LLP, the Company's auditor since 2018, 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, citing that the Company has incurred recurring losses, has negative working capital, and needs to refinance its debt to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. For the fiscal year ended December 31, 2024, SANUWAVE had $30.12 million in total assets, $42.84 million in total liabilities, and $12.72 million in total stockholders' deficit. As of June 30, 2025, the Company had $33.05 million in total assets, $47.82 million in total liabilities, and $14.78 million in total stockholders' deficit. SAR AMERICAN: Taps PAM Consulting as Financial Consultant --------------------------------------------------------- SAR American Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to hire Paul McClintock, managing director of PAM Consulting, LLC to serve as financial consultant in its Chapter 11 case. The firm will provide these services: (a) assist the Debtor and its counsel with general matters related to a restructuring and contemplated Chapter 11 proceeding, including but not limited to case strategy development, data gathering, financial analysis, and first day motion preparation, as needed; (b) assist the Debtor with bankruptcy required reporting, including Monthly Operating Reports (MOR); (c) assist the Debtor and its counsel to obtain court approval for debtor-in-possession financing, if needed; (d) assist the Debtor to develop and maintain thirteen-week cash forecasts and any budget-to-actual reporting or other reporting as may be required by potential debtor-in-possession financing; (e) support the development of the Plan of Reorganization, including financial projections, liquidation analysis, claims analysis and reconciliation, and other analysis, as needed; and (f) perform other services as may be agreed upon between McClintock and Debtor. Mr. McClintock will receive compensation at the rate of $250 per hour and requires a $5,000 retainer, which will be drawn on pursuant to court-approved fee applications. In addition, he will be reimbursed for reasonable out-of-pocket expenses, including photocopying, courier fees, postage, travel expenses, and other necessary costs. Mr. McClintock is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. He can be reached at: Paul McClintock 18115 Apache Springs Dr. San Antonio, TX 78259 Telephone: (210) 386-9564 E-mail: paul55@dpr-group.com About SAR American Properties, LLC SAR American Properties LLC operates as a real estate brokerage firm, facilitating the buying, selling, and leasing of properties in the San Antonio area. The Company primarily earns revenue through commissions and transactional services. SAR American Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51470) on June 30, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Michael M. Parker handles the case. The Debtors are represented by Ronald Smeberg, Esq. THE SMEBERG LAW FIRM. SCHAFER FISHERIES: Court Extends Cash Collateral Access to Oct. 31 ------------------------------------------------------------------ Schafer Fisheries, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Western Division, to use the cash collateral of Newtek Small Business Finance, LLC. The court's order authorized the Debtor's interim use of cash collateral through October 31 to pay the expenses listed in its latest budget under previously established terms. As of the petition date, Newtek held a blanket lien on substantially all of the Debtor's assets, including accounts receivable constituting cash collateral. A status hearing is set for October 29. About Schafer Fisheries Schafer Fisheries Inc. is a seafood processor and distributor in Fulton, Ill. Schafer Fisheries filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-80824) on June 20, 2024, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jennifer Schank of Fuhrman & Dodge, S.C. serves as Subchapter V trustee. Judge Thomas M. Lynch oversees the case. Schafer Fisheries tapped The Golding Law Offices PC and Leibowitz, Hiltz & Zanzig, LLC as bankruptcy counsel, and Philip Firrek as consultant. Newtek Small Business Finance, LLC, as secured creditor, is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett, PLLC 10 South Wacker Drive, Suite 2300 Chicago, IL 60606 Tel: 312-876-1700 pgarga@dykema.com SIMBA IL HOLDINGS: Hires Compass Colorado as Real Estate Broker --------------------------------------------------------------- Simba IL Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to hire Steven Shane of Compass Colorado, LLC dba Compass to serve as its real estate broker in its Chapter 11 case. Mr. Shane will provide these services: (a) provide the Debtor with current market conditions and a competitive market analysis; (b) show the property to prospective buyers; (c) negotiate and prepare contracts on behalf of the Debtor; and (d) guide the Debtor through contractual obligations and deadlines. Compass will receive, upon consummation of a sale and subject to court approval, a commission of 4% of the gross purchase price if there is a cooperating broker (2% each), or 3.5% if Compass also represents the buyer as transaction broker. If one or more overbids occur and an auction is held, an additional consultant fee of 0.2% will be paid to Clarence Yoshikane of Berkshire Hathaway Home Services. Commission is not earned until court approval of a purchase agreement and the close of escrow. Compass is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Leonard M. Shulman, Esq. James C. Bastian, Esq. Alan J. Friedman, Esq. Max Casal, Esq. SHULMAN BASTIAN FRIEDMAN BUI & O’DEA LLP 100 Spectrum Center Drive, Suite 600 Irvine, CA 92618 Telephone: (949) 340-3400 Facsimile: (949) 340-3000 Email: lshulman@shulmanbastian.com jbastian@shulmanbastian.com afriedman@shulmanbastian.com mcasal@shulmanbastian.com About Simba IL Holdings Simba IL Holdings, LLC operates as a nonbank holding company that manages equity interests in subsidiary businesses. Simba IL Holdings filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12616) on September 16, 2025, with $10 million to $50 million in assets and $100 million to $500 million in liabilities. Mordechai H. Ferder, manager, signed the petition. Judge Mark D. Houle oversees the case. Leonard M. Shulman, Esq., at Shulman Bastian Friedman Bui & O'Dea, LLP represents the Debtor as legal counsel. SIMPLIA INC: Seeks Subchapter V Bankruptcy in California -------------------------------------------------------- On September 30, 2025, Simplia Inc. filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 200 and 999 creditors. The petition states funds will be available to unsecured creditors. About Simplia Inc. Simplia Inc., based in Los Angeles, California, provides digital marketing and AI solutions, focusing on services such as website development, social media management, and search engine optimization for small businesses. The Company offers AI-powered tools designed to streamline digital marketing processes and tailor solutions to client budgets. It operates within the marketing and advertising services industry. Simplia Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18664) on September 30, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Eve H. Karasik, Esq. of LEVENE, NEALE, BENDER, YOO & GOLUBCHICK, LLP. SIRVA WORLDWIDE: BlackRock FRA Marks $980,000 Loan at 61% Off ------------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $980,000 loan extended to SIRVA Worldwide, Inc to market at $382,072 or 39% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2024 Term Loan to SIRVA Worldwide, Inc. The loan accrues interest at a rate of 12.32% (3-mo. CME Term SOFR at 2% FLOOR + 8%) per annum. The loan matures on August 20, 2029. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882-0052 SIRVA Worldwide, Inc., headquartered in Westmont, Illinois, is a wholly owned operating subsidiary of SIRVA, Inc., which provides relocation services, including transferring corporate and government employees and moving individual consumers. SOLID FINANCIAL: Unsecureds Will Get 34.7% to 100% in Plan ---------------------------------------------------------- Solid Financial Technologies Inc. filed with the U.S. Bankruptcy Court for the District of Delaware a First Amended Subchapter V Plan of Liquidation dated September 25, 2025. The Debtor is a financial technology company that operated a Banking-as-a-Service ("BaaS") business model that enabled its clients (usually fintech and software companies) to embed financial products into their applications or platforms. In 2023, an action (the "FTV Litigation"), Case No. 2023-0975 was brought in the Court of Chancery for the State of Delaware against the Debtor, among others, by FTV VII, L.P. ("FTV"), the lead investor in the Debtor's Series B equity funding round. After the filing of the FTV Litigation, the Debtor was named as a defendant in a number of lawsuits and became the subject of several government investigations and inquiries. In the fall of 2023, certain of the Debtor's other business relationships began to suffer as a result of reported allegations against the Debtor in the fintech space. In early 2025, the Debtor made the decision to wind-down the Company and evaluate potential restructuring and sale opportunities. On April 7, 2025, the Debtor commenced its Chapter 11 Case by filing a voluntary petition for relief under subchapter V of chapter 11 of the Bankruptcy Code to (i) curtail the legal spend associated with the pending litigation that had grown significantly after the FTV Litigation; and (ii) run a sale process for the Debtor's valuable assets, primarily the API. Unfortunately, despite a robust sale process and extensive marketing, the Debtor was unable to find a buyer for its assets. Currently, Class 3 General Unsecured Claims are anticipated to receive between 34.7%–100%6 of their Allowed Claim amounts and Class 4 Preferred Equity Interests may receive up to 72% on account of their Interests. For the avoidance of doubt, Class 4 Preferred Equity Interests will only receive a distribution if (i) a 100% distribution is available to be made to Holders of Class 3 General Unsecured Claims; and (ii) there are additional Estate assets to be distributed after such 100% distribution is made to Holders of Class 3 General Unsecured Claims. Class 3 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim has agreed to a different treatment of such Claim, and only to the extent that any such Allowed General Unsecured Claim has not been paid by the Debtor prior to the Effective Date in full and final satisfaction, settlement, and release of each Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim will receive on account of such Allowed General Unsecured Claim such Holder's Pro Rata Share of any proceeds of the Liquidation Trust Assets, until such Allowed General Unsecured Claims are satisfied in full. The allowed unsecured claims total $5,694,730 to $11,278,109. This Class will receive a distribution of 34.7% to 100% of their allowed claims. On the Effective Date all Common Equity Interests in the Debtor will be cancelled and compromised, and Holders of Common Equity Interests shall receive no distribution on account of such Common Equity Interests. On the Effective Date, (i) the Debtor shall, in accordance with this Plan, cause the Liquidation Trust Assets to be transferred to the Liquidation Trust and (ii) the Liquidation Trust shall assume all obligations of the Debtor under this Plan. On the Effective Date, the Liquidation Trust will be established pursuant to the Liquidation Trust Agreement, which will be filed with the Bankruptcy Court in the Plan Supplement. Upon establishment of the Liquidation Trust, all Liquidation Trust Assets shall be deemed transferred to the Liquidation Trust without any further action of the Debtor or any employees, officers, directors, members, partners, shareholders, agents, advisors, or representatives of the Debtor. A full-text copy of the First Amended Liquidating Plan dated September 25, 2025 is available at https://urlcurt.com/u?l=1ROQYC from Omni Agent Solutions, Inc., claims agent. Counsel to the Debtor: Matthew Ward, Esq. Todd A. Atkinson, Esq. Marcy McLaughlin Smith, Esq. Michael Barber, Esq. Womble Bond Dickinson (US), LLP 1313 North Market Street, Suite 1200 Wilmington, DE 19801 Tel: (302) 252-4320 Fax: (302) 252-4330 Email: matthew.ward@wbd-us.com Email: todd.atkinson@wbd-us.com Email: marcy.smith@wbd-us.com Email: michael.barber@wbd-us.com About Solid Financial Technologies Solid Financial Technologies Inc. is a FinTech platform that enables banks and companies to build, scale, and launch banking and payment solutions with ease. By offering services like account creation, payments processing, and card issuance, Solid integrates with partner banks to deliver seamless financial experiences. The platform prioritizes security and compliance, helping companies navigate regulatory requirements while driving innovation in the financial ecosystem. Solid Financial Technologies Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10669) on April 7, 2025. In its petition, the Debtor reported total assets as of February 28, 2025 of $10,523,766 and total liabilities as of February 28, 2025 of $4,131,647. Judge Brendan Linehan Shannon handles the case. The Debtor tapped Matthew P. Ward, Esq. at Womble Bond Dickinson (US) LLP as counsel and Rock Creek Advisors, LLC as financial advisor. Omni Agent Solutions, Inc. is the Debtor's administrative agent. SOLUTIONS BY THE SEA: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Solutions by the Sea, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral to fund operations. At the hearing held on October 1, the court extended the Debtor's authority to use cash collateral from October 1 to December 2. The Debtor was previously authorized to use cash collateral to pay the amounts expressly authorized by the court and current expenses outlined in its approved budget. It also received approval to grant secured creditors a perfected post-petition lien on cash collateral. This interim authorization expired on October 1. The Debtor's six-month budget projects total operational expenses of $191,808. About Solutions By The Sea Solutions By The Sea, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05035) on August 8, 2025, listing up to $50,000 in assets and between $50,001 and $100,000 in liabilities. Judge Lori V. Vaughan presides over the case. Scott W. Spradley, Esq. at Law Offices Of Scott W. Spradley, P.A. represents the Debtor as legal counsel. SOUTH MOON: Jerome Kerkman Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 11 appointed Jerome Kerkman of Kerkman & Dunn as Subchapter V trustee for South Moon BBQ Incorporated. Mr. Kerkman will be paid an hourly fee of $595 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kerkman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerome R. Kerkman Kerkman & Dunn 839 N. Jefferson St., Suite 400 Milwaukee, WI 53202 Phone: 414.277.8200 Email: jkerkman@kerkmandunn.com About South Moon BBQ Incorporated South Moon BBQ Incorporated sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-81307) on September 25, 2025, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Thomas M. Lynch presides over the case. SPIRIT AIRLINES: Negotiates Up to $475MM DIP Funding w/ Bondholders ------------------------------------------------------------------- Brianna Wilson of Monitor Daily reports that Spirit Aviation, the parent company of Spirit Airlines, announced continued momentum in its Chapter 11 restructuring during proceedings before the U.S. Bankruptcy Court for the Southern District of New York. The airline said it has arranged up to $475 million in debtor-in-possession financing from its bondholders, with $200 million expected to be available once the court gives approval at a scheduled Oct. 10 hearing. Spirit has also gained interim approval to tap $120 million in cash collateral to maintain liquidity. In a major development, Spirit struck a settlement with AerCap Ireland, its largest aircraft lessor, as part of its fleet optimization plan. The agreement includes a $150 million payment to Spirit, the rejection of leases on 27 aircraft, and future delivery of 30 planes. It also resolves ongoing disputes between the companies. Separately, the bankruptcy court approved Spirit's request to shed 12 airport leases and 19 ground handling contracts as part of its efforts to streamline operations, according to Monitor Daily. The company noted that negotiations are ongoing with other lessors and stakeholders. These discussions are aimed at securing additional liquidity and advancing cost-saving measures through further fleet rationalization. Spirit is also engaging with its primary labor unions to explore adjustments to collective bargaining agreements in order to reduce expenses and support the restructuring plan. Chief Executive Officer Dave Davis said the actions represent “significant steps forward” in strengthening Spirit and preparing it for the future. He emphasized that the airline remains committed to providing affordable travel options and praised employees for maintaining safe, reliable service while the restructuring progresses, the report states. 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. SPRINGS WINDOWS: BlackRock FRA Marks $640,000 Loan at 24% Off ------------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $640,000 loan extended to Springs Windows Fashions, LLC to market at $487,513 or 76% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2024 First Lien Second out Term Loan A2, to Springs Windows Fashions, LLC. The loan accrues interest at a rate of 8.44% (1-mo. CME Term SOFR at 1% floor+ 4.11%) per annum. The loan matures on October 6, 2028. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Springs Window Fashions, LLC manufactures and distributes home furnishing products. The Company produces products such as blinds, shades, panels, and drapery hardware. Springs Window Fashions operates in the United States. SS INNOVATIONS: Appoints Naveen Kumar Amar as CFO ------------------------------------------------- SS Innovations International, Inc. announced the appointment of Naveen Kumar Amar as the Company's Chief Financial Officer, effective September 24, 2025. Mr. Amar is assuming the Chief Financial Officer role, on a permanent basis, from Dr. Vishwa Srivastava, who has served as the Company's Interim Chief Financial Officer since July 2025. Dr. Vishwa Srivastava will continue in his capacity as the Company's Chief Executive Officer – Asia Pacific. Mr. Amar brings to SS Innovations more than 25 years of global finance leadership experience spanning a wide range of industries and geographies. During his career, he has amassed expertise in financial accounting and reporting, planning and analysis, budgeting, forecasting, corporate finance, treasury operations, governance, internal controls, and both U.S. and Indian GAAP, among other areas. He has been recognized as one of India's top financial executives by various publications and organizations, including Forbes India magazine, Forbes Asia magazine, CFO India Forum, and Chartered Institute of Management Accountants, London. Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, "Amar brings to SS Innovations a strong track record of building best-in-class finance operations, effective cross-functional teams, and successful businesses across diverse industries and geographies. We are thrilled to welcome a seasoned financial executive of his caliber to our leadership team as we expand the global presence of our advanced, cost-efficient SSi Mantra surgical robotic system." Mr. Amar added, "I am honored to be joining SS Innovations at this exciting stage in its journey to democratize access to advanced surgical robotic care and I look forward to helping the team drive growth and deliver sustainable long-term shareholder value." Most recently, Mr. Amar has provided virtual CFO services to clients based in the United States, Canada and the United Kingdom. Among his previous positions, Mr. Amar served as Head of Finance & Commercial for SpiceXpress, the cargo division of SpiceJet; Global CFO for Munch Ado India Private Ltd., a software enterprise technology provider; Senior Vice President – Finance & Compliance and Company Secretary for MSD Wellcome Trust Hilleman Laboratories Private Ltd., a global vaccine manufacturer; Chief Financial Officer – India & Australia and Company Secretary for EDirect Proprietary Ltd., a telecommunications provider; and India Manager - Financial Consolidation and Company Secretary for GE India. Mr. Amar graduated with a Bachelor of Commerce degree from the University of Delhi and received a post graduate diploma in Business Management from All India Management Association's Centre of Management Education. In addition, he earned the Chartered Accountant designation from the Institute of Chartered Accountants of India as well as the Company Secretary designation from the Institute of Company Secretaries of India. In connection with the appointment, the Company and Mr. Amar entered into a five-year employment agreement providing for a base annual salary of approximately US$163,000 (based on current Indian rupee to U.S. dollar exchange rates). The employment agreement contains customary confidentiality, assignment of proprietary rights, non-competition and non-solicitation provisions. A copy of the employment agreement is available at https://tinyurl.com/444tyhvx About SS Innovations International SS Innovations International, Inc. (OTC: SSII) is a developer of innovative surgical robotic technologies headquartered in Gurugram, Haryana, India. The company's vision is to make robotic surgery benefits more affordable and accessible globally. SSII's product range includes its proprietary "SSi Mantra" surgical robotic system and "SSi Mudra," a broad array of surgical instruments for various procedures, including robotic cardiac surgery. The company plans to expand its presence with technologically advanced, user-friendly, and cost-effective surgical robotic solutions. Gurugram, India-based BDO India, LLP, the Company's auditor since 2024, 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 recurring losses from operations and has negative cash flows from operating activities during the year ended December 31, 2024. The Company is dependent on further funding to meet its obligations to 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 $69,977,771 in total assets, $27,954,902 in total liabilities, and a total stockholders' equity of $42,022,869. STEREO ONE MENDENHALL: Craig Geno Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 8 appointed Craig Geno, Esq., at the Law Offices of Craig M. Geno, PLLC, as Subchapter V trustee for Stereo One Mendenhall, Inc. Mr. Geno will be paid an hourly fee of $250 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Geno declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Craig M. Geno, Esq. Law Offices of Craig M. Geno, PLLC 587 Highland Colony Parkway Ridgeland, MS 39157 Telephone: (601) 427-0048 Facsimile: (601) 427-0050 Email: cmgeno@cmgenolaw.com About Stereo One Mendenhall Stereo One Mendenhall, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-24846) on September 23, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jennie D. Latta presides over the case. Toni Campbell Parker, Esq., at the Law Office Of Toni Campbell Parker represents the Debtor as legal counsel. STEREO ONE: Craig Geno Named Subchapter V Trustee ------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Craig Geno, Esq., at the Law Offices of Craig M. Geno, PLLC, as Subchapter V trustee for Stereo One of Covington Pike, Inc. Mr. Geno will be paid an hourly fee of $250 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Geno declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Craig M. Geno, Esq. Law Offices of Craig M. Geno, PLLC 587 Highland Colony Parkway Ridgeland, MS 39157 Telephone: (601) 427-0048 Facsimile: (601) 427-0050 Email: cmgeno@cmgenolaw.com About Stereo One of Covington Pike Stereo One of Covington Pike, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-24858) on September 24, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge M. Ruthie Hagan presides over the case. Toni Campbell Parker, Esq. at the Law Office of Toni Campbell Parker represents the Debtor as legal counsel. STITCH ACQUISITION: BlackRock FRA Marks $233,000 Loan at 17% Off ---------------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $233,000 loan extended to Stitch Acquisition Corp. to market at $193,379 or 83% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2024 Second out Term Loan to Stitch Acquisition Corp.. The loan accrues interest at a rate of 12.06% (3-mo. CME Term SOFR + 7.50%) per annum. The loan matures on December 31, 2029. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 Stitch Acquisition Corp. operates as SVP Worldwide, an American private company that designs, manufactures, and distributes consumer sewing machines and accessories around the world under three brands: Singer, Husqvarna Viking, and Pfaff. In 2021, Platinum Equity Partners entered into a definitive agreement to acquire SVP Worldwide from Ares Management for $484 million. Stitch Acquisition Corp. was created to be the financial reporting entity of SVP Worldwide going forward. STOLI GROUP: Court Rejects Chapter 11 Plan ------------------------------------------ Law360 and Bloomberg Law report that a Texas bankruptcy judge on Friday, October 3, 2025, denied Stoli Group USA's Chapter 11 reorganization plan, concluding that the company's attempt to repay $78 million in secured debt with 35,000 barrels of unfinished bourbon was unrealistic given the steep downturn in the global bourbon market. The court ruled that the plan's reliance on the barrels as collateral was not "fair or equitable," emphasizing that such assets were too volatile to guarantee repayment, according to the report. In court filings, Stoli Group USA and its bourbon-making affiliate Kentucky Owl LLC argued that the value of their aging bourbon inventory was sufficient to cover debts owed to senior lender Fifth Third Bank NA. However, Judge Scott W. Everett of the U.S. Bankruptcy Court for the Northern District of Texas rejected that reasoning, noting that the valuation was speculative and overly dependent on future market recovery and the uncertain maturation process of the bourbon. The companies initially sought Chapter 11 protection in December 2024, following severe operational and financial setbacks. Stoli cited the impact of a crippling cyberattack, a tightening credit environment, and ongoing disputes with lenders as key reasons for seeking court protection. The bankruptcy filing was aimed at restructuring debt and stabilizing the group's U.S. operations, which include distribution and bourbon production through Kentucky Owl, the report state. With the plan now rejected, Stoli Group USA must return to the drawing board to craft a new restructuring proposal that meets the court's standards and addresses creditors' concerns. The ruling leaves the company under continued financial pressure as it seeks to preserve operations and rebuild confidence among investors and business partners, the report relays. About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's legal counsel. SUPER RICH: Seeks to Hire Siconolfi PLLC as Legal Counsel --------------------------------------------------------- Super Rich NY Corporation d/b/a Chada seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Sally Siconolfi, Esq. and H. Bruce Bronson, Esq. of Siconolfi PLLC to serve as legal counsel in its Chapter 11 case. The professionals will provide these services: (a) assist in the administration of this Chapter 11 proceeding; (b) prepare or review operating reports; (c) set a bar date; (d) file a motion to assume its lease; (e) review claims and resolve claims which should be disallowed; (f) defend lift stay motions; (g) draft a plan of reorganization including all exhibits and schedules thereto; (h) confirm a Chapter 11 plan; and (i) all other services necessary to confirm a plan in bankruptcy or defend the bankruptcy. Siconolfi PLLC received a $25,000 retainer plus a $1,738 filing fee prior to the petition date. The firm bills at $550 per hour for attorney time and $250 per hour for paralegal or legal assistant time. Siconolfi PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Sally Siconolfi, Esq. H. Bruce Bronson, Esq. SICONOLFI PLLC 2 Peter Cooper Road #4G New York, NY 10010 Telephone: (646) 245-8949 E-mail: sallysiconolfi@siconolfipllc.com About Super Rich NY Corporation d/b/a Chada Super Rich NY Corporation d/b/a Chada sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11938) on September 5, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $100,001 and $500,000. Judge Lisa G. Beckerman oversees the case. Siconolfi PLLC is Debtor's legal counsel. SUPERIOR ENERGY: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has assigned Superior Energy Services, Inc. and SESI, LLC (together Superior) first-time Long-Term Issuer Default Ratings (IDR) of 'BB-'. The Rating Outlook on the IDRs is Stable. Fitch has also assigned a 'BB' rating with a Recovery Rating of 'RR3' to the proposed senior secured notes issued by SESI. Superior's ratings are supported by the company's accretive acquisition of Quail Tools, LLC, management's track record of strategic repositioning initiatives, the company's diversified customer base, positive projected FCF generation and midcycle leverage of 1.5x. These factors are partially offset by the volatile nature of the oilfield services sector. The ratings assume the successful launch of the proposed secured notes and repayment of existing debt. Key Rating Drivers Proposed Notes Establish Capital Structure: Fitch views Superior's proposed senior secured notes favorably, as they will establish a more permanent capital structure and facilitate the repayment of existing transaction-related debt. The company will have a simple debt structure and an extended maturity profile to 2030, which supports continued reinvesting in its rentals business and potential bolt-on acquisitions. The upsized $200 million ABL credit facility will also mature in 2030 and provide additional liquidity, which Fitch expects the company to use minimally in the base case. Accretive Quail Transaction: Fitch views the company's $600 million acquisition of Quail Tools, LLC as a credit positive, as it materially expands Superior's scale and U.S. land market exposure via a high-margin, FCF-generating business. Quail is a leading provider of premium oilfield rental tools and equipment, maintains significant market share in the U.S., and will substantially improve Superior's margins and FCF. Management expects the acquisition to deliver material synergies, including lower labor costs, facilities rationalization, and commercial and supply-chain optimization, most of which Fitch views as achievable. Strategic Shift to Rentals: Fitch believes Superior's strategic repositioning initiatives and focus on reinvesting capital in its high-margin, capex-light rentals product lines will expand margins and drive better performance through the cycle. Since 2019, the company has eliminated many labor-intensive, service-oriented and commoditized product lines and has exited weaker-performing onshore and offshore regions. Management reports this rationalization produced around $30 million of incremental EBITDA on $600 million less revenue. Fitch recognizes the strong margin performance of the rentals business through prior cycles and expects further strengthening with Quail. Global Reach, Diversified Customer Base: Superior has a global presence with a focus on attractive international markets and a diversified customer base including oil and gas majors and national oil companies. Around one-third of the company's revenue is generated internationally, primarily through multiyear contracts, and the remainder is split between U.S. onshore and offshore markets. Superior's top 12 customers represent around 61% of revenue, and no single customer accounts for more than 10% of revenue, which Fitch views as a credit positive. Superior's operations in Argentina (CCC+ IDR), which accounted for around 10% of standalone revenue in 2024, are credit neutral. Positive FCF Generation: Fitch projects strong EBITDA margins in the high-30% range and FCF of around $125 million-$150 million in 2026. Fitch expects similar margins and FCF thereafter through the base case at Fitch's base-case price deck, which declines toward the agency's $57 per barrel (bbl) midcycle West Texas Intermediate (WTI) oil price forecast for 2028. Management intends to reinvest excess FCF back into the business for capex, and to maintain liquidity and pursue growth initiatives. 1.5x Mid-Cycle Leverage: Fitch's base case projects gross leverage of 1.4x in 2026, increasing only modestly toward 1.6x in 2028, in-line with the agency's price assumptions. Management is targeting less than 1.0x net leverage in today's market, with tolerances up to 1.5x following any potential M&A activity with the expectation of deleveraging post-close. Following Superior's management change in 2H24, no dividends have been paid to the sponsor, which Fitch expects to continue. Peer Analysis Pro forma the Quail acquisition, Superior is forecast to generate EBITDA of around $450 million in 2026, with EBITDA margins in the high-30% range. In terms of scale, the company will be smaller than diversified peer Weatherford International Public Limited Company (BB/Stable), larger than Helix Energy Solutions Group, Inc. (BB-/Stable), Seadrill Limited (B+/Stable) and Precision Drilling Corporation (BB-/Stable), and of similar scale as Valaris Limited (B+/Stable) and Tidewater Inc. (B+/Stable). The company's EBITDA margins are comparable to Tidewater Inc., but higher than those of the remaining peers, and are primarily supported by the company's rental businesses. Fitch considers Superior's rental segment margins more resilient than its peers through the cycle, evidenced by rental EBITDA margins of around 40% during the prior two downturns, compared with the offshore drilling peers' margins, which fell to the high-teens and single digits. Superior also has greater end-market exposure and lower customer concentration than the offshore-focused peers, although not to the same degree as Weatherford. From a leverage perspective, nearly all the peers maintain leverage below 2.0x and are generating positive FCF, which supports credit profiles at current rating levels. Key Assumptions - WTI oil prices of $65/bbl in 2025, $60/bbl in 2026 and 2027 and $57/bbl in 2028 and thereafter; - Henry Hub natural gas prices of $3.40/ one thousand cubic feet (mcf) in 2025, $3.50/mcf in 2026, $3.00 in 2027 and $2.75/mcf in 2028 and thereafter; - Proposed notes issuance is completed and existing debt repaid as contemplated; - Acquisition-related revenue growth in 2026 followed by single-digit growth in 2027 and modest declines thereafter; - High 30% EBITDA margins in 2026 and 2027 followed by modest declines toward the mid-to-low thirties thereafter; - No material M&A activity; - No dividends, excess cash reinvested into business. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Inability to generate FCF, resulting in a weakening of the liquidity profile; - Deviation from stated financial policies, including overly debt-funded M&A or significant dividends; - Midcycle EBITDA leverage above 3.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Increased size and scale or diversification while maintaining EBITDA margins; - Midcycle EBITDA leverage below 2.0x. Liquidity and Debt Structure Superior will maintain full availability under its upsized $200 million ABL credit facility and will hold over $250 million cash on hand following the proposed notes issuance. The liquidity profile is further supported by Fitch's forecast of positive FCF, which should facilitate minimal use of the ABL. Management intends to maintain around $150 million of cash on its balance sheet, with excess FCF used for organic growth opportunities or potential bolt-on M&A. Issuer Profile Superior Energy Services is a leading energy services company with a robust portfolio of strategically positioned rentals and well services brands, serving blue chip customers across a global footprint and all phases of the well lifecycle. Date of Relevant Committee 17-Sep-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- SESI, L.L.C. LT IDR BB- New Rating senior secured LT BB New Rating RR3 Superior Energy Services, Inc. LT IDR BB- New Rating SVG 26 LLC: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------- Kirk O'Neil of The Street reports that SVG 26 LLC, the parent company of The Alton Distillery, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of New York, seeking to restructure its finances and maintain ongoing operations. The Bethel, New York-based company submitted its petition on September 25, 2025 listing between $1 million and $10 million in both assets and liabilities. Founded in 2010, The Alton Distillery has built a strong reputation for producing handcrafted, high-quality spirits that have earned industry recognition. Its product lineup includes the well-known Peace Vodka and The Alton Classics collection, which features New York Straight Rye Whiskey and New York Straight Bourbon Whiskey, the report states. The company takes pride in its traditional distilling methods, using natural yeast, pure Catskill Mountain water, and charred American oak barrels to age its whiskeys. Despite the financial challenges leading to its bankruptcy filing, The Alton aims to continue operations while navigating its reorganization process, the report relays. About SVG 26 LLC SVG 26 LLC, dba Alton Distillery, is known for crafting premium, small-batch spirits that have gained recognition within the industry. Its offerings include the popular Peace Vodka and The Alton Classics line, featuring New York Straight Rye Whiskey and New York Straight Bourbon Whiskey. SVG 26 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44613) on September 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. SWAHILI VILLAGE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Swahili Village M Street, LLC f/d/b/a The Consulate 1990 M Street, NW Washington, DC 20036 Business Description: Swahili Village M Street, LLC operates a chain of restaurants specializing in authentic East African cuisine in the United States. The Company offers a diverse menu featuring dishes such as goat stew, chapati wraps, grilled chicken, fried tilapia, and coconut beans, catering to both meat-eaters and vegetarians. It operates multiple locations, including Beltsville, Washington D.C., Newark in Maryland, and New Jersey, and provides dining, reservations, and event-hosting services. Chapter 11 Petition Date: September 26, 2025 Court: United States Bankruptcy Court District of Columbia Case No.: 25-00437 Judge: Hon. Elizabeth L Gunn Debtor's Counsel: Craig M. Palik, Esq. MCNAMEE HOSEA, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: (301) 441-2420 Email: cpalik@mhlawyers.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kevin Onyona as member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HSGZSRQ/Swahili_Village_M_Street_LLC__dcbke-25-00437__0001.0.pdf?mcid=tGE4TAMA SYNERGY MEDICAL: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Synergy Medical Services, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division, to use cash collateral. The final order signed by Judge Karen Speci authorized the Debtor to use cash collateral for ordinary monthly expenses and fees. As adequate protection, the court granted the U.S. Small Business Administration post-petition security interests in and liens on all of the Debtor's personal property, including accounts receivable, to the same extent as its pre-bankruptcy security interests and liens. The court also required the Debtor to make monthly payments of $3,000 to the SBA as additional protection. Any default by the Debtor of its obligations must be cured within seven days of service of the default notice. About Synergy Medical Services Synergy Medical Services, LLC provides home healthcare services across Florida. The Company offers skilled nursing, specialized nursing services, physical therapy, and home health aides. Its team of registered nurses and therapists delivers in-home care focused on professional, round-the-clock support. Synergy Medical Services sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30599) on June 27, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Karen K. Speci handles the case. The Debtor is represented by: Robert C. Bruner, Esq. Bruner Wright, P.A. Tel: 850-385-0342 Email: rbruner@brunerwright.com Byron Wright, III Bruner Wright, P.A. Tel: 850-385-0342 Email: twright@brunerwright.com TABERNACLE CHRISTIAN: Section 341(a) Meeting of Creditors on Oct.30 ------------------------------------------------------------------- On September 29, 2025, Tabernacle Christian Center Ministries Inc. filed Chapter 11 protection in the Southern 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 October 30, 2025 at 08:30 AM by TELEPHONE. About Tabernacle Christian Center Ministries Inc. Tabernacle Christian Center Ministries Inc. operates as a religious organization based in Florida, providing Christian worship services, educational programs, and community outreach initiatives. The organization is led by Bishop Jeff Terrelonge and conducts activities including Sunday worship, Bible study, youth services, and volunteer-driven community programs. Tabernacle Christian Center Ministries Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21466) on September 29, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Mark S. Roher, Esq. of LAW OFFICE OF MARK S. ROHER, P.A. TAX TIME: Jonathan Dickey Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Jonathan Dickey as Subchapter V trustee for Tax Time LLC. Mr. Dickey will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dickey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jonathan M. Dickey, Esq. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 303-832-2400 Email: jmd@kutnerlaw.com About Tax Time LLC Tax Time, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-16241) on September 26, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Aaron J. Conrardy, Esq., represents the Debtor as legal counsel. The Debtor is represented by: Aaron J. Conrardy, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Phone: 303-296-1999 aconrardy@wgwc-law.com TBB DEEP: Affiliate Seeks to Sell Kitchen Equipment at Auction -------------------------------------------------------------- The Biscuit Bar LLC and affiliate, TBB Deep Ellum LLC, seek permission from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to sell substantially all Assets, free and clear of all liens, claims, interests, and encumbrances. On September 3, 2025, the Debtors filed their Motion to Assume Non-Residential Real Property Leases seeking to assume: -- that certain Retail Lease by and between TBB Abilene LLC, and dated as of March 29, 2019; -- that certain Commercial Lease by and between TBB Boardwalk LLC and GPI Boardwalk, LP, and dated as of September 22, 2017; -- that certain non-residential real property lease by and between TBB Coppell LLC and 104 S Denton Tap, LP; -- that certain Retail Lease by and between TBB North Arlington LLC and NEC Collins & I-30 Partners LP, and dated as of June 6, 2019; -- that certain Shopping Center Lease by and between TBB Stockyards FW LLC and Fort Worth Heritage MB, LLC, and dated as of July 5, 2019. The Debtors have entered into that certain Asset Purchase Agreement (APA) by and among Biscuit Brand Holdings, LLC, and The Biscuit Bar, LLC, TBB Abilene, LLC, TBB Boardwalk, LLC, TBB Deep Ellum LLC, TBB North Arlington LLC, and TBB Stockyards FW LLC with the Biscuit Brand Holdings, LLC as the Purchaser. The Debtors' have attempted a good faith reorganization. However, the headwinds in the fast-casual dining industry have made further reorganization untenable. The Debtors have pivoted over the past several months to marketing the Debtors' business and brand for sale to a third party. The Debtors had several potential buyers, but only one has materialized into a firm offer. The Debtors seek authority to sell substantially all their Assets, consisting mainly of commercial kitchen equipment, and to assume and assign the Leases to the Purchaser. In exchange, the Purchaser has agreed to serve as the stalking horse bidder and submit an opening bid of $417,000 plus the assumption amounts for the Leases. The sale will provide for the assumption of Leases, and the continuation of the Biscuit Bar brand. Included Assets are substantially all the assets of the Debtors, including but not limited to intellectual property, contract rights, personal property, rights under warranties, and causes of action related to purchased assets. The closing of the sale is no later than November 30, 2025. In addition to the key terms, the Debtors wish to highlight the following pertinent provisions: * Agreements with Management. Jacob and Janie Burkett (the Debtors' members) have agreed to continue operating the Debtors and will be employees of the Purchaser. Jacob and Janie Burkett are negotiating an ownership share in the Purchaser in exchange for their services to the Purchaser. * Good Faith Deposit. The Sale will be subject to an open auction process as described in the Bid Procedures Motion. Purchaser will not be required to submit a good faith deposit in connection with the APA. The Purchaser's ability to close the sale is subject to a separate financing contingency. * Interim Arrangements with Proposed Buyer. Prior to Closing, Purchaser is granted no management rights in connection with the Debtors; however, the Debtors are required under the APA to maintain the business in the ordinary course. * Use of Proceeds. The Debtors intend to use the proceeds to pay secured claims, administrative claims, and cure amounts. * Sale of Avoidance Actions. The APA does not sell or otherwise limit the Debtors' rights to pursue avoidance claims under Chapter 5 of the Bankruptcy Code. * Successor Liability. The APA limits Purchaser's successor liability. The Purchase Price under the APA is equal to or greater than the value of the assets being purchased. The Debtors only significant assets are used commercial kitchen equipment with little to no real market value. The competitive auction process is likewise intended to achieve the highest and best price for the assets. Accordingly, the cash component of the Purchase Price allocated to the Assets ($417,000) exceeds the value of the liens on the Assets. About TBB Deep Ellum TBB Deep Ellum, LLC operates as The Biscuit Bar and provides counter-service dining featuring biscuit sandwiches and full-bar service. The company operates from its location at 2550 Pacific Avenue in Dallas's Deep Ellum neighborhood. TBB Deep Ellum filed a Chapter 11 petition (Bankr. D. Texas Case No. 25-30207) on January 21, 2025, listing between $50,000 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Michelle V. Larson handles the case. On February 12, 2025, the bankruptcy court ordered the joint administration of TBB Deep Ellum's case and the Chapter 11 cases filed by its affiliates on February 6, 2025. The affiliates are TBB Boardwalk, LLC, TBB North Arlington, LLC, TBB Stockyards FW, LLC, TBB Coppell, LLC, and TBB Abilene, LLC. Judge Michelle V. Larson oversees the cases. The Debtors' legal counsel is Thomas Berghman, Esq., at Munsch Hardt Kopf & Harr, P.C., in Dallas, Texas. TERRAFORM GLOBAL: Moody's Confirms 'Ba3' CFR, Outlook Negative -------------------------------------------------------------- Moody's Ratings confirmed TerraForm Global Operating LP's (Terraform Global) ratings, including its Ba3 Corporate Family Rating, Ba3-PD probability of default rating, and Ba3 senior unsecured rating, with a negative outlook. Terraform Global's speculative grade liquidity (SGL) rating was downgraded to SGL-4 from SGL-3. This concludes the review for downgrade initiated on January 28, 2025. RATINGS RATIONALE "The confirmation of Terraform Global's Ba3 ratings review reflects the company's progress in reducing debt outstanding in 2025 as well as pending asset sales that should lead to further debt reduction," said Jillian Cardona, Moody's Ratings AVP-Analyst. Most recently, after the end of the second quarter of 2025, Terraform Global utilized approximately $31 million in proceeds from new project-level debt at its Brazil assets to reduce the amount of senior unsecured debt due March 01, 2026 to $125 million from $157 million. Throughout 2025, the company has steadily lowered its outstanding holding company senior notes from a beginning-year balance of $325 million. The negative outlook reflects the uncertainty related to timing of expected renewable asset sales and financings. The company intends to use proceeds from asset sales and financings to redeem additional senior unsecured notes before the unsecured bond maturity. However, these transactions have not yet been determined. Any stabilization of the outlook will depend on the timing and expected proceeds from asset sales or financings, as well as management's execution of alternative plans should asset sales not be completed well before the March 2026 maturity of the notes. Moody's expects the company to repay or refinance the $125 million of near-term maturing notes by early next year, although execution of that debt paydown remains a risk and is a driver of the negative outlook. Moody's expects Terraform Global to continue generating operating cash flow from its remaining assets over the next year, primarily from its wind and solar assets in China and Brazil, which are exposed to some degree of generation volume volatility. Additionally, the ratings confirmation considers Terraform Global's ownership by affiliates of Brookfield Corporation (Brookfield, A3 stable), which has substantial liquidity resources and could provide support if needed to ensure the notes maturing in March are redeemed or refinanced. LIQUIDITY The downgrade of Terraform Global's speculative grade liquidity rating to SGL-4 from SGL-3 reflects the company's weak liquidity, primarily driven by the approaching maturity of $125 million of senior unsecured holding company notes in March 2026 and the limited internal cash flow resources available to meet this maturity. In addition, the company's $45 million revolving credit facility has become current, exacerbating the company's weak liquidity position. Terraform Global's $45 million credit facility had no borrowings or letters of credit outstanding as of September 30, 2025. Barring successful asset sales, additional asset level financings, or an increase or extension of the revolving credit facility, Terraform may have to rely on its owners to meet next year's debt maturities. As of June 30, 2025, Terraform Global reported cash and cash equivalents of approximately $72 million. Following the second quarter-end, the company used around $31 million in proceeds from project-level debt financings at its Brazil assets for holding company debt reduction, leaving roughly $40 million of available cash on hand. While projects in Brazil and China continue to generate cash flow, the current cash balance is insufficient to cover the upcoming debt maturity, representing a key near-term liquidity pressure. Moody's expects Terraform Global to remain in compliance with the financial maintenance covenants under its credit facility, which is secured by interests in its projects. These covenants include a maximum leverage ratio of 5.50x (net debt to CAFDS), with the company reporting a ratio of 2.52x as of June 30, 2025. Additionally, the facility includes a distribution test, requiring a minimum interest coverage ratio of 1.75x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO A DOWNGRADE The ratings could be downgraded if the planned asset sales do not materialize as expected and management does not execute alternative plans to pay off or refinance the remaining notes well before the March 2026 maturity date, or if there are operating problems or other issues associated with its projects, such as weather or curtailment events, that materially reduce the amount cash available for debt service. FACTORS THAT COULD LEAD TO AN UPGRADE An upgrade of TGO's ratings in the near-to-intermediate term is unlikely given the negative outlook and upcoming bullet debt maturity. LIST OF AFFECTED RATINGS Issuer: TerraForm Global Operating LP Downgrades: Speculative Grade Liquidity Rating, Downgraded to SGL-4 from SGL-3 Confirmations: LT Corporate Family Rating, Confirmed at Ba3 Probability of Default Rating, Confirmed at Ba3-PD Senior Unsecured, Confirmed at Ba3 Outlook Actions: Outlook, Changed To Negative From Rating Under Review The principal methodology used in these ratings was Unregulated Utilities and Power Companies published in August 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. PROFILE TerraForm Global Operating LP (TGO) owns and operates a fleet of wind and solar assets in Brazil and China. TPO's installed capacity of wind and solar generation capacity approximates 473 Megawatts (MWs). The senior unsecured notes are unconditionally guaranteed by TGO's sole member, TerraForm Global LLC. Terraform Global Inc., TGO's parent company, is owned by affiliates of Brookfield Corporation (Brookfield, A3 stable), previously Brookfield Asset Management Inc. Brookfield Infrastructure Fund III (BIF III), which owns 100% of BRE GLBL Holdings LP, is TGO's direct parent company. Brookfield Renewable Partners LP, a subsidiary of Brookfield, holds a 31% interest in BRE GLBL Holdings LP through its participation in BIF III. The fund was set up in 2016 with a 12-year term, subject to one-year extension options. THRILL INTERMEDIATE: Seeks Ch. 11, Oct. 30 Sec. 341 Meeting ----------------------------------------------------------- On September 28, 2025, Thrill Intermediate LLC filed Chapter 11 protection in the District of Nevada. According to court filing, the Debtor reports between $100 million and $500 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. The Bankruptcy Court's Las Vegas division will hold the First Meeting of Creditors on October 30, 2025. All non-governmental creditors are required to submit their Proofs of Claim to the court no later than January 28, 2026. About Thrill Intermediate LLC Thrill Intermediate LLC, a Las Vegas-based holding company, through its direct and indirect wholly owned subsidiaries, creates and produces television content and has at times produced live entertainment events, most notably the MTV show Ridiculousness, a 30-minute studio clip show where host Rob Dyrdek and co-hosts comment on viral videos featuring stunts, mishaps, and everyday chaos, which constitutes roughly half of MTV's programming. The Company also manages subsidiaries involved in media production, digital marketing, event management, and intellectual property. Thrill Intermediate LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-15714) on September 28, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mike K. Nakagawa handles the case. The Debtor is represented by Gregory E. Garman, Esq. of GARMAN TURNER GORDON LLP. TIME OUT: To Sell Home Park Property to MHCI Group for $13MM ------------------------------------------------------------ John C. Bircher, III, Chapter 7 Trustee for TOPPOS, LLC, Top Park Services, LLC, Time Out Properties, LLC, Grand Valley MHP, LLC, Prairie Knolls MHP, LLC, and Rolling Acres MHC, LLC, seeks permission from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Fayetteville Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Trustee filed an application to employ Robert J. Tramantano and Great Neck Realty Company of North Carolina, LLC, to market substantially all of their assets, including both the real property (including any transferrable licenses associated with the real property held by the Debtor), personal property, and lease contracts for manufactured home units. Broker has diligently marketed the Sale Assets and has received an offer from MHCI Group to purchase the real property owned by Debtors Grand Valley, Prairie Knolls, and Rolling Acres, the real property owned by Cedarbrook MHP, LLC, and Maple Creek MHP, LLC, and the unencumbered personal property owned by TOPPOS, LLC, which is located on the real property owned by each of the previous entities. MHCI Group has executed an Asset Purchase Agreement, which is expressly subject to Bankruptcy Court approval in all respects. The purchase price is $13,000,000.00 and the earnest money deposit is $650,000. The closing is 15 days following entry of an order approving this motion, subject to terms and conditions of Purchase Agreement. The break-up fee is $390,000. The Trustee and the Purchaser shall each be responsible for its own attorneys' fees incurred in connection with the Purchase Agreement, the Bankruptcy Case and the transactions or other matters contemplated hereby or thereby. The Trustee has negotiated a carve-out for the estate equal to approximately 13.5% of the proposed purchase price, with a minimum of $11.25 million to be paid to the secured lender holding a lien on the real property, M&T Realty Capital Corporation. That carve-out shall be used to pay the commission of Broker as well as the Trustee with the remaining proceeds payable to the bankruptcy estate. The purpose of this Motion is to seek approval of the proposed sale of the Property in accordance with the terms of the Purchase Agreement, subject to the submission of additional qualified offers prior to the expiration of the Bid Deadline. The Debtor represents the Purchase Agreement has been negotiated in good faith and at arms-length, and the procedures set forth herein are fair and reasonable while recognizing the opportunity for competing offers or bids for the Property. The Trustee requests authorization to use the proceeds of the sale as follows: a. M&T Realty Capital Corporation, a creditor holding a valid, perfected security interest in the real property will be paid proceeds of the sale of its collateral as follows: 1. $11,250,000 if the highest bid is the Stalking Horse Offer in the Purchase Agreement attached; or, 2. If a higher Qualified Bid is received on which the Trustee receives Court approval to close, $11,250,000 plus 94.2% percent of the difference between the highest Qualified Bid minus the Break-Up Fee and $13,000,000. For example, if the highest Qualified Bid received is $15,000,000 and Trustee closes on that Qualified Bid, M&T Realty Capital Corporation would receive $11,250,000 plus 94.2% of ($15,000,000 minus $390,000 minus $13,000,000), for a total of $12,766,620. b. Broker will be paid its commission at closing equal to two and one half percent of gross proceeds less than or equal to $10,000,000.00; plus one and three-quarters percent of the incremental gross proceeds between $10,000,001.00 and $20,000,000.00; plus three-quarters percent of the incremental gross proceeds between $20,000,001.00 and $30,000,000.00; plus one-half percent of the incremental gross proceeds in excess of $30,000,000.00, as set forth in the Application to employ Broker. In the event that there is more than one Transaction, the Transaction Fee shall apply to cumulative gross proceeds realized from all Transactions. c. The Trustee will be paid a three percent commission on the gross sale proceeds; d. Proceeds will next be used to pay taxes and fees incurred as a result of the sale. Secured creditors retain their right to seek stay relief as to any portion of assets that are not sold, and to seek approval and payment of post-petition interest, attorneys' fees and other amounts payable. About Time Out Properties, LLC Time Out is a holding company that owns 100% of the equity in each of Prairie Knolls, Grand Valley MHP, LLC, and Rolling Acres MHC, LLC, each of which own and operate a mobile home park. Time Out Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 24-19722) on September 20, 2024, with $1 million to $50 million in both assets and liabilities. The petition was signed by Neil Carmichael Bender, II as manager. Judge Scott M Grossman oversees the case. The Debtor is represented by Bradley S. Shraiberg, Esq. at Shraiberg Page P.A. TMK HAWK: BlackRock FRA Marks $1.8MM Loan at 40% Off ---------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $1,824,000 loan extended to TMK Hawk Parent Corp to market at $1,094,740 or 60% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2024 Term Loan to TMK Hawk Parent Corp. The loan accrues interest at a rate of 9.58% (1-mo. CME Term SOFR at 1% floor+ 2%, 3.25 PIK) per annum. The loan matures on June 30, 2029. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 TMK Hawk Parent Corp. is the holding company of TriMark USA, LLC, a foodservice equipment and supplies distributor. TOTAL AUTO: 4th Circuit Tosses Bayramov v. Wee, et al. Appeal ------------------------------------------------------------- Judges Roger L. Gregory, James Andrew Wynn and Henry F. Floyd of the United States Court of Appeals for the Fourth Circuit dismissed the appeal styled ELSHAN BAYRAMOV, Appellant, v. JOLENE E. WEE, Chapter 11 Trustee, Trustee - Appellee, and AMERICAN CREDIT ACCEPTANCE, LLC, Creditor - Appellee, No. 25-1100 (4th Cir.) for lack of jurisdiction. Elshan Bayramov seeks to appeal the order of the United States District Court for the Eastern District of Virginia affirming the bankruptcy court's orders authorizing the Fed. R. Bankr. P. 2004 examination of Bayramov and denying his motion for reconsideration. This court may exercise jurisdiction only over final orders, 28 U.S.C. Sec. 1291, and certain interlocutory and collateral orders, 28 U.S.C. Sec. 1292. According to the panel, the orders Bayramov seeks to appeal are neither final orders nor appealable interlocutory or collateral orders. A copy of the Court's Opinion is available at https://urlcurt.com/u?l=dCECli Counsel for Trustee - Appellee: Dylan Gillespie Trache, Esq. NELSON MULLINS RILEY & SCARBOROUGH, LLP 101 Constitution Avenue, NW, Suite 900 Washington, DC, 20001 E-mail: dylan.trache@nelsonmullins.com About Total Auto Financing LLC Total Auto Financing, LLC is in the business of automotive finance for sub-prime car purchasers using retail installment contracts. It was formed by Elshan Bayramov and Babak Bayramov on September 28, 2020. It provides loan portfolio management services for a $48 million loan portfolio employing eight persons in the U.S. and eight persons in the Bayramovs' native country of Azerbaijan. Total Auto Financing sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 23-11867) on November 15, 2023, with $10 million to $50 million in both assets and liabilities. Elshan Bayramov, member-manager, signed the petition. Judge Brian F. Kenney oversees the case. Martin C. Conway, Esq., at Conway Law Group, PC represents the Debtor as counsel. On February 13, 2024, Jolene E. Wee was appointed as Chapter 11 trustee in this case. The trustee tapped YVS Law, LLC and Baker & Hostetler LLP as special counsel and HBM Management Associates LLC as insolvency professional. TPI COMPOSITES: Creditors Sue Oaktree Over Pre-Ch. 11 Uptier Deal ----------------------------------------------------------------- Randi Love of Bloomberg Law reports that the unsecured creditors' committee in TPI Composites' Chapter 11 has filed an adversary complaint in the U.S. Bankruptcy Court for the Southern District of Texas, targeting a prepetition "uptier" deal with Oaktree-affiliated funds. The committee alleges that Oaktree converted approximately $400 million of preferred equity into secured debt without providing new value, effectively elevating its claims over those of unsecured noteholders, according to the report. The complaint seeks to void the transaction, recharacterize Oaktree's claims, or subordinate them to restore recovery prospects for other creditors. The challenge comes as tensions grow over TPI's financing structure and sale plans since its August bankruptcy filing. Oaktree's role as both prepetition backer and DIP lender has drawn objections from junior creditors, who argue the financing gives Oaktree excessive influence and the ability to credit-bid its claims at auction. TPI, meanwhile, has defended the arrangement as necessary to maintain liquidity and pursue an orderly sale, while the committee argues that unwinding the uptier is critical to ensuring fair treatment of unsecured creditors, the report states. About TPI Composites, Inc. TPI Composites -- https://tpicomposites.com/ -- is a leading wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. TPI Composites Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34655) on August 11, 2025. The company listed $500 million to $1 billion in estimated assets, along with $1 billion to $10 billion in estimated liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel Adam Morgan, Esq. at Weil, Gotshal & Manges LLP. Oaktree Capital Management L.P., as DIP agent, is represented by William A. (Trey) Wood III, Esq. at Bracewell, LLP. TRICOLOR AUTO: Docs Reveal Thousands of Loans Linked to Same Cars ----------------------------------------------------------------- Isabella Farr, Scott Carpenter, and Paige Smith of Bloomberg News report that an initial investigation into the records of bankrupt subprime auto lender Tricolor Holdings has revealed significant irregularities, with at least 29,000 loans pledged to creditors tied to vehicles that were already securing other debts. The discovery raises concerns about how the company managed its loan portfolio and the accuracy of assets pledged to financial institutions, according to the report. Bloomberg News, citing individuals familiar with the ongoing probe, said roughly 40% of Tricolor's 70,000 active loans -- used as collateral for bank warehouse lines and asset-backed securitizations -- shared attributes with at least one other loan, including identical vehicle identification numbers (VINs). These overlapping data points suggest that the same vehicles may have been used multiple times to secure different loans, a practice that could signal widespread internal control failures or deliberate misrepresentation. Attorneys representing Tricolor Holdings and its founder, Daniel Chu, declined to comment on the findings, according to Bloomberg. The company filed for Chapter 11 bankruptcy earlier this year following mounting losses and tightening liquidity, leaving lenders and investors exposed to potentially inflated collateral values. The revelations have intensified scrutiny from investigators and creditors. The court-appointed trustee overseeing Tricolor's bankruptcy described the emerging evidence as indicating a "pervasive fraud" of "extraordinary proportion." Investigators are now working to determine whether the double-pledging of the same vehicles was central to the company's collapse and whether criminal or regulatory actions may follow, the report states. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRIPLE L TRANSPORT: Ongoing Operations to Fund Plan Payments ------------------------------------------------------------ Triple L Transport, LLC filed with the U.S. Bankruptcy Court for the Southern District of Indiana a Combined Plan of Reorganization and Disclosure Statement dated September 24, 2025. Robert Reed, the Debtor's principal, had been running his own small truck company for only two years when warranty claims sidelined two of his primary operating assets, the Peterbilt triax dump trucks that power his aggregate material hauling business within Indiana. The Debtor has been managed principally by Mr. Reed who own 100% of the membership interests in the Debtor. Mr. Reed shall remain as President and CEO of the Debtor post confirmation, and shall receive the same salary as he did pre-filing. Immediately prior to filing one of the vehicles was repossessed and the downtime for that vehicle was 14 weeks including the period immediately following the filing of this case. In addition, downtime from the Freightliner trucks operated by the Debtor was 21 weeks in 2024 and additional 22 weeks in 2025. That downtime is reflected in the initial operating results reported by the Debtor after filing this case. The Debtor is now profitable as a result of recovery from downtime for its fleet. The Debtor negotiated and implemented an agreed entry with Crossroads to defend that creditor's motion for relief from stay and will use that agreement for the treatment of Crossroad's claim in this Plan. The Debtor has also made offers to both of its other secured creditors. There is a fairly wide range of value for the vehicles the Debtor owns making negotiations more complex than usual but the Debtor expects to reach terms with both Daimler and Equify that will be incorporated into this Plan. The Debtor remains current on its lease for the premises from which business is conducted, as it was before filing. Cash generated by ongoing operations shall first be used to fund administrative expenses, including professional and case Trustee fees and expenses, secured and lease claims, and operating expenses. The Plan pays priority claims in accordance with the treatment allowed under the Code, although no such claims are known at this time. After satisfaction of these claims, general unsecured creditors shall be paid pro rata out of all remaining Plan payments. Class 3 consists of Allowed General Unsecured Claims, which claims shall receive a pro rata payment after satisfaction of the superior class claims treated under the Plan up to the full amount of the allowed claim of such creditor. Such claims shall be allowed, settled, compromised, satisfied and paid by a quarterly distribution of the net disposable income of the Debtor for the preceding quarter, for 20 quarters following confirmation of the Plan. Payment of such claims is expressly subordinate to the payment of priority claims under this Plan. Class 3 is impaired and is entitled to vote on the Plan. Class 4 consists of the Equity Interests, which interests shall be retained by existing interest owners. The Debtor shall continue to operate its business in accordance with the projection of income, expense and cash flow attached hereto and shall pay its projected net after tax cash profit to satisfy creditor claims herein. A full-text copy of the Combined Plan and Disclosure Statement dated September 24, 2025 is available at https://urlcurt.com/u?l=i4yuYu from PacerMonitor.com at no charge. Counsel to the Debtor: KC Cohen, Esq. KC Cohen, Lawyer, PC 1915 Broad Ripple Ave. Indianapolis, IN 46220 Telephone: (317) 715-1845 Facsimile: (317) 636-8686 Email: kc@smallbusiness11.com About Triple L Transport, LLC Triple L Transport LLC is a specialized freight trucking company based in Greenfield, Indiana that likely provides transportation services for specialized cargo requiring dedicated equipment or handling. Operating in the transportation industry with NAICS code 4842 (Specialized Freight Trucking), the company appears to maintain a fleet that includes Freightliner and Peterbilt trucks for its freight operations. Triple L Transport LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind.Case No. 25-03729) on June 26, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities up to $50,000. Judge Andrea K. Mccord handles the case. The Debtor is represented by KC Cohen, Esq. at Kc Cohen, Lawyer, PC. TWIG CUSTOM: Seeks Chapter 7 Bankruptcy in Colorado --------------------------------------------------- On September 29, 2025, Twig Custom Builders LLC initiated a voluntary Chapter 7 proceeding in the District of Colorado. Court records show the company with debts ranging from $1 million to $10 million, and 1 to 49 creditors. About Twig Custom Builders LLC Twig Custom Builders LLC is a Denver-based builder specializing in personalized home construction and remodeling projects. Twig Customs sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-16289) on September 29, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Andrew D. Johnson, Esq. of Onsager Fletcher Johnson Palmer LLC. TYLER 2 CONSTRUCTION: Gets Final OK to Use Cash Collateral ---------------------------------------------------------- Tyler 2 Construction, Inc. received final approval from the U.S. Bankruptcy Court for the Western District of North Carolina to use cash collateral. The final order authorized the Debtor to use cash collateral to pay the expenses set forth in its budget, subject to a 10% variance. The Debtor projects total operational expenses of $836,907 for October and $838,808 for November. TowneBank, the Debtor's lender, may have an interest in the cash collateral. As adequate protection, TowneBank will continue to receive payment of $4,000 from the Debtor. The final order approved the amounts shown in the budget for payment of allowed fees and expenses incurred by the Debtor's professionals as carve-outs from cash collateral. TowneBank, as lender, is represented by: Pamela P. Keenan, Esq. Kirschbaum, Nanney, Keenan & Griffin, P.A P.O. Box 19766 Raleigh, NC 27619-9766 Telephone: (919) 848-0420 Facsimile: (919) 848-8755 pkeenan@kirschlaw.com About Tyler 2 Construction Inc. Tyler 2 Construction, Inc. is a general contractor based in Charlotte, North Carolina. The Company provides construction management and renovation services across sectors including office, healthcare, retail, and light industrial. Tyler 2 Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-30715) on July 9, 2025. In its petition, the Debtor reported total assets of $9,819,766 and total liabilities of $5,762,398. Judge Ashley Austin Edwards handles the case. Richard S. Wright, Esq., at Moon Wright & Houston, PLLC is the Debtor's legal counsel. U.S. CREDIT: Court Tosses Arlington Appeal on Asset Sale Order -------------------------------------------------------------- Judge George A. O'Toole, Jr. of the United States District Court for the District of Massachusetts granted the motion of Stephen B. Darr, Chapter 11 Trustee for U.S. Credit, Inc., to dismiss the appeal styled ARLINGTON FINANCIAL CONSULTANTS, LLC, Appellant, v. STEPHEN B. DARR as Chapter 11 Trustee For U.S. Credit, Inc., Appellee, Case No. 24-cv-12751-GAO (D. Mass.), Arlington Financial Consultants, LLC, took an appeal from a bankruptcy order authorizing the Chapter 11 Trustee for U.S. Credit, Inc. to sell a home improvement loan portfolio to a purchaser over Arlington's objection. Pending before the District Court is the Trustee's Motion to Dismiss Appeal pursuant to Rule 8013 of the Federal Rules of Bankruptcy Procedure on both statutory and equitable mootness grounds. The Bankruptcy Court determined, in relevant part, that none of the loans which comprised the Purchased Assets were funded by Arlington, alleged clams against the consumers and contractors asserted by Arlington in its objections were based only on its claims and dealings with the Debtor and not on direct claims against those claimants, and Arlington's alleged claims against third parties were an attempt to indirectly challenge the rights of the estate and the Debtor. The Sale Order also included a specific injunction against Arlington, prohibiting it from pursuing any claims against the consumers or contractors who were parties to loans that were sold as part of the Purchased Assets. The Bankruptcy Court determined that such an injunction was necessary to induce the Purchase to close. The sale has closed and Arlington did not file a motion to stay the effectiveness of the Sale Order pending the appeal. The Trustee claims the appeal is statutorily moot because, under 11 U.S.C. Sec. 363(m), an order that was not stayed pending appeal cannot disturb a sale to a good faith purchaser. He maintains the appeal is equitably moot because the sale has closed, and proceeds have been disbursed. In opposition, Arlington contends that the appeal is not moot because it does not oppose the sale and does not seek to reverse or modify the authorization for the sale to the purchaser in the Sale Order, but rather, it is requesting a reversal of the injunction prohibiting it from collecting advances it argues are not included in the Purchased Assets. Judge O'Toole agrees, holding, "Here, the appeal is statutorily moot. It is undisputed that Arlington never obtained a stay of the Sale Order. Additionally, the bankruptcy court determined that the buyer was a good faith purchaser and Arlington does not contend otherwise. Arlington argues instead that it only seeks reversal of the injunction in the Sale Order, and not the sale itself. However, as the Bankruptcy Court determined, Arlington's potential claims against consumers and contractors are based on its claims and dealings with the Debtor and on the Debtor's actions. The injunction was necessary to induce the putative purchaser to close, and the purchaser has now acquired the Purchased Assets that Arlington seeks to obtain. Therefore, carving out the injunction from the Sale Order would upset the sale itself and run afoul of Sec. 363(m)'s protection of good faith purchasers when the Sale Order had not been stayed. Therefore, an appeal contesting the Sale Order is moot under 11 U.S.C. Sec. 363(m)." A copy of the Court's Opinion and Order is available at https://urlcurt.com/u?l=F2U5XF from PacerMonitor.com. About U.S. Credit, Inc. U.S. Credit, Inc., develops and administers custom lending programs for large retailers, point-of-sale platforms and educational institutions. U.S. Credit filed a Chapter 11 petition (Bankr. D. Mass. Case No. 24-10058) on Jan. 12, 2024. In the petition signed by its chief executive officer Stephen Galvin, the Debtor reported $10 million to $50 million in both assets and liabilities. Judge Janet E. Bostwick presides over the case. The Debtor tapped Charles R. Bennett, Jr., Esq. at Murphy & King, PC as legal counsel and Mid-Market Management Group as financial advisor. The U.S. Trustee for Region 1 appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Dentons Bingham Greenebaum, LLP as its legal counsel. UGI ENERGY: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Ratings has revised the outlook for UGI Energy Services, LLC (UGIES) to positive from stable. Concurrently, Moody's affirmed UGIES' Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, and Ba3 rating on its senior secured term loan. "The change in UGI Energy Services' outlook to positive reflects Moody's expectation for the company to continue to modestly grow its scale while maintaining its low financial leverage and solid earnings stability relative to similarly rated peers," commented Jonathan Teitel, a Moody's Vice President. RATINGS RATIONALE The positive outlook reflects Moody's expectations that UGIES will continue to reinvest in its business, growing EBITDA in a disciplined manner while managing distributions to its parent, UGI Corporation (UGI), in a way that preserves its low leverage. UGIES' conservative financial profile is a credit strength, and its growth investments are more likely to focus on its established midstream offerings as it reduces its investments in renewable natural gas (RNG). UGIES' Ba3 CFR is supported by low leverage and a diversified midstream service offering, despite its modest operating scale. The company's midstream assets are geographically concentrated but strategically located in high-demand markets across the eastern US and Appalachia, a region with a robust supply of natural gas. It serves a broad customer base through an integrated platform. One of UGIES' largest customers is UGI Utilities, Inc. (A3 negative), also a UGI subsidiary. UGIES derives the majority of its gross margin from fixed-fee contracts, which helps mitigate risks from commodity price volatility. Long-term agreements, some of which include take-or-pay arrangements and minimum volume commitments, further enhance cash flow stability. UGIES has made substantial investments in RNG, with long-term profitability partially reliant on favorable tax incentives and the monetization of renewable energy credits. However, evolving tax legislation and regulatory uncertainty limit visibility into future cash flow. Maintaining a prudent balance between reinvestment and distributions to UGI is essential to preserving UGIES' low leverage profile. Another UGI subsidiary, AmeriGas Partners, L.P. (AmeriGas, B1 negative), is contending with operational challenges and debt refinancing needs. This has led UGI to provide financial support through borrowing on other UGI subsidiaries. Moody's positive outlook reflects an expectation that UGIES debt capacity will not be called upon to support AmeriGas. Moody's expects UGIES to maintain good liquidity through 2026, supported by unrestricted cash and committed credit facilities. As of June 30, 2025, the company had $13 million in unrestricted cash and access to a fully undrawn $300 million revolving credit facility maturing in 2028. The revolver includes a maximum net leverage ratio of 4.0x (net of cash exceeding $10 million, capped at $100 million), which may temporarily increase to 4.5x for two full quarters following a significant acquisition, and a minimum interest coverage ratio of 3.5x. The term loan includes a minimum debt service coverage ratio of 1.1x. UGIES is expected to remain well in compliance with these covenants. UGIES also uses a receivables securitization facility, which had $58 million in outstanding receivables as of June 30, 2025. This facility is scheduled to mature in October 2025 and is expected to be renewed in the ordinary course as part of the company's ongoing liquidity management strategy. UGIES' senior secured term loan due in 2030 is rated Ba3, consistent with its CFR. This reflects the pari passu status of the senior secured revolver and term loan, which together represent the company's entire debt capital structure, excluding the non-recourse receivables securitization facility. As of June 30, 2025, the term loan had an outstanding balance of $780 million. UGIES' debt is not guaranteed by UGI, nor does UGIES guarantee UGI's debt. However, UGI's debt agreements include cross-default provisions triggered if UGIES fails to make principal or interest payments on more than $125 million in debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of the ratings include EBITDA growth allowing UGIES to sustain EBITDA around $400 million, maintaining debt/EBITDA below 3.5x, continued adherence to conservative financial policies, and supportive financial policies at UGI. Factors that could lead to a downgrade of the ratings include debt/EBITDA approaching 4.5x, larger-than-expected distributions to UGI, significant negative free cash flow, or weakening liquidity. UGIES is a diversified midstream and energy marketing company and a wholly owned subsidiary of publicly traded UGI. The company operates an integrated midstream system that includes natural gas pipelines, gathering systems, storage and processing facilities, and a portfolio of RNG assets. In addition to its infrastructure footprint, UGIES maintains a commodity marketing business. The principal methodology used in these ratings was Midstream Energy published in February 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. VALYRIAN MACHINE: Employs Maddin Hauser as Legal Counsel -------------------------------------------------------- Valyrian Machine LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to hire Maddin, Hauser, Roth & Heller PC to serve as legal counsel in its Chapter 11 case. Maddin Hauser will provide these services: (a) advise the Debtor with respect to its rights, powers, and duties as Debtor and Debtor-in-Possession in the continued management and operation of its financial affairs and property; (b) assist in the preparation of schedules and statement of financial affairs; (c) negotiate use of cash collateral with counsel for Choice One Bank; (d) assist in the preparation of First Day Motions and other necessary motions and filings in Court; (e) assist in the preparation of financial statements, balance sheets, and business plans; (f) attend meetings and negotiate with representatives of creditors and other parties in interest; (g) advise and consult with the Debtor regarding the conduct of this case; (h) advise the Debtor on matters relating to unexpired leases and executory contracts, and any necessary court filings regarding same; (i) take necessary action to protect and preserve the Debtor's estate; (j) assist in formulating and prosecuting a plan of reorganization and disclosure statement, and take necessary action on behalf of the Debtor to obtain confirmation of a plan of reorganization; (k) assist the Debtor in selling assets pursuant to §363 of the Bankruptcy Code and draft agreements and court papers to accomplish same; (l) appear before the Court and the Office of the United States Trustee, and protect the interests of the Debtor's bankruptcy estate; and (m) perform all other necessary or appropriate legal services and provide necessary legal advice to the Debtor in connection with this Chapter 11 case. Maddin Hauser's hourly rates are: $520 for Julie B. Teicher, $455 for David M. Eisenberg, $475 for David T. Lin, and $325 for Alexis Lauring. The Debtor paid no retainer but paid the filing fee of $1,738. Maddin Hauser is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Julie B. Teicher, Esq. David M. Eisenberg, Esq. MADDIN, HAUSER, ROTH & HELLER PC One Towne Square, 5th Floor Southfield, MI 48076 Telephone: (248) 354-4030 E-mail: deisenberg@maddinhauser.com jteicher@maddinhauser.com About Valyrian Machine Valyrian Machine, LLC provides CNC machining and engineering services, specializing in 5-axis milling for high-precision parts. The Company, which acquired Euclid Machine in 2023, serves businesses of all sizes with CNC-based precision machining, design, and build capabilities across materials including aluminum, brass, copper, plastics, stainless steel, steel, titanium, and specialty alloys. Its operations combine experienced CNC machinists, a full-time design engineer, and advanced ERP and CAD/CAM systems to produce manufactured parts. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-49284) on September 16, 2025, with $985,565 in total assets and $2,644,140 in total liabilities as of September 15, 2025. Kris J. Surcek, sole member, signed the petition. Judge Paul R. Hage presides over the case. Julie Beth Teicher, Esq., at Maddin, Hauser, Roth & Heller, P.C., is the Debtor's legal counsel. ChoiceOne Bank, as secured lender, is represented by: Sandra S. Hamilton, Esq. Clark Hill, PLC 200 Ottawa Ave NW, Ste. 500 Grand Rapids, MI 49503 (616) 608-1141 bankruptcyfiling@clarkhill.com VILLAGE HOMES OF FORT WORTH: Intends to File Chapter 11 Bankruptcy ------------------------------------------------------------------ The Business Press reports that Village Homes of Fort Worth announced on October 1, 2025, that it will seek Chapter 11 protection, saying the process will provide a court-supervised path to resolve ongoing disputes while preserving operations. The company described the reorganization as a step to safeguard business value, ensure stability for stakeholders, and position itself to emerge quickly from bankruptcy, according to the report. "This is not a decision we take lightly," said co-founder and president Michael Dike. "Chapter 11 is the responsible way to continue operations and preserve the value of the business while we work through an issue that has materially impeded the company's operations." According to report, the dispute stems from a 2024 contract to sell 100 vacant lots, the company name, and related intellectual property to a buyer as part of a planned rebrand and retirement for one of Dike's original partners. After the buyer failed to close, Village Homes terminated the agreement, then filed a declaratory judgment lawsuit to confirm the termination. The buyer countersued and placed a lis pendens on the lots, a move Dike said has disrupted operations and relationships across the business. "We entered this deal in good faith," he said. "My focus now has to be on minimizing disruption and preserving the business so employees, customers, trade partners, and lenders can count on continuity." Dike stressed that the Chapter 11 filing is not driven by lenders and that the company remains financially viable. He said Village Homes intends to maintain payroll, keep operations running in the ordinary course, and put forward a reorganization plan that pays creditors in full. "We expect to move through this process quickly and get back to what we do best -- building beautiful homes," he added. Company leaders and longtime partners have voiced support for the restructuring. Janet Bishop, Village Homes' director of sales and marketing, praised the company's craftsmanship and commitment to Fort Worth communities. Worthington National Bank CEO Greg Morse, a lender to Village Homes for over two decades, echoed that sentiment, saying, "The owners have impeccable character. Tough times don't last, but tough people do — and we look forward to continuing our relationship with Village Homes in the future." About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region’s top architects, craftsmen, and vendors. VIRGIN ORBIT: 3rd Cir. Rejects Bid to Revoke Plan Confirmation -------------------------------------------------------------- Judges Thomas Hardiman, Paul Matey and Cindy Chung of the United States Court of Appeals for the Third Circuit declined a bid to revoke the confirmation order in the bankruptcy case of Virgin Orbit, LLC. The Third Circuit affirmed the judgment of the United States District Court for the District of Delaware that upheld the determination of the United States Bankruptcy Court for the District of Delaware that Dr. Tamas Hampel did not meet his burden to show that the confirmation order should be revoked under Sec. 1144 of the Bankruptcy Code because it was procured by fraud. Virgin Orbit, LLC, a company that provided satellite launch services, filed for Chapter 11 bankruptcy in April 2023. After obtaining debtor-in-possession financing from Virgin Investments Limited ("VIL"), Virgin Orbit's indirect parent and prepetition senior secured lender, and setting bidding procedures under the supervision of the Bankruptcy Court, Virgin Orbit sought to sell substantially all its assets. Because efforts to sell the company as a going concern were unsuccessful, the company separated its assets into five groups. All but one group of assets sold at auction to non-insider purchasers; after further negotiation, the fifth group of assets sold to a non-insider who had made an unsuccessful bid at auction. The Bankruptcy Court approved all five sales. Remaining after these sales were a portion of the company's intellectual property assets, for which the company could not find any buyers willing to pay more than a de minimis value. After the asset sales did not generate enough money to repay VIL's DIP claim, VIL agreed to receive significantly less than full repayment of its senior secured claims as part of a global settlement that allowed a plan that would satisfy administrative expenses and other priority claims and provide a small distribution to holders of unsecured claims. As part of its recovery on its allowed claim under the proposed plan, VIL obtained the remaining IP assets. Equity interest holders, including the appellant, Dr. Hampel, received nothing because their shares were cancelled. Dr. Hampel did not object to the proposed plan, which the Bankruptcy Court confirmed. No appeal was taken from the confirmation order. Approximately five months after the Bankruptcy Court confirmed the plan, Dr. Hampel filed his "notice of objection" to the confirmation of the plan. Specifically, he asserted that the cancellation of his 763,044 shares was procured by fraud because VIL had received $3.7 billion in assets when it was awarded the remaining IP assets. He sought revocation of the confirmation order under 11 U.S.C. Sec. 1144. After holding a hearing, the Bankruptcy Court denied Dr. Hampel's motion. The Bankruptcy Court concluded that res judicata barred any arguments that Virgin Orbit did not fairly or properly market and sell the assets. The Bankruptcy Court further determined that Dr. Hampel had not met the test to show that the confirmation order was procured by fraud. Among other things, the Bankruptcy Court noted that the value of the IP assets was determined by a fair and open sale process that revealed what the market would pay. Dr. Hampel filed a timely appeal to the District Court. He submitted a brief, essentially arguing that the Bankruptcy Court erred in denying his motion because Virgin Orbit misrepresented the valuation of the IP assets and conducted the sales process in a way that undervalued them. He also filed two motions for the District Court to consider new evidence. The District Court denied the motions to consider new evidence (while also concluding that the proposed additional evidence was not relevant to the question whether the confirmation order had been procured by fraud). The District Court also agreed with the Bankruptcy Court that Dr. Hampel did not meet his burden to show that the confirmation order should be revoked under Sec. 1144 of the Bankruptcy Code because it was procured by fraud. Dr. Hampel filed a timely appeal. The Circuit Judges agree that Dr. Hampel did not meet his burden to show that the confirmation order should be revoked. They conclude, "Dr. Hampel did not show that Virgin Orbit acted (or omitted to act) with actual fraudulent intent so he was not entitled to a revocation of the confirmation order. At essence, he argued (and continues to argue) that Virgin Orbit committed fraud because it did not treat the remaining IP assets as highly valuable. But Virgin Orbit and the Bankruptcy Court were guided by what the market would pay for the IP assets. Here, the Bankruptcy Court had made findings about the fairness and openness of the sale so the District Court could consider the market's valuation of the IP assets. In short, neither we, nor the Bankruptcy Court nor the District Court, can infer fraud from Dr. Hampel's belief that the IP assets were or are worth more than what the market would bear. For these reasons, we will affirm the District Court's judgment." A copy of the Court's Opinion is available at https://urlcurt.com/u?l=S4BH6i About Virgin Orbit Virgin Orbit Holdings, Inc (Nasdaq: VORB) -- http://www.virginorbit.com/-- operates one of the most flexible and responsive space launch systems ever built. Founded by Sir Richard Branson in 2017, the Company began commercial service in 2021, and has already delivered commercial, civil, national security, and international satellites into orbit. Virgin Orbit's LauncherOne rockets are designed and manufactured in Long Beach, California, and are air-launched from a modified 747-400 carrier aircraft that allows Virgin Orbit Holdings, Inc., to operate from locations all over the world in order to best serve each customer's needs. Virgin Orbit Holdings, Inc., and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10405) on April 4, 2023. In the petition filed by Daniel M. Hart, as chief executive, the Debtor reported total assets amounting to $242,978,000 and total debt amounting to $153,491,000 as of Sept. 30, 2022. The Debtors tapped YOUNG CONAWAY STARGATT & TAYLOR, LLP, and LATHAM & WATKINS LLP as counsel; DUCERA PARTNERS LLC as investment banker and financial advisor; and ALVAREZ & MARSAL NORTH AMERICA LLC as restructuring advisor. KROLL RESTRUCTURING ADMINISTRATION LLC is the claims agent. On July 31, 2023, the Court entered an Order confirming the Debtors' Fifth Amended Joint Chapter 11 Plan. VM CONSOLIDATED: Moody's Rates New $689MM 1st Lien Term Loan 'Ba2' ------------------------------------------------------------------ Moody's Ratings assigned a Ba2 rating to VM Consolidated, Inc.'s (Verra Mobility) proposed $689 million backed senior secured first-lien term loan B due 2032. All other ratings, including the Ba3 corporate family rating, the Ba3-PD probability of default rating, and B2 senior unsecured rating are unaffected. The outlook remains unchanged at stable. Verra Mobility is a technology-enabled services company providing toll, violation management, and title and registration services for rental car and fleet management companies and road safety cameras for municipalities. Proceeds from the new term loan will be used to repay the company's existing backed senior secured first lien term B loan due 2028. Moody's will subsequently withdraw the rating for the existing term loan at close of the transaction. Concurrent with the transaction, the company will enter into a new five year asset-based lending (ABL) facility with a $150 million borrowing base. Moody's considers the transaction as credit positive because it extends Verra Mobility's maturity profile and increases the company's revolver borrowing capacity by $25 million with a $75 million accordion feature for future capacity if needed. The transaction is neutral from a financial leverage perspective, as such, there is no impact to existing ratings. Moody's views the company's liquidity profile to be very good as indicated by the speculative grade liquidity rating (SGL) of SGL-1. RATINGS RATIONALE Verra Mobility's Ba3 CFR is supported by the company's strong credit metrics, including Moody's expectations for high EBITDA margins over 40%, debt/EBITDA of 2.7x after expensing capitalized software costs, interest coverage, as measured by EBITA to interest, around 5x, and annual free cash flow of around $200 million over the next 12 to 18 months. The rating is also supported by Moody's expectations for mid single-digit revenue growth over the next 12 months and a very good liquidity profile. The company has a modest revenue base, which Moody's expects will approach $925 million in 2025, with high customer concentration among its top four clients. Moody's also considers the potential that the company will engage in debt-funded acquisitions given the company is currently operating below its public long-term net leverage target of 3.0x relative to 2.2x at the twelve months ended June 30, 2025 (management's calculation). However, Moody's expects that management will be disciplined in maintaining its public leverage target within the context of its acquisition and share repurchase strategy. The SGL-1 speculative grade liquidity rating reflects Moody's expectations that Verra Mobility will maintain a very good liquidity profile. Liquidity is supported by Moody's anticipations for strong free cash flow to debt in the 18% range over the next 12 to 18 months and the company's cash balance of $147.6 million as of June 30, 2025. The company's new $150 million ABL facility (unrated) is currently undrawn and its borrowing base capacity is expected to be sufficient access the full capacity. The sole financial covenant in the credit facility is for the ABL revolver facility and is a springing minimum fixed charge coverage ratio of 1.0x, which is only tested if the availability under the ABL facility falls below 10%. Moody's do not expect the covenant to be triggered over next 12 months and, if it was triggered, the company would be able to comply with a reasonable cushion. The company is subject to a mandatory excess free cash flow prepayment determined by a first-lien net leverage ratio test that Moody's expects will exempt the company from an excess cash flow sweep in 2025. The company's unrated ABL revolving credit facility has a priority claim with respect to the current assets including accounts receivable and inventory. The term loan is guaranteed by all current and future material domestic subsidiaries of the borrower. The senior secured first-lien term loan rating of Ba2, one notch above the Ba3 CFR, is driven by the Ba3-PD PDR and its first-priority lien position on non-ABL collateral and second-lien position on accounts receivables and inventory; and, the benefit of loss absorption provided by the $350 million senior unsecured notes. The senior unsecured notes rating of B2, two notches below the Ba3 CFR, is driven by the Ba3-PD PDR, and its first-loss position relative to the $150 million ABL facility and $689 million backed senior secured first-lien term loan obligation. The stable rating outlook reflects Moody's expectations for revenue and EBITDA growth with debt/EBITDA improving to 2.6x, EBITA to interest above 5x, and free cash flow to debt rates sustained around 18% during the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING A ratings upgrade would require a significant expansion of Verra Mobility's scale and revenue, and a material improvement in customer diversity while sustaining revenue and earnings growth. Additionally, Moody's would require the company maintain debt to EBITDA below 3.0x, and adherence to a more conservative financial policy by management. The ratings could be downgraded if Moody's anticipates revenue declines including a significant customer loss, EBITDA margins decline substantially, free cash flow to debt falls below 10%, or Moody's expects debt/EBITDA to be sustained above 4x. The adoption of a more aggressive financial policy through excessive debt-funded acquisitions, dividends or share repurchases could also lead to a ratings downgrade. The principal methodology used in this rating was Business and Consumer Services published in November 2021. Verra Mobility, (NASDAQ:VRRM), headquartered in Mesa, Arizona, is a technology-enabled services company providing toll, violation management, and title and registration services for rental car and fleet management companies, road safety cameras for municipalities, and commercial parking services and hardware. The company primarily operates in North America. Moody's expects $925 million of revenue in 2025. VOLKE GROUP: Robert Handler Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 11 appointed Robert Handler of Commercial Recovery Associates, LLC as Subchapter V trustee for Volke Group Inc. Mr. Handler will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Handler declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robert P. Handler Commercial Recovery Associates, LLC 205 West Wacker Drive, Suite 918 Chicago, IL 60606 Tel: (312) 845-5001 x221 Email: rhandler@com-rec.com About Volke Group Inc. Volke Group Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-14863) on September 26, 2025, with $100,001 to $500,000 in assets and $50,001 to $100,000 in liabilities. Judge Janet S. Baer presides over the case. Paul M. Bach, Esq., at Bach Law Offices and Alexander Tynkov, Esq., at Zalutsky & Pinski, Ltd. represent the Debtor as bankruptcy counsel. VORTEX OPCO: BlackRock FRA Marks $670,000 Loan at 57% Off --------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $670,000 loan extended to Vortex Opco LLC to market at $290,673 or 43% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a Second out Term Loan to Vortex Opco LLC. The loan accrues interest at a rate of 8.66% (3-mo. CME Term SOFR at 0.50% floor+ 4.36%) per annum. The loan matures on December 17, 2028. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882-0052 Vortex Opco LLC, is a new subsidiary created by United Site Services Inc. to issue new debt, which includes $431 million in first-lien, first-out debt, $1.66 billion of first-lien, second-out term loans, and $125 million of first-lien, third-out 8% senior secured notes. USS provides portable sanitation and related site services. VSBROOKS INC: Hires Milan Accounting LLC as Accountant ------------------------------------------------------ VSBROOKS, INC. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Milan Accounting, LLC and Jorge F. Milan to serve as accountant in its Chapter 11 Subchapter V case. The Accountant will provide these services: (a) assistance with monthly accounting review; (b) preparation of monthly operating reports and financial statements; and (c) tax preparations and filings. Milan Accounting, LLC will invoice the Debtor on a monthly basis, at the rate of $300 per hour not to exceed $1,200 per month. The firm estimates the cost of services will not exceed $1,000 per month. Milan Accounting, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Milan Accounting, LLC 3311 SW 108th Avenue Miami, FL 33165 About VSBROOKS Inc. VSBROOKS Inc., doing business as The 3rd Eye Creative Agency, is a certified women-owned independent full-service marketing agency in Miami specializing in health and wellness brands. With more than 25 years of experience, it focuses on generational healthcare advertising, women's healthcare initiatives, multicultural audience engagement and B2B growth within regulatory compliance. VSBROOKS sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18690) on July 29, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by Robert P Charbonneau, Esq. at AGENTIS PLLC. WAYPOINT ROOFING: Amends Unsecured Claims Pay Details ----------------------------------------------------- Waypoint Roofing & Construction Inc., submitted an Amended Plan of Reorganization for Small Business dated September 25, 2025. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $968,439.60. The final Plan payment is expected to be paid on January 15, 2029. The financial projections are based upon Debtor's current revenues and expenses, incorporating projections based on changes Debtor is making to its operating structure. In order to reduce overhead Debtor surrendered the vehicle securing Claim 1 filed by TD Bank, NA, and is rejecting the lease reflected in Claim 4 by DeLage Landen Financial Services. Debtor has also reduced staff to essential employees only and has cut back the hours of its office manager and affiliate-officer April Elrod. While labor is paid as employees, they are paid by square, tying that expense to revenue (they are paid only for the work they do). The Debtor has also entered into a joint venture with a company that purchases roof packages from Debtor to install state-wide, with compensation at cost (material and labor) + 10%, plus Debtor receives an additional 15% of the total profit the entity makes on the job. Higher than average hurricane activity could result in Debtor being able to payoff all debt in one season. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 7 consists of All non-priority unsecured claims. Class 7 includes Claim 5 ($21,632.48), Claim 6 ($2,040.00), and the claim of Titusville Playhouse, Inc. in the amount of $38,740.45 and it is anticipated that Debtor will file a claim for ABC Supply Co. Inc. in the amount of $101,314.66, for a class total of $163,727.59. If confirmed under 1191(a) Debtor will make 60 payments of $2,728.80, divided pro rata among the members of the class. If confirmed under 1191(b) Debtor will dedicate its disposable monthly income for a period of three years from the Effective Date. While Debtor's financial projections anticipate that these claims could be paid in full in that time, post-petition revenues have not met expectations. Debtor anticipates an increase in revenues, and roofing is historically slow until the rainy season starts. Debtor will file post confirmation quarterly reports in the event the plan is confirmed under 1191(b). The equity interests of Michael Brandon Cogdill and April L. Elrod will be unimpaired. Antonio Hernandez-Tablas will surrender his equity interests in the Debtor and any claims he has or may have against the Debtor in exchange for the Debtor releasing any claims it may have against him and resolving debts guaranteed by him. The Debtor intends to implement the Plan by retaining the property of the estate and continuing to operate. Debtor does not intend to sell off any raw materials or equipment in order to fund the Plan. In the event the metal manufacturing equipment ceases generating profit, Debtor reserves the right to sell the equipment and use the funds to fund the plan. Debtor anticipates that on the Effective date of the Plan Debtor will have sufficient funds to pay the administrative expenses, and the priority/secured tax claim of the Brevard County Tax Collector (Claim 2). A full-text copy of the Amended Plan dated September 25, 2025 is available at https://urlcurt.com/u?l=XOk5sN from PacerMonitor.com at no charge. Counsel to the Debtor: Michael Faro, Esq. Faro & Crowder, PA 700 N. Wickham Rd, Suite 205 Melbourne, FL 32935 Phone: (321) 784-8158 Email: mfaro@farolaw.com About Waypoint Roofing & Construction Waypoint Roofing & Construction Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00874) on February 14, 2025. Judge Tiffany P. Geyer presides over the case. Michael Faro, Esq., at Faro & Crowder, PA, is the Debtor's legal counsel. WBI OPERATING: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has assigned a first-time Long-Term Issuer Default Rating (IDR) of 'BB-' to WBI Operating LLC (WBI). The Rating Outlook is Stable. Fitch rates WBI's proposed senior unsecured notes 'BB-' with a Recovery Rating of 'RR4'. WBI will primarily use note proceeds to repay debt at WaterBridge Midstream Operating LLC (WATOPE; B+/Stable). Fitch expects to withdraw WATOPE's ratings after the notes close and the rated term loans are repaid. The ratings reflect WBI's pro forma LTM 2Q25 EBITDA leverage of about 3.7x and Fitch's forecast for leverage to remain below 4.0x. WBI generates substantially over $300 million of EBITDA, a threshold Fitch frequently uses to differentiate 'B+' and 'BB-' companies. WBI generates cash flows from fixed-fee, volume-exposed contracts in the water services midstream subsector. It has significant geographic concentration and moderate counterparty diversification. Fitch has reviewed preliminary documentation for the notes and expects no material changes in the final terms. Key Rating Drivers Upsized IPO Proceeds Drive Low Leverage: The additional cash proceeds from the upsized WaterBridge IPO are being used refinance the term loans at WATOPE with lower debt. Fitch calculates WBI's post-refinancing pro forma LTM 2Q25 leverage around 3.7x, almost a turn lower than WATOPE's leverage. WBI has a stated financial policy targeting long-term consolidated net leverage below 3.0x. Fitch expects WBI's low net leverage target supports Fitch's forecast for gross EBITDA leverage to remain below 4.0x over the forecast period. Volumetric Exposure: WBI derives its revenue predominantly from fixed-fee contracts. These contracts lack significant support from minimum volume commitments (MVCs) that can protect cash flows if production moves off the company's acreage dedications. Volumes are supported by acreage dedications in the Delaware and Eagle Ford Basins. While fixed-fee contracts provide protection from direct commodity price exposure, volumes have indirect price risk if drilling on dedicated acreage becomes uneconomic and customers decide to move rigs elsewhere. Delaware Basin Concentration: The company primarily focuses on a single basin and lacks business-line diversity. WBI has outsized sensitivity to a slowdown in Delaware basin production, as its predecessor company WATOPE experienced in 2020. WBI benefits from its moderate size, generating over $300 million EBITDA annually. Fitch views size as an important metric, as operational diversity provides flexibility during challenging economic cycles. WBI's water asset footprint has scale within the Delaware basin, spanning the northern and southern regions. Additionally, WBI has assets in the Eagle Ford Basin in south Texas as well as the Arkoma basin in Oklahoma. Capex Growing: Fitch expects WBI's growth capex to be incrementally higher in 2026 inclusive of the construction of the Speedway Pipeline, which has sizable execution risk. Fitch views positively WBI's recently completed construction related to its commercial agreement with BPX, which is an unrated subsidiary of BP Plc (A+/Stable). The BPX commercial agreements include a 10-year MVC, with first volumes expected to flow in 3Q25. Moderate Customer Diversification: WBI has a mix of roughly 40 customers, with around 50% rated investment grade. WBI does have some customer concentration, generating about 51% of revenue from its top five customers over 1H25. Most contracts are fixed fee with CPI escalators, slightly offsetting inflation effects. WBI's contract with Trinity Operating (USG) LLC (Trinity; not rated but a subsidiary of NextEra Energy, Inc. [A-/Stable]) is an exception. Peer Analysis Deep Blue Operating I LLC (Deep Blue; BB-/Stable) is a close peer of WBI. Deep Blue provides produced water disposal and supply water services to producers in the Midland sub-basin of the Permian Basin. WBI has moderate customer diversification, whereas Fitch expects one of Deep Blue's sponsors, Diamondback Energy Inc. (FANG; BBB+/Stable), to contribute around 90% of pro forma revenue. The other sponsor is Five Point (not rated). Fitch considers FANG's long-term history of supplying volumes to several water companies as evidence that Deep Blue's volumetric results will be more predictable than that of WBI's more diversified customer base. Both companies are similar in size by EBITDA generation. Fitch forecasts Deep Blue's leverage at around 3.2x by 2026, which is below Fitch's forecast for WBI. NGL Energy Partners LP (NGL; B/Stable) is another relevant peer, as its water solutions segment generates most of its EBITDA. NGL is larger in size and scale with more business segments and geographic diversification. WBI has lower leverage compared to NGL, supporting the two-notch rating difference. Fitch expects NGL to deleverage to around 5.5x by the fiscal YE 2027. Key Assumptions - Fitch's price deck applies a West Texas Intermediate (WTI) oil price of $65 per barrel (bbl) in 2025, $60/bbl in 2026 and 2027, and $57/bbl in 2028 and mid-cycle; - The base interest rate on the revolving credit facility aligns with Fitch's 'Global Economic Outlook': 4.25% for 2025, 3.25% for 2026, and 3.00% in 2027; - High single-digit Delaware basin-produced water handling volume growth yoy in 2026; - Proposed senior unsecured offering closes in benchmark size; - Fitch assumes a relatively small flow to Series A and OpCo Unit holders in the forecast period; - Capex in-line with management's expectations and includes construction of Speedway Pipeline; - No acquisitions or divestitures over forecast. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage expected to be sustained above 4.0; - Material underrun to Fitch's volumetric expectations in the Delaware Basin (trailing quarterly), except if caused by one-off events; - A significant event at a major customer that will probably impair WBI's cash flow; - A significant increase in capex targeted toward higher business risk projects; - Acquisition(s) that meaningfully increase business risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage expected to be below 3.0x on a sustained basis; - The contribution from minimum volume commitment contracts, as a percentage of total EBITDA, significantly increases from current levels. Liquidity and Debt Structure Fitch expects WBI to have adequate liquidity after the proposed refinancing transaction. Fitch expects the new $500 million senior secured revolving credit facility will be undrawn. Issuer Profile WBI is the operating subsidiary of WaterBridge Infrastructure LLC which provides water services to oil and gas producers in the Delaware Basin in West Texas and New Mexico, the Eagle Ford Basin in South Texas and Arkoma Basin in Oklahoma. Date of Relevant Committee 25-Sep-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- WBI Operating LLC LT IDR BB- New Rating senior unsecured LT BB- New Rating RR4 WELLNESS PET: BlackRock FRA Marks $259,000 Loan at 26% Off ---------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $259,000 loan extended to Wellness Pet LLC to market at $216,989or 84% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2025 First out Exchange Term Loan to Wellness Pet LLC. The loan accrues interest at a rate of 8.28% (3-mo. CME Term SOFR at 0.00% floor+ 3.95%) per annum. The loan matures on December 31, 2029. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882-0052 Wellness Pet, LLC manufactures pet food. The Company offers natural meals, treats, and dental chews that helps to maintain dental health. Wellness Pet serves customers worldwide. WELLNESS PET: BlackRock FRA Marks $259,000 Loan at 45% Off ---------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $259,000 loan extended to Wellness Pet LLC to market at $216,989 or 55% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2025 Second out Exchange Term Loan to Wellness Pet LLC. The loan accrues interest at a rate of 8.28% (3-mo. CME Term SOFR at 0.75% floor+ 4.01%) per annum. The loan matures on December 31, 2029. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund: BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882-0052 Wellness Pet, LLC manufactures pet food. The Company offers natural meals, treats, and dental chews that helps to maintain dental health. Wellness Pet serves customers worldwide. WESTBANK HOLDINGS: Court Okays AKD's $3.3-Mil. Fee Application -------------------------------------------------------------- Judge Meredith S. Grabill of the United States Bankruptcy Court for the Eastern District of Louisiana approves Alvendia, Kelly & Demarest, LLC's fee application in the amount of $3.3 million in the bankruptcy case of Westbank Holdings, LLC. The Court abstains from hearing Fishman Haygood, LLP's fee application pursuant to 28 U.S.C. Sec. 1334(c). Before the Court are the following matters: (i) The Final Fee Application of Fishman Haygood, LLP as Counsel for the Liquidating Trust, filed by the law firm of Fishman Haygood, LLP, and the objection to that fee application filed by the law firm of Alvendia, Kelly & Demarest, LLC; and (ii) The Final Fee Application of Alvendia Kelly & Demarest LLC, and the objections to that fee application by Fishman Haygood, and the Federal National Mortgage Association d/b/a/ Fannie Mae. Before filing for chapter 11 bankruptcy relief, each of the Debtors -- Westbank Holdings LLC, Cypress Park Apartments II LLC, Liberty Park Apartments LLC, Forest Park Apartments LLC, Washington Place LLC, and Riverview Apartments LLC -- served as a holding company for multifamily apartment buildings and provided subsidized-rental housing for low-income families in the greater New Orleans area. Joshua Bruno acquired the properties in December 2014 and March 2018; Fannie Mae held notes and perfected mortgages and assignments of leases and rents on the properties. Bruno served as the sole managing member of those entities. On Aug. 29, 2021, Hurricane Ida made landfall in Louisiana as a Category 4 hurricane. On Oct. 27, 2021, on behalf of his closely held holding companies, Bruno retained the affiliated law firms of Alvendia, Kelly & Demarest, LLC, Glago Williams, LLC, and Irpino, Avin & Hawkins on a contingency-fee basis to prosecute all insurance claims held by those entities related to damages caused by Hurricane Ida, related theft, and vandalism. On Jan. 27, 2022, five of Bruno's affiliated entities filed chapter 11 petitions for bankruptcy relief and, on Feb. 22, 2022, the sixth entity joined the others in filing a chapter 11 petition. On March 16, 2022, the Debtors' bankruptcy counsel filed an application pursuant to 11 U.S.C. Secs. 327(e) and 328 to approve J. Bart Kelly III and his law firm of Alvendia, Kelly & Demarest, LLC ("AKD") as special counsel for the Debtors to allow AKD to continue to pursue Hurricane Ida Claims on a contingency-fee basis. Fannie Mae and the United States Trustee filed objections to the Debtors' application and took issue with several terms of AKD's prepetition retention agreement executed with Bruno that was attached as an exhibit to the application. In its objection, Fannie Mae asserted that the employment application was premature and should be considered after the Court resolved Fannie Mae's motion to appoint a chapter 11 trustee, which, at that time, was set for trial in May 2022, two months later. Fannie Mae also objected on the basis that AKD's claim to its contingency fee on recoveries obtained prepetition gave way to an interest adverse to the Debtors such that AKD could not be retained as special counsel under Sec. 327(e). At the hearing on the matter on April 6, 2022, with significant concessions made by the Debtors and AKD to the terms of AKD's prepetition retention agreement -- including AKD's full waiver of any claims to fees on prepetition recoveries obtained -- the UST withdrew its objection entirely. Fannie Mae maintained its prematurity objection. This Court overruled Fannie Mae's objection and entered an Order on April 14, 2022, materially changing AKD's prepetition retention agreement, approving the Debtors' retention of AKD as special counsel under Sec. 327(e), and preapproving AKD's compensation on a contingency-fee basis under Sec. 328, retroactive to each Debtor's petition date. After a four-day evidentiary hearing, on Aug. 1, 2022, the Court issued a Memorandum Opinion and Order granting Fannie Mae's motion to appoint a chapter 11 trustee and instructing the UST to appoint a trustee to administer the Debtors' estates. On Aug. 5, 2022, the Court issued an Order granting the UST's application to appoint Dwayne M. Murray as the Chapter 11 Trustee in these cases. On Aug. 5, 2022, the Chapter 11 Trustee filed an application under Sec. 327(a) of the Bankruptcy Code to employ the law firm of Fishman Haygood LLP to act as bankruptcy counsel. On Jan. 16, 2023, AKD filed lawsuits on behalf of the two largest Debtors, Westbank Holdings LLC and Cypress Park Apartments II LLC, against several insurers to litigate Hurricane Ida Claims in the 24th Judicial District Court for the Parish of Jefferson, Louisiana. On Jan. 25, 2023, the insurers removed the case from the Louisiana state court to the United States District Court for the Eastern District of Louisiana, where the cases were allotted to two different sections of the District Court. AKD's First Fee Application On Sept. 8, 2023, the Chapter 11 Trustee, through Fishman Haygood LLP as bankruptcy counsel, filed an application for compensation on behalf of AKD, seeking to compensate AKD under the AKD Sec. 328 Order for pre-suit recovery of insurance proceeds in the amount of $4,367,082.43 paid directly to the Chapter 11 Trustee in December 2022 in partial satisfaction of Hurricane Ida Claims. The Chapter 11 Trustee urged this Court to allow and disburse to AKD $917,087.28 in attorney fees and $462,508.75 in expert costs, due and payable now based on the recovery of insurance proceeds. On Sept. 27, 2023, Fannie Mae filed an objection to the First Fee App. Fannie Mae argues AKD should wait until all of the claims had been settled or reduced to judgment before receiving compensation. Fannie Mae reasoned that Louisiana state law would eventually govern a fee dispute between AKD and any other law firm that would be engaged to prosecute the Hurricane Ida Claims in the future, which would require "some court" to perform a quantum meruit analysis to determine a fee split. Fannie Mae further urged this Court to award AKD fees in line with other estate professionals, whose employment orders were approved under Sec. 327 and allowed for interim awards of 80% of requested fees with a 20% holdback pending final fee approval. Emphasizing the fact that the Court preapproved AKD's fees under Sec. 328, not Sec. 327, the Court rejected Fannie Mae's arguments and awarded AKD all of the fees and costs requested by the Chapter 11 Trustee in the First Fee App. The Fee Applications On March 13, 2025, Fishman Haygood filed its fee application in the main bankruptcy case, citing 28 U.S.C. Sec. 1334 as the basis for this Court's jurisdiction to consider the fee application. Fishman Haygood attached invoices and a summary of expenses to its application but cited no law or Order of this Court entitling it to an award. AKD filed an objection to the Fishman Haygood Fee App. On May 9, 2025, AKD filed its own fee application in the main case, noting the AKD Sec. 328 Order and requesting $3,625,000 in fees less a voluntary reduction of $325,000, for a final request of $3.3 million. Fishman Haygood filed an objection to the AKD Fee App, attaching a copy of the post-Effective Date "Contingency Fee Contract" executed on Oct. 23, 2023, whereby the Liquidating Trustee retained Fishman Haygood to litigate the Hurricane Ida Claims on a 27% contingency-fee basis. At the beginning of these cases, this Court held a hearing to consider the Debtors' request to retain AKD on a contingency-fee basis, considered the objections raised by the UST and Fannie Mae, assessed the reasonableness of the terms of AKD's proposed employment, and preapproved AKD's compensation on the terms memorialized in the AKD Sec. 328 Order. This Court is, therefore, bound by In re ASARCO and the plain text of Sec. 328(a) and cannot revisit AKD's compensation terms unless developments subsequent to the original approval that were incapable of being anticipated render the terms improvident. The Liquidating Trust Advisory Board, the Chapter 11 Trustee/Liquidating Trustee, and Fishman Haygood were all well aware of the AKD Sec. 328 Order and had worked closely with AKD over the course of the Debtors' cases up to October 23, 2023, when the Liquidating Trustee fired AKD at the instruction of the Liquidating Trust Advisory Board and entered into a second, post-Effective Date 27% contingency-fee agreement with Fishman Haygood to prosecute the Hurricane Ida Claims. Just days prior to the execution of that second contingency-fee agreement with Fishman Haygood, the Court rejected Fannie Mae's Sec. 330 quantum meruit arguments and enforced the AKD Sec. 328 Order as to AKD's First Fee App. Nevertheless, the parties now point to "competing" contingency fee contracts and this Court's Order of Feb. 26, 2025, approving the unopposed 9019 Motion -- in which the Litigation Trustee and the Litigation Trust Advisory Board purposefully reserved only one 27% contingency fee for payment of attorneys' fees -- and assert that those conditions not only give the Court discretion to convert the AKD Sec. 328 Order into one under Sec. 330, but require this Court to apply a Louisiana law quantum meruit analysis to resolve the dispute. According to Judge Grabill, "The existence of Fishman Haygood's contract, however, does not constitute a subsequent development that was incapable of being anticipated at the time that the AKD engagement was approved. Replacing counsel with new counsel to pursue estate causes of action is entirely foreseeable." The Court notes no party in this case alleges that any subsequent developments that were incapable of being anticipated have occurred and the Liquidating Trustee has represented that none have occurred. According to Judge Grabill, without a consensual amendment to the AKD Sec. 328 Order or the presence of subsequent developments incapable of being anticipated that would allow this Court to take a second look at the reasonableness of AKD's preapproved compensation under the AKD Sec. 328 Order, this Court's hands are tied. Accordingly, the Court accepts AKD's voluntary fee reduction in the amount of $325,000, and pursuant to Sec. 328 of the Bankruptcy Code, the AKD Sec. 328 Order, and the terms of the confirmed plan, overrules Fishman Haygood, LLP's and Fannie Mae's objections to the AKD Fee App, and approves the AKD Fee App in the amount of $3.3 million, payable by the Liquidating Trustee immediately as an allowed administrative expense claim under the terms of the confirmed plan. A copy of the Court's Memorandum Opinion and Order is available at https://urlcurt.com/u?l=1L9meh from PacerMonitor.com. About Westbank Holdings Westbank Holdings, LLC, is a New Orleans, La.-based company primarily engaged in renting and leasing real estate properties. Westbank Holdings and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Lead Case No. 22-10082) on Jan. 27, 2022. In its petition, Westbank Holdings listed as much as $50 million in both assets and liabilities. Joshua Bruno, manager, signed the petition. Judge Meredith S. Grabill oversees the cases. Frederick L. Bunol, Esq., at The Derbes Law Firm, LLC, Alvendia Kelly & Demarest, LLC and G Rowland CPA & Associates, serve as the Debtors' bankruptcy counsel, special counsel and accountant, respectively. Richard W. Cryar, a partner at F M Reed Company, is the Debtors' chief restructuring officer. Dwayne M. Murray, the Chapter 11 trustee appointed in the Debtors' cases, tapped Fishman Haygood, LLP as legal counsel and Patrick J. Gros, CPA, as accountant. WESTCHESTER 3148: Section 341(a) Meeting of Creditors on October 30 ------------------------------------------------------------------- On September 29, 2025, Westchester 3148 LLC filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports $1,230,540 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 30, 2025 at 02:00 PM at Zoom.us - USTrustee 6: Meeting ID 160 6479 0874, Passcode 6789012456, Phone 1 (202) 798-4458. About Westchester 3148 LLC Westchester 3148 LLC is a single-asset real estate debtor under 11 U.S.C. Section 101(51B), owns and operates a multi-family rental property at 3148 Westchester Ave., Bronx, NY, valued at $1.1 million. Westchester 3148 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22921) on September 29, 2025. In its petition, the Debtor reports total assets of $1,098,000 and total liabilities of $1,230,540. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by H. Bruce Bronson, Esq. of BRONSON LAW OFFICES PC. WHITEEAGLE PROPERTIES: Taps Mark J. Lazzo PA as Counsel ------------------------------------------------------- Whiteeagle Properties 22 Corp. seeks approval from the U.S. Bankruptcy Court for the District of Kansas to hire Mark J. Lazzo of Mark J. Lazzo, P.A. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) preparing and presenting to the Court schedules; (b) preparing a Plan; (c) reviewing claims; (d) negotiating with creditors; (e) arranging and negotiating sales; and (f) filing of adversary actions. Mr. Lazzo will receive an hourly rate of $350, and Mr. Balbierz will also receive an hourly rate of $350. The firm received a $21,738 retainer, of which $1,738 was applied to the Chapter 11 filing fee, leaving a $20,000 balance at the time of filing. According to court filings, Mark J. Lazzo, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mark J. Lazzo, Esq. Justin T. Balbierz, Esq. MARK J. LAZZO, P.A. 3500 N. Rock Road Bldg. 300, Suite B Wichita, KS 67226 Telephone: (316) 263-6895 E-mail: mark@lazzolaw.com justin@lazzolaw.com About Whiteeagle Properties 22 Corp. Whiteeagle Properties 22 Corp. is a property company based in Lindsborg, Kansas that operates in the real estate sector. Whiteeagle Properties 22 Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-10770) on July 28, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mitchell L. Herren handles the case. The Debtor is represented by Mark J. Lazzo, Esq. at Landmark Office Park. ZAHAV VENTURES: Lender Seeks to Prohibit Cash Collateral Access --------------------------------------------------------------- U.S. Bank Trust National Association asks the U.S. Bankruptcy Court for the Southern District of New York to prohibit Zahav Ventures, LLC from using cash collateral. The creditor claims a secured interest in both the real property located at 2601 Jefferson Street, Baltimore, Maryland, and in any rental income derived from that property, pursuant to a Commercial Promissory Note and Deed of Trust, which includes an Assignment of Rents provision. U.S. Bank filed a proof of claim (Claim 6-1) on August 18 in the amount of $229,115, with $58,945 in pre-petition arrears. The monthly contractual payment is $1,550, including principal, interest, and escrow. According to U.S. Bank, the property is tenant-occupied and is likely generating rental income, which qualifies as cash collateral under the Bankruptcy Code. However, since the Debtor has not sought court approval or the creditor's consent to use this income, U.S. Bank argues that any use of such funds constitutes an unauthorized and unlawful use of cash collateral. U.S. Bank is particularly concerned that the Debtor may be using the funds for personal or non-business-related expenses, which could further jeopardize the estate's assets and creditor's secured position. As a remedy, U.S. Bank asks the court to prohibit further use of the cash collateral unless and until the Debtor obtains proper court authorization. Additionally, it demands that the Debtor provide adequate protection in the form of a regular monthly loan payment of $1,550 and provide an accounting of all income generated by the property from the bankruptcy filing date to present. U.S. Bank also requests copies of all rental or lease agreements and that any income be segregated into a separate debtor-in-possession account. The Debtor filed for Chapter 11 bankruptcy on June 17 but has not filed a plan of reorganization or a motion to use cash collateral, which is required under 11 U.S.C. section 363(c)(2) before any such collateral can be lawfully used. About Zahav Ventures LLC Zahav Ventures LLC is involved in real estate-related activities. Its principal asset is located in Baltimore, Maryland. Zahav Ventures sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22536) on June 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Judge Sean H. Lane oversees the case. The Debtor is represented by Kevin Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP. [] Chapter 7 Filings Rose 15% from January to September 2025 ------------------------------------------------------------ During the first nine months of 2025, 249,152 individual Chapter 7 bankruptcies were filed across the United States -- a 15 percent increase from the 216,773 filings recorded during the same period in 2024, according to data from Epiq AACER, a leading source for U.S. bankruptcy statistics. The rise in filings signals growing financial strain among individuals coping with higher living costs, tightening credit, and lingering economic uncertainty. Overall, total bankruptcy filings reached 423,053 during the first three quarters of 2025, up 10 percent from 383,341 filings in the prior year. Individual filings rose 11 percent to 399,387, compared with 360,636 during the same period in 2024. Individual Chapter 13 filings, which allow debtors to reorganize and repay debts over time, increased 4 percent year-over-year, from 143,240 to 149,337, indicating a steady rise in repayment-based bankruptcies, according to Epiq AACER. Epiq AACER Vice President Michael Hunter noted that the September data in particular underscored "the mounting financial pressure on households nationwide." He pointed out that Chapter 7 filings surged 19 percent year-over-year, while the growing number of active Chapter 13 cases suggests that more consumers are turning to bankruptcy as a means of financial recovery. Hunter added that this upward trajectory is expected to persist and may accelerate into 2026 as economic headwinds continue. On the business side, commercial bankruptcy filings totaled 23,666 through September 2025, a 4 percent increase from 22,705 during the same period in 2024. Within this segment, small business filings under Subchapter V of Chapter 11 grew 6 percent, from 1,669 to 1,764. However, commercial Chapter 11 filings declined 3 percent, falling from 6,078 to 5,883, suggesting that fewer large businesses pursued formal reorganizations compared with last 2024, the report cites. Amy Quackenboss, executive director of the American Bankruptcy Institute (ABI), said the data reflects a gradual move toward pre-pandemic bankruptcy activity levels. "With household debts climbing, lending conditions tightening, and global instability affecting supply chains, bankruptcies continue their rise," she said. "For both families and businesses facing unmanageable debt, the bankruptcy system provides a necessary financial lifeline." In September 2025, bankruptcy filings rose across nearly every category compared to the same month a year earlier. Commercial filings increased 13 percent to 2,781 from 2,471 in 2024, while commercial Chapter 11 filings rose 3 percent to 767. The number of Subchapter V elections—used primarily by small businesses—saw a substantial 40 percent increase, reaching 210 from 148 in the previous year, the report states. In total, September 2025 saw 49,182 bankruptcy filings, a 16 percent jump from 42,571 filings in September 2024. Individual filings grew 16 percent, climbing to 46,401 from 40,100. Chapter 7 filings rose 19 percent to 28,772, while Chapter 13 filings increased 10 percent to 17,533. The continued rise in filings across all major categories suggests that both consumers and businesses are struggling to manage rising debt burdens amid ongoing economic pressures, the report relays. [] Large Bankruptcy Cases Filing Rise in Northern Texas ------------------------------------------------------- Dietrich Knauth of Reuters reports that a growing share of large U.S. bankruptcy cases are landing in Dallas and Fort Worth, with the Northern District of Texas emerging as one of the busiest jurisdictions in the nation. Over the past year, the court has surpassed those in New York and New Jersey, long-time hubs for major bankruptcy filings. According to a report released September 24, 2025, by Cornerstone Research, the Northern District of Texas ranked as the third-most active court for large business bankruptcies between July 2024 and June 2025. The court handled 7% of all cases involving more than $100 million in assets, a sharp increase that underscores its growing importance in high-value corporate restructurings. Major companies including Hooters of America and Genesis Healthcare turned to the Dallas-Fort Worth courts for bankruptcy protection during the period studied. The trend has continued in recent months, with September filings from subprime auto lender Tricolor and CVS-owned pharmacy provider Omnicare adding to the district's caseload. Meanwhile, the Southern District of New York and the District of New Jersey each accounted for just 4% of large filings, marking the first time since 2012 that Texas has broken into the top three, according to Reuters. Despite the surge in Dallas and Fort Worth, Delaware and Houston remain the leading destinations for big cases. The District of Delaware captured 40% of large bankruptcies during the same period, while the Southern District of Texas accounted for 24%. Overall, filings involving $100 million or more in assets remained steady year-over-year, with 117 cases compared to 113 in the prior twelve months. However, billion-dollar bankruptcies spiked to 32 cases from 24 the year before, the report states. Some of the largest filings included Sunnova Energy ($13.4 billion in assets), Spirit Airlines ($9.5 billion), Wolfspeed ($7.6 billion), Azul S.A. ($4.5 billion), and Big Lots ($3.2 billion). Companies pointed to inflation, tariffs, shifts in federal energy policy, and heightened competition as drivers of financial distress. Among them, several green energy firms such as Global Clean Energy, SunPower Corp., and Mosaic Sustainable Finance Corp. filed for bankruptcy, while tariff-related pressures were cited by retailers Forever21 and At Home, as well as automotive parts supplier Marelli, the report relays. ********* 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 ***