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251007.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, October 7, 2025, Vol. 29, No. 279 Headlines 101 AVENUE: Seeks to Hire Bruce Feinstein as Bankruptcy Counsel 138 GREENE: Seeks to Hire Northgate Real Estate Group as Broker 1440 FOODS: Moody's Cuts CFR to 'Caa1', Outlook Stable 2280 FDB LLC: Section 341(a) Meeting of Creditors on November 10 AGREETA SOLUTIONS: Taps Taylor Porter Brooks as Special Counsel ALEXANDRIA MUSIC: Seeks to Hire Arthur Lander CPA as Accountant ALLIED DEVCORP: Seeks to Hire Buckmiller & Frost as Legal Counsel ALPHA GENERATION: Moody's Affirms 'Ba3' CFR, Outlook Stable ARTICON HOTEL: Hires Crane Simon Clar & Goodman as Legal Counsel ARTISTIC HOLIDAY: Gets Extension to Access Cash Collateral AT HOME GROUP: Court Confirms Chapter 11 Plan, Exit Near B & B SMITH: Gets Interim OK to Use Cash Collateral BEAN BROTHERS: Court to Hold Cash Collateral Hearing Today BEL TEMPO: Seeks to Hire Prostar Realty as Real Estate Broker BETTER IS BETTER: Gets Final OK to Use Cash Collateral BMX TRANSPORT: Gets Final OK to Use Cash Collateral BREAKERS MEZZ: Seeks Chapter 11 Bankruptcy in California BROADBAND TELECOM: Taps Klestadt Winters Jureller as Legal Counsel CACHCOPA LLC: Hires Erik Johanson as General Bankruptcy Counsel CAN'T COOK: Seeks Approval to Tap Professor Tax USA as Accountant CAR TOYS: Gets Final OK to Use Cash Collateral CARVANA CO: Moody's Hikes CFR to 'B2', Outlook Remains Positive CONCEPT CONNECTIONS: Gets Final OK to Use Cash Collateral COOKSON'S TRANSMISSION: Taps Bonds Ellis Eppich Schafer as Counsel COTY INC: Moody's Assigns 'Ba1' Rating to New Senior Notes Due 2031 CRUZ TEC: Seeks to Hire Lane Law Firm as Bankruptcy Counsel D DUNCAN: Seeks to Use Cash Collateral DATASEA INC: Reports $5.09 Million Net Loss in FY 2025 DATAVAULT AI: Files Charter Amendment, Lowers Stockholder Quorum DATAVAULT AI: Revises IBM Program Payments DCERT BUYER: Moody's Rates New $2.46BB First Lien Loans 'B2' DOUBLE S SIGNS: Gets Final OK to Use Cash Collateral ECHO GLOBAL: Moody's Affirms 'B3' CFR, Outlook Stable EDGE PROMO: Seeks Approval to Hire Account On US as Accountant ENI DIST: Seeks Approval to Hire Weon G. Kim as Bankruptcy Counsel ENI DIST: Seeks Court Approval to Tap Korus Group as Accountant ERC REPAIR: Aaron Cohen Named Subchapter V Trustee FCI SAND: Seeks Court Approval to Hire Dykema Gossett as Mediator FINASTRA: Fitch Lowers Rating on 1st Lien Term Loans to 'B+' FIRST BRANDS: Court OKs First Day Motions, $500M DIP Access FLEMING STEEL: Gets Final OK to Use Cash Collateral FREE SPEECH: Trustee Seeks to Abandon Infowars Ownership Stake GETTY IMAGES: Early Exchange Offer Sees 98% Tender of 2027 Notes GRANGE PUBLIC: Seeks to Hire Cutler Law Firm as Bankruptcy Counsel GWG HOLDINGS: Ex-Insurer, Trustee Strike Deal in Judge Romance Case HOPSCOTCH HEALTH: Gets Interim OK to Use Cash Collateral HUNTINGTON GLEN: Gets Extension to Access Cash Collateral HYPER FOX: Seeks Subchapter V Bankruptcy in Illinois IMAGE LOCATIONS: Seeks Subchapter V Bankruptcy After Wildfires INCAR GROUP: Seeks Court Approval to Tap Tamarez CPA as Accountant IPG FRANCHISING: Seeks to Hire Van Horn Law Group as Legal Counsel IQSTEL INC: Amends Stock-for-Stock Exchange Deal With Cycurion IR4C INC: Gets Extension to Access Cash Collateral ITALIAN KITCHEN: Seeks Court Approval to Tap BKC as Accountant J INTERNATIONAL: Gets Final OK to Use Cash Collateral J4G LLC: Gets Interim OK to Use Cash Collateral Until Oct. 26 JACKSON HOSPITAL: Could Close in November After Loan Default JT MASONRY: Wins Interim Approval to Use Cash Collateral JUAN M MARTINEZ: Seeks to Hire Virtue Real Estate Group as Broker KTRV LLC: Hires Spiro Harrison & Nelson as Litigation Counsel KYMERA INTERNATIONAL: Fitch Alters Outlook on 'B-' IDR to Negative LAFLEUR NURSERIES: Taps Howard Howard and Hodges as Accountant LAS VEGAS ILPK: Seeks to Hire David J. Winterton as Counsel LAS VEGAS ILPK: Seeks to Hire Virtue Real Estate Group as Broker LEES EARNED: Taps Argus Law Group and Neeleman Law Group as Counsel LINQTO TEXAS: Gets Court OK for Ch. 11 Settlement with Customers LUNAI BIOWORKS: Laksya Ventures, Neil Persh Hold 9.6% Stake MAGENTA SECURITY: BlackRock FRA Marks $1.07MM Loan at 77% Off MATADOOR RESTAURANT: Hires Schumacher Group as Leasing Agent MAYFIELD MEDICAL: Seeks to Hire YCG Accounting as Accountant MODIVCARE INC: Gets Final Court OK to Tap Full $100MM DIP Financing MOUSEROAR LLC: Seeks to Tap Bronson Law Offices as Legal Counsel MR. COOPER GROUP: Moody's Ups CFR to Ba1 & Alters Outlook to Stable MVP GROUP: U.S. Trustee Unable to Appoint Committee NAUTICAL MARINE: Taps ShipShape Accounting as Restructuring Advisor NEBRASKA BREWING: Announces Upcoming Closure NORTHRIVER MIDSTREAM: Moody's Puts Ba2 CFR on Review for Downgrade NYC ALPHA: Jennifer Schank Named Subchapter V Trustee OBJECT & SUBJECT: Gets Interim OK to Use Cash Collateral OFFBEAT VENTURES: Vinyl Me Please Revived After April Bankruptcy OMNICARE LLC: Seeks to Hire Stretto as Claims and Noticing Agent ONITY GROUP: Moody's Affirms 'B3' CFR, Outlook Stable ORCHARD FALLS: Seeks Cash Collateral Access ORIGIN FOOD: Cash Collateral Hearing Set for Oct. 10 PERATON CORP: BlackRock FRA Marks $407,000 Loan at 31% Off PIONEER GREEN: Kathleen DiSanto Named Subchapter V Trustee PRESPERSE CORP: Hilco Global Advises on 524(g) Talc Restructuring PROPHASE DIAGNOSTICS: Hires Maciag Law as Bankruptcy Counsel QUILL 115: Taps Concord and Keen-Summit as Banker & Advisor RAZZOO'S INC: DIP Financing Hearing Delayed Amid New Lender Offer RAZZOO'S INC: Seeks $4MM DIP Loan From TJF Financial RED ROCK: Kevin Neiman Named Subchapter V Trustee RITE AID: Closes All Locations Officially After Chapter 11 Filing ROBLOX CORP: Moody's Alters Outlook on 'Ba1' CFR to Positive S&G HOSPITALITY: Seeks to Hire GGG Partners as Financial Advisor SANTOPIETRO FOOD: Seeks Approval to Tap Account On US as Accountant SBLA INC: Gets Final OK to Use Cash Collateral SCILEX HOLDING: Board Shrinks to Five, Appoints CFO as Director SCILEX HOLDING: Buys $150M of Datavault Stock With Bitcoin SCILEX HOLDING: Completes $200M Sale of Semnur Stock to Biconomy SCILEX HOLDING: Holds 79.89% Equity Stake in Semnur Pharmaceuticals SHPS LLC: Section 341(a) Meeting of Creditors on November 6 SILVER STATE: Seeks to Tap David J. Winterton & Assoc. as Counsel SONOMA PHARMACEUTICALS: Signs $2.1M ATM Sales Deal With Ladenburg SORENTO ON YESLER: Court OKs Deal to Extend Cash Collateral Access SPIRIT AVIATION: Seeks $1.33 Billion DIP Loan STELLAR NATIONAL: A.M. Best Cuts FS Rating to B(Fair) SUNSET FITNESS: Seeks to Tap Michael Jay Berger as Legal Counsel TAHOE FOODS: Nathan Smith Named Subchapter V Trustee THASSOS INC: Gets OK to Use Cash Collateral Until Nov. 20 THREEPIECEUS LLC: Seeks Subchapter V Bankruptcy in Florida THYNG VENTURES: Seeks to Tap Cutler Law Firm as Bankruptcy Counsel TOGETHER GOOD: Seeks to Hire Andre + Associates as Accountant TRICO MILLWORKS: Hires BCM Advisory Group as Financial Advisor TRICOLOR AUTO: Court Gives Chapter 7 Authority to Operate Business TRY TROUT: Taps Menlo Law Group as Special Litigation Counsel TU CASA RESTAURANT: Seeks to Hire Morrison-Tenenbaum as Counsel U-TELCO UTILITIES: Court Extends Cash Collateral Access to Oct. 15 UNIFIED SCIENCE: Gets Interim OK to Use Cash Collateral UNIFIED VAILSBURG: Section 341(a) Meeting of Creditors on Nov. 5 US MAGNESIUM: US Trustee Slams Proposed Chapter 11 Financing USA CRICKET: Seeks Chapter 11 Bankruptcy in Colorado VIEWBIX INC: CEO Amihay Hadad Resigns From Board WILLIAMSON RENAISSANCE: Taps Russell Tax & Consulting as Accountant WOHALI LAND: Matt McKinlay Appointed as Chapter 11 Trustee [] ASC Issues Order Against Alberta Man After Fraud Conviction [] Jones Walker Adds Bankruptcy Partner Katie Lasky in New Orleans [] Shannon & Lee Adds Bankruptcy Partner Max Beatty, Rebrands Firm ********* 101 AVENUE: Seeks to Hire Bruce Feinstein as Bankruptcy Counsel --------------------------------------------------------------- 101 Avenue Management seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ the Law Offices of Bruce Feinstein as counsel. The firm's services include: (a) file Chapter 11 petition and schedules, amendments of the Debtor's schedules, draft and file a motion to extend the automatic stay, application to employ counsel, application to authorize a deed-in-lieu; (b) appear in court for 341 hearing(s) and status conferences; (c) response to motions by U.S. Trustee; (d) object to proof of claims; and (e) file reorganization plan. The firm will be paid at these hourly rates: Bruce Feinstein, Attorney $500 Chrissy Inverary, Paralegal $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer of $5,000 from the Debtor. Mr. Feinstein disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bruce Feinstein, Esq. The Law Offices of Bruce Feinstein 86-66 110 Street Richmond Hill, NY 11418 Telephone: (718) 570-8100 Facsimile: (718) 570-8012 About 101 Avenue Management 101 Avenue Management filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 25-43822) on Aug. 7, 2025, listing up to $1 million in both assets and liabilities. Judge Nancy Hershey Lord oversees the case. The Law Offices of Bruce Feinstein serves as the Debtor's counsel. 138 GREENE: Seeks to Hire Northgate Real Estate Group as Broker --------------------------------------------------------------- 138 Greene Retail, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Northgate Real Estate Group, formally known as North Point Real Estate Group, as real estate broker. The Debtor needs a broker to sell its property located at 132-140 Greene Street, New York, New York. The broker will receive a buyer's premium commission equal to 3.5 percent of the gross purchase price, and 1.75 percent in the event of a credit bid by the lender. In addition, the firm will seek reimbursement for expenses incurred. Greg Corbin, president at Northgate Real Estate Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Greg Corbin Northgate Real Estate Group 1633 Broadway, 46th Floor New York, NY 10019 About 138 Greene Retail 138 Greene Retail, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10129) on January 27, 2025, listing up to $50 million in both assets and liabilities. Honorable Bankruptcy Judge Philip Bentley handles the case. Mark Frankel, Esq., at Backenroth Frankel & Krinsky, LLP represents the Debtor as counsel. 1440 FOODS: Moody's Cuts CFR to 'Caa1', Outlook Stable ------------------------------------------------------ Moody's Ratings downgraded 1440 Foods TopCo, LLC's (1440 Foods) Corporate Family Rating to Caa1 from B3, Probability of Default Rating to Caa1-PD from B3-PD and the $732 million backed senior secured first lien term loan rating to Caa1 from B3. The rating outlook is stable. The downgrade of 1440 Foods reflects the company's ongoing weak operating performance, persistently high financial leverage, and constrained free cash flow. These pressures have been exacerbated by significant capital expenditures and integration costs related to the FitCrunch acquisition. Notably, FitCrunch has experienced a double-digit revenue decline, significantly underperforming expectations. Competitive pressures are intensifying, particularly in the club channel, where 1440 Foods is facing SKU rationalization and shelf space reductions with key customers. These developments have hurt cash flow and highlight the vulnerability of the company's concentrated product portfolio, which remains focused on protein bars, powders, and ready-to-drink shakes. The operating challenges are occurring at a time when the company is in the midst of a strategic shift toward in-house manufacturing that is intended to enhance margins and operational agility. The transition of legacy brands like Pure Protein, Met-RX, and Body Fortress to the new Jeffersonville, Indiana facility in fiscal 2025 and 2026 introduces operational complexity that requires good execution though this was anticipated in the ratings. The benefits of vertical integration and identified synergies should help offset top line softness, although near-term margin improvement may be limited if the realization of these benefits is slower than expected. RATINGS RATIONALE 1440 Foods' Caa1 CFR reflects the company's small scale with pro forma revenue below $700 million, a product portfolio concentrated in the protein bar, protein powder and ready-to-drink (RTD) shake categories, high leverage and weak free cash flow. The protein-enhanced nutrition category continues to benefit from strong consumer demand and increasing household penetration, though the industry remains highly fragmented and competitive. 1440 Foods also faces the challenge of a limited track record as a stand-alone entity, which adds to execution risk. Earnings growth, cost savings from vertical integration and realization of synergies are expected to support gradual deleveraging. However, Moody's project debt-to-EBITDA leverage will remain above 7x in fiscal 2026. The company is nearing completion of its major capital investment cycle and expects capital expenditures to decline to maintenance levels in the coming quarters. The benefits of vertical integration and identified synergies should help offset top line softness, and the company's core brands, particularly Pure Protein, continue to perform well and drive growth with key retailers such as Walmart, Costco, and Amazon. Free cash flow generation will remain limited in fiscal 2025 due to elevated interest expense from the FitCrunch acquisition and investment needs, but Moody's projects a return to positive free cash flow in fiscal 2026 as capital spending winds down and operational efficiencies are realized. Liquidity is further supported by $10 million in cash as of June 30, 2025 and approximately $104 million of availability on its $150 million ABL revolver, subject to borrowing base limitations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that revenue and volume will improve, liquidity will remain adequate, and the company will generate at least $10 million of positive free cash flow in fiscal 2026 once capital spending related to the verticalization program winds down. The ratings could be upgraded if the company demonstrates sustained organic revenue growth and higher profitability, meaningfully reduces leverage and improves liquidity including sustainable positive free cash flow. The ratings could be downgraded if liquidity deteriorates or operating challenges such as volume declines, market share losses, or cost increases prevent the company from realizing the revenue and margin expansion necessary to reduce leverage and generate sustained positive free cash flow. Debt-funded acquisitions or shareholder distributions before the company establishes a consistent operating track record as a combined entity could also result in a downgrade. The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. The Caa1 rating is two notches below the B2 scorecard-indicated outcome based on Moody's projected results for the fiscal year ended September 2025 on a pro forma combined basis. The difference is due to the company's high operational risks tied to transitioning production of legacy brands from third party manufacturing to in-house and increasing competitive pressures in the club channel. 1440 Foods is a performance and active nutrition company headquartered in New York City. The company operates a focused portfolio of brands including Pure Protein (nutrition bars and ready-to-drink products), FitCrunch (high-protein bars), Body Fortress (efficacy-driven protein powders), and MET-Rx (high-performance meal replacements). These brands are available across major retailers in the US and Canada, such as Walmart Inc., Costco Wholesale Corporation, Amazon.com, Inc., and The Kroger Co. The company was established through the carve out of the sports and active nutrition division of The Bountiful Company (NBTY) in August 2021 as part of NBTY's acquisition by Nestle. The company was acquired by 4x4 Capital in October 2021 with Bain Capital purchasing a 50% stake in December 2023. Pro forma for the $700 million November 01, 2024 FitCrunch acquisition, 1440 Foods generated approximately $660 million of net sales for the last 12 months ending June 30, 2025. 2280 FDB LLC: Section 341(a) Meeting of Creditors on November 10 ---------------------------------------------------------------- On September 30, 2025, 2280 FDB LLC filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports $3,129,090 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors filed by the Office of the United States Trustee under Section 341(a) to be held on November 10, 2025 at 10:00 AM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 1165157. About 2280 FDB LLC 2280 FDB LLC owns the property at 2280 Frederick Douglass Boulevard, New York, New York, including units RET and CFU, with an estimated value of $3.3 million. The Company operates in the real estate sector, managing commercial and residential property in New York City. 2280 FDB LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44773) on September 30, 2025. In its petition, the Debtor reports total assets of $3,300,125 and total liabilities of $3,129,090. The Debtor is represented by Charles Wertman, Esq. of LAW OFFICES OF CHARLES WERTMAN P.C. AGREETA SOLUTIONS: Taps Taylor Porter Brooks as Special Counsel --------------------------------------------------------------- Agreeta Solutions USA, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Taylor, Porter, Brooks & Phillips, LLP as special counsel. The firm will represent the Debtor in litigation pending and captioned as follows: South Louisiana Rail Facility, LLC v. Agreeta Solutions USA, LLC; Case #: 2:25-CV-00334-JDC-TPL. Taylor Porter's normal hourly rate ranges from $275 to $460. Taylor, Porter, Brooks & Phillips, LLP is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. The firm can be reached through: Michael A. Crawford, Esq. Taylor, Porter, Brooks & Phillips, LLP Chase North Tower 450 Laurel St 8th Floor Baton Rouge, LA 70801 Phone: (225) 387-3221 About Agreeta Solutions USA LLC Agreeta Solutions USA, LLC develops digital solutions for the agriculture technology sector, offering platforms that integrate smart farming, traceability, and agri-commerce tools. It operates in Peachtree Corners, Georgia, and focuses on improving farm productivity, supply chain transparency, and market connectivity. Its services include precision agriculture analytics, end-to-end food product traceability, and support for farmer networks. Agreeta Solutions USA sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-59677) on August 25, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by Theodore N. Stapleton, Esq. ALEXANDRIA MUSIC: Seeks to Hire Arthur Lander CPA as Accountant --------------------------------------------------------------- Alexandra Music, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Arthur Lander, CPA, PC as accountant. The firm's services include: (a) compile books and records; (b) prepare and file all necessary tax returns on behalf of the Debtor; (c) advise the Debtor of its duties and responsibilities under the Internal Revenue Code; (d) work with the Debtor in assessing its financial condition; (e) prepare monthly reports; and (f) provide other matters that arise in the administration of this Chapter 11 case in bankruptcy relating to accounting matters. The firm will be paid at these hourly rates: Arthur Lander, CPA $560 Chris Mueller $200 Scott Johnson $180 Bookkeeping $85 The firm will charge $200 per month for the preparation of monthly report. Mr. Lander disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Arthur Lander, CPA Arthur Lander, CPA, PC 300 N. Washington St., Ste. 104 Alexandria, VA 22314 Telephone: (703) 486-0700 About Alexandra Music Inc. Alexandra Music, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11896) on Sept. 15, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Judge Klinette H. Kindred oversees the case. The Debtor tapped Richard G. Hall as counsel and Arthur Lander, CPA, PC as accountant. ALLIED DEVCORP: Seeks to Hire Buckmiller & Frost as Legal Counsel ----------------------------------------------------------------- Allied DevCorp, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Buckmiller & Frost, PLLC as counsel. The firm will render these services: (a) undertake any and all steps and actions necessary to authorize the use of cash collateral pursuant to section 363 of the Bankruptcy Code, if applicable; (b) advise the Debtor with respect to its powers and duties in the continued management, operation, and reorganization of its business; (c) review any and all claims asserted against the Debtor by its creditors, equity holders, and parties in interest; (d) represent the Debtor's interests at the meeting of creditors under section 341 of the Bankruptcy Code, and at any other hearing or conference scheduled in the Bankruptcy Case before the court related to the Debtor; (e) attend any meetings, conferences, and negotiations with representatives of creditors and other parties in interest; (f) review and exam, if necessary, any and all transfers which may be avoided a preferential or fraudulent transfers under the appropriate provisions of the Bankruptcy Code; (g) take any and all necessary actions to protect and preserve the Debtor's bankruptcy estate; (h) prepare, on behalf of the Debtor all motions, applications, answers, orders, reports, and pleadings necessary to the administration of the bankruptcy estate; (i) prepare, on behalf of the Debtor, any plan of reorganization, disclosure statement, and all related agreements and/or documents, and take any necessary actions on behalf of the debtor to obtain confirmation of such plan of reorganization and approval of such disclosure statement; (j) represent the Debtor in connection with any potential post-petition financing; (k) advise the Debtor in connection with the sale or liquidation, if applicable, of any assets and property to third parties; (l) appear before the court, or any such appellate court, and the Office of the Bankruptcy Administrator to protect the interests of the Debtor and the bankruptcy estate; (m) represent the Debtor with respect to any general, corporate, or transactional matters that arise during the course of the administration of the Bankruptcy Case; and (n) assist and advise the Debtor with respect to negotiation, documentation, implementation, consummation, and closing of any corporate transactions, including any sales of assets, in the Bankruptcy Case. The firm will be paid at these hourly rates: Matthew Buckmiller, Attorney $400 Joseph Frost, Attorney $375 Yorlibeth Martinez, Attorney $300 Justin Sinnott, Attorney $250 Paralegals, Law Clerks, & Staff $65 - $160 In addition, the firm will seek reimbursement for expenses incurred. The firm received an aggregate retainer of $21,738 which was paid on July 11, 2025. Mr. Frost disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph Z. Frost, Esq. Buckmiller & Frost, PLLC 4700 Six Forks Road, Suite 150 Raleigh, NC 27609 Telephone: (919) 296-5040 Facsimile: (919) 977-7101 About Allied DevCorp LLC Allied DevCorp LLC, based in Raleigh, North Carolina, owns the property at 153 W King St., Hillsborough, NC 27278, along with significant operational and furnishing assets used in the hotel business. The Company also holds 100% ownership of Colonial Inn Hillsborough, Inc., which leases the premises and operates The Colonial Inn as a boutique hotel with guest rooms, dining, and event spaces. Allied DevCorp LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03652) on September 18, 2025. In its petition, the Debtor reports total assets of $3,700,032 and total liabilities of $4,655,943. Honorable Bankruptcy Judge Joseph N. Callaway handles the case. The Debtor is represented by Joseph Z. Frost, Esq. of Buckmiller & Frost, PLLC. ALPHA GENERATION: Moody's Affirms 'Ba3' CFR, Outlook Stable ----------------------------------------------------------- Moody's Ratings affirmed the ratings of Alpha Generation, LLC, (AlphaGen), including its Ba3 Corporate Family Rating, Ba2 senior secured rating, B2 senior unsecured rating and Ba3-PD Probability of Default. AlphaGen's SGL-2 speculative grade liquidity rating remains unchanged. The rating outlook is stable. RATINGS RATIONALE "As a relatively new independent power producer, AlphaGen has focused on its power plant operation improvements as well as looking for opportunities for long-term contracts or extending hedges on its energy output over the last 12 months," stated Jairo Chung, Moody's Ratings analyst. AlphaGen's 11.6 GW generation portfolio primarily consists of natural gas-fired combined-cycle power plants and peaking units characterized by some diversification in both geography and power markets. Slightly less than 50% of its capacity is in PJM while 29% is in NYISO, 20% in ISO-NE and the remaining in CAISO. Some of its generation assets are located in constrained areas, or load pockets, and should exhibit higher locational value. Furthermore, AlphaGen's financial profile incorporates the robust PJM capacity auction results, and Moody's expects the company to benefit from growing power demand in the market where it operates. AlphaGen's leverage, including $2.25 billion term loan B, $1 billion of senior notes and A $700 million 5-year secured revolving credit facility, were relatively moderate. While the contemplated additional issuance of senior notes will weaken the company's overall credit metrics, Moody's expects AlphaGen to maintain credit metrics that are appropriate for its rating. After the issuance, Moody's anticipates the company's Funds from Operations (FFO) to debt to range 14% - 16%. AlphaGen's CFR Ba3 reflects Moody's expectations that AlphaGen will produce relatively consistent cash flows over the next 18-24 months. The company's capacity revenue and energy hedging program should provide good visibility into cash flow. Also, its efforts to improve operational performance and efficiency should support steady operations of its power plants. Outlook The stable outlook reflects Moody's expectations that AlphaGen will produce stable and relatively visible cash flow supported by prudent operations of its power plants over the next 2-3 years and maintain moderate leverage, resulting in relatively consistent key credit metrics. It also incorporates Moody's expectations that the company's financial policy will be measured and consistent while it is building its track record. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade A rating upgrade could be possible if AlphaGen's operational and financial performance results in credit metrics improvements such that its FFO to debt ratio is above 18% on a sustained basis. Factors that could lead to a downgrade A rating downgrade could be considered if AlphaGen's key credit metrics deteriorate including its FFO to debt falls below 13% on a sustained basis, or AlphaGen experiences operational challenges, including extended unplanned outages or is unable to manage market and commodity volatility effectively. In addition, if there are material changes in the company's financial policy that puts pressure on the company's financial position, a rating downgrade could be possible. Company profile AlphaGen is an independent power producer with approximately 11.6 GW of generating capacity in PJM, NYISO, ISO-NE and CAISO. Its majority owner is funds managed by ArcLight Capital Partners, LLC. The company was formed by consolidating existing power projects owned by ArcLight. LIST OF AFFECTED RATINGS Issuer: Alpha Generation, LLC Affirmations: LT Corporate Family Rating, Affirmed Ba3 Probability of Default Rating, Affirmed Ba3-PD Backed Senior Secured Bank Credit Facility, Affirmed Ba2 Senior Unsecured, Affirmed B2 Outlook Actions: Outlook, Remains Stable 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. ARTICON HOTEL: Hires Crane Simon Clar & Goodman as Legal Counsel ---------------------------------------------------------------- Articon Hotel Services LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ the law firm of Crane, Simon, Clar & Goodman as counsel. The firm will render these services: (a) prepare necessary legal papers; (b) provide the Debtor with legal advice with respect to its rights and duties involving its property, as well as its reorganization efforts herein; (c) appear in court and litigate whenever necessary; and (d) perform any and all other legal services that may be required from time to time in the ordinary course during the administration of this bankruptcy case. The firm received an advance payment retainer of $29,176 from the Debtor. Scott Clar, Esq., an attorney at Crane, Simon, Clar & Goodman, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Scott R. Clar, Esq. Crane, Simon, Clar & Goodman 135 South LaSalle Street, Suite 3950 Chicago, IL 60603 Telephone: (312) 641-6777 Email: sclar@cranesimon.com About Articon Hotel Services LLC Articon Hotel Services, LLC manufactures and supplies furniture, fixtures and equipment as well as construction materials for the hospitality industry in the United States. The Company provides case goods, soft seating, millwork, lobby furniture, artwork, mirrors and lighting, alongside shower surrounds, flooring, and wall coverings, serving hotel projects through design, fabrication, installation and compliance support. Articon works with major hotel brands including Holiday Inn, Hilton, Embassy Suites, Courtyard and Fairfield Inn & Suites. Articon Hotel Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13601) on September 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. ARTISTIC HOLIDAY: Gets Extension to Access Cash Collateral ---------------------------------------------------------- Artistic Holiday Designs, LLC and Holiday Creations Pro, Inc. received sixth interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, for authority to use cash collateral. The Debtors were authorized to use cash collateral to pay ordinary and necessary business expenses as set forth in their 13-week budget, subject to a 10% variance per line item. MEP Capital Holdings III, L.P. asserts interest in the cash collateral, which consists of cash and cash equivalents generated by the Debtors' operations or from the disposition of the lien claimant's pre-bankruptcy collateral. As protection, MEP and other lien claimants will be granted a replacement lien on the Debtors' post-petition assets, with the same validity and priority as their pre-bankruptcy liens. As additional protection, MEP will be granted a superpriority administrative expense claim in case of any diminution in the value of its collateral. The next hearing is set for November 19. MEP asserts approximately $5.686 million in debt under a senior secured loan agreement dated June 15, 2022, with claimed first-priority liens on substantially all assets of the Debtors. Other lien claimants include B Squared, Inc., Melissa and Doug, LLC, and the U.S. Small Business Administration, creating a complex multi-creditor secured debt structure typical of seasonal retail businesses requiring diverse financing sources. About Artistic Holiday Designs Artistic Holiday Designs, LLC filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00153) on January 29, 2025. listing up to $10 million in assets and up to $50 million in liabilities. Derek Norwood, managing member, signed the petition. Judge Caryl E. Delano oversees the case. Michael Dal Lago, Esq., at Dal Lago Law, represents the Debtor as legal counsel. MEP Capital Holdings III, L.P., as secured creditor, is represented by: Luis E. Rivera II, Esq. GrayRobinson, P.A. 1404 Dean Street, Suite 300 Fort Myers, Florida 33901 Phone: 239.254.8460 luis.rivera@gray-robinson.com AT HOME GROUP: Court Confirms Chapter 11 Plan, Exit Near -------------------------------------------------------- At Home Group Inc. announced ON October 01, 2025, that the U.S. Bankruptcy Court for the District of Delaware has confirmed At Home's Plan of Reorganization. At Home expects to complete the transactions set forth in the Plan and emerge from its court-supervised restructuring in the coming weeks. "We are pleased to have reached this important milestone in our efforts to position At Home for future success," said Brad Weston, Chief Executive Officer of At Home. "Thanks to the hard work of our team over the last few months, we have now accomplished all that we set out to achieve at the beginning of this process. Having received this approval, we are one step closer to emerging from our court-supervised process with a fully de-levered balance sheet, a more profitable operating model and new financial resources to invest in our strategic initiatives." Weston continued, "Throughout this process, our team members have remained unwavering in their focus on continuing to serve and inspire our customers. Their dedication and the ongoing support of our financial stakeholders, vendors and suppliers has allowed us to deliver on the goals we outlined at the beginning of this process on an expedited basis. We look forward to entering our next phase as a more resilient, more competitive business." Weston concluded, "As we move forward with a fully optimized store fleet, team members across all of our At Home stores are helping customers prepare for Halloween and the seasonal transition to Fall. We are gearing up for the upcoming Holiday season and look forward to continuing to welcome and serve customers in our stores and online." Under the terms of the Plan, upon emergence, At Home will have eliminated substantially all of its nearly $2 billion in funded debt and will have access to approximately $500 million under an asset-based loan. Following the consummation of its restructuring, the Company will execute a transition of ownership of At Home to a group of its lenders, including funds affiliated with Redwood Capital Management, LLC, Farallon Capital Management, L.L.C., and Anchorage Capital Advisors, L.P. Additional information regarding At Home's court-supervised process is available at AtHomeRestructuring.com. Court filings and other information related to the proceedings, including instructions on how to file a proof of claim, are available on a separate website administered by the Company's claims agent, Omni Agent Solutions, Inc., at https://omniagentsolutions.com/AtHome, by calling Omni toll-free at (888) 818-9346 or (747) 293-0014 for calls originating outside of the U.S. or Canada, or by sending an email to AtHomeInquiries@OmniAgnt.com. Advisors Kirkland & Ellis is serving as legal counsel, PJT Partners is serving as investment banker, AlixPartners is serving as financial advisor and Hilco Real Estate is serving as real estate consultant to At Home. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor. Dechert LLP is serving as legal counsel and Evercore Group LLC is serving as financial advisor to the ad hoc group of lenders. About At Home Group Inc. At Home Group Inc. is a home decor and furnishings retailer offering a wide range of everyday and seasonal products for all areas of the home. The Company operates 260 large-format stores across 40 U.S. states and an e-commerce platform. Headquartered in Coppell, Texas, At Home was founded in 1979 and employs 7,170 people. On June 16, 2025, At Home announced it entered a Restructuring Support Agreement (RSA) with certain of its lenders, which will eliminate substantially all of its long-term debt and provide the Company with new financial resources to support the business and position At Home for future success. To implement the terms of the RSA, At Home and 41 of its subsidiaries have commenced voluntary Chapter 11 proceedings in Delaware (Bankr. D. Del. Lead Case No. 25-11120). The proceedings are pending before Judge J. Kate Stickles. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession financing, which includes a $200 million capital infusion from certain of its existing lenders and a "roll up" of $400 million of existing senior secured debt. The Debtors tapped Kirkland & Ellis LLP as restructuring counsel; Young Conaway Stargatt & Taylor, LLP, as Delaware restructuring counsel; AlixPartners LLP as financial advisor; and PJT Partners, Inc., as investment banker. Omni Agent Solutions, Inc., is the claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. B & B SMITH: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Alabama is set to hold a hearing today to consider another extension of B & B Smith Construction, Inc.'s authority to use cash collateral. The Debtor's authority to utilize cash collateral pursuant to the court's September 26 interim order expires today. The interim order approved the payment of the Debtor's expenses from the cash collateral. As adequate protection, the U.S. Small Business Administration was granted replacement liens on the Debtor's post-petition property of the same type and priority as its pre-bankruptcy collateral. The Debtor obtained an EIDL loan with SBA in June 2020. The current balance of that loan is approximately $498,397.00. The SBA subsequently filed a UCC-1 financing statement with the Alabama Secretary of State. The Debtor also obtained loans from Redstone Advance and ServisFirst Bank. Both of the liens of Redstone Advance and ServisFirst, to the extent they each claim an interest in the Debtor's accounts and accounts receivable, are subordinate to the lien of the SBA. About B & B Smith Construction Inc. B & B Smith Construction Inc. serves a diverse client base across Alabama by delivering residential and commercial construction services. Its portfolio covers general contracting, site development, project management, and remodeling projects. B & B Smith Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-41227) on September 12, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge James J. Robinson handles the case. The Debtor is represented by Robert C. Keller, Esq., at Russo, White & Keller. BEAN BROTHERS: Court to Hold Cash Collateral Hearing Today ---------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of North Carolina is set to hold a hearing today to consider another extension of Bean Brothers Landscaping, LLC's authority to use cash collateral. The Debtor was previously authorized to pay its operating expenses from the cash collateral of its secured creditors pursuant to the court's September 25 interim order and the latest budget. The Debtor's budget projects total monthly operational expenses of $241,201.10. The September 25 interim order granted secured creditors a replacement lien on property acquired by the Debtor after its Chapter 11 filing, with the same validity, priority and extent as their pre-bankruptcy liens. About Bean Brothers Landscaping, LLC Bean Brothers Landscaping, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40201) on September 25, 2025, listing up to $100,001 to $500,000 in both assets and liabilities. Judge Ashley Austin Edwards handles the case. The Debtor is represented by: John C. Woodman, Esq. Essex Richards Tel: 704-377-4300 Email: jwoodman@essexrichards.com BEL TEMPO: Seeks to Hire Prostar Realty as Real Estate Broker ------------------------------------------------------------- Bel Tempo, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Prostar Realty as real estate broker. The Debtor needs a broker to sell its property located at 5701 South 12th Avenue in Tucson, Pima County, Arizona. The firm will receive a commission of 5 percent of the total purchase price of the business. Colton Rodgers, a real estate agent at Prostar Realty, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Colton Rodgers Prostar Realty 14435 N. 7th St. Phoenix, AZ 85022 Telephone: (602) 265-4600 About Bel Tempo LLC Bel Tempo, LLC is a real estate holding company whose principal asset is a commercial property located at 5701 South 12th Avenue in Tucson, Arizona. Bel Tempo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-06002) on June 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Brenda Moody Whinery oversees the case. The Debtor is represented by John C. Smith, Esq., at Rusing Lopez & Lizardi, PLLC. BETTER IS BETTER: Gets Final OK to Use Cash Collateral ------------------------------------------------------ Better is Better, LLC received final approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral to pay the expenses set forth in its budget. The Debtor must operate within 10% of the budget. As adequate protection, the pre-bankruptcy liens of any creditor holding an interest in cash collateral will continue post-petition, however, such liens must not exceed their value as of the commencement of the Debtor's Chapter 11 case. Replacement liens will be granted solely to the extent of any diminution in the pre-bankruptcy collateral. The post-petition collateral specifically excludes Chapter 5 causes of action and the proceeds thereof, and recoveries from any claims under Section 506(c) of the Bankruptcy Code. As additional protection, the Debtor must pay Itria $2,500 monthly, beginning October 15. Currently, there are four active UCC financing statements filed in Pennsylvania that may pertain to the Debtor's cash collateral. However, each of these statements was filed by service agents namely Corporation Service Company and CT Corporation System without identifying the actual creditor. As a result, it is unclear which creditor, if any, holds a first lien on the Debtor's assets. About Better is Better LLC Better is Better, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22163) on August 19, 2025. In the petition signed by Joel Phifer, member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge: Gregory L Taddonio Christopher M. Frye, Esq., at Steidl & Steinberg, P.C., represents the Debtor as legal counsel. BMX TRANSPORT: Gets Final OK to Use Cash Collateral --------------------------------------------------- BMX Transport, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to use cash collateral. The final order authorized the Debtor to use cash collateral to pay business expenses as set forth in its budget. As adequate protection, secured creditors including RTS Financial Services and the U.S. Small Business Administration will be granted valid and properly perfected liens on all property acquired by the Debtor after its Chapter 11 filing that is similar to their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 avoidance actions. The Debtor is party to a factoring agreement with RTS under which the Debtor sells invoices to RTS for daily loads carried. RTS is secured by a UCC financing statement filed on August 15, 2023. The debt of RTS is secured by all receivables of the Debtor. Meanwhile, the Debtor is a borrower on an Economic Injury Disaster Loan with SBA. The SBA debt is secured by a UCC financing statement filed on June 15, 2020, and by all real and personal property of the Debtor. About BMX Transport BMX Transport, LLC provides long-distance specialized freight trucking services across the United States, focusing on goods that require unique handling or equipment. It offers full truckload transport using dry vans and refrigerated trailers, supported by warehousing and 24/7 logistics operations. Headquartered in Georgia, BMX Transport operates a federally authorized fleet of trucks and trailers. BMX Transport sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20705) on May 5, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge James R. Sacca handles the case. Benjamin R. Keck, Esq., at Keck Legal, LLC is the Debtor's bankruptcy counsel. RTS Financial Services, as secured creditor, is represented by: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 (404) 564-9300 ljones@joneswalden.com BREAKERS MEZZ: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------------- Law360 Bankruptcy Authority and Bondoro report that Breakers Mezz I LLC, an entity involved in the renovation of the historic Breakers Hotel in Long Beach, California, has entered Chapter 11 bankruptcy. The company's petition, filed in California bankruptcy court, lists more than $50 million in liabilities connected to the redevelopment effort, according to the report. Court records indicate that Breakers Mezz I holds assets valued between $100 million and $500 million. The company's filing suggests that the Chapter 11 process will allow it to reorganize and seek alternatives to stabilize operations amid ongoing construction and financial pressures. The filing follows efforts by a creditor to auction off its equity interest in the company, a move that may have influenced Breakers Mezz I's decision to seek court protection. The bankruptcy case is expected to play a key role in determining the future of the nearly 100-year-old Long Beach landmark, the report relays. About Breakers Mezz I LLC Breakers Mezz I LLC is a company connected to the restoration of the iconic Breakers Hotel in Long Beach, California. Breakers Mezz I LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18796) on October 2, 2025. In its petition, the Debtor reports $100 million to $500 million in assets and $50 million to $100 million in liabilities. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Eric D. Goldberg, Esq. of DLA Piper LLP. BROADBAND TELECOM: Taps Klestadt Winters Jureller as Legal Counsel ------------------------------------------------------------------ Broadband Telecom, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Klestadt Winters Jureller Southard & Stevens, LLP as counsel. The firm's services include: (a) advise the Debtors with respect to their rights, powers and duties in the reorganization of their businesses and/or liquidation of their assets; (b) attend meetings, negotiating with representatives of creditors and other parties in interest, advise and consult on the conduct of the cases; (c) take all necessary action to protect and preserve the assets of the Debtors' estates; (d) prepare on behalf of the Debtors such legal papers necessary to the administration of their estates; (e) assist the Debtors in their analysis and negotiations with any third party concerning matters related to the realization by creditors of a recovery on claims and other means of realizing value; (f) represent the Debtors at all hearings and other proceedings; (g) assist the Debtors in their analysis of matters relating to the legal rights and obligations of it with respect to various agreements and applicable laws; (h) review and analyze all applications, orders, statements, and schedules filed with the Bankruptcy Court and advise the Debtors as to their propriety; (i) assist the Debtors in preparing pleadings and applications as may be necessary in furtherance of their interests and objectives; (j) assist and advise the Debtors with regard to their communications to the general creditor body regarding any proposed Chapter 11 plan(s) or other significant matters in these Chapter 11 cases; (k) assist the Debtors with respect to consideration by the Bankruptcy Court of any plan(s) prepared or filed pursuant to sections 1121 and 1189-1191 of the Bankruptcy Code and take any necessary action on behalf of them to obtain confirmation of such plans(s); and (l) perform such other legal services as may be required and/or deemed to be in the interests of the Debtors in accordance with their powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these hourly rates: Partners $750 - $995 Associates $495 - $595 Paralegals $275 In addition, the firm will seek reimbursement for expenses incurred. Tracy Klestadt, Esq., an attorney at Klestadt Winters Jureller Southard & Stevens, in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Tracy L. Klestadt, Esq. Klestadt Winters Jureller Southard & Stevens, LLP 200 West 41st Street, 17th Floor New York, NY 10036 Telephone: (212) 972-3000 Facsimile: (212) 972-2245 About 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. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73095) on August 12, 2025. The case is jointly administered in Case No. 25-73095. In its petition, Broadband Telecom disclosed 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 Debtors represented by Tracy L. Klestadt, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP. CACHCOPA LLC: Hires Erik Johanson as General Bankruptcy Counsel --------------------------------------------------------------- Cachcopa, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Erik Johanson PLLC as general bankruptcy counsel. The firm's services include: (a) advise the Debtor on its rights and obligations under the Bankruptcy Code; (b) prepare and file necessary motions and pleadings; (c) represent the Debtor in court proceedings, negotiate with creditors and other parties-in-interest, and (d) assist in the formulation and confirmation of a Chapter 11 plan. The firm received a post-petition retainer of $15,000 from the Debtor. Erik Johanson, an attorney at the firm, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Erik Johanson, Esq. Erik Johanson PLLC 3414 W. Bay to Bay Boulevard, Suite 300 Tampa, FL 33629 Email: erik@johanson.law About Cachcopa LLC Cachcopa, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01657) on August 26, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Caryl E. Delano presides over the case. Erik Johanson PLLC represents the Debtor as bankruptcy counsel. CAN'T COOK: Seeks Approval to Tap Professor Tax USA as Accountant ----------------------------------------------------------------- Can't Cook Right LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Professor Tax USA Inc. as accountant. The firm will render these services: (a) give the Debtor financial and accounting advice with respect to its powers and duties and with respect to the continued management of its property; (b) prepare on behalf of the Debtor necessary applications, answers, reports, and other financial reports; (c) prepare operating reports and financial projections regarding the administration of the Debtor's estate; (d) take any and all necessary action instant to the proper preservation and administration of the estate; and (e) perform all other accounting and financial services for the Debtor which may be necessary herein. The firm will charge the Debtor an estimated tax preparation fee of $500. Daryl Baurley, an accountant at Professor Tax USA, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daryl Baurley, CPA Professor Tax USA Inc. 400 W. 11st Street Panaman City, FL 32401 About Can't Cook Right Can't Cook Right, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-50074) on April 21, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Karen K. Specie oversees the case. The Debtor tapped Michael Austen Wynn, Esq., at Wynn & Associates, PLLC as counsel and Professor Tax USA Inc. as accountant. CAR TOYS: Gets Final OK to Use Cash Collateral ---------------------------------------------- Car Toys, Inc. received final approval from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral to fund operations. The court's final order authorized the Debtor to use cash collateral from September 19 to January 31, 2026, in accordance with its budget. The Debtor may exceed a budget line item by up to 15%. The Debtor was also authorized to pay the fee carveout from the cash collateral. As adequate protection, Daniel Brettler, a senior secured lender and debtor-in-possession lender, was granted replacement liens on and security interests in all assets acquired by the Debtor after the petition date equal to the decrease, if any, in the value of his interest in the pre-bankruptcy collateral. To the extent such protection is insufficient, the lender will receive an allowed claim under Section 507(b) of the Bankruptcy Code, with priority over every other claim and administrative expense but subordinate to the fee carveout. The Debtor's authority to use cash collateral terminates on January 31, 2026, or upon occurrence of certain events including dismissal or conversion of its Chapter 11 case; appointment or election of a trustee, examiner or any other similar entity with expanded powers beyond investigatory alone; entry of an order that stays, modifies, or reverses the interim order; and entry of an order granting relief from the automatic stay, allowing a third party to proceed against any pre-bankruptcy collateral or cash collateral. As of the petition date, the Debtor owed $20.64 million to Mr. Brettler under a loan secured by substantially all of its assets. A copy of the court's final order and the Debtor's budget is available at https://shorturl.at/mURiR from PacerMonitor.com. About Car Toys Inc. Car Toys, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12288-TWD) on August 18, 2025. In the petition signed by Philip Kaestle, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Timothy W. Dore oversees the case. Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S., represents the Debtor as legal counsel. Daniel Brettler, as senior secured lender and DIP lender, is represented by: Nathan T. Riordan, Esq. Wenokur Riordan PLLC 600 Stewart Street Seattle, WA 98101 Phone: (206) 903-0401 Fax: (206) 209-4141 nate@wrlawgroup.com -- and -- Alan J. Wenokur, Esq. Wenokur Riordan PLLC Phone: (206) 682-6224 Fax: (206) 826-9009 alan@wrlawgroup.com CARVANA CO: Moody's Hikes CFR to 'B2', Outlook Remains Positive --------------------------------------------------------------- Moody's Ratings upgraded Carvana Co.'s ("Carvana") corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD. The company's senior secured global notes ratings were upgraded to B2 from B3 and senior unsecured global notes ratings were upgraded to Caa1 from Caa2. The speculative grade liquidity rating (SGL) remains unchanged at SGL-2. The outlook remains positive. The upgrade and positive outlook reflects Carvana's continuing improvement in operating performance and voluntary debt reduction that has resulted in a material improvement in credit metrics. It also acknowledges that Carvana is expected to remain free cash flow positive even after returning to fully cash paying its interest expense. Overall, debt to EBITDA has improved to around 3.2x while EBITDA less capex to interest was about 2.8x for the LTM ending June 30, 2025, compared to leverage of 4.2x and EBITDA less capex to interest of about 1.8x at the end of fiscal 2024. A List of Affected Credit Ratings is available at https://urlcurt.com/u?l=ShHQBT RATINGS RATIONALE Carvana's B2 CFR reflects its improved operating performance that has been driven by higher unit sales, improvement in retail vehicle gross profit per vehicle, about a $985 million gain from the sale of receivables on an LTM basis and a more focused approach to cost control. The B2 also reflects Carvana's good liquidity, as reflected by its SGL-2. Over the past several quarters, Carvana generated positive operating earnings, which along with the benefit of not having to pay cash interest on the majority of its capital structure for part of the year and the ability to sell its receivables for a material gain led to positive free cash flow. However, Moody's assessments of Carvana maintaining good liquidity is predicated on their ability to continue to sell its receivables for a significant gain. Absent the PIK interest and the cash generation from the sale of receivables, Carvana's free cash flow would have remained negative for the LTM period. As of June 30, 2025, Carvana's unrestricted cash balance was about $1.86 billion, which was bolstered by a $1.26 billion equity offering with part of the proceeds used to pay down outstanding debt. For the LTM period ending June 30, 2025, Carvana's non-cash pay-in-kind (PIK) interest was about $320 million. Carvana went entirely cash pay in August 2025. Carvana's credit profile also reflects its diversified earnings stream from retail, wholesale and financing. Carvana's operating profit is bolstered by about $985 million from the gain on the sale of its receivables which is subject to its ability to sell its receivables on favorable terms. Absent the gain from the sale of receivables, Carvana's EBIT margins would be more in-line with the broader auto retail market. The positive outlook expects Carvana to maintain a consistent level of operating performance that will enable it to successfully sustain its earnings momentum and the strength in its current credit metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded in the event Carvana is able to sustain its operating performance momentum including retail gross profit per vehicle, gain on loan sales and free cash flow. Quantitatively, an upgrade would require debt to EBITDA sustained below 4.0x and EBITDA less capex to interest sustained above 3.0x. A higher rating would also require very good liquidity either from cash balances or committed long term external sources that provides Carvana with the ability to comfortably absorb a market slow down or a disruption in its ability to sell receivables at its current level of favorable terms. Given the positive outlook a downgrade is unlikely at the present time. Ratings could be downgraded in the event operating performance weakened including reduced gains on the sale of receivables or financial policies became more aggressive. Quantitatively, a downgrade would occur in the event debt to EBITDA is sustained above 5.0x or EBITDA less capex to interest was sustained below 2.0x. A deterioration in liquidity for any reason could also result in a negative rating action. Headquartered in Tempe, Arizona, Carvana Co., is a leading online retailer of used vehicles, with revenue for the LTM period ending June 30, 2025, of around $16.3 billion. The principal methodology used in these ratings was Retail and Apparel published in September 2025. The assigned B2 corporate family rating is more than two notches lower than the scorecard-indicated outcome. The variance reflects risk to Carvana's liquidity profile should it be unable to continue to sell its receivables on its current level of favorable terms given its low level of committed external facilities relative to its level of receivables originations. CONCEPT CONNECTIONS: Gets Final OK to Use Cash Collateral --------------------------------------------------------- Concept Connections, Ltd received final approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral in accordance with its monthly budget, subject to a 10% variance per line item. Any expenditure above the budget requires prior written consent from secured lenders, Idea Financial and Headway Capital, LLC. The Debtor projects total monthly operational expenses of $89,016.92. The cash collateral is allegedly subject to pre-bankruptcy liens held by the secured lenders, which claim a security interest in most of the Debtor's assets. As adequate protection, both lenders will be granted automatically perfected replacement liens on all current and future assets of the Debtor co-extensive with their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action. The Debtor's authority to use cash collateral ends upon certain events, including a Chapter 7 conversion, appointment of a trustee, sale of substantially all assets, or plan confirmation. The final order is available at https://is.gd/KlBfum Headway Capital can be reached through: Headway Capital, LLC 175 W Jackson Blvd Suite 1000 Chicago, IL 60604 support@headwaycapital.com Idea Financial can be reached through: Idea Financial 800 NW 62nd Ave, Ste 750 Miami, FL 33126 info@ideafinancial.com About Concept Connections Ltd. Concept Connections Ltd., a company based in Plano, Texas, provides behavioral health services with a focus on Applied Behavior Analysis (ABA) therapy for individuals with autism and other developmental disabilities. It collaborates with families, therapists, and schools to deliver tailored therapeutic programs. The company operates at multiple locations in Plano and accepts most major insurance plans. Concept Connections sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 25-42455) on August 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. The Debtor is represented by: Sarah M. Cox, Esq. Spector & Cox, PLLC Tel: 214-310-1321 Email: sarah@spectorcox.com COOKSON'S TRANSMISSION: Taps Bonds Ellis Eppich Schafer as Counsel ------------------------------------------------------------------ Cookson's Transmission City, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Bonds Ellis Eppich Schafer Jones LLP as counsel. The firm's services include: (a) give bankruptcy-related legal advice to the Debtor and assistance in conducting the Chapter 11 case; (b) assist the Debtor in preparing legal papers; (c) assist the Debtor in negotiating and formulating sale and/or plan documents; (d) assist the Debtor in preserving and protecting the value of its estate; and (e) perform all other legal services for the Debtor that may be necessary or appropriate in administering this Chapter 11 case. The firm will be paid at these hourly rates: Bryan Assink, Partner $425 Linda Paquette-Gordon, Senior Paralegal $275 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $25,000 from the Debtor. Mr. Assink disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bryan Assink, Esq. Bonds Ellis Eppich Schafer Jones LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Telephone: (817) 405-6900 Facsimile: (817) 405-6902 Email: bryan.assink@bondsellis.com About Cookson's Transmission City Inc. Cookson's Transmission City, Inc. provides automotive repair services with a focus on transmission diagnostics, maintenance, and rebuilding, and also offers related services including tune-ups, air conditioning repair, and alternator replacement. The Company has operated in Duncanville, Texas since 1978, serving individual car owners and local customers in the Dallas-Fort Worth area. Cookson's sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33212) on August 22, 2025, listing $1,063,188 in total assets and $880,770 in total liabilities. Joey Carbon, president, signed the petition. Judge Michelle V. Larson oversees the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP represents the Debtor as counsel. COTY INC: Moody's Assigns 'Ba1' Rating to New Senior Notes Due 2031 ------------------------------------------------------------------- Moody's Ratings assigned a Ba1 rating to Coty Inc.'s ("Coty") new senior notes due 2031. Coty's subsidiaries HFC Prestige Products, Inc. (HFCPP), and HFC Prestige International US LLC (HFCPI) are co-issuers of the notes. Proceeds are expected to be used to refinance existing debt and associated transaction expenses. The notes have the same springing guarantee and security provisions and same co-issuer structure as the company's existing notes due in 2027, 2028 and 2030. All other ratings, including Coty's Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating, and SGL-2 speculative grade liquidity rating are unchanged. The rating outlook is stable. The debt raise is modestly credit positive because it will improve liquidity by extending maturities while keeping leverage unchanged. The proposed offering addresses a meaningful portion of Coty approximate $1.17 billion of notes due in April 2026. Coty has sufficient unused capacity of roughly $1.6 billion (as of June 2025) on its combined $1.67 billion and EUR300 million revolvers to address the remaining note maturities in the event it does not otherwise refinance the instruments. HFCPP and HFCPI are meaningful revenue-generating subsidiaries that house the selling operations for the consumer beauty and prestige beauty businesses. The Ba1 ratings on Coty's senior secured and senior unsecured debt are the same as the Ba1 CFR. The revolver, April 2026 notes, the 2027-2030 notes and the proposed notes currently have different security and guarantee packages. However, Moody's anticipates they would all have the same collateral and guarantees in the event of a default based on the conditions discussed below. As a result, Moody's rank these instruments the same in Moody's loss given default framework and they have the same Ba1 instrument ratings. In September 2024, Coty Inc. received investment grade ratings on its senior secured debt from two out of three rating agencies designated in the company's indentures. Because security and guarantees are terminated if the notes have investment grade ratings from at least two of the three rating agencies rating and no default has occurred, the guarantees and collateral were automatically released for Coty's secured notes with maturities in 2027, 2028 and-2030. However, because the notes contain guarantee and collateral spring back provisions if the notes no longer have investment grade ratings from two out of three rating agencies, Moody's anticipates that the notes would have security in the event of a default. The proposed notes have the same fall-away and spring-back provisions as the 2027, 2028 and-2030 notes. Similar to the 2027, 2028 and 2030 notes, Moody's classify the proposed notes as unsecured on Moody's website since Moody's anticipates the fall-away provisions will be met at issuance. However, the ratings reflect the high likelihood that the guarantee and collateral spring-back provisions will be triggered in the event of a default. Coty's two series of senior secured notes that mature in April 2026 also include a guarantee fall-away provision if the note ratings are upgraded to investment grade - a condition that was also met in September 2024. The liens of the guarantors are also automatically released when the guarantees are released. As a result, the April 2026 notes are now only secured by Coty Inc. but not its subsidiaries. Coty Inc. only holds equity interests in its subsidiaries and has no revenue-generating assets. Because the notes contain guarantee and collateral spring back provisions if the notes no longer have investment grade ratings from two out of three rating agencies, Moody's anticipates that the notes would have security in the event of a default. HFCPP and HFCPI are not co-issuers of the notes due in 2026 but would serve as guarantors in a spring back scenario. RATINGS RATIONALE Coty's Ba1 CFR reflects the company's solid market position, sizable annual free cash flow, and the company's commitment to de-lever. Moody's anticipates debt-to-EBITDA will improve to a low 3.0x range over the next 12-18 months from 4.0x as of June 2025. Modest earnings improvement as well as further debt repayment funded by free cash flow and asset sales will drive the leverage reduction. The expected low 3.0x leverage estimate is before any debt repayment from potential proceeds from the anticipated Wella assets divestiture since the timing and use of proceeds of such transaction is uncertain. The leverage estimate is also before considering the outcome of Coty's strategic review of its Mass Consumer Beauty and Mass Brazil business announced on September 30th, the credit implications of which will depend on the company's decisions after it completes the review. Over the longer-term, Moody's anticipates growth will be supported by healthy demand and higher penetration in prestige fragrance, product premiumization and innovation. Continued focus on marketing and brand support, as well as through expansion in skincare and China also contribute to earnings growth potential. The rating also reflects Moody's views that the company will continue to generate solid free cash flow over the next year as a result of modest earnings growth, disciplined capital spending, additional cost savings, and working capital management. Moody's believes Coty's commitment to deleverage is in part motivated by a desire to improve financial flexibility to restart the dividend, which would weaken free cash flow. Moody's assumes that any dividend resumption would be to a level that preserves significant annual free cash flow. Coty's product portfolio has a concentration in fragrance and color cosmetics, the two categories that Moody's views as more exposed to earnings volatility in an economic downturn compared to skincare and haircare, which was evidenced by significant category revenue declines in 2020. Nevertheless, still healthy sector growth and higher penetration in prestige fragrance compared to the pre-pandemic level is helping to expand Coty's gross margin. Coty is more concentrated than its primary competitors in mature developed markets in the US and Western Europe. Moreover, Coty relies more heavily on licenses to support its prestige brands relative to greater ownership of its mass beauty brands. That said, lower exposure to China benefited the company in the past several years when beauty demand in China was soft and certain of Coty's competitors were much more negatively impacted. While there are no major licenses up for renewal in the next several years, brand licensors switching partners is a longer-term risk. The risk is somewhat mitigated by Coty's good manufacturing, distribution and marketing capabilities, successful prestige product launches, and the company's new license agreements with additional brands. The company's top seven licensing brands are also owned by different organizations, which creates some diversification. Coty's ratings are also supported by the company's large scale, its portfolio of well-recognized brands, and good product and geographic diversification. Outright sales or spin-offs of some of its businesses as an outcome of the strategic review could generate cash proceeds or distributions, that combined with proceeds from a potential Wella stake sale, would allow the company to reduce debt and invest more in its core businesses. These benefits would need to be weighed against a company that, depending on its conclusions, could be considerably smaller, more concentrated on fragrance and have a larger portion of its businesses tied to license agreements. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The stable outlook reflects Moody's expectations that Coty will continue to generate sufficient earnings to preserve good free cash flow and that the company will utilize the cash flow and proceeds from asset sales to repay debt and reduce debt-to-EBITDA leverage. The stable outlook also reflects Moody's expectations that the company will only resume dividend payments after the company meets its mid to long-term target leverage ratio of 2.0x (based on the company's calculation) and the company will maintain at least good liquidity including proactively addressing maturities. Coty's ratings could be downgraded if operating performance deteriorates due to market share losses, revenue declines or an inability to increase prices to cover costs. Coty's ratings could also be downgraded if it fails to reduce debt-to-EBITDA to below 3.5x, or if the company pursues material debt funded acquisitions or shareholder distributions. A deterioration in liquidity could also lead to a downgrade. Coty's ratings could be upgraded if the company sustains strong operating performance with organic revenue growth, maintains its EBITDA margin, and increases revenue diversity. Coty would also need to reduce debt-to-EBITDA to below 2.75x, generate consistently strong free cash flow, and maintain financial policies that sustain strong credit metrics to be considered for an upgrade. The principal methodology used in this rating was Consumer Packaged Goods published in June 2022. Coty Inc., a public company headquartered in New York, NY, is a manufacturer and marketer of fragrance, color cosmetics, and skin and body care products. The company's products are sold in over 120 countries and territories. The company generated roughly $5.9 billion in revenue for the 12 months ending June 30, 2025. Coty is 51% owned by investment firm JAB Holding Company S.a r.l. (JAB), with the rest publicly traded or owned by management. CRUZ TEC: Seeks to Hire Lane Law Firm as Bankruptcy Counsel ----------------------------------------------------------- Cruz Tec, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ The Lane Law Firm, PLLC as counsel. The firm will render these services: (a) assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise and represent the Debtor in analyzing its assets and liabilities, investigate the extent and validity of lien and claims, and participate in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis, and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this court, the appellate courts, and other courts in which matters may be heard and protect the interests of the Debtor before said courts and the United States Trustee; and (g) perform all other necessary legal services in this case. The firm's attorneys and paralegals rates are as follows: Robert Lane, Esq. $650 Joshua Gordon, Esq. $625 Zach Casas, Esq. $575 Kyle Garza, Esq. $450 Paralegals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $35,100 from the Debtor. Mr. Lane disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About Cruz Tec Inc. Cruz Tec Inc., founded in 2001 and headquartered in Houston, Texas, is a trenchless utility contractor that provides engineering solutions including cured-in-place pipe (CIPP), pipe bursting, manhole rehabilitation, and protective coatings. The Company operates as a self-performing turnkey firm serving municipalities and utilities across Texas and the United States, with projects ranging in scale from small contracts to multimillion-dollar upgrades. Its work includes compliance-driven infrastructure rehabilitation, such as projects for the San Antonio Water System under a federal consent decree to repair and modernize sewer systems. Cruz Tec Inc.sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35537) on September 19, 2025. In its petition, the Debtor reports total assets of $2,392,423 and total debts of $3,174,040. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by Robert C. Lane, Esq., at The Lane Law Firm, PLLC. D DUNCAN: Seeks to Use Cash Collateral -------------------------------------- D Duncan Floristry and Boutique, LLC asks the U.S. Bankruptcy Court for the Eastern District of Missouri, Southeastern Division, for authority to use cash collateral and provide adequate protection. The request arises following the court's prior approval in January of a final order allowing consensual use of cash collateral with First State Community Bank, which required the Debtor to make adequate protection payments. In August, FSCB moved to declare a default under that order. Following hearings, the court indicated the Debtor was in default but would consider whether continued use of cash collateral without FSCB's consent could be allowed. The Debtor owes FSCB approximately $900,000, secured by its real estate, inventory, accounts, furniture, and equipment. Additional disputed debts exist with other lenders, including Rapid Finance and Reliant Funding, but none of these have asserted claims to the cash collateral or objected to its use. The Debtor argues that use of the cash collateral is essential for its ongoing operations, including payroll, utilities, and day-to-day business expenses. Without it, the Debtor faces serious harm, including loss of business and jobs, jeopardizing its ability to reorganize under Chapter 11. Though FSCB no longer consents to the use of cash collateral, the Debtor contends that adequate protection is being provided through replacement liens in prepetition assets, preserving FSCB's security interests. Additionally, the Debtor asserts that FSCB's cash collateral is not diminishing. In fact, both cash on hand and inventory value have increased since the bankruptcy filing. Cash rose from $9,500 to $36,719, and inventory from $398,206 to $405,838 (at cost). Real estate held as collateral has also appreciated, with previously undeveloped properties now fully commercialized. The Debtor argues that the FSCB's position is not at risk and that continued use of cash collateral is in the best interest of the estate. Payments of over $54,000 already made to FSCB under the prior order should also be credited against any alleged reduction in value. About D Duncan Floristry D Duncan Floristry and Boutique, LLC is a company based in Cape Girardeau, Mo., which creates floral designs for weddings, anniversaries, funerals and birthdays. D Duncan filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mo. Case No. 24-10677) on December 12, 2024, with $1,098,900 in assets and $1,461,129 in liabilities. Seth Albin of Summers Compton Wells, Attorneys At Law serves as Subchapter V trustee. Judge Brian C. Walsh oversees the case. The Debtor is represented by David M. Dare, Esq., at Herren, Dare & Streett. First State Community Bank can be reached through its counsel: Paul H. Berens, Esq. Bradshaw, Steele, Cochrane, Berens & Billmeyer, L.C. 3113 Independence, P.O. Box 1300 Cape Girardeau, MO 63702-1300 Telephone: (573) 334-0555 Facsimile: (573) 334-2947 Email: PaulB@BradshawSteele.com DATASEA INC: Reports $5.09 Million Net Loss in FY 2025 ------------------------------------------------------ Datasea Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended June 30, 2025. For the years ended June 30, 2025, and 2024, the Company had a net loss of approximately $5.09 million and $11.38 million, respectively. Revenue for the years ended June 30, 2025, and 2024 were $71.62 million and $23.98 million respectively. The Company had an accumulated deficit of approximately $44.53 million as of June 30, 2025, and negative cash flow from operating activities of approximately $2.37 million and $6.40 million for the years ended June 30, 2025, and 2024, respectively. The historical operating results including recurring losses from operations raise substantial doubt about the Company's ability to continue as a going concern. Los Angeles, California-based Kreit & Chiu CPA LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Sept. 26, 2024, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has suffered recurring losses from operations, negative working capital, and accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. If deemed necessary, management could seek to raise additional funds by way of admitting strategic investors, or private or public offerings, or by seeking to obtain loans from banks or others, to support the Company's research and development, procurement, marketing and daily operation. While management of the Company believes in the viability of its strategy to generate sufficient revenues and its ability to raise additional funds on reasonable terms and conditions, there can be no assurances to that effect. The ability of the Company to continue as a going concern depends upon the Company's ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering. There is no assurance that the Company will be able to obtain funds on commercially acceptable terms, if at all. There is also no assurance that the amount of funds the Company might raise will enable the Company to complete its initiatives or attain profitable operations. If the Company is unable to raise additional funding to meet its working capital needs in the future, it may be forced to delay, reduce or cease its operations. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/2zkrj7ph About Datasea Headquartered in Beijing, People's Republic of China, Datasea Inc. -- http://www.dataseainc.com-- is a technology company incorporated in Nevada, USA, on Sept. 26, 2014, with subsidiaries and operating entities located in Delaware, US, and China. The company provides acoustic business services (focusing on high-tech acoustic technologies and applications such as ultrasound, infrasound, and Schumann resonance), 5G application services (5G AI multimodal digital business), and other products and services to various corporate and individual customers. As of June 30, 2025, the Company had total assets of $6.74 million, $3.79 million in total liabilities, and $2.94 million in total stockholders' equity. DATAVAULT AI: Files Charter Amendment, Lowers Stockholder Quorum ---------------------------------------------------------------- As previously disclosed, on April 24, 2025, the stockholders of a majority of the issued and outstanding shares of common stock of Datavault AI Inc. approved, by written consent in lieu of a meeting, an amendment to the Company's certificate of incorporation to permit the board of directors of the Company to amend the Company's bylaws. On September 25, 2025, the Company filed the Charter Amendment with the Secretary of State of the State of Delaware. On the same day, the Board approved an amendment to the Bylaws to decrease the quorum required for a meeting of stockholders from a majority of the voting power of all outstanding shares of stock to one-third of such voting power. The foregoing summaries of the Charter Amendment and Bylaws Amendment do not purport to be complete and are qualified in their entirety by reference to the full text of such documents, copies of which are available at https://tinyurl.com/3ptwu2pr and https://tinyurl.com/ycy5jhwn. About Datavault AI Datavault AI Inc. (formerly WiSA Technologies, Inc.) -- www.wisatechnologies.com -- develops and markets spatial audio wireless technology for smart devices and home entertainment systems. The Company's WiSA Association collaborates with consumer electronics companies, technology providers, retailers, and industry partners to promote high-quality spatial audio experiences. WiSA E is the Company's proprietary technology for Seamless integration across platforms and devices. San Jose, California-based BPM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's recurring losses from operations, a net capital deficiency, available cash and cash used in operations raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $120.7 million in total assets, against $46.6 million in total liabilities. DATAVAULT AI: Revises IBM Program Payments ------------------------------------------ As previously disclosed, on July 7, 2025, Datavault AI Inc., a Delaware Corporation, entered into an agreement with International Business Machines Corporation, pursuant to which the Company has agreed to purchase, and IBM has agreed to sell, certain subscriptions to IBM program offerings. Pursuant to the IBM Agreement, IBM has agreed to license the Programs to the Company for two payments of $18,935,564 and $4,729,730, respectively. On September 22, 2025, the Company and IBM entered into an amendment to the Agreement. Pursuant to the IBM Amendment, upon a payment of $2,500,000 to IBM towards the Program Payments, the due dates and amounts for the remaining Program Payments will be revised and consist of the first payment of $3,296,183, which will be due on December 23, 2025, and eight subsequent payments, each in the amount of $2,183,676 and due on each of March 23, June 23, September 23 and December 23 in 2026 and 2027. The foregoing summary of the IBM Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the IBM Amendment, a copy of which is available at https://tinyurl.com/539zp8wp About Datavault AI Datavault AI Inc. (formerly WiSA Technologies, Inc.) -- www.wisatechnologies.com -- develops and markets spatial audio wireless technology for smart devices and home entertainment systems. The Company's WiSA Association collaborates with consumer electronics companies, technology providers, retailers, and industry partners to promote high-quality spatial audio experiences. WiSA E is the Company's proprietary technology for Seamless integration across platforms and devices. San Jose, California-based BPM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's recurring losses from operations, a net capital deficiency, available cash and cash used in operations raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $120.7 million in total assets, against $46.6 million in total liabilities. DCERT BUYER: Moody's Rates New $2.46BB First Lien Loans 'B2' ------------------------------------------------------------ Moody's Ratings assigned a B2 rating to DCert Buyer, Inc.'s (DigiCert) $2.3 billion senior secured first lien term loan due July 2030 and $160 million senior secured first lien revolving credit facility due July 2030. DigiCert's B3 corporate family rating, B3-PD probability of default rating, Caa2 rating on the senior secured second lien term loan, and stable outlook remain unchanged. Net proceeds from the new first lien notes were used to repay outstanding first lien debt balances that were due October 2026. RATINGS RATIONALE Digicert's ratings reflect the company's elevated financial leverage, product concentration risk with high dependence on SSL certificates, and a very aggressive financial policy evidenced by mostly debt-funded shareholder distributions totaling around $1.5 billion since 2021 ($1.4 billion of which occurred in Q4 2021) as well as debt-funded M&A activity. The company's revenue scale further constrains its credit profile. DigiCert benefits from strong EBITDA margins, leading market position, and adequate liquidity. The stable outlook reflects Moody's expectations that DigiCert will continue growing revenue and EBITDA such that its debt/EBITDA will improve to 8x in the next 12-18 months from around 9x in the July 2025 LTM period (Moody's adjusted). Moody's notes that the 9x LTM leverage is closer to the mid-7x range on a "cash EBITDA" basis when adding back stock compensation and assumed change in pro forma (PF) deferred revenue. In all cases, Moody's expenses capitalized software costs from EBITDA. Expected deleveraging will come from earnings growth and realization of cost actions and investments. Although lumpy, Moody's also expects the company to be able to generate positive annual free cash flow. The B2 debt instrument rating for the first lien loans are one notch above the B3 CFR reflecting the instruments' size and priority position in the collateral waterfall relative to other obligations in the capital structure. The Caa2 debt instrument rating for the $0.5 billion second lien term loan due February 2029 is two notches below the CFR reflecting its subordinated position behind the first lien obligations and its small size relative to the amount outstanding under the first lien credit facility. The company's adequate liquidity is supported by $73 million in cash as of July 2025 and an undrawn revolver with a capacity of $160 million (upsized from $125 million in July 2025). Moody's expects free cash flow (FCF) generation to be uneven, but for the company to have the ability to generate positive annual FCF. Moody's views DigiCert's liquidity as adequate to support any lumpiness in cash generation. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if DigiCert continues to profitably grow revenues, sustains debt/EBITDA below 6x with FCF/Debt of around the high single digits, and maintains good liquidity. Ratings could be downgraded if there is an inability to grow revenues or adjusted EBITDA margins deteriorate, reflecting heightened competition or poor execution. Ratings could also be downgraded if adjusted debt to cash EBITDA is not showing signs of improving toward 7x, if FCF remains negative or there are other signs of deteriorating liquidity. DigiCert, headquartered in Lehi, UT, is a leading provider of website security solutions with emphasis on device authentication and data encryption. The company has over 100,000 customers including Fortune 500 corporations, SMB enterprises, government institutions, and educational organizations. DigiCert is majority-owned by private equity firms Clearlake Capital Group, TA Associates, and Crosspoint Capital Partners. Revenue for the LTM period ended July 2025 was around $711 million. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. DOUBLE S SIGNS: Gets Final OK to Use Cash Collateral ---------------------------------------------------- Double S Signs, LLC received final approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Texarkana Division, to use cash collateral. The final order authorized the Debtor to use cash collateral for expenses set forth in its 30-day budget, which projects total cash disbursement of $42,350. The Debtor may use cash collateral to pay up to 110% of any individual expense, provided total monthly spending does not exceed 10% of the overall budget. As adequate protection, creditors Regions Bank and Simmons Bank will be granted replacement liens on cash collateral generated and assets acquired by the Debtor after its Chapter 11 filing, subject to a fee carveout. The replacement liens do not apply to any Chapter 5 causes of action. As further protection, the Debtor will pay Simmons Bank $3,000 per month until its Chapter 11 plan is confirmed or its Chapter 11 case is dismissed or converted. The final order is available at https://is.gd/1WdYTT About Double S Signs LLC Double S Signs, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-50110) on August 25, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Jared Russell Sparks, president of Double S Signs, signed the petition. Judge Brenda T. Rhoades oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. ECHO GLOBAL: Moody's Affirms 'B3' CFR, Outlook Stable ----------------------------------------------------- Moody's Ratings affirmed the ratings of Echo Global Logistics, Inc. (Echo), including its corporate family rating at B3, probability of default rating at B3-PD and senior secured bank credit facilities rating at B2. The outlook is stable. The affirmation of the ratings and the stable outlook reflect Moody's views that Echo will maintain steady earnings and adequate liquidity as it continues to navigate a persistently challenging freight trucking environment. Echo has demonstrated modest freight volume growth despite soft economic conditions, particularly in the manufacturing sector where the company derives a good portion of freight activity. Nonetheless, Echo's credit metrics, including financial leverage and interest coverage, remain weak. Therefore, Moody's believes the company's financial flexibility is limited until broader freight market conditions improve. RATINGS RATIONALE Echo's ratings reflect the company's low profit margin, high leverage, and expectations for modest free cash flow over next 12 months. Echo's operating performance is highly exposed to competition and volatility in the broader freight market. The industry has been mired in an extended downturn for the past two years because of soft volumes and lower freight prices tied to excess truck capacity. Echo maintains good scale with longstanding relationships and considerable diversity within its customer base (i.e. shippers) and transportation carriers. These relationships, along with solid technology capabilities, have helped Echo increase transportation volumes despite broader market softness. As a non-asset broker, Echo has low margins (EBITDA margin typically 3%-5%), but also a highly variable cost structure that can be flexed during downturns. Moody's expects Echo's EBITDA margin to remain near 3% as cost saving actions will help offset any margin pressure tied to soft freight rates. Echo's margin also reflects a mix toward less profitable contracted volumes compared to spot volumes. Moody's expects Echo's debt/EBITDA will be slightly below 7x at the end of 2025 (pro forma for the acquisition of FreightSaver completed during the third quarter of 2025). The company's leverage remains very high at this point of the freight cycle with limited cushion to withstand any earnings decline. Moody's expects debt/EBITDA to decline to below 6.5x in 2026. Echo's liquidity is expected to remain adequate over the next 12 months. The company's liquidity is primarily supported by its cash position, which Moody's views as sufficient to support the company's working capital needs. Managing working capital is key to Echo's cash flow, especially in a period of rising transportation rates since the company pays to secure transportation capacity ahead of collecting from its customers. Echo's free cash flow is expected to be about breakeven in 2025 before turning modestly positive in 2026 on improved earnings. Echo also maintains access to a $100 million revolving credit facility. Moody's expects availability over the next year to remain around $50 million since the company drew on the revolver to finance its acquisition of FreightSaver. The stable outlook reflects Moody's expectations that Echo's good scale, customer diversity and adequate liquidity will allow the company to navigate near term sector challenges and support Moody's expectations for improving results in 2026. However, leverage and interest expense will remain high. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Echo demonstrates more conservative financial policies while sustaining debt/EBITDA below 6x and interest coverage above 1.5x (EBITDA less capex to interest expense). Further, maintaining consistently positive free cash flow and improving availability under its revolving credit facility could also result in an upgrade. The ratings could be downgraded if Echo's operating performance weakens and the company is unable to improve liquidity. A downgrade could also occur if debt/EBITDA is expected to be sustained in excess of 7x and interest coverage remains below 1x (EBITDA less capex to interest expense). The principal methodology used in these ratings was Surface Transportation and Logistics published in April 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. Echo Global is a provider of freight brokerage in the truckload and less-than-truckload modes and managed transportation services. Gross revenue was approximately $3.7 billion for the twelve months ended June 30, 2025. EDGE PROMO: Seeks Approval to Hire Account On US as Accountant -------------------------------------------------------------- Edge Promo Team, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Account On US, LLC as accountant. The firm will provide these services: (a) assist the Debtor with bookkeeping, and prepare its federal and state tax returns; and (b) perform any other accounting services needed by the Debtor as part of the bankruptcy proceedings. Madeleine Price, the primary accountant in this representation, will be billed at $300 for the first two hours and $125 per hour for bookkeeping and $85 per entity for tax preparation. Ms. Price disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Madeleine Price, CPA Account On US, LLC 8313 Six Forks, Rd., Ste. 109 Raleigh, NC 27615 About Edge Promo Team LLC Edge Promo Team, LLC specializes in providing high-quality custom merchandise and branding solutions such as printed apparel, drinkware, pens, banners, and decals. Edge Promo Team sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03107) on August 13, 2025. In the petition signed by Ted Ormsby, member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Pamela W. Mcafee oversees the case. The Debtor tapped William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC as counsel and Madeleine Price, CPA, at Account On US, LLC as accountant. ENI DIST: Seeks Approval to Hire Weon G. Kim as Bankruptcy Counsel ------------------------------------------------------------------ ENI DIST, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Weon G. Kim Law Office as counsel. The firm will render these services: (a) represent the Debtor in this Chapter 11 case and advise as to its rights, duties, and powers; (b) prepare and file necessary statements, schedules, motions, and pleadings, and negotiate and draft one or more plans of reorganization; (c) represent the Debtor at hearings, meetings of creditors, conferences, and any other relevant proceedings; and (d) perform such other legal services as may be required during the pendency of the case. The firm will be paid at these hourly rates: Principal Attorney $450 Associate Attorney $350 Paralegal $120 Legal Assistant $60 Weon Kim, Esq. disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Weon G. Kim, Esq. Weon G. Kim Law Office 8200 Greensboro Dr., Suite 900 McLean, VA 22102 Telephone: (571) 278-3728 Facsimile: (703) 288-4003 Email: jkkchadol99@gmail.com About ENI DIST Inc. ENI DIST Inc. imports and distributes Asian food products from South Korea and Southeast Asia. The Company supplies dry, refrigerated, and frozen goods to wholesale distributors, chain retailers, foodservice distributors, and independent supermarkets. It operates a warehouse for handling various product types and offers both local and container drop shipment services across the United States. ENI DIST sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17220) on August 6, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Michelle M. Harner oversees the case. The Debtor tapped Weon G. Kim Law Office as counsel and Korus Group Inc. as accountant. ENI DIST: Seeks Court Approval to Tap Korus Group as Accountant --------------------------------------------------------------- ENI DIST, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Korus Group Inc. as accountant. The firm will provide these services: (a) process employees payroll; (b) prepare the Debtor's monthly operating report; (c) prepare all the required tax returns; and (d) prepare financial statements as to the Debtor. The firm will charge the Debtor at a fixed fee schedule of $700 per month for its accounting services. Sam Kim, a certified public accountant and principal at Korus Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sam Kim, CPA Korus Group Inc. 600 Jefferson Street, Suite 100 Rockville, MD 20852 Telephone: (301) 309-0313 Facsimile: (443) 283-4344 Email: kimsamuelcpa@gmail.com About ENI DIST Inc. ENI DIST Inc. imports and distributes Asian food products from South Korea and Southeast Asia. The Company supplies dry, refrigerated, and frozen goods to wholesale distributors, chain retailers, foodservice distributors, and independent supermarkets. It operates a warehouse for handling various product types and offers both local and container drop shipment services across the United States. ENI DIST sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17220) on August 6, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Michelle M. Harner oversees the case. The Debtor tapped Weon G. Kim Law Office as counsel and Korus Group Inc. as accountant. ERC REPAIR: Aaron Cohen Named Subchapter V Trustee -------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., as Subchapter V trustee for ERC Repair, LLC. Mr. Cohen will be paid an hourly fee of $315 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cohen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aaron R. Cohen, Esq. P.O. Box 4218 Jacksonville, FL 32201 Tel: (904) 389-7277 Email: aaron@arcohenlaw.com About ERC Repair LLC ERC Repair, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06126) on September 26, 2025, with $1 million to $10 million in assets and liabilities. Jason Birkett, managing member, signed the petition. Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP represents the Debtor as legal counsel. FCI SAND: Seeks Court Approval to Hire Dykema Gossett as Mediator ----------------------------------------------------------------- FCI Sand Operations, LLC and FCI South, LLC seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Dykema Gossett PLLC as mediator. The Debtors need a mediator to reach a settlement at a reduced cost without the need for a final evidentiary hearing on the matters relating to the resolution of their bankruptcy cases to mediation. The firm will receive a total retainer of $40,000, against which it will bill for costs and services at a rate of $980 per hour plus expenses. Deborah Williamson, a mediator at Dykema Gossett, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Deborah Williamson Dykema Gossett PLLC 10 S. Wacker Dr., Ste. 2300 Chicago, IL 60606 Telephone: (312) 876-1700 About FCI Sand Operations LLC FCI Sand Operations LLC is a sand mining and processing company based in Marble Falls, Texas. FCI Sand Operations LLC and FCI South, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80481) on July 30, 2025. In its petition, FCI Sand Operations reports estimated assets and liabilities between $100 million and $500 million each. Judge Michelle V. Larson oversees the case. The Debtors are represented by Davor Rukavina, Esq. at Munsch Hardt Kopf & Harr, P.C. FINASTRA: Fitch Lowers Rating on 1st Lien Term Loans to 'B+' ------------------------------------------------------------ Fitch Ratings has downgraded Finastra Limited's senior secured first-lien term loan, senior secured first-lien RCF, and upsized first-lien EUR term loan facility to 'B+' with a Recovery Rating of 'RR3' from 'BB-'/'RR2'. Fitch has affirmed the Long-Term Issuer Default Rating (IDR) of Finastra Limited and its wholly owned subsidiaries, Finastra USA, Inc. (U.S. Borrower) and DH Corporation/Societe DH (Canadian Borrower) at 'B'. Fitch has also affirmed the second-lien term facility at 'CCC+'/'RR6'. The Rating Outlook is Stable. The downgrade of the first-lien debt is due to $100 million upsizing of the EUR term loan. The company plans to use proceeds from the sale of its Treasury and Capital Markets (TCM) division to fully repay the remaining portion of the private credit facilities. The planned repayment should improve (CFO-Capex)/debt to above 3% on a sustained basis and Fitch-adjusted EBITDA leverage consistent with the 'B' rating. Finastra has strong revenue retention, positive FCF, an established market position as a fintech software provider to leading global banks, and stable EBITDA margins. Fitch has withdrawn Finastra Europe S.à r.l's IDR because the entity is not a co-borrower and no longer considered to be relevant to the agency's coverage. Key Rating Drivers Declining Leverage: Fitch estimates that Fitch-adjusted gross leverage will improve to the 5.0x to 6.5x range through the rating horizon. Fitch expects EBITDA leverage to decline following further growth in EBITDA and use of proceeds from the sale of the TCM division to fully repay the remaining portion of the private credit facilities. Given the private equity ownership, which is likely to prioritize growth and return on equity (ROE), Fitch believes accelerated debt repayment beyond TCM asset sale proceeds is unlikely. Fitch expects capital to be utilized for acquisitions to accelerate growth or for dividends to equity owners, maintaining financial leverage at elevated levels. Strengthening EBITDA Margins: Fitch estimates Finastra's FY 2025 EBITDA margin at around 40.8%, approximately 350 basis points higher than the previous year. This margin increase is due to a transformation in business operations, including a shift towards a subscription-based revenue model and stringent cost controls. The company has made significant cost optimization efforts, evidenced by an adjusted EBITDA growth of approximately 13% in FY 2025 compared to prior periods. Fitch believes Fitch defined EBITDA margins will remain in the low 40% range over the next few years, supported by ongoing investments in modernization and efficiency improvements. Improving Interest Coverage and FCF: Fitch forecasts positive FCF for Finastra in the low- to mid-single-digit range throughout the rating horizon, supported by higher EBITDA and reduced interest expenses from FY 2026 onwards. The interest coverage ratio is expected to be about 1.2x in FY 2026, improving to approximately 2.0x in subsequent years. High Recurring Revenue and Retention: Finastra demonstrates strong revenue visibility with a gross retention rate of approximately 95% and a net retention rate of around 110%. The company's business model features a high level of recurring revenue, constituting 75% of total revenue as of FY 2025. This consistency underscores Finastra's position as a mission-critical component of its users' operations. High customer stickiness is supported by the slow adoption of new technologies and the reluctance of financial institutions to switch platforms, serving as key strengths for the company. End-Market Concentration: Finastra derives nearly all its revenue from financial institutions and faces uncertainty amidst the current macroeconomic environment. Sector concentration also exposes Finastra to consolidation trends underway in financial institutions. Offsetting industry concentration risk are product diversification, lack of customer concentration, and meaningful geographic diversity across North America, Europe, Asia, and the Middle East. Favorable Outsourcing Trends: Fitch expects banks will continue to outsource certain functions to third-party software providers to focus on core competencies and reduce costs. However, near-term risks exist because banks are pressured by balance sheet constraints. Finastra's software applications are used in a broad array of functions in retail and corporate banking, including treasury/capital markets, internet/mobile banking, and payments. Its products are open and modular, and can integrate into a bank's existing infrastructure, working with either its own systems or other third-party software. M&A Risk: Fitch does not expect Finastra to engage in significant mergers and acquisitions (M&A) activity in the near term. The company made several small bolt-on acquisitions in FY years 2018-2021 (as well as some divestitures), following the combination of Misys and D&H. Over the long term, Fitch expects Finastra may consider additional M&A to expand its geographic footprint and product offerings Peer Analysis Finastra's ratings are supported by a business model characterized by a high proportion of recurring revenue, stable and high retention rates, strong EBITDA margins, and secular growth drivers, with financial institutions increasingly outsourcing their IT needs. The company maintains a stable market position, offering software and solutions to large, mid-sized, and small banks and financial institutions. Finastra competes in some areas with Fitch-rated Fidelity National Information Services, Inc. (FIS; BBB/Stable). FIS operates a much larger business, with over $10 billion in revenue and $4 billion in EBITDA, a more diversified product and customer mix, and lower gross leverage below 3.0x. Fitch compares Finastra to other software companies such as MeridianLink Inc. (MLNK; BB-/RWN) and Dragon Buyer, Inc. (B+/Stable). MLNK provides loan and mortgage software for lenders and had a leverage of 4.0x at the end of 2024, expected to remain below 4.0x to 3.5x barring large debt-funded acquisitions. Dragon operates at a higher leverage ratio, in the mid-to-high 4x range. Finastra is anticipated to maintain higher leverage, between 5.0x and 6.5x over the forecast horizon. Key Assumptions - Revenue grows in the low-single digit percentage range over the rating horizon, as core revenue increases offset declines in non-core and upfront software sales; - Fitch-adjusted EBITDA margins remain flat in the low-40% range through FY 2028; - The agency treats capitalized software development expenses as operating expenses; - Capex remains at approximately 2.5% to 3% of revenue, consistent with recent years; - No dividends or acquisitions are assumed over the forecast period; - All net proceeds from the TCM asset sale are used for debt repayment; - Floating rate debt assumes a secured overnight financing rate (SOFR) of 4.0% to 3.7% from 2026 to 2028. Recovery Analysis - The recovery analysis assumes that Finastra would be reorganized as a going-concern in bankruptcy rather than liquidated; - Fitch estimates a going concern EBITDA of $615 million (including TCM division), which is about 20% below the agency's calculated FY 2025 EBITDA after adjusting for capitalized research and development (R&D) costs. This estimation reflects potential revenue and EBITDA pressures in Finastra's core business, and an inability to maintain the current cost structure. Offsetting some of these potential pressures is the highly recurring nature of the business and its extremely diversified customer base; - Fitch assumes a 7.0x enterprise valuation (EV) multiple, which aligns with its assessment of historical trading multiples, sector M&A activity, and bankruptcy emergence multiples observed in the technology, media and telecom (TMT) sectors; - In Fitch's 2024 case study, "Telecom, Media and Technology Bankruptcy Enterprise Values and Creditor Recoveries", the median TMT reorganization EV to EBITDA ratio was approximately 5.9x. Among companies in the software subsector covered in this study, multiples ranged from: 4.6x (SunGard Availability Services Capital, Inc.), 5.5x (Aspect Software, Inc.), 8.4x (Allen Systems Group, Inc.), with others including Avaya, Inc. (8.1x in 2017, 7.5x in 2023) and Riverbed Technology Software (8.3x); - Fitch calculates an EV of $4.3 billion. After accounting for a 10% administrative claim, the adjusted EV available for credit claims is $3.8 billion. This results in a 'RR3' Recovery Rating for Finastra's first-lien credit facilities and an 'RR6' Recovery Rating for the second-lien credit facilities. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to fully repay existing private debt with TCM proceeds that leaves EBITDA leverage above 7.0x. - EBITDA leverage above 7x on a sustained basis; - (CFO-capex)/debt sustained below 3%; - EBITDA interest coverage sustained below 1.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - (CFO-capex)/debt sustained above 7.5%; - EBITDA interest coverage sustained above 2x; - EBITDA leverage sustained below 5.0x. Liquidity and Debt Structure Finastra's liquidity is sufficient, with cash holdings approximately $185 million at the end of FY 2025. Fitch expects liquidity to improve in the coming years, driven by positive FCF generation from previous EBITDA margin expansion, as well as reduced interest expenses from the proposed refinancing transaction. Finastra has secured a new financing package consisting of an undrawn $450 million revolving credit facility, a $2.95 billion first-lien term loan, a EUR first-lien term loan (proposed upsized to approximately $845 million), and a $500 million second-lien term loan. The proceeds were used to refinance existing private credit facilities and a portion of the preferred equity. Issuer Profile Finastra is a fintech company that provides mission critical financial software in areas such as lending (mortgages, consumer, commercial), retail banking, payments and treasury. The company serves approximately 6,700 clients, largely consisting of financial institutions and banks in ~135 countries. 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 ----------- ------ -------- ----- DH Corporation/ Societe DH LT IDR B Affirmed B senior secured LT B+ Downgrade RR3 BB- Senior Secured 2nd Lien LT CCC+ Affirmed RR6 CCC+ Finastra Europe S.a r.l. LT IDR WD Withdrawn B senior secured LT WD Withdrawn BB- Senior Secured 2nd Lien LT WD Withdrawn CCC+ Finastra USA, Inc. LT IDR B Affirmed B senior secured LT B+ Downgrade RR3 BB- Senior Secured 2nd Lien LT CCC+ Affirmed RR6 CCC+ Finastra Limited LT IDR B Affirmed B FIRST BRANDS: Court OKs First Day Motions, $500M DIP Access ----------------------------------------------------------- First Brands Group, LLC, a leading global supplier of aftermarket automotive parts, announced that the Company has received approvals from the United States Bankruptcy Court for the Southern District of Texas for its "First Day" motions related to the Company's chapter 11 cases for its U.S. operations. The Court granted approval to immediately access $500 million of the $1.1 billion in debtor-in-possession financing from an ad hoc group of cross-holders (the "Ad Hoc Group"), which includes substantially all of the Company's first lien debtholders. The DIP financing will provide the necessary capital for the Company to maintain operations and meet commitments to its customers and supplier partners. Additionally, the Company received authorization from the Court to, among other things, continue to pay employee wages and benefits without interruption, continue customer programs in the ordinary course, and pay vendors and suppliers in full for goods and services provided on a post-petition basis. "We are pleased to have received Court approval to access significant new funding and continue operations as usual. This additional financing will enable First Brands to stabilize operations, improve fulfillment of customer orders, and meet our commitments to supplier partners going forward," said Chuck Moore, Chief Restructuring Officer of First Brands. "We are grateful to our financial partners for their support, and remain laser-focused on delivering for our customers at the highest levels throughout this process." Additional Information The chapter 11 cases pertain only to the Company's U.S. operations. First Brands' international operations as well as the Company's Novares North America and Ultinon Motion businesses are not a part of the financial restructuring process and continue to operate in the ordinary course of business. Additional information regarding First Brands' chapter 11 process is available at https://restructuring.ra.kroll.com/firstbrands. Stakeholders with questions may call the Company's Claims Agent, Kroll, at (877) 631-1151 or +1 (646) 290-7146 if calling from outside the U.S. or Canada, or email firstbrandsinfo@ra.kroll.com. Advisors Weil, Gotshal & Manges LLP is serving as legal counsel, Lazard is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to First Brands. About First Brands Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group LLC listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. Weil, Gotshal and Manges LLP is serving as legal counsel, Lazard is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to First Brands Group. Kroll serves as the Debtors' Claims Agent. Gibson, Dunn & Crutcher LLP is serving as legal counsel, and Evercore is serving as investment banker to the Ad Hoc Group. FLEMING STEEL: Gets Final OK to Use Cash Collateral --------------------------------------------------- Fleming Steel Co received final approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania for authority to use cash collateral. The final order authorized the Debtor to utilize cash collateral for ordinary operations in accordance with its approved budget. The Debtor must operate within 10% of the budget. The proceeds from the sale of any collateral of Byline Bank, the primary secured creditor, or any insurance proceeds arising from a casualty or other insured loss of collateral are not available for use as cash collateral but must be delivered to the secured creditor. As adequate protection, Byline will receive a monthly payment of $26,334. In addition, its pre-bankruptcy liens will continue post-petition as to both pre-bankruptcy and post-petition assets, but the value of Byline's liens must not be greater post-petition than the value thereof as of the petition date. The Debtor's authority to use cash collateral automatically terminates upon the occurrence of so-called events of default which are not cured within 14 days after service of notice. The Debtor holds approximately $1,000 in cash and $121,055 in accounts receivable as of the petition date. Its main physical assets include a $2.2 million facility and $250,000 worth of equipment. Byline holds first-priority liens on the Debtor's inventory, accounts, real property, and improvements through a term loan and line of credit totaling over $2.63 million. Several other lenders, including the U.S. Small Business Administration and multiple alternative finance companies, hold junior blanket liens on the Debtor's assets. About Fleming Steel Co. Fleming Steel Co. based in New Castle, Pennsylvania, designs and manufactures custom doors, including horizontal slide, canopy, vertical lift, craneway and monorail, horizontal swing, fuselage/hull apertures, and specialized application doors. Operating since 1921 under third-generation family ownership, the Company provides engineered solutions for commercial, industrial, aerospace, and government clients, incorporating custom designs for acoustic, blast-resistant, flood control, thermal, and electromagnetic shielding applications. Fleming Steel's projects have served clients such as Boeing, NASA, American Airlines, the United States Navy, and the Smithsonian Air and Space Museum, combining patented door designs with consultation and preventative maintenance services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22143) on August 15, 2025. In the petition signed by Seth Kohn, president, the Debtor disclosed up to $10 million in both assets and liabilities. Ryan J. Cooney, Esq., at Cooney Law Offices, is the Debtor's legal counsel. Byline Bank, as secured creditor, is represented by: Justin M. Tuskan, Esq. Metz Lewis Brodman Must O'Keefe, LLC 444 Liberty Avenue, Suite 2100 Pittsburgh, PA 15222 Phone: (412) 918-1100 Facsimile: (412) 918-1199 jtuskan@metzlewis.com FREE SPEECH: Trustee Seeks to Abandon Infowars Ownership Stake -------------------------------------------------------------- Randi Love of Bloomberg Law reports that the bankruptcy trustee handling Alex Jones' Chapter 7 case has moved to abandon the Infowars founder's ownership stake in his media company, citing its "inconsequential value." In an October 3, 2025 filing with the U.S. Bankruptcy Court for the Southern District of Texas, trustee Christopher Murray said Jones' 100% equity interest in Free Speech Systems LLC is "burdensome to the estate" and offers no financial benefit to creditors, the report related. The filing comes shortly after a bankruptcy judge ruled that the families of Sandy Hook Elementary School shooting victims may pursue Free Speech Systems' assets to collect on the massive defamation judgments against Jones. The company, which operates Infowars, was dismissed from its own bankruptcy last year, and the abandonment of its equity would remove it entirely from Jones' bankruptcy estate, according to Bloomberg Law. Murray stated that he could withdraw the abandonment notice if new evidence suggests the ownership stake holds value. His authority to oversee Free Speech Systems expired on September 25, 2025 under a prior court order. Over the past year, Murray attempted to find a buyer for Infowars' assets, including bids from The Onion and First United American Cos.—the latter allegedly connected to Jones—but both offers were rejected by Judge Christopher Lopez. Murray has said there has been no buyer interest in the company's equity to date. Meanwhile, Jones has asked the U.S. Supreme Court to review a Connecticut court's $1.4 billion judgment against him and Infowars for spreading false claims that the 2012 Sandy Hook massacre was staged. The trustee is represented by Jones Murray LLP and Porter Hedges LLP, while Jones is represented by Jordan & Ortiz PC and Broocks Law Firm PLLC. The case is Alexander E. Jones, Bankr. S.D. Tex., No. 22-bk-33553 (notice of abandonment filed Oct. 3, 2025). 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. GETTY IMAGES: Early Exchange Offer Sees 98% Tender of 2027 Notes ---------------------------------------------------------------- Getty Images Holdings, Inc. announced on Oct. 02, 2025, the early results of the previously announced offer by Getty Images, Inc. (the "Issuer"), an indirect wholly owned subsidiary of Getty Images, to exchange any and all of the Issuer's issued and outstanding unsecured 9.750% Senior Notes due 2027 for newly issued unsecured 14.000% Senior Notes due 2028 of the Issuer and the related solicitation of consents to certain proposed amendments to the terms of the indenture governing the Old Notes. The Exchange Offer and Consent Solicitation have been made pursuant to the terms of and subject to the conditions set forth in a confidential Offering Memorandum and Consent Solicitation Statement, dated September 18, 2025. Further, the Issuer announced that the requisite consents to adopt the proposed amendments described in the Offering Memorandum to the indenture governing the Old Notes (as supplemented by the first and second supplemental indentures thereto the "Old Notes Indenture") have been received. As a result, the Issuer, Wilmington Trust, National Association, in its capacity as trustee under the Old Notes Indenture and each of the guarantors party thereto will promptly enter into a third supplemental indenture to the Old Notes Indenture containing the Proposed Amendments. The supplemental indenture containing the Proposed Amendments will be effective upon execution by the parties thereto but will not become operative unless and until the Old Notes that are validly tendered (and not validly withdrawn) by Eligible Holders (as defined in the Offering Memorandum) have been accepted for exchange and paid for by the Issuer in accordance with the terms of the Exchange Offer and Consent Solicitation. Eligible Holders of Old Notes may not deliver consents to the Proposed Amendments in the Consent Solicitation without tendering Old Notes in the Exchange Offer, and may not tender Old Notes in the Exchange Offer without delivering consents to the Proposed Amendments in the Consent Solicitation. The consent results are based on valid tenders of Old Notes by Eligible Holders thereof, which are deemed also to constitute the delivery of consents in the Consent Solicitation made by the Issuer to adopt the Proposed Amendments. According to Accuratus Tax and CA Services LLC, using the commercial names "Bondholder Communications Group" or "BondCom", the information and exchange agent for the Exchange Offer and Consent Solicitation, as of 5:00 p.m., New York City time, on October 1, 2025, the principal amount of Old Notes set forth in the table below had been validly tendered and not validly withdrawn (and consents thereby deemed validly given and not validly revoked) in the Exchange Offer and the Consent Solicitation: - Aggregate title of old notes: 9.750% Senior Notes due 2027 - CUSIP / ISIN: 144A CUSIP: 374276AJ2 144A ISIN: US374276AJ21 Reg S CUSIP: U3742LAA5 Reg S ISIN: USU3742LAA53 - Principal amount of old notes outstanding: $300,000,000 - Principal amount tendered at early tender time: $294,665,000 - Percentage of old notes tendered: 98.22% Eligible Holders that validly tendered (and did not validly withdraw) their Old Notes in the Exchange Offer, and validly delivered (and did not validly revoke) the related consents to the Proposed Amendments in the Consent Solicitation at or prior to the Early Tender Time and the Withdrawal Deadline, as applicable, and whose Old Notes are accepted for exchange by the Issuer, will be entitled to receive the Total Consideration (as defined in the Offering Memorandum) and accrued and unpaid interest from the last interest payment date to, but not including, the settlement date of the Exchange Offer, for their Old Notes that were validly tendered (and not validly withdrawn) in the Exchange Offer and accepted for exchange by the Issuer, subject to the terms and conditions contained in the Offering Memorandum. The Total Consideration consists of $1,000 principal amount of New Notes, which includes an Early Tender Premium of $50 principal amount of New Notes, per $1,000 principal amount of Old Notes tendered (and not validly withdrawn) in the Exchange Offer and accepted for exchange by the Issuer. The Total Consideration will be paid in New Notes and the accrued and unpaid interest will be paid in cash by the Issuer on the settlement date of the Exchange Offer. We expect to settle the Exchange Offer and issue the New Notes on October 21, 2025. Copies of the Offering Memorandum may be obtained from the Information and Exchange Agent by phone at (212) 809-2663 or by e-mail at gettyimages@bondcom.com. GRANGE PUBLIC: Seeks to Hire Cutler Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ The Grange Public House & Brewery, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Cutler Law Firm, PC to handle its Chapter 11 case. The firm will be paid at these hourly rates: Robert Gainer, Attorney $375 Associates $190 Paralegal $100 Mr. Gainer disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Gainer, Esq. Cutler Law Firm, PC 1307 50th St. West Des Moines, IA 50266 Telephone: (515) 223-6600 Facsimile: (515) 223-6787 Email: rgainer@cutlerfirm.com About The Grange Public House & Brewery The Grange Public House & Brewery, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-01625) on September 22, 2025, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Lee M. Jackwig presides over the case. Robert C. Gainer, Esq. represents the Debtor as legal counsel. GWG HOLDINGS: Ex-Insurer, Trustee Strike Deal in Judge Romance Case ------------------------------------------------------------------- Jackson Walker has agreed to pay $405,000 to resolve claims brought by the litigation trustee overseeing the wind-down of GWG Holdings Inc., marking the latest settlement in the fallout over a former firm partner's undisclosed romantic relationship with ex-bankruptcy judge David R. Jones, Law360 reported. Trustee Michael Goldberg described the deal as "reasonable, fair, and in the best interest of the Litigation Trust and its ultimate beneficiaries," according to The Texas Lawbook. Under the settlement terms, Jackson Walker will return 31% of the $592,729 in fees it billed to GWG, effectively disgorging a portion of its prior payments, the report states. About GWG Holdings Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH) conducts its life insurance secondary market business through a wholly owned subsidiary, GWG Life, LLC, and GWG Life's wholly owned subsidiaries. GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 22-90032) on April 20, 2022. In the petition filed by Murray Holland, president and chief executive officer, GWG Holdings disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP, as bankruptcy counsels; Tran Singh, LLP as special conflicts counsel; FTI Consulting, Inc. as financial advisor; and PJT Partners, LP, as investment banker. Donlin Recano & Company is the Debtors' notice and claims agent. National Founders LP, a debtor-in-possession (DIP) lender, is represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and William E. Curtin, Esq., at Sidley Austin, LLP. The U.S. Trustee for Region 7 appointed an official committee to represent bondholders in the Debtors' cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP, as legal counsels; Piper Sandler & Co. as investment banker; and AlixPartners, LLP as financial advisor. The Debtors obtained confirmation of their Further Modified Second Amended Joint Chapter 11 Plan on June 20, 2023. HOPSCOTCH HEALTH: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Hopscotch Health Children's Urgent Care, PLLC received interim approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to use cash collateral. The court's interim order authorized the Debtor to use the cash collateral of McKesson Corporation until October 29 to pay the operating expenses set forth in its budget. A UCC search shows that McKesson holds what appears to be the only secured interest in the Debtor's personal property, which includes equipment and accounts receivable. As adequate protection for the Debtor's use of its cash collateral, McKesson will be granted a replacement lien on all post-petition accounts receivable of the Debtor. A final hearing is scheduled for October 29. About Hopscotch Health Children's Urgent Care Hopscotch Health Children's Urgent Care, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52216-cag) on September 24, 2025. In the petition signed by Esteban Lopez, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Craig A. Gargotta oversees the case. William R. Davis, Jr., Esq., at Langley & Banack, Inc., represents the Debtor as legal counsel. HUNTINGTON GLEN: Gets Extension to Access Cash Collateral --------------------------------------------------------- Huntington Glen Swng TIC 1, LLC and Huntington Glen Swng TIC 2, LLC received second interim approval from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral to fund operations. The bankruptcy court authorized the Debtors' interim use of cash collateral through the budget provided, subject to strict variance limits (10% per line item, 5% overall), pending entry of its final order. The Debtor projects total operational expenses of $180,020.00 for October. As adequate protection for any diminution in the value of its collateral, Fannie Mae will be granted replacement liens on all property of the Debtors whether acquired before or after their Chapter 11 filing, with the same validity, priority and extent as its pre-bankruptcy liens. The replacement liens do not apply to any causes of action and will be senior in priority of payment over any administrative expenses except statutory fees owed to the Office of the U.S. Trustee and, if the Debtors' cases are converted to Chapter 7, the costs and fees of a Chapter 7 trustee up to $10,000. In case the replacement liens prove inadequate, Fannie Mae will be granted a superpriority claim. As additional protection, each Debtor was ordered to remit to the secured lender a cash payment equal to the amount by which such Debtor's remaining cash balance at the end of the prior calendar month exceeded the following: $25,000 for each Debtor. The final hearing is scheduled for November 7. Objections are due by October 31. The Debtors owe $37.1 million to Fannie Mae in connection with a pre-bankruptcy loan made by the secured lender. A copy of the interim order is available at https://is.gd/ZY8pua About Huntington Glen Swng TIC Huntington Glen Swng TIC 1, LLC and Huntington Glen Swng TIC 2, LLC own the Huntington Glen apartment complex, which is comprised of 364 residential housing units. The property is located at 12023 Bissonnet Street, Houston, Texas. The Debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42991) on June 25, 2025. In their petitions, both Debtors reported between $10 million and $50 million in assets and liabilities. Judge Elizabeth S. Stong handles the cases. Eric H. Horn, Esq., at A.Y. Strauss is the Debtor's legal counsel. Fannie Mae, as secured lender, is represented by: Alissa K. Piccione, Esq. Reed Smith, LLP 599 Lexington Avenue, 22nd Floor New York, NY 10022 (212) 521-5400 apiccione@reedsmith.com -- and -- Michael P. Cooley, Esq. Jay L. Krystinik, Esq. Reed Smith, LLP 2850 N. Harwood St., Ste. 1500 Dallas, TX 75201 (469) 680-4200 mpcooley@reedsmith.com jkrystinik@reedsmith.com HYPER FOX: Seeks Subchapter V Bankruptcy in Illinois ---------------------------------------------------- On October 1, 2025, Hyper Fox Inc. filed Chapter 11 protection in the Northern District of Illinois. According to court filing, the Debtor reports $1,186,247 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Hyper Fox Inc. Hyper Fox Inc. provides transportation and logistics services from its headquarters at 501 Marcus Drive, Lombard, Illinois. The Company operates as a for-hire carrier across the United States, managing a fleet of trucks and trailers for freight hauling. It is specializing in general freight transportation. Hyper Fox Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-15174) on October 1, 2025. In its petition, the Debtor reports total assets of $591,450 and total liabilities of $1,186,247. The Debtor is represented by David Freydin, Esq. of LAW OFFICES OF DAVID FREYDIN. IMAGE LOCATIONS: Seeks Subchapter V Bankruptcy After Wildfires -------------------------------------------------------------- Alex Wittenberg of Image Locations Inc., a company that provides filming spaces for movie and television productions, has filed for small-business Chapter 11 bankruptcy protection in California. The Los Angeles-based firm said it sought court protection after lenders took action on financing extended during a period of severe disruption following the city's wildfires, which caused multiple film projects to be canceled, according to the report. According to court filings, the company faced mounting financial pressure as canceled productions led to lost revenue and difficulty meeting repayment obligations. Image Locations reported assets of about $500,000 and liabilities that could reach up to $10 million, underscoring the depth of its financial distress. By seeking Chapter 11 protection, Image Locations hopes to reorganize its debts and preserve operations while negotiating with creditors. The company said it intends to continue serving the film and television industry, despite the recent setbacks that have strained production businesses across the Los Angeles area, the report states. About Image Locations Inc. Image Locations Inc. is a business that specializes in offering rental spaces and locations for film and television production. Image Locations Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18780) on October 2, 2025. In its petition, the Debtor reports estimated assets up to $500,000 and estimated liabilities up to $10 million. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Jeffrey S. Shinbrot, Esq. of The Shinbrot Firm. INCAR GROUP: Seeks Court Approval to Tap Tamarez CPA as Accountant ------------------------------------------------------------------ Incar Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Tamarez CPA, LLC as accountant. The firm will provide these services: (a) reconcile financial information to assist the Debtor in the preparation of monthly operating reports; (b) reconcile and clarify proofs of claim filed and amounts due to creditors; (c) provide advice in general accounting and tax services; and (d) assist the Debtor and its counsel in the preparation of supporting documents for the Chapter 11 Reorganization Plan. The firm will be paid at these hourly rates: Albert Tamarez-Vasquez, CPA, CIRA $165 CPA Supervisor $110 Senior Accountant $90 Staff Accountant $70 The firm received a post-petition retainer of $5,200 from the Debtor. Mr. Tamarez-Vasquez disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Albert Tamarez-Vasquez, CPA, CIRA Tamarez CPA, LLC First Federal Saving Building 1519 Ave. Ponce De Leon, Suite 412 San Juan, PR 00909 Telephone: (787) 795-2855 Facsimile: (787) 200-7912 About INCAR Group LLC INCAR Group LLC is a construction contractor based in Cidra, Puerto Rico. INCAR Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03067) on July 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. The Debtor tapped Carlos A. Ruiz Rodriguez, Esq., as counsel and Tamarez CPA, LLC as accountant. IPG FRANCHISING: Seeks to Hire Van Horn Law Group as Legal Counsel ------------------------------------------------------------------ IPG Franchising, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Van Horn Law Group, PA as counsel. The firm render these services: (a) give advice to the Debtor with respect to its powers and duties and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at these hourly rates: Chad Van Horn, Attorney $500 Associate Attorneys $350 - $425 Senior Paralegals $275 Law Clerks/Paralegals $250 Paralegal Assistant $150 Mr. Horn disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Chad Van Horn, Esq. Van Horn Law Group P.A. 500 N.E. 4th Street, Suite 200 Fort Lauderdale, FL 33301 About IPG Franchising Inc. IPG Franchising Inc. operates as a franchisor specializing in vacation rental property management. The Company offers turnkey franchise solutions that enable individuals to enter the U.S. vacation rental market, providing training, technology, and operational support primarily focused on the Central Florida region near major tourist destinations like Walt Disney World. IPG Franchising Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05025) on August 8, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Chad Van Horn, Esq., at Van Horn Law Group, P.A. IQSTEL INC: Amends Stock-for-Stock Exchange Deal With Cycurion -------------------------------------------------------------- iQSTEL Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into the First Amendment to Stock-for-Stock Exchange Agreement with Cycurion, Inc., a Delaware corporation trading on Nasdaq under the ticker CYCU. The Amendment modifies the Stock-for-Stock Exchange Agreement dated September 2, 2025, which provided for a mutual exchange of $1,000,000 worth of common stock between the Company and Cycurion, calculated based on the valuation methodology set forth in the Original Agreement, and a strategic alliance focused on AI-driven cybersecurity solutions for the global telecommunications industry. The Amendment introduces two key changes to the Original Agreement: 1. Dividend Payment Flexibility: The Amendment revises Section 4.4 of the Original Agreement to allow each party, at its sole discretion, to satisfy the $500,000 dividend obligation to its shareholders by distributing either: (i) up to 50% of the shares received from the other party (i.e., up to 75,529 shares of iQSTEL common stock for Cycurion, based on 151,058 shares issued to Cycurion, and up to 1,933,488 shares of Cycurion common stock for the Company, based on 3,866,976 shares issued to the Company), or (ii) an equivalent value of its own authorized common stock, calculated using the valuation methodology set forth in Section 1.3 of the Original Agreement. If a party elects to distribute its own shares, it retains the full number of shares received from the other party. Each party is required to ensure that any shares distributed as a dividend comply with applicable federal and state securities laws and Nasdaq listing rules. 2. Extended Timeline and Firm Dividend Deadline: The Amendment extends the timeline for the issuance and delivery of shares from 30 business days to 60 business days following the Effective Date of the Original Agreement (September 2, 2025), amending Sections 1.4 and 7.1(b). Additionally, it establishes a firm deadline of December 15, 2025, for completing all necessary regulatory filings (e.g., SEC filings, FINRA submissions, and Nasdaq notifications) to facilitate the dividend distribution by December 31, 2025. The Amendment also confirms the specific share counts for the exchange: the Company will issue 151,058 shares of its common stock to Cycurion, and Cycurion will issue 3,866,976 shares of its common stock to the Company, each with an aggregate value of $1,000,000, as determined under the valuation methodology in Section 1.3 of the Original Agreement. A copy of the First Amendment is available at https://tinyurl.com/5x9rwmrs About iQSTEL iQSTEL Inc. is a multinational technology company that provides services across telecom, fintech, blockchain, artificial intelligence, and cybersecurity. The Company operates in 21 countries and serves a global customer base. It projects $340 million in revenue for fiscal year 2025. In an auditor's report dated March 31, 2025, Urish Popeck & Co., LLC, issued a "going concern" qualification, citing that the Company has suffered recurring losses from operations, negative working capital, and does not have an established source of revenues sufficient to cover its operating costs, which raise substantial doubt about its ability to continue as a going concern. iQSTEL ended the year on Dec. 31, 2024 with a net loss of $5,180,036, significantly widening from the $219,436 loss reported for the year ended Dec. 31, 2023. The net results of the periods reported are highly impacted by the expenses in the holding entity (IQSTEL), which has a high component of interest and other financial expenses related to the funds borrowed for the acquisition of QXTEL Limited. IR4C INC: Gets Extension to Access Cash Collateral -------------------------------------------------- IR4C, Inc. received ninth interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. The ninth interim order approved the use of cash collateral through October 16, to pay business expenses set forth in the Debtor's monthly budget. As adequate protection, Lake Michigan Credit Union and other secured creditors will have perfected post-petition liens on cash collateral, with the same validity, priority and extent as their respective pre-bankruptcy liens. In addition, Lake Michigan Credit Union will continue to receive a monthly payment of $10,000 as further protection. The interim order will remain in effect until IR4C's Chapter 11 case is converted to Chapter 7, a trustee is appointed, a bankruptcy plan is confirmed, or the order is terminated. The next hearing is set for October 16. About IR4C Inc. IR4C, Inc., a company in Lakeland, Fla., is the owner and operator of a mobile application fitness program using augmented reality to create virtual "races." It conducts business under the name Yes.Fit and Make Yes Happen. IR4C filed Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 24-05458) on Sept. 13, 2024. In its petition, IR4C listed total assets of $4,280,839 and total liabilities of $7,922,422. IR4C President Kevin D. Transue signed the petition. Judge Roberta A. Colton oversees the case. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace is the Debtor's legal counsel. Lake Michigan Credit Union, as secured creditor, is represented by: Andrew W. Lennox, Esq. Casey Reeder Lennox, Esq. Lennox Law, P.A. P.O. Box 20505 Tampa, FL 33622 Tel: 813-831-3800 Fax: 813-749-9456 alennox@lennoxlaw.com clennox@lennoxlaw.com ITALIAN KITCHEN: Seeks Court Approval to Tap BKC as Accountant -------------------------------------------------------------- Italian Kitchen, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ BKC, CPAs, PC as accountant. The firm will prepare monthly operating reports and any other accounting requirements of the Chapter 11 proceeding and complete tax returns for the Debtor. The firm's hourly rates range from $75 to $450 plus expenses. Joseph Carducci, a certified public accountant at BKC, disclosed in a court filing the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph Carducci BKC, CPAs, PC 39 State Route 12, Suite 2 Flemington, NJ 08822 Telephone: (908) 782-7900 Facsimile: (908) 782-4328 Email: info@bkc-cpa.com About Italian Kitchen Inc. Italian Kitchen, Inc., doing business as Di Paolo's Restaurant Bar & Catering, operates an Italian restaurant and catering business in Penns Grove, New Jersey, offering traditional Italian cuisine alongside seafood and steakhouse dishes. The Company provides banquet and event hosting services under the Maria's by Di Paolo's brand. It serves customers in the South Jersey region with both dining and entertainment options. Italian Kitchen sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-19482) on September 11, 2025, with $1,351,915 in assets and $1,684,027 in liabilities. Michael DiPaolo, Jr., authorized representative, signed the petition. The Debtor tapped David A. Kasen, Esq., at Kasen & Kasen, PC as counsel and Joseph Carducci at BKC, CPAs, PC as accountant. J INTERNATIONAL: Gets Final OK to Use Cash Collateral ----------------------------------------------------- J International Management, LLC received final approval from the U.S. Bankruptcy Court for the District of Nevada to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral only in the ordinary course of business and in line with the submitted budget, subject to a 10% variance. The Debtor is prohibited from granting liens or security interests equal or senior to existing pre-bankruptcy liens. As adequate protection, the Debtor must continue its monthly payments of $13,497.37 to secured creditor, EverTrust Bank, N.A. In addition, EverTrust will be granted a superpriority claim against the Debtor and valid and perfected replacement security interests in and liens on the Debtor's assets and proceeds thereof, but only to the extent of any post-petition decrease in the value of its security interests in the cash collateral. As of August 8, EverTrust was owed about $930,833 on the loan obtained by the Debtor. In return, the bank was granted a security interest in some of the Debtor's assets. On April 28, 2023, EverTrust filed a UCC-1 financing statement with the Nevada Secretary of State, thus perfecting its security interest in and to the collateral owned by the Debtor. About J International Management LLC J International Management LLC, operating as Gabi Coffee, is a hospitality business based in Las Vegas, Nevada, that runs a specialty cafe and bakery at 5808 Spring Mountain Rd., Suite 104. The Company offers a blend of traditional oriental and modern Western-inspired beverages and baked goods, serving hot and iced drinks alongside freshly baked bread and various sweet and savory food items. It operates daily, providing local customers and visitors a unique cafe experience combining cultural aesthetics and fresh bakery products. J International Management LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-14602) on August 8, 2025. In its petition, the Debtor reports total assets of $128,543 and total liabilities of $4,243,957. Honorable Bankruptcy Judge August B. Landis handles the case. The Debtor is represented by Matthew C. Zirzow, Esq. at LARSON & ZIRZOW, LLC. J4G LLC: Gets Interim OK to Use Cash Collateral Until Oct. 26 ------------------------------------------------------------- J4G, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court order authorized the Debtor's interim use of cash collateral through October 26 to pay operating expenses in accordance with its budget. The Debtor may use cash collateral up to 105% of each budgeted expense, provided total monthly spending does not exceed 5% of the overall budget. The Debtor's 30-day budget projects total operational expenses of $153,468.63. As adequate protection for the use of their cash collateral, the U.S. Small Business Administration and other secured creditors will be granted replacement liens on cash collateral generated and property acquired by the Debtor after its Chapter 11 filing, with the same priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action. In addition, the Debtor was ordered to make monthly payments of $3,120 to SBA, starting this month. The Debtor's obligations to pay adequate protection and escrow funds will terminate upon confirmation of a reorganization plan or dismissal or conversion of its Chapter 11 case. If the case is converted, any trustee appointed will not have authority to use cash collateral without further order of the court. The final hearing is set for October 27. The Debtor relies entirely on its operating revenue to fund payroll, lease payments, inventory purchases, and general operating expenses. As such, it urgently requires access to cash collateral to continue operations and avoid a shutdown. The Debtor identified two potential secured creditors with liens on cash collateral through UCC-1 filings: the SBA, which holds a blanket lien and is scheduled as a secured creditor with a claim of $1.2 million, and WebBank, which is listed as a disputed and likely unsecured creditor due to its junior lien position. The SBA's collateral is significantly undersecured, as the Debtor's total assets are valued at only $220,827, leaving a deficiency of approximately $880,631. About J4G LLC J4G, LLC, doing business as Landscape Depot, operates as a construction and landscaping materials supplier in Texas. It offers landscape equipment and tool rentals for residential and commercial clients. J4G also associated with food service operations under the names City Hall Cafe & Pie Bar, City Hall Cafe & Grocery, Jalepenos and with utility and construction services under the name Mercer Contracting. J4G sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-34347) on July 30, 2025, listing $220,827 in total assets and $1,264,037 in total debts. Jean Ann Robinson, company owner, signed the petition. Judge Jeffrey P. Norman oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. JACKSON HOSPITAL: Could Close in November After Loan Default ------------------------------------------------------------ William Thornton of AL.com reports that Montgomery's Jackson Hospital & Clinic is on the brink of closure and could shut down within 30 days if it fails to secure financial assistance from the city, county, and state. Rick Jackson of Georgia-based Jackson Healthcare, which is managing the hospital's finances, told city officials that the situation is dire. "If there is no commitment, then there is no alternative for this hospital but to close," he said, emphasizing that the facility has run out of money. The hospital, which has served the Montgomery community for nearly eight decades and employs about 2,100 people, has been struggling financially for several years. It defaulted on roughly $60 million in bonds last year and underwent leadership changes soon after. Earlier this year, the hospital entered Chapter 11 bankruptcy protection, allowing it to continue operating as it works to restructure its debt. Despite this, the facility continues to lose approximately $5 million per month and currently holds only about $2 million in the bank—enough to remain open through the end of October 2025, the report states. Jackson Healthcare had previously explored acquiring the hospital but ultimately determined that a full turnaround would require between $250 million and $300 million—an investment deemed unsustainable. To continue operations, officials say the hospital needs a $50 million grant and an additional $100 million in infrastructure funding to address long-overdue upgrades to its trauma, neonatal, and cancer care units. The facility also requires significant investment in its nursing workforce and overall infrastructure to remain viable, according to report. During a presentation to the Montgomery City Council, Jackson Healthcare outlined a plan to restore the hospital's financial stability within five years. However, city officials have yet to take formal action. Councilman Andrew Szymanski underscored the hospital's essential role in the region, noting that it is currently the only facility accepting trauma patients. "We have to have this hospital going forward," Szymanski said. "It's the only hospital in the area that’s taking in injured care, and that's a really important thing to have in the city of Montgomery," the report relays. About Jackson Hospital & Clinic Inc. Jackson Hospital & Clinic, Inc. is a non-membership, non-profit corporation based in Alabama. JHC is the direct or indirect parent company of JHC Pharmacy, LLC, an Alabama limited liability company that provides pharmacy services to JHC patients. JHC owns 100% of JHC Pharmacy. Additionally, JHC is a direct or indirect parent company of certain other entities that have not filed for bankruptcy. JHC operates a 344-bed healthcare facility in Montgomery, Ala., with a rich history dating back to 1894. Since its official opening in 1946, JHC has grown into one of the largest hospitals in Alabama, offering specialized services in cardiac care, cancer treatment, neurosciences, orthopedics, women's care, and emergency services. JHC's service area includes 16 counties across central Alabama. JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala. Lead Case No. 25-30256) on February 4, 2025. In its petition, JHC reported between $100 million and $500 million in both assets and liabilities. Judge Christopher L. Hawkins handles the cases. The Debtors are represented by Derek F. Meek, Esq. at Burr & Forman, LLP. Suzanne Koenig serves as patient care ombudsman. JT MASONRY: Wins Interim Approval to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York entered an interim order granting JT Masonry & Landscaping Inc. authority to use the cash collateral of the U.S. Small Business Administration. The interim order authorized the Debtor to use cash collateral through October 15 in accordance with its budget. As part of this authorization, the Debtor must pay the SBA $5,000 per month as adequate protection, with the first payment due this month. To cover any diminution in collateral value, the court granted replacement liens to secured creditors, including SBA and Kapitus, on all of the Debtor's post-petition assets and proceeds in the same order and priority as their pre-bankruptcy liens. The replacement liens are deemed perfected automatically as of the petition date. Additionally, the court established a carveout subordinating the liens to certain payments, including U.S. Trustee fees and up to $7,500 for a Chapter 7 trustee if the case is converted. The Debtor has two SBA loans totaling roughly $1.8 million, taken out in 2020 under the COVID Relief Act. In addition, the Debtor has several other alleged secured loans from merchant cash advance lenders. However, the Debtor disputes the validity of those claims, arguing that they are disguised high-interest loans with no perfected security interests and may be subject to legal challenge for being usurious. The Debtor believes that only SBA holds a valid, perfected security interest in its assets. A copy of the Debtor's budget is https://shorturl.at/g0YG6 from PacerMonitor.com. About JT Masonry & Landscaping Inc. JT Masonry & Landscaping Inc. provides masonry and landscaping services for residential and commercial clients, operating primarily in Levittown, New York, and across Long Island. The Company offers services including stone and brick masonry, concrete work, patios, walkways, retaining walls, outdoor kitchens, pool installations, and landscape design. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-73235) on August 25, 2025. In the petition signed by Alfred Debatto, president, the Debtor disclosed $1,323,311 in assets and $3,721,370 in liabilities. Judge Alan S. Trust oversees the case. Heath S. Berger, Esq., at BFSNG Law Group, LLP, represents the Debtor as bankruptcy counsel. JUAN M MARTINEZ: Seeks to Hire Virtue Real Estate Group as Broker ----------------------------------------------------------------- Juan M Martinez LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Nevada to employ Virtue Real Estate Group as real estate broker. The Debtors need a broker to list and sell their real properties located at 395 East Wigmam Avenue, Las Vegas, Nevada and 2720 E. Quail Ave., Las Vegas, Nevada. The agent will charge a commission of 2.5 percent of the final sale price or lease amount of each property. Darren Melton, an agent at Virtue Real Estate Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Darren Melton Virtue Real Estate Group 10100 W. Charleston Boulevard, Ste. 250 Las Vegas, NV 89135 Telephone: (702) 521-1008 About Juan M Martinez LLC Juan M. Martinez LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). The Debtor holds an equitable interest in the property located at 7590 Rancho Destino Rd., valued at $1.31 million. Juan M Martinez LLC in Aurora, IL, sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-11217) on March 5, 2025, listing $1,320,000 in assets and $1,097,385 in liabilities. Richard Costello, manager/member, signed the petition. David Winterton & Associates, Ltd. serves as the Debtor's counsel. KTRV LLC: Hires Spiro Harrison & Nelson as Litigation Counsel ------------------------------------------------------------- KTRV LLC and Heritage Coal & Natural Resources, LLC seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Spiro Harrison & Nelson as litigation counsel. The firm will perform certain legal services, including, but not limited to, the evaluation, pursuit and collection of proceeds from claims in connection with the estates' potential claims involving Heritage Holding Co., LLC, Jason Svonavec, Angela Svonavec and any related entities. The firm will be paid at these hourly rates: Partners $700 - $1,000 Counsel $650 Senior Associates $550 - $625 Associates $440 - $525 Paralegals $225 In addition, the firm will seek reimbursement for expenses incurred. Jason Spiro, Esq., a partner at Spiro Harrison & Nelson, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason C. Spiro, Esq. Spiro Harrison & Nelson LLC 200 Monmouth Street, Suite 310 Red Bank, NJ 07092 Telephone: (973) 232-0882 Email: jspiro@shnlegal.com About KTRV LLC KTRV is a Delaware holding company whose sole asset is its membership interest in HCNR, a Pennsylvania limited liability company. HCNR owns and operates five coal mines and related operations in Pennsylvania and Maryland. KTRV LLC and Heritage Coal & Natural Resources, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10601) on March 30, 2025. In the petitions signed by CRO Brian Ryniker, KTRV LLC listed assets of $50 million to $100 million and liabilities of $50 million to $100 million, and Heritage Coal listed assets of $100 million to $500 million and estimated liabilities of $100 million to $500 million. The Debtors tapped Morris James LLP as bankruptcy counsel and Spiro Harrison & Nelson as litigation counsel. The Debtors' restructuring advisor is RKC, LLC d/b/a RK Consultants LLC, and their claims and noticing agent is Stretto Inc. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors. The Committee selected Frost Brown Todd LLP as its counsel, and Landis Rath & Cobb LLP as its co-counsel. KYMERA INTERNATIONAL: Fitch Alters Outlook on 'B-' IDR to Negative ------------------------------------------------------------------ Fitch Ratings has affirmed Kymera International, LLC's (Kymera) and Alchemy US Holdco 1, LLC's (Alchemy) Long-Term Issuer Default Rating (IDR) at 'B-'. The Rating Outlook has been revised to Negative from Stable. Fitch has also affirmed Alchemy's first lien term loan and delayed draw term loan at 'B-' with a Recovery Rating of 'RR4' and the ABL facility at 'BB-'/'RR1'. The 'B-' IDR reflects Kymera's leading positions in niche end-markets and stable margin profile. These factors are balanced by the company's historically acquisitive appetite and elevated leverage, which drive annual interest expense of USD65 million-USD80 million, ultimately limiting FCF generation. The Negative Outlook reflects Kymera's recent and forecasted weakness in EBITDA interest coverage and liquidity position in the near term. Fitch may revise the Outlook to Stable if interest coverage approaches 1.5x and the ABL draw decreases. Key Rating Drivers FCF Under Pressure: Kymera's high debt load limits near-term FCF generation, with annual interest burden forecast at USD65 million-USD80 million. Fitch expects capex and related negative FCF to improve over the medium term, as the company completes its most recent acquisitions, concludes integration spending, and realizes investment benefits. The ABL facility was more than 50% drawn as of June 30, 2025, which increases credit risk. Further deterioration in demand or profitability could negatively affect the credit profile, as required amortization and interest payments consume most of the internally generated cash flow. This is demonstrated by EBITDA interest coverage forecast of only 1.1x in 2025. Elevated Leverage: Following the close of the Fiven ASA acquisition, EBITDA leverage exceeded 9.0x at YE 2024. Forecasted leverage metrics are expected to decline to the 6.0x-7.0x range by 2028 as the operating environment improves and profitability expands. Fitch considers the incentive to prepay a material amount of debt, outside term loan amortization, to be low, and deleveraging will largely rely on EBITDA growth. Acquisitive Appetite: Kymera has mainly grown through debt-funded acquisitions, which have expanded revenue and profitability but also increased financial leverage. The 2024 acquisitions of silicon carbide producer Fiven and thermal spray company Coating Center Castrop represent its 11th and 12th acquisitions since 2018 under private-equity (PE) sponsor Palladium Equity Partners. Fiven diversifies Kymera's operations while providing exposure to higher-growth end-markets such as electronics and semiconductors. Fitch expects no further acquisitions in the forecast period as the company completes its previous transactions. Strong Position in Niche Markets: Kymera holds top market positions in products like silicon carbide, specialty master alloys, and other metal powders. Barriers to entry such as high startup costs and long certification requirements help insulate the business from additional competition. Leading production capacity for all major product lines often allows Kymera to work directly with customers to offer specialized solutions, leading to sticky relationships and recurring revenue. Stable Margin Profile: Kymera's products are often mission-critical elements to a customer's end-product and represent a small input cost. This allows Kymera to frequently pass through increases in input costs directly to the customer. As a result, Fitch-defined EBITDA margins have historically been stable at 10%-11% despite the recent inflationary environment. Fitch forecasts margin expansion to about 13% by 2028 as Fiven drives improves profitability through its more specialized solutions. Preferred Units Considered Non-Debt: For purposes of calculating leverage, Fitch considers the preferred equity units issued out of PEP Alchemy L.P. as non-debt at the rated entity, as analyzed under the 'Corporate Rating Criteria'. This treatment is supported by the instrument's PIK-for-life nature, structural subordination with effective ring-fencing, and a longer-dated effective maturity relative to Alchemy's senior credit facilities. Considering these factors, Fitch believes a default on the instrument would not increase the probability of default at Alchemy's debt. Peer Analysis Relative to its peers, Kymera's scale is larger than Advancion Holdings, LLC (B-/Negative), similar to Fortis 333, Inc. (B+/Stable), but smaller than both W.R. Grace Holdings LLC (B/Stable) and SK Mohawk Holdings, SARL (CCC). Kymera's EBITDA margins compare favorably to those of SK Mohawk, but are below the levels of Fortis, W.R. Grace, and Advancion as these peers offer more specialized products. Forecasted leverage metrics for Kymera trend toward the 7.0x range, which is better than the outlier SK Mohawk and similar to Advancion's levels. Key Assumptions - Low single digit revenue growth annually. - Capex around $15 million per year. - EBITDA margins expand toward 13%, driven by favorable product mix. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that Kymera would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim, that the $125 million ABL is 80% drawn. This is due to the likelihood the ABL borrowing base will gradually reduce in a distressed scenario from weaker operating performance. Fitch also assumes the $50 million delayed draw term loan is fully drawn at the time of default. Going-Concern Approach Fitch projects Kymera's GC EBITDA (GC EBITDA) of $87 million, which assumes a rebound from an assumed trough EBITDA of around $75 million, reflecting an improvement in the underlying economic conditions that would have likely precipitated the default, as well as corrective actions taken during restructuring. The GC EBITDA also includes $7 million of incremental profitability from assumed acquisitions at a 7x multiple related to the DDTL usage. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the enterprise valuation. Specifically, the GC EBITDA depicts a sustained economic contraction in EMEA and North America, resulting in severe volume headwinds in both the Engineered Materials and Meta Ceramics segments, which leads to a material decline in EBITDA and cash generation. An enterprise value multiple of 6x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered historical bankruptcy case study exit multiples for peer companies. Fitch used a multiple of 6x to estimate a value for Kymera because of its strong position in niche markets balanced by slightly lower margins relative to public comps. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - No progress of EBITDA interest coverage trending toward 1.5x; - Failure to achieve at least neutral FCF; - A large debt-funded acquisition or dividend recapitalization where there is no clear path to deleveraging within 24 months. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage durably below 6.0x; - EBITDA interest coverage consistently above 2.0x. Liquidity and Debt Structure As of June 30, 2025, Kymera had around $53 million of cash on hand and approximately $50 million available under its ABL facility. While the company has enough liquidity to meet near-term obligations, Fitch notes the liquidity position has declined recently due to an elevated ABL draw and limited FCF prospects over the first two years of the forecast. Issuer Profile Kymera International, LLC is a global specialty materials business, specializing in the production of metal and ceramic based powders, additives, custom alloys, and coatings. 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 ----------- ------ -------- ----- Alchemy US Holdco 1, LLC LT IDR B- Affirmed B- senior secured LT BB- Affirmed RR1 BB- senior secured LT B- Affirmed RR4 B- Kymera International, LLC LT IDR B- Affirmed B- LAFLEUR NURSERIES: Taps Howard Howard and Hodges as Accountant -------------------------------------------------------------- Lafleur Nurseries and Garden Center, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Howard, Howard, and Hodges as accountant. The firm will render these services: (a) prepare monthly operating reports; (b) bookkeeping services; (c) financial analysis; (d) prepare tax returns; (e) prepare county personal property tax returns; (f) prepare financial statements; (g) tax planning and consultation; and (h) general accounting advice. The firm will be paid at these fees: (a) monthly reoccurring billing of $1,500 for bookkeeping services; (b) financial statements annual billing of $14,500 for preparing financial statements and performing a review engagement with respect to these financial statements; and (c) reimbursement for actual, necessary expenses. Stefany Rhoades, CPA, partner and client manager at Howard, Howard, and Hodges, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Stefany D. Rhoades, CPA Howard, Howard, and Hodges 720 Rodel Cove Lake Mary, FL 32746 Telephone: (407) 333-8110 Facsimile: (407) 333-8180 About Lafleur Nurseries and Garden Center Lafleur Nurseries and Garden Center, LLC operates a retail garden center in Sanford, Florida. It offers a wide selection of plants, trees, and landscaping materials, and provides related services such as landscape design, installation, and irrigation system support. Lafleur sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03734) on June 17, 2025. In its petition, the Debtor reported total assets of $568,637 and total liabilities of $3,283,410. Judge Lori V. Vaughan handles the case. The Debtor tapped Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC as counsel and Howard, Howard, and Hodges as accountant. LAS VEGAS ILPK: Seeks to Hire David J. Winterton as Counsel ----------------------------------------------------------- Las Vegas ILPK 280 LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ David J. Winterton & Assoc., Ltd. as counsel. The firm will provide these services: (a) attend hearings; (b) file required schedules and papers; (c) prepare a disclosure statement and plan of reorganization; (d) counsel the Debtor; and (e) any other representation necessary to reorganize the Debtor. The firm will be paid at these hourly rates: Attorneys $250 - $400 Paralegals $125 David Winterton, Esq., disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David J. Winterton, Esq. David J. Winterton & Assoc., Ltd. 7881 W. Charleston, Blvd., Suite 220 Las Vegas, NV 89117 Telephone: (702) 363-0317 Facsimile: (702) 363-1630 Email: david@davidwinterton.com About Las Vegas ILPK 280 LLC Las Vegas ILPK 280 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-14373) on July 30, 2025, listing up to $1 million in both assets and liabilities. Judge Mike K. Nakagawa oversees the case. David J. Winterton & Assoc., Ltd. serves as the Debtor's counsel. LAS VEGAS ILPK: Seeks to Hire Virtue Real Estate Group as Broker ---------------------------------------------------------------- Las Vegas ILPK 280 LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Virtue Real Estate Group as real estate broker. The Debtor needs a broker to list and sell its property located at 8345 Fairfield Avenue, Las Vegas, Nevada. The agent will receive a commission of 2.5 percent of the final sale price or lease amount of the property. Darren Melton, a real estate agent at Virtue Real Estate Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Darren Melton Virtue Real Estate Group 10100 W. Charleston Boulevard, Ste. 250 Las Vegas, NV 89135 Telephone: (702) 521-1008 About Las Vegas ILPK 280 LLC Las Vegas ILPK 280 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-14373) on July 30, 2025, listing up to $1 million in both assets and liabilities. Judge Mike K. Nakagawa oversees the case. David J. Winterton & Assoc., Ltd. serves as the Debtor's counsel. LEES EARNED: Taps Argus Law Group and Neeleman Law Group as Counsel ------------------------------------------------------------------- Lees Earned Portfolio LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Argus Law Group, Inc. and Neeleman Law Group, PC as counsel. The firms' services include: (a) prepare on behalf of the Debtor any necessary legal papers as required by applicable bankruptcy or non bankruptcy law, dictated by the demands of the case, or required by the court, and to represent it in proceedings or hearings related thereto; (b) assist the Debtor in analyzing and pursuing possible reorganization possibilities; (c) assist the Debtor in analyzing and pursuing any proposed dispositions of assets of its estate; (d) review, analyze, and advise the Debtor regarding claims or causes of action to be pursued on behalf of its estate; (e) assist the Debtor in providing information to creditors and parties-in-interest; (f) review, analyze, and advise the Debtor regarding any fee applications or other issues involving professional compensation in its case; (g) prepare and advise the Debtor regarding any Chapter 11 plan filed; (h) assist the Debtor in negotiations with various creditor constituencies regarding treatment, resolution and payment of the creditors' claims in this case, and negotiations and discussions with the small business trustee; (i) review and analyze the validity of claims filed in this case and advise the Debtor as to the filing of objections to claims, if necessary; and (j) perform all other necessary legal services as may be required by the needs of the Debtor in the above-captioned case. The firm will be paid at these hourly rates: Principals $500 - $600 Associates $475 Paralegals $130 - $250 In addition, the firm will seek reimbursement for expenses incurred. Neeleman Law Group received an initial prepetition retainer of $16,738, including the Debtor's $1,738 filing fee, to be held as a legal retainer against which Argus Law Group and Neeleman Law Group would bill for their services. Geoffrey Chesnut, Esq., a shareholder attorney at Argus Law Group, and Thomas Neeleman, Esq., a shareholder attorney at Neeleman Law Group, disclosed in court filings that the firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Geoffrey L. Chesnut, Esq. Argus Law Group, Inc. 2107 W. Sunset Boulevard, 2nd Floor St. George, UT 84770 Telephone: (435) 634-1600 Email: gchesnut@arguslawgroup.com - and - Thomas D. Neeleman, Esq. Neeleman Law Group, P.C. 1904 Wetmore Ave. Suite 200 Everett, WA 98201 Telephone: (425) 212-4800 Facsimile: (425) 212-4802 Email: thomas@neelemanlaw.com About Lees Earned Portfolio LLC Lees Earned Portfolio LLC owns and manages real estate properties, including residential and non-residential assets, and leases them to tenants, operating within the real estate rental and property management sector. Lees Earned Portfolio LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-25578) on September 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by Argus Law Group, Inc. and Neeleman Law Group, PC. LINQTO TEXAS: Gets Court OK for Ch. 11 Settlement with Customers ---------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge has approved Linqto's innovative Chapter 11 settlement, giving customers a new way to maintain exposure to private startup shares that the platform once sold before its July 2025 bankruptcy. The decision marks an important step in the company's restructuring efforts. According to court filings, the deal represents a "creative resolution" that aims to reconcile the interests of creditors and customers while acknowledging the challenges of reorganizing a financially troubled investment platform. 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. LUNAI BIOWORKS: Laksya Ventures, Neil Persh Hold 9.6% Stake ----------------------------------------------------------- Laksya Ventures Inc. and Neil Persh, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of July 7, 2025, they beneficially own an aggregate of 22,163,978 shares of Common Stock of Lunai Bioworks Inc., including 19,497,168 shares held by Laksya Ventures, 500,000 shares held directly by Laksya Ventures, and 2,666,810 shares held directly by Neil Persh, representing 9.6% of the 230,928,963 shares of Common Stock outstanding. Mr. Persh exercises sole voting and dispositive power over all shares, while Laksya Ventures shares voting and dispositive power with Mr. Persh as the controlling owner. The Reporting Persons may be reached through: Laksya Ventures Inc. Neil Persh, Chief Executive Officer 406 Ocean One Lane North Palm Beach Fla. 33408 Tel: 212-841-6945 A full-text copy of the SEC report is available at: https://tinyurl.com/52jcz3xx About Lunai Bioworks Headquartered in Los Angeles, Calif., Lunai Bioworks Inc. (formerly Renovaro Inc.) is an AI-powered drug discovery and biodefense company pioneering safe and responsible generative biology. With proprietary neurotoxicity datasets, advanced machine learning, and a focus on dual-use risk management, Lunai is redefining how artificial intelligence can accelerate therapeutic innovation while safeguarding society from emerging threats. Draper, Utah-based Sadler, Gibb & Associates, LLC, Renovaro Inc.'s auditor since 2018, issued a "going concern" qualification in its report dated Oct. 10, 2024, citing that the Company has incurred substantial recurring losses from operations, has used cash in the Company's continuing operations, and is dependent on additional financing to fund operations which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2024, Renovaro had $111,340,272 in total assets, $29,280,954 in total liabilities, and total stockholders' equity of $82,059,318. MAGENTA SECURITY: BlackRock FRA Marks $1.07MM Loan at 77% Off ------------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $1,076,000 loan extended to Magenta Security Holdings LLC to market at $321,314 or 23% 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 Third 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% floor1.76%, 5.76 payment in kind) 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. MATADOOR RESTAURANT: Hires Schumacher Group as Leasing Agent ------------------------------------------------------------ Matadoor Restaurant Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ The Schumacher Group, Inc., also known as The Shumaker Group, Inc., as leasing agent. The firm will have an exclusive right to find a suitable new tenant for the Debtor's assignment of the leases. The leasing agent will receive a commission of 6 percent of total rent for the primary term of an executed lease, woth a minimum of 5-year term. Steven Josovitz, an associate real estate broker and vice president, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Steven Josovitz The Shumaker Group, Inc. 371 NE Arizona Avenue Atlanta, GA 30307 About Matadoor Restaurant Group LLC Matadoor Restaurant Group LLC, d/b/a Del Taco, operates and manages franchised and proprietary restaurant concepts in the United States. The Company serves as a franchisee of Del Taco and operates The Matador, a full-service Mexican restaurant in Greenville, South Carolina. It functions under Red Door Brands, LLC, which oversees a portfolio of foodservice operations including additional national quick-service brands. Matadoor Restaurant Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-02698) on July 15, 2025. In its petition, the Debtor reported estimated assts and liabilities between $1 million and $10 million. The Debtor is represented by Gregory A. Flood, Esq., at the Law Offices of Gregory A. Flood. MAYFIELD MEDICAL: Seeks to Hire YCG Accounting as Accountant ------------------------------------------------------------ Mayfield Medical Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Illinois to employ YCG Accounting, LLC as accountant. The firm will review the Debtor's 2023 and 2024 tax returns for an hourly fee of $215 to $250, provide a Profit/Loss Statement from April 2025 through August 2025, and provide continuing bookkeeping and monthly operating reports for an hourly fee of $140. Diane Todd, an authorized agent at YCG Accounting, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Diane Todd YCG Accounting, LLC 219 2nd Ave., Ste. B Edwardsville, IL 62025 Telephone: (618) 656-6010 About Mayfield Medical Services Mayfield Medical Services Inc. provides repair, maintenance, and preventative services for medical, laboratory, dental, and veterinary equipment across the Midwest and through nationwide depot support. The Company delivers on-site service, equipment audits, and manufacturer-recommended maintenance, including tagging and detailed record-keeping of client assets. Mayfield Medical Services Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-30662) on August 29, 2025. In its petition, the Debtor reports total assets of $224,636 and total liabilities of $2,142,616. Honorable Bankruptcy Judge Mary E. Lopinot handles the case. The Debtor tapped J. D. Graham, Esq., at J. D. Graham, PC as counsel and YCG Accounting, LLC as accountant. MODIVCARE INC: Gets Final Court OK to Tap Full $100MM DIP Financing ------------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that on October 3, 2025, a Texas bankruptcy court approved Modivcare's request for $100 million in debtor-in-possession financing, concluding that the concerns raised by the unsecured creditors' committee did not warrant denial of the loan. The financing gives Modivcare essential liquidity to continue business operations and advance its Chapter 11 reorganization plan while it works to stabilize financially, the report states. 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. MOUSEROAR LLC: Seeks to Tap Bronson Law Offices as Legal Counsel ---------------------------------------------------------------- MouseROAR LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Bronson Law Offices, PC to handle its Chapter 11 case. The firm's hourly rates are as follows: H. Bruce Bronson, Attorney $550 Paralegals $150 - $250 In addition, the firm will seek reimbursement for expenses incurred. The firm also received a retainer of $5,000 from a third party plus $1,738 filing fee from the Debtor. Mr. Bronson disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: H. Bruce Bronson, Esq. Bronson Law Offices, P.C. 480 Mamaroneck Ave. Harrison, NY 10528 Telephone: (914) 827-5238 About MouseROAR LLC MouseROAR LLC is a company operating in the motion picture and video industries. MouseROAR LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10984) on May 13, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by H. Bruce Bronson, Esq., at Bronson Law Offices, PC. MR. COOPER GROUP: Moody's Ups CFR to Ba1 & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings has upgraded Mr. Cooper Group Inc.'s (Mr. Cooper) corporate family rating to Ba1 from Ba3, Nationstar Mortgage Holdings Inc.'s backed senior unsecured debt rating to Ba1 from B1, Nationstar Mortgage LLC's long-term issuer rating to Ba1 from B1, and Home Point Capital Inc.'s senior unsecured debt rating, previously assumed by Mr. Cooper, to Ba1 from B1. These rating actions follow Mr. Cooper's acquisition by Rocket Companies, Inc. (Ba1 CFR) on October 01, 2025, and concludes the reviews for upgrade initiated on March 31, 2025. The outlooks on Mr. Cooper and Nationstar Mortgage LLC were changed to stable from ratings under review. The outlook on Nationstar Mortgage Holdings Inc. has been withdrawn, previously at ratings under review. Nationstar Mortgage Holdings Inc.'s senior unsecured notes are being assumed and replaced by Rocket Mortgage, LLC as the borrower. The replaced notes will be backed by Nationstar Mortgage LLC, but not Rocket Companies, Inc. Moody's also affirmed Rocket Companies, Inc.'s (Rocket) Ba1 CFR, Ba1 long-term backed senior unsecured rating and Rocket Mortgage, LLC's Ba1 long-term backed senior unsecured rating. The outlook on both entities remains stable. RATINGS RATIONALE The upgrade of the ratings of Mr. Cooper and its subsidiaries is the result of the acquisition, in which the higher rated Rocket acquired Mr. Cooper. As part of the transaction, substantially all of Mr. Cooper's senior unsecured notes were either redeemed, tendered or exchanged for notes issued by Rocket. The remaining portion of notes that were not tendered or exchanged were assumed by Rocket Mortgage, LLC as the new borrower. Following the actions, Moody's will withdraw Mr. Cooper's CFR and Nationstar Mortgage LLC's long-term issuer rating. The affirmation of Rocket's Ba1 CFR reflects the company's strong franchise in the US mortgage market, supporting its strong capitalization and funding profile and its historically strong earnings capacity. The ratings also capture some key-person governance risk from its ownership structure. Moody's views the acquisition's impact on Rocket's financial profile as largely credit neutral at closing. The Ba1 backed senior unsecured debt rating is at the same level as Rocket's Ba1 CFR. These equivalent rating levels reflect priority of claim and strength of asset coverage considerations. The stable outlook reflects Moody's expectations that Rocket's current weaker-than-historical profitability will improve over the next 12-18 months, driven by increased profitability from the Mr. Cooper acquisition and higher industry origination volumes. Moody's anticipates that Rocket will maintain its strong financial profile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Assuming the Mr. Cooper and Redfin acquisitions are successfully integrated, Moody's expects the increased scale of the combined entity to drive both cost and revenue synergies, enhance operating leverage, boost earnings and moderately reduce earnings volatility. If non-agency and non-government mortgages remain a modest percentage of total originations, Moody's could upgrade Rocket's ratings if the company: 1) demonstrates strong financial resilience as measured by net income to average assets (excluding mortgage servicing rights [MSR] fair value marks) in excess of 4.0%, 2) maintains a solid capital position as measured by tangible common equity (TCE) to tangible managed assets (TMA) above 25%, and 3) maintains strong liquidity and funding as measured by secured debt to gross tangible assets below 50%, secured MSR debt and secured corporate debt to total corporate debt below 25%, and low refinance risk on its warehouse facilities with an average maturity runway of more than 12 months. Rocket's ratings could be downgraded if the company's financial profile or franchise position weaken; in particular, if TCE/TMA declines to less than 20% or if profitability remains weak such that Moody's expects net income to average assets to remain below 3.0%. In addition, negative ratings pressure could develop if: 1) the percentage of non-agency and non-government loan origination volumes grow to more than 15% of the company's total originations without a commensurate increase in alternative liquidity sources and capital to address the riskier liquidity and asset quality profile that such an increase would entail, or 2) refinance risk increases such that the average remaining time to maturity of the company's warehouse lines decreases and Moody's expects it to remain less than 12 months. If secured MSR debt and secured corporate debt to total corporate debt increases and Moody's expects it to remain above 25%, Moody's could downgrade the long-term senior unsecured debt ratings, as it would further subordinate the debt's priority ranking. The principal methodology used in these ratings was Finance Companies published in July 2024. Rocket Companies, Inc.'s "Assigned Standalone Assessment" adjusted score of ba1 is set three notches below the "Financial Profile Score" score of Baa1 to reflect the expected downward trend in the company's capitalization following its recent acquisitions, refinancing risk from short-term funding reliance, and operational and regulatory risk. MVP GROUP: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of MVP Group, LLC, according to court dockets. About MVP Group LLC MVP Group, LLC is a Fort Lauderdale-headquartered distributor of commercial food service equipment. The Company supplies products to restaurants, hotels, schools, government institutions, and other foodservice operators, with clients including global chains such as Subway, Burger King, Marriott and Best Western. MVP Group supports its operations through a network of warehouses, inventory centers and authorized service agents throughout North America. MVP Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.????S.D. Fla. Case No. 25-20199) on August 29, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Scott M. Grossman handles the case. Michael D. Seese, Esq., is the Debtor's legal counsel. Austin Financial Services, Inc., as lender, is represented by: Donald R. Kirk, Esq. Carlton Fields, P.A. P.O. Box 3239 Tampa, FL 33601-3239 (813) 223-7000 dkirk@carltonfields.com NAUTICAL MARINE: Taps ShipShape Accounting as Restructuring Advisor ------------------------------------------------------------------- Nautical Marine Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ ShipShape Accounting & Advisory, LLC as restructuring advisor. The firm will provide Ruediger Mueller as chief restructuring officer and certain additional personnel to the Debtor. The CRO and additional personnel will render these services: (a) assist in the management and restructuring of the Debtor's financial affairs; (b) develop and implement restructuring strategies and prepare any reports required by the Bankruptcy Code; (c) assist in communications with the Debtor's creditors; and (d) coordinate with legal counsel and other professionals as necessary. The firm will be compensated at a rate of $200 per hour for work performed as CRO with the first 8 hours per month free of charge. In addition, the firm will seek reimbursement for expenses incurred. Mr. Mueller disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ruediger Mueller ShipShape Accounting & Advisory, LLC 474 Jackson Square Rd. Thomasville, PA 17364 About Nautical Marine Enterprises Nautical Marine Enterprises, LLC, provides boat engine repair, boat upholstery, fiberglass repair, and boat trailer repair services. Nautical Marine Enterprises sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-03490) on August 14, 2023. In the petition signed by Francisco Ferrer, Jr., manager, the Debtor disclosed $1,031,820 in total assets and $1,383,423 in total liabilities. Judge Roberta A. Colton oversees the case. The Debtor tapped Buddy D. Ford, Esq., at Buddy D. Ford, PA as counsel and ShipShape Accounting & Advisory, LLC as restructuring advisor. NEBRASKA BREWING: Announces Upcoming Closure -------------------------------------------- McKenzy Parsons of KETV 7 reports that Nebraska Brewing Company, a staple of the La Vista craft beer scene for nearly two decades, has announced plans to close after 18 years in operation. The brewery did not disclose a specific reason for the closure, though it filed for Chapter 11 bankruptcy earlier in 2025, the report related. The decision marks the end of one of Nebraska’s most recognized independent breweries, known for its dedication to local craftsmanship and community engagement. In a statement shared on social media, the company expressed deep gratitude to its patrons and supporters. "It has been our pleasure to serve our community for as long as we have," the post read. "We have been incredibly lucky to meet all of you and to help create, support, and expand the craft beer industry and charitable causes—not only around Omaha, but throughout the state of Nebraska." The message reflected the company’s long-standing commitment to fostering community ties through both its brews and charitable efforts. While a final closing date has not yet been determined, Nebraska Brewing Company assured customers that updates will continue to be shared on its social media platforms. The announcement marks a bittersweet moment for local beer enthusiasts, as the brewery's closure signifies the loss of a pioneering name in Nebraska's craft beer industry, the report states. About Nebraska Brewing Co. Nebraska Brewing Co. is a craft brewery based in La Vista, Nebraska. The Company produces a variety of beers, including core, seasonal, and barrel-aged offerings, and operates a taproom that hosts public tastings and private events. Founded in 2007, the brewery has earned multiple national awards for its products. Nebraska Brewing Co. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 25-80403) on April 28, 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 Brian S. Kruse handles the case. The Debtor is represented by Patrick R. Turner, Esq. at TURNER LEGAL GROUP, LLC. NORTHRIVER MIDSTREAM: Moody's Puts Ba2 CFR on Review for Downgrade ------------------------------------------------------------------ Moody's Ratings placed NorthRiver Midstream Finance LP's (NorthRiver) ratings under review for downgrade, including the Ba2 corporate family rating, Ba2-PD probability of default rating and Ba2 senior secured notes and senior secured bank credit facility ratings. The outlook was changed to ratings under review from stable. The review follows the October 2, 2025 announcement that NorthRiver plans to raise new asset-level financing funded by contracted cash flows tied to the MSA of the Pipestone Gathering System. The $500-$550 million in expected financing will be ring-fenced from NorthRiver into a new non-recourse subsidiary. Proceeds will be used for a combination of debt payment, shareholder distributions and growth capital. Moody's expects the company to fully repay the outstanding balance on its revolver and conserve some cash on the balance sheet post transaction to fund growth capital. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS "The review for downgrade reflects Moody's expectations for higher financial leverage pro-forma for the Pipestone transaction and for the duration of the NEBC Connector build out," said Whitney Leavens, Moody's Ratings analyst. "While the proposed debt will sit at an unrestricted subsidiary and be non-recourse to NorthRiver, following the same structure as the Cabin bonds, the transaction will also erode cash flows available to support growth and service restricted group debt," she added. The review period will focus on the final financing terms and ultimate use of proceeds. Moody's expects to conclude the review once the transaction has closed, likely during Q4 2025. NorthRiver Midstream Finance LP, based in Calgary, Alberta, is a privately-held midstream company that gathers and processes natural gas in northeastern British Columbia and west central Alberta. 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. NYC ALPHA: Jennifer Schank Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 11 appointed Jennifer Schank of Fuhrman & Dodge, S.C. as Subchapter V trustee for NYC Alpha Champions Construction, LLC. Ms. Schank will be paid an hourly fee of $335 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Schank declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jennifer M. Schank Fuhrman & Dodge, S.C. 6405 Century Avenue, Suite 101 Middleton, WI 53562 Phone: (608) 327-4200 Fax: (608) 841-1502 Email: jschank@fuhrmandodge.com About NYC Alpha Champions Construction NYC Alpha Champions Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-25467) on September 28, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Katherine M. Perhach presides over the case. Jude Witkowski, Esq. at Seifert & Associates LLC represents the Debtor as legal counsel. OBJECT & SUBJECT: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Utah granted Object & Subject LLC interim approval to use cash collateral. The court's interim order authorized the Debtor to use cash collateral from September 14 to October 11 to pay expenses in accordance with its budget, subject to a 10% variance per line item. The court recognized that several entities, including Decathlon Alpha V, L.P., Cache Valley Bank, and Clear Finance Technology Corporation, claim interests in the cash collateral. In case of any diminution in the value of their collateral, the secured creditors will be granted replacement liens on and security interests in post-petition assets, automatically valid and perfected without additional filings. However, the order preserves all parties' rights, noting that the validity, priority, and extent of creditor claims and liens have not been finally determined. About Object & Subject LLC Object & Subject LLC, doing business as Ascendant Brands, manages consumer product businesses across the U.S., focusing on brand development, product design, packaging, and supply chain operations. The Company specializes in online marketing, particularly on the Amazon marketplace, and works with brand partners and brick-and-mortar retailers to distribute their products. Ascendant Brands partners with businesses generating $500,000 to $5 million in annual revenue, offering acquisition, operational management, or investment collaboration opportunities. Object & Subject LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Case No. 25-25418) on September 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by George B. Hofmann, Esq., at Cohne Kinghorn, P.C. OFFBEAT VENTURES: Vinyl Me Please Revived After April Bankruptcy ---------------------------------------------------------------- Vinyl Me, Please (VMP), the record-of-the-month club founded in 2012, has officially restored service after being dormant since April 2025, when its former operator, Offbeat Ventures LLC, filed for bankruptcy. VNYL Inc. acquired the assets of VMP out of bankruptcy and liquidation proceedings following a highly competitive bidding process. The new ownership did not receive any proceeds or customer funds from prior purchases -- all revenue collected by Offbeat Ventures prior to April 2025 was extinguished in bankruptcy, requiring the injection of new capital to restore VMP. The new owners have since invested significantly in restoring operations and rebuilding trust with customers. In September, with this new investment, VMP services were restored. The company began fulfilling unshipped orders, issued credits for past purchases and missed months of service for existing members. The relaunched VMP has turned back the clock and returned to exclusive monthly pressings as the best damn record of the month club out there. One standout change to the service is the removal of its web storefront and the launch of an SMS hotline and mail order catalog, as the company goes all-in on being a physical-first music service. Offline Model: Mail-Order Catalog and Telephone Service On September 27, 2025, VMP resumed shipments to customers. Concurrently, the company announced it is returning to its analog roots as an offline record club. All customer interactions will take place through a printed mail-order catalog and a new customer service phone line at 314-300-9979. Addressing the Past VMP's service collapse earlier this year stemmed from the financial mismanagement and legal troubles of Offbeat Ventures LLC. "Nick and I stepped into a severely dysfunctional and broken situation," said Emily Muhoberac, President & COO of VMP. "The old guard left behind massive debts, liabilities, lawsuits, and a fractured member community. Our decision was to invest in the community and restore the service. Most importantly get back to the business of shipping amazing music that people can physically feel. It feels daunting at times, but it's worth it." A White Knight Attempt to Save the Brand "You could accuse us as being suckers for punishment, and sure, we probably are. But if it's not for the love of (analog) music, then what is this all for?" said Nick Alt, CEO of VMP. "VMP created a culture around exclusive vinyl pressings and a community that prioritizes quality physical music experiences. Music needs this right now more than ever." Under new leadership, VMP's September restoration starts resolving the backlog, issuing credits, and shipping unfinished pre-order projects to members. The company continuously pledges transparency through regular updates, ensuring customers know the status of their orders and credits. VMP has announced its first record of the month selection, now known as The Best Damn Record for October 2025. An exclusive pressing of Gelli Haha's debut album, Switcheroo. The VMP Exclusive has been mastered by legendary engineer, Scott Hull from the famed Masterdisk Studios in New York. Members will receive the album later this month. Key Milestones in the Transition -- April 4, 2025, Offbeat Ventures LLC, the former operator of Vinyl Me, Please, files for bankruptcy. -- April 7, 2025, Official notice sent to customers of Offbeat Ventures LLC via email to submit any customer (creditor) claims by October 1, 2025. -- June 1, 2025, VNYL Inc. acquires the assets of VMP out of bankruptcy. -- June 26, 2025, Nick Alt and Emily Muhoberac host a public AMA to answer customer questions about the transition. -- August 16, 2025, VNYL announces plans to restore service in September 2025. -- September 27, 2025, VMP restores service: shipments arrive for missed April orders including newly completed pre-order projects; announces new offline model via catalog and phone service. About Vinyl Me, Please Founded in 2012, Vinyl Me, Please is a record-of-the-month club dedicated to curating exclusive vinyl pressings and building community around music. After Offbeat Ventures LLC filed for bankruptcy in April 2025, VNYL Inc. acquired the assets of VMP and restored service in September 2025. Now headquartered in St. Louis, Missouri, VMP operates as a throwback mail-order record club, reconnecting collectors with the analog experience of discovering and enjoying vinyl. Media Contact press@vinylmeplease.com Customer Support (314) 300-9979 Media Contact H Falkirk, VMP, 1 3143009979, press@vinylmeplease.com OMNICARE LLC: Seeks to Hire Stretto as Claims and Noticing Agent ---------------------------------------------------------------- Omnicare, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Stretto Inc. as claims, noticing, and solicitation agent. Stretto will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The firm received an advance payment of $50,000 from the Debtor. Sheryl Betance, a senior managing director at Stretto, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 About Omnicare LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. Jenner & Block LLP and Haynes Boone are serving as legal counsel, Houlihan Lokey is serving as investment banker and Alvarez & Marsal is serving as restructuring advisor to Omnicare. Stretto, Inc. serves as claims agent. ONITY GROUP: Moody's Affirms 'B3' CFR, Outlook Stable ----------------------------------------------------- Moody's Ratings has affirmed Onity Group Inc.'s (Onity) B3 corporate family rating. Additionally, Moody's have affirmed the Caa1 backed senior unsecured debt rating of PHH Corporation (PHH), a wholly owned subsidiary of Onity, and the Caa1 senior unsecured debt rating of PHH Escrow Issuer LLC (Escrow Issuer), a wholly owned special purpose subsidiary of PHH. The outlooks on the three entities are stable. RATINGS RATIONALE Onity's B3 CFR reflects the progress the company has made towards achieving a sustainable level of profitability by managing its operating expenses and maintaining the size of its servicing portfolio despite difficult conditions for residential mortgage companies. The company has also continued to grow its subservicing portfolio, which is a capital-light fee-earning business. The CFR also reflects the company's sound liquidity and funding profile. A credit challenge is Onity's modest capitalization, especially as the company continues to grow its portfolio and evolve its business. Onity's adjusted tangible common equity to adjusted tangible assets ratio was 10.7% as of June 30, 2025, which is lower than most non-bank mortgage company peers. Onity's equity supports the company's mortgage servicing rights (MSR) portfolio, where the value is affected by changes in interest rates. Onity employs a hedging strategy to mitigate fair market value losses on its MSRs, a credit positive. The company's approach to hedging has contributed to more stable GAAP earnings and improved core earnings in recent periods, despite ongoing market volatility. Like other mortgage companies, Onity relies on short-term repurchase facilities (mostly one-year maturities) to finance new originations, a credit negative. However, the company's originations are primarily government or agency loans, supporting a sound liquidity position. Onity's funding profile is strengthened by long-term relationships with its warehouse lenders and capital partners, as well as its recent unsecured debt issuance, which has improved financial flexibility and partially offset the risks associated with short-term funding. The Caa1 rating assigned to the senior unsecured notes reflects their position in Onity's debt hierarchy, being subordinate to debt secured by MSRs which are deemed structurally superior. However, the notes are an obligation of PHH and have guarantees from Onity and select operating subsidiaries within the group. The stable outlook reflects Moody's expectations that Onity will continue to report solid earnings and stable capitalization over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Onity's ratings could be upgraded if the company demonstrates a sustained improvement in profitability, as measured by net income to average managed assets (NI/AMA) consistently above 1.0%, while preserving its tangible common equity to adjusted tangible managed assets (TCE/TMA, excluding Ginnie Mae loans earmarked for repurchase and Home Equity Conversion Mortgages [HECMs]) ratio over 12.5%. An upgrade would also depend on Onity preserving sufficient liquidity and avoiding any negative regulatory developments. Onity's ratings could be downgraded if the company is unable to maintain break-even profitability; if capitalization weakens, as measured by TCE/TMA below 9%; if regulatory actions or litigation materially restrict the company's business activities or harm its franchise and reputation; or if the company is subject to regulatory or legal actions resulting in material fines or judgments. The principal methodology used in these ratings was Finance Companies published in July 2024. Onity's "Assigned Standalone Assessment" adjusted score of b3 is set four notches below the "Financial Profile Score" score of Ba2 to reflect the company's franchise positioning, refinancing risk from short-term funding reliance, and operational and regulatory risk. ORCHARD FALLS: Seeks Cash Collateral Access ------------------------------------------- Orchard Falls Operating Company, LLC asks the U.S. Bankruptcy Court for the District of Colorado for authority to use cash collateral and provide adequate protection. The Debtor needs to use cash collateral, specifically rents generated from its sole real estate asset, to fund critical operating expenses during its Chapter 11 case. The Debtor is a Delaware limited liability company that owns commercial real estate located at 7800 East Orchard Road, Greenwood Village, CO. This property consists of four commercial buildings and currently generates approximately $254,851 in monthly rental income from leases with commercial tenants. The Debtor is classified as a single-asset real estate (SARE) Debtor, and under 11 U.S.C. section 362(d)(3)(A), must file a plan of reorganization by December 18. The principal secured creditor of the Debtor is Wilmington Trust National Association, as Trustee for the holders of Wells Fargo Commercial Mortgage Trust 2014-LC16. The Trustee holds a promissory note originally in the amount of $19 million, dated April 11, 2014, with a current outstanding balance of approximately $16.3 million, plus interest and other costs. The loan is secured by a Deed of Trust on the property, and an Assignment of Leases and Rents, giving the Lender a lien on both the real estate and the rental income. The Debtor argues that continued access to the rental income, which constitutes cash collateral, is essential to fund ongoing operating expenses such as utilities, janitorial services, property management, repairs, insurance, property taxes, landscaping, and tenant improvements. Without this use, the Debtor asserts that it cannot preserve the value of the property, continue operations, or maintain existing tenant relationships, and would suffer irreparable harm. The Debtor emphasizes that failure to maintain the property would also diminish its value, harming both the estate and the secured creditor. To provide adequate protection to the Lender, the Debtor proposes: 1. A replacement lien on post-petition rents, maintaining the same priority as the pre-petition lien. 2. Use of rents strictly in accordance with the approved budget. 3. Maintenance of insurance coverage on the property. 4. Monthly accounting and financial reporting through required bankruptcy operating reports. 5. Timely payment of post-petition taxes. 6. Maintenance of the property in good condition. The Debtor projects it will need to use approximately $190,000–$200,000 per month in cash collateral, totaling about $590,000 over the next 90 days, to meet operating needs while a final order is pending. The Debtor also notes that its cash position is expected to remain positive and may improve with new leases, which could require upfront tenant improvement costs but would ultimately increase the property's value. About Orchard Falls Operating Company Orchard Falls Operating Company, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Orchard Falls Operating Company, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-16047) on September 19, 2025. At the time of filing, the Debtor estimated $1 million to $10 million in assets and $1 million to $50 million in liabilities. Kenneth Grant, Manager of Orchard Falls Holding Company LLC, signed the petition on behalf of Orchard Falls Operating Company, LLC, which is managed by the holding company. Judge Thomas B Mcnamara presides over the case. Jeffrey A. Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor P.C., represents the Debtor as counsel. ORIGIN FOOD: Cash Collateral Hearing Set for Oct. 10 ---------------------------------------------------- The U.S. Bankruptcy Court for the Western District of North Carolina, Stateville Division, is set to hold a hearing on October 10 to consider another extension of Origin Food Group, LLC's authority to use cash collateral. The Debtor was previously authorized to use cash collateral pursuant to the court's September 26 second interim order. The second interim order approved the payment of the Debtor's ordinary operating expenses from the cash collateral in accordance with its updated budget. Moreover, the order granted adequate protection to creditors with interest in the cash collateral in the form of replacement liens or interest under Section 361 of the Bankruptcy Code. Several creditors claim secured interests based on a list of UCC Financing Statements on file with the North Carolina Secretary of State. These secured creditors include banks and equipment financiers such as Branch Banking & Trust, International Financial Services Corporation, Treemount Holding, Longitude 80 Dairies, DariFill, The Huntington National Bank, Goodman Capital Finance, First Commonwealth Equipment Finance, and others. Origin Food Group believes that all creditors are adequately protected, noting that the continued use of cash collateral in the ordinary course of business preserves its going concern value, thereby maintaining or even enhancing the value of the creditors' collateral. About Origin Food Group LLC Origin Food Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 25-50268) on August 20, 2025. In the petition signed by Halil Ulukaya, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Laura T. Beyer oversees the case. John C. Woodman, Esq., at Essex Richards PA, represents the Debtor as legal counsel. PERATON CORP: BlackRock FRA Marks $407,000 Loan at 31% Off ---------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $407,000 loan extended to Peraton Corp to market at $282,486 or 69% of the outstanding amount, 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 Lien Term Loan B1 to Peraton Corp. The loan accrues interest at a rate of 12.18% (3-mo. CME Term SOFR + 7.85%) per annum. The loan matures on May 25, 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 Peraton is a leading national security company delivering mission-critical technologies and IT solutions to protect the U.S. and its allies. PIONEER GREEN: Kathleen DiSanto Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for Pioneer Green Farms, Inc. Ms. DiSanto will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 disanto.trustee@bushross.com About Pioneer Green Farms Pioneer Green Farms, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07160) on September 29, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Roberta A. Colton presides over the case. David A. Altier, Esq., at David A. Altier, P.A. represents the Debtor as legal counsel. PRESPERSE CORP: Hilco Global Advises on 524(g) Talc Restructuring ----------------------------------------------------------------- Getzler Henrich & Associates, the Hilco Global turnaround and restructuring practice, is proud to have been financial advisor to Presperse Corporation, a subsidiary of Sumitomo Corporation of Americas (SCOA), in its successful restructuring and the consensual resolution of current and future talc injury lawsuits, in what is believed to be the first confirmed talc 524(g) plan of reorganization. Presperse's plan was confirmed by Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey and affirmed by Judge Robert Kirsch of the U.S. District Court for the District of New Jersey within a year after the petition was filed. The plan received unanimous support from the talc plaintiffs that voted on the plan. During the course of the restructuring process Getzler Henrich worked closely with numerous professionals to achieve this successful outcome, including Presperse's advisors - Duane Morris LLP, Kroll, and Covington & Burling LLP; SCOA and its advisors - Lowenstein Sandler LLP, Skadden Arps, Slate, Meagher & Flom LLP and David Fish; and the creditor professionals - Robinson+Cole, FCR Heather Barlow, Young Conaway Stargatt & Taylor, LLP, and Ruggeri Parks Weinberg LLP. Hilco Global professionals Mark Podgainy, Senior Managing Director, and Charvi Gupta, Senior Director, advised Presperse Corporation. About Hilco Global: Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company that delivers integrated professional services and capital solutions that help clients maximize value and drive performance across the retail, commercial and industrial, real estate, manufacturing, brand and intellectual property sectors, and more. Hilco Global provides a range of customized solutions to healthy, stressed, and distressed companies to resolve complex situations and enhance long-term enterprise value. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to complete the deal. Hilco Global is based in Northbrook, Illinois and has more than 810 professionals operating on four continents. Visit www.hilcoglobal.com. About Presperse Corporation Presperse Corporation provides premium specialty ingredients to formulators of skincare, sun care, hair care, color cosmetics, and diverse areas of beauty and wellness. Presperse Corporation sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-18921) on Sept. 9, 2024. In the petition filed by CFO Mehul Shah, Presperse disclosed $10 million to $50 million in assets and $50 million to $100 million in debt. The Hon. Michael B Kaplan presides over the case. Duane Morris LLP is the Debtors' general bankruptcy counsel. Getzler Henrich is the Debtors' financial advisor. Kroll Restructuring Administration LLC is the Debtors' claims and noticing agent. The Talc Claimants' Committee retained Robinson & Cole as legal counsel and GlassRatner (doing business as B. Riley) as financial advisor, and Legal Analysis Systems to provide advice. Value Extraction Services is the prepetition future claimants' representative, and hired Young Conaway as counsel, Ankura Consulting Group as consultant, and jointly retained, together with the Talc Claimants' Committee, B. Riley as financial advisor. Presperse's parent, Sumitomo Corporation of Americas, is providing post-petition financing and is represented by lawyers at Lowenstein Sandler. PROPHASE DIAGNOSTICS: Hires Maciag Law as Bankruptcy Counsel ------------------------------------------------------------ ProPhase Diagnostics NJ, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Maciag Law, LLC to handle its Chapter 11 case. The firm will be paid at these hourly rates: Thaddeus Maciag, Attorney $475 Paralegal $125 Mr. Maciag disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thaddeus R. Maciag, Esq. Maciag Law, LLC 475 Wall Street Princeton, NJ 08540 Telephone: (908) 704-8800 About ProPhase Diagnostics NJ Inc. ProPhase Diagnostics NJ Inc. develops genomic testing solutions, potential cancer diagnostics and therapeutics, and manufactures and markets consumer health and wellness products. The subsidiaries operate within the diagnostics segment, providing laboratory testing services that were primarily focused on COVID-19 during the pandemic and are now engaged in efforts to recover large insurance receivables tied to those operations. ProPhase Diagnostics NJ Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-19833) on September 22, 2025. In its petition, the Debtor reports estimated assets of $32,287,616 and estimated liabilities of $465,161. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Thaddeus R. Maciag, Esq., at Maciag Law, LLC. QUILL 115: Taps Concord and Keen-Summit as Banker & Advisor ----------------------------------------------------------- Quill 115 LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Concord Summit Capital, LLC and Keen-Summit Capital Partners LLC as joint investment banker and advisor. The firm's services include: (a) advise the Debtor on all matters pertaining to real estate finance; (b) coordinate with the Debtor to develop due diligence materials; (c) develop, subject to the Debtor's review and approval, a marketing plan to obtain exit financing to refinance term debt and fund lot infrastructure and development; (d) communicate regularly with prospects and maintain a record of communications; (e) solicit financing offers for a transaction; (f) assist the Debtor in evaluating, structuring, negotiating and implementing the terms and conditions of a proposed transaction; (g) communicate regularly with the Debtor and its professional advisors in connection with the status of its efforts; and (h) work with the Debtor's attorneys responsible for the implementation of the proposed transactions, review documents, negotiate and assist in resolving problems which may arise. The firm will be paid at these fees: (a) retainer fee of $16,000; and (b) success fee of 2 percent of the total committed amount. In addition, the firm will seek reimbursement for expenses incurred. Harold Bordwin, managing director and co-president of Keen-Summit Capital Partners, and Kevin O'Grady, partner and co-founder at Concord Summit Capital, disclosed in court filings that their firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Harold Bordwin Keen-Summit Capital Partners LLC 15th Floor, 3 Columbus Circle New York, NY 10019 Telephone: (914) 980-8555 Email: hbordwin@Keen-Summit.com - and - Kevin O'Grady ConcordSummitCapital 1450 Brickell Avenue, Suite 2560 Miami, FL 33131 Telephone: (305) 417-6557 Email: Kogrady@concordsummit.com About Quill 115 LLC Quill 115 LLC is a real estate development company based in Tampa, Florida, that is involved in land acquisition, site planning, and project financing through affiliated entities. Quill 115 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05997) on August 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Matthew B. Hale, Esq. at Stichter, Riedel, Blain & Postler, PA. RAZZOO'S INC: DIP Financing Hearing Delayed Amid New Lender Offer ----------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that on October 3, 2025, Cajun restaurant chain Razzoo's Inc. told a Texas bankruptcy court that it plans to evaluate competing proposals for debtor-in-possession financing after its prepetition lender presented a new offer. The company requested additional time before the scheduled DIP hearing to properly review all potential financing options, according to the report. Razzoo's had initially filed for Chapter 11 with a DIP motion supported by third-party lender TJF, but the emergence of an updated offer from its existing lender prompted the restaurant chain to reconsider its options. The company emphasized the importance of ensuring the most favorable financing terms before committing to any agreement, the report states. By seeking to delay the DIP hearing, Razzoo's aims to create a fair and competitive process that allows multiple lenders to bid for the opportunity to fund its restructuring. The decision could play a critical role in shaping the company's ability to stabilize operations and move forward with its reorganization plan, 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. RAZZOO'S INC: Seeks $4MM DIP Loan From TJF Financial ---------------------------------------------------- Razzoo's, Inc. and affiliates ask the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, for authority to use cash collateral and obtain post-petition financing. Specifically, the Debtors seek to obtain $4 million in secured post-petition financing from TJF Financial, LLC. The Debtors propose to use $1.8 million of the DIP funds immediately upon court approval to stabilize operations, pay payroll, satisfy rent obligations, maintain vendor relationships, and fund the administration of the Chapter 11 cases. The DIP facility would be secured by liens on substantially all of the Debtors' assets, including previously encumbered assets, with first-priority, priming status, and would be governed by a short-form term sheet rather than a traditional long-form loan agreement, allowing for rapid implementation. The DIP facility is due and payable on the earliest of: 1. February 6, 2026; 2. The closing of any sale or other disposition of all or substantially all of the assets of the Debtors pursuant to section 363 of the Bankruptcy Code; 3. The effective date of any Chapter 11 plan of reorganization with respect to the borrowers; 4. The date of the acceleration of the DIP term loans and the termination of the DIP term loan commitments in accordance with the DIP documents; 5. Dismissal or conversion of the Chapter 11 cases into cases under Chapter 7 of the Bankruptcy Code; 6. The date an order is entered appointing a Chapter 11 trustee or examiner with enlarged powers; and 7. Any lender other than the DIP lender will provide any commitments or funding, including DIP commitments or loans in connection with any DIP facility, in each case, after entry of the interim order. The Debtors are required to comply with these milestones: 1. Occurrence of the petition date on or before October 1 2. Entry of the interim order no later than October 7 3. Entry of the final order no later than November 6 4. Entry of a bidding procedures order no later than November 6 5. Bid deadline not later than January 5, 2026 6. Auction (if necessary) not later than January 9, 2026 7. Entry of sale order not later than January 16, 2026 8. Sale closing no later than February 6, 2026 The Debtors operate a chain of casual dining restaurants known for their Cajun cuisine and lively atmosphere, with a 30-year operating history and a strong brand presence, particularly in Texas. While the Debtors once operated 24 locations, recent economic pressures, including shifting consumer behavior following the COVID-19 pandemic, inflation, rising interest rates, and competitive pressure from fast-casual and quick-service restaurants, have led to declining sales and profitability. These challenges rendered the Debtors unable to meet their long-term lease obligations, pay ongoing operational expenses, or service their pre-petition secured debt of approximately $9.65 million owed to First Horizon Bank. In response, the Debtors closed four underperforming stores, leaving 20 locations still in operation. Ahead of filing for bankruptcy, the Debtors engaged in discussions with First Horizon Bank to secure debtor-in-possession financing. However, the lender disagreed with the Debtors' proposed path forward and ultimately declined to provide DIP financing, offering only limited protective advances and proposing an out-of-court workout that the Debtors believed was insufficient to address their liquidity crisis. Faced with the need for immediate funding to avoid liquidation, the Debtors, with the help of their advisors, sought alternative financing. They ultimately secured a commitment from TJF Financial, which acted quickly and offered terms deemed commercially reasonable and tailored to the Debtors' needs. The Debtors argue that the DIP facility is critical to preserving the going-concern value of the business, maximizing creditor recoveries, and preventing a disorderly wind-down that would be detrimental to employees, landlords, government entities, and other stakeholders. They assert that the proposed DIP financing provides the best path forward not only for a successful restructuring or sale, but also for protecting the interests of their prepetition lender, First Horizon Bank, by preserving asset value. The Debtors propose to provide First Horizon with adequate protection for any diminution in the value of its collateral, including replacement liens and superpriority claims, even without the lender's consent. Additionally, they seek approval to use cash collateral, arguing that denial of such use would lead to an immediate cessation of operations, mass layoffs, and liquidation of assets, resulting in significant losses for all parties involved. A copy of the motion is available at https://urlcurt.com/u?l=HHrU6c from PacerMonitor.com. 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90522) on September 30, 2025. In the petition signed by Philip Parsons, chief executive officer, the Debtors disclosed up to $50 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. The Debtors tapped Okin Adams Bartlett Curry, LLP as general bankruptcy counsel, Stout Risius Ross, LLC as financial advisor, Stout Capital, LLC as investments banker, and Donlin, Recano & Company, Inc. as claims, noticing, and solicitation agent. RED ROCK: Kevin Neiman Named Subchapter V Trustee ------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Kevin Neiman as Subchapter V trustee for Red Rock Enterprises of Utah, Inc. Mr. Neiman 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. Neiman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kevin S. Neiman PO Box 100455 Denver, CO 80250 Tel: (303) 996-8637 Fax: (877) 611-6839 Email: trustee@ksnpc.com About Red Rock Enterprises of Utah Red Rock Enterprises of Utah, Inc. is a holding company which indirectly owns six pet stores located in both Utah and Nevada. Red Rock sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-22857) on May 21, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge William T. Thurman presides over the case. Darren B. Neilson, Esq., at Parsons Behle & Latimer represents the Debtor as legal counsel. RITE AID: Closes All Locations Officially After Chapter 11 Filing ----------------------------------------------------------------- Michelle Del Rey of USA TODAY reports that Rite Aid, the longtime national pharmacy chain known for its neighborhood drugstores and signature in-store ice cream scoops, has officially closed all remaining locations. The company confirmed the news in a brief statement on its website, saying that all stores "have now closed." It also thanked customers for their loyalty and support over the years, according to the report. The closure marks the final chapter for the 62-year-old retailer, which once operated thousands of stores across the United States. The shutdown follows Rite Aid's Chapter 11 bankruptcy filing in May 2025 -- its second in less than two years. The company said it could no longer sustain operations due to mounting debt, industry-wide financial pressure, and the evolving retail healthcare landscape. CEO Matt Schroeder acknowledged the difficulties, saying that the company's financial struggles had been "intensified by the rapidly changing retail and healthcare markets." When it filed for bankruptcy, Rite Aid operated roughly 1,240 locations across 15 states, a steep decline from its former national footprint, the report states. In an effort to protect customers and employees during the wind-down, Rite Aid entered several agreements in May to transfer its pharmacy operations to CVS, Walgreens, Albertsons, Kroger, and Giant Eagle. Its website now directs former customers to resources for transferring prescriptions and accessing pharmacy records. The company also sold its Thrifty Ice Cream brand to Hilrod Holdings for $19.2 million — a deal approved by a federal judge on July 1, 2025. Schroeder emphasized that Rite Aid’s focus during the transition was ensuring continuity of care and preserving as many jobs as possible, according to report. Founded in 1962 in Scranton, Pennsylvania, Rite Aid grew into one of the nation's largest drugstore chains, competing directly with CVS and Walgreens. However, years of declining sales, intense competition, and costly opioid-related litigation eroded its financial stability. The company first filed for bankruptcy in 2023 to address more than $3 billion in debt but emerged still burdened by $2.5 billion in obligations. With the latest closure, Rite Aid's exit marks the end of a once-iconic American retailer that served communities for more than six decades, the report relays. About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. ROBLOX CORP: Moody's Alters Outlook on 'Ba1' CFR to Positive ------------------------------------------------------------ Moody's Ratings affirmed Roblox Corporation's ("Roblox" or the "company") Ba1 corporate family rating, Ba1-PD probability of default rating, and Ba1 rating on the $1 billion senior unsecured notes due 2030. The outlook was changed to positive from stable. The company's Speculative Grade Liquidity (SGL) rating remains unchanged at SGL-1. RATINGS RATIONALE The revision of the outlook to positive reflects Roblox's improving credit profile and Moody's expectations for continued strong operating performance over the coming 12-18 months similar to recent outperformance relative to public guidance driven by robust user, engagement and bookings growth. Users continue to spend more time and money on its immersive online platform to engage in virtual environments for experiences, communication and connection. Within the next 12-18 months, Moody's expects the company's performance and scale will lead to a credit profile consistent with a higher rating. Over this period, Moody's also expects Roblox's advancements in safety, implemented in Q3 2025, will produce a more secure environment for younger users on its platform and the company will ensure sufficient liquidity levels to help manage future litigation risk, which has increased as a result of several lawsuits filed against the company in recent months. The affirmation of the Ba1 CFR reflects Roblox's strong user engagement, genre expansion, and attractive developer/creator economics. This has led to organic revenue growth averaging in the mid-20% range annually over the past three years and recent improvement in funds from operations (FFO), which turned positive in 2024. As of Q2 2025, Roblox's daily active users (DAUs) surged to around 112 million from 33 million in Q2 2020, a 27% average annual growth rate. This was driven by Roblox's past investments in technology, infrastructure, and content discovery, as well as its focus on attracting older users with more spending power by encouraging developers to create more adult-themed content, which helped bolster user engagement. The over 13 age group now represents 64% of Roblox's daily active users (DAUs) compared to 44% in Q2 2020. At LTM Q2 2025, leverage, as measured by total debt to EBITDA, was -3.5x, which computes EBITDA to include Moody's standard adjustments for operating lease and non-cash stock-based compensation expense. However, because non-cash stock-based compensation expense and deferred revenue are significant components of Roblox's operating cash flow, Moody's also computes a cash EBITDA metric, which results in total debt to EBITDA of 3.7x. This cash EBITDA metric includes Moody's standard operating lease adjustments, but also includes 50% of add-backs for non-cash stock-based compensation expense and deferred revenue less cost of deferred revenue. Embedded in the positive outlook is Moody's expectations for deleveraging to the 2x - 2.5x area (inclusive of the 50% add-back adjustments) and free cash flow (FCF) to debt increasing to the 60%-70% range over the next 12-18 months, barring a leveraging event. Roblox's Ba1 CFR reflects the company's position as a leading niche player in the online gaming industry via its distinctive approach to incorporate user-generated content, immersive social interaction and experiences, alternative monetization strategies, including a virtual economy where users can buy, sell and trade virtual goods using its in-game currency, and cross-platform play that permits more users to participate across various hardware devices. Collectively, these features have enabled increased inclusivity and helped to drive high user growth. Despite strong growth, Roblox will need to continue focusing on its strategic roadmap across cycles given the intense competition from both large and small players. The Ba1 CFR also considers periods of heavy investment, particularly in infrastructure and nascent in-game advertising capabilities. The potential payoff to performance and earnings stability by generating new revenue streams from monetizing the platform's sizable ad inventory and implementing a new generative AI model to enable creators to more easily create 3D objects and scenes, as well as other innovative content creation tools, may improve business prospects longer-term. Somewhat offsetting investing intensity is Roblox's sizable internal liquidity that can sustain extended periods of higher-than-normal outlays and absorb weaker FCF cycles. The company's Q2 2025 net cash position of $3.7 billion (inclusive of marketable securities), which increased from $2 billion in Q2 2023, lack of floating rate debt, and extended maturity profile should help insulate it from macro environment uncertainty. The Ba1 CFR also takes into account Roblox's controlled ownership by its founder and CEO, David Baszucki, which Moody's factors in the ESG assessment, as well as the company's sizable under 13 user base (currently 36% of users), which poses data privacy, cybersecurity and safety risks if verifiable parental consent is not obtained before collecting children's personal information. This will continue to require increased trust & safety investments and could expose Roblox to greater social risks if not effectively implemented. Roblox's SGL-1 Speculative Grade Liquidity rating reflects very good liquidity with about $4.7 billion of cash and short- and long-term marketable securities, and Moody's expectations that the company will continue to generate sustained positive FCF. At June 30, 2025, LTM FCF (defined by Moody's as cash flow from operations less capex less dividends) totaled just under $1 billion or approximately 53% of total debt (Moody's adjusted). Moody's expects FCF in the range of $1 - $1.2 billion over the next twelve months. In lieu of a committed revolver, Roblox maintains significant internal liquidity with a net cash position (inclusive of marketable securities) of around $3.7 billion. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Roblox continues to demonstrate a track record of solid operating performance and the platform continues to diversify across content, demographics, and revenue streams supported by sustained growth in the user base, engagement hours, average bookings per DAU, and developer community. Roblox would also need to exhibit solid organic revenue and profit growth leading to financial leverage, as measured by total debt to EBITDA approaching 2.5x with free cash flow to debt greater than 50% (all metrics are Moody's adjusted with EBITDA calculated to include 50% of add-backs for non-cash stock-based compensation expense and deferred revenue less cost of deferred revenue). Liquidity would also need to remain very good with growing cash and marketable securities balances, and Roblox adhering to disciplined financial policies. Evidence that litigation risk is deemed manageable relative to liquidity levels coupled with evidence that recent platform safety and oversight enhancements have resulted in reduced exposure to potential lawsuits, helping to minimize this risk, would also be necessary for upward ratings pressure. Ratings could be downgraded if Roblox exhibited declining users or engagement reflecting competitive pressures, operational missteps, erosion in the user base or attrition in the developer community. There could also be downward pressure on ratings if bookings growth decelerates to the low-single digit percentage range or Moody's expects financial leverage, as measured by total debt to EBITDA will be sustained above 3.5x. Ratings could also be downgraded if Moody's expects Roblox will shift to more aggressive financial policies or experience deterioration in liquidity, including free cash flow to debt in the mid-single digit percentage range or excess cash and marketable securities falling below funded debt balances (all metrics are Moody's adjusted with EBITDA calculated to include 50% of add-backs for non-cash stock-based compensation expense and deferred revenue less cost of deferred revenue). Roblox Corporation, founded in 2004 with headquarters in San Mateo, CA, develops a platform for creating, sharing, monetizing, and experiencing user-generated experiences and other content. The company operates in over 180 countries with nearly 112 million daily active users. Roblox is publicly traded with David Baszucki (founder, CEO, and chairperson) and entities affiliated with Mr. Baszucki holding two-thirds voting control. Bookings and GAAP revenue for the LTM period ended June 30, 2025 were approximately $5.1 billion and $4 billion, respectively. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. S&G HOSPITALITY: Seeks to Hire GGG Partners as Financial Advisor ---------------------------------------------------------------- S&G Hospitality, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ GGG Partners, LLC as financial advisor. The Debtors need a financial advisor to provide advisory and expert witness services. The firm will be paid at these hourly rates: Richard Gaudet, Attorney $425 Associates $300 - $400 Mr. Gaudet disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard Gaudet GGG Partners, LLC 2870 Peachtree Rd., Ste. 502 Atlanta, GA 30305 About S&G Hospitality S&G Hospitality, Inc. is part of the traveler accommodation industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 23-52859) on August 18, 2023. In the petition signed by Abijit Vasani, president, the Debtor disclosed up to $10 million in assets and up to $1 million in liabilities. Judge Mina Nami Khorrami oversees the case. The Debtor tapped David Beck, Esq., at Carpenter Lipps LLP as legal counsel; Contemporary Business Solutions, Inc. as accountant; and GGG Partners, LLC as financial advisor. SANTOPIETRO FOOD: Seeks Approval to Tap Account On US as Accountant ------------------------------------------------------------------- Santopietro Food Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Account On US, LLC as accountant. The firm will provide these services: (a) assist the Debtor with bookkeeping, and prepare its federal and state tax returns; and (b) perform any other accounting services needed by the Debtor as part of the bankruptcy proceedings. Madeleine Price, the primary accountant in this representation, will be billed at $300 for the first two hours and $125 per hour for bookkeeping and $85 per entity for tax preparation. Ms. Price disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Madeleine Price, CPA Account On US, LLC 8313 Six Forks, Rd., Ste. 109 Raleigh, NC 27615 About Santopietro Food Group LLC Santopietro Food Group LLC doing business as Nancy's Pizzeria, operates a franchised casual dining restaurant specializing in Chicago-style stuffed and deep-dish pizzas along with other Italian-American dishes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03108) on August 13, 2025. In the petition signed by Ted Ormsby, member, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Pamela W. McAfee oversees the case. The Debtor tapped William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC as counsel and Madeleine Price, CPA, at Account On US, LLC as accountant. SBLA INC: Gets Final OK to Use Cash Collateral ---------------------------------------------- SBLA Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral to cover business expenses through the effective date of its Chapter 11 reorganization plan. As adequate protection, secured creditors will be granted replacement liens on personal property acquired by the Debtor after its Chapter 11 filing, with the same priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action. The creditors that may have an interest in the cash collateral are 8Fig, Inc.; Libertas Funding, LLC; Fox Funding Group, LLC; Pinnacle Business Funding LLC; Rocket Capital NY LLC; Spring Funding; Capytal.com; SellersFi; Corporation Service Company, C T Corporation System, and Middesk, Inc. as representatives; and CHTD Company. The final order is available at https://is.gd/xsMpmQ The Debtor's financial troubles stem from its reliance on merchant cash advance (MCA) financing, which it used to cover prior debt. The initial lender, 8Fig, Inc., provided short-term financing but the debt service became unsustainable. As a result, the Debtor took on additional loans from new MCA lenders, which led to a cycle of increasing debt and pressure. Some of these subsequent lenders contacted the Debtor unsolicited, anticipating its need for further funding. This spiraling debt situation, combined with lawsuits from creditors, led the Debtor to file for bankruptcy protection. About SBLA Inc. SBLA, Inc. focuses on providing non-invasive, at-home anti-aging solutions through its innovative "sculpting wands." The Company's product line includes items like the Neck, Chin & Jawline Sculpting Wand, Facial Instant Sculpting Wand, and Lip Plump & Sculpt to help firm, lift, and rejuvenate various areas of the face and body. Known for its collaboration with Christie Brinkley, SBLA emphasizes effective, science-backed skincare to offer alternatives to invasive procedures. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12606) on March 11, 2025. In the petition signed by Leonard Cogan, CFO, the Debtor disclosed $801,858 in assets and $3,252,917 in liabilities. Judge Mindy A. Mora oversees the case. Bradley S. Shraiberg, Esq., at Shraiberg Page PA, is the Debtor's legal counsel. 8Fig, Inc., as secured creditor, is represented by: Eric B. Zwiebel, Esq. Emanuel & Zwiebel, PLLC 7900 Peters Road Executive Court at Jacaranda Building B, Suite 100 Plantation, FL 33324 Phone: (954) 424-2005 Fax: (954) 533-0138 eric.zwiebel@emzwlaw.com Pinnacle Business Funding LLC, as secured creditor, is represented by: Anthony F. Giuliano, Esq. Giuliano Law, P.C. 445 Broadhollow Road, Ste. 25 Melville, NY 11747 Phone: (516) 792-9800 afg@glpcny.com SCILEX HOLDING: Board Shrinks to Five, Appoints CFO as Director --------------------------------------------------------------- Scilex Holding Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that in connection with the previously announced Business Combination among Denali Capital Acquisition Corp., a Cayman Islands exempted company, Denali Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of Denali, and Semnur Pharmaceuticals, Inc., a majority owned subsidiary of the Company, Annu Navani and Jaisim Shah resigned as directors of the Company, effective immediately. Neither Ms. Navani nor Mr. Shah resigned because of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. In connection with Mr. Shah's resignation, Inform LLC, a company affiliated with Mr. Shah, and the Company entered into a consulting agreement. Pursuant to the Consulting Agreement, Inform LLC will provide certain consulting services to the Company for a period of five years from the date of the Consulting Agreement in exchange for a monthly fee of $50,000. A copy of the Consulting Agreement is available at https://tinyurl.com/2zyaabhk Decrease in Size of Board; Appointment of Director: In connection with the resignations, the Board of Directors has decreased the size of the Board from six directors to five directors. Additionally, the Board has appointed Stephen Ma, the Chief Financial Officer, Senior Vice President and Secretary of the Company, to fill the vacancy on the Board resulting from the resignations and decrease in the size of the Board. There are no family relationships between Mr. Ma and any director or executive officer of the Company, and he was not selected by the Board to serve as a director pursuant to any arrangement or understanding with any person. Mr. Ma has not engaged in any transaction that would be reportable as a related party transaction under Item 404(a) of Regulation S-K. The Company previously entered into an indemnification agreement with Mr. Ma in the same form as its standard form of indemnity agreement with its other directors. About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Scilex Holding had $92.95 million in total assets, $285.59 million in total liabilities, and a total stockholders' deficit of $192.64 million. SCILEX HOLDING: Buys $150M of Datavault Stock With Bitcoin ---------------------------------------------------------- Scilex Holding Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Securities Purchase Agreement with Datavault AI Inc., a Delaware corporation, pursuant to which Datavault agreed to issue and sell, and the Company agreed to purchase, 15 million shares of common stock of Datavault and a pre-funded warrant to purchase 263,914,094 shares of Datavault Common Stock for an aggregate purchase price of $150 million. Pursuant to the Datavault SPA, on the initial closing date of September 26, 2025, Datavault issued 15 million shares of Datavault Common Stock to the Company, for a per share purchase price of $0.5378, to be paid in Bitcoin blockchain, with the amount of Bitcoin being based on the spot exchange rate for Bitcoin as published by Coinbase.com at 8:00 p.m. (New York City time) on the trading day immediately prior to the Initial Datavault Closing Date. Within 25 days of the Initial Datavault Closing Date, Datavault is required to, among other things, file with the Securities and Exchange Commission a preliminary proxy statement for the purpose of obtaining the Stockholder Approval and shall use its reasonable best efforts to solicit its stockholders' approval of such resolution. Datavault is also required to hold an annual or special meeting of its stockholders for purposes of obtaining the Stockholder Approval no later than 75 days after the Initial Datavault Closing Date and is obligated to obtain the Stockholder Approval by the Stockholder Meeting Deadline. If, despite Datavault's reasonable best efforts, the Stockholder Approval is not obtained on or prior to the Stockholder Meeting Deadline, Datavault shall cause an additional Stockholder Meeting to be held within 45 days thereafter. If, despite Datavault's reasonable best efforts the Stockholder Approval is not obtained after such subsequent stockholder meeting, Datavault shall cause an additional Stockholder Meeting to be held every fourth month thereafter until such Stockholder Approval is obtained. As used in the Datavault SPA, "Stockholder Approval" means: (i) such approval as may be required by the applicable rules and regulations of the trading market from the stockholders of Datavault with respect to the transactions contemplated by the transaction documents, including with respect to issuance of all of the Pre-Funded Warrant Shares (as defined below) upon the exercise thereof and/or to give full effect to the terms of the Pre-Funded Warrant, without regard to any limitations upon exercise of the Pre-Funded Warrant relating to any required approvals by Datavault's stockholders and (ii) the approval from the stockholders of Datavault with respect to an amendment to its certificate of incorporation to increase the number of shares of Datavault Common Stock authorized for issuance to up to 1.5 billion (or such greater amount as is necessary to issue the Pre-Funded Warrant Shares to Scilex). Notwithstanding the foregoing, if Datavault is able to obtain the written consent of holders of a majority of the shares of its issued and outstanding Datavault Common Stock to obtain the Stockholder Approval, the Company may satisfy its obligations under the Datavault SPA to obtain the Stockholder Approval by obtaining such consent and submitting for filing with the SEC a Preliminary Information Statement on Schedule 14C no later than 15 days after the Initial Datavault Closing Date, followed by a Definitive Information Statement on Schedule 14C no later than the timeline for such filing prescribed by the Securities Exchange Act of 1934, as amended. Pursuant to the Datavault SPA, following Datavault's receipt of the Stockholder Approval, Datavault will issue the Company the Pre-Funded Warrant to purchase 263,914,094 shares of Datavault Common Stock in exchange for an aggregate of approximately $141.9 million. The aggregate purchase price for the Pre-Funded Warrant is based on the Per Share Purchase Price minus $0.0001 per share, multiplied by the number of shares subject to such warrant. The exercise price of the Pre-Funded Warrant will be $0.0001 per share. The Pre-Funded Warrant will be immediately exercisable upon issuance and will expire when exercised in full. The Pre-Funded Warrant contains certain anti-dilution provisions providing for the adjustment of the exercise price and shares issuable upon exercise in the event of a stock dividend of stock split of Datavault. Additionally, the Pre-Funded Warrant includes the right to acquire any rights to purchase Datavault Common Stock, warrants or other securities on the same terms as holders of Datavault Common Stock in such amount that the holder would have been entitled to if the Pre-Funded Warrant were exercised. The Pre-Funded Warrant also includes the right to receive any dividends declared by Datavault. The Datavault SPA contains customary representations, warranties, covenants and agreements by the Company and Datavault and customary conditions to closing. The Datavault Shares, the Pre-Funded Warrant and the shares of Datavault Common Stock issuable upon exercise thereof are being offered by Datavault pursuant to a "shelf" registration statement on Form S-3 (File No. 333-288538), as amended, which was originally filed with the SEC on July 7, 2025, and declared effective by the SEC on July 9, 2025. A full text copy of the Datavault SPA is available at https://tinyurl.com/4exhmnjz A copy of Datavault's SEC Report is available at https://tinyurl.com/mracvncm About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Scilex Holding had $92.95 million in total assets, $285.59 million in total liabilities, and a total stockholders' deficit of $192.64 million. SCILEX HOLDING: Completes $200M Sale of Semnur Stock to Biconomy ---------------------------------------------------------------- Scilex Holding Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, Scilex, Inc., a Delaware corporation and wholly owned subsidiary of the Company and, solely with respect to certain registration rights, Semnur Pharmaceuticals, Inc., a majority owned subsidiary of the Company, entered into a Securities Purchase Agreement with Biconomy PTE.LTD. Pursuant to the Biconomy Resale SPA, the Scilex Sellers agreed to sell, and Biconomy agreed to purchase, an aggregate of 12,500,000 shares of common stock (the "Biconomy Resale SPA Shares"), par value $0.0001 per share of Semnur, comprised of: (i) 554,849 shares of Semnur Common Stock held by the Company and (ii) 11,945,151 shares of Semnur Common Stock held by Scilex, Inc. The Biconomy Resale SPA Shares are being sold for a purchase price of $16.00 per share, payable in Bitcoin blockchain, with such amount of Bitcoin equal to the quotient of (A) Biconomy's aggregate Purchase Price divided by (B) the spot exchange rate for Bitcoin as published by Coinbase.com at 8:00 p.m. (New York City time) on the trading day immediately prior to the closing date of the purchase. The closing of the transactions contemplated by the Biconomy Resale SPA occurred on September 25, 2025. Pursuant to the Biconomy Resale SPA, Semnur is obligated to file a registration statement registering the resale of the Biconomy Resale SPA Shares under the Securities Act of 1933, as amended, within 90 days of the closing the purchase and sale of the Biconomy Resale SPA Shares. The Biconomy Resale SPA contains customary representations, warranties, covenants and agreements by the Scilex Sellers and Biconomy and customary conditions to closing. The full text of the Biconomy Resale SPA is available at https://tinyurl.com/3c9pv8y6 About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Scilex Holding had $92.95 million in total assets, $285.59 million in total liabilities, and a total stockholders' deficit of $192.64 million. SCILEX HOLDING: Holds 79.89% Equity Stake in Semnur Pharmaceuticals ------------------------------------------------------------------- Scilex Holding Company and Scilex, Inc. disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of September 22, 2025, they beneficially own an aggregate of 188,554,849 shares of Common Stock of Semnur Pharmaceuticals, Inc., par value $0.0001 per share, including 181,804,849 shares held by Scilex, Inc., 6,250,000 shares held by Scilex Bio, Inc., and 500,000 shares held directly by Scilex Holding Company, reflecting shares issued or purchased in connection with the Business Combination, a convertible note conversion, and other transactions, representing 79.89% of the 236,021,088 shares of Common Stock outstanding. Scilex Holding Company exercises shared voting and dispositive power with its subsidiaries, and directly holds sole power over its 500,000 shares. The Reporting Persons may be reached through: Henry Ji, Chief Executive Officer and President Scilex Holding Company 960 San Antonio Road Palo Alto, CA 94303 Tel: (650) 516-4310 A full-text copy of the SEC report is available at: https://tinyurl.com/5fkb4ztd About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Scilex Holding had $92.95 million in total assets, $285.59 million in total liabilities, and a total stockholders' deficit of $192.64 million. SHPS LLC: Section 341(a) Meeting of Creditors on November 6 ----------------------------------------------------------- On September 30, 2025, SHPS LLC filed Chapter 11 protection in the Northern District of Texas. According to court filing, the Debtor reports between 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 6, 2025 at 03:00 PM by TELEPHONE. About SHPS LLC SHPS LLC, doing business as Radiologist.com, provides onsite and teleradiology services from its facility in Frisco, Texas, offering expert imaging interpretations, consultations, and radiology management support. The Company leverages advanced imaging technology and AI to deliver precise diagnostic insights and partners with healthcare providers to enhance patient care. SHPS LLC serves hospitals, clinics, and other healthcare professionals across its operational network. SHPS LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43740) on September 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Joseph Acosta, Esq. of Condon Tobin Sladek Thornton Nerenberg, PLLC. SILVER STATE: Seeks to Tap David J. Winterton & Assoc. as Counsel ----------------------------------------------------------------- Silver State Hydraulic Services seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ David J. Winterton & Assoc., Ltd. as counsel. The firm will provide these services: (a) attend hearings; (b) file required schedules and papers; (c) prepare a disclosure statement and plan of reorganization; (d) counsel the Debtor; and (e) render any other representation necessary to reorganize the Debtor. The firm will be paid at these hourly rates: Attorneys $250 - $400 Paralegals $125 David Winterton, Esq., disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David J. Winterton, Esq. David J. Winterton & Assoc., Ltd. 7881 W. Charleston, Blvd., Suite 220 Las Vegas, NV 89117 Telephone: (702) 363-0317 Facsimile: (702) 363-1630 Email: david@davidwinterton.com About Silver State Hydraulic Services Silver State Hydraulic Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-13746) on June 30, 2025, listing up to $1 million in assets and up to $50 million in liabilities. Judge Mike K. Nakagawa oversees the case. David J. Winterton & Assoc., Ltd. serves as the Debtor's counsel. SONOMA PHARMACEUTICALS: Signs $2.1M ATM Sales Deal With Ladenburg ----------------------------------------------------------------- Sonoma Pharmaceuticals, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into an At Market Issuance Sales Agreement, with Ladenburg Thalmann & Co. Inc., pursuant to which the Company may offer and sell, from time to time, through Ladenburg, as agent, shares of its common stock, $0.0001 par value per share. Subject to the terms and conditions of the Agreement, Ladenburg will use commercially reasonable efforts consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations and the rules of the Nasdaq Capital Market to sell shares from time to time based upon the Company's instructions, including any price, time or size limits specified by the Company. Under the Agreement, Ladenburg may sell shares by any method deemed to be an "at the market" offering as defined in Rule 415 under the U.S. Securities Act of 1933, as amended, or any other method permitted by law, including in privately negotiated transactions. Ladenburg's obligations to sell shares under the Agreement are subject to satisfaction of certain conditions, including customary closing conditions for transactions of this nature. The Company will pay Ladenburg a commission of 3% of the aggregate gross proceeds from each sale of shares and has agreed to provide Ladenburg with customary indemnification and contribution rights. The Company also agreed to reimburse Ladenburg for certain specified expenses of up to $40,000. The Company is not obligated to make any sales of its common stock under the Agreement and no assurance can be given that the Company will sell any shares under the Agreement, or, if it does, as to the price or amount of shares that the Company will sell, or the dates on which any such sales will take place. The Agreement will terminate upon the earlier of (i) the sale of all shares under the Agreement, or (ii) as provided therein. Sales of shares of common stock under the Agreement will be made pursuant to the registration statement on Form S-3 (File No. 333-275311), which was declared effective by the U.S. Securities and Exchange Commission (the "SEC"), on November 20, 2023, and a related prospectus supplement filed with the SEC on September 26, 2025, for an aggregate offering price of up to $2,070,463. The foregoing summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, which is available at https://tinyurl.com/yc2xfm6x About Sonoma Pharmaceuticals Sonoma Pharmaceuticals, Inc. (NASDAQ: SNOA) -- http://www.sonomapharma.com-- is a global healthcare company developing and producing stabilized hypochlorous acid, or HOCl, products for a wide range of applications, including wound care, eye care, oral care, dermatological conditions, podiatry, animal health care, and non-toxic disinfectants. The Company's products reduce infections, itch, pain, scarring, and harmful inflammatory responses in a safe and effective manner. In-vitro and clinical studies of HOCl show it to safely manage skin abrasions, lacerations, minor irritations, cuts, and intact skin. The Company sells its products either directly or via partners in fifty-five countries worldwide. Henderson, Nev.-based Frazier & Deeter, LLC, the Company's auditor since 2021, issued a 'going concern' qualification in its report dated June 17, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has incurred significant losses and negative operating cash flows and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of March 31, 2025, the Company had $13,693,000 in total assets, $9,282,000 in total liabilities, and total stockholders' equity of $4,411,000. SORENTO ON YESLER: Court OKs Deal to Extend Cash Collateral Access ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Washington approved a stipulation between Sorento on Yesler Owner, LLC and Wells Fargo Bank, National Association regarding the use of cash collateral. The stipulation extends the terms of the court's prior cash collateral order until December 1 or until the Debtor's Chapter 11 case is converted, whichever occurs first. The court entered its initial cash collateral order on February 25 and then renewed it on July 28, extending its effectiveness through September 30. About Sorento on Yesler Owner Sorento on Yesler Owner, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Sorento sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-13217) on December 17, 2024, with $10 million to $50 million in both assets and liabilities. Judge Christopher M. Alston handles the case. Christopher L. Young, Esq., at the Law Offices of Christopher L. Young, PLLC is the Debtor's bankruptcy counsel. Wells Fargo Bank is represented by Gregory R. Fox, Esq., James B. Zack, Esq. and Todd M. Brannon, Esq. at Lane Powell, PC. SPIRIT AVIATION: Seeks $1.33 Billion DIP Loan --------------------------------------------- Spirit Aviation Holdings, Inc. and affiliates ask the U.S. Bankruptcy Court for the Southern District of New York for authority to, among other things, use cash collateral and obtain post-petition financing. The proposed financing is intended to stabilize the Debtors' operations, provide necessary liquidity, and support their broader goal of restructuring their business and capital structure to ensure long-term viability. Specifically, the Debtors request both interim and final orders that would authorize them to obtain up to $1.33 billion in post-petition financing from lenders, including $450 million in new money DIP loans available in four draws from AHC. In exchange, the lenders will receive senior secured liens, superpriority administrative expense claims, and a "roll-up" of up to $856 million in pre-petition secured note obligations on a 2:1 or 1:1 basis, depending on the draw structure. The Debtors further request authorization to use up to $120 million of previously encumbered cash, and to continue funding operations, pay administrative expenses, and support employee and vendor obligations. The DIP facility is due and payable in nine months. The DIP facility is fully backstopped by a group of existing secured noteholders holding at least 66.67% of the outstanding secured notes. These backstop DIP lenders will receive a 9% backstop premium payable in kind, in addition to interest (SOFR + 8%) and a 3% original issue discount (OID). The DIP loans will mature nine months after the petition date, and contain no operational milestones, though each draw beyond the initial one is subject to specified conditions. The DIP facility also provides consensual priming of existing secured notes liens, as permitted under the Secured Notes Indenture, with all noteholders receiving the opportunity to participate pro rata in the DIP. The backstopping noteholders' support satisfies the required supermajority consent threshold under the indenture. The Debtors argue that the terms of the DIP facility were heavily negotiated, reflect market conditions, and are the best available option given their current position. Efforts to secure third-party financing were explored but deemed not actionable or competitive. The Debtors faced severe liquidity challenges in the months leading up to the bankruptcy due to industry headwinds and a deteriorating cash position, worked with their advisors to explore strategic alternatives. On August 21, shortly before the petition date, the Debtors drew the full $275 million available under their revolving credit facility and filed for Chapter 11 on August 29. Since then, the Debtors have received limited interim liquidity through court-approved adequate protection orders allowing use of unencumbered cash. However, the Debtors now argue that additional financing is essential to maintain operations, particularly heading into the holiday travel season, and to signal confidence to customers, vendors, and employees. A court hearing is scheduled for October 10. A copy of the motion is available at https://urlcurt.com/u?l=I8XoZ8 from PacerMonitor.com. About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. Spirit Aviation Holdings, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11897) on August 29, 2025. Marshall Scott Huebner, Esq. at Davis Polk & Wardwell LLP represents the Debtors as counsel. STELLAR NATIONAL: A.M. Best Cuts FS Rating to B(Fair) ----------------------------------------------------- AM Best has removed from under review with developing implications and downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating to "bb" (Fair) from "bbb-" (Good) of Stellar National Life Insurance Company (Stellar) (Phoenix, AZ). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Stellar's balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management. These rating actions are due to Stellar's trending decline in capital and surplus, through the second quarter of 2025, partially offset by a capital infusion from the parent company. The decline in capital and surplus is driven by losses related to startup costs and a delay in product sales. The company is planning to improve its capital position through strategic discussions as it is seeking new capital partners, which have been delayed from the original business plan. Additionally, operating performance has been pressured due to a business decision to delay sales while the company seeks external capital investment. Stellar has focused on becoming a fully digital issuer of annuities, while partnering with U.S. independent annuity sales channels. Invested assets are managed by Stellar National IM, LLC (Stellar IM), an affiliate of Stellar's parent company, Stellar National Holdings, LLC (Stellar Holdings). Stellar IM has a strategic investment relationship with Blue Vista Capital Management, LLC, an indirect owner of Stellar Holdings, which has a particular expertise in the commercial mortgage lending space and over $5 billion in assets under management. Partially offsetting factors include the increasing exposure to interest rate risk as Stellar's annuity book of business grows, and the challenges that come with executing its business plan. SUNSET FITNESS: Seeks to Tap Michael Jay Berger as Legal Counsel ---------------------------------------------------------------- Sunset Fitness, LLC, doing business as Hype Fitness, seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Offices of Michael Jay Berger as counsel. The firm's services include: (a) communicate with creditors of the Debtor; (b) review the Debtor's Chapter 11 bankruptcy petition and all supporting schedules; (c) advise the Debtor of its legal rights and obligations in a bankruptcy proceeding; (d) work to bring the Debtor into full compliance with reporting requirements of the Office of the United States Trustee; (e) prepare status reports as required by the court; and (f) respond to any motions filed in the Debtor's bankruptcy proceeding. The firm's counsel and staff will be paid at these hourly rates: Michael Berger, Attorney $695 Sofya Davtyan, Attorney $645 Angela Gill, Senior Associate Attorney $595 Robert Poteete, Mid-Level Associate Attorney $475 Senior Paralegals and Law Clerks $275 Bankruptcy Paralegals $200 The firm received a total retainer of $25,000 plus a filing fee of $1,738 from the Debtor. Mr. Berger disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd., 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.Berger@bankruptcypower.com About Sunset Fitness LLC Sunset Fitness, LLC dba Hype Fitness is a boutique fitness studio based in Los Angeles, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18336) on September 19, 2025. In the petition signed by Evgenya Levchenko, chief financial officer, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Neil W. Bason oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger represents the Debtor as counsel. TAHOE FOODS: Nathan Smith Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 17 appointed Nathan Smith, Esq., as Subchapter V trustee for Tahoe Foods, LLC. Mr. Smith, a partner at Malcolm & Cisneros, will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Smith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nathan F. Smith, Esq. Malcolm & Cisneros 2112 Business Center Drive Irvine, CA 92612 Phone: (949) 252-9400 Email: nathan@mclaw.org About Tahoe Foods LLC Tahoe Foods LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-50895) on September 29, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hilary L. Barnes presides over the case. Kevin A. Darby, Esq. at Darby Law Practice, Ltd. represents the Debtor as bankruptcy counsel. THASSOS INC: Gets OK to Use Cash Collateral Until Nov. 20 --------------------------------------------------------- Thassos, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral through November 20 to pay the operating expenses set forth in its budget. Use of funds for extraordinary expenses in excess of the budget requires further court order or prior written approval of Newtek Bank, N.A., the Debtor's secured creditor. The budget projects total operational expenses of $135,561 for the period from September 25 to November 16. As protection for any diminution in value of its cash collateral, Newtek was granted valid, binding, enforceable, and perfected replacement liens on and security interests in its collateral. These replacement liens will have the same validity, priority and extent as the secured creditor's pre-bankruptcy liens. As further protection, Newtek will continue to receive payment of $3,000. Failure to pay triggers a default and a late charge of 5%. It also allows Newtek to accelerate the debt and seek enforcement. The next hearing is scheduled for November 19. Newtek Bank is the holder of a first position security interest in the cash collateral and is owed $390,661 pursuant to SBA loan. About Thassos Inc. Thassos Inc. operates a Greek restaurant in Clarendon Hills, Illinois. The establishment specializes in authentic Greek cuisine and offers dine-in, catering, and online ordering services. Thassos sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08021) on May 27, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Janet S. Baer handles the case. The Debtor is represented by Konstantine Sparagis, Esq., at the Law Offices of Konstantine Sparagis. THREEPIECEUS LLC: Seeks Subchapter V Bankruptcy in Florida ---------------------------------------------------------- On October 1, 2025, Threepieceus LLC filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports $1,395,402 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Threepieceus LLC Threepieceus LLC is a Florida-based company that designs and sells custom wheels and automotive accessories, operating an online store at its Largo headquarters. The Company offers a range of products including rims, wheel and tire packages, and accessories from brands such as Work, CCW, SSR, and Fuel Forged. Threepieceus LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07261) on October 1, 2025. In its petition, the Debtor reports total assets of $270,753 and total liabilities of $1,395,402. The Debtor is represented by Buddy D. Ford, Esq. and Jonathan A. Semach, Esq. of Ford & Semach, P.A. THYNG VENTURES: Seeks to Tap Cutler Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ Thyng Ventures, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Cutler Law Firm, PC to handle its Chapter 11 case. The firm will be paid at these hourly rates: Robert Gainer, Attorney $375 Associates $190 Paralegal $100 Mr. Gainer disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Gainer, Esq. Cutler Law Firm, PC 1307 50th St. West Des Moines, IA 50266 Telephone: (515) 223-6600 Facsimile: (515) 223-6787 Email: rgainer@cutlerfirm.com About Thyng Ventures LLC Thyng Ventures, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-01627) on September 22, 2025, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Lee M. Jackwig presides over the case. Robert C. Gainer, Esq., represents the Debtor as legal counsel. TOGETHER GOOD: Seeks to Hire Andre + Associates as Accountant ------------------------------------------------------------- Together Good Deeds IV, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Andre + Associates PC as accountant. The firm will render bookkeeping services, tax return preparation, and preparation of financial statements, as well as investigatory and forensic accounting work. The firm will be paid at these hourly rates: Certified Public Accountants (CPAs) $275 Payroll and Bookkeepers $100 - $146 Rachel Lopez, CPA, a member at Andre + Associates, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Rachel Lopez, CPA Andre + Associates PC 2780 Virginia Parkway, Suite 401 McKinney, TX 75071 Telephone: (972) 548-1040 About Together Good Deeds IV LLC Together Good Deeds IV LLC, based in Texas, provides professional architectural, engineering, and related consulting services under NAICS code 5413. Together Good Deeds IV sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33215) on August 22, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor tapped Vickie L. Driver, Esq., at Driver Stephenson, PLLC as counsel and Andre + Associates PC as accountant. TRICO MILLWORKS: Hires BCM Advisory Group as Financial Advisor -------------------------------------------------------------- Trico Millworks, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maine to employ BCM Advisory Group as financial advisor. The firm will provide financial and restructuring analysis as part of the Debtor's potential reorganization process. The firm's hourly rates are as follows: Jason Mills $275 Consultants $125 - $150 Prior to the petition date, BCM received a retainer in the amount of $5,000 on February 24, 2025. In addition, BCM was paid in the ordinary course the amounts of $4,400 and $1,925 on July 30, 2025. Jason Mills, founder at BCM Advisory Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason Mills BCM Advisory Group 190 Main St., 3rd Fl. Saco, ME 04072 Telephone: (207) 807-9516 About Trico Millworks Inc. Trico Millworks Inc. designs, fabricates, and installs custom architectural millwork for commercial construction projects across Maine and New Hampshire. Founded in 2000, the Company serves schools, medical facilities, and office buildings, providing cabinetry, doors, stair components, reception and display fixtures, and other interior woodwork, and holds QCP Certification from the Architectural Woodwork Institute. Trico Millwork collaborates with contractors on projects ranging from small fit-ups to large-scale millwork packages. Trico Millworks Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20222) on September 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by Adam Prescott, Esq., at Bernstein Shur Sawyer & Nelson, PA. BCM Advisory Group is the Debtor's financial advisor. TRICOLOR AUTO: Court Gives Chapter 7 Authority to Operate Business ------------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that on October 3, 2025, the Chapter 7 trustee for Tricolor Holdings, a subprime auto financing company, has been authorized by a Texas bankruptcy judge to continue running the debtor's business. The decision extends prior powers granted to the trustee as the case progresses through liquidation proceedings. According to the court, the extension will help ensure the preservation of Tricolor's books, records, and other critical assets. The move is designed to mitigate potential losses and maintain the company's value while the trustee works to complete the wind-down. 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. TRY TROUT: Taps Menlo Law Group as Special Litigation Counsel ------------------------------------------------------------- Try Trout and Industrial, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Menlo Law Group, PC as special litigation and corporate counsel. The firm will provide post-petition legal services with respect to these matters: a) Matters relating to litigation cases commenced pre-petition in which MLG represented the Debtor, including without limitation: (i) Eastern Sierra Engineering, Inc. v. Try Trout and Industrial, LLC, case number CU0001508, filed in Superior Court of California, County of Nevada; and (ii) Keith Dudum v. Try Trout Industrial, LLC, case number 25CV12042, filed in the Superior Court of California, County of Alameda. Eastern Sierra Engineering, Inc. and Mr. Dudum are creditors in the Chapter 11 case. b) Other pre-petition and post-petition litigation pending in non-bankruptcy court and matters relating thereto that impact the Chapter 11 Case. c) Advise and assist the Debtor regarding general business matters, and assist bankruptcy counsel as reasonable and appropriate. d) Prosecute other adversaries that may be filed by Debtor in the Chapter 11 Case. e) Corporate counsel matters to which MLG has specialized knowledge and experience arising from its prior representation of Debtor. The firm's billing rates currently are $580 to $750 for partners. Jennifer Hagan is the attorney primarily handling this representation and her hourly rate is $580. Ms. Hagan disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jennifer Hagan, Esq. Menlo Law Group, PC 535 Middlefield Road, Suite 190 Menlo Park, CA 94025 Email: jhagan@haganlaw.com Office: (650) 322-8498 Mobile: (650) 533-3111 About Try Trout and Industrial, LLC Try Trout and Industrial LLC develops and manages property in Truckee, California, focusing on parcels located at 11157, 11158, and 11189 Church Street. The Company's projects are part of the Downtown and Railyard Master Plan zones, including the Trout Creek and Industrial Heritage Districts. It operates within the real estate and property development sector, holding ownership of multiple parcels. Try Trout and Industrial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-24548) on August 27, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The Debtor is represented by William M. Noall, Esq. at GARMAN TURNER GORDON LLP. TU CASA RESTAURANT: Seeks to Hire Morrison-Tenenbaum as Counsel --------------------------------------------------------------- Tu Casa Restaurant Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Morrison-Tenenbaum, PLLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the management of its estate; (b) assist in any amendments of schedules and other financial disclosures and in the preparation/review/amendment of a disclosure statement and plan of reorganization; (c) negotiate with the Debtor's creditors and take the necessary legal steps to confirm and consummate a plan of reorganization; (d) prepare on behalf of the Debtor all necessary legal papers to be filed in this case; (e) appear before the Bankruptcy Court to represent and protect the interests of the Debtor and its estate; and (f) perform all other legal services for the Debtor that may effective reorganization. The firm will be paid at these hourly rates: Partners $550 - $695 Senior Counsel $495 Associates $380 Paraprofessionals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $5,000 from the Debtor. Lawrence Morrison, Esq., an attorney at Morrison-Tenenbaum, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Lawrence F. Morrison, Esq. Morrison-Tenenbaum PLLC 87 Walker St. New York, NY 10013 Telephone: (212) 620-0938 About Tu Casa Restaurant Tu Casa Restaurant Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42677) on May 30, 2025, listing up to $50,000 in both assets and liabilities. Judge Elizabeth S. Stong oversees the case. Lawrence F. Morrison, Esq., at Morrison-Tenenbaum PLLC serves as the Debtor's counsel. U-TELCO UTILITIES: Court Extends Cash Collateral Access to Oct. 15 ------------------------------------------------------------------ U-Telco Utilities, Inc. received sixth interim approval from the U.S. Bankruptcy Court for the Northern District of New York to use cash collateral. The sixth interim order penned by Judge Wendy Kinsella authorized the Debtor to use cash collateral until October 15 in accordance with its budget. The Debtor projects total operational expenses of $137,036.39 from March to February 2026. The Debtor's secured creditors will be granted rollover liens on and security interests in all collateral in which such creditors hold liens and security interests pursuant to their existing loan documents with the Debtor. In addition, the Debtor was authorized to continue its monthly payments of $2,197.93 to Sumitomo Mitsui Finance and Leasing Company and $990.06 to Ford Motor Credit Company, LLC until the effective date of a Subchapter V plan. The next hearing is scheduled for October 15. About U-Telco Utilities Inc. U-Telco Utilities Inc. specializes in the rental of commercial and industrial machinery and equipment, including heavy construction machinery such as dozers, excavators, and compact track loaders. It provides a diverse range of equipment for construction and mining operations, offering machinery for rent to support grading, excavation, and material screening projects. U-Telco Utilities Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-30126) on February 25, 2025. In its petition, the Debtor reported total assets of $544,250 and total liabilities of $1,184,527. Judge Wendy A. Kinsella handles the case. The Debtor is represented by: Peter Alan Orville, Esq. Orville & Mcdonald Law, PC Tel: 607-770-1007 Email: peteropc@gmail.com UNIFIED SCIENCE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Unified Science, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Wisconsin, to use cash collateral. The court's interim order authorized the Debtor to use cash collateral to pay the operating expenses set forth in its budget. As adequate protection for the Debtor's use of its cash collateral, secured creditor Byline Bank will be granted a replacement lien, with the same validity and priority as its pre-bankruptcy. The Debtor was ordered to keep its property insured as additional protection to the secured creditor. Unified Science previously filed an emergency motion for use of cash collateral, which was granted on an interim basis after a June 3 hearing. A final agreed order was entered on August 28, requiring the Debtor to make monthly payments to Byline, with a $75,000 payment due on September 15. On September 17, Byline issued a notice of default, which the Debtor was unable to cure. Byline then filed an affidavit of default on September 25, which terminated its consent to the use of cash collateral. The Debtor currently has approximately $253,843 in cash on hand, as reported in its most recent monthly operating report. It states that continued use of this cash, along with future receivables, is essential to pay ongoing business expenses such as payroll, insurance, utilities, and vendor payments. Without access to these funds, the Debtor said it will suffer irreparable harm, including the inability to meet critical obligations and a risk of losing its going concern value. The Debtor argues that Byline is adequately protected due to: 1. An equity cushion from non-cash collateral. The Debtor estimates the fair market value of its real estate, machinery, and equipment at $16 million, with a liquidation value of $9.7 million. This exceeds Byline's current claim of approximately $11 million, providing at least a 20-25% equity cushion, which courts have historically found sufficient. 2. Replacement liens on post-petition assets for Byline and any other creditor with a valid pre-petition security interest. 3. Plans to sell both properties at 811 Pine Street and 500 Simmon Drive, with the potential to pay down more than $8 million of debt. About Unified Science LLC Unified Science, LLC, doing business as United Science, provides services, consulting, and manufacturing for the pharmaceutical and nutraceutical industries. The company offers product development, process engineering, analytical development, and compliance services. It positions itself as a scientific partner supporting clients from development through to product launch. Unified Science sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-11162) on May 19, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Catherine J. Furay handles the case. The Debtor is represented by Evan M. Swenson, Esq., at Swenson Law Group, LLC. Byline Bank, as lender, is represented by: Daniel J. Habeck, Esq. Cramer Multhauf LLP 1601 E. Racine Avenue, Suite 200 P.O. Box 558 Waukesha, WI 53187-0558 Phone: (262) 542-4278 Fax: (262) 542-4270 djh@cmlawgroup.com UNIFIED VAILSBURG: Section 341(a) Meeting of Creditors on Nov. 5 ---------------------------------------------------------------- On September 30, 2025, Unified Vailsburg Services Organization filed Chapter 11 protection in the District of New Jersey. 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 09:00 AM at Telephonic. About Unified Vailsburg Services Organization Unified Vailsburg Services Organization provides community development and social services in Newark, New Jersey, offering programs across child care, senior services, youth and family support, and housing initiatives. Founded in 1972, the nonprofit serves residents through educational, health, and social programs designed to strengthen community engagement and well-being. Unified Vailsburg Services Organization sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-20236) on September 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by George E. Veitengruber, III, Esq. of VEITENGRUBER LAW LLC. US MAGNESIUM: US Trustee Slams Proposed Chapter 11 Financing ------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that the U.S. Trustee's Office has filed an objection to U.S. Magnesium's proposed debtor-in-possession financing, urging a Delaware bankruptcy judge to reject it on the grounds that it improperly benefits the DIP lender and jeopardizes environmental compliance. The agency argued that the financing arrangement goes too far in favoring one party at the expense of oversight, according to the report. The Trustee claimed that the terms of the proposal would allow the lender to control critical aspects of the bankruptcy case, limiting transparency and curbing the involvement of the court and creditors. Such provisions, the filing noted, distort the purpose of debtor-in-possession financing, the report states. In addition, the objection raises concerns that the proposal could shield U.S. Magnesium from environmental accountability by excluding or diluting certain liabilities. The Trustee emphasized that these obligations should remain intact and enforceable throughout the Chapter 11 process, the report relays. About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. USA CRICKET: Seeks Chapter 11 Bankruptcy in Colorado ---------------------------------------------------- Daniel Kline of The Street reports that USA Cricket, the national governing body for the sport in the United States, has voluntarily filed for financial reorganization under Chapter 11, Subchapter V of the U.S. Bankruptcy Code. The filing, made on October 1, 2025 is intended to stabilize the organization’s finances and chart a sustainable path forward. In a statement, USA Cricket described the move as "an aggressive but necessary legal step” to secure the long-term future of American cricket amid ongoing financial and governance challenges. The organization remains suspended by the International Cricket Council (ICC), which oversees the global sport. CEO Johnathan Atkeison, who took on the role in 2024 after helping lead a successful restructuring of USA Rugby, said the bankruptcy filing will provide the structure and time needed to address issues raised by the ICC. He added that the process will also help protect USA Cricket from "powerful entities" attempting to take advantage of its position during this period of instability. One of the main contributors to USA Cricket's financial difficulties stems from its former agreement with American Cricket Enterprises (ACE). The governing body terminated the 50-year contract in September, calling it "heavily one-sided" and detrimental to its independence. USA Cricket's board noted that the agreement was largely negotiated by a single board member who failed to disclose conflicts of interest involving himself and his employer's relationship with ACE affiliates, the report states. By entering Chapter 11 reorganization, USA Cricket aims to resolve its financial challenges, improve internal governance, and rebuild its standing with the ICC. The organization expressed optimism that this process will allow it to strengthen its foundation and ensure the continued development of cricket in the United States, the report relays. About USA Cricket manages national team programs for men, women, and youth, administers domestic competitions, and works to grow cricket’s presence across the U.S. through coaching, facilities development, and community engagement. The organization also represents the United States in ICC events and works closely with regional cricket leagues and associations. USA Cricket sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-16381) on October 1, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,001 and $1 million. The Debtor is represented by Yanni Kakouris, Esq. VIEWBIX INC: CEO Amihay Hadad Resigns From Board ------------------------------------------------ Viewbix Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that each of Mr. Amihay Hadad, the Chief Executive Officer of the Company and a member of the Board Of Directors, and Mr. Liron Carmel, a member of the Board, the Compensation Committee of the Board, and the Audit Committee of the Board, tendered his resignation from the Board, effective immediately. Mr. Hadad will continue to serve as the Company's chief executive officer. As a result of such resignations, the Board appointed Mr. Ronen Rosenbloom and Ms. Kineret Tzedef to the Board, effective immediately. In connection with such appointments, Mr. Rosenbloom was also appointed as a member of the Compensation Committee and Ms. Tzedef was also appointed as a member of the Audit Committee. The Board has determined that each of Mr. Rosenbloom and Ms. Tzedef is independent under the applicable rules of the SEC and The Nasdaq Stock Market Each of Mr. Rosenbloom and Ms. Tzedef will receive the same compensation as the other non-executive members of the Board. The Company's directors' compensation program is set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The Company also expects each of Mr. Rosenbloom and Ms. Tzedef to enter into the Company's standard indemnity agreement for directors and officers. There is no arrangement or understanding between each of Mr. Rosenbloom and Ms. Tzedef and any other persons pursuant to which each of Mr. Rosenbloom and Ms. Tzedef was appointed as a director. In addition, each of Mr. Rosenbloom and Ms. Tzedef is not a party to any transaction, or series of transactions, required to be disclosed pursuant to Item 404(a) of Regulation S-K. The resignations of Mr. Hadad and Mr. Carmel from the Board were not the result of any disagreement with the Company, the Board or the Company's management on any matter relating to the Company's operations, policies, practices or otherwise. Background of New Members of the Board: Ronen Rosenbloom has served as a member of the board of directors of N2OFF. Inc. (Nasdaq: NITO) since August 2020. Mr. Rosenbloom is an independent lawyer and has been working for a self-owned law firm specializing in white collar offences since 2004. Mr. Rosenbloom previously served on the board of directors of Xylo Technologies Ltd. (Nasdaq: XYLO) from 2018 to 2025 and Odysight.ai Inc. (Nasdaq: ODYS) (f/k/a ScoutCam Inc.) from 2019 to 2023. Prior to that, Mr. Rosenbloom served as chairman of the Israeli Money Laundering Prohibition committee and the Prohibition of Money Laundering Committee of the Tel Aviv District, both of the Israel Bar Association from November 2015 to December 2019. Mr. Rosenbloom holds an LL.B. from the Ono Academic College, an Israeli branch of University of Manchester. Kineret Tzedef has served as a member of the board of directors of Charging Robotics Inc. (OTC: CHEV) since September 2025. Ms. Tzedef previously served as a member of the board of directors of Xylo Technologies Ltd. (Nasdaq: XYLO) from 2019 to 2025. Ms. Tzedef also serves as a director of sports division and served in other positions at Hapoel Organization (Israeli Sport Federation) since 2007. Ms. Tzedef serves as an external director at Upsellon Brands Holdings Ltd. (TASE: UPSL), and as an external director of Augwind Energy Tech Storage Ltd. (TASE: AUGN). Ms. Tzedef is admitted to the Israel Bar Association since 2014. Ms. Tzedef holds a LL.B. from the Academic Center for Law and Science, Israel and a B.Ed. in Law Study from the Academic College at Wingate, Israel. About Viewbix Headquartered in Ramat Gan, Israel, Viewbix and its subsidiaries, Gix Media and Cortex Media Group Ltd., operate in the field of digital advertising. The Group has two main activities that are reported as separate operating segments: the search segment and the digital content segment. The search segment develops a variety of technological software solutions, which perform automation, optimization, and monetization of internet campaigns, for the purposes of obtaining and routing internet user traffic to its customers. The search segment activity is conducted by Gix Media. The digital content segment is engaged in the creation and editing of content, in different languages, for different target audiences, for the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple, by utilizing such content to obtain and route internet user traffic for its customers. The digital content segment activity is conducted by Cortex. Tel Aviv, Israel-based Brightman Almagor Zohar & Co., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 21, 2025, citing that the decrease in revenues and cash flows from operations may result in the Company's inability to repay its debt obligations during the 12-month period following the issuance date of these financial statements. These conditions raise a substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, Viewbix had $22.1 million in total assets against $14.8 million in total liabilities. WILLIAMSON RENAISSANCE: Taps Russell Tax & Consulting as Accountant ------------------------------------------------------------------- Williamson Renaissance Development Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Russell Tax and Consulting Inc. as accountant. The firm will prepare the Debtor's annual tax return. The firm will charge a flat fee of $327.97 per month for all normal monthly accounting services and Quick Books. For tax filings and all annual returns the firm will charge $950. William Russell, a certified public accountant at Russell Tax and Consulting, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William Russell, CPA Russell Tax and Consulting Inc. 1010 Pennsylvania Ave. Tyrone, PA 16686 About Williamson Renaissance Development Williamson Renaissance Development Inc. engages in real estate activities, including leasing residential and nonresidential properties. Williamson Renaissance Development Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. W. Va. Case No. 25-20207) on September 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor tapped Emmett Pepper, Esq., at Pepper and Nason as counsel and Russell Tax and Consulting Inc. as accountant. WOHALI LAND: Matt McKinlay Appointed as Chapter 11 Trustee ---------------------------------------------------------- Gregory Garvin, the Acting U.S. Trustee for Region 19, appointed Matt McKinlay as Chapter 11 trustee for Wohali Land Estates, LLC. The appointment was made pursuant to the order from the U.S. Bankruptcy Court for the District of Utah on September 25. Mr. McKinlay declared in a verified statement that he has no connections with Wohali, creditors and any other "parties in interest" except those entities he identified in the court filing. Mr. McKinlay is the president of Ampleo Turnaround & Restructuring, LLC. Ampleo is wholly owned by The Amplify Group, LLC where Mr. McKinlay is a member. About Wohali Land Estates LLC Wohali Land Estates, LLC develops the Wohali master-planned community in Coalville, Utah, combining private residential neighborhoods with public-access resort amenities such as a golf course, lodge, spa, and dining facilities. The development's design integrates luxury homes and estate lots with hospitality, recreation, and infrastructure improvements including public roadways, utility systems, and environmental stabilization measures. Its operations include property maintenance and site preparation to preserve asset value and support future construction. Wohali Land Estates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-24610) on August 8, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by Mark C. Rose, Esq., at McKay, Burton & Thurman, P.C. [] ASC Issues Order Against Alberta Man After Fraud Conviction -------------------------------------------------------------- The Alberta Securities Commission (ASC) has permanently banned Dane Michael Skinner from participating in Alberta's capital market after a criminal court found that he committed fraud and money laundering. In May 2024, Skinner was found guilty on one count of fraud over $5,000 and one count of laundering the proceeds of crime under the Criminal Code. In December 2024, he was sentenced to eight years' imprisonment and ordered to pay $2.37 million in restitution by Alberta Court of King's Bench Justice G.D. Marriott. According to the sentencing decision, Skinner claimed to have developed a product that would "revolutionize" fracking in the oil and gas industry and encouraged people to invest in two companies to test and develop that product: 1366983 Alberta Ltd. and 1367158 Alberta Ltd. Both companies became subject to an ASC investigation and a shareholder had both companies placed into receivership. Skinner then created another two companies, 1518869 Alberta Ltd. and N.E.X.T./NEXT Legacy Technologies Ltd., to continue the purported development of the product. Skinner misled investors by saying that the product had been successfully tested, and that there were contracts for royalties and various multi-million dollar offers to purchase the companies, the product, or its associated intellectual property. There was no evidence of tests or contracts. At least 70 investors, many of whom were friends and neighbours, were defrauded of no less than $2.97 million. Skinner was not registered with the ASC in any capacity between March 1, 2003 and April 7, 2025. When considering the matter under the Securities Act (Alberta), an ASC panel noted that Skinner's misconduct was "a complex and deliberately orchestrated scheme that was based from the outset on falsehoods and continued for over five years." The panel went on to say that "fraud undermines public confidence in the fairness and integrity of our capital market, which is predicated on truthful disclosure so that participants can make informed investment decisions." On September 30, 2025, the panel ordered that Skinner: -- must permanently cease trading in or purchasing any securities or derivatives, and that all exemptions contained in Alberta securities laws do not apply to him; -- must immediately resign all positions he holds, and is permanently prohibited from becoming or acting, as a director or officer of any issuer, registrant, investment fund manager, recognized exchange, recognized self-regulatory organization, recognized clearing agency, recognized trade repository, designated rating organization or designated benchmark administrator; and -- is permanently prohibited from engaging in investor relations activities, advising in securities or derivatives, becoming or acting as a registrant, investment fund manager or promoter, and acting in a management or consultative capacity in connection with activities in the securities market. A copy of the decision is available on the ASC website at asc.ca. The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets. [] Jones Walker Adds Bankruptcy Partner Katie Lasky in New Orleans ------------------------------------------------------------------ Jones Walker LLP is pleased to welcome Katie Lasky as a partner in the Litigation Practice Group and a member of the bankruptcy & restructuring team in the firm's New Orleans office. "We are pleased to welcome Katie to our bankruptcy & restructuring team, " said Bill Hines, the firm's managing partner. "Her extensive experience, entrepreneurial approach, and deep knowledge in handling complex insolvency matters will further enhance our capabilities to deliver strategic counsel to clients across the Southeast, as well as nationally." With more than 20 years of experience as a commercial litigator, Katie provides clients with targeted, effective legal counsel across a broad range of bankruptcy-related and other complex business disputes. "I am excited to join Jones Walker and collaborate with such a talented team of attorneys," Katie said. "The firm's depth of experience, commitment to clients, and strong presence in the region provide the platform I've been looking for to further build my practice and better serve my clients' needs." Prior to joining Jones Walker, she was the founder of her own boutique litigation firm, where she represented businesses and individuals in commercial and bankruptcy-related litigation, franchisor-franchisee disputes, securities litigation, breach of contract and fiduciary duty claims, and unfair trade practices matters. She has successfully counseled creditors, debtors, fiduciaries, trustees, business owners and executives, and publicly traded and privately held businesses as plaintiffs and defendants in numerous high stakes matters, including preference and fraudulent transfer claims, director and officer liability, and disputes involving trustees and liquidating trustees. Katie has served as co-lead counsel in high-profile Title IX litigation and lead counsel in trials yielding multimillion-dollar verdicts, including securing a $1.3 million arbitration award for a franchisee against its franchisor. About Jones Walker Jones Walker LLP (joneswalker.com) is among the largest 145 law firms in the United States. With offices in Alabama, Arizona, the District of Columbia, Florida, Georgia, Kentucky, Louisiana, Minnesota, Mississippi, New York, and Texas, we serve local, regional, national, and international business interests. The firm is committed to providing a comprehensive range of legal services to major multinational public and private corporations, Fortune(R) 500 companies, money center banks, worldwide insurers, and emerging companies doing business in the United States and abroad. [] Shannon & Lee Adds Bankruptcy Partner Max Beatty, Rebrands Firm ------------------------------------------------------------------ J. Maxwell "Max" Beatty, a seasoned bankruptcy attorney and trusted litigator, has joined Houston, Texas bankruptcy boutique firm Shannon & Lee LLP as a partner. The firm will change its name to Shannon Lee Beatty LLP. Max has built a reputation for his ability to achieve favorable outcomes for clients in complex and high-stakes matters. His practice emphasizes maximizing value for clients and bankruptcy estates, whether through litigation or negotiated resolution. Starting October 1, 2025, Max will also serve as one of the chapter 7 panel trustees appointed by the U.S. Trustee for the Southern District of Texas. "Max is a fantastic attorney who will expand our capabilities as a firm, " said R. J. Shannon, a founding partner of Shannon & Lee. "We pride ourselves in taking on the tough cases, and Max will help us do that," Mr. Shannon added. "We've worked with and against Max in the past, and I'm happy he will be on our side going forward," according to Kyung Shik Lee. "I'm excited to work with Shannon and Lee again," said Mr. Beatty. "They do great work and have bankruptcy and restructuring experience that will be invaluable to my clients." Max is a graduate of The University of Texas at Austin, where he earned his Bachelor of Business Administration and Master of Public Accounting degrees, both with highest honors. He later earned his Juris Doctor degree, summa cum laude, from Texas Tech University School of Law, and is licensed to practice law in Texas and in federal courts nationwide. About Shannon Lee Beatty LLP Shannon Lee Beatty LLP is a Houston-based law firm with a national reach, focusing its practice on bankruptcy, financial restructuring, and debtor-creditor matters. The firm frequently represents debtors, creditors, trustees, committees, and fiduciaries in all aspects of bankruptcy and insolvency-related proceedings. Contact For more information about this announcement or Shannon Lee Beatty LLP, please contact Sirron Houston-Washington at (346) 535-0526 or swashington@shannonleellp.com. The firm's website is https://www.shannonleellp.com/. ********* 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 ***