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251008.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, October 8, 2025, Vol. 29, No. 280 Headlines 264 CHESTNUT: Hires Newman Williams as Special Counsel 313 46TH STREET: Seeks to Hire Dahiya Law Offices as Legal Counsel 5211 LAKESIDE: M. Colette Gibbons Named Subchapter V Trustee 7 AT BLUE LAGOON: Hires Joel M. Aresty P.A. as Counsel AD LUCEM NY: Section 341(a) Meeting of Creditors on October 29 AGDP HOLDING: Orrick & Morris James Represent Creditors' Committee AGI SOURCING: Court OKs $300K DIP Loan From Redbrook Spring AMERIGO METAL: Gets OK to Hire Elite Tax Preparers as Tax Preparer ANCHOR CONSTRUCTION: Unsecured Creditors to Split $30K in Plan ANDERSON HOOP: Gets OK to Use Cash Collateral Until Nov. 4 API GP VENTURE: Gets Extension to Access Cash Collateral APPLIED ENERGETICS: Forms Audit and Compensation Committees ARCHDIOCESE OF BALTIMORE: Files Bankruptcy Settlement Plan ARSENAL AIC: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ARTICON HOTEL: Court Extends Cash Collateral Access to Dec. 5 ASH GROVE: $35K Unsecured Claims to Recover 10% in Plan ATLANTIC NATURAL: Claims to be Paid from Asset Sale Proceeds AZZUR GROUP: Gets Court Approval for Revised Chapter 11 Plan BIOLINERX LTD: Invests $5M in Joint Venture With Hemispherian BLUE SUN: Hires Smith Duggan Cornell & Gollub as Special Counsel BORDEAUX VENTURES: Seeks to Tap Guardian as Restructuring Advisor BREAKERS MEZZ: Voluntary Chapter 11 Case Summary BROTHER JOHN'S: Christopher Simpson Named Subchapter V Trustee BROTHER JOHN'S: Hires DeConcini McDonald Yetwin as Counsel CALABRIO HOLDINGS: Fitch Assigns 'B' LongTerm IDR, Outlook Stable CAMP LOUEMMA: Louemma Unsecureds to be Paid in Full in Plan CANYON CREEK: Plan Exclusivity Period Extended to November 25 CARAWAY TEA: Seeks Approval to Hire Drake Loeb as Special Counsel CARIBBEAN CRESCENT: Section 341(a) Meeting of Creditors on Nov. 5 CARNIVAL CORP: Fitch Puts 'BB+' LongTerm IDR on Watch Positive CARPENTER FAMILY: Court to Hold Cash Collateral Hearing Today CBRM REALTY: 42 Affiliates' Case Summary & Top Unsec. Creditors CENTER FOR SPECIAL: To Sell Membership Interest to 3 Daughters CENTERPOINT ENERGY: Fitch Rates Jr. Sub. Notes Due 2056 'BB+' CINEMAWORLD OF FLORIDA: Seeks to Extend Plan Exclusivity to Dec. 30 CLEAR GUIDE: Seeks Chapter 11 Bankruptcy in Maryland COAST TO COAST: Amends Sumitomo Mitsui Secured Claim Pay Details COLE ACADEMY: Seeks Chapter 7 Bankruptcy in Maryland COLLABORATION SOFTWARE: Case Summary & 20 Top Unsecured Creditors CONGREGATION TEFILA: Section 341(a) Meeting of Creditors on Nov. 6 COORSTEK INC: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable COSMOS HEALTH: CEO Highlights Growth, Strategic Plans in Letter CROSSCOUNTRY MORTGAGE: Fitch Hikes IDR to 'BB-', Outlook Stable CYPRESSWOOD TX: Taps Rosen Tsionis & Pizzo as Bankruptcy Counsel DENVER BOULDERING: Claims to be Paid from Continued Operations DIOCESE OF BURLINGTON: Plan Exclusivity Period Extended to Nov. 25 DIOCESE OF BURLINGTON: Struggles to Cover Bankruptcy Legal Fees DIVERSIFIED HEALTHCARE: Closes $375M Offering of Notes Due 2030 DRONGO LLC: Seeks to Hire Villa & White as Bankruptcy Counsel E.L. SERVICES: Seeks to Tap Nichani Law Firm as Bankruptcy Counsel E3 PEST CONTROL: Seeks Subchapter V Bankruptcy in Alabama EAD HOLDINGS: Seeks to Hire Tom Bible Law as Bankruptcy Counsel ELITE SCHOOL: Court Extends Cash Collateral Access to Oct. 31 ELLINGTON FINANCIAL: Fitch Rates $400MM Unsec. Notes Due 2030 'BB-' ENCORE CAPITAL: Fitch Rates $500MM Secured Notes Due 2031 'BB+' EXCELL COMMUNICATIONS: Seeks to Extend Exclusivity to Jan. 9, 2026 EXPRESS MOBILE: Unsecured Creditors to Split $79K in Plan FIRST BRANDS: CreditSights Says DIP Loan Appears Cheap at 109 Cents FIRST BRANDS: Gibson Dunn & Howley Represent Ad Hoc Group FIRST BRANDS: Hire Kroll Restructuring as Claims and Noticing Agent FIT & THRIVE: Seeks Subchapter V Bankruptcy in Illinois FUEL FITNESS: Gets Extension to Access Cash Collateral FUEL HOMESTEAD: Gets Extension to Access Cash Collateral FUEL REYNOLDA: Gets Extension to Access Cash Collateral GENESIS HEALTHCARE: Whitaker Chalk Represents Claimants GENWORTH FINANCIAL: A.M. Best Affirms C++(Marginal) FS Rating GMB TRANSPORT: Seeks to Hire Boyle Legal LLC as Counsel HARDING BELL: Gets Approval to Hire Wernick Law as Legal Counsel HDTSOKANOS LLC: To Sell Astoria Property at Auction HEADWAY WORKFORCE: Plan Exclusivity Period Extended to November 3 HEART ESTATES: To Sell Atlanta Property to James & Mary Sears HELIUS MEDICAL: Renamed to Solana Company After Charter Amendment HOLLYWOOD EXCAVATING: Hires Bruner Wright PA as Counsel HONOLULU SPINE: Unsecureds Will Get 9.8% of Claims in Plan HOOPERS DISTRIBUTING: Gets Extension to Access Cash Collateral HORSEY DENISON: Court Extends Cash Collateral Access to Oct. 31 HPC VINEBURN: Hires Davies Raphaely Law as Special Counsel HYPERION DEFI: Welcomes David Knox as CFO, Treasurer and Secretary HYPERSCALE DATA: Had 109.2M Class A Outstanding After Conversion IDEANOMICS INC: Seeks to Extend Plan Exclusivity to October 30 IF YOU PLEASE: Voluntary Chapter 11 Case Summary IMAGE LOCATIONS: Case Summary & Nine Unsecured Creditors INCA BOOT: Seeks Approval to Tap Nguyen Law as Bankruptcy Counsel IRON HILL: Seeks Chapter 7 Bankruptcy After Closing Restaurants ISAVA ENTERPRISE: Gets OK to Use Cash Collateral Until Oct. 14 JACKSON HOSPITAL: Plan Exclusivity Period Extended to October 31 KEIRAN INVESTMENTS: Case Summary & Nine Unsecured Creditors KIDDE-FENWAL INC: Judge Questions Ch. 11 Plan Disclosures Changes KYI ENTERPRISES: Gets Interim OK to Use Cash Collateral LAKE COUNTY: Seeks to Extend Exclusivity to March 30, 2026 LINQTO INC: Opposes Bid to Appoint Equity Committee LION RIBBON: Seeks to Tap Katten Muchin Rosenman as Special Counsel LUNAURORA LLC: Hires Spotts Fain PC as Bankruptcy Counsel MAMMOTH INC: Wins Interim Use of Cash Collateral MANE SOURCE: Gets Extension to Access Cash Collateral MARINALIFE MEDIA: Seeks Chapter 7 Bankruptcy in Delaware MARRS CONSTRUCTION: Unsecureds Will Get 9% of Claims over 5 Years MAVENCRUX I LLC: Unsecureds Will Get 12% of Claims in Plan MAVERICK RESTAURANT: Hires FranBizNetwork as Franchise Broker MCGLOTHLIN INVESTMENTS: Hires Richard D. Scott PC as Counsel MCKENNA STORER: Seeks Subchapter V Bankruptcy in Illinois MEAT U ANYWHERE: Hires Estrada & Associates LLC as Accountant MEAT U ANYWHERE: Hires Integra Realty as Real Estate Appraiser MERIT STREET: Envoy Media Reaches Deal with Charter in Bankruptcy MIDWEST CHRISTIAN: Plan Exclusivity Period Extended to December 31 MIDWEST MOBILE: Amends Unsecured Claims Pay Details MKS INC: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable MODIVCARE INC: Gets Court OK to Solicit Chapter 11 Plan Vote MONTANA VILLAGE: Hires Wadsworth Garber Warner as Counsel MONTANA VILLAGE: Section 341(a) Meeting of Creditors on November 4 MOSAIC COMPANIES: G.R. Marmi Steps Down as Committee Member NAVIDEA BIOPHARMA: Seeks Subchapter V Bankrupt in Delaware NEW AGE FLOORING: Gets Interim OK to Use Cash Collateral NEW AGE FLOORING: Seeks Subchapter V Bankruptcy in Tennessee NEW BETHEL: Amends Unsecureds & Southern Bank Secured Claims Pay NEW RITE: Plan Exclusivity Period Extended to December 31 NORTH BROWARD: Section 341(a) Meeting of Creditors on October 30 NORTH JAX: Hires Professional Management Systems as Accountant NORTHWEST OHIO: M. Colette Gibbons Named Subchapter V Trustee OREGON MUTUAL: A.M. Best Cuts FS Rating to C++(Marginal) PALAZZO DEVELOPMENT: Gets OK to Hire Martin Law Firm as Counsel PALWAUKEE HOSPITALITY: Seeks to Extend Plan Exclusivity to Nov. 30 PK PLANO: Behrooz Vida Named Subchapter V Trustee POINT CLEAR CAPITAL: Section 341(a) Meeting of Creditors on Nov. 17 PRAESUM HEALTHCARE: Gets Extension to Access Cash Collateral PRAESUM HEALTHCARE: U.S. Trustee Unable to Appoint Committee PRAIRIE EYE: Hires Baker Donelson Bearman as Special Counsel PRAIRIE EYE: Seeks to Hire Ophthalmic AR as Financial Advisor RAZZOO'S INC: Taps Donlin Recano as Claims and Noticing Agent RCM LIVING: Gets OK to Hire Underwood Murray as Bankruptcy Counsel RIZO-LOPEZ FOODS: Hires Donlin Recano as Administrative Advisor RIZO-LOPEZ FOODS: Hires McCormick Barstow Sheppard as Counsel SASAS HOSPITALITY: Seeks to Extend Exclusivity to March 30, 2026 SCHILLER PARK: Seeks to Extend Plan Exclusivity to November 30 SEAQUEST HOLDINGS: Trustee Taps Pashman Stein as Special Counsel SHADYLANE HOLDINGS: Taps Pacific Sotheby's International as Broker SNAG A SLIP: Seeks Chapter 7 Bankruptcy in Delaware SOLEMN INVESTMENTS: Gets Final OK to Use Cash Collateral SPIRIT AVIATION: Plans to Return 87 Leased Planes Amid Bankruptcy SSI PRODUCTS: Gets Interim OK to Use Cash Collateral STANLEY UTILITY: Seeks to Hire Bruner Wright PA as Counsel SUITECENTRIC LLC: Seeks to Tap Neeleman Law Group as Legal Counsel SUNNOVA ENERGY: Execs Set to Receive $2.4MM From Sale Proceeds SWAHILI VILLAGE: Seeks Subchapter V Bankruptcy in D.C. TABERNACLE CHRISTIAN: Seeks to Hire Mark S. Roher as Legal Counsel TAHOE FOODS: Seeks to Hire Darby Law Practice as Legal Counsel TALEN ENERGY: Fitch Rates $1.2-Billion Senior Secured Debt 'BB+' TEXAS HEALTH: Unsecureds Will Get 8.77% of Claims over 5 Years THREEPIECEUS LLC: Hires Ford & Semach P.A. as Counsel TIFARET DISCOUNT: Seeks to Hire Leo Fox Esq. as Bankruptcy Counsel TOTAL COLLECTION: Case Summary & 20 Largest Unsecured Creditors TRINITY INTEGRATED: Court Extends Cash Collateral Access to Nov. 6 UNIFIED SCIENCE: Claims to be Paid from Sale Proceeds & Income US MAGNESIUM: Delays DIP Financing Bid as Ch. 7 Conversion Sought USA CRICKET: Hires Black Lion Services as Legal Counsel WALLAROO'S FURNITURE: Kevin Neiman Named Subchapter V Trustee WHITE TREE: Seeks Subchapter V Bankruptcy in Montana WHITE WILSON: Voluntary Chapter 11 Case Summary WOLVERINE INSURANCE: A.M. Best Hikes FS Rating to B(Fair) WOODLAWN LUBE: Seeks Chapter 7 Bankruptcy in Maryland XTREME SPORTS: Case Summary & 12 Unsecured Creditors ********* 264 CHESTNUT: Hires Newman Williams as Special Counsel ------------------------------------------------------ 264 Chestnut Rd Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Law Firm of Newman Williams, PC as special counsel. The firm's services include: a. providing the Debtor with legal advice with respect to its Act 6 claim; b. preparing the necessary complaint, pleadings, briefs, memoranda and such other documents that may be required; c. representing the Debtor in all state court proceedings regarding Debtor's Act 6 claim; d. representing the Debtor in providing legal services required to negotiate, draft and implement a possible settlement of the state court matter; and e. performing all other legal services for the Debtor which may be necessary in connection with the resolution of the Act 6 claim in state court. The firm will be paid at the rate of $300 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Dolan disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Daniel F. Dolan, Esq. Law Firm of Newman Williams P.C. 712 Monroe Street Stroudsburg, PA 18360 Tel: (570) 559-5507 About 264 Chestnut Rd Holdings LLC 264 Chestnut Rd Holdings, LLC sought relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 24-02807) on Oct. 30, 2024, listing under $1 million in both assets and liabilities. Philip W. Stock, Esq., serves as the Debtor's counsel. 313 46TH STREET: Seeks to Hire Dahiya Law Offices as Legal Counsel ------------------------------------------------------------------ 313 46th Street, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Dahiya Law Offices LLC as counsel. The firm's services include: (a) assist and advise the Debtor relative to the administration of this proceeding; (b) represent the Debtor before the Bankruptcy Court and advise it on all pending litigations, hearings, motions, and of the decisions of the Bankruptcy Court; (c) review and analyze all applications, orders, and motions filed with the Bankruptcy Court by third parties in this proceeding and advise the Debtor thereon; (d) attend all meetings conducted pursuant to section 341(a) of the Bankruptcy Code and represent the Debtor at all examinations; (e) communicate with creditors and all other parties in interest; (f) assist the Debtor in preparing all necessary applications, motions, orders, supporting positions taken by it, and preparing witnesses and reviewing documents in this regard; (g) confer with all other professionals; (h) assist the Debtor in its negotiations with creditors or third parties concerning the terms of any proposed plan of reorganization; (i) prepare, draft and prosecute the plan of reorganization and disclosure statement; (j) assist the Debtor in performing such other services as may be in its interest and the estate and perform all other legal services; and (k) prosecute such claims including those under 18 U.S.C. section 1964(c) and civil right act as deemed appropriate. The firm will be paid at these hourly rates: Principal $700 Counsel $550 Associate $200 - $350 Paralegals $75 - $125 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $25,000 from the Debtor. Karamvir Dahiya, Esq., principal at Dahiya Law Offices, 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: Karamvir Dahiya, Esq. Dahiya Law Offices, LLC 75 Maiden Lane, Suite 606 New York, NY 10038 Telephone: (212) 766-8000 About 313 46th Street 313 46th Street, Inc. filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 25-44150) on Aug. 28, 2024, disclosing up to $1 million in assets and up to $50,000 in liabilities. Judge Elizabeth S. Stong oversees the case. The Debtor is represented by Karamvir Dahiya, Esq., at Dahiya Law Offices, LLC. 5211 LAKESIDE: M. Colette Gibbons Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed M. Colette Gibbons, Esq., a practicing attorney in Westlake, Ohio, as Subchapter V trustee for 5211 Lakeside, LLC. Ms. Gibbons will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Gibbons declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: M. Colette Gibbons, Esq. Attorney at Law 28841 Weybridge Drive Westlake, OH 44145 Phone: (216) 798-6940 Email: colette@mcgibbonslaw.com About 5211 Lakeside LLC 5211 Lakeside, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-14275) on September 30, 2025, listing up to $50,000 in assets and liabilities. Judge Jessica E. Price Smith presides over the case. Wilhelmina Huff, Esq., represents the Debtor as legal counsel. 7 AT BLUE LAGOON: Hires Joel M. Aresty P.A. as Counsel ------------------------------------------------------ 7 at Blue Lagoon (1), LLC and affiliate seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Joel M. Aresty, P.A. as counsel. The firm will render these services: (a) give advice to the debtor with respect to its powers and duties as a debtor in possession 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 motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the debtor in all matters pending before the court; (e) represent the debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at the rate of $500 per hour, the amount of $11,000 as retainer, plus $4,000 cost deposit. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joel M. Aresty, Esq., a partner at Joel M. Aresty, P.A., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joel M. Aresty, Esq. Joel M. Aresty, P.A. 309 1st Ave S. Tierra Verde FL 33715 Telephone: (305) 904-1903 Facsimile: (305) 899-1870 E-mail: Aresty@Mac.com About 7 at Blue Lagoon (1), LLC 7 at Blue Lagoon (1) LLC is a limited liability company. 7 at Blue Lagoon (1) LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21286) on September 26, 2025. In its petition, the Debtor reports estimated estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. The Debtors are represented by Joel M. Aresty, Esq. of Joel M. Aresty, P.A. AD LUCEM NY: Section 341(a) Meeting of Creditors on October 29 -------------------------------------------------------------- On September 30, 2025, Ad Lucem NY LLC filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 29, 2025 at 02:30 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 7219992. About Ad Lucem NY LLC Ad Lucem NY LLC owns a single-family residence at 40 Hollyoak Ave East Hampton, NY 11937, with a current value of $750,000. Ad Lucem NY LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73767) on September 30, 2025. In its petition, the Debtor reports estimated Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtor is represented by Charles Higgs, Esq. of THE LAW OFFICE OF CHARLES A. HIGGS. AGDP HOLDING: Orrick & Morris James Represent Creditors' Committee ------------------------------------------------------------------ The Official Committee of Unsecured Creditors, appointed in the chapter 11 cases of AGDP Holding, Inc., and affiliates, filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. The Committee consists of the following seven members: (i) Heini Limited Liability Company; (ii) Nova Traffic AG; (iii) Gateway Productions, Inc.; (iv) Lauren Bair; (v) Aaron Clevenger c/o Wasserman Music LLC; (vi) Christie Lites New York LLC; and (vii) Nightmode Video, Inc. The Committee retained Orrick, Herrington & Sutcliffe LLP as counsel and Morris James LLP as Delaware cocounsel on August 19, 2025. The disclosable economic interests held by the members of the Committee consist of trade claims arising from purchase orders or agreements and litigation claims, as applicable, between the Debtors and the Committee members and the disclosed amounts are as of the Petition Date unless otherwise specified. The Committee Members' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. Heini Limited Liability Company 348 Gates Ave. Brooklyn, NY 11216 * Unsecured trade claim of at least $2,358,089.90 plus any administrative expense claims for postpetition goods and/or services (if applicable) incurred from the Petition Date through the Formation Date. 2. Nova Traffic AG Oberfeldstrasse 14 8302 Kloten (Zurich Airport) Switzerland * Unsecured trade claim of at least $622,854.79 plus any administrative expense claims for postpetition goods and/or services (if applicable) incurred from the Petition Date through the Formation Date. 3. Gateway Productions, Inc. 10 Mulliken Way Newburyport, MA 01950 * Unsecured trade claim of at least 2,067,007.56 plus any administrative expense claims for postpetition goods and/or services (if applicable) incurred from the Petition Date through the Formation Date. 4. Lauren Bair c/o Squitieri & Fearon, LLP 205 Hudson St, 7th Fl New York, NY 10013 * Unsecured litigation claims of $649.00, individually. * Unsecured litigation claims of $13,398,433.00, individually and on behalf of all ticket buyers to EZoo 2023 Festival. 5. Aaron Clevenger c/o Wasserman Music LLC 10900 Wilshire Blvd. Los Angeles, CA 90024 * Unsecured trade claim of at least $2,000,000.00 plus any administrative expense claims for postpetition goods and/or services (if applicable) incurred from the Petition Date through the Formation Date; plus any claims for rejection damages to the extent not reflected in the foregoing amounts. 6. Christie Lites New York LLC 6990 Lake Ellenor Dr Orlando, FL 32809 * Unsecured trade claim of at least $596,418.93 plus any administrative expense claims for postpetition goods and/or services (if applicable) incurred from the Petition Date through the Formation Date; plus any claims for rejection damages to the extent not reflected in the foregoing amounts. 7. Nightmode Video, Inc. c/o Anthony J. Centone, P.C. Attorney at Law 1950 E. Main Street, S. 205A Mohegan Lake, NY 10547 * Unsecured trade claim of at least $574,000 plus any administrative expense claims for postpetition goods and/or services (if applicable) incurred from the Petition Date through the Formation Date. Counsel to the Official Committee of Unsecured Creditors: Eric J. Monzo, Esq. Siena B. Cerra, Esq. MORRIS JAMES LLP 3205 Avenue North Blvd., Suite 100 Wilmington, DE 19803 Telephone: (302) 888-6800 Facsimile: (302) 571-1750 E-mail: emonzo@morrisjames.com scerra@morrisjames.com -and- Mark Franke, Esq. Nicholas Poli, Esq. Brandon Batzel, Esq. Ari Roytenberg, Esq. ORRICK, HERRINGTON & SUTCLIFFE LLP 51 West 52nd Street New York, NY 10019-6142 Telephone: (212) 506-5000 Facsimile: (212) 506-5151 E-mail: mfranke@orrick.com npoli@orrick.com bbatzel@orrick.com aroytenberg@orrick.com -and- Nick Sabatino, Esq. 400 Capital Mall, Suite 3000 Sacramento, CA 95814 Telephone: (916) 447-9200 Facsimile: (916) 329-4900 E-mail: nsabatino@orrick.com About AGDP Holding Inc. AGDP Holding Inc. and its affiliates operate a multi-space entertainment venue complex in North America, hosting large-scale live events such as concerts, festivals, corporate functions, and multimedia shows. The Debtors are known for their advanced audiovisual production capabilities, including a 2022 upgrade featuring one of the world's highest-resolution video walls. AGDP Holding Inc. and its affiliates sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11446) on August 4, 2025. The case is jointly administered in Case No. 25-11446. In the petitions signed by Gary Richards, chief executive officer, AGDP Holding disclosed up to $100 million in estimated assets and up to $500 million in estimated liabilities. Judge Mary F. Walrath oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; Triple P TRS, LLC as financial advisor; and Triple P Securities, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. On August 18, 2025, the United States Trustee for Region 3 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Orrick, Herrington & Sutcliffe LLP and Morris James LLP as counsel and IslandDundon LLC as financial advisor. AGI SOURCING: Court OKs $300K DIP Loan From Redbrook Spring ----------------------------------------------------------- AGI Sourcing, LLC and Rousso Apparel Group, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral and obtain debtor-in-possession financing to get through bankruptcy. The interim order authorized the Debtors to obtain two post-petition financing facilities: (1) A secured DIP factoring facility from Merchant Factors Corp., which is also the Debtors' pre-petition factor; and (2) A $300,000 unsecured DIP loan from Redbrook Spring, LLC, a company wholly owned by the spouse of the Debtors' principal. The financing is essential to provide immediate liquidity for the Debtors' ongoing operations, including payroll, vendor payments, and administrative expenses. All amounts chargeable to Debtors' accounts under the DIP factoring documents will be payable by Debtors upon demand. Unless earlier terminated pursuant to their terms, the DIP factoring documents remain in effect until the earliest of (i) February 16, 2026, (ii) the effective date of a plan of reorganization, or (iii) consummation of a sale of all or substantially all assets of the Debtors. However, Merchant Factors may terminate upon an event of default and expiration of applicable cure periods, whereupon all obligations will become immediately due and payable. The effectiveness of the DIP factoring agreement is expressly conditioned on the Debtors filing a plan of reorganization and disclosure statement approved by Merchant Factors on or before October 10. The effective date of a plan of reorganization acceptable to Merchant Factors will occur on or before 120 days after the petition date. Meanwhile, the DIP Note carries a 5% interest rate, payable in 120 days, with a default rate of 8% after a five-day grace period and is offered on a superpriority administrative basis under Section 364(c)(1). The interim order also authorized the Debtors to use cash collateral held by Merchant Factors and to grant it adequate protection in the form of superpriority claims and replacement liens. A copy of the interim DIP order is available at https://is.gd/zmJZUx from PacerMonitor.com. The bankruptcy court will hold a final hearing on October 28. The deadline for filing objections is on October 21. The Debtors said that despite efforts, they could not obtain alternative financing on better terms and that the DIP agreements were negotiated at arm's length and in good faith. As of the petition date, the Debtors owed approximately $2.66 million under their pre-petition factoring agreements and $200,000 on an SBA loan subordinated to Merchant Factors' liens. The SBA's lien is considered wholly unsecured due to insufficient collateral value. Merchant Factors Corp. is represented by: Joshua I. Divack, Esq. Thompson Coburn, LLP 488 Madison Avenue New York, NY 10022 Tel: (212) 478-7200 Fax: (212) 478-7400 jdivack@thompsoncoburn.com About AGI Sourcing LLC AGI Sourcing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-12102-pb) on September 26, 2025. In the petition signed by Victor Rousso, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Philip Bentley oversees the case. Erica Aisner, Esq., at Kirby Aisner & Curley LLP, represents the Debtor as legal counsel. AMERIGO METAL: Gets OK to Hire Elite Tax Preparers as Tax Preparer ------------------------------------------------------------------ Amerigo Metal Recycling, LLC received approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Elite Tax Preparers as tax preparer. The firm will prepare and file the Debtor's tax returns, all required tax forms and schedules, and federal and applicable state returns. The firm will be paid at a flat fee of $4,000. In addition, the firm will seek reimbursement for expenses incurred. Kim Draper, principal at Elite Tax Preparers, 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: Kim Draper Elite Tax Preparers Roswell, GA 30075 Telephone: (404) 536-6070 Email: EliteTaxPreparers@outlook.com About Amerigo Metal Recycling Amerigo Metal Recycling, LLC operates a metal recycling business. Amerigo sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57425) on July 1, 2025, listing up to $50,000 in assets and up to $50 million in liabilities. Jeffrey H. Cammllarie, manager, signed the petition. The Debtor tapped William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC as counsel and Elite Tax Preparers as tax preparer. ANCHOR CONSTRUCTION: Unsecured Creditors to Split $30K in Plan -------------------------------------------------------------- Anchor Construction Group, LLC filed with the U.S. Bankruptcy Court for the Northern District of Florida an Amended Plan of Reorganization dated September 26, 2025. The Debtor is a small construction company that primarily operates as a concrete installation contractor for commercial construction projects. The Debtor filed this case in an attempt to reorganize its business affairs. Prior to the filing of this case, the Debtor was involved in multiple disputes with third parties stemming from construction jobs. These disputes led to the filing of lawsuits in state and federal court. The costs involved in litigating in multiple forums was not sustainable for this small business. While the Debtor has experienced financial issues, the Debtor strongly believes there is a path to a successful reorganization in this case. The Debtor has reached a resolution with one of its primary creditors and has stabilized its cash flow since filing this case. The income from the Debtor's continued operation will fund this Plan. This Plan of Reorganization proposes to pay creditors of the Debtor out of cash flow from the normal operations of the Debtor's business. The Sole-owner of the Debtor, Kimberly Shoemaker, will remain in that role post-confirmation. This Plan provides for the payment of two classes of secured claims, one class of non-dischargeable claims, one class of general unsecured claims, and one class of equity security holders. This Plan provides for the payment of administrative and priority claims in full. Class 4 consists of General Unsecured Claims. The class of general unsecured claims shall receive a total dividend of $30,000.00 paid pro rate amongst the creditors in this class. Installment payments (to be distributed pro rata) in the amount of $1,500.00 shall commence on the fifteenth day of the month, on the first month that begins more than ninety days after the Effective Date and shall continue every ninety days thereafter for nineteen additional months. Holders of general unsecured claims include: Fore Construction, LLC: $47,539.30; U.S. Bank National Association d/b/a Elan Financial Services: $44,395.83; Travelers Casualty and Surety Company of America: $5,000,000.00; Dunlap & Shipman, P.A.: $12,171.97; Mad Dog Design and Construction Company, Inc.: $373,274.88; J & J Elite Framing, LLC: $393,205.17; SRM Concrete: $65,000.00; and White Cap Supply Holdings LLC: $20,000.00. Class 5 consists of Equity Security Holder Kimberly Shoemaker. Post confirmation, the equity security holder will continue to receive the salary every week that was approved by the Court during this case. The Debtor shall fund its Plan from the continued operations of its business. Unless otherwise ordered by the Court, the Debtor will make the payments under this Plan, rather than the Subchapter V Trustee. A full-text copy of the Amended Plan dated September 26, 2025 is available at https://urlcurt.com/u?l=KaCMj7 from PacerMonitor.com at no charge. The firm can be reached through: Byron Wright III, Esq. Bruner Wright, PA 2868 Reminton Green Circle, Suite B Tallahassee, FL 32308 Tel: (850) 385-0342 Fax: (850) 270-2441 About Anchor Construction Group, LLC Anchor Construction Group, LLC is a small construction company that primarily operates as a concrete installation contractor for commercial construction projects. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-40273) on June 12, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Byron Wright, III, Esq. at Bruner Wright, P.A. represents the Debtor as legal counsel. ANDERSON HOOP: Gets OK to Use Cash Collateral Until Nov. 4 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida granted Anderson Hoop Dreams, Inc.'s request to use cash collateral on a preliminary basis through November 4. The court order authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by Berkshire Bank. The Debtor's three-month budget projects total operational expenses of $117,110. As adequate protection, Berkshire Bank and other secured creditors will be granted a replacement lien on the Debtor's post-petition property, to the same extent and with the same validity and priority as their pre-bankruptcy lien. The Debtor must maintain insurance as required by loan and security agreements. The order preserves the rights of the U.S. trustee to appoint a creditors' committee and allows challenges to lien validity, priority, or extent. A continued preliminary hearing on cash collateral is set for November 4. About Anderson Hoop Dreams Anderson Hoop Dreams, Inc. operates specialized fitness facilities offering structured, athletic-style training programs to a broad client base. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05772) on Sept. 12, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Jeffrey Ainsworth, Esq., at Bransonlaw PLLC, is the Debtor's legal counsel. API GP VENTURE: Gets Extension to Access Cash Collateral -------------------------------------------------------- API GP Venture Partners, LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the District of Delaware to use cash collateral. The court order authorized the Debtor's interim use of cash collateral through October 14 under an approved budget. Access to cash collateral is limited to line items in the budget approved by secured lender, First-Citizens Bank & Trust (successor to Silicon Valley Bank). Any amendments require lender consent. First-Citizens will be provided with protection in the form of replacement liens on the Debtor's post-petition assets (excluding avoidance actions) and monthly payments under their loan agreement. The replacement liens are subject to the fee carve-out and proceeds from any successful avoidance actions. In case of any diminution in the value of its collateral, First-Citizens will receive a superpriority administrative expense claim. The Debtors' right to use cash collateral will automatically terminate upon failure to obtain a final order by the termination date (unless extended by the secured lender); the filing of a motion to create post-petition claims or liens without the lender's consent and not withdrawing it after one business day's notice; the filing of a motion challenging the lender's claims or liens; entry of an order granting relief from the automatic stay to a third party affecting assets worth over $100,000; dismissal or conversion of the case; appointment of a Chapter 11 trustee; failure to comply with the terms of the interim order; or the modification, stay, reversal, or vacatur of the order without the lender's consent. The final hearing is scheduled for October 14. About API GP Venture Partners API GP Venture Partners, LLC and its affiliates own and operate student housing properties in Goleta, California, providing accommodations for about 70 students. The group is managed by IRC Ashland I LLC, which holds roughly 90% of the equity, while Ashland Pacific, LLC holds the remaining 10% as a non-managing member. Operations are governed by limited liability company agreements and a master property management agreement defining ownership, management, and operational structures. API GP Venture Partners and affiliates, Ashland Pacific Integrated UCSB Holdings I, LLC, API UCSB Holdings I, LLC and API 6590 Holdings, LLC, filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11640) on September 4, 2025. The petitions were signed by J. Michael Issa as chief restructuring officer. At the time of the filing, API GP Venture Partners reported up to $50,000 in both assets and liabilities. Judge Karen B. Owens oversees the cases. The Debtors are represented by: Mette H. Kurth, Esq. Pierson Ferdinand, LLP 3411 Silverside Road Baynard Building, Suite 104-13 Wilmington, DE 19810 Tel: 310-245-8784 mette.kurth@pierferd.com -- and -- Lynnette R. Warman, Esq. Pierson Ferdinand, LLP 1341 W. Mockingbird Lane, Suite 600W Dallas, TX 75247 Tel: (214) 872-6319 lynnette.warman@pierferd.com APPLIED ENERGETICS: Forms Audit and Compensation Committees ----------------------------------------------------------- Applied Energetics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company established an Audit Committee and a Compensation Committee of its Board of Directors. Members of both committees include Bradford Adamczyk, Michael Alber and Scott Andrews, with Mr. Andrews serving as Chairman of the Compensation Committee and Mr. Alber as Chairman of the Audit Committee. As formed, these committees meet the requirements of the Securities Exchange Act of 1934, as amended, and the OTCQB (which currently does not require that the company have such committees). The company intends to make any changes to the membership or charters of such committees as may be required to comply with applicable requirements in the future. About Applied Energetics Headquartered in Tucson, Arizona, Applied Energetics, Inc. -- http://www.appliedenergetics.com-- specializes in the development and manufacture of advanced high-performance lasers and optical systems, and integrated guided energy systems, for prospective defense, national security, industrial, biomedical, and scientific customers worldwide. As of June 30, 2025, the Company had $3,531,171 in total assets, $1,831,658 in total liabilities, and a total stockholders' equity of $1,699,513. Las Vegas, Nev.-based RBSM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 28, 2025, citing that the Company has suffered recurring losses from operations and will require additional capital to fund its current operating plan, that raises substantial doubt about the Company's ability to continue as a going concern. ARCHDIOCESE OF BALTIMORE: Files Bankruptcy Settlement Plan ---------------------------------------------------------- Christopher Gunty of Catholic Review reports that the Archdiocese of Baltimore has advanced its Chapter 11 proceedings by filing a formal reorganization plan proposing $33 million in contributions from the archdiocese and its affiliated parishes and schools to compensate survivors of child sexual abuse. Submitted to the U.S. Bankruptcy Court on October 3, 2025 the plan anticipates additional funding from insurance assets, potentially raising the total recovery for survivors to several hundred million dollars. The archdiocese said the plan reflects its enduring commitment to healing and transparency through financial compensation and strict child protection policies. The Chapter 11 filing, made in September 2023, came as Maryland's Child Victims Act removed civil time limits for abuse lawsuits and capped claims at $1.5 million for private institutions. A 2025 amendment later reduced those caps, limiting payouts to $700,000 per claimant for private organizations. Church officials said the bankruptcy process aims to provide fair compensation to victims while maintaining essential ministries and operations, according to report. Archbishop William E. Lori called the filing a "critical step forward" and urged for a swift settlement to avoid prolonging survivors' suffering. "Our shared goal is to bring healing to those who have been harmed," he said. The court-appointed mediation team continues to negotiate settlement details, with the next hearing scheduled for October 6, 2025 before Judge Michele M. Harner, the report states. About the Archdiocese of Baltimore The Archdiocese of Baltimore operates as a non-profit religious organization. The organization provides catholic charities, chancery, pastoral council, policies, presbyteral council, and child and youth protection. The Archdiocese of Baltimore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29, 2023. In the petition filed by Archbishop William E. Lori, the Debtor estimated assets between $100 million and $500 million and liabilities between $500 million and $1 billion. The Debtor is represented by Catherine Keller Hopkin, Esq. at YVS Law, LLC. ARSENAL AIC: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed Arsenal AIC Parent LLC's (Arsenal) Long-Term Issuer Default Rating (IDR) at 'BB-' and senior secured debt rating at 'BB+' with a Recovery Rating of 'RR2'. The Rating Outlook is Stable. The affirmation reflects its view that the separation and standalone financing of Kawneer Company, Inc. and its associated entities (the newly created Kawneer Credit Group), along with the divestitures of the Arconic Architectural Products facility in Eastman and Kawneer's European business, do not substantially change Arsenal's business profile and are credit neutral. The 'BB-' rating reflects Arsenal's competitive position in the aluminum fabricated product markets, diversified customers and end-markets, and solid operational capabilities. These strengths are balanced by the cyclicality inherent in commoditized products and uncertainty around capital allocation, including potential acquisitions, divestitures, and shareholder returns. Key Rating Drivers Separate Financing, Relationship Unchanged: The separation of the Kawneer business into its own credit group makes its financing independent, but Arsenal still fully owns Kawneer and its view on the parent-subsidiary linkage is unchanged. Fitch expects no impact on Arsenal's operational or strategic incentives to support Kawneer. The separation supports portfolio focus, positioning Arconic as a pure-play producer of aluminum coil, plate, and extruded products, and Kawneer as a building-products franchise. In 2022-2023, Arconic explored a divestiture of Kawneer but paused the process due to unfavorable debt-market conditions and valuation amid rising interest rates. Arsenal announced that Kawneer will raise a $590 million Term Loan A and a $100 million ABL facility (undrawn), both secured by the Kawneer Credit Group. Most of the loan proceeds will be used to repay Arsenal's existing Term Loan B and the transaction is expected to be leverage neutral. Pass-throughs Mitigate Tariff Impact: Arsenal's solid market position as a dual or sole-source provider to key customers reduces demand risk from tariffs. Although Arsenal's top line is more volatile than diversified industrial peers due to aluminum price exposure, pass-through mechanisms, hedging, and contractual arrangements generally protect margins. Tariff-induced price increases may cause larger working capital swings, but Arsenal's undrawn ABL facilities provide ample liquidity to withstand the volatility. Arsenal estimates a $4 million tariff cost impact in 2Q25, which may more than double for the remainder of 2025. Weak Near-Term Demand: Fitch expects weak demand across most of Arsenal's end-markets through 2025. Automotive production has improved sequentially, but YoY build rates remain lower, reducing rolled products shipments. Mix and cost inflation add further pressure. Aerospace demand is still down YoY, but supply chain normalization and production increases show early signs of stabilization. Industrial products benefit from spot opportunities and some sequential improvement. Building and construction remains flat as high interest rates and economic uncertainty continue to pressure non-residential activity. Positive FCF: Fitch forecasts high single-digit EBITDA margins and low single-digit FCF margins from 2026. Annual pension-related cash outflows have modestly declined following the divestiture of the Arconic Architectural Products facility in Eastman. Capital intensity is moderate, with capex typically below 3% of revenue. Margin and FCF improvement are supported by cost containment measures, including enhanced inventory and input procurement, organizational streamlining and normalized operating expenses. Flexible Operational Capabilities: Outside aerospace, Arsenal's flexible assets allow production line switching to serve different end-markets and reduce cyclicality. The company prioritizes higher-margin industrial applications, including transportation and building products/construction, followed by lower-margin but stable packaging, and reserve some capacity for spot market demands. In aerospace, long-term contracts provide revenue visibility for designated assets. Secular Tailwinds Support Growth: Fitch believes Arsenal will benefit from secular trends across key end-markets, driven by its advantages in light-weighting, strength and recyclability, especially considering ESG initiatives. Fitch expects higher aluminum content in aircraft and electric vehicles compared to older generations. Aluminum offers a better weight-to-strength ratio and recyclability than steel in buildings and construction. There is increasing demand for aluminum packaging due to a long-term shift in consumer preferences. Fitch believes higher aluminum content and a focus on operational efficiency will likely support long-term margin improvement. Peer Analysis Arsenal has weaker profitability than similarly rated peers in the diversified industrials sector. Fitch believes it compares well with Kaiser Aluminum Corp. (BB-/Stable), a manufacturer of semi-fabricated specialty aluminum mill products, in terms of diversification and exposure to cyclical end-markets. Fitch considers Arsenal's end markets to be relatively diversified and expects the company's cash flow to gradually improve following several cost-cutting measures, reduced environmental costs and lower pension contributions. Key Assumptions - Sluggish demand due to macro uncertainties, followed by low-single digit increase in revenue throughout the forecasted period, led by aerospace, transportation, and packaging; - Margins gradually increase and trend toward the high-single digit range over the next few years; - Capex between 2% and 3% of revenue per year; - No dividend; - Pension contributions plus other post-employment benefit (OPEB) payments around $113 million per year over the forecast; - No voluntary gross debt repayment or M&A. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Mid-cycle gross EBITDA leverage sustained around 4.0x; - Weakening financial flexibility with EBTIDA/FFO interest coverage sustained below 3.0x or 2.5x respectively; - Contingent liabilities, pension contributions, or weaker utilization result in significant impact to FCF margins reducing financial flexibility. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated commitment to a financial policy leading to mid-cycle EBITDA leverage sustained below 3.25x; - Improved financial flexibility with EBITDA coverage sustained above 4.0x; - EBITDA margin improvement toward the low-double digits due to successful cost-saving initiatives or higher asset utilization, supported by strong end-market demand. Liquidity and Debt Structure Arsenal's liquidity is supported by the $1.2 billion ABL facility. Fitch anticipates Arsenal will maintain liquidity between $1.0 billion and $1.5 billion on average over the next several years between cash and its ABL facility, which could be drawn upon during the year to cover short-term working capital fluctuations but would likely be subsequently paid down. Issuer Profile Arsenal (dba Arconic) is a provider of rolled aluminum products, extrusions, and building products within the building and construction, industrial, packaging, ground transportation, and aerospace and defense end-markets. 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 ----------- ------ -------- ----- Arsenal AIC Parent LLC LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ ARTICON HOTEL: Court Extends Cash Collateral Access to Dec. 5 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered its second interim order authorizing Articon Hotel Services, LLC to use cash collateral. The second interim order authorized the Debtor to use the cash collateral of the U.S. Small Business Administration from October 3 to December 5, strictly in accordance with a budget, subject to a 10% variance on each expense category. This use is deemed necessary to prevent immediate and irreparable harm to the Debtor's estate. The Debtor projects total operational expenses of $2,314,162.97 for the period from October to November. As conditions of use, the Debtor must permit the SBA and the Subchapter V trustee to inspect its books and records upon reasonable notice; maintain and pay insurance premiums protecting the SBA's collateral; provide evidence of collateral upon request; and properly maintain and manage the collateral. These measures are designed to safeguard the SBA's interests while cash collateral is being used. As adequate protection, the SBA will be granted valid and perfected replacement liens on the Debtor's property, whether acquired before or after its Chapter 11 filing. These replacement liens will have the same priority and extent as the SBA's pre-bankruptcy lien. A further interim hearing is set for December 1. 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. ASH GROVE: $35K Unsecured Claims to Recover 10% in Plan ------------------------------------------------------- Ash Grove Dairy, LLP filed with the U.S. Bankruptcy Court for the District of Minnesota an Amended Disclosure Statement describing Plan of Reorganization dated September 25, 2025. The Debtor was formed to own and operate a dairy operation near Lake Benton, Minnesota. Michael Crinion acts as manager of the Debtor. Class 13a consists of Administrative convenience unsecured creditors. This class shall consist of all unsecured creditors who timely file a Proof of Claim which is not objected to, or are listed on the Debtor's Schedules or Amendments, that are not listed by the Debtor as disputed, contingent, or unliquidated and have claims of $12,000.00 or less, or elect to reduce their claim to a sum of $12,000.00. The Debtor estimates that this class will consist of approximately 18 creditors with a total indebtedness of approximately $35,253.83. This class of creditors will be paid 10% of their allowed claim within one year after the effective date of the Plan, without interest. Any creditor in this class may elect to be part of Class 13b to receive interest on its claim. If any creditor in this class fails to elect a preferred payment, or failed to ballot on the Plan, then that creditor's claim shall be paid in accordance with Class 13b. Class 13b shall consist of all unsecured creditors with claims that exceed $12,000.00, who have timely filed a Proof of Claim which is not properly objects to or listed on the Debtor's Schedules, or Amendments, that are not listed by the Debtor as disputed, contingent or unliquidated, or those creditors who obtained a Court Order allowing their claim. The Debtor estimates this Class of creditors to consist of approximately 17 creditors and to be owed approximately $6,024,526.84. These claimants shall have the election to have their claims treated as follows: * Five percent of their allowed claim, without interest, paid with equal annual payments over a term of seven years. The first payment to be made within one year from the effective date of the Plan, and continuing annually thereafter for a full term of seven years, or * Five percent of their allowed claim, with interest at the rate of 3% per annum paid over a term of twenty years, with the first annual payment to begin within one year from the effective date of the Plan, and continuing annually thereafter. * If any creditor fails to elect the preferred treatment, or fails to ballot on the Plan, then that creditor's claim shall be paid in accordance with subdivision A of this Class, which is 5% of its claim paid over a term of 7 years without interest. Class 14 consist of the holders of equity interest/member of the LLP. These members shall receive no distribution on account of their pre-petition interest. However, all members will be given an opportunity to make a new investment in the reorganized Debtor, providing new value on a pro rata basis computed by their initial investment in Ash Grove. The outstanding membership of Ash Grove are hereby cancelled and voided as of the effective date. The Debtor believes that the Plan as proposed is feasible based on the financial projections for the next five years as reflected in the Cashflow Analysis. The Cash Flow Analysis projects a steady level of Total Net Revenues for each year for the next five-year period, which is higher. In sum, the Cashflow Analysis projects that the Plan Agent will be able to make the payments contemplated under the provisions of the Plan. These financial projections illustrate that the Debtor, will have available necessary cash to fund the Plan of Reorganization after Confirmation; have the ability to generate future cash flows sufficient to make the payments called for under the Plan and necessary to continue in business; and other than vagaries of its operations and markets and general economic conditions there are no factors which might make it impossible for the Debtor, to accomplish that which it promises under the terms of the Plan or allow it to continue in business as contemplated under the Plan. A full-text copy of the Amended Disclosure Statement dated September 25, 2025 is available at https://urlcurt.com/u?l=f26980 from PacerMonitor.com at no charge. The Debtor's Counsel: David C. McLaughlin, Esq. FLUEGEL ANDERSON MCLAUGHLIN & BRUTLAG 129 2nd Street NW Ortonville, MN 56278 Tel: 320-839-2549 E-mail: dmclaughlin@fluegellaw.com About Ash Grove Dairy LLP Ash Grove Dairy, LLP operates a commercial Holstein dairy farm in Lake Benton, Minnesota. It manages approximately 2,000 milking cows on a 55-acre property, focusing on milk production and the breeding of high-quality Registered Holsteins. It also operates a renewable natural gas facility that converts manure into pipeline-grade fuel. Ash Grove Dairy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-31794) on June 2, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Katherine A. Constantine handles the case. The Debtor is represented by David C. McLaughlin, Esq., at Fluegel, Anderson, McLaughlin and Brutlag. ATLANTIC NATURAL: Claims to be Paid from Asset Sale Proceeds ------------------------------------------------------------ Atlantic Natural Foods, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana a Disclosure Statement for Plan of Liquidation dated September 29, 2025. The Debtor has been a producer of plant-based foods with a family of brands that include Loma Linda, TUNO, and Kaffree Roma. The Loma Linda brand dates back to the late nineteenth century and was traditionally associated with the Seventh-day Adventist Church community ("SDA"). The Debtor's own production facilities had been based in Nashville, Nash County, North Carolina, and it would from time to time enter into co-production arrangements with other entities to produce the Debtor’s branded products. Based on the Debtor's need to retain cash and complete the co production tranisition, the Debtor concluded that filing this Chapter 11 Case would provide it with the breathing room and opportunity to either reorganize or sell its assets so as to ensure the best outcome for creditors and stakeholders. As discussed, because of previous negotiations regarding a sale of its assets and business, the Debtor relatively quickly determined that an orderly sale in chapter 11 would be a far better outcome for creditors than a fire sale by secured creditors and closing down and "walking away" from the business and operations. Additionally, since the Debtor was in a unique industry and its management had extensive knowledge and experience (including internationally), it would be a better outcome for creditors if the Debtor filed chapter 11 and managed the sale(s) as a debtor in possession than if an outside chapter 7 trustee took control of the estate. As the Debtor had disclosed and previewed since the hearing on the First Day Motions, the Debtor and Century Pacific Food, Inc. were engaged in discussions whereby Century pacific, a co-producer and valuable supplier, may purchase substantially all of the assets of the Debtor located in the Philippines as well as its intellectual property to continue the Debtor's business as going concern. On May 14, 2025, the Debtor and an Affiliate of Century Pacific entered into an Asset and Purchase Agreement (the "Century Purchase Agreement") for such assets for an aggregate purchase price of $5,950,000, subject to certain closing adjustments. It was agreed that Century Pacific would serve as a stalking horse bidder in an auction process to test the adequacy of the proposed purchase price and provide a Bankruptcy Court-supervised marketing and auction process to determine the highest and best bid for the assets to be sold under the Century Purchase Agreement in the market. On August 6, 2025, the Bankruptcy Court conducted a hearing to determine whether the sale to Century Pacific should be authorized. Pursuant to the Century Purchase Agreement (as amended) and the Century Sale Order, the sale closed on August 12, 2025, resulting in a $6.3 million total purchase price, including the assumption of certain liabilities. Pursuant to the Century Sale Order, Comerica Bank received $4,650,000 in respect of its Secured Claim. The Plan contemplates a basic "waterfall" structure whereby the estate liquidates its assets, and all proceeds thereof are distributed to Holders of Allowed Claims pursuant to the priority established by the Bankruptcy Code. To effectuate this, the Debtor will, as of the Effective Date of the Plan, take on the role of the "Wind-Down Debtor" and will, pursuant to the terms of Plan, take all necessary actions to wind down the Debtor's estate (such process, the “Wind Down”), monetize any remaining assets, and make distributions to creditors in accordance with the Plan. Upon completion of the Wind Down, the Wind Down Debtor will take appropriate action to dissolve or terminate its existence. Specifically, under the terms of the Plan, Holders of Claims and Interests will receive the following treatment in full and final satisfaction, compromise, settlement, release, and in exchange for such Holders' Claims and Interests: * Holders of Allowed Secured Claims will receive: (a) payment in full in Cash of such Holder's Allowed Secured Claim, (b) the collateral securing such Holder's Allowed Secured Claim, or (c) such other treatment rendering such Holder's Allowed Secured Claim Unimpaired. * Each Holder of an Allowed Other Priority Claim shall receive: (a) payment in full in Cash of such Holder's Allowed Other Priority Claim, or (b) such other treatment rendering such Holder’s Allowed Other Priority Claim Unimpaired. * On the Effective Date, or as soon as reasonably practicable, except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, in full and final satisfaction, compromise, settlement, and release of and in exchange for each Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of the General Unsecured Claims Recovery. * Each Allowed Interest in the Debtor shall be canceled, released, and extinguished, and will be of no further force or effect and no Holder of Interests in the Debtor shall be entitled to any recovery or distribution under the Plan on account of such Existing Interests. Class 3 consists of General Unsecured Claims. On the Effective Date, or as soon as reasonably practicable, except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, in full and final satisfaction, compromise, settlement, and release of and in exchange for each Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of the General Unsecured Claims Recovery until paid in full. The allowed unsecured claims total $3,000,000.00 to $9,500,000. Each Allowed Interest shall be canceled, released, and extinguished, and will be of no further force or effect and no Holder of Interests shall be entitled to any recovery or distribution under the Plan on account of such Interests. The Wind-Down Debtor will fund distributions under the Plan with Cash available on the Effective Date by or for the benefit of the Debtor or Wind-Down Debtor including the proceeds of the Sale Transaction(s) and the proceeds of any non-Cash assets held by the Wind-Down Debtor. A full-text copy of the Disclosure Statement dated September 29, 2025 is available at https://urlcurt.com/u?l=o0nKK6 from PacerMonitor.com at no charge. Atlantic Natural Foods, LLC is represented by: Tristan Manthey, Esq. Cherie Dessauer Nobles, Esq. Joseph A. Caneco, Esq. Fishman Haygood LLP 201 St. Charles Avenue, Suite 4600 New Orleans, LA 70170 Telephone: (504) 586-5252 Facsimile: (504) 586-5250 Email: tmanthey@fishmanhaygood.com About Atlantic Natural Foods Atlantic Natural Foods, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-10676) on April 7, 2025, listing between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. J. Douglas Hines, manager, signed the petition. Judge Meredith S. Grabill oversees the case. The Debtor tapped Tristan Manthey, Esq., at Fishman Haygood, LLP as counsel and Malcom M. Dienes LLC as accountant. AZZUR GROUP: Gets Court Approval for Revised Chapter 11 Plan ------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that pharmaceutical consulting firm Azzur Group has won court approval in Delaware for its revised Chapter 11 plan, securing confirmation nearly five months after its first reorganization attempt was denied. The amended plan incorporates several key modifications designed to satisfy creditor objections and the court's prior feedback, including better transparency on claim distributions and more robust financial reporting, according to report. Now that the plan has been confirmed, Azzur is set to restructure its outstanding debt, provide distributions to creditors, and move ahead with its reorganization to stabilize operations and restore financial health, the report states. About Azzur Group Holdings Azzur Group Holdings, a Pennsylvania-based professional services company operates across multiple locations including Boston, Chicago, San Diego, and San Francisco, providing specialized life sciences services including consulting, laboratory testing, cleanrooms-on-demand, and technical training services. Azzur Group Holdings and more than 30 of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10342) on March 2, 2025. In their petitions, the Debtors reported estimated assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Karen B. Owens handles the cases. DLA Piper LLP represents the Debtors as general bankruptcy counsel. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors, Brown Gibbons Lang & Co. Securities Inc. acts as investment banker, and Stretto Inc. acts as claims and noticing agent. BIOLINERX LTD: Invests $5M in Joint Venture With Hemispherian ------------------------------------------------------------- BioLineRx Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a joint venture transaction with Hemispherian AS, a Norwegian corporation, for the development, clinical evaluation and commercialization of GLIX1, a first-in-class, oral, small molecule targeting DNA damage response in glioblastoma and other solid tumors. As part of the Joint Venture: (i) the Company and Hemispherian entered into a Collaboration and Shareholders Agreement, which governs the ownership, governance, funding, administration, and related operational and commercial terms of a newly-created company owned by the Company and Hemispherian, and (ii) Hemispherian and the JV entered into an Asset Transfer Agreement, pursuant to which Hemispherian transferred to the JV certain intellectual property, regulatory filings, know-how, and related assets primarily in respect of GLIX1, Hemispherian's lead compound. The transactions closed on the same day. Pursuant to the JV Agreement, Hemispherian will initially hold 60% of the issued share capital of the JV, and the Company will hold the remaining 40%. As consideration for Hemispherian's contribution of the Transferred Assets, the Company has agreed to invest $5 million in the JV within 36 months as of the date of the JV Agreement, in tranches according to a development plan, which period may be extended by an additional six months upon the occurrence of certain events as specified in the JV Agreement. If the Company does not invest the full Threshold Amount by the end of the Threshold Term, Hemispherian will have the right to repurchase, for nominal consideration, a pro rata portion of the Company's shares in the JV corresponding to the unfunded portion of the Threshold Amount. Following the investment of the Threshold Amount, the Company may make additional investments in the JV. For each incremental $1 million invested by the Company beyond the Threshold Amount, the Company will be entitled to an additional 1% equity interest, up to an aggregate maximum ownership of 70%. Following the attainment of a 50% stake by the Company in the JV, Hemispherian will have the right to co-invest alongside the Company on the same terms in order to maintain a 50% ownership stake in the JV. Furthermore, under the terms of the JV Agreement, the Company will be responsible for managing and implementing the JV's activities and overseeing the JV's operations, budget, and expenses. Following the closing, the JV will pay Hemispherian a monthly advisory fee of $80,000 for a period of 24 months or until the termination of the JV, whichever occurs first. The JV Agreement provides for the establishment of a board of directors of the JV as well as a steering committee with joint representation from both the Company and Hemispherian. The Company holds the deciding vote in the event of any deadlock on either of such corporate bodies. In addition, the JV Agreement includes restrictions on the transfer of shares of the JV by the Company and Hemispherian, requiring the consent of the other party, subject to certain exceptions, including transfers to permitted transferees or transfers in connection with a merger or acquisition transaction. The JV Agreement further provides a bring-along right, which may be exercised by a simple majority of the shareholders and the board of directors, subject to the consent rights. The JV has a first look right, as well as a right of first refusal, on other assets in Hemispherian's pipeline for defined periods specified in the ATA. The ATA and the JV Agreement contain customary representations and warranties, indemnification and other provisions customary for transactions of this nature. In addition, the Company has provided an indemnification to Hemispherian in an amount of up to 50% of Hemispherian's potential tax liability in Israel arising from the unlikely event of the payment of future dividend distributions by the JV to its shareholders, net of amounts recoverable under any double tax treaties available to Hemispherian. The JV Agreement and the ATA include termination events, including failure to fund the Threshold Amount within the Threshold Term, or prolonged inability of the JV to operate due to insufficient financial resources. About BioLineRx Ltd. Headquartered in Modi'in, Israel, BioLineRx is a commercial-stage biopharmaceutical company focused on developing life-changing therapies in oncology and rare diseases. Tel Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2003, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 20-F for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has cash outflows from operating activities that indicate that a material uncertainty exists that may cast significant doubt (or raise substantial doubt as contemplated by PCAOB standards) about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $38.9 million in total assets, $25.4 million in total liabilities, and a total equity of $13.5 million. BLUE SUN: Hires Smith Duggan Cornell & Gollub as Special Counsel ---------------------------------------------------------------- Blue Sun Scientific, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Smith Duggan Cornell & Gollub LLP as special counsel. The firm's services include: (a) complete and file appellant's brief; (b) review appellee's brief when filed; (c) research any new issues raised in appellee's brief; (d) prepare and file a reply brief; and (e) attend oral argument. The firm received a total retainer of total of $118,896.70 from the Debtor. The firm will seek reimbursement for expenses incurred. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: Smith Duggan Cornell & Gollub LLP 55 Old Bedford Road, Suite 300 Lincoln, MA 01773 Telephone: (617) 228-4400 About Blue Sun Scientific LLC Blue Sun Scientific LLC, a majority-owned subsidiary of Innovative Technologies Group and Co., develops, manufactures, distributes, and services analytical solutions for global markets, including agriculture, chemical, and food industries. The Company offers rapid, non-destructive analysis tools such as Phoenix NIR analyzers for applications in forage, animal feed, pet food, oilseeds, and plant breeding, supported by instruments, software, reagents, sample handling systems, training, and long-term services. Headquartered in Jessup, Maryland, it operates internationally through representatives and distributors in over 50 countries. Blue Sun Scientific LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17998) on August 29, 2025. In its petition, the Debtor reports total assets of $451,175 and total liabilities of $6,329,907. The Debtor tapped Maurice Verstandig, Esq., at The Belmont Firm as bankruptcy counsel and Smith Duggan Cornell & Gollub LLP as special counsel. BORDEAUX VENTURES: Seeks to Tap Guardian as Restructuring Advisor ----------------------------------------------------------------- Bordeaux Ventures, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Guardian Restructuring, LLC as restructuring advisor. The firm will provide Kenneth Miller as chief restructuring officer and certain additional personnel to the Debtor. The CRO and additional personnel will render these services: (a) seek to foreclose upon the membership interest of the Debtor's non-settling member (Homestead) and Homestead's membership interest owned by Mr. Matthews, which led to Homestead's and Mr. Matthews' Chapter 11 cases pending before this Court as Case Nos. 25-02933 and 25-02934; (b) seek to dismiss the Debtor's case on two arguments that the case was filed with a lack of authority and a third argument that the case was filed in bad faith; (c) seek relief from the automatic stay to foreclosure upon the Property by advancing arguments similar to those in support of dismissal; (d) state that it will not support the Debtor's plan under any circumstances; (e) question the Debtor's representative (Mr. Matthews) under oath on matters involving Mr. Matthews and the settling guarantors in other disputes unrelated to the Debtor or Winhall; and (f) object to the Debtor's motion to employ special counsel on a contingency fee. The firm will be paid at these hourly rates: Managing Director $750 Senior Director $595 Senior Analyst $400 Administrative Professional $100 Travel Time $100 In addition, the firm will seek reimbursement for expenses incurred. Mr. Miller 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: Kenneth Miller Guardian Restructuring, LLC 4411 Bee Ridge Road #164 Sarasota, FL 34233 About Bordeaux Ventures Bordeaux Ventures LLC is a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Its principal asset is located at 1501 E. Stewarts Lane in Nashville, Tennessee. Bordeaux Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-02702) on June 30, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Nancy B. King handles the case. The Debtor tapped Denis Graham "Gray" Waldron, Esq., at Dunham Hildebrand Payne Waldron, PLLC as counsel and Guardian Restructuring, LLC as restructuring advisor. BREAKERS MEZZ: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Breakers Mezz I, LLC 400 Oceangate, Suite 1400 Long Beach, CA 90802 Business Description: Breakers Mezz I, LLC, based in Long Beach, California, is affiliated with the Fairmont Breakers hotel redevelopment project and is classified under NAICS code 7211 for hotels and motels. Chapter 11 Petition Date: October 2, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-18796 Debtor's Counsel: Eric D. Goldberg, Esq. DLA PIPER LLP (US) 2000 Avenue of the Stars, Suite 400 North Tower Los Angeles, CA 90067 Tel: (310) 595-3085 Fax: (310) 595-3300 Email: eric.goldberg@us.dlapiper.com Estimated Assets: $100 million to $500 million Estimated Liabilities: $50 million to $100 million The petition was signed by John C. Molina as chief executive officer. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HFR2WXA/Breakers_Mezz_I_LLC__cacbke-25-18796__0001.0.pdf?mcid=tGE4TAMA BROTHER JOHN'S: Christopher Simpson Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 14 appointed Christopher Simpson, Esq., at Osborn Maledon P.A. as Subchapter V trustee for Brother John's BBQ, LLC. Mr. Simpson 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. Simpson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher C. Simpson Osborn Maledon, P.A. 2929 N. Central Avenue, 21st Fl. Phoenix, AZ 85012 Phone: (602) 640-9349 Fax: (602) 640-9050 Email: csimpson@omlaw.com About Brother John's BBQ LLC Brother John's BBQ, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-09288) on September 30, 2025, with $500,001 to $1 million in assets and liabilities. Jody A. Corrales, Esq. at Deconcini Mcdonald Yetwin & Lacy, P.C. represents the Debtor as legal counsel. BROTHER JOHN'S: Hires DeConcini McDonald Yetwin as Counsel ---------------------------------------------------------- Brother John's BBQ LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ DeConcini McDonald Yetwin & Lacy, P.C. as counsel. The firm will provide these services: a. give the Debtor legal advice with respect to its powers and duties of a debtor and debtor-in-possession; b. give the Debtor legal advice with respect to the sale or disposition of estate assets, if necessary; c. take required action to recover certain property and money owed to the Debtor, if necessary; d. prepare on behalf of the Debtor, the necessary statements, schedules, complaints, answers, applications, orders, reports, plan of reorganization, motions, objections, and other legal documents; and e. perform all other legal services that the Debtor deems necessary. The firm will be paid at these rates: Jody A. Corrales $395 per hour Associates $285 per hour Paraprofessionals $210 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Jody Corrales, Esq., a shareholder of DeConcini, disclosed in a court filing that her firm does not represent any interest that is materially adverse to the Debtor or its bankruptcy estate. The firm can be reached through: Jody A. Corrales, Esq. DeConcini McDonald Yetwin & Lacy 2525 E. Broadway Blvd., #200 Tucson, AZ 85716 Tel: (520) 322-5000 Email: jcorrales@dmyl.com About Brother John's BBQ LLC Brother John's BBQ LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Ariz. Case No. 4:25-bk-09288-BMW) on Oct. 1, 2025. The Debtor hires DeConcini McDonald Yetwin & Lacy, P.C. as counsel. CALABRIO HOLDINGS: Fitch Assigns 'B' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has assigned a first-time Long-Term Issuer Default Rating (IDR) of 'B' to Calabrio Holdings, Inc. and its subsidiary Calabrio, Inc. (Calabrio). The Rating Outlook is Stable. Fitch has also assigned a 'BB' with a Recovery Rating of 'RR1' to Calabrio Inc.'s proposed $1.5 billion secured first-out term loan and $300 million RCF and a 'B+'/'RR3' to the secured $1.18 billion last-out term loan. Calabrio will use the proceeds to fund Verint's acquisition and repay existing debts. The ratings are supported by Calabrio's and Verint's AI-powered contact center solutions for workforce management (WFM), analytics, and customer experience (CX) automation. Fitch believes Calabrio's credit metrics are consistent with 'B' peers, with Fitch-adjusted EBITDA margins improving to high 30% and Fitch-adjusted pro forma leverage to be about 6.0x in 2026. The rating also reflects a sticky business model characterized by recurring revenue, high customer retention, and operational resilience. Fitch expects the company's growth strategy will prioritize tuck-in acquisitions over accelerated deleveraging. Key Rating Drivers Business Combination, Complementary Product Integration: Thoma Bravo's $2 billion acquisition of Verint and subsequent combination with Calabrio adds industry-leading CX automation capabilities that complement Calabrio's existing mission-critical cloud-based workforce optimization software solutions for contact centers. The combined company will create a comprehensive end-to-end platform for customer engagement that addresses both enterprise and mid-market customer needs. Verint's CX automation capabilities are immediately incremental to Calabrio's existing offerings, enabling cross-selling opportunities. The transaction is expected to close Q4 2025/Q1 2026. Improving Credit Metrics: Together with Verint, Calabrio will have an annualized total revenue of over $1.1 billion. Fitch expects Calabrio's credit metrics to strengthen over the rating horizon, supported by EBITDA growth and operational efficiency enhancements after the business combination with Verint. Fitch forecasts gross leverage (total debt to EBITDA) trending below 6x on a Fitch-adjusted basis, with Fitch-calculated (CFO-capex)/debt improving to the mid-single digits, as operating cash flow normalizes. These improvements reflect a focus on cash flow generation, supporting adequate interest coverage and credit protection measures. High Levels of Revenue Retention: Verint's deeply embedded, mission-critical offerings have contributed to its large-enterprise logo retention of nearly 100%, providing significant visibility into future revenue streams. Verint's software as a service (SaaS) revenue grew from roughly 50% in 2022 to 65% in fiscal 2025. Through this revenue structure transition, Verint has consistently grown its annual recurring revenue (ARR), reflective of a growing recurring revenue base. Combined with support revenue, recurring revenue now accounts for over 75% of Verint's total revenue and around 90% of Calabrio's. Fitch expects Calabrio to deploy its proven cloud migration playbook to accelerate Verint's move to a cloud-hosted SaaS model. Moderate Financial Leverage: Fitch-estimated gross leverage is expected to be between 5-6x through the rating horizon with capacity to delever supported by FCF generation. However, Fitch believes the company's private equity ownership is likely to prioritize growth and ROE, making accelerated debt repayment unlikely. Fitch expects capital to be used for acquisitions to accelerate growth or for dividends to equity owners, with financial leverage remaining at moderate levels. Modest Execution Risks: Fitch expects Verint to accelerate its migration to a cloud-first strategy under Thoma Bravo's ownership. In addition, Fitch believes the company will successfully implement identified operational efficiencies. Fitch considers the plan realistic, given the sponsor's track record, although some execution risk remains, and any deviation from the plan could affect Fitch's rating case for the company. Strengthening Market Position: Fitch expects merging two companies with distinct but complementary customer bases will broaden the ways the combined business can serve customers. The merger could help the combined company become the market leader. Together, the companies are strongly positioned to serve both enterprise customers requiring deep integration and sophisticated CX automation, as well as mid-market customers in need of cloud-based solutions with flexible deployment options ranging from cloud to hybrid to on-premises. Accelerating AI Enabled Revenue Growth: The company's AI-driven CX automation is transforming contact center operations. The platform leverages advanced AI tools, such as virtual agents, real-time agent assists, and pre-built bots, to automate routine tasks and ensure compliance across critical interactions. These AI enhancements improve efficiency, speed customer resolution times, and reduce labor intensity. The integration of AI into CX automation and workforce engagement shows more than a 10% CAGR in core AI-related annual contract value bookings, positioning the company to capture further market share through technology-led improvements and innovative customer solutions. Significant Customer Diversification: Following its merger with Verint, Calabrio will have a highly diversified customer base numbering over 6,000 and spanning the financial services, insurance, telecom, government, and healthcare industry verticals. Fitch estimates enterprise customers account for approximately 65% of revenue. The diverse customer base minimizes idiosyncratic risks associated with individual industry verticals and should reduce revenue volatility for the combined company. Peer Analysis Calabrio is well positioned in the contact center industry, capturing opportunities as demand rises for advanced WFM and CX solutions, with contact center software spend expected to be about $40 billion by 2027. Fitch expects the experience management subsegment will expand faster than the broader analytics space, supported by rising adoption of data integration, analytics and automation, with AI-led CX automation expected to exceed contact center as a service (CCaaS) spend (ex-AI) in the coming years. Within the CX application software industry, Calabrio competes with peers such as NICE Ltd. and Genesys (not rated by Fitch). Software industry peer Qualtrics (BB-/Stable) demonstrates a comparable recurring revenue model and strong EBITDA margins, with gross leverage expected to remain below 4x due to its successful execution of cost-efficiency strategies. Qlik Parent Inc. (B/Stable) displays a comparable recurring revenue profile and solid margins but is constrained by elevated leverage following debt upsizing last year. Relative to communications-focused peers, such as RingCentral Inc. (BB+/ Stable) and Avaya Holdings Corp. (CCC+), Calabrio's offerings cover an end-to-end solution for every stage of customer engagement, with deeper workforce/quality analytics that integrate seamlessly with complementary systems. RingCentral is rated four notches higher due to gross leverage below 2x, driven by improved profitability. Avaya is rated two notches lower due to weaker credit metrics, including negative FCF generation due to weaker revenue growth and high restructuring expenses. Fitch believes moderate execution risk exists as Calabrio transitions Verint to a SaaS-based company, with normalized Fitch-adjusted EBITDA margins in the high 30s after realization of operational efficiencies. Balancing the favorable operating profile, some execution risk, and moderate financial structure, Fitch believes Calabrio's operating and credit profiles are consistent with other 'B' rated enterprise software companies. Key Assumptions - Organic revenue growth in the mid-single digits; - Fitch-adjusted EBITDA margins expand to the high 30%s; - Capex intensity 1% of revenue; - Debt repayment limited to mandatory amortization; - SOFR rates assumed as 4.10%, 3.70%, 3.50%, and 3.50% from 2025 to 2028; - Fitch assumes excess cash flows toward tuck-in acquisitions; - No dividend payments assumed from 2025 through 2028. Recovery Analysis KEY RECOVERY RATING ASSUMPTIONS - The recovery analysis assumes that Calabrio would be recognized as a going concern in bankruptcy rather than liquidated; - Fitch has assumed a 10% administrative claim. Going Concern (GC) Approach - Fitch assumed a distress scenario where capital misallocation results in unsustainable capital structure. This could result from significant increase in debt for M&A or dividends; - In such an event, Fitch expects Calabrio's highly recurring revenue base and profitability will only suffer manageable degradation due to the products' deep integration within its customers' operations. Fitch assumes due to competitive pressures, revenue suffers a 10% reduction resulting in a GC EBITDA of $385 million, approximately 15% lower than the 2026 forecast Fitch-adjusted EBITDA; - Fitch assumes that Calabrio will receive going concern recovery multiple of 7.0x. The estimate considers several factors, including the recurring nature of the revenue, the high customer retention, AI-led growth drivers for the sector, the company's strong FCF generation and the competitive dynamics. The Enterprise Value (EV) multiple is supported by: - The historical bankruptcy case study exit multiples for technology peer companies ranged from 2.6x to 10.8x; - Of these companies, five were in the software sector: Allen Systems Group, Inc. at 8.4x, Avaya, Inc. at 7.5x in 2023 and 8.1x in 2017, Aspect Software Parent, Inc. at 5.5x, Sungard Availability Services Capital, Inc. at 4.6x, and Riverbed Technology Software at 8.3x; - The recurring nature of Calabrio's revenue and mission-critical nature of the product support the high end of the range; - Fitch arrived at an EV of $2.70 billion. After applying the 10% administrative claim, adjusted EV of $2.43 billion is available for claims by creditors; - The recovery analysis results in first lien recovery of 100% 'BB'/'RR1' for the RCF and First-Out Term Loan and 53% 'B+'/'RR3' for Last-Out Term Loan. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation of Fitch-adjusted EBITDA leverage sustaining above 7.5x; - (CFO-capex)/debt ratio sustaining below 3%; - Organic revenue growth sustaining near or below 0%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation of Fitch-adjusted EBITDA leverage sustaining below 5.5x; - (CFO-capex)/debt ratio sustaining above 7.5%; - Organic revenue growth sustaining above the mid-single digits. Liquidity and Debt Structure Fitch projects the company's liquidity to be ample, supported by its FCF generation and an undrawn RCF of $300 million on a pro forma basis and readily available cash and cash equivalents. Fitch forecasts Calabrio's normalized FCF margins in mid-teens from 2027, supported by Fitch-adjusted EBITDA margins expanding to the high 30% range. Pro forma for the proposed transaction, Calabrio's debt consists of a first-lien $1.5 billion first-out term loan (2032 maturity), a first-lien $1.175 billion last-out term loan (2032 maturity) and an undrawn $300 million first-lien secured revolver (2030 maturity). Given the recurring nature of the business and ample liquidity, Fitch believes Calabrio will be able to make its required debt payments. Issuer Profile Verint is a market leader in AI-led WFM, CX automation, and analytics, serving a broad set of enterprise customers. Calabrio complements this offering with its SaaS-first workforce management and conversational intelligence solutions focused on mid-market and low-enterprise segments. 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 ----------- ------ -------- Calabrio Holdings, Inc. LT IDR B New Rating Calabrio, Inc. LT IDR B New Rating senior secured LT BB New Rating RR1 senior secured LT B+ New Rating RR3 CAMP LOUEMMA: Louemma Unsecureds to be Paid in Full in Plan ----------------------------------------------------------- Camp Louemma Lane Inc., and 11Louemma Lane LLC, filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement to accompany Joint Plan of Reorganization dated September 26, 2025. The Louemma Debtor is one hundred percent owned by Moshe Rudich. The Louemma Debtor owns the real property located at 11 Louemma Lane, Sussex, New Jersey 07461 (the "Louemma Property"). The Camp Debtor is a New Jersey, not for profit corporation governed by its board of directors. The Camp Debtor owns the real property located at 43 Louemma Lane, Sussex, New Jersey 07461 (the "Camp Property" and together with the Louemma Property, the "Properties"). On or about December 24, 2021, the Debtors executed a mortgage loan note in the amount of $1,100,000.00 evidencing a loan by Lender to the Debtors. On or about December 24, 2021, in connection with the extension or continuation of credit by the Lender to the Debtors, the Debtors executed, acknowledged and delivered to Lender a mortgage dated December 24, 2021, in the amount of $1,100,000.00, on the Property. In connection with the Loan Documents and a foreclosure action commenced by the Lender against the Debtors, the State Court entered an Amended Final Judgment in favor of the Lender for a sum amount of $5,322,971.57, together with costs for $1,555.22 and attorneys' fees in the amount of $106,474.49. Class 3 consists of the holders of General Unsecured Claims. These Claims with regard to the Louemma Debtor shall be paid in full on the Effective Date. With regard to the Camp Debtor, Class 3 will receive no distribution. Class 3 for the Louemma Debtor is unimpaired under the Plan, as such class is being treated in accordance with Section 1129(a)(9)(C) of the Bankruptcy Code. Class 3 for the Camp Debtor will receive no distribution and is deemed to reject the Plan. Class 4 Equity Interest Holder for the Louemma Debtor shall retain its Equity Interest. The Camp Debtor is a not for profit and has no equity interests. The Debtor anticipates funding the Plan from monies received from an outside investor/lender that the Debtor is in the process of finalizing. A full-text copy of the Disclosure Statement dated September 26, 2025 is available at https://urlcurt.com/u?l=sGQaRL from PacerMonitor.com at no charge. Counsel to the Debtors: Eric H. Horn, Esq. Heike M. Vogel, Esq. James P. Mansfield, Esq. A.Y. STRAUSS, LLC 101 Eisenhower Parkway, Suite 412 Roseland, NJ 07068 Tel: (973) 287-5006 Fax: (973) 226-4104 About Camp Louemma Lane Inc. Camp Louemma Lane Inc. is a nonprofit organization that operated a co-ed overnight summer camp for children in Sussex, New Jersey. The camp emphasized group living and daily activities designed to promote personal growth and learning. Camp Louemma Lane Inc. 29ought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15658) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtors are represented by Eric H. Horn, Esq. and Deanna Olivero, Esq. at A.Y. STRAUSS LLC. CANYON CREEK: Plan Exclusivity Period Extended to November 25 ------------------------------------------------------------- Judge Kimberly H. Tyson of the U.S. Bankruptcy Court for the District of Colorado extended Canyon Creek Villas, LLC's exclusive periods to file a plan of reorganization to November 25, 2025. As shared by Troubled Company Reporter, the Debtor is a real estate development company and owns real property in Boulder, Colorado. The Debtor is a Single Asset Real Estate ("SARE") Debtor undersection 101(51B) of the Bankruptcy Code. The Debtor explains that as put forth in the First Extension Motion, it had a pending annexation amendment request before the City of Boulder, to reduce the number of affordable housing units Debtor is required to build, resulting in financial feasibility of the intended project. As a consequence, the Debtor is now able to and has been in negotiations for financing sufficient to complete the project. Debtor anticipates an agreement within two weeks of this filing which will be incorporated in and become a basis for its plan of reorganization. The Debtor asserts that it can file a plan of reorganization that has a reasonable possibility of being confirmed within a reasonable time in accordance with Section 362(d)(3)(A) and cause exists for the Court to enlarge the 90-day period as the events requiring the extension are due circumstances outside of the Debtor's control, namely the delays due to the City of Boulder's approval process. The Debtor submits this Motion over a month before the 90-day period to provide adequate time for the order to enter before the 90-day period expires. Out of an abundance of caution, the Debtor is contemporaneously filing a Motion for Entry of an Interim Order as well. Canyon Creek Villas, LLC is represented by: Jeffrey A. Weinman, Esq. Katharine S. Sender, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Tel: (303) 534-4499 Email: JWeinman@allen-vellone.com KSender@allen-vellone.com About Canyon Creek Villas Canyon Creek Villas LLC is a Colorado-based single asset real estate company that owns and manages condominium units in Boulder. Canyon Creek Villas LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-11683) on March 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. CARAWAY TEA: Seeks Approval to Hire Drake Loeb as Special Counsel ----------------------------------------------------------------- Caraway Tea Company, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Drake Loeb PLLC as special counsel to handle its Chapter 11 case. The firm's will be paid at these rates: Ralph L. Puglielle, Jr., Partner $350 Paralegal $90 - $225 In addition, the firm will seek reimbursement for expenses incurred. Mr. Puglielle 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: Ralph L. Puglielle, Jr., Esq. Drake Loeb PLLC 555 Hudson Valley Ave., Ste. 100 New Windsor, NY 12553 Telephone: (845) 561-0550 About Caraway Tea Company Caraway Tea Company LLC is a U.S.-based private label tea manufacturer and co-packer that supplies specialty teas, supplements, and wholesale tea products. With over 20 years of experience, the Company sources from global tea-growing regions including China, India, Sri Lanka, and Japan, partnering directly with artisan growers using organic and sustainable practices. Caraway offers customized co-packing services across retail, foodservice, and e-commerce sectors, supported by in-house blending and manufacturing capabilities. Caraway Tea Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35620) on June 9, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor tapped the Law Office of Michael D. Pinsky, PC as bankruptcy counsel and Drake Loeb PLLC as special counsel. CARIBBEAN CRESCENT: Section 341(a) Meeting of Creditors on Nov. 5 ----------------------------------------------------------------- On September 30, 2025, Caribbean Crescent Inc. filed Chapter 11 protection in the District of Maryland. According to court filing, the Debtor reports between in debt owed to 50 and 99 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. About Caribbean Crescent Inc. Caribbean Crescent Inc., doing business as Quality Ethnic Foods, produces and distributes halal-certified ethnic foods from its facility in Baltimore, Maryland, including Jamaican-style beef patties, Dhal Puri Roti, pepperoni, franks, and gyro. The Company supplies major distributors such as Sysco, Restaurant Depot, Giant Foods, Cheney Brothers, and Sky Chef, and provides doner products to German doner kebab franchises across North America. It operates in the food manufacturing and distribution industry. Caribbean Crescent Inc.sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md.Case No. 25-19065) on September 30, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michelle M. Harner handles the case. The Debtor is represented by Steven H. Greenfeld, Esq. of LAW OFFICE OF STEVEN H. GREENFELD. CARNIVAL CORP: Fitch Puts 'BB+' LongTerm IDR on Watch Positive -------------------------------------------------------------- Fitch Ratings has placed Carnival Corporation and Carnival plc's (together Carnival) 'BB+' Long-Term Issuer Default Ratings (IDRs) and senior unsecured notes 'BB+' Long-Term Ratings with a Recovery Rating of 'RR4' on Rating Watch Positive (RWP). Fitch affirmed Carnival's senior secured notes at 'BBB-'/'RR1' and rated its new revolver and proposed 2029 senior unsecured notes 'BB+'/'RR4' on RWP. The RWP reflects Carnival's proposed note transaction. Proceeds will be used to refinance the 6.0% senior unsecured notes due 2029. The refinancing completes the steps necessary to remove high-yield covenants that would release guarantees across the unsecured bonds. If two agencies assign investment-grade corporate issuer ratings, Carnival can release the secured debt collateral. Carnival's EBITDA leverage is also currently below Fitch's positive sensitivity and is likely to improve further. Fitch will resolve the RWP upon transaction close and upgrade the IDRs and senior unsecured debt to 'BBB-'. Fitch has withdrawn Carnival Holdings (Bermuda) II Limited's 'BB+' IDR and its RCF as there is no longer debt at the entity. Additionally, Fitch has withdrawn Carnival Corporation's 2027 and 2028 senior secured term loans, which have been prepaid. Key Rating Drivers Cruise Demand Remains Strong: Cruise companies benefit from offering a better value proposition relative to resort vacations and having a large base of repeat customers. Carnival, along with Royal Caribbean Inc. (not rated) and Norwegian Cruise Lines Holdings Ltd. (not rated), has announced historically high bookings for both 2025 and 2026. The long-term nature of cruise bookings provides strong visibility, as cancellations are not typically material. Fitch forecasts net yield growth to rise by approximately 5.0% (constant currency) in 2025. Continued Debt Reduction: Carnival's gross debt (excluding issuance costs and discounts) materially increased during the coronavirus pandemic to fund ship deliveries and cover operating costs. Fitch expects debt will decline to $27 billion in 2025 from $35.6 billion in 2022. Fitch also expects FCF growth and management's commitment to investment-grade metrics to lead to a rapid improvement in credit metrics. The decline in new ship deliveries over the next three years should lead to greater FCF growth and further debt reduction. Carnival also have called the $1.1 billion convertible notes, which will be settled with a combination of $500 million in cash and shares. Increased FCF Growth: Fitch expects EBITDA growth, lower interest costs from debt reduction, and lower growth capex to result in higher FCF through the forecast horizon. Fitch estimates FCF will grow to $1.6 billion in 2025 and materially thereafter. Carnival should also benefit from higher customer deposits given the continued growth in bookings. Fitch does not anticipate any material shareholder returns until the company achieves investment-grade status. Leader in Cruise Industry: Carnival is the world's largest cruise operator with multiple brands. Due to its brands acceptance and market leading capacity, the company holds the top market share in the North American and European markets, which contribute most of its EBITDA. Historically, the company's scale has been a credit positive, but pandemic-related disruptions severely impacted Carnival due to its high fixed-cost structure and resulted in delayed ship deliveries. Under normal cruise operating conditions, Fitch considers Carnival's scale a positive factor. Moderate Industry Capacity Growth: Fitch expects capacity growth to be somewhat muted over the next several years given the reduction of new ship orders during the pandemic, as industry credit metrics weakened. However, Fitch believes lower supply growth will support net yield growth in the near term. Recent announcements of new ship builds will mostly not affect the market until the end of the decade, although capacity growth would still be modest. Favorable Industry Dynamics: The top players in the cruise line industry benefit from high barriers to entry due to significant ship capex spend, low global market penetration rates relative to other leisure activities, mobile assets that allow companies to move to other markets when existing markets are facing uncertain economic or geopolitical issues, and favorable tax treatment given their incorporation outside the U.S. Peer Analysis Carnival is the largest cruise ship operator in terms of berths and passengers carried compared to Royal Caribbean Inc. (BBB-/Positive) and Norwegian Cruise Line Holdings, Ltd. (not rated). Carnival is also compared to other high 'BB' category and low 'BBB' category leisure credits, such as Hyatt Hotels Corporation (BBB-/Stable) and Wyndham Hotels & Resorts Inc. (BB+/Stable). Carnival has materially greater scale and geographic diversification than its comparable peers, although leverage is higher. Fitch believes Carnival's scale and FCF generation will result in materially improved credit metrics that will be more indicative of an investment-grade credit over the forecast horizon. Key Assumptions - Passengers carried expected to grow in the low-single digits during the forecast horizon. Occupancy expected to increase to 106% in 2026 and beyond; - Net yields are expected to increase 5% in 2025 and in the low -to mid-single digits over the remainder of the forecast horizon, which is below management guidance; - Adjusted cruise costs per available lower berth days, excluding fuel, are forecast to increase in the low- to mid-single digits over the forecast horizon; - Capex including new ship deliveries are expected to drop to $3.7 billion in 2025 and $3.6 billion in 2026; - There are no assumptions for share repurchases, common dividends, acquisitions or asset sales; - Fitch expects FCF to be applied to debt reduction through the forecast horizon. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA Leverage sustaining above 4.5x; - Economic or geopolitical event that lasts for an extended period and results in a deterioration of the capital structure (e.g., increased debt, use of secured or priority guaranteed financing); - A more aggressive financial policy that includes accelerated shipbuilding plans or increased shareholder allocations, which could make credit metrics vulnerable during a weaker economic environment. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustainable positive FCF with application to debt payment; - EBITDA leverage approaching 4.0x; - The company has taken necessary steps to achieve an unsecured capital structure; - Cash flow from operations (CFO) minus capex to debt is greater than 10%. Liquidity and Debt Structure As of Aug. 31, 2025, Carnival had $1.8 billion of cash and $8.7 billion of undrawn export credit facilities to fund ship deliveries planned through 2033, although the company drew $0.8 billion in September to fund the Sun Princess II ECA facility. The company also has $4.5 billion available under its current RCF, maturing in June 2030. Fitch expects Carnival to be FCF positive through the forecast horizon, which further enhances liquidity. Fitch believes debt reduction, potential conversion of convertible debt exchanged into shares and refinancing opportunities should allow the company to address its debt repayment schedule. Fitch expects new ship deliveries to decline over the forecast horizon. The company plans no ship additions in 2026 and will add one each in 2027 and 2028. The company recently announced three new ships for the Carnival brand and two ships for the AIDA brand, but the first delivery is not until 2029. Issuer Profile Carnival is the largest global cruise company and is among the largest leisure travel companies, with a portfolio of world-class cruise lines. 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 ----------- ------ -------- ----- Carnival plc LT IDR BB+ Rating Watch On BB+ senior unsecured LT BB+ New Rating RR4 senior unsecured LT BB+ Rating Watch On RR4 BB+ Carnival Corporation LT IDR BB+ Rating Watch On BB+ senior unsecured LT BB+ New Rating RR4 senior secured LT WD Withdrawn BBB- senior secured LT BBB- Affirmed RR1 BBB- senior unsecured LT BB+ Rating Watch On RR4 BB+ senior unsecured LT BB+ Affirmed RR4 BB+ Carnival Holdings (Bermuda) II Limited LT IDR WD Withdrawn BB+ senior secured LT WD Withdrawn BB+ CARPENTER FAMILY: Court to Hold Cash Collateral Hearing Today ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, is set to hold a hearing today to consider another extension of Carpenter Family Farms, LLC's authority to use cash collateral. The Debtor's authority to utilize cash collateral pursuant to the court's September 19 interim order expires today. The interim order authorized the Debtor to use up to $50,790 in cash collateral from the petition date to October 8 in accordance with the budget it filed with the court. Moreover, the interim order granted secured creditors including First Farmers and The Cooperative Finance Association, Inc. replacement liens on post-petition cash collateral, with automatic perfection and no further filings required. Based on the Debtor's preliminary investigation and analysis of UCC filings, First Farmers and The Cooperative Finance Association, Inc. may assert a lien on its cash collateral. The Debtor believes First Farmers is in a first lien position. About Carpenter Family Farms, LLC Carpenter Family Farms, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05527) on Sep. 12, 2025, listing $1,000,001 to $10 million in assets and $1,000,001 to $50 million in liabilities. Judge Andrea K Mccord presides over the case. Jeffrey M. Hester, Esq. at Hester Baker Krebs, LLC represents the Debtor as legal counsel. CBRM REALTY: 42 Affiliates' Case Summary & Top Unsec. Creditors --------------------------------------------------------------- Forty-two affiliates of CBRM Realty Inc. that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code on October 5, 2025: Debtor Case No. ------ -------- Alta Sita Apts LLC 25-20491 100 Franklin Square Drive, Suite 401 Somerset NJ 08873 Ashland Manor Apts MM LLC 25-20492 Bellefield Dwelling Apts LLC 25-20493 Bergenfield Investors LLC 25-20494 Campus Heights Apts LLC 25-20495 Campus Heights Apts MM LLC 25-20496 Campus Heights Apts Owner LLC 25-20497 Carriage House Apts LLC 25-20498 Country Club Manor Apts LLC 25-20570 Creekwood Apartments LLC 25-20499 Creekwood Apartments MM LLC 25-20501 Crown Capital Holdings SPV LLC 25-20502 Crown Capital Partners LLC 25-20503 Evergreen Apts LLC 25-20504 Evergreen Apts Partner LLC 25-20505 Evergreen Regency Townhomes, LTD 25-20506 Forrester Apartments LLC 25-20507 Forrester Apartments MM LLC 25-20508 Gallatin Apts LLC 25-20509 Gallatin Apts MM LLC 25-20510 Geneva House Apts LLC 25-20511 Geneva House Apts MM LLC 25-20512 Green Meadow Apts LLC 25-20513 Lucas Urban Holdings LLC 25-20514 Mon View Apts LLC 25-20515 Mon View Apts MM LLC 25-20516 Palisades Apts LLC 25-20517 Palisades Apts MM LLC 25-20518 RAYLBNT LLC 25-20519 RNBF Holdings LLC 25-20520 RSBRM Apts LLC 25-20521 Slidell Apartments LLC 25-20522 Stonebridge Partner LLC 25-20523 Sycamore Meadows Apartments, LTD 25-20524 Sycamore Meadows Apts Partner LLC 25-20525 Homewood House Apts LLC 25-20487 Homewood House Apts Investor LLC 25-20488 Homewood House Apts Investor MM LLC 25-20489 Valley Royal Court Apts LLC 25-20526 Valley Royal Court Apts MM LLC 25-20527 Woodside Village Investor LLC 25-20528 Woodside Village Owner LLC 25-20529 Business Description: The Debtors, a group of 42 affiliated real estate companies, own and manage multifamily residential properties primarily in New Jersey from a centralized headquarters in Somerset, NJ. They are part of the Crown Capital Portfolio, a larger real estate portfolio formed by investor Moshe "Mark" Silber and affiliated parties, which holds dozens of multifamily housing projects across the United States and has historically received funding from federal housing assistance programs, including Section 8, a U.S. program that provides rental subsidies for low-income tenants. The Debtors seek procedural consolidation and joint administration with the Initial Debtors' cases under lead Case No. 25-15343, CBRM Realty Inc., which filed on May 19, 2025. Court: United States Bankruptcy Court District of New Jersey Judge: Hon. Michael B. Kaplan Debtors' General Bankruptcy Counsel: Andrew Zatz, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York NY 10020 Tel: (212) 819-8200 Email: azatz@whitecase.com Debtors' Co-Bankruptcy Counsel: COLE SCHOTZ P.C. Debtors' Restructuring Advisor: ISLANDDUNDON LLC Debtors' Real Estate Advisor: HILCO REAL ESTATE, LLC Debtors' Notice, Claims, Solicitation & Balloting Agent: OMNI AGENT SOLUTIONS, INC. Estimated Assets (on a consolidated basis): $100 million to $500 million Estimated Liabilities (on a consolidated basis): $100 million to $500 million The petitions were signed by Elizabeth A. LaPuma as independent fiduciary. Full-text copies of four of the Debtors' petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/HX4RUQI/Alta_Sita_Apts_LLC__njbke-25-20491__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/EC3KFQA/Campus_Heights_Apts_LLC__njbke-25-20495__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/UORAV7Q/Country_Club_Manor_Apts_LLC__njbke-25-20570__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/U4NIA4A/Crown_Capital_Holdings_SPV_LLC__njbke-25-20502__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Customers Bank Unsecured Notes $41,500,000 Attn: James Millar Tel: (212) 248-3264 Email: james.millar@faegredrinker.com 2. Federated Insurance Companies Unsecured Notes $32,000,000 Attn: James Millar Tel: (212) 248-3264 Email: james.millar@faegredrinker.com 3. Cincinnati Financial Unsecured Notes $29,000,000 Attn: James Millar Tel: (212) 248-3264 Email: james.millar@faegredrinker.com 4. Sagicor Life Insurance Unsecured Notes $16,000,000 Attn: James Millar Tel: (212) 248-3264 Email: james.millar@faegredrinker.com 5. AQS LLC Unsecured Notes $12,000,000 Attn: James Millar Tel: (212) 248-3264 Email: james.millar@faegredrinker.com 6. Adams Bank and Trust Unsecured Notes $12,000,000 Attn: Bruce Morgan Email: bruce@galacticlitigation.com 7. Bar Harbor Bank & Trust Unsecured Notes $9,000,000 Attn: James Millar Tel: (212) 248-3264 Email: james.millar@faegredrinker.com 8. CFBank Unsecured Notes $7,000,000 Attn: James Millar Tel: (212) 248-3264 Email: james.millar@faegredrinker.com 9. Thompson Investment Management Unsecured Notes $7,000,000 Attn: James Millar Tel: (212) 248-3264 Email: james.millar@faegredrinker.com 10. NexBank Unsecured Notes $7,000,000 Attn: James Millar Tel: (212) 248-3264 Email: james.millar@faegredrinker.com 11. LL Funds Unsecured Notes $4,750,000 Attn: James Millar Tel: (212) 248-3264 Email: james.millar@faegredrinker.com 12. First Dakota Unsecured Notes $3,000,000 Financial Corporation Attn: James Millar Tel: (212) 248-3264 Email: james.millar@faegredrinker.com 13. NFC Investments Unsecured Notes $3,000,000 Attn: James Millar Tel: (212) 248-3264 Email: james.millar@faegredrinker.com 14. Calamos Advisors LLC Unsecured Notes $3,000,000 Attn: James Millar Tel: (212) 248-3264 Email: james.millar@faegredrinker.com 15. Catalyst Property Solutions Property Undetermined Attn: Paula Forshee Management 28725 Robinson Road, Services Conroe, TX 77385 Tel: (832) 582-8127 16. Premier Property Property Undetermined Management LLC Management Attn: Jennifer K. Green Services Email: jgreen@clarkhill.com Phone: (901) 751-7979 17. Tarantino Properties Property Undetermined Attn: Sal Thomas Management Tel: (713) 974-4292 Services Email: sal@tarantino.com 18. New York State Taxes Undetermined Department of Taxation and Finance New York State Dept of Taxation and Finance Bankruptcy Section PO Box 5300 Albany NY 12205-0300 19. The City of Tuscaloosa, Litigation Undetermined Alabama Party Attn: Robert Potter Tel: (205) 879-9661 Email: robert@mannpotter.com 20. Alabama State Court Litigation Undetermined Action Plaintiffs Party Attn: Scott B. Holmes Tel: (205) 248-5140 Fax: (205) 349-0328 Email: sholmes@tuscaloosa.com 21. WD CVFG Holdco, LLC Litigation Undetermined 7272 Wisconsin Avenue, Party Suite 1300, Bethesda, MD 20814 Attn: Christian A. Pereyda Phone: (205) 254-1000 Email: cpereyda@maynardnexsen.com 22. Trigild IVL, LLC Property Undetermined Attn: Ian Lagowitz Receiver 8111 Douglas Avenue, Suite 600, Dallas, TX 75225 Phone: (214) 422-2365 23. Specialized Real Property Undetermined Estate Services Receiver 3748 N. Causeway Blvd Suite 301 Phone: (504) 237-4404 24. Paula Forshee of Property Undetermined Catalyst Property Receiver Solutions LLC Attn: Paula Forshee 28725 Robinson Road, Conroe, TX 77385 Tel: (832) 582-8127 25. Cleveland International Fund Property Undetermined Attn: Adam Blackman Receiver Phone: (216) 245-0606 Email: Blackman@clevelandinternationalfund.com 26. Ian Lagowitz of Trigild, Inc Property Undetermined Attn: Ian Lagowitz 8111 Receiver Douglas Avenue, Suite 600, Dallas, TX 75225 Phone: (214) 422-2365 27. David M. Browning Property Undetermined Attn: David M. Browning Receiver Phone: (216) 687-1800 Email: david.browning@cbre.com 28. Salvatore A. Thomas of Tarantino Property Undetermined Properties, Inc. Receiver Attn: Sal Thomas Tel: (713) 974-4292 Email: sal@tarantino.com 29. Internal Revenue Service Taxes Undetermined Centralized Insolvency Operation P.O. Box 7346 Philadelphia, PA 19101-7346 Internal Revenue Service Centralized Insolvency Operation P.O. Box 7345 Philadelphia, PA 19101-7346 30. U.S. Department of Housing and Federal Undetermined Urban Development Housing Attn: Teresa Cline Vouchers Email: teresa.cline@hud.gov CENTER FOR SPECIAL: To Sell Membership Interest to 3 Daughters -------------------------------------------------------------- Michael Goldberg, the Chapter 11 Trustee of the case of The Center for Special Needs Trust Administration Inc., seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to sell membership interest in 3 Daughters Brewing LLC, which Unit in turn is owned by Seaboard Craft Beer Holdings LLC, and consists of a capital percentage ownership in 3DB1 of 2.65%, free and clear of liens, claims, interests, and encumbrances. The Debtor is a 501(c)(3) non-profit Florida corporation that administers pooled trusts and special needs trusts. The Debtor is the trustee or co-trustee of numerous special needs trusts, including both stand-alone trusts and pooled trusts for approximately 2,000 beneficiaries who suffer from various levels of disability. The Debtor's primary service as trustee of the Trusts is to manage the Trusts, maintain records for assets managed by third party investment managers, respond to request for distributions from Beneficiaries, and make distributions in a manner that still ensures that the applicable beneficiary meets the income and asset thresholds to qualify for certain public assistance benefits, such as Medicaid, Social Security, or Supplemental Security Income. The Debtor's services help to ensure that Beneficiaries maintain their qualification for these critical public assistance benefits. The Debtor was initially established by Leo Govoni, who served on the Debtor's Board of Directors until he resigned in 2008 or early to mid-2009. However, following his resignation, Govoni allegedly continued to control and exert his influence over the Debtor's operation and finances through a web of corporate entities. The Trustee, through its Final Judgment against Boston Finance Group, LLC, has established that BFG received numerous transfers of funds from the Debtor totaling well over $100 million between 2009 and 2020. The funds utilized to make these transfers were allegedly taken from over 1,000 Trusts managed by the Debtor and the transfers were documented as a purported loan from the Debtor to BFG. Until June 3, 2025, Govoni owned interests in many other companies that also allegedly received transfers from the Debtor over the years, including but not limited to Seaboard, who, upon information and belief, purchased the Founding Unit using funds which originated from the Debtor. Seaboard is a Debtor/Govoni-related entity to which the Trustee holds title on behalf of the Debtor's estate. The Trustee also holds an unsatisfied judgment against Seaboard, the seller in the proposed transaction, in the amount of $1,342,767.41, exclusive of interest. The only secured claim against Seaboard, and in turn the Founding Unit, belongs to the Debtor's estate. On March 19, 2025, upon the consent of Govoni, the Trustee sought and obtained an order appointing Nperspective Advisory Services, LLC and William A. Long, Jr. as Restructuring Advisor and Chief Restructuring Officer of Global Litigation Consultants, LLC, Boston Settlement Group, LLC, and Boston Asset Management, Inc in the adversary filed against Govoni and Boston Finance Group LLC. Mr. Long's role as CRO was subsequently expanded over a host of additional entities, including of Seaboard and related entities. The Trustee, through Mr. Long, has received an offer to purchase the Founding Unit currently held by Seaboard for a total purchase price of $84,867.51 from 3DB, as the purchaser, which offer the Chapter 11 Trustee accepted. The Offer / Purchase Price is the result of a formula set forth in 3DB's amended operating agreement, at Sections 8.3 and 8.4, as well as arms-length negotiation. All proceeds from the proposed sale will go to the Debtor's estate as there are no closing costs contemplated other than seeking Court approval. Notwithstanding that 3DB sold the Founding Unit to Seaboard/Govoni prepetition, based on the Trustee's due diligence, the Trustee does not believe that either 3DB nor its other members/employees had anything to do with the Debtor or what took place there. 3DB wants to purchase the Founding Unit to server all connections to Govoni. The Founding was acquired in or around 2013, for $50,000. The Chapter 11 Trustee believes that the acquisition of the Founding Unit was funded, in whole or in part, using funds that were held and/or owned by the Debtor. The Chapter 11 Trustee further asserts a constructive trust was created over the Founding Unit, which arose by operation of law, on the date of the acquisition of the Founding Unit, to the extent the Founding Unit was acquired with funds wrongfully obtained from the Debtor. Mr. Goldberg is authorized to sell the Founding Unit, as he is now the sole and majority owner of Seaboard, who in turn owns the Founding Unit. Thus, the Chapter 11 Trustee requests that the Court enter an order approving the sale of the Founding Unit. The Trustee, through his ownership of all the stock/equity in Seaboard is treating the Founding Unit as property of the estate. Pursuant to Section 363 of the Bankruptcy Code, to the extent applicable, provides that a chapter 11 trustee may sell property of its estate outside of the ordinary course of its business. About The Center for Special Needs Trust Administration The Center for Special Needs Trust Administration, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-00676) on Feb. 9, 2024, with $100 million to $500 million in both assets and liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, PA is the Debtor's legal counsel. On March 4, 2024, the U.S. Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Underwood Murray, PA as bankruptcy counsel and Gilbert Garcia Group, PA as special counsel. CENTERPOINT ENERGY: Fitch Rates Jr. Sub. Notes Due 2056 'BB+' ------------------------------------------------------------- Fitch Ratings has assigned a 'BB+' instrument rating to CenterPoint Energy, Inc.'s (CNP) fixed-to-fixed rate reset junior subordinated notes (JSN) due 2056. The notes are CNP's unsecured obligations and will rank junior and subordinate in right of payment to the prior payment in full of CNP's existing and future senior indebtedness. Proceeds from the debt offering will be used for general corporate purposes, including repayment of outstanding CP. The JSNs qualify under Fitch criteria for 50% equity credit. CNP's Long-Term Issuer Default Rating (IDR) is 'BBB' with a Stable Rating Outlook. Key Rating Drivers Credit Metric Pressure Easing: CNP subsidiary, CenterPoint Energy Houston Electric, LLC (CEHE; BBB+/Negative), was significantly impacted by 2024 storm activity in Texas, with costs totaling about $1.6 billion before carrying costs. Fitch's rating case for CNP assumes storm costs will be fully recovered. Fitch expects CNP's funds from operation (FFO) leverage will improve from 5.9x in 2024 to around 5.3x per year in both 2025 and 2026, well within Fitch's 6.0x FFO leverage downgrade sensitivity. Pressure on CNP credit metrics reflects CEHE rate concessions and the utility's low equity component of regulatory capital, offset by customer growth, operations and maintenance (O&M) reductions, and rate increases at CNP's Indiana electric utility and its Minnesota and Texas gas utilities. Credit metrics are also pressured by CNP's large, 10-year capex program. Concerns regarding CNP's capex program are mitigated by a generally balanced regulatory environment. Political Pressure Easing: Fitch believes CNP has made significant progress in addressing political and customer concerns at CEHE regarding storm response and service interruptions in 2024. Recovery of 2024 storm costs via securitization, consistent with historical precedent, would be credit positive. Diverse Utility Operating Base: CNP's utility focused strategy is comprised of investment in a diverse portfolio of natural gas local distribution utilities operating in three midwestern states and Texas, as well as its Houston-based electric transmission and distribution (T&D), and integrated Indiana electric utility operations. The company's relatively low risk business model is a key credit positive, offset by a noticeable rise in catastrophic storm activity at CEHE in recent years. Asset Sale and Equity Update: CNP closed on the sale of its Louisiana and Mississippi natural gas local distribution companies (LDC) on March 31, 2025, for gross proceeds of $1.2 billion. In May 2025, it announced its intention to sell its Ohio LDC business. Proceeds from the asset sales, along with $165 million of equity issuance earlier this year and equity forward agreements of about $920 million, are expected to be used to fund CNP's capex-related equity needs through 2027. Securitization Update: Texas has authorized tariff bonds and regulatory mechanisms to recover storm costs in a timely manner, a credit positive. In August 2025, CNP filed a settlement with the PUCT in its Hurricane Beryl storm cost determination proceeding. If approved by the commission, Hurricane Beryl-related securitization bonds approximating $1.2 billion could be issued by the company in early 2026. Earlier this month, CNP received about $400 million of proceeds from securitization bonds to recover costs from the May 2024 derecho. Rate Case Overview: CNP received constructive orders in several jurisdictions approving proposed settlement agreements. Final commission orders increased rates by about $80 million in Indiana in 2025, and $61 million and $43 million in Minnesota in 2024 and 2025. In Texas, the PUCT authorized roughly a $47 million rate decrease. Fitch believes the rate reduction has contributed to a rebalanced regulatory compact in the state following adverse customer, political, and regulatory reaction to Hurricane Beryl service outages. In 4Q24, CNP filed a gas base rate case in Ohio seeking a $100 million rate increase. A settlement has been reached with intervenors and a final decision is expected in 2026. Peer Analysis CNP is well-positioned compared to peers NiSource Inc. (NiSource; BBB/Stable) and Sempra (BBB+/Stable). CNP is smaller than Sempra and larger than NiSource as measured by EBITDA. CNP's, NiSource's and Sempra's 2024 EBITDA totalled $3 billion, $2.5 billion and $5.2 billion, respectively. Both CNP and NiSource are multi-state utilities with gas and electric utility operations across multiple jurisdictions. CNP provides gas and electric service in four states, while NiSource's utility operation spans six states. Sempra operates gas distribution and electric utilities in California, owns electric transmission and distribution utilities in Texas and significant nonutility, energy sector investments. More than 95% of CNP's EBITDA is derived from regulated utilities. Regulated utilities provide virtually all of NiSource's consolidated EBITDA and around 80% of Sempra's EBITDA is from regulated operations. CNP's FFO leverage is estimated by Fitch at 5.3x in 2025 and 5.4x in 2026, weaker than higher-rated Sempra's 4.9x in 2025 and 4.1x in 2026, and stronger than NI's FFO leverage of 5.7x and 5.4x in 2025 and 2026, respectively. Key Assumptions - Continued credit supportive rate regulation; - Incorporates impact from regulatory decisions in CNP's Indiana, Minnesota and Texas gas LDC rate case and its Texas electric base rate case; - Annual customer growth averages around 1% across CNP's gas LDC utility platform and 2% at CEHE; - SRP settlement approved by PUCT authorizing about $3.2 billion of 2026-2028 resiliency investment. An additional $2.55 billion of 2026-2028 resilience spending invested with recovery facilitated through CEHE's TCOS mechanism; - Virtually full recovery of storm costs in rates via securitization and other rate recovery mechanisms; RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - FFO leverage above 6x on a sustained basis; - Significant, unexpected deterioration in CNP's regulatory environment. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - FFO leverage below 5x on a sustained basis and continued supportive rate regulation. Liquidity and Debt Structure On a consolidated basis, CNP and its subsidiaries have access to up to $4 billion of credit facilities, including a $2.4 billion facility at the parent. CNP subsidiaries CenterPoint Energy Resources Corp. (CERC), CenterPoint Energy Houston Electric (CEHE) and SIGECO, through separate credit facilities, can borrow up to about $1.1 billion, $300 million and $250 million, respectively. The credit facilities terminate on Dec. 6, 2028. Available borrowing capacity under CNP's and its subsidiaries' credit facilities as of June 30, 2025, was approximately $2.0 billion, primarily reflecting approximately $1.8 billion of CP issued by CNP and $192 million at CERC. CERC and CEHE participate in CNP's money pool, borrowing and investing on a short-term basis. As of June 30, 2025, CNP had cash and cash equivalents of $93 million on its balance sheet. Issuer Profile CNP is a large, multi-state utility holding company strategically focused on its core utility operations, having exited investment in midstream and other unregulated businesses in recent years. Summary of Financial Adjustments Fitch adjusts financial ratios by removing securitization-related revenue, amortization, interest expense and debt from CNP's, CEHE's and CERC's financials, reflecting protections granted by state law that create a transferable, non-bypassable special tariff to a ring-fenced SPE with no recourse to the utility. Fitch also provides 50% equity credit for certain hybrid securities, in accordance with Fitch criteria and consistent with the equity-like features of the relevant hybrid instruments. Date of Relevant Committee June 20, 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ CenterPoint Energy, Inc. junior subordinated LT BB+ New Rating CINEMAWORLD OF FLORIDA: Seeks to Extend Plan Exclusivity to Dec. 30 ------------------------------------------------------------------- Cinemaworld of Florida, Inc. asked the U.S. Bankruptcy Court for the Southern District of Florida to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 30, 2025 and February 27, 2026, respectively. The Debtor claims that having reduced its operations through the sale of the Melbourne location, the Debtor has continued to evaluate its remaining operations and examine the manner in which its expenses can be reduced and its operations stabilized. The Debtor currently has three theatre locations and one family entertainment center, with a total of 91 employees. The Debtor explains that the claims bar date expired on September 11, 2025, with the deadline for governmental units being December 30, 2025. In evaluating its on-going operations, the Debtor determined that it would benefit from the employment of a financial advisor to advise on financial and operational issues and to assist with financial projections, its plan of reorganization, and interfacing with creditors. To that end, the Debtor has filed Debtor's Application to Employ GlassRatner Advisory & Capital Group, LLC as Financial Advisor (the "GlassRatner Application"). The Debtor needs additional time before proposing a plan for the GlassRatner Application to be considered by the Court and if approved, for GlassRatner to have sufficient time to provide the services for which it is being engaged. The Debtor asserts that this motion is not submitted for purposes of delay and the Debtor submits that the relief requested in this motion will not prejudice any party. Cinemaworld of Florida, Inc. is represented by: Elena Paras Ketchum. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St., Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 Email: eketchum@srbp.com About Cinemaworld of Florida, Inc. Cinemaworld of Florida, Inc., doing business as The Majestic 11 and CW Lanes & Games, operates movie theaters and family entertainment centers. Cinemaworld of Florida, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17693) on July 3, 2025, listing $10 million to $50 million in both assets and liabilities. The petition was signed by Richard N. Starr, Sr. as president. Judge Mindy A Mora presides over the case. Harley E. Riedel, Esq. at STICHTER, RIEDEL, BLAIN & POSTLER, P.A. represents the Debtor as counsel. CLEAR GUIDE: Seeks Chapter 11 Bankruptcy in Maryland ---------------------------------------------------- On October 1, 2025, Clear Guide Medical Inc. filed Chapter 11 protection in the District of Maryland. According to court filing, the Debtor reports $683,594 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Clear Guide Medical Inc. Clear Guide Medical Inc., a privately held company headquartered in Baltimore, Maryland, develops next-generation navigation technology for minimally invasive medical procedures, including biopsies, ablations, pain injections, and peripheral nerve blocks. The Company's offerings, including the CLEAR GUIDE SCENERGY system and the SuperPROBE platform, integrate image fusion and instrument guidance using computer vision to enhance procedural efficiency and reduce healthcare costs. Clear Guide Medical is a spinout of Johns Hopkins Medical Institutions and Johns Hopkins University and provides solutions across multiple imaging modalities for interventional radiology and surgical applications. Clear Guide Medical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-19171) on October 1, 2025. In its petition, the Debtor reports total assets as of December 31, 2024 amounting to $1,347,691 and total liabilities as of December 31, 2025 of $683,594. Honorable Bankruptcy Judge Michelle M. Harner handles the case. The Debtor is represented by Stephen B. Gerald, Esq. of TYDINGS & ROSENBERG LLP. COAST TO COAST: Amends Sumitomo Mitsui Secured Claim Pay Details ---------------------------------------------------------------- Coast to Coast Leasing, LLC, submitted a Third Amended Combined Chapter 11 Plan of Reorganization and Disclosure Statement. This Third Amended Combined Plan of Reorganization and Disclosure Statement is identical to the Second Amended Combined Plan of Reorganization except for the treatment of Class 2.8 consisting of the Secured Claim of Sumitomo Mitsui Finance and Leasing Co. Coast to Coast has returned refrigerated trailers to various lenders and expects to receive a credit for the amount realized on the liquidation of the refrigerated trailers. secured Lender. The balance remaining on liquidation of the refrigerated trailers will be an unsecured claim for each of the respective lenders. Debtor proposes to pay 30% on the respective unsecured claims over the five-year period of the Plan. Specific Plan treatment as to M&T has been agreed to and stipulated between the Debtor and M&T owing to its senior secured position, and the stipulation was approved and "so ordered" by the Court on July 30, 2024. With respect to the Transportation Equipment that the Debtor proposes to keep, (trucks) Debtor will pay the agreed value of the Secured Claim with interest at 9% during the term of the plan and the 30% of unsecured portion of the respective creditor's claim without interest over the 5-year term of the Plan. Class 2.8 consists of the Secured Claim of Sumitomo Mitsui Finance and Leasing Co. The Debtor values the Secured Claim of Sumitomo Mutsui Finance and Leasing Co at $676,500. As such, Sumitomo Mitsui will be allowed a secured claim in the amount of $676,500 and an unsecured claim in the amount of $167,718. Debtor will make 60 payments on the secured claim at the rate of $14,043 per month for 60 months which includes interest at 9% starting with the Effective Date of the Plan. It will pay 30% of the unsecured claim, with interest at 5% in 60 monthly payments at the rate of $1,044 per month. Class 3.1 In general, the Unsecured Claim of a Secured Creditor who is undersecured represents the amount of such Secured Creditor's Claim as of the Petition Date, less the value of the Collateral securing such Claim as of the Petition Date, and the Secured Creditor is, to the extent of that deficiency in value, an Unsecured Creditor holding an Unsecured Claim. The Debtor shall pay the Allowed Unsecured Claim of each Unsecured Creditor in Class 3.1, including the deficiency Unsecured Claims held by undersecured Creditors, a dividend of 30% in sixty equal monthly installments commencing on the 25th day of the month following the Effective Date of the Plan, with interest at 5%. Class 3.2 The Unsecured Claims in Class 3.2, if any, shall be estimated for purposes of allowance. To the extent allowed, such Allowed Unsecured Claims shall be treated in the manner provided for Allowed Unsecured Claims in Class 3.1. Monthly payments will be made under the Plan from the Debtor's income. The Debtor's revenue has been and will continue to be lease payments from Nationwide Cargo, Inc. Nationwide Cargo has been able to make lease payments to the Debtor since the Petition Date, allowing the Debtor to make Adequate Protection Payments in an amount approaching or exceeding $2 million. With the relief provided by the Plan, Nationwide Cargo's operating income will be sufficient to allow it to make lease payments to the Reorganized Debtor, enabling the Debtor to make all Plan payments in full. A full-text copy of the Third Amended Combined Plan and Disclosure Statement dated September 29, 2025 is available at https://urlcurt.com/u?l=qYIC1w from PacerMonitor.com at no charge. Counsel to the Debtor: David P. Leibowitz, Esq. Law Offices of David P. Leibowitz, LLC 3478 N. Broadway, Unit 234 Chicago, IL 60657-6968 Phone: (312) 662-5750 Email: dleibowitz@lakelaw.com About Coast to Coast Leasing Coast to Coast Leasing is part of the general freight trucking industry. Coast to Coast Leasing filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-03056) on March 1, 2024, listing $9,989,000 in assets and $19,167,713 in liabilities. The petition was signed by Hristo Angelo as member. Judge Jacqueline P. Cox presides over the case. David P Leibowitz, at the Law Offices of David P. Leibowitz, LLC, is the Debtor's counsel. COLE ACADEMY: Seeks Chapter 7 Bankruptcy in Maryland ---------------------------------------------------- On October 3, 2025, The Cole Academy Inc. voluntarily filed for Chapter 7 bankruptcy in the District of Maryland Bankruptcy Court. Court documents show the academy holds debts of up to $1 million, and lists 1 to 49 creditors in its petition. About The Cole Academy Inc. The Cole Academy Inc. is a nationally accredited institution dedicated to delivering exceptional early childhood education and care. The Cole Academy Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.Md. Case No. 25-19230) on October 3, 2025. In its petition, the Debtor reports estimated assets under $100,000 and estimated liabilities up to $1 million. Honorable Bankruptcy Judge David E. Rice handles the case. The Debtor is represented by Sonila Isak Wintz, Esq. of The Isak Law Firm. COLLABORATION SOFTWARE: Case Summary & 20 Top Unsecured Creditors ----------------------------------------------------------------- Debtor: Collaboration Software Partners LLC 3820 Three Chimneys Lane Cumming, GA 30041 Business Description: Collaboration Software Partners LLC provides cloud-based human capital management (HCM) and workforce management solutions, delivering integrated technology platforms alongside implementation, training, and client support services. The Company partners with providers such as UKG, Everything Benefits, MasterTax, NatPay, Spentra, HireCredit, and Nephele Consulting Services to offer a unified suite that addresses workforce and HR challenges. It operates in the HCM and workforce management sector, focusing on seamless deployment, integration, and ongoing client support. Chapter 11 Petition Date: October 3, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-21412 Debtor's Counsel: Leah Fiorenza McNeill, Esq. ALSTON & BIRD LLP 1201 West Peachtree Street Suite 4900 Atlanta, GA 30309 Tel: 404-881-7000 Email: Leah.McNeill@alston.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Latini as chairman and CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AGP4U5I/Collaboration_Software_Partners__ganbke-25-21412__0001.0.pdf?mcid=tGE4TAMA CONGREGATION TEFILA: Section 341(a) Meeting of Creditors on Nov. 6 ------------------------------------------------------------------ On October 1, 2025, Congregation Tefila Lemoshe Inc. filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports $434,992 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 6, 2025 at 02:30 PM at Zoom.us - USTrustee 10: Meeting ID 161 1310 5467, Passcode 8815187370, Phone 1 (202) 796-9384. About Congregation Tefila Lemoshe Inc. Congregation Tefila Lemoshe Inc. is a Jewish religious organization based in Spring Valley, New York, providing daily and weekly religious services, including Daf Yomi classes, under the leadership of Rabbis Meshulem Nussen Spiegel and Avrohom Neuberger, and operating as a 501(c)(3) nonprofit entity. Congregation Tefila Lemoshe Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22933) on October 1, 2025. In its petition, the Debtor reports total assets of $1,400,000 and total liabilities of $434,992. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by H Bruce Bronson, Esq. of BRONSON LAW OFFICES PC. COORSTEK INC: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has assigned CoorsTek, Inc. a first-time Long-Term Issuer Default Rating (IDR) of 'BB'. Fitch has also assigned 'BB+' ratings with Recovery Ratings of 'RR2' to CoorsTek's first-lien secured revolving credit facility and term loan, since most of the enterprise value is outside the U.S. The Rating Outlook is Stable. The rating reflects a defensible, vertically integrated leadership position in high-performance technical ceramics, anchored by proprietary formulations, lengthy qualification cycles, and long-tenured customer ties that support recurring revenue across diversified, mission-critical end-markets. Strong profitability and (CFO-capex)/debt relative to 'BB' peers provide flexibility, while secular tailwinds and ready-to-ramp capacity support growth. The rating also considers exposure to the semiconductor investment cycle and governance risks of a closely held private company. The planned refinancing supports flexibility, with pro forma leverage at close in the low-4.0x range, declining to the mid-to high- 3.0x range by FY27. Fitch views forecasted EBITDA leverage and management's 3.5x leverage target consistent with 'BB' tolerances. Key Rating Drivers Capital Structure Refi; Special Dividend: CoorsTek's proposed refinance replaces legacy debt with a more flexible, syndicated credit package comprising a new $500 million first-lien revolving credit facility and a $750 million first-lien term loan. The refinancing coincides with a one-time, debt-funded special dividend of $50 million. At closing, gross leverage is expected to be in the low-4.0x range. Absent additional debt-funded shareholder distributions, Fitch projects EBITDA growth and scheduled amortization will reduce leverage to the mid-to-high-3x range by FY27. CoorsTek's pre-dividend cash generation provides ample deleveraging capacity, supported by a projected high-single-digit (CFO-capex)/debt ratio over the forecast period. Fitch's base case does not assume voluntary debt repayment due to the company's history of recurring FCF-linked dividends. Management targets 3.5x leverage following any leveraging event, suggesting a balance between capital deployment and debt reduction. However, the shareholder-friendly stance contributes to execution risk and sustained deviation from this threshold could pressure ratings. Defensible Market Position, Technological Advantage: CoorsTek has an established top-three position across its business units, supplying high-performance technical ceramics for mission-critical applications. Customers value proven reliability in harsh environments over pricing, as components are critical and involve a high cost of failure yet typically account for less than 5% of total unit costs. About 95% of products are designed into customers' products/processes and require lengthy qualification cycles, reducing substitution risk. Customer relationships averaging 15-plus years further enhance stickiness and increase switching costs. CoorsTek owns more than 400 proprietary technical ceramic formulations and processes, many co-developed with customers, that are difficult to reverse-engineer. The company engages early in customer programs, embedding process expertise to meet strict performance requirements. Vertical integration, scalable manufacturing, and a global R&D and manufacturing footprint near key sites improve reliability, resilience, and speed to market. As qualified products are rarely replaced, the installed base support a sustainable market position and supports predictable, high-margin revenue and stable cash flow. FCF Supports Deleveraging Capacity: Fitch projects CoorsTek will generate around $100 million of pre-dividend FCF annually, supported by about 22% EBITDA margins. Fitch is modeling FCF-linked dividend payments and no voluntary debt prepayments, resulting in EBITDA growth reducing leverage to around 3.5x by FY27. The company has capacity to accelerate deleveraging; family ownership can adjust distributions as conditions warrant, supporting liquidity if needed. Semiconductor Growth: CoorsTek is positioned to benefit from industry drivers, including AI/high-performance computing (HPC) advances and rising fabrication complexity. This supports Fitch's view of mid-cycle, mid-single-digit semiconductor growth, with upside as ceramic content increases in critical tools. While original equipment manufacturer (OEM) solutions tied to wafer fabrication equipment are more closely linked to the investment cycle, revenue from fab solutions is stickier due to recurring replacement demand and maintenance cycles. Demand is reinforced by global fab expansions, reshoring, and established relationships. Despite industry risks, CoorsTek's leadership in technical ceramics should support sustained growth. Industry Tailwinds: CoorsTek is positioned to benefit from tailwinds across Aerospace and Defense (A&D), medical and cleantech, and industrials. In A&D, sustained U.S./allied modernization, NATO/EU spending, and next-gen applications (such as radomes, antennas, ultra-high-temperature components) support multiyear growth, with continued leadership in U.S. body armor. Medical and cleantech benefit from aging demographics, stringent five-to-10-plus-year qualifications, and biocompatibility, with recent share gains in hip balls. Industrials provide recurring demand in uptime-critical environments and exposure to EVs, automation, and clean energy. Expanded, 20%+ EBITDA Margins: CoorsTek has executed a strategic transformation, expanding EBITDA margins by over 500 bps from the mid-teens in FY20 to above 20% in FY24. Margin expansion reflects disciplined pricing and operational streamlining, including footprint consolidation and product rationalization that refocused the portfolio on higher-value customers and end markets. Post-realignment, elevated capex in FY22-FY23 expanded capacity and enhanced capabilities, supporting future revenue growth and helping sustain margins through scale and operating leverage. Fitch expects margins to remain in the low-to-mid 20% range, which is above-average for the 'BB' category. Diversification Mitigates Cyclicality: CoorsTek serves semiconductor, medical, A&D, cleantech, and industrial markets, creating a balanced demand profile and reducing cyclicality. A geographic mix of 44% Asia, 40% U.S., 13% Europe, and 3% across other regions further reduces concentration risk. The company serves more than 2,000 customers, with its top customer accounting for about 10% of revenue and the top 10 accounting for about 46%. Long-term contracts, extended lead times, and a roughly $600 million backlog at June 30, 2025, equal to about six months of sales, provide recurring revenue and near-term visibility. Peer Analysis Semiconductor Peers: CoorsTek is broadly comparable to niche industrial technology issuers such as Entegris ('BB'/Stable) and MKS Instruments ('BB'/Stable), but sources of cash-flow stability differ. CoorsTek's diversification, including the steadier medical and A&D sectors, helps buffer semi cyclicality, though its semiconductor mix is more OEM-skewed and thus more variable. Entegris, with heavier semiconductor exposure, mitigates cyclicality through consumables and filtration tied to wafer starts, yielding recurring, service-like cash flows. MKS benefits from deep embedded positions in the ecosystem, supplying system-critical subsystems, lasers, and metrology tools. A&D Peers: Among A&D suppliers such as Arxis (B+/Stable), Signia Aerospace, LLC (B+/Stable), and Hexcel ('BBB-'/Stable), cash-flow stability is anchored by proprietary products, long-cycle OEM platforms, and aftermarket visibility. CoorsTek's ceramics are similarly specified for programs and mission-critical uses, but its semiconductor exposure skews its earnings as more cyclical. Compared with Signia and Hexcel, CoorsTek's diversification into medical and industrial sectors offers broader buffers, though the A&D peers benefit from high switching costs. Financially, CoorsTek's EBITDA margins are also strong for its rating, but leverage is higher than Hexcel. Industrial Peers: Within diversified industrial manufacturers such as Kennametal ('BBB'/Stable) and Worthington ('BBB-'/Stable), cash-flow profiles are shaped by exposure to cyclical capital goods and aftermarket demand. CoorsTek's niche ceramics provide higher barriers to entry and longer customer tenures than commoditized tooling, strengthening its business profile over than Kennametal's. Worthington benefits from conservative financial policies and steadier industrial exposure but lacks CoorsTek's mission-critical positioning. Financially, CoorsTek is smaller in scale but has higher EBITDA margins than Kennametal and Worthington. Kennametal and Worthington maintain materially lower leverage than CoorsTek. Key Assumptions - Revenue grows low single digits organically each year, supported by steady demand, ongoing share gains, and the ramp of key platforms; - EBITDA margin remains in the low-to-mid 20% range over the forecast period; - Capital intensity remains stable at 7% of revenue (including about 2% for maintenance capex); - Recurring, FCF-linked shareholder distributions consistent with historical practice and its financial policy; - FCF is slightly negative to breakeven due to discretionary deployment; - No M&A assumed; - Mandatory amortization of $7.5 million per year; no voluntary repayments assumed; - SOFR: FY25 4%; FY26 3.5%; FY27 3.25%; FY28 3.25%. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Deviation in capital allocation priorities or financial policy leading to mid-cycle EBITDA leverage sustained above 4.0x; - Reduction in through-the-cycle financial flexibility, including (CFO-CAPEX) / Debt sustained below 7.5%; - Sustained revenue declines, margin compression, or erosion of competitive advantages that weaken earnings and cash flow stability. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Demonstrated commitment to financial policy leading to mid-cycle EBITDA leverage sustained below 3.5x; - Mid-cycle (CFO-capex) /debt sustained above 10%; - Greater scale and diversification through organic growth and credit-conscious acquisitions that enhance the through-the-cycle cash flow risk profile. Liquidity and Debt Structure As of June 30, 2025, pro forma for the transaction, CoorsTek's liquidity will consist of $50 million of cash and $264 million of availability under a new five-year revolving credit facility, totaling about $314 million. The company's debt structure will also include a new seven-year $750-million-term loan facility with 1% mandatory amortization per year. The new revolver will include a maximum first-lien net leverage covenant of 5.25x. Management's policy targets minimum liquidity of at least 1.0x EBITDA, measured as cash plus revolver availability. Forecasted pre-dividend FCF of about $100 million per year further supports liquidity and financial flexibility. Issuer Profile CoorsTek, Inc., headquartered in Golden, Colorado, is a global manufacturer of highly engineered technical ceramics for mission-critical applications across diverse end markets including semiconductors, aerospace and defense, medical and industrial. 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 ----------- ------ -------- CoorsTek, Inc. LT IDR BB New Rating senior secured LT BB+ New Rating RR2 COSMOS HEALTH: CEO Highlights Growth, Strategic Plans in Letter --------------------------------------------------------------- Cosmos Health Inc.'s chief executive officer, Greg Siokas, has issued the following letter to the Company's shareholders: Dear Fellow Shareholders, Cosmos Health stands at a defining moment in its journey. Over the past year, we have made decisive progress - refining our strategy, reinforcing our operations, and positioning every business unit to contribute to a common vision of sustainable growth and long-term value creation. From our expanding manufacturing footprint in the United States to the global reach of our Sky Premium Life brand, the strengthening of our wholesale operations, the signing of long-term contract manufacturing agreements, and the breakthroughs emerging from our R&D pipeline, every part of our organization has made meaningful progress. At the same time, the launch of our digital treasury strategy underscores our commitment to innovation and resilience in an evolving global landscape. These achievements mark the beginning of a new era for Cosmos Health -- one defined by growth, innovation, and resilience. With the continued trust and support of our shareholders, we are building a company not only prepared for the challenges ahead, but also poised to lead in the years to come. I. Vision & Ambition Cosmos Health is at a turning point in its journey. We have aligned every business unit around a common goal: creating a global healthcare and life sciences platform that integrates pharmaceuticals, nutraceuticals, manufacturing, logistics, research and innovation, and digital finance under one roof. Our purpose is clear: to make high-quality healthcare accessible worldwide while driving innovation at the intersection of science, technology, and digital finance. This is not simply about growth for its own sake, but about building a company defined by resilience, creativity, and the capacity to lead in rapidly evolving industries. A Bold Ambition for the Future Looking ahead to 2030, our ambition is to transform Cosmos Health into a global powerhouse. We will achieve this by scaling our branded products, deepening our scientific pipeline, and harnessing AI and blockchain to reshape both the discovery and delivery of healthcare. Our long-term direction includes, among other priorities: * Expanding our global reach across Europe, North America, the Middle East, and Asia. * Scaling branded nutraceuticals and pharmaceuticals into globally recognized products. * Building a proprietary therapeutics pipeline with multi-billion-dollar market potential. * Leveraging AI and blockchain to redefine drug discovery, intellectual property monetization, and corporate treasury management. * Delivering sustained shareholder returns through financial innovation, operational excellence, and long-term growth. At every step, we balance near-term profitability with long-term investment, ensuring that Cosmos Health remains both innovative and sustainable. Foundations of Strength Our strategy is rooted in three core strengths that give Cosmos Health a significant advantage: * Diversification: By operating across multiple healthcare segments, from R&D and pharmaceuticals to consumer brands and logistics, we reduce reliance on any single revenue stream. * Vertical Integration: Ownership of manufacturing, distribution, and branded products gives us control over quality, cost, and scalability. * Innovation-Driven Growth: From AI-enabled platforms like Cloudscreen to blockchain-enhanced treasury and supply chain systems, we are embedding innovation into every part of the business. Building for the Long Term These foundations allow us to pursue ambitious goals while maintaining resilience. With such foundations in place, we believe Cosmos Health is positioned not only to capture emerging market opportunities but also to help shape the future of global healthcare delivery. Just as importantly, we see them as ensuring that we can navigate market volatility, protect shareholder value, and continuously reinvest in areas of highest growth potential, from branded nutraceuticals and pharmaceuticals to digital health and AI-driven discoveries. II. Milestones & Achievements The past year has been one of the most pivotal in Cosmos Health's history. We achieved progress on multiple fronts - securing transformative financing, expanding manufacturing capabilities across two continents, scaling our flagship nutraceutical brand into new international markets, and strengthening our innovation pipeline with patents, licensing agreements, and AI-driven R&D. These milestones are not isolated wins but interconnected achievements that reinforce our strategic vision of building a diversified, resilient, and innovation-driven healthcare ecosystem. Together, they highlight the depth of our progress, the strength of our execution, and the scale of the opportunities that lie ahead. Harnessing a $300 Million Digital Asset Facility to Power Growth & Innovation In August 2025, we secured a financing facility from a U.S. institutional investor in the maximum aggregate principal amount of $300 million in the form of senior secured convertible promissory notes. Under the terms of the notes: * 72.5% of net proceeds from the sale of each note will be directed toward building a digital treasury reserve, including Ethereum (ETH), Bitcoin (BTC), Solana (SOL) and other digital assets. * The balance will be allocated to working capital and to accelerating growth initiatives, both organic and through acquisitions. Implementation is already underway, with ETH purchases commenced under the program, marking the beginning of what we believe will become a powerful new financial lever for the company. The Company doesn't view digital-asset treasury reserve as a speculative side venture; it is central to our broader vision. With capacity to invest over $200 million in digital assets, Cosmos Health is creating one of the largest corporate digital treasury reserves while also retaining significant capital for its core operations. We believe this strategy: * Provides exposure to the upside of global digital asset adoption, increasingly embraced by governments and institutions. * Strengthens our ability to deploy capital across our various business segments. * Acts both as a diversification tool and a catalyst for growth. Equally important, this approach positions us to explore blockchain's practical applications in healthcare and wellness, creating opportunities to generate value well beyond the balance sheet. By combining financial innovation with operational execution, Cosmos Health is taking a forward-looking approach that reflects the future of both healthcare and technology. The scale of this facility is substantial for a company of our size. We are grateful for the confidence shown by our lead investor and proud to have structured a transaction of this magnitude. Our focus now is on maximizing its impact, through disciplined treasury management and by channelling our resources into the continued growth of our Company's core healthcare businesses. Manufacturing Excellence Through Cana Laboratories Since acquiring Cana in 2023, we have advanced a multi-million-dollar expansion to modernize its wholly owned 54,000-square-foot facility in Athens, Greece, completing Phase I upgrades in 2024. We believe these investments position Cana to generate more than $10 million in recurring annual gross profit at full capacity. What makes Cana's transformation particularly compelling is the visibility of its long-term contract pipeline consisting of the following: * Pharmex: Five-year agreement for 1.5 million bottles of Ambitasol 1L. * Provident Pharmaceuticals: Order book of 5.02 million units (DE3-SOLE, MIOREL, CALCIFOLIN, DEXA-DOSE, etc.), plus a landmark 10-year contract for 8 million packs across four additional products (Miorelique(R), BE Union F.C., and Certorun variations). * Humacology: Agreement to manufacture up to 500,000 CBD units. * Medical Pharmaquality: Agreement for 3 million MYCOFAGYL(R) pessaries annually. With capacity still significantly underutilized, and the potential to further expand output through Phase II upgrades, we believe Cana is positioned to become a cornerstone of our focus on high-margin segments, underpinning long-term growth and driving sustained profitability. Expanding Manufacturing Across the Atlantic Our global manufacturing footprint expanded further with the establishment of U.S.-based GMP-certified production in 2025 through our partnership with NOOR Collagen. This dual-hub structure in Europe and the United States reduces cross-border complexities, mitigates tariff exposure, and strengthens supply chain resilience. Specifically, domestic U.S. manufacturing enables us to: * Capture higher margins and reduce shipping costs. * Accelerate time-to-market for new formulations. * Strengthen our positioning with retailers and e-commerce platforms, where "Made in USA" carries strong trust and regulatory credibility. Global Expansion of Sky Premium Life(R) Sky Premium Life, our flagship nutraceutical brand, has become central to our global growth strategy. In 2025, we added more than sixty new formulations, bringing the portfolio to over 150 premium products. The brand continues to expand internationally, demonstrating rapid acceptance and strong repeat demand across multiple regions. Additional formulations are already in the pipeline for 2026, driven by our leading R&D department, ensuring continued innovation and portfolio expansion in the years ahead. Recent highlights include: * United States: Official launch of U.S. operations entering the $164 billion American nutraceuticals market. Production began with NOOR Collagen, which is expected to generate over $12 million in annualized revenue at approximately 75% gross margins. * UAE: Exclusive distribution agreement with Pharmalink. The initial order of 130,000 units was followed by a repeat order of 80,000 units. Projections exceed 3 million units over five years. * Oman: Agreement signed with Scientific Pharmacy; initial order of 42,000 units supports broader GCC expansion. * Qatar: Exclusive distribution rights secured with multiple partners, including an initial order of $578,460 covering 35 SKUs. * Central Europe (Slovakia, Hungary, Poland, Czechia): Distribution agreement with ZENDON s.r.o. provides access to over 6,000 retail and pharmacy stores across the region, including major chains such as Dr. Max, Rossmann, and Teta Drogerie. * Cyprus: Distribution rollout through Holland & Barrett and local pharmacies via Papaellinas Group, with repeat orders already secured. * Malta: Sales through Holland & Barrett stores, expanding Cosmos Health's retail presence in the Mediterranean region. * Albania: Entry via partnership with Pharma Cell, delivering an initial $300,000 order. Sales are also growing through leading e-commerce platforms, including Amazon in Germany, Austria, Spain, France, and the United Kingdom, providing direct access to consumers across Europe and further reinforcing Sky Premium Life's digital reach. Together, these achievements underscore Sky Premium Life's transformation from a regional offering into a truly global brand, trusted by consumers and partners alike in North America, the Middle East, Central Europe, and beyond. Record Performance at CosmoFarm Wholesale Business CosmoFarm, our wholesale and logistics arm, continues to deliver record-breaking results. In the first ten months of 2024, CosmoFarm achieved record revenue of approximately $43 million, an 8.62% increase over the same period in 2023. Gross profit rose by 21%, reflecting both higher volumes and improved margins. Based on the pace of growth, CosmoFarm is projected to surpass $50 million in annualized revenue. Serving over 1,500 pharmacies, it has proven both resilient and scalable, with its wholly owned 29,000-square-foot facility in Athens serving as the operational hub. Investments in automation, procurement, and inventory systems have further boosted efficiency and profitability. This strong performance has been driven by: * Automation upgrades: Robotic systems including ROWA and SCHAEFER's A-frame, improving order accuracy and fulfilment speed. * Operational enhancements: Better inventory management and procurement processes. * Commercial expansion: A broadened sales and marketing footprint that continues to strengthen customer relationships. * Bolt-on acquisitions: Integration of smaller distribution networks, expanding reach and operational scale. Together, we believe that these advancements have reinforced CosmoFarm's position as an anchor of stability for Cosmos Health -- providing steady revenues, operational resilience, and a scalable platform for further growth across economic cycles. R&D, Patents, and AI Innovation Innovation remains at the core of Cosmos Health, and over 2024–2025 our R&D efforts have made meaningful progress. We have advanced our proprietary obesity treatment, CCX0722, beyond laboratory development and into the clinical trial preparation stage, with a potential launch as early as 2026. Designed with patient safety and tolerability in mind, CCX0722 represents one of our most promising opportunities in a global market of growing importance. At the same time, we have expanded our pipeline and intellectual property across multiple therapeutic areas, including autoimmune diseases, neurology, oncology, and allergies. Many of these advances are powered by Cloudscreen, our AI-enabled drug repurposing platform, which combines advanced computational methods with experimental validation to accelerate discovery. This approach has already generated promising candidates in multiple sclerosis, inflammatory disorders, and allergy therapies. Key achievements include: * Obesity & Metabolic Disorders: Advanced CCX0722 toward clinical evaluation, positioning for entry into the global weight-management market. * Oncology: Acquired full rights to a WIPO-filed CNS cancer patent; filed new AI-driven patents in gliomas and hematologic malignancies with Cloudpharm and the National Hellenic Research Foundation; and secured exclusive worldwide licenses for two patented anticancer therapies targeting prostate, ovarian, and colorectal cancers. * Autoimmune & Neurological Disorders: Expanded pipeline with Cloudscreen-derived candidates for multiple sclerosis and inflammatory conditions. * Allergy Treatments: Initiated preclinical programs on novel allergy therapies. Together, these initiatives reflect our dual focus: developing proprietary products with global potential while leveraging scientific innovation to enhance the profitability and differentiation of our portfolio. Every new patent, clinical milestone, and Cloudscreen breakthrough strengthens Cosmos Health's long-term growth profile and underscores our commitment to advancing science for the benefit of patients and shareholders. Portfolio Strengthening We believe our portfolio today is broader and stronger than ever. Alongside our flagship Sky Premium Life brand, we have built complementary pillars in wellness and family health through Mediterranation(R), inspired by the Mediterranean diet, and bio-bebe(R), a trusted name in infant nutrition. In 2024, we expanded further into pharmaceuticals with the acquisition of a 10-drug generics portfolio, giving Cosmos Health direct exposure to the $400 billion global generics market. This diversification strengthens our positioning across multiple healthcare segments, from premium nutraceuticals to essential medicines, and provides a stable platform for sustainable, long-term growth. We have also extended our presence into diagnostics through our collaboration with Virax Biolabs, which now spans Mpox RT-PCR kits (with rights across Greece, Cyprus, Europe, and the GCC region) and Avian Influenza Virus PCR kits (exclusive rights in Greece and Cyprus). These partnerships broaden our exposure to infectious disease testing and reinforce our entry into adjacent high-value markets. In addition, Cosmos is advancing its proprietary hygiene brands, C-Sept(R) and C-Scrub(R), which are gaining momentum in both consumer and institutional channels: * United Kingdom: Actively pursuing a potential supply contract with the UK National Health Service (NHS). * Germany: Sales already underway through established distribution partners. Together, these developments highlight how Cosmos Health is building a diversified, future-ready healthcare group capable of addressing global demand across consumer products, pharmaceuticals, diagnostics, and hygiene solutions. Insider Purchases As both CEO and a long-term shareholder, I want to emphasize my personal commitment. Since the inception of Cosmos Health, I have invested more than $18 million of my own capital into the Company, and I now hold over 6 million shares. I have continued to make consistent share purchases, including in multiple recent rounds, demonstrating my unwavering conviction in the value we are building together. These are not symbolic gestures but a purposeful long-term commitment which reflects my belief in our strategy, our people, and our future. My interests remain fully aligned with yours. III. Financial Performance & Outlook 2024 Results Highlighted by Top-Line Growth and Cost Discipline In 2024, Cosmos Health delivered steady top-line growth while making significant progress in improving efficiency, including meaningful cost-cutting measures. * Revenues increased to $54.43 million, an approximately 2% gain over 2023, supported by expansion in branded products and distribution. * Operating expenses decreased by approximately 24% year over year, with general and administrative costs down 40% and sales and marketing down 71%. These efforts reflect our disciplined approach to building a leaner, more scalable company. Despite these improvements, adjusted EBITDA was ($3.73 million), compared to a small gain in 2023, primarily due to increased investments in our facilities and research and development. Net loss widened to ($4.74 million); however, our balance sheet remained solid, with total assets of $54.31 million and equity of $24.53 million. These results laid the groundwork for the stronger performance we are seeing in 2025, reinforcing our confidence that the strategic investments made in 2024 are already beginning to yield results. 2025 Momentum In the opinion of the Company, our momentum has accelerated in 2025, reflecting the benefits of our strategic investments and the strength of our branded product portfolio. Key highlights from the first half of 2025 include: * Revenue Growth: $28.46 million in H1 2025, an increase of 11.7% compared to $25.49 million in H1 2024, driven by stronger demand and the expanding contribution of higher-margin branded products. * Margin Expansion: Gross profit rose to $3.21 million in H1 2025, up 53% year over year, underscoring the success of our strategic focus on nutraceuticals and contract manufacturing. * Operational Leverage: Efficiency gains at Cana Laboratories and CosmoFarm enhanced scalability, enabling us to capture growth while steadily improving profitability. As various key metrics, including EPS, continue to show improvement, this brings us one step closer to our strategic goal of delivering consistent positive operating cash flow. Balance Sheet Strength Our balance sheet continued to strengthen in 2025, supporting growth while maintaining financial discipline. The increase in assets and equity highlights an improved financial position, giving Cosmos Health greater flexibility to execute its strategy with confidence. Key financial metrics as of June 30, 2025, include: * Total Assets: $61.84 million, up 13.9% from $54.31 million at year-end 2024. * Stockholders' Equity: $26.23 million, compared to $24.53 million at year-end 2024, reflecting an improved position. * Liabilities: $35.60 million, primarily from financing arrangements to support growth. * Liabilities-to-Assets Ratio: ~57.6%, maintaining a prudent capital structure. Beyond these figures, our valuable, wholly owned real estate assets - Cana Laboratories and CosmoFarm's logistics center - serve not only as operational pillars but also as strategic financial resources. The €2.2 million bond loan facility, bearing interest of 2.95% plus the applicable 6-month Euribor, secured earlier this year against our CosmoFarm's distribution center, illustrates how we can unlock financing flexibility on attractive terms. Guidance to 2027 Looking ahead, Cosmos Health is targeting continued growth and profitability, driven by disciplined execution and an accelerating shift toward higher-margin segments. For 2025, our sales to date are tracking close to our published guidance, and we remain confident in our trajectory toward 2026. These goals underscore both the scalability of our platform and the momentum we are building across branded products, advanced manufacturing, and logistics. Key financial objectives by 2027 include: * Revenue: Approximately $155.8 million. * Adjusted EBITDA: Expected to reach $29.4 million. * Positive Operating Cash Flow: A central near-term milestone, marking a turning point in Cosmos Health's financial evolution. This trajectory will be driven by: * Scaling our branded product portfolio, particularly Sky Premium Life(R) and proprietary pharmaceuticals, which command higher margins. * Expanding utilization at Cana Laboratories and U.S. facilities, unlocking the full potential of our upgraded manufacturing capacity. * Enhancing CosmoFarm's efficiency and reach, leveraging its role as a distribution hub serving over 1,500 pharmacies. * Maintaining strict financial discipline, with continued focus on cost controls and operating leverage. With margins already improving and our business mix shifting toward higher-value categories, Cosmos Health is confident in its ability to achieve these targets and position the Company for sustained profitability. Reaching these milestones is expected to unlock substantial shareholder value, supported by internally generated cash flow that will enable us to reinvest in the business, pursue strategic acquisitions, and reward shareholders. IV. Strategy & Roadmap Six Pillars of Growth Our roadmap is structured around six interconnected pillars, each representing a current priority as well as a long-term driver of value creation: * Profitability and Cash Flow: Achieving and sustaining positive operating cash flow through disciplined cost management and scaling of high-margin businesses. * Innovation and Intellectual Property: Expanding our R&D pipeline and advancing CCX0722 and oncology candidates, supported by Cloudscreen's AI-driven discovery engine. * Manufacturing Scale: Leveraging dual GMP-certified hubs in Europe and the U.S. to provide global reach, flexibility, and resilience. * Market Development: Expanding Sky Premium Life(R) and other brands across Europe, the Middle East, North America, and Asia. * Digital Assets and Tokenization: Building one of the largest digital treasuries in healthcare while piloting blockchain-enabled initiatives to enhance efficiency and transparency. * Acquisitions and Partnerships: Pursuing disciplined acquisitions and alliances to broaden distribution, technology, and branded products. Strategic Outlook As we look toward the rest of 2025 and beyond, Cosmos Health stands at an inflection point. Our strategy builds on three reinforcing pillars: Healthcare Innovation, Global Expansion, and Financial Strength. Healthcare Innovation & R&D Leadership Innovation remains central to our growth story. Cloudscreen, our AI-enabled drug repurposing platform, is evolving into a next-generation engine capable of screening billions of compounds across multiple therapeutic areas. The launch of Cloudscreen 2.0 will enhance both internal discovery and opportunities for collaborations, licensing, and joint ventures. * CCX0722, our proprietary obesity treatment, remains on track for a 2026 launch. * We continue to expand our oncology and CNS portfolios through new discoveries and licensing. * To unlock further value, we are evaluating strategic options such as a potential spin-off of our R&D division, which could thrive independently while enabling Cosmos to sharpen its focus on scaling commercial platforms. Global Expansion & Market Penetration Cosmos is expanding rapidly across both geographies and business lines. Sky Premium Life(R) continues to scale globally, with strong traction in Europe, the Middle East, and North America. Strategic investments in brand recognition, digital marketing, and e-commerce are designed to accelerate this momentum. * Cana Laboratories is positioned as a global GMP-certified hub for contract manufacturing, with upgraded capacity already attracting multinational clients. * Our active M&A pipeline focuses on branded nutraceuticals, pharmaceutical assets, distribution companies, and digital health platforms, all evaluated with strict discipline to ensure strategic alignment and long-term value creation. Financial Strength & Shareholder Value Creation We remain committed to maintaining financial strength and resilience. * Our digital treasury strategy diversifies the balance sheet and positions Cosmos squarely at the intersection of healthcare and decentralized finance, providing growth optionality and protection against volatility. * Operational efficiency is a central focus, reducing reliance on lower-margin segments while scaling higher-value proprietary products. * Strong governance, transparency, and shareholder alignment remain priorities. Significant insider ownership and disciplined financing initiatives underscore our long-term commitment. Sustainability Commitment Equally important is how we achieve these goals. Cosmos Health is committed to balancing growth with responsibility, guided by principles of sustainability and social impact. This commitment is reflected in areas such as: * Natural product focus: Nutraceutical lines emphasizing clean, natural formulations inspired by the Mediterranean diet. * Responsible treasury strategy: A digital treasury approach that balances innovation with prudent risk management. * Patient access and well-being: A commitment to improving lives by making quality supplements and medicines more widely available, supporting healthier lifestyles and long-term wellness. * R&D leadership: Advancing treatments for major global health challenges such as diabetes and cancer, leveraging AI-enabled discovery platforms and strategic collaborations to deliver innovation with meaningful human impact. Together, these priorities reflect Cosmos Health's dual mandate: to deliver enduring financial value for shareholders while advancing healthcare access and innovation for society. Closing Message As we reflect on our recent milestones, we believe that Cosmos Health has entered a new era of growth, resilience, and innovation. With strengthened operations, a powerful treasury strategy, expanded manufacturing on both sides of the Atlantic, growing global brands, and a pipeline of AI-driven discoveries, we are building a company designed not just to compete, but to lead the future of healthcare. With your trust and support, I am confident that the momentum we are building today will translate into lasting value and enduring success in the years to come. Sincerely, Greg Siokas CEO About Cosmos Health Cosmos Health Inc. (Nasdaq: COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life, Mediterranation, bio-bebe, and C-Sept. Through its subsidiary, Cana Laboratories S.A., which is licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. As of June 30, 2025, Cosmos Health had $61,835,560 in total assets, $35,603,926 in total liabilities, and a total stockholders' equity of $26,231,633. New York, N.Y.-based RBSM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred substantial operating losses and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. CROSSCOUNTRY MORTGAGE: Fitch Hikes IDR to 'BB-', Outlook Stable --------------------------------------------------------------- Fitch Ratings has upgraded the Long-Term Issuer Default Ratings (IDR) of CrossCountry Mortgage, LLC (CCM LLC), CrossCountry Intermediate Holdco, LLC (CCM Intermediate Holdco) and CrossCountry Holdco LLC (CCM; collectively CCM) to 'BB-' from 'B+". Fitch has removed the Rating Watch Positive and has assigned a Stable Rating Outlook. Concurrently, Fitch has assigned a final rating of 'BB-' to CCM Intermediate Holdco's $900 million, 6.5% unsecured notes due in 2030. The assignment of the final debt rating on the new unsecured issuance follows the settlement of the unsecured notes. The final rating is the same as the expected rating assigned on Sept. 22, 2025; see "Fitch Publishes CCM's 'B+' Rating; IDRs on Rating Watch Positive; 'BB-(EXP)' Unsecured Debt Rating". Key Rating Drivers The IDR upgrade reflects the improvement in CCM's funding profile after its inaugural $900 million senior unsecured debt issuance. Fitch believes the introduction of unsecured debt to the capital structure diversifies funding sources and enhances funding flexibility in times of stress due to lower balance sheet encumbrance. Pro forma for the issuance, unsecured debt represented 16% of total debt at 2Q25, which is within Fitch's 'bb' category quantitative benchmark range of 10%-35% for balance-sheet-heavy finance and leasing companies with a sector risk operating environment (SROE) score in the 'bbb' category. CCM's ratings continue to reflect its growing distributed retail franchise, conservative debt usage, solid profitability, adequate liquidity, limited asset quality risks and well-executed growth strategy. Ratings constraints include CCM's key person risk with respect to its founder and CEO Ron Leonhardt, and its growing mortgage servicing rights exposure, which increases valuation risk. The ratings are also constrained by the highly cyclical nature of the mortgage industry; reliance on secured, short-term wholesale funding; and potential servicing advance needs and regulatory scrutiny arising from its exposure to Ginnie Mae (GNMA) loans. The Stable Outlook reflects Fitch's expectation that CCM will maintain consistent core operating profitability and its conservative leverage profile, and that access to funding and liquidity will remain sufficient for operating needs over the Rating Outlook Horizon. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to maintain sufficient liquidity to manage servicer advances, meet margin call requirements or fund originations; - Corporate debt to tangible equity sustained above 1.5x, or gross leverage sustained above 5.0x; - An inability to refinance secured funding facilities; - Increased utilization of secured funding that sustainably reduces the unsecured funding mix below 10%; - Substantial regulatory fines or litigation expenses that negatively impact the company's franchise or operating performance; - The departure of CEO Ron Leonhardt, who exercises significant control over day-to-day operations and the overall strategy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued improvement in the funding profile, including an extension of funding duration, an increase in the committed funding percentage, and an increase in the unsecured funding component, such that unsecured debt was maintained above 25% of total debt; - Growth of the business that enhances the franchise and platform scale, including growth in the servicing portfolio; - Leverage maintained at or below 1x on a corporate debt to tangible equity basis and 5x on a gross debt to tangible equity basis; - Improved liquidity, as evidenced by a meaningful increase in available liquidity sources (cash and available non-funding borrowing capacity) to total debt above 30%. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS CCM Intermediate Holdco's senior unsecured debt is equalized with the Long-Term IDR, reflecting the funding mix and adequate unencumbered assets available to noteholders, suggesting average recovery prospects in a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The unsecured debt rating is primarily sensitive to changes in the IDR and would be expected to move in tandem. However, a material reduction in unencumbered assets or an increase in the proportion of secured funding could result in the unsecured debt rating being notched down from the IDR. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES The ratings of wholly owned subsidiaries CCM LLC (the operating company) and CCM Intermediate Holdco (the debt-issuing subsidiary) are equalized with that of CCM, and debt issued by CCM Intermediate Holdco benefits from a corporate guarantee from CCM LLC. Fitch expects the ratings to move in tandem. ADJUSTMENTS - The Business Profile score has been assigned below the implied score due to the following adjustment reason: Business model (negative). - The Asset Quality score has been assigned below the implied score due to the following adjustment reason: Non-loan exposures (negative). - The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason: Earnings stability (negative). - The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reasons: Risk profile and business model (negative). - The Funding, Liquidity & Coverage score has been assigned above the implied score due to the following adjustment reasons: Historical and future metrics (positive). ESG Considerations CrossCountry Holdco, LLC has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to its exposure to compliance risks including fair lending practices, debt collection practices, and consumer data protection. This has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. CrossCountry Holdco, LLC has an ESG Relevance Score of '4' for Governance Structure due to the elevated key person risk related to its founders and CEO, Ron Leonhardt, who exercise significant control over the company as well as weak governance oversight compared to publicly traded peers. This has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- CrossCountry Mortgage, LLC LT IDR BB- Upgrade B+ CrossCountry Intermediate Holdco, LLC LT IDR BB- Upgrade B+ senior unsecured LT BB- New Rating BB-(EXP) CrossCountry Holdco, LLC LT IDR BB- Upgrade B+ CYPRESSWOOD TX: Taps Rosen Tsionis & Pizzo as Bankruptcy Counsel ---------------------------------------------------------------- Cypresswood TX Realty, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Rosen, Tsionis & Pizzo, PLLC to handle its Chapter 11 case. The firm will be paid at these hourly rates: Partners $690 Associates $590 Paraprofessionals $200 The firm received a retainer $20,000, plus $1,738 for filing fee. Avrum Rosen, Esq., a partner at Rosen, Tsionis & Pizzo, at 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: Avrum J. Rosen, Esq. Rosen, Tsionis & Pizzo, PLLC 38 New Street Huntington, NY 11743 Telephone: (631) 423-8527 About Cypresswood TX Realty Cypresswood TX Realty LLC owns a single real estate asset located at 10851 Crescent Moon Dr. in Houston, Texas. Cypresswood TX Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72833) on July 23, 2025. In its petition, the Debtor reports total assets of $12,500,000 and total liabilities of $9,539,121. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtor is represented by Avrum J. Rosen, Esq., at Rosen, Tsionis & Pizzo, PLLC. DENVER BOULDERING: Claims to be Paid from Continued Operations -------------------------------------------------------------- Denver Bouldering Club, LLC filed with the U.S. Bankruptcy Court for the District of Colorado a Subchapter V Plan of Reorganization dated September 26, 2025. The Debtor is a Colorado limited liability company that operates two bouldering and climbing gyms in the Denver Metro area. The Debtor's primary operations consist of providing membership for individuals to practice bouldering and climbing in its gyms, as well as providing coaching and other educational services for outdoor activities. The Debtor was forced to file bankruptcy due to an underperforming location, unfavorable lease, and a dip in memberships, which created cash flow issues. While Debtor's business model has the potential to be profitable, Debtor could not maintain its prepetition obligations. Faced with mounting debt and limited liquidity, Debtor had no viable option but to seek bankruptcy protection. The Debtor scheduled two unsecured pre-petition debts. Chase in the amount of $16,392.14 and Thomas Betterton in the amount of $8,750.97. Chase has filed a Proof of Claim for $16,392.14. The Debtor also rejected the lease for 720 W. 84th Ave., Ste. A, Thornton, CO 80221. The landlord for this location, Huron Plaza, LLC filed a claim for $1,322,816.85. However, the landlord failed to use the cap contained in Section 502(b)(6) of the Bankruptcy Code for its lease rejection claim. The Debtor calculates the landlord's lease rejection damages to be $225,773.88. Class 3 consists of general unsecured creditors of the Debtor who hold Allowed Claims. Holders of Class 3 Allowed Claims shall share on a Pro Rata basis monies deposited into the Unsecured Creditor Account as set forth herein. As set forth in this Plan, upon the first full month following the Effective Date of the Plan and every month until Administrative Claims are paid in full and then for the remainder of the Term of the Plan the Debtor will every month in accordance with the terms of this Plan deposit for the five year Term of the Plan: (a) during the first year of the Plan $209.49 per month and $2,513.92 per year; (b) during the second year of the Plan $341.82 per month and $4,101.82 per year; (c) during the third year term of the Plan $480.76 per month and $5,769.11 per year; (d) during the fourth year of the Plan $626.65 per month and $7,519.76 per year and (e) during the fifth year of the Plan $779.83 per month and $9,357.95 per year. At the end of each calendar quarter, the balance of the Unsecured Creditor Account will be distributed to the holders of Class 3 general unsecured creditors that hold Allowed Claims on a Pro Rata basis. The account will be maintained at a federally insured banking institution and shall be maintained within the insurance limit of the institution. Class 4 includes the Interests in the Debtor, which Interests are unimpaired by the Plan. Upon confirmation of the Plan, all Class 4 Interest holders will retain their ownership Interests in the Debtor. The Debtor believes that the Plan, as proposed, is feasible. The funding for the Plan will come from the Debtor's continued operations. As detailed in the Projections, the Debtor will have sufficient cash on hand and profits during the term of the Plan to satisfy its Plan obligations. A full-text copy of the Subchapter V Plan dated September 26, 2025 is available at https://urlcurt.com/u?l=OXuQ8F from PacerMonitor.com at no charge. Counsel to the Debtor: David J. Warner, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80128 Tel: (303) 296-1999 Fax: (303) 296-7600 FAX Email: dwarner@wgwc-law.com About Denver Bouldering Club LLC Denver Bouldering Club, LLC operates multiple climbing gyms in the Denver area, offering memberships, coaching, and outdoor education. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-14161) on July 3, 2025. In the petition signed by Thomas Betterton, managing member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Thomas B. McNamara oversees the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. DIOCESE OF BURLINGTON: Plan Exclusivity Period Extended to Nov. 25 ------------------------------------------------------------------ Judge Heather Z. Cooper of the U.S. Bankruptcy Court for the District of Vermont extended the Roman Catholic Diocese of Burlington Vermont's exclusive periods to file a plan of reorganization and obtain acceptance thereof to November 25, 2025 and January 27, 2026, respectively. As shared by Troubled Company Reporter, the Diocese believes that the limited proposed extension to formulate and file a plan sought in the Motion will be beneficial to the estate, will allow the plan to be based on more accurate information, and will result in a more efficient use of the estate's assets for the benefit of all creditors. The status of the case and the application of the factors identified support the conclusion that an extension of the exclusivity period and solicitation period is warranted in the Diocese's case. The Diocese explains that the extensions sought will be beneficial to the Diocese as well as creditors and other parties in interest; will provide time to attempt to reach a consensus regarding plan terms; will allow the plan to be based on more accurate information; and will result in a more efficient use of estate assets for the benefit of all creditors. The Diocese claims that the requested extensions of the exclusive period and solicitation period are essential to allow the Diocese to proceed with the plan process as contemplated by the Bankruptcy Code. Moreover, the possibility of multiple plans would inevitably lead to unnecessary and costly confrontations that would likely cause a dramatic increase in the professional fee burden borne by the estate and reduce potential distributions to creditors. The Roman Catholic Diocese Of Burlington is represented by: Raymond J. Obuchowski, Esq. OBUCHOWSKI LAW OFFICE 1542 Route 107, PO Box 60 Bethel, VT 05032 Phone: (802) 234-6244 Email: ray@oeblaw.com James L. Baillie, Esq. Steven R. Kinsella, Esq. Samuel M. Andre, Esq. Katherine A. Nixon, Esq. FREDRIKSON & BYRON, P.A. 60 South Sixth Street, Suite 1500 Minneapolis, MN 55402-4400 (612) 492-7000 Email: jbaillie@fredlaw.com skinsella@fredlaw.com sandre@fredlaw.com knixon@fredlaw.com About Roman Catholic Diocese Of Burlington Vermont Roman Catholic Diocese of Burlington sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Vt. Case No. 24-10205) on Sept. 30, 2024. In the petition signed by Reverend John Joseph McDermott, bishop, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Heather Z. Cooper oversees the case. The Debtor tapped James Baillie, Esq., at Fredrikson & Byron, P.A. as bankruptcy counsel and Obuchowski Law Office as local counsel. DIOCESE OF BURLINGTON: Struggles to Cover Bankruptcy Legal Fees --------------------------------------------------------------- Catholic Culture reports that one year after filing for Chapter 11 protection, the Diocese of Burlington is under financial strain as it struggles to cover mounting legal fees. Federal law requires bankruptcy debtors to pay not only their own attorneys but also the legal expenses of their creditors, a rule that has placed added stress on the Vermont diocese, according to the report. With legal costs approaching $1.5 million, the diocese has reduced employee hours to 30 per week. Bishop John McDermott cautioned workers that the church cannot guarantee job stability, urging them to seek other employment opportunities amid the ongoing financial challenges, the report states. About Roman Catholic Diocese Of Burlington Vermont Roman Catholic Diocese of Burlington sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Vt. Case No. 24-10205) on Sept. 30, 2024. In the petition signed by Reverend John Joseph McDermott, bishop, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Heather Z. Cooper oversees the case. The Debtor tapped James Baillie, Esq., at Fredrikson & Byron, P.A. as bankruptcy counsel and Obuchowski Law Office as local counsel. DIVERSIFIED HEALTHCARE: Closes $375M Offering of Notes Due 2030 --------------------------------------------------------------- Diversified Healthcare Trust disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company completed a private offering of $375,000,000 in aggregate principal amount of its 7.250% senior secured notes due 2030, or the Notes. The net proceeds from the offering were approximately $365.9 million, after deducting estimated discounts and commissions to the initial purchasers and other estimated fees and expenses. The Company used a portion of the net proceeds to fund the partial redemption of its senior secured notes due 2026, or the 2026 Notes, and intend to use the remaining net proceeds to pay fees and expenses associated with such redemption and for general business purposes. After purchasing the Notes from the Company, the initial purchasers offered and sold the Notes only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, or the Securities Act, and outside the United States to non-United States persons in compliance with Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or under any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes are fully and unconditionally guaranteed: (i) on a joint, several and senior secured basis, by certain of the Company's subsidiaries that own 36 fee-owned real properties located in the United States, and (ii) on a joint, several and unsecured basis, by all of the Company's subsidiaries that guarantee the 2026 Notes on an unsecured basis and all of its subsidiaries that currently guarantee its 4.375% senior notes due 2031, or such guarantors collectively, the Subsidiary Guarantors. The Notes and the guarantees provided by the Subsidiary Guarantors that own the 36 real properties are secured by a first-priority lien and security interest on 100% of the equity interests in each such Subsidiary Guarantor. The Notes and the guarantees thereof were issued under the Company's indenture, dated as of September 26, 2025, or the Indenture, among the Company, the Subsidiary Guarantors and U.S. Bank Trust Company, National Association, as trustee and collateral agent. Diversified Healthcare may redeem some or all of the Notes at the redemption prices and on the terms specified in the Indenture. The Notes are subject to certain restrictive financial and operating covenants, including covenants that restrict its ability to incur debts in excess of calculated amounts, that require us to maintain certain financial ratios and that restrict certain activities of the Subsidiary Guarantors that own the 36 real properties. 2026 Notes Redemption In connection with the closing of the offering of the Notes, on September 26, 2025, the Company redeemed a portion of the outstanding 2026 Notes for a redemption price equal to the principal amount of approximately $307.0 million. The foregoing description of the Notes is not complete and is subject to and qualified in its entirety by reference to the copy of the Indenture, available at https://tinyurl.com/4c653ytm About Diversified Healthcare Trust Diversified Healthcare Trust (Nasdaq: DHC) -- https://www.dhcreit.com -- is a REIT organized under Maryland law that primarily owns medical office and life science properties, senior living communities, and other healthcare-related properties throughout the United States. As of June 30, 2024, DHC's approximately $7.2 billion portfolio included 370 properties in 36 states and Washington, D.C., occupied by approximately 500 tenants, and totaling approximately 8.4 million square feet of life science and medical office properties and more than 27,000 senior living units. DHC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $41 billion in assets under management as of June 30, 2024, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. As of June 30, 2025, the Company had $4.6 billion in total assets, $2.9 billion in total liabilities, and $1.9 billion in total equity. * * * In Sept. 2025, S&P Global Ratings raised its issuer credit rating on Diversified Healthcare Trust (DHC) to 'B-' from 'CCC+' and assigned its 'B+' issue-level rating and '1' recovery rating to the new senior secured notes. At the same time, S&P raised its issue-level rating on the company's existing senior secured notes and guaranteed unsecured notes to 'B+' from 'B' and its issue-level rating on its non-guaranteed senior unsecured notes to 'B-' from 'CCC+'. S&P's '1' recovery rating on DHC's existing senior secured notes and guaranteed senior unsecured notes, as well as its '3' recovery rating on the non-guaranteed unsecured notes, are unchanged. S&P said, "The stable outlook reflects our expectation that the company's operating performance will continue to improve over the next two years, buoyed by favorable demographic tailwinds. Additionally, the outlook reflects our belief that DHC's upcoming refinancings seem manageable, given its improved covenant headroom and our view that its capital structure appears sustainable." DRONGO LLC: Seeks to Hire Villa & White as Bankruptcy Counsel ------------------------------------------------------------- Drongo LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Villa & White LLP as bankruptcy counsel. The firm's services include: (a) assist and advise the Debtor relative to its operations, and relative to the overall administration of this Chapter 11 case; (b) represent the Debtor at hearings to be held before this court and communicate with its creditors regarding the matters heard and the issues raised, as well as the decisions and considerations of this court; (c) prepare, review, and analyze pleadings, orders, operating reports, schedules, statements of affairs, and other documents filed and to be filed with this court by the Debtor or other interested parties in this Chapter 11 case; advise as to the necessity, propriety and impact of the foregoing upon this case; and consent or object to pleadings or orders on its behalf; (d) assist the Debtor in preparing such applications, motions, memoranda, adversary proceedings, proposed orders and other pleadings as may be required in support of its positions, as well as preparing witnesses and reviewing documents relevant thereto; (e) coordinate the receipt and dissemination of in formation prepared by and received from the Debtor and its accountants, and other retained professionals, as well as such information as may be received from accountants or other professionals engaged by any official committee; (f) confer with the professionals as may be selected and employed by any official committee; (g) assist and counsel the Debtor in its negotiations with creditors, or court appointed representatives or interested third parties concerning the terms, conditions, and import of a plan of reorganization and disclosure statement to be proposed and filed by it; (h) assist the Debtor with such services as may contribute or are related to the confirmation of a plan of reorganization in this Chapter 11 case; (i) assist and advise the Debtor in its discussions and negotiations with others regarding the terms, conditions, and security for credit, if any, during this Chapter 11 case; (j) conduct such examination of witnesses as may be necessary in order to analyze and determine, among other things, the Debtor's assets and financial condition, whether it has made any avoidable transfers of its property, and whether causes of action exist on behalf of its estate; and (k) assist the Debtor generally in performing such other services as may be desirable or required pursuant to section 1107 of the Bankruptcy Code. Morris White III, the primary attorney in this representation, will be billed at his hourly rates of $450. Mr. White 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: Morris White III, Esq. Villa & White LLP 100 NE Loop 410 #615 San Antonio, TX 78216 Telephone: (210) 225-4500 Facsimile: (210) 212-4649 Email: treywhite@villawhite.com About Drongo LLC Drongo LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52028) on Aug. 29, 2025. In its petition, the Debtor reported up to $1 million in assets and up to $500,000 in liabilities. Judge Craig A. Gargotta oversees the case. The Debtor is represented by Morris White III, Esq., at Villa & White LLP. E.L. SERVICES: Seeks to Tap Nichani Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ E.L. Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Vinod Nichani, doing business as Nichani Law Firm, as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued management of the estate; (b) represent the Debtor in connection with reclamation proceedings if instituted in this court by creditors; (c) prepare on behalf of the Debtor necessary legal papers; and (d) perform all other legal services for the Debtor which may be necessary herein. Vinod Nichani, Esq., the primary in this representation, will be billed at his hourly rate of $525. Mr. Nichani 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: Vinod Nichani, Esq. Nichani Law Firm 1960 The Alameda, Suite 100 San Jose, CA 95126 Telephone: (408) 800-6174 Facsimile: (408) 290-9802 Email: vinod@nichanilawfirm.com About E.L. Services Inc. E.L. Services, Inc. is a landscape and maintenance company located in Dublin, Calif. E.L. Services filed Chapter 11 petition (Bankr. N.D. Cal. Case No. 21-41087) on August 25, 2021, listing between $50,000 and $100,000 in assets and between $1 million and $10 million in liabilities. The petition was signed by Steven P. Baca, general manager. Judge William J. Lafferty oversees the case. The Debtor is represented by Vinod Nichani, doing business as Nichani Law Firm, as counsel. E3 PEST CONTROL: Seeks Subchapter V Bankruptcy in Alabama --------------------------------------------------------- On October 1, 2025, E3 Pest Control LLC filed Chapter 11 protection in the Southern District of Alabama. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About E3 Pest Control LLC E3 Pest Control LLC, based in Mobile, Alabama, provides pest management services, including termite inspections, termite bonds, general pest control, and eco-friendly treatments for residential properties. The Company specializes in services for homes with spray foam insulation, stucco, and pilings, and offers advanced crawl space inspections. E3 Pest Control LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 25-12713) on October 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Henry A. Callaway handles the case. The Debtor is represented by Jodi Daniel Dubose, Esq. of STICHTER, RIEDEL, BLAIN & POSTLER, P.A. EAD HOLDINGS: Seeks to Hire Tom Bible Law as Bankruptcy Counsel --------------------------------------------------------------- EAD Holdings II, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ the Law Office of W. Thomas Bible, Jr., doing business as Tom Bible Law, as counsel. The firm's services include: (a) advise the Debtor as to its rights, duties, and powers; (b) investigate and if necessary, institute legal action on behalf of the Debtor to collect and recover assets of the estate; (c) prepare and file the statements, schedules, plans, and other documents and pleadings necessary to be filed by the Debtor in this case; (d) assist and counsel the Debtor in the preparation, presentation and confirmation of its disclosure statement and plan of reorganization; (e) represent the Debtor at all hearings, meetings of creditors, conferences, trials, and other proceedings in this case; and (f) perform such other legal services as may be necessary in connection with this case. The firm's hourly rates are: Attorney $350 Paralegal $125 The firm will received a retainer of $11,738 from Debtor. W. Thomas Bible, Jr., Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: W. Thomas Bible, Jr., Esq. Tom Bible Law 6918 Shallowford Road, Suite 100 Chattanooga, TN 37421 Telephone: (423) 424-3116 Facsimile: (423) 553-0639 Email: tom@tombiblelaw.com About EAD Holdings II EAD Holdings II, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-12532) on September 25, 2025, listing up to $1 million in both assets and liabilities. Judge Nicholas W. Whittenburg oversees the case. W. Thomas Bible, Jr., Esq., at Tom Bible Law serves as the Debtor's counsel. ELITE SCHOOL: Court Extends Cash Collateral Access to Oct. 31 ------------------------------------------------------------- Elite School Bus Company, LLC received eighth interim approval from the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, to use cash collateral. The eighth interim order signed by Judge David Rice authorized the Debtor to use cash collateral to pay its expenses for the period from October 1 to 31. The Debtor projects total operational expenses of $13,021.02 for the week ending October 11; $82,439.16 for the week ending October 18; $8,869.13 for the week ending October 25; and $69,581.41 for the period from October 26 to 31. The U.S. Small Business Administration and the Debtor's junior lien creditors assert interest in the cash collateral, which consists of accounts receivables. As protection, SBA and the junior lien creditors were granted a replacement lien on and security interest in the cash collateral and other assets acquired by the Debtor after its bankruptcy filing, with the same priority and extent as their pre-bankruptcy security interests. In addition, SBA will receive a monthly payment of $2,481 as further protection. The next hearing is scheduled for October 28. About Elite School Bus Company Elite School Bus Company, LLC operates a school bus company that provides services primarily to Cecil County public schools. With 23 bus routes, the company is responsible for transporting children on 23 buses to and from school. Elite School Bus Company filed Chapter 11 petition (Bankr. D. Md. Case No. 25-11526) on February 25, 2025, listing up to 10 million in both assets and liabilities. Rebecca Minks, manager of Elite School Bus Company, signed the petition. Judge David E. Rice oversees the case. Mary Fran Ebersole, Esq., at Tydings & Rosenberg LLP, represents the Debtor as legal counsel. ELLINGTON FINANCIAL: Fitch Rates $400MM Unsec. Notes Due 2030 'BB-' ------------------------------------------------------------------- Fitch Ratings has assigned a final rating of 'BB-' to Ellington Financial Inc.'s (EFC) $400 million, 7.375% senior unsecured notes maturing in September 2030, which are co-issued by Ellington Financial Operating Partnership LLC, EF Cayman Holdings Ltd, EF Holdco Inc., Ellington Financial REIT Cayman Ltd., and Ellington Financial REIT TRS LLC (together, the EFC subsidiaries). Proceeds from the $400 million senior unsecured issuance are expected to be used for general corporate purposes, including repaying a portion of the borrowings under the EFC's outstanding repurchase agreements (repos) and funding purchases of additional assets in accordance with its investment objectives and strategies. The final debt rating is consistent with the expected rating assigned on Sept. 29, 2025, following the receipt of documents conforming to the information previously received and the completion of the senior unsecured debt issuance. Please see " Fitch Rates Ellington Financial Inc. 'BB-'; Outlook Stable". Key Rating Drivers Diversified Business Model: EFC's ratings reflect its established platform as a diversified, credit-focused mortgage lender, experienced management team, solid asset quality with limited net realized losses, hedging strategy preserving book value, consistent operating performance through market cycles, and adequate leverage and liquidity given limited near-term corporate maturities. Challenging Sector Conditions: EFC's ratings are constrained by the highly cyclical nature of the real estate industry, the company's largely secured funding profile, including reliance on repos and warehouse lines, exposure to increased haircuts or significant margin calls during periods of market stress, and modest franchise compared with those of peers. The firm's rating is also constrained by its REIT status, which requires distributions, limiting the ability to retain capital. Stable Outlook: The Stable Outlook reflects Fitch's expectation that EFC will continue to manage leverage below 5.0x, credit losses will remain low, and earnings will continue to improve resulting in full dividend coverage. Fitch also expects the company to opportunistically issue unsecured debt, appropriately manage its debt maturity profile, and maintain solid liquidity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in credit performance, whereby impaired and nonperforming loans remain elevated and result in elevated provisioning expense and meaningful credit losses, adversely affecting capitalization; - A sustained increase in Fitch-calculated total leverage, excluding HMBS debt, above 5.0x; - An inability to maintain sufficient liquidity relative to debt maturities, unfunded commitments and margin call potential associated with collateral loan non-performance or material credit deterioration; - A reduction in business line diversity due to a material change in strategy; - A reduction in core earnings and earnings coverage of the dividend. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Ability to resolve problem loans without a meaningful impact to capitalization; - Sustained increase in the proportion of unsecured debt at or above 10% of total debt (excluding HMBS debt); - Sustained maintenance of Fitch-calculated total leverage, excluding HMBS debt, at or below 4.0x; - Enhanced consistency of core earnings performance; - Maintenance of a solid liquidity profile relative to near-term debt maturities and strong dividend coverage; - Growth of the business that enhances the franchise and platform scale; - Ability to reduce and contain the margin call exposure on repos. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured debt ratings of the EFC subsidiaries are equalized with the Long-Term IDR of EFC, given the debt is co-issued by them and benefits from a corporate guarantee from EFC. The ratings also reflect the availability of unencumbered assets and Fitch's expectation for average recovery prospects for creditors under a stress scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior unsecured debt ratings for the EFC subsidiaries are primarily sensitive to changes in EFC's Long-Term IDR and are expected to move in tandem with it. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason: Risk profile and business model (negative). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason: Historical and future metrics (positive). Date of Relevant Committee 12-Sep-2025 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 Prior ----------- ------ ----- Ellington Financial Operating Partnership LLC senior unsecured LT BB- New Rating BB-(EXP) EF Holdco Inc. senior unsecured LT BB- New Rating BB-(EXP) Ellington Financial REIT Cayman Ltd. senior unsecured LT BB- New Rating BB-(EXP) EF Cayman Holdings Ltd. senior unsecured LT BB- New Rating BB-(EXP) Ellington Financial REIT TRS LLC senior unsecured LT BB- New Rating BB-(EXP) ENCORE CAPITAL: Fitch Rates $500MM Secured Notes Due 2031 'BB+' --------------------------------------------------------------- Fitch Ratings has assigned Encore Capital Group, Inc.'s (BB+/Negative) USD500 million issues of 6.625% senior secured notes due 2031 (ISINs: USU2915CAH35, US292554AS19) a final rating of 'BB+'. The issue was increased by USD100 million from USD400 million. The final rating is in line with the expected rating Fitch assigned to the notes on September 24, 2025. Key Rating Drivers Equalised with Long-Term IDR: The senior secured notes are guaranteed by most Encore group subsidiaries and rank equally with other senior secured obligations, which comprise the majority of Encore's debt. Consequently, the senior secured debt rating is equalised with Encore's Long-Term Issuer Default Rating (IDR), as Fitch expects average recoveries for the notes after accounting for the smaller element of higher-ranking super-senior debt. Limited Leverage Impact: Fitch expects the proceeds of the notes to principally be used in the near term to reduce drawings under the group's revolving credit facility. Consequently, the refinancing has no material net impact on consolidated leverage and extends the average tenor of the group's borrowings. Strong Franchise; Challenging Environment: Encore's Long-Term IDR reflects its leading franchise in the US debt purchasing market balanced against its concentrated business activities, the reliance on leverage for portfolio purchases and the subsequent need to manage rising wholesale market funding costs within profitable underwriting. The rating also accounts for Encore's experienced management team and sound investment record as well as the inherent challenges of forecasting cash collections in a more volatile operating environment. The Negative Outlook reflects Fitch's view that Encore's strategic execution could be harder to achieve in the current more uncertain macroeconomic environment. Fitch sees increased challenges of projecting future collections and pricing portfolio purchases over 2025-2026, which could negatively affect Encore's financial performance through collections underperformance or impairments. For further details of the key rating drivers and sensitivities for Encore's IDR, see Fitch Revises Encore's Outlook to Negative; Affirms IDR at 'BB+' ', dated 06 June 2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Recognition of impairments resulting in material negative impact on net income or underlining risk management weaknesses. - A sustained fall in cash collections, resulting in significantly reduced earnings generation, material writedowns of the value of portfolio investments, cash flow leverage consistently at the higher end of management's target range for net debt/adjusted EBITDA of 2x-3x or more aggressive capital management resulting in tangible equity reduction. - A material adverse operational event or regulatory intervention undermining franchise strength or business-model resilience. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch could revise the Outlook to Stable if strategic execution is effective, leading to sustained improved financial performance with leverage maintained below the upper end of management's 2x-3x net debt to adjusted EBITDA target range, alongside a disciplined financial policy with share buybacks managed conservatively. - Fitch could upgrade the rating on a material increase in the company's tangible equity position, alongside maintenance of cash flow leverage consistently at the low end of management's guidance range, provided strategic execution is effective with no material underperformance of collections. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Encore's senior secured notes are guaranteed by most group subsidiaries and rank equally with other senior secured obligations. The rating is equalised with Encore's Long-Term IDR as the senior secured debt class represents the majority of Encore's borrowings, resulting in average rather than above-average expected recoveries. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The ratings of the senior secured notes are primarily sensitive to changes in Encore's IDR. Changes to Fitch's assessment of relative recovery prospects for senior secured debt in a default (e.g. due to a material shift in the proportion of Encore's debt that is either super-senior or unsecured) could also result in the senior secured debt rating being notched up or down from the IDR. ADJUSTMENTS Encore's Standalone Credit Profile (SCP) is in line with the implied SCP. The business profile score is below the implied score due to the following adjustment reason: business model (negative). The funding, liquidity & coverage score of is below the implied score due to the following adjustment reason: historical and future metrics (negative). Date of Relevant Committee 04-Jun-2025 ESG Considerations Encore has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the importance of fair collection practices and consumer interactions and the regulatory focus on them, particularly in the US. Encore has an ESG Relevance Score of '4' for Financial Transparency due to due to the significance of internal modelling to portfolio valuations and associated metrics such as estimated remaining collections. These factors have negative influences on the rating but they are features of the debt purchasing sector as a whole, and not specific to Encore. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Encore Capital Group, Inc. senior secured LT BB+ New Rating BB+(EXP) EXCELL COMMUNICATIONS: Seeks to Extend Exclusivity to Jan. 9, 2026 ------------------------------------------------------------------ Excell Communications, Inc. and affiliates asked the U.S. Bankruptcy Court for the Eastern District of New York to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 9, 2026 and March 10, 2026, respectively. In the present matter, the Debtors respectfully submit that there is sufficient cause to further extend the Exclusivity Period. Several issues remain unresolved which preclude the Debtors from proposing a plan of reorganization at this time. The Debtors believe that the proposed DIP Facility will facilitate the negotiation and formulation of a feasible plan of reorganization. The milestones set forth in the DIP Loan Documents ensure that the Debtors will proceed in a reasonable and diligent manner. The Debtors explain that the DIP Loan and Security Agreement already has been shared with Creditors Committee counsel. The Debtors expect to file the DIP Loan Motion to be heard on October 23, 2025. Accordingly, given the complexity of the issues presented in this case, the Debtors have demonstrated good faith progress towards reorganization and reasonable prospects for filing a viable Plan. The Debtors remain current with their post-Petition Date obligations as they come due. The Debtors submit that cause exists to grant the proposed further extension of the Exclusivity Period. The Debtors believe that it is essential and therefore beneficial to the estates and their creditors that the Debtors be afforded the time necessary in an environment where the Debtors are not distracted with the concomitant threat of competing plans, unproductive confrontations and the increasing administrative costs associated therewith. Finally, the Debtors believe that the proposed further extension of the Exclusivity Period will not prejudice creditors of the Debtors' estates or other parties-in-interest. ounsel to the Debtors: Michael Amato, Esq. FORCHELLI DEEGAN TERRANA LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 E-mail: mamato@forchellilaw.com About Excell Communications Excell Communications, Inc., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-71444) on April 14, 2025. Judge Louis A Scarcella presides over the case. Michael S Amato, at Ruskin Moscou Faltisckek PC, is the Debtor's counsel. EXPRESS MOBILE: Unsecured Creditors to Split $79K in Plan --------------------------------------------------------- Express Mobile Diagnostic Services, LLC, submitted a Disclosure Statement to accompany Amended Plan dated September 26, 2025. The Debtor is a corporation engaged in the provision of mobile diagnostic equipment services, including Xray, EKG, echocardiogram, and ultrasound, at the direction of licensed physicians. The Debtor currently operates in six states (Pennsylvania, Ohio, West Virginia, Arkansas, Kentucky, and Oklahoma) is headquartered in Greensburg, PA. At the time of filing, Debtor employed approximately 70 individuals. The Debtor initiated this case under Subchapter V to restructure its secured debts after an extended period of difficulty collecting receivables, combined with increased cost of operations and a decrease in payouts for services rendered. The Debtor will continue to operate in conjunction with a confirmed Plan of reorganization. The Plan is to be implemented by the reorganized Debtor through improved collection of receivables, together with a reduction in costs and expenses that include closing underperforming locations and reduction in leased fleet vehicles over time. Class 4 consists of General Unsecured Claims. General Unsecured Claims will be paid pro rata on an annual basis from revenue generated from operations from the funds designated for the general unsecured pool of $78,739.60. The Class is impaired. The allowed unsecured claims total $787,396.54. This Class will receive an annual payment of $7,873.96 for 10 years from Plan Effective Date. Source of funds for plan payments will be derived from Debtor's Income. A full-text copy of the Disclosure Statement dated September 26, 2025 is available at https://urlcurt.com/u?l=FFEfOR from PacerMonitor.com at no charge. Counsel to the Debtor: Brian C. Thompson, Esq. Thompson Law Group, PC 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 Telephone: (724) 799-8404 Facsimile: (724) 799-8409 Email: bthompson@thompsonattorney.com About Express Mobile Diagnostic Services Express Mobile Diagnostic Services LLC is a medical and diagnostic laboratory that offers x-ray scanning services for all major areas of the body. Express Mobile Diagnostic Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20255) on January 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Brian C. Thompson, Esq., at Thompson Law Group PC, serves as the Debtor's counsel. FIRST BRANDS: CreditSights Says DIP Loan Appears Cheap at 109 Cents ------------------------------------------------------------------- Dorothy Ma of Bloomberg Law reports that First Brands Group's debtor-in-possession (DIP) loan, currently offered at 109 cents on the dollar, is viewed as attractively priced and could yield a higher payout for investors, according to a CreditSights report released Sunday. Analysts said the valuation suggests room for upside despite modest headline returns, according to the report. While the loan's interest rate may not seem compelling, CreditSights analysts led by Peter Sakon said the DIP lenders are strategically positioned to benefit from potential future capital raises—a key factor behind their favorable outlook. The report highlights that this positioning could translate into stronger recovery prospects compared to other creditors. CreditSights also noted a wide gap in market pricing across First Brands' debt stack. The report said the DIP roll-up portion of the loan is trading near 52 cents on the dollar, while the company's remaining first-lien term loan is quoted at roughly 13 cents, underscoring the disparity in perceived value between tranches. About First Brands Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group LLC listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. Weil, Gotshal and Manges LLP is serving as legal counsel, Lazard is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to First Brands Group. Kroll serves as the Debtors' Claims Agent. Gibson, Dunn & Crutcher LLP is serving as legal counsel, and Evercore is serving as investment banker to the Ad Hoc Group. FIRST BRANDS: Gibson Dunn & Howley Represent Ad Hoc Group --------------------------------------------------------- In the Chapter 11 cases of First Brands Group LLC and its affiliates, the Ad Hoc Group filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. On or about September 2025, the Ad Hoc Group (as comprised from time to time) was formed and retained attorneys currently affiliated with Gibson, Dunn & Crutcher LLP to represent it as counsel in connection with a potential restructuring of the outstanding debt obligations of the debtors and certain of their subsidiaries and affiliates. Later in September 2025, Gibson Dunn contacted Howley Law PLLC to serve as Texas co-counsel to the Ad Hoc Group. Gibson Dunn and Howley represent (as such term is defined in Bankruptcy Rule 2019(a)(2)) the Ad Hoc Group, comprised of the beneficial holders or the investment advisors or managers for certain beneficial holders in their capacities as lenders. Gibson Dunn and Howley do not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases. Gibson Dunn and Howley do not represent the Ad Hoc Group as a "committee" (as such term is used in the Bankruptcy Code and Bankruptcy Rules) and do not undertake to represent the interests of, and are not fiduciaries for, any creditor, party in interest, or other entity that has not signed a retention agreement with Gibson Dunn. In addition, the Ad Hoc Group does not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases. Each member of the Ad Hoc Group does not represent the interests of, nor act as a fiduciary for, any person or entity other than itself in connection with the Debtors’ chapter 11 cases. The Ad Hoc Group Members' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. Adam S Q5-R5 Trading, Ltd. 301 Commerce St, Suite 3200 Fort Worth, TX 76102 * USD 1L Term Loan Obligations: $74,800,000.00 * 2L Term Loan Obligations: $19,440,000.00 2. Aegon Asset Management UK PLC 122 Leadenhall Street London, EC3V 4AB * Euro Term Loan Obligations: €21,883,952.69 3. Aegon USA Investment Management, LLC 6300 C Street SW Cedar Rapids, IA 52499 * USD 1L Term Loan Obligations: $51,916,732.47 * 2025 Incremental Term Loan Obligations: $453,771.86 4. AGL Credit Management LLC 535 Madison Avenue, 24th Floor New York, NY 10022 * Sidecar 1L Term Loan Obligations: $50,000,000.00 * 2025 Incremental Term Loan Obligations: $1,500,000.00 5. Alcentra NY LLC 1 Madison Ave New York, NY 10010 * USD 1L Term Loan Obligations: $31,324,272.73 * 2025 Incremental Term Loan Obligations: $68,045.73 6. American Money Management Corporation 301 East Fourth Street, 38th Floor Cincinnati, OH 45202 * USD 1L Term Loan Obligations: $24,713,580.00 7. Antares Capital LP 320 South Canal Street Chicago, IL 60606 * USD 1L Term Loan Obligations: $19,092,638.86 * 2L Term Loan Obligations: $250,000.00 8. Anthelion Capital Partners LLC 152 W 57th Street, 46th Floor New York, NY 10019 * USD 1L Term Loan Obligations: $9,799,584.04 9. Apex Credit Partners LLC 520 Madison Avenue, 12th Floor New York, NY 10022 * USD 1L Term Loan Obligations: $48,214,263.00 10. Aquarian Credit Partners 40 Tenth Avenue, 6th Floor New York, NY 10014 * USD 1L Term Loan Obligations: $9,491,331.52 11. Arena Capital Advisors, LLC 12121 Wilshire Blvd., Suite 1010 Los Angeles, CA 90025 * USD 1L Term Loan Obligations: $110,397,293.19 * 2L Term Loan Obligations: $7,000,000.00 12. Beach Point Capital Management, LP 1620 26th Street, Suite 6000N Santa Monica, CA 90404 * USD 1L Term Loan Obligations: $162,949,543.11 * 2025 Incremental Term Loan Obligations: $1,424,240.59 * 2L Term Loan Obligations: $58,945,000.00 13. Benefit Street Partners, LLC 1 Madison Ave New York, NY 10010 * USD 1L Term Loan Obligations: $90,857,978.35 * 2025 Incremental Term Loan Obligations: $1,343,163.56 14. Black Diamond Capital Management LLC 2187 Atlantic Street, 9th Floor Stamford, CT 06902 * USD 1L Term Loan Obligations: $66,318,186.85 * Euro Term Loan Obligations: €2,000,000.00 15. Bryam Ridge, LLC 100 West Putnam Avenue Greenwich, CT 06830 * Sidecar 1L Term Loan Obligations: $100,000,000.00 * 2025 Incremental Term Loan Obligations: $2,451,291.62 16. Canaras Capital Management, LLC 1540 Broadway, Suite 1630 New York, NY 10036-0012 * USD 1L Term Loan Obligations: $9,288,911.02 17. Clearlake Capital Group, L.P. 233 Wilshire Blvd, Suite 800 Santa Monica, CA 90401 * USD 1L Term Loan Obligations: $124,164,676.51 18. Columbia Threadneedle Investments 300 Continental Blvd. Suite 570 El Segundo, CA 90245 * USD 1L Term Loan Obligations: $25,336,839.08 19. CQS (UK) LLP, acting solely in its capacity as agent or investment manager for and on behalf of Grosvenor Place CLO 2022-1 Designated Activity Company, Grosvenor Place CLO 2024-2 Designated Activity Company, and Grosvenor Place CLO 2025- 3 Designated Activity Company 4th Floor, One Strand, London WC2N 5HR * Euro Term Loan Obligations: €10,509,576.99 20. Diameter Capital Partners LP 50 Hudson Yards, Suite 6600A New York, NY 10001 * USD 1L Term Loan Obligations: $85,743,600.67 * Euro Term Loan Obligations: EUR74,100,568.77 A List of the Ad Hoc Group Members' address and the nature and amount of disclosable economic interests is available at https://urlcurt.com/u?l=fJaei Attorneys for the Ad Hoc Group: Tom A. Howley, Esq. Eric Terry, Esq. HOWLEY LAW PLLC 700 Louisiana Street, Suite 4220 Houston, TX 77002 Telephone: 713-333-9125 Email: tom@howley-law.com eric@howley-law.com Scott J. Greenberg, Esq. Stephen D. Silverman, Esq. Jason Z. Goldstein, Esq. GIBSON, DUNN & CRUTCHER LLP 200 Park Avenue New York, New York 10166 Telephone: 212-351-4000 Email: sgreenberg@gibsondunn.com ssilverman@gibsondunn.com jgoldstein@gibsondunn.com -and- AnnElyse Scarlett Gains, Esq. GIBSON, DUNN & CRUTCHER 1700 M Street N.W. Washington, D.C. 20036-3504 Telephone: 202-955-8500 Email: agains@gibsondunn.com About First Brands Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group LLC listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. Weil, Gotshal and Manges LLP is serving as legal counsel, Lazard is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to First Brands Group. Kroll serves as the Debtors' Claims Agent. Gibson, Dunn & Crutcher LLP is serving as legal counsel, and Evercore is serving as investment banker to the Ad Hoc Group. FIRST BRANDS: Hire Kroll Restructuring as Claims and Noticing Agent ------------------------------------------------------------------- First Brands Group, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Kroll Restructuring Administration LLC as claims, noticing, and solicitation agent. Kroll 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. Kroll received an advance payment of $50,000 from the Debtors. Benjamin Steele, a managing director at Kroll, 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: Benjamin Steele Kroll Restructuring Administration LLC 55 East 52nd Street, 17th Floor New York, NY 10055 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. FIT & THRIVE: Seeks Subchapter V Bankruptcy in Illinois ------------------------------------------------------- On September 30, 2025, Fit & Thrive Inc. filed Chapter 11 protection in the Southern District of Illinois. According to court filing, the Debtor reports $1,247,466 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Fit & Thrive Inc. Fit & Thrive Inc., d/b/a Clean Eatz of Edwardsville, HG Enterprises, LLC, and Clean Eatz of Belleville, provides food and wellness services, including meal plans with pre-portioned products designed to balance protein, carbohydrates, and fats, catering to diverse lifestyles. Fit & Thrive Inc.sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-30752) on September 30, 2025. In its petition, the Debtor reports total assets of $168,928 and total liabilities of $1,247,466. Honorable Bankruptcy Judge Mary E. Lopinot handles the case. The Debtor is represented by J. D. Graham, Esq. of J. D. GRAHAM, PC. FUEL FITNESS: Gets Extension to Access Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, extended Fuel Fitness, LLC's authority to use cash collateral to fund its operations. The 12th interim order authorized the Debtor to use cash collateral pursuant to its monthly budget, which shows total projected expenses of $83,580 for the period from September 25 to October 25. The Debtor's bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Newtek Bank N.A., and SofiaGrey, LLC. The Debtor owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As adequate protection, the secured creditors will be granted a continuing post-petition security interest in and lien on all personal property of the Debtor to the same extent and with the same priority as their pre-bankruptcy liens. As further protection, Live Oak Banking Company will receive payment of $5,000 by October 15. The next hearing is scheduled for October 16. About Fuel Fitness LLC Fuel Fitness, LLC, a company in Raleigh, N.C., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03698) on Oct. 22, 2024, with up to $100,000 in assets and up to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. The Debtor is represented by Philip Sasser, Esq., at Sasser Law Firm. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 Phone: (704) 362-9255 walt.pettit@hutchenslawfirm.com FUEL HOMESTEAD: Gets Extension to Access Cash Collateral -------------------------------------------------------- Fuel Homestead, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, to use cash collateral. The court's 12th interim order authorized the Debtor to use cash collateral pursuant to its budget, which shows total projected expenses of $91,960 for the period from September 25 to October 25. The Debtor's bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Fitness Investment Partners, Newtek, and SofiaGrey, LLC. The Debtor owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As adequate protection, the secured creditors will be granted a continuing post-petition security interest in and lien on all personal property of the Debtor to the same extent and with the same priority as their pre-bankruptcy liens. As additional protection, Live Oak Banking Company will receive payment in the amount of $5,000 by October 15. The next hearing is set for October 16. About Fuel Homestead Fuel Homestead, LLC, a company in Raleigh, N.C., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 24-03699) on October 22, 2024, with up to $100,000 in assets and up to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. The Debtor is represented by Philip Sasser, Esq., at Sasser Law Firm. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 (704) 362-9255 walt.pettit@hutchenslawfirm.com FUEL REYNOLDA: Gets Extension to Access Cash Collateral ------------------------------------------------------- Fuel Reynolda, LLC received 12th interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral to fund operations. The 12th interim order authorized the Debtor to use cash collateral pursuant to its monthly budget for the period from September 25 to October 25. The budget shows total projected expenses of $94,000 for the interim period. The Debtor's bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Fitness Investment Partners, Newtek, and SofiaGrey, LLC. The Debtor owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As protection, the secured creditors will be granted a continuing post-petition security interest in and lien on all personal property of the Debtor to the same extent and with the same priority as their pre-bankruptcy liens. In addition, Live Oak Banking Debtor will receive payment of $5,000 on or before October 15 as further protection. The next hearing is set for October 16. About Fuel Reynolda Fuel Reynolda, LLC -- https://fuelfitnessclubs.com/about/ -- doing business as Fuel Fitness, is a fitness center that offers the best free weights, strength training/cardio equipment, group fitness classes, personal training, childcare, recovery studio and smoothie bar. Fuel Reynolda sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03700) on October 22, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. Philip Sasser, Esq., at Sasser Law Firm is the Debtor's bankruptcy counsel. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 (704) 362-9255 walt.pettit@hutchenslawfirm.com GENESIS HEALTHCARE: Whitaker Chalk Represents Claimants ------------------------------------------------------- The law firm of Whitaker Chalk Swindle & Schwartz filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Genesis Healthcare Inc. and its affiliates, the firm represents one personal injury claimant, Phillip Miles, and six Wrongful Death Claimants. Whitaker Chalk was engaged by the law firm of Egolf + Ferlic + Martinez, LLC on July 17, 2025, to represent Todd Lopez, as Personal Representative of the Wrongful Death Estate of Therese Padilla, and Todd Lopez as Personal Representative of the Wrongful Death Estate of Regina Suazo. Pursuant to Bankruptcy Rule 2019(c)(4), the provisions of the engagement agreements reflecting Whitaker Chalk's authority to represent the clients. Whitaker Chalk was engaged by the law firm of Atkins & Walker, PA on August 27, 2025, to represent Phillip Miles, Christopher Templeman, as Personal Representative of the Wrongful Death Estate of Ernestine Pedro, Christopher Templeman, as Personal Representative of the Wrongful Death Estate of Julia Marquez, and Kristina Martinez as Personal Representative of the Wrongful Death Estate of Denise Madrid Garcia. Pursuant to Bankruptcy Rule 2019(c)(4), the provisions of the engagement agreements reflecting Whitaker Chalk's authority to present the clients. Whitaker Chalk was engaged by the Golden Law Office on August 27, 2025, to represent Callie Avant, as Personal Representative of the Estate of Leonard P. Taylor. Pursuant to Bankruptcy Rule 2019(c)(4), the provisions of the engagement agreement reflecting Whitaker Chalk's authority to present the client. Each of the Claimants was a patient/resident at a nursing home or rehabilitation facility owned by the Debtors and suffered personal injury or wrongful death due to malpractice and/or neglect. The economic interests of each Claimant are reflected in the filed Proofs of Claim. Each Claimant is an unsecured creditor. Most of the claims are unliquidated, except that Phillip Miles has a settlement agreement under which certain Debtors agreed to pay him $275,000. The settlement amount was agreed to pre-petition, but the Debtors did not pay the settlement amount before the Petition Date. In certain of the Proof of Claims, the Claimants have provided estimates of what they believe their claims to be worth. Other claims are wholly unliquidated with the claim amounts listed as "unknown." Most of the claims are unliquidated, except that Phillip Miles has a settlement agreement under which certain Debtors agreed to pay him $275,000. The settlement amount was agreed to pre-petition, but the Debtors did not pay the settlement amount before the Petition Date. In certain of the Proof of Claims, the Claimants have provided estimates of what they believe their claims to be worth. Other claims are wholly unliquidated with the claim amounts listed as "unknown." The law firm can be reached at: WHITAKER CHALK SWINDLE & SCHWARTZ PLLC Robert A. Simon, Esq. 301 Commerce Street, Suite 3500 Fort Worth, Texas 76102 Telephone: (817) 878-0543 Facsimile: (817) 878-0501 Email: rsimon@whitakerchalk.com About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. The U.S. Trustee for Region 11 appointed Michael Bubman of BFW, LLC and Sunset-Herman-Frankel-Fleishman, LLC and Peter Gudaitis of Aculabs, Inc., as additional members of the official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel. GENWORTH FINANCIAL: A.M. Best Affirms C++(Marginal) FS Rating ------------------------------------------------------------- AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of C++ (Marginal) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "b+" (Marginal) of Genworth Life Insurance Company (GLIC) (Wilmington, DE) and Genworth Life Insurance Company of New York (GLICNY) (New York, NY). These companies are referred to as Genworth Financial Group. In addition, AM Best has affirmed the FSR of B- (Fair) and the Long-Term ICR of "bb-" (Fair) of Genworth Life and Annuity Insurance Company (GLAIC) (Richmond, VA). Concurrently, AM Best has affirmed the Long-Term ICRs of "bb-" (Fair) of Genworth Financial, Inc. and Genworth Holdings, Inc. (both domiciled in Delaware), as well as their Long-Term Issue Credit Ratings (Long-Term IRs). The outlook of these Credit Ratings (ratings) is stable. Additionally, the ratings reflect Genworth Financial Group's balance sheet strength, which AM Best assesses as weak, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). The ratings of GLAIC reflect its balance sheet strength, which AM Best assesses as weak, as well as its adequate operating performance, limited business profile and appropriate ERM. The ratings of GLAIC also reflect its adequate level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The company's adequate operating performance reflects a trend of positive operating earnings in recent years and has contributed to modest BCAR score improvements. AM Best will continue to monitor the company's ability to improve its current balance sheet metrics as the company manages its runoff businesses. The revised outlook to positive from stable of Genworth Financial Group reflects its risk-adjusted capitalization, as measured by BCAR, and other capital metrics. While these metrics remain low and volatile, they have shown continued improvement. Management continues to achieve positive results from the execution of its strategy of obtaining actuarially supported premium rate increases and reducing future benefit obligations on in-force, long-term care (LTC) policies. This has contributed to sustained capital levels, supported by improved in-force management and strong investment returns. However, the timing and effectiveness of premium rate increase approvals and benefit reductions remain a key financial risk as the group is still anticipating peak LTC claims. The ratings of Genworth Financial, Inc. and Genworth Holdings, Inc. reflect their recent trend of an improved balance sheet and operating performance. AM Best does note their dependence on dividends from Enact Holdings, Inc [Nasdaq: ACT], to service debt obligations, which supports both companies' capital allocation priorities of share repurchases, opportunistic debt reduction and growth investments in CareScout. The following Long-Term IRs have been affirmed with stable outlooks: Genworth Holdings, Inc.— — "bb-" (Fair) on $300 million 6.50% senior unsecured notes, due 2034 — "b" (Marginal) on $600 million fixed/floating rate junior subordinated notes, due 2066 The following indicative Long-Term IRs have been affirmed with stable outlooks: Genworth Holdings, Inc.— — "bb-" (Fair) on senior unsecured debt — "b+" (Marginal) on subordinated debt — "b" (Marginal) on preferred stock Genworth Financial, Inc.— — "bb-" (Fair) on senior unsecured debt — "b+" (Marginal) on subordinated debt — "b" (Marginal) on preferred stock GMB TRANSPORT: Seeks to Hire Boyle Legal LLC as Counsel ------------------------------------------------------- GMB Transport LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Boyle Legal, LLC as counsel. The firm will render these services: a. give Debtor legal advice with respect to its powers and duties as Debtor-in- Possession in the continued operation of its business and in its management of its property; b. take necessary actions to avoid liens against Debtor's property, remove restraints against Debtor's property and such other actions to remove any encumbrances and liens which are avoidable, which were placed against the property of the Debtor prior to the filing of the Petition instituting this proceeding and at a time when the Debtor was insolvent; c. take necessary action to enjoin and stay until final decree any attempts by secured creditors to enforce liens upon property of the Debtor in which property of the Debtor has substantial equity; d. represent Debtor, as Debtor-in-Possession, in any proceedings which may be instituted in this Court by Debtor, Creditors, or other Parties-in-Interest during the course of this proceeding; e. prepare necessary pleadings, answers, orders, reports, and other legal papers; f. perform all other Bankruptcy legal services for Debtor-in-Possession or to employ attorneys, or other Professionals, for such other non-Bankruptcy legal services during the pendency of this Case. The firm will be paid at these rates: Michael Boyle, Esq. $400 per hour Paralegal $150 per hour The firm received an initial retainer in the amount of $6,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael L. Boyle Esq., a partner at Boyle Legal, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael L. Boyle, Esq. Boyle Legal, LLC 64 2nd Street Troy NY 12180 Telephone: (518) 407-3121 Email: mike@boylebankruptcy.com About GMB Transport LLC GMB Transport, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 25-60850) on September 23, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Wendy A. Kinsella oversees the case. Boyle Legal LLC represents the Debtor as bankruptcy counsel. HARDING BELL: Gets Approval to Hire Wernick Law as Legal Counsel ---------------------------------------------------------------- Harding Bell International Inc. received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Wernick Law, PLLC as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued management of 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 negotiations with creditors in the preparation of a plan. The firm will be paid at these hourly rates: Aaron Wernick, Esq. $765 Hayley Harrison, Esq. $665 Corinne Aftimos, Esq. $665 Paralegals $425 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $100,000 from the Debtor. Mr. Wernick 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: Aaron A. Wernick, Esq. Wernick Law, PLLC 2255 Glades Road, Suite 324A Boca Raton, FL 33431 Telephone: (561) 961-0922 Email: awernick@wernicklaw.com About Harding Bell International Inc. Harding Bell International, Inc. is a certified public accounting firm based in Central Florida that provides tax preparation, business support, and FIRPTA services to U.S. and international clients. The firm serves over 9,000 clients across 22 U.S. states and more than 170 countries, with a focus on real estate investment and cross-border tax matters. Founded in 2000, it operates six offices in the region. Harding Bell International sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04912) on July 17, 2025. In its petition, the Debtor reported total assets of $3,826,150 and total liabilities of $6,221,386. Judge Roberta A. Colton handles the case. Aaron A. Wernick, Esq., at Wernick Law, PLLC is the Debtor's counsel. HDTSOKANOS LLC: To Sell Astoria Property at Auction --------------------------------------------------- Hdtsokanos, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York, Brooklyn, to sell Property at Auction, free and clear of liens, claims, interests, and encumbrances. The Debtor's real Property is located at 24-35 27th Street, Astoria, NY 11102. Prior to the instant filing, the Debtor has been involved in foreclosure proceedings in Queens County Supreme Court, concerning the Debtor’s sole asset, the property located at 24-35 27th Street, Astoria, NY 11102 (Subject Property). The Foreclosure stemmed from a mortgage covering the Subject Property dated December 11, 2012, that had been obtained by Marina Tsokanos (a minority member of the Debtor herein) in the original principal amount of $850,000 from Flushing Savings Bank, FSB. The Subject Property is a four story walk up containing nine residential units, with eight rent-stabilized apartments and one free-market unit. The rent stabilized apartments all have either active leases or renewal leases have been offered. The tenant in unit 05 has indicated his intent to vacate that unit by no later than October 31, 2025. The Subject Property will be sold subject to all eight existing rent stabilized leases and renewals but in the event that the tenant in unit 05 vacates then the Subject Property will be sold with unit 05 as vacant. The Debtor requests entry to establish bidding procedure, schedule an auction, and set a hearing for the sale. The Debtor retains ERG Commercial Real Estate, LLC as real estate broker. The Debtor seeks approval of the bidding procedures and the salient provisions are described, which are summarized below: -- Bid Deadline – November 20, 2025, at 4:00 p.m. (prevailing Eastern Time) -- Bidders must submit the Required Bid Documents so as to be actually received by the Bid Deadline. The original set of the Required Bid Documents must be submitted to the Debtor's counsel, with a copy submitted to Broker. -- Stalking Horse – Following entry of the Bidding Procedures Order, the Debtor may, as an exercise of its business judgment and in consultation with BD Five, select one or more Qualified Bidders to act as a stalking horse bidder. -- The Auction – December 22, 2025, at 10:00 a.m. (prevailing Eastern Time) The Auction, if any, shall take place on December 22, 2025, (prevailing Eastern Time) by videoconference using the Zoom platform or other comparable videoconference platform. The Debtor believes that the foregoing notice is sufficient to provide effective notice of the Bidding Procedures, the Auction and the proposed Sale to potentially interested parties. The Debtor submits that the Bidding Procedures are reasonably designed to ensure that the Estate receive the maximum benefit available from the sale of the Subject Property. The Debtor has already been in talks with a proposed Stalking Horse Bidder and anticipates a contract for sale will be fully executed. The proposed Stalking Horse Bidder is seeking bid protections in order to become a Stalking Horse Bidder because of the time, money and effort required of a Stalking Horse Bidder to negotiate with the Debtor, despite the inherent risks and uncertainties of a chapter 11 process. Thus, the Debtor seeks to approve maximum proposed Bid Protections (a break-up fee of 3% of the Stalking Horse Bidder’s offer) for any potential Stalking Horse Bidder at this juncture to expedite entering into any potential agreement with a Stalking Horse Bidder. The Debtor's ability to offer customary and reasonable Bid Protections enables the Debtor to ensure the sale of the Subject Property to a contractually-committed bidder at a price the Debtor, in consultation with the relevant secured creditor, believes to be fair while, at the same time, providing the Debtor with the potential of an even greater return to the estates. About Hdtsokanos, LLC Hdtsokanos LLC possesses a building at 24-35 27th Street, Astoria, NY 11102, with an estimated worth of $2.45 million. Hdtsokanos LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40606) on February 6, 2025. In its petition, the Debtor reports total assets of $2,485,638 and total liabilities of $1,634,678. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor tapped Btzalel Hirschhorn, Esq., at Shiryak, Bowman, Anderson, Gill & Kadochnikov, LLP as counsel and Vestcorp LLC as accountant. HEADWAY WORKFORCE: Plan Exclusivity Period Extended to November 3 ----------------------------------------------------------------- Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina extended Headway Workforce Solutions, Inc. and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to November 3, 2025 and January 2, 2026, respectively. As shared by Troubled Company Reporter, since the Petition Date, the Debtors have expended significant time and effort to negotiate and obtained a consensual resolution for initial post-petition financing, finalized the sale of certain limited assets and have continued the negotiation of a term sheet for a potential plan of reorganization that preserves the tax attributes of the Debtors. The Debtors explain that they have also filed motions relating to notice requirements for trading in equity and claims, seeking approval of compensation for employees and rejecting the Debtors' nonresidential leases. Moreover, the creditors' committee is also in the process of collecting discovery and investigating potential claims during the court-approved challenge period. Since requesting the first extension, the Debtors have also begun the process of circulating and receiving feedback from interested parties on the terms of a second post-petition financing and have drafted and circulated a draft plan to the potential DIP lender. The Debtors anticipate they will be circulating an updated draft of the proposed plan of reorganization to the Committee shortly. Accordingly, because the Debtors have made significant progress under difficult circumstances in these chapter 11 cases and continue to work diligently, collaboratively and efficiently towards what they hope will be a consensual resolution of these chapter 11 cases, the Debtors believe that an additional 60-day extension of each of the Exclusivity Periods is warranted. Counsel to the Debtors: Jason L. Hendren, Esq. Rebecca Redwine Grow, Esq. Benjamin E.F.B. Waller, Esq. Lydia C. Stoney, Esq. Hendren, Redwine & Malone, PLLC 4600 Marriott Drive, Suite 150 Raleigh, NC 27612 Tel: (919) 573-1422 Fax: (919) 420-0475 Email: jhendren@hendrenmalone.com rredwine@hendrenmalone.com bwaller@hendrenmalone.com lstoney@hendrenmalon.com and Kirk B. Burkley, Esq. Bernstein-Burkley, PC 601 Grant Street, 9th Floor Pittsburg, PA 15219 Tel: (412) 456-8100 E-mail: kburkley@bernsteinlaw.com About Headway Workforce Solutions Headway Workforce Solutions, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01682-5-JNC) on May 5, 2025. In the petition signed by Brendan Flood, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Joseph N. Callaway oversees the case. Rebecca Redwine Grow, Esq., at Hendren, Redwine & Malone, PLLC, is the Debtor's legal counsel. Noor Staffing Group, LLC, as DIP lender, is represented by: Pamela P. Keenan, Esq. Kirschbaum, Nanney, Keenan & Griffin, P.A. PO Box 19766 Raleigh, NC 27619-9766 Telephone: (919) 848-0420 Facsimile: (919) 848-8755 Email: pkeenan@kirschlaw.com HEART ESTATES: To Sell Atlanta Property to James & Mary Sears ------------------------------------------------------------- Heart Estates LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. Camreon M. McCrd serves as the SubChapter V trustee. The Debtor owns a condominium unit located in Fulton County, Georgia having a local address of 2840 Peachtree Road NW, Unit #306, Atlanta, Georgia 30305. The Debtor and buyers, James C. Sears and Mary G. Sears and/or assigns, have entered into certain Purchase and Sale Agreement, for the sale of the Property. The gross purchase price is $155,000 and is a cash transaction with no financing contingency. The buyer's real estate agent, Harry Norman Realtors, is holding earnest money in the amount of $1,550.00. The Closing dates is on November 3, 2025. The Debtor's real estate agent, Lokation Real Estate LLC, is to receive a commission at closing in the amount of $1,500.00 plus the FMLS fee of 0.12% of the purchase price ($186.00). The Debtor is to pay compensation to the Buyer's Borker at closing in the amount of 3% of the sales price ($4,650.00). The Binding Agreement Date is October 2, 2005 and the Property is being sold subject to a Due Diligence Period of 8 days from the Binding Agreement Date. The Closing Attorney is Cambell and Brannon Intown. The Wilmington Savings Fund Society, FSB (Lender), not in its individual capacity but solely as Owner Trustee of CIM trust 2022-11, holds a first lien mortgage claim in the approximate amount of $52,850.37 on the Property. In addition, Crestwood Condominium Owners Association, Inc. holds a claim for delinquent condominium association fees and assessments in the approximate amount of $1,512.67. The Debtor is not aware of any other lien claims against the Property. The Debtor requests that the protections afforded to a purchaser with regard to sale transactions be afforded to the Buyer, which provides that the reversal or modification on appeal of an authorization to an entity that purchased or leased the property in good faith does not affect the validity of the sale or lease under such authorization to an entity that purchased or leased the property in good faith. About Heart Estates LLC Heart Estates, LLC is a real estate company incorporated on August 5, 2010. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-51291) on February 6, 2025. Judge Paul Baisier presides over the case. Paul Reece Marr represents the Debtor as legal counsel. HELIUS MEDICAL: Renamed to Solana Company After Charter Amendment ----------------------------------------------------------------- Helius Medical Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved an amendment to the Company's Certificate of Incorporation, as filed with the Secretary of State of the State of Delaware on July 18, 2018, to change the Company's name to Solana Company. On September 26, 2025, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment to the Certificate of Incorporation, which effected the Name Change at 8:00 a.m. Eastern Time on September 29, 2025. Pursuant to Section 242(d)(1) of the General Corporation Law of the State of Delaware, the Name Change did not require approval of the Company's stockholders and will not affect the rights of the Company's security holders. A copy of the Certificate of Amendment is available at https://tinyurl.com/23h4k3jk Additionally, the Board approved an amendment to the Company's Second Amended and Restated Bylaws solely to reflect the Name Change. The Third Amended and Restated Bylaws became effective immediately after the Name Change on September 29, 2025. In accordance with the DGCL and the provisions of the Company's organizational documents, the Board approved the Third Amended and Restated Bylaws, and stockholder approval was not required for such amendment. A copy of the Third Amended and Restated Bylaws is available at https://tinyurl.com/rjauuefk In a press release, the Company announced that in addition to the Name Change, the Company and certain of its investors entered into a non-binding letter of intent with the Solana Foundation, which sets forth the principal terms of HSDT's commitment to abide by "Solana By Design" terms, which includes conducting all on-chain activity solely on Solana, institutional partnerships referrals, and joint initiatives to highlight Solana capabilities (including co-hosted events, institutional roundtables and participation at Solana Foundation events). HSDT will have the option, subject to certain conditions, to purchase a certain amount of SOL tokens from the Foundation at a discount. The Company is also continuing to execute on its accumulation of SOL tokens as part of its digital asset treasury strategy. The Company still holds cash from its recent $500mm PIPE financing, which the Company intends to use to further its digital asset treasury strategy. "DATs are providing access to the blockchain market to a new kind of investor. Solana Company is well set up to be the preeminent SOL DAT by introducing Solana to a growing audience," said Dan Morehead, Founder and Managing Partner of Pantera Capital and Strategic Advisor to HSDT. "Solana Company is a name that signifies HSDT's commitment to building a long-lasting institution that accelerates the growth of Solana. HSDT's Solana DAT will be a powerful advocate for Solana's development," said Cosmo Jiang, General Partner at Pantera Capital and Board Observer at HSDT. "HSDT's announcements, including a corporate name change and agreement with the Solana Foundation, showcase its long-term conviction in Solana. The clear long-term alignment is a show of support and sign of strength for the Solana Company's mission," said Joseph Chee, Executive Chairman of HSDT and Chairman of Summer Capital. Solana has historically been the fastest growing blockchain, leading the industry in transaction revenue and processing more than 3,500 transactions per second. The network is also the most widely adopted, averaging about 3.7 million daily active wallets and surpassing 23 billion transactions year-to-date. SOL is financially productive by design, offering an approximate 7% native staking yield, whereas assets like Bitcoin (BTC) are typically non-yield-bearing. About Helius Medical Headquartered in Newtown, Pennsylvania, Helius Medical Technologies, Inc. -- http://www.heliusmedical.com/-- is a neurotechnology company dedicated to neurological wellness. The Company's mission is to develop, license, or acquire non-implantable technologies aimed at reducing the symptoms of neurological disease or trauma. Its flagship product, the Portable Neuromodulation Stimulator (PoNS), is an innovative, non-implantable medical device consisting of a controller and a mouthpiece that delivers mild electrical stimulation to the surface of the tongue, offering treatment for gait deficits and chronic balance deficits. In its report dated March 25, 2025, the Company's auditor since 2022, Baker Tilly US, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These factors raise substantial doubt about their ability to continue as a going concern. As of March 31, 2025, Helius Medical Technologies had $3.5 million in total assets, $2.2 million in total liabilities, and total stockholders' equity of $1.3 million. HOLLYWOOD EXCAVATING: Hires Bruner Wright PA as Counsel ------------------------------------------------------- Hollywood Excavating of Florida, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Bruner Wright, PA to handle its Chapter 11 case. The firm will be paid at these rates: Robert Bruner, Attorney $450 per hour Byron Wright III, Attorney $425 per hour Samantha Kelley, Attorney $400 per hour Paralegal $175 per hour The firm was paid $15,000 as a retainer from the Debtor's owner, Weyman Wheeler. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Wright III 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: Byron Wright III, Esq. Robert C. Bruner, Esq. Samantha A. Kelley, Esq. Bruner Wright, PA 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 Email: twright@brunerwright.com rbruner@brunerwright.com skelley@brunerwright.com About Hollywood Excavating of Florida, LLC Hollywood Excavating of Florida, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No. 25-50192-KKS) on Sept. 24, 2025. The Debtor hires Bruner Wright, PA to handle its Chapter 11 case. HONOLULU SPINE: Unsecureds Will Get 9.8% of Claims in Plan ---------------------------------------------------------- Honolulu Spine Center, LLC, submitted a Disclosure Statement for First Amended Plan of Reorganization dated September 29, 2025. As of the Petition Date, the Debtor owed Central Pacific Bank ("CPB") approximately $1,000,000 on a line of credit that is evidenced by, among other loan documents, a Promissory Note and Security Agreement, both dated May 3, 2024. The Debtor's balance sheet as of July 31, 2025, showed total assets valued at $6,358,971.22, total liabilities of $9,050,249.64, and a net worth of ($2,691,278.42). The total liabilities figure includes pre-petition accounts payable of approximately $4,886,262.49, which will be discharged if the Plan is confirmed. The balance sheet also values the Debtor's fixed assets at $1,757,033.72. From April, 2025 through August, 2025, the Debtor's post-petition payables increased due to interruptions in the collection of receivables when the Debtor transitioned to a new medical billing provider. During this period, post-petition payables increased from $474,772.03 to $1,028,146 and the Debtor's accounts receivable increased from $3,402,177.11 to $3,814,130. The relatively modest increase in receivables is due to the Debtor's decision to write off approximately $650,000 in stale receivables in June. The Debtor believes its liquidity is now stabilized. For example, in August, 2025, the Debtor collected $1,487,037, as compared to $932,070 in July, 2025. The Debtor's improved liquidity has allowed it to pay down its largest vendor, Boston Scientific Corporation. As of July 31, 2025, the Debtor owed Boston Scientific Corporation approximately $659,714. As of September 12, 2025, the Debtor owed Boston Scientific approximately $200,521. Class 1 consists of the Allowed Secured Claim of the Central Pacific Bank ("CPB"), which filed a secured proof of claim in the amount of $999,785.43 plus any allowed post-petition attorneys' fees and costs and/or any other fees and costs incurred by CPB in connection with the aforesaid Allowed CPB Secured claim. The CPB Secured Claim is secured by a lien on all of the Debtor's personal property, including, but not limited to, the Debtor's accounts receivable, inventory and equipment and further secured by a cash deposit ("HI-CAP Collateral") at CPB equal to 20% of the principal balance of the $1,000,000.00 line of credit (the "Credit") extended by CPB to the Debtor, which cash deposit is pledged by Hawaii Green Infrastructure Authority ("HGIA"), pursuant to the terms of that certain Cash Collateral Deposit Agreement dated April 17, 2024, between HGIA and CPB, in connection with the Credit. The CPB Secured Claim is also guaranteed by Commercial Guaranties all dated May 3, 2024 (collectively, the "Commercial Guaranties"), executed by Excel Surgery Center Honolulu, LLC, Jon F. Graham, M.D., Paul N. Morton, M.D., Thomas K. Noh, M.D., Jeffrey J. Roh, M.D. and Troy A. Tada, M.D. The current balance of the CPB Secured Claim is approximately $998,752.21, plus any allowed post-petition attorneys' fees and costs and/or any other fees and costs incurred by CPB in connection with its claim hereunder. Class 2 consists of Allowed General Unsecured Claims which is estimated to total approximately $5,104,298.10 (consisting of approximately $3,504,879.23 in filed General Unsecured Claims and approximately $1,599,418.87 of scheduled General Unsecured Claims). Each Holder of an Allowed General Unsecured Claim shall receive a distribution from a fixed fund in the amount of $500,000.00 (the "GUC Pot") to be funded by the Debtor before the Effective Date. Each Holder of an Allowed General Unsecured Claim shall receive, in full and complete satisfaction of such Claim, a Pro Rata share of the GUC Pot, within 60 days of the Effective Date. The Debtor estimates that Holders of Allowed General Unsecured Claims will receive approximately 9.8% of their claims. Class 2 is impaired. Class 3 consists of Allowed Equity Interests in the Debtor which consists of ESCH (40.75%) and Jeffrey J. Roh, M.D. (14.83765%), Thomas K. Noh, M.D. (14.83765%), Jay Boughanem, M.D. (13.8587%), Paul N. Morton, M.D. (9.0%) and Troy A. Tada, M.D. (6.716%). Holders of Allowed Equity Interests shall retain their Equity Interests in the Debtor provided that, on or before the Effective Date of the Plan, they make an aggregate contribution of $650,000.00 which will be used to fund the Plan. Class 3 is unimpaired, and is deemed to accept the Plan. The Plan will be implemented and funded primarily from the New Value Contribution and from the Debtor's available cash as necessary. A full-text copy of the Disclosure Statement dated September 29, 2025 is available at https://urlcurt.com/u?l=7xFT5v from PacerMonitor.com at no charge. Counsel to the Debtor: Chuck C. Choi, Esq. Choi & Ito 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Telephone: (808) 533-1877 Facsimile: (808) 566-6900 Email: cchoi@hibklaw.com About Honolulu Spine Center Honolulu Spine Center, LLC, doing business as Honolulu Sports & Spine Surgery Center and Honolulu Sports and Spine Center, is a surgical center in Honolulu, Hawaii. Honolulu Spine Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 24-01110) on Dec. 6, 2024, with $1 million to $10 million in both assets and liabilities. Louis DiMartini, the authorized signatory, signed the petition. Judge Robert J. Faris handles the case. The Debtor is represented by Chuck C. Choi, Esq., at Choi & Ito. Tiffany Carroll, Acting U.S. Trustee for Region 15, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. HOOPERS DISTRIBUTING: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Hoopers Distributing, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The court issued its ninth interim order authorizing the Debtor to use cash collateral to pay operating expenses in accordance with its budget, subject to a 10% variance. The budget shows the Debtor's projected expenses of $122,293.86 for the period from October 1 to 31. As adequate protection, Kapitus, LLC's and Kalamata Capital Group, LLC's first-priority liens will extend to the Debtor's post-petition cash generated from sales and all other assets against which the secured creditors held liens. As additional protection, Kapitus will receive a cash payment of $1,334.17 by October 15. The interim order will remain in full force and effect until October 25; the replacement of or termination of the eight interim order by a subsequent order; or the filing of a notice of default, whichever comes first. The next hearing is scheduled for October 30. The Debtor's only significant source of income is through continued operations and the cash proceeds generated thereby. Certain proceeds generated from the Debtor's continuing operations may constitute cash collateral of Kapitus and Kalamata. Both secured creditors filed UCC-1 financing statements in 2024, purporting to cover all assets of the Debtor. However, the Debtor believes that any claim that may be asserted by the creditors against it is unenforceable. About Hoopers Distributing Hoopers Distributing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-00447) on February 7, 2025, listing between $500,001 and $1 million in both assets and liabilities. J.M. Cook serves as Subchapter V trustee. Judge Joseph N. Callaway presides over the case. Benjamin E.F.B. Waller, Esq., at Hendren, Redwine & Malone, PLLC is the Debtor's legal counsel. Kapitus, LLC, as secured creditor, is represented by: Byron L. Saintsing, Esq. Smith Debnam Narron Drake Saintsing & Myers, LLP P.O. Box 176010 Raleigh, NC 27619-6010 Telephone: (919) 250-2000 bsaintsing@smithdebnamlaw.com HORSEY DENISON: Court Extends Cash Collateral Access to Oct. 31 --------------------------------------------------------------- Horsey Denison Landscaping, LLC and affiliates received another extension from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to use cash collateral. The court's interim order extended the Debtors' authority to use cash collateral from September 30 to October 31 to fund operations in accordance with their budget. Lenders including First National Bank of Pennsylvania and Donna Dennison, and sureties including Great Midwest Insurance Company and Lexington National Insurance Corporation will be provided with adequate protection in the form of replacement liens on assets and proceeds from bonded contracts. As additional protection, the court approved the payments of $20,000 to First National Bank on October 13 and October 27. First National Bank is the senior secured lender and is owed over $10.8 million in aggregate under a line of credit, a term loan, and two mortgage loans. It also holds judgments by confession against the Debtors and maintains liens through various security agreements and UCC filings. Meanwhile, Ms. Denison is a second-priority secured creditor under a $6 million seller-financed loan used in the 2021 acquisition of the Denison entities by Horsey Denison Landscaping. Horsey Denison Landscaping and Denison Landscaping entered into various agreements with the sureties to provide them with bonds required for them to perform certain of their business contracts. The Debtors' financial troubles stem from litigation with Ms. Denison and significant pre-petition debt, including loans from First National Bank. A copy of the interim order is available at https://is.gd/U2cY66 from PacerMonitor.com. About Horsey Denison Landscaping LLC Horsey Denison Landscaping LLC is a landscaping company based in Fort Washington, Maryland. It provides design and build services such as landscape installation, hardscaping, low-voltage lighting, and irrigation. Horsey Denison fully owns Denison Farms LLC, also formed in 2021, and Denison Landscaping Inc., a corporation established in 1990. The Company is affiliated with Horsey Denison Properties LLC, a Delaware-based entity co-owned equally by Robert E. Horsey and David W. Horsey. Horsey Denison Landscaping LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No.25-14103) on May 6, 2025. In its petition, Horsey Denison Landscaping reports estimated assets and liabilities between $1 million and $10 million each. Judge Lori S. Simpson oversees the case. The Debtors are represented by Paul Sweeney, Esq., at YVS Law, LLC. First National Bank, as lender, is represented by: David V. Fontana, Esq. Gebhardt & Smith LLP One South Street, Suite 2200 Baltimore, Maryland 21202 Tel: 410-385-5053 Fax: 443-957-1832 dfont@gebsmith.com HPC VINEBURN: Hires Davies Raphaely Law as Special Counsel ---------------------------------------------------------- HPC Vineburn, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Davies Raphaely Law Corporation as special counsel. The firm's services include: 1. advising the Debtor regarding regulatory compliance, tax planning, investor relations and title issues; 2. preparing and documenting agreements and amendments, memoranda, briefs, reports, and other papers as may be necessary in connection with the foregoing; 3. representing the Debtor in any proceeding or hearing in connection with the foregoing; 4. attending meetings and negotiating with investors, creditors and other parties-in-interest, as and when necessary; and 5. rendering such other advice and services as may be requested by Debtor from time to time after consultation with Debtor's general bankruptcy counsel to ensure such work not duplicative of any work that it has or intends to perform for the Debtor and Estate; The firm will be paid at these hourly rates: M. Randel Davies $600 Shahab Raphaely $525 As of the Petition Date, $8,550 in fees and expenses had been incurred and remain unpaid. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: M. Randel Davies, Esq. Davies Raphaely Law Corporation 23586 Calabasas Rd Unit 202 Calabasas, CA 91302 Tel: (818) 206-0570 About HPC Vineburn, LLC HPC Vineburn LLC is a single asset real estate entity as defined under 11 U.S.C. Section 101(51B), with its principal assets located at 1919 Vineburn Avenue in Los Angeles, California. The Company's operations focus primarily on managing and holding this real estate asset. HPC Vineburn LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11455) on August 8, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Michael B. Reynolds, Esq. at SNELL & WILMER L.L.P. HYPERION DEFI: Welcomes David Knox as CFO, Treasurer and Secretary ------------------------------------------------------------------ Hyperion DeFi, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors appointed David Knox to the positions of Chief Financial Officer, Treasurer and Secretary of the Company effective September 29, 2025. "I'm excited to welcome David to the Hyperion DeFi team as we begin our next chapter." said Hyunsu Jung, Interim Chief Executive Officer of Hyperion DeFi. "David has helped lead some of the largest financial institutions in the world, and now he's bringing that expertise to accelerate our mission of moving institutional finance to Hyperliquid. He shares my conviction that all asset classes will ultimately migrate on-chain, and his leadership will help ensure Hyperion Defi is at the forefront of that transformation." Mr. Knox, newly named Chief Financial Officer stated, "I'm pleased to join Hyperion DeFi at this pivotal moment for the Company. My experience building scalable financial platforms and structuring innovative capital solutions will help Hyperion DeFi execute on its strategic vision while maintaining the highest standards of financial discipline. I look forward to the opportunity to collaborate with Hyperliquid builders and innovators, bringing practical solutions that align with long-term ecosystem initiatives. I fully intend to leverage my extensive industry connections across institutional finance, especially in fixed income and structured products such as ABS, CLO, and whole loans. My goal is to help position Hyperion DeFi as the bridge between Wall Street and the decentralized future, driving value for both our ecosystem and our shareholders." Mr. Knox (age 36) joins the Company from PayPal Holdings, Inc., where he served as Head of Capital Markets and Head of Finance for Global Credit and Financial Services from April 2024 to September 2025. In his dual role at PayPal, Mr. Knox was responsible for supporting the profitable growth of the company's lending segments under a "balance sheet light" strategic imperative, while also executing core FP&A responsibilities with robust governance and reporting across the PayPal and Venmo global financial services platforms. Prior to his time at PayPal, from June 2020 to March 2024, Mr. Knox served multiple roles at SoFi Technologies, Inc. including Vice President of Capital Markets and Business Lead for Refi Student Loans. Mr. Knox was Director at Cantor Fitzgerald from September 2018 to June 2020, where he provided capital markets structuring and advisory services across mortgage-backed and asset-backed finance transactions. Mr. Knox also held prior roles in lending and capital markets at Hudson Advisors L.P. and the Royal Bank of Scotland. Mr. Knox holds a bachelor's degree from the University of Connecticut and is an alumnus of the Harvard Business School. There are no arrangements or understandings between Mr. Knox and any other persons pursuant to which he was appointed as Chief Financial Officer (principal financial officer), Treasurer and Secretary of the Company, and there is no family relationship between Mr. Knox and any director or executive officer of the Company. There are no transactions between the Company and Mr. Knox that are disclosable pursuant to Item 404(a) of Regulation S-K. In connection with his appointment as Chief Financial Officer, Treasurer and Secretary, Mr. Knox entered into an executive employment agreement with the Company. Pursuant to the Employment Agreement: * the Company will pay Mr. Knox an initial salary of $400,000 and a one-time sign on bonus in the amount of $75,000. * Mr. Knox also received an inducement equity award consisting of 100,000 restricted stock units, which will vest in two equal installments on the sixth month and first year anniversaries of the grant date, subject to Mr. Knox's continued employment with the Company on the applicable vesting dates. The Inducement Award is being granted in accordance with Nasdaq Listing Rule 5635(c)(4). * Mr. Knox also received a grant of 200,000 restricted stock units, or two grants each comprised of 100,000 restricted stock units, pursuant to the Company's 2018 Omnibus Stock Incentive Plan, as amended, subject to the Company reaching certain milestones described in the Employment Agreement. Each Milestone Grant will vest in equal quarterly installments over the 12-month period following the date the applicable milestone is achieved, subject to Mr. Knox's continued employment with the Company on the applicable vesting dates. Mr. Knox's employment is "at will" and has no set term. If Mr. Knox's employment is terminated, Mr. Knox will be entitled to receive the Accrued Obligations (as defined in the Employment Agreement). The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by the full text of the Employment Agreement, a copy of which is available at https://tinyurl.com/yc2jz549 About Hyperion DeFi Inc. Hyperion DeFi, Inc. formerly known as Eyenovia, Inc., is the first U.S. publicly listed company building a long-term strategic treasury of Hyperliquid's native token, HYPE. The Company is focused on providing its shareholders with simplified access to the Hyperliquid ecosystem, one of the fastest growing, highest revenue-generating blockchains in the world. New York, N.Y.-based Marcum LLP, the Eyenovia's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $55.66 million in total assets, against $18.30 million in total liabilities. HYPERSCALE DATA: Had 109.2M Class A Outstanding After Conversion ---------------------------------------------------------------- Hyperscale Data, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that between September 18 and September 26, 2025, the Company issued an aggregate of 9,512,105 shares of its Class A common stock upon conversion of approximately 3,804.84 shares of Series B Convertible Preferred Stock. On September 22, 2025, the Company issued one share of Class A Common Stock upon conversion of an equal number of shares of Class B common stock. The shares of Class A Common Stock were offered and sold in reliance upon an exemption from the registration requirements under Section 4(a)(2) under the Securities Act of 1933, as amended. As of September 26, 2025, the Company had 109,215,633 shares of Class A Common Stock outstanding. About Hyperscale Data Headquartered in Las Vegas, Nevada, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, N.Y.-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $213.50 million in total assets, $205.60 million in total liabilities, and $7.90 million in total stockholders' equity. IDEANOMICS INC: Seeks to Extend Plan Exclusivity to October 30 -------------------------------------------------------------- Idex Wind Down, Inc. f/k/a Ideanomics, Inc. and its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 30 and December 29, 2025, respectively. The Debtors explain that given the size and complexity of these Chapter 11 Cases, not extending exclusivity would be detrimental to an efficient resolution of these cases. While no other party has yet suggested they would be willing or able to propose a plan, terminating exclusivity could create a situation where the Debtors' estates are saddled with multiple and competing plans. The Debtors claim that these chapter 11 cases involve eight affiliated entities. The Debtors and their professionals have expended significant effort in negotiating and consummating the sales of the Debtors' assets, workstreams that were the primary focus of the initial phase of these Chapter 11 Cases. Accomplishing these tasks and addressing the concerns of the Debtors' creditors, among other things, required the full attention of the Debtors' employees and advisors. Following the entry of the Second Exclusivity Extension Order, the Debtors and their professionals continued devoting significant time and effort to analyzing the filed claims, recognizing the importance of addressing these matters given the Debtors' limited liquidity and the need to formulate and solicit a value-maximizing plan. The Debtors and their professionals have consistently worked with the key stakeholders in these chapter 11 cases towards a consensual conclusion. The Debtors assert that they are focusing their efforts on finalizing the drafting and filing a value-maximizing plan of liquidation. Therefore, if achieved, a chapter 11 plan would be the product of the Debtors' extensive efforts, and cause exists to extend the Exclusive Periods to allow the Debtors to negotiate and formulate such plan. The Debtors further assert that they have been paying their undisputed post-petition amounts owed in the ordinary course of business or as otherwise provided by the Court Order. In addition, the Debtors have sufficient liquidity to continue paying administrative expenses as they become due and will continue to make such payments. This factor therefore weighs in favor of allowing the Debtors to extend the Exclusive Periods. The Debtors note that during the first ten months of these Chapter 11 Cases, they have primarily focused their efforts on the sale of substantially all of their assets to maximize value for all stakeholders. The Debtors were successful in competing the sales, which will benefit the estate and all creditors. The prospect of competing plans would only lead to disorder and waste scarce estate resources, thereby ultimately diminishing the remaining pool of value available for distribution to creditors. The Debtors cite that the expiration of their exclusive right to file a Chapter 11 plan at such a critical time would jeopardize the forward momentum of these Chapter 11 Cases and disrupt the substantial progress made to date. Accordingly, this extension request is reasonable and consistent with the efficient prosecution of these Chapter 11 Cases because it will provide the Debtors with additional time to draft and file a plan. Co-Counsel to the Debtors: Palacio, Esq. Gregory A. Taylor, Esq. ASHBY & GEDDES, P.A. 500 Delaware Avenue, 8th Floor P.O. Box 1150 Wilmington, DE 19801 Tel: (302) 654-1888 Fax: (302) 654-2067 Email: RPalacio@ashbygeddes.com GTaylor@ashbygeddes.com John A. Simon, Esq. Jake W. Gordon, Esq. FOLEY & LARDNER LLP 500 Woodward Ave., Suite 2700 Detroit, MI 48226-3489 Tel: (313) 234-7100 Fax: (313) 234-2800 Email: jsimon@foley.com Jake.gordon@foley.com - and - Timothy C. Mohan, Esq. 1400 16th Street, Suite 200 Denver, CO 80202 Tel: (720) 437-2000 Fax: (720) 437-2200 Email: tmohan@foley.com About Ideanomics Inc. New York, N.Y.-based Ideanomics, Inc. is a global electric vehicle company that is focused on driving the adoption of electric commercial vehicles and associated sustainable energy consumption. It is made up of 5 subsidiaries including: VIA Motors, Solectrac, Treeletrik, Wave, and US Hybrid. Ideanomics Inc. and seven of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12728) on December 4, 2024. In its petition, the Debtor reports assets between $50 million and $100 million and liabilities ranging from $100 million to $500 million. Foley & Lardner LLP serves as the Debtors' general bankruptcy counsel and Ashby & Geddes, P.A. acts as the Debtors' Delaware co-counsel. The Debtors tapped Epiq Corporate Restructuring as noticing and claims agent. Riveron Management Services, LLC is the Debtors' CRO and financial advisor, and SSG Advisors, LLC, is the Debtors' investment banker and financial adviser. IF YOU PLEASE: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: If You Please LLC DBA Honeymoon Sweets DBA Honey Moon Sweets Honeymoon Sweets Bakery Honey Moon Sweets Bakery Honeymoon Sweets European Bakery HMS Bakery HMS Cafe 606 W. Southern Avenue Tempe, AZ 85282 Business Description: If You Please LLC, doing business as Honeymoon Sweets European Bakery, operates a retail, wholesale, and catering bakery based in Tempe, Arizona. The Company specializes in handcrafted European-style pastries, cakes, pies, cupcakes, and desserts made from scratch using locally sourced and imported premium ingredients, with a strong focus on custom wedding cakes. It serves individual customers and commercial clients across the Phoenix metropolitan area, including resorts, country clubs, and professional sports teams. Chapter 11 Petition Date: October 2, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-09405 Judge: Hon. Daniel P Collins Debtor's Counsel: Ronald J. Ellett, Esq. ELLETT LAW OFFICES, P.C. 2999 North 44th Street Suite 330 Phoenix, AZ 85008 Tel: 602-235-9510 Email: rjellett@ellettlaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Krista Gordon as member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/47JC6NQ/If_You_Please_LLC__azbke-25-09405__0001.0.pdf?mcid=tGE4TAMA IMAGE LOCATIONS: Case Summary & Nine Unsecured Creditors -------------------------------------------------------- Debtor: Image Locations, Inc. 2404 Wilshire Blvd., # 6D Los Angeles, CA 90057 Business Description: Image Locations, Inc., based in Los Angeles, provides location sourcing services for film, television, and print productions, maintaining a library of over 3,000 properties across Southern California from Santa Barbara to Palm Springs. The Company supports productions with location photographers, agents, permitting services, web programming, and design services. It serves major entertainment and media companies, including HBO, Netflix, Disney, and Warner Brothers, operating in the entertainment services industry. Chapter 11 Petition Date: October 2, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-18780 Judge: Hon. Vincent P Zurzolo Debtor's Counsel: Jeffrey S. Shinbrot, Esq. JEFFREY S. SHINBROT, APLC 15260 Ventura Blvd. Suite 1200 Sherman Oaks, CA 91403 Tel: 310-659-5444 Fax: 310-878-8304 Email: jeffrey@shinbrotfirm.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Paul Kim as chief executive officer. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JJ7VRBA/Image_Locations_Inc__cacbke-25-18780__0001.0.pdf?mcid=tGE4TAMA INCA BOOT: Seeks Approval to Tap Nguyen Law as Bankruptcy Counsel ----------------------------------------------------------------- Inca Boot Company, LLC, doing business as Fortress Shoes, formally doing business as Fortress of Inca, seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Nguyen Law, PLLC as counsel. The firm will render these services: (a) assist the Debtor in carrying out its duties under the Bankruptcy Code; (b) prepare and file schedules, statements of financial affairs, and a plan; (c) consult with the United States Trustee, the Subchapter V trustee, creditors, and other parties-in-interest regarding administration of the bankruptcy case; (d) represent the Debtor at United States Trustee interviews, meetings of creditors, confirmation hearings, adversary proceedings, and other contested bankruptcy matters; (e) assist the Debtor in analyzing and appropriately treating any creditors' claims; and (f) perform other legal services and provide other legal advice to the Debtor as may be necessary. An Nguyen, Esq., the primary attorney in this representation, will be billed at his hourly rate of $400 plus expenses. The firm received a retainer of $11,738 from the Debtor. Mr. Nguyen 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: An Nguyen, Esq. Nguyen Law, PLLC P.O. Box 150146 Austin, TX 78715 Telephone: (512) 712-3484 Email: bankruptcy@anwinlaw.com About Inca Boot Company LLC Inca Boot Company, LLC sells handcrafted Peruvian footwear. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11382) on September 4, 2025. In the petition signed by Evan Streusand, president, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. An Nguyen, Esq., at Nguyen Law, PLLC, represents the Debtor as counsel. IRON HILL: Seeks Chapter 7 Bankruptcy After Closing Restaurants --------------------------------------------------------------- Law360 and Delaware Online report that Iron Hill Brewery & Restaurant, once a popular Mid-Atlantic brewpub chain, filed for Chapter 7 bankruptcy in New Jersey roughly ten days after abruptly closing all 16 of its locations. The company had warned employees that a bankruptcy filing was imminent as it struggled with mounting financial challenges, according to the report. Known for its handcrafted beers and comfort food, the Delaware-based chain shut down operations in Delaware, Pennsylvania, New Jersey, and South Carolina in late September, citing declining sales and unsustainable debt. The sudden closures left hundreds of workers without jobs and surprised longtime patrons, according to report. In its bankruptcy petition, Iron Hill disclosed owing millions to creditors, including vendors, landlords, and employees. Management said that liquidation was the only feasible course of action after efforts to secure capital and stabilize operations failed. About Iron Hill Brewery Iron Hill Brewery is a Mid-Atlantic brewpub chain renowned for handcrafted beers and comfort foods. Iron Hill Brewery sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-20469) on October 3, 2025. The Debtor is represented by Fred Stevens, Esq. of Klestadt & Winters, LLP. ISAVA ENTERPRISE: Gets OK to Use Cash Collateral Until Oct. 14 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida issued a second interim order allowing ISAVA Enterprise, Inc. to use cash collateral through October 14. The second interim order signed by Judge Lori Vaughan authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; and the expenses set forth in the budget, plus an amount not to exceed 10% for each line item. As adequate protection, secured creditors were granted a replacement lien on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy lien. In addition, the Debtor was ordered to keep its property insured as further protection to secured creditors. The next hearing is scheduled for October 14. As of the petition date, the Debtor held $5,418.45 in its operating account. These funds, together with future operating income such as room revenues, constitute cash collateral. Prior to its Chapter 11 filing, the Debtor obtained a $586,100 loan from Locality Bank, a Florida banking corporation. This loan is purportedly secured by a lien on the Debtor's cash and cash equivalents. Locality Bank may assert a first priority security interest in the Debtor's cash and cash equivalents by virtue of a UCC-1 financing statement filed with the State of Florida. Locality Bank is represented by: J. Ellsworth Summers, Jr., Esq. Burr & Forman LLP 50 North Laura Street, Suite 3000 Jacksonville, FL 32202 Phone: (904) 232-7200 Fax: (904) 232-7201 ESummers@burr.com About ISAVA Enterprise Inc. ISAVA Enterprise, Inc., doing business as Ideal Spine and Wellness, provides chiropractic and spine-related healthcare services at their Kissimmee, Florida location. Based on their business name and industry, the company likely offers spinal adjustments, therapeutic treatments, and wellness services focused on spinal health and overall wellbeing. ISAVA Enterprise sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04399) on July 16, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $500,000 and $1 million in liabilities. Judge Lori V. Vaughan handles the case. The Debtor is represented by Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP. JACKSON HOSPITAL: Plan Exclusivity Period Extended to October 31 ---------------------------------------------------------------- Judge Christopher L. Hawkins of the U.S. Bankruptcy Court for the Middle District of Alabama extended Jackson Hospital & Clinic, Inc., and its affiliated debtors' exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 31 and December 31, 2025, respectively. As shared by Troubled Company Reporter, based on the factors and the history of these proceedings, the Debtors submit that sufficient "cause" exists pursuant to section 1121(d) of the Bankruptcy Code to extend the Exclusive Periods. The following relevant factors each weighs in favor of an extension of the Exclusive Periods: * The Debtors' Chapter 11 Cases Are Complex. While the Debtor only consists of two units, this case is still complex given the particular challenges of dealing with a financially distressed hospital and all of the unique issues that come along with a business entity dealing with life and death decisions daily. Additionally, the Debtor maintains a fairly complex corporate and capital structure, a vast network of operations, and a multitude of parties in interest, secured lenders, tort claimants, vendors, and staffing issues, among others. Therefore, this case is unquestionably large and complex. * The Debtors Have Made Good Faith Progress. In the months since the Petition Date, the Debtors have made significant progress in stabilizing the Debtors' operations and have made progress toward an exit strategy. Additionally, the Debtors are still reviewing all of their contracts and leases, including a review of which contracts are viable and valuable and which contracts are not. These efforts allowed the Debtors to transition smoothly into chapter 11 and pave the way for the Debtors to formulate a chapter 11 plan, which will enable the Debtors to maximize the value available for its creditors. Counsel for the Debtors: Derek F. Meek, Esq. Marc P. Solomon, Esq. Catherine T. Via, Esq. James H. Haithcock III, Esq. Burr & Forman LLP 420 20th Street North, Suite 3400 Birmingham, Alabama 35203 Telephone: (205) 251-3000 E-mail: dmeek@burr.com msolomon@burr.com jhaithcock@burr.com cvia@burr.com About Jackson Hospital & Clinic 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 Feb. 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. KEIRAN INVESTMENTS: Case Summary & Nine Unsecured Creditors ----------------------------------------------------------- Debtor: Keiran Investments LLC 7703 William Bonney San Antonio, TX 78254-6258 Business Description: Keiran Investments LLC, based in San Antonio, Texas, operates as an interstate freight carrier transporting general freight across state lines. The Company maintains a fleet of tractors and trailers with authority for property transport. Its operations are primarily focused on logistics and trucking services within the United States. Chapter 11 Petition Date: October 4, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-52341 Judge: Hon. Craig A Gargotta Debtor's Counsel: Morris E. "Trey" White, III, Esq. VILLA & WHITE LLP 100 NE Loop 410 Suite 615 San Antonio TX 78216 Tel: (210) 225-4500 Email: treywhite@villawhite.com Total Assets: $0 Total Debts: $1,170,431 The petition was signed by Karacalla Jackson as member. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UAJK2VQ/Keiran_Investments_LLC__txwbke-25-52341__0001.0.pdf?mcid=tGE4TAMA KIDDE-FENWAL INC: Judge Questions Ch. 11 Plan Disclosures Changes ----------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge said Monday, October 6, 2025, that she plans to examine Kidde-Fenwal Inc.'s proposed revisions to its Chapter 11 plan disclosure more closely, after expressing frustration that the current version doesn't include a breakdown of how different claim categories would be addressed. The company -- facing significant PFAS contamination claims tied to its firefighting foam products -- has been ordered to file an improved and more detailed disclosure statement before the court considers approving it for creditor solicitation, the report states, according to the report. About Kidde-Fenwal Inc. Kidde-Fenwal Inc. -- https://www.kidde-fenwal.com/ -- manufactures fire protection systems. It offers products such as fire control systems, explosion aircraft protection, laser-based smoke detection devices, electronic gas ignitions, and fire suppressions. Kidde-Fenwal markets its products to mining, manufacturing, education, and commercial sectors. Kidde-Fenwal sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10638) on May 14, 2023. In the petition filed by its chief transformation officer, James Mesterharm, the Debtor reported assets between $100 million and $500 million and estimated liabilities between$1 billion and $10 billion. The Debtor tapped Sullivan & Cromwell, LLP and Morris Nichols Arsht & Tunnell, LLP as legal counsels; and Guggenheim Securities, LLC as investment banker. Stretto, Inc. is the claims and noticing agent and administrative advisor. KYI ENTERPRISES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, granted KYI Enterprises, Inc. interim authority to use cash collateral. The Debtor may use cash collateral only for actual, ordinary, and necessary operating expenses as listed in its budget. Any expenditure exceeding 5% of a budgeted line item requires prior written consent by the U.S. Small Business Administration or further court approval. Unused expenses can be carried over to future months. The Debtor's authority to use cash collateral automatically expires on December 5, unless extended by further court order. The order's provisions survive plan confirmation, conversion, or dismissal of the Chapter 11 case, and are binding on successors, trustees, and fiduciaries. A status hearing is set for December 1. About KYI Enterprises KYI Enterprises, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13842) on September 8, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Michael B. Slade presides over the case. David Freydin, Esq., at the Law Offices of David Freydin Ltd. represents the Debtor as legal counsel. LAKE COUNTY: Seeks to Extend Exclusivity to March 30, 2026 ---------------------------------------------------------- Lake County Hospitality LLC asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 30, 2026 and April 30, 2026, respectively. The Debtor claims that the instant bankruptcy proceeding was filed under Chapter 11 of the Bankruptcy Code on May 30, 2025. This is the Debtor's first request to extend exclusivity under Section 1121(d) of the Bankruptcy Code. The requested extension dates of March 30, 2026, and April 30, 2026, are within the time limitations set by Section 1121(d) of the Bankruptcy Code. The Debtor explains that it has been working towards achieving a plan that is acceptable to creditors and will provide the most benefit to the Bankruptcy Estate. To achieve this goal, the Debtor requires additional time to retain professionals and work with creditors. The Debtor asserts that the extension of time will not prejudice any creditors or the United States Trustee. Lake County Hospitality, LLC is represented by: Paul M. Bach, Esq. Penelope N. Bach, Esq. Bach Law Offices, Inc. P.O. BOX 1285 Northbrook, IL 60062 Tel: (847) 564 0808 About Lake County Hospitality Lake County Hospitality, LLC, operates in the hotel and lodging sector and is associated with properties in Illinois. It manages hospitality assets and has been linked to hotels such as Four Points by Sheraton in Buffalo Grove. Lake County Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08293) on May 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Timothy A. Barnes handles the case. Paul M. Bach, Esq., at Bach Law Offices is the Debtor's bankruptcy counsel. LINQTO INC: Opposes Bid to Appoint Equity Committee --------------------------------------------------- Linqto, Inc. asked the U.S. Bankruptcy Court for the Southern District of Texas to deny the request by an ad hoc group of shareholders to appoint an official committee that will represent shareholders in the Chapter 11 cases of the company and its affiliates. The ad hoc group on Sept. 26 sought the appointment of an equity committee on grounds that the companies are not insolvent. The group argued, among other things, that the companies have no pre-bankruptcy debt, possess reserved securities, and hold $19 million in cash proceeds, which can be used to fund their bankruptcy cases. Gabrielle Hamm, Esq., at Schwartz PLLC, the companies' attorney, said that while the companies lack pre-bankruptcy funded debt, the combined impact of significant customer claims, regulatory penalties and case costs renders them insolvent. "The [companies] face multiple significant financial risks that continue to materialize during the Chapter 11 cases, all of which are likely to result in liabilities that exceed the value of the [companies'] assets," Ms. Hamm said in a court filing. The attorney also argued that although the companies hold about $19 million in cash proceeds, those funds stem from the sale of Ripple shares in which customers claim an interest. "The Ripple cash must be used to fund the Chapter 11 cases, including the costs of administration, professional fees, and other allowed administrative claims," Ms. Hamm said. "There is no evidence that this cash, or any other estate assets, will be available for distribution to equity holders." As for the reserved securities, Ms. Hamm argued there is no evidence that such securities purchased and held by Linqto Liquidshares, LLC are worth $150 million. The reserved securities were valued at approximately $16 million as of the filing date, the attorney pointed out. The request also drew opposition from the official committee representing the companies' unsecured creditors. In its objection, the committee argued the companies have no viable path to solvency. According to the committee, any increase in the value of the companies' securities or recovery of estate assets will fund the Chapter 11 cases; reduce or eliminate the shortfall customers expect to face instead of getting the full benefit of their bargain; or fund recoveries for creditors. The committee also cited the substantial costs associated with forming an official committee for shareholders who are already "adequately represented." "To appoint an equity committee now would not help achieve the best possible outcome for all stakeholders," the committee said. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is represented by its attorneys: Kristen L. Perry, Esq. Faegre Drinker Biddle & Reath, LLP 2323 Ross Avenue, Suite 1700 Dallas, TX 75201 Tel: (469) 357-2500 Fax: (469) 327-0860 Email: kristen.perry@faegredrinker.com -- and -- Richard J. Bernard, Esq. Faegre Drinker Biddle & Reath, LLP 1177 Avenue of the Americas, 41st Floor New York, NY 10036 Tel: (212) 248-3263 Fax: (212) 248-3141 Email: richard.bernard@faegredrinker.com -- and -- Michael R. Stewart, Esq. Adam C. Ballinger, Esq. Faegre Drinker Biddle & Reath, LLP 2200 Wells Fargo Center 90 South 7th Street Minneapolis, MN 55402 Telephone: (612) 766-7000 Facsimile: (612) 766-1600 Email: michael.stewart@faegredrinker.com adam.ballinger@faegredrinker.com Sandton may also be reached through: Robert Rice Sandton Capital Partners 16 West 46th Street, 11th Floor New York, NY 10036 Direct: 310-600-3980 Office: 212-444-7200 LION RIBBON: Seeks to Tap Katten Muchin Rosenman as Special Counsel ------------------------------------------------------------------- Lion Ribbon Texas Corp. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Katten Muchin Rosenman LLP as special counsel. The firm will assist the Independent Director in fulfilling his duties in these Chapter 11 cases. The firm's professionals and staff will be paid at these hourly rates: Partner $1,205 - $2,380 Of Counsel $1,110 - $2,100 Counsel and Special Staff $610 - $1,615 Associate $715 - $1,210 Paralegal $230 - $860 In addition, the firm will seek reimbursement for expenses incurred. Steven Reisman, a partner at Katten Muchin Roseman, also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did the firm agree to any variations from, or alternatives to, the firm's standard billing arrangements for this engagement? Answer: No. Question: Do any of the firm professionals in this engagement vary their rate based on the geographical location of the Debtors' Chapter 11 cases? Answer: No. Question: If the firm has represented the Debtors in the twelve months prepetition, disclose the firm's billing rates and material financial terms for the prepetition engagement, including any adjustments during the twelve months prepetition. If the firm's billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Katten has not represented the Debtors in twelve months prepetition. Question: Have the Debtors approved the firm's budget and staffing plan, and if so, for what budget period? Answer: Yes. Katten, in conjunction with the Debtors and Independent Director, has developed a budget and staffing plan for the period of August 29, 2025 through and including October 31, 2025. Mr. Reisman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Steven J. Reisman Katten Muchin Rosenman LLP 525 W. Monroe Street Oakland, CA 94612 Telephone: (415) 293-5800 About Lion Ribbon Texas Corp. Lion Ribbon Texas Corp. and affiliates design, manufacture, and distribute consumer crafting, gifting, and stationery products for celebrations, hobbies and creative play. They operate globally, with facilities across North America and supporting operations in India, Hong Kong, China, the United Kingdom, and Australia. They supply both branded and private-label products to consumers and major corporate clients. The Debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90164) on July 3, 2025. In their petitions, the Debtors reported $100 million to $500 million in assets and liabilities on a consolidated basis. Judge Christopher M. Lopez handles the cases. The Debtors are represented by Caroline A. Reckler, Esq., Ray C. Schrock, Esq., Adam S. Ravin, Esq., Randall Carl Weber-Levine, Esq., and Meghana Vunnamadala, Esq., at Latham & Watkins, LLP. The Debtors tapped Huron Consulting Services, LLC as investment banker and financial advisor; Deloitte Tax, LLP as tax services provider; Liskow & Lewis, APLC as conflicts counsel; C Street Advisory Group, LLC as communications advisor; and Kroll Restructuring Administration, LLC as claims, noticing and solicitation agent. On July 22, 2025, the Office of the U.S. Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Lowenstein Sandler LLP and Orrick, Herrington & Sutcliffe LLP as counsel. LUNAURORA LLC: Hires Spotts Fain PC as Bankruptcy Counsel --------------------------------------------------------- Lunaurora, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Spotts Fain PC as bankruptcy counsel. The firm will provide these services: a. advising the Debtor of its rights, powers, and duties as a debtor and debtor-in-possession while operating and managing its business and property under Chapter 11 of the Bankruptcy Code; b. preparing on behalf of the Debtor all necessary and appropriate applications, motions, proposed orders, other pleadings, notices, schedules, and other documents, and reviewing all financial and other reports to be filed in its Chapter 11 Case; c. advising the Debtor concerning, and preparing responses to, applications, motions, other pleadings, notices, and other papers that may be filed by other parties in the Chapter 11 Case; d. advising the Debtor with respect to, and assisting in the negotiation and documentation of any necessary financing agreements and related transactions; e. reviewing the nature and validity of any liens asserted against the Debtor's property and advising the Debtor concerning the enforceability of such liens; f. advising the Debtor concerning executory contracts and/or unexpired lease assumptions, assignments, and rejections as well as contract restructurings and recharacterizations; g. advising the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization, and related transactional documents; h. assisting the Debtor in reviewing, estimating, and resolving claims asserted against the Debtor's estate; i. commencing and conducting litigation necessary and appropriate to asset rights held by the Debtor, protect assets of the Debtor's Chapter 11 estate, or otherwise further the goal of completing the Debtor's successful reorganization; and j. providing non-bankruptcy services for the Debtor to the extent requested by the Debtor and necessary for the proper and efficient administration of the bankruptcy case. The firm will be paid at these rates: Robert S. Westermann, Of Counsel $530 per hour Neil E. McCullagh, Partner $415 per hour Emily E. G. Anderson, Legal Assistant $175 per hour As of the Petition Date, the firm held $4,017.50 in retainer, which will be used for post-Petition Date fees and expenses as approved by the Court. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Westermann disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert S. Westermann, Esq. Neil E. McCullagh, Esq. Spotts Fain PC 411 East Franklin Street, Suite 600 Richmond, VA 23219 Telephone: (804) 697-2000 Facsimile: (804) 697-2100 Email: rwestermann@spottsfain.com nmccullagh@spottsfain.com About Lunaurora, LLC Business Description: Lunaurora, LLC is a single-asset real estate debtor (as defined in 11 U.S.C. Section 101(51B). Lunaurora, LLC in Virginia Beach VA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Va. Case No. 25-72241) on Sept. 22, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Edward Ore as owner, signed the petition. SPOTTS FAIN PC serve as the Debtor's legal counsel. MAMMOTH INC: Wins Interim Use of Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Indiana granted Mammoth, Inc. interim approval to use cash collateral to fund operations. The interim order authorized the Debtor to use cash collateral in accordance with its budget pending the final hearing. As adequate protection, all creditors with pre-bankruptcy interest in the cash collateral will be granted a replacement lien on post-petition cash collateral, with the same priority and scope as their original liens. The final hearing is set for October 15. Objections must be filed by October 10. As of the petition date, the Debtor has cash on hand of approximately $485,520.67, retainage on projects of approximately $532,350.80, and non-retainage accounts receivable of approximately $3,497,190.65 in addition to other personal property with an approximately value of $88,569.30, which may be subject to the alleged interests of creditors that have filed UCC-1 financing statements. These creditors include First Merchants Bank, Carroll Distributing & Construction Supply, Inc., 3 Rivers Federal Credit Union, Global Merchant Cash, Inc., and the U.S. Small Business Administration. The Debtor said it needs to continue to use cash collateral to pay employees, fund final projects, and pay business expenses. About Mammoth Inc. Mammoth, Inc., doing business as Mammoth Construction, provides general contracting and construction management services from its base in Anderson, Indiana. The Company focuses on projects for the automotive industry, including car washes, dealerships, service centers, gas stations, and tire shops, while also undertaking commercial renovations and build-outs. Mammoth filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05558) on September 15, 2025, with $7,427,011 in assets and $2,063,375 in liabilities. Jason L. Marlow, CEO, signed the petition. Judge Jeffrey J. Graham presides over the case. Sarah L. Fowler, Esq., at Blackwell, Burke, Fowler and Rossow, P.C. represents the Debtor as legal counsel. MANE SOURCE: Gets Extension to Access Cash Collateral ----------------------------------------------------- Mane Source Counseling, PLLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, to use cash collateral. The eighth interim order signed by Judge David Warren authorized the Debtor to use cash collateral to pay the expenses set forth in its 30-day budget pending a further hearing on October 23. The Debtor may spend as much as 10% more if needed. The budget projects total operational expenses of $7,725.84 for October. As adequate protection, potential secured creditors will receive post-petition liens on the Debtor's cash and inventory to the extent that cash collateral is used and their pre-bankruptcy lien was valid, perfected, enforceable, and non-avoidable as of the petition date. The Debtor's authority to use cash collateral will terminate upon cessation of its operations or non-compliance with the interim order, whichever occurs first. About Mane Source Counseling PLLC Mane Source Counseling, PLLC provides counseling and wellness services with the help of five horses used in therapy sessions. Mane Source Counseling sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-00833) on March 7, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Cheryl Meola, company owner, signed the petition. Judge David M. Warren oversees the case. The Debtor is represented by: Kathleen O'Malley, Esq. Stevens Martin Vaughn & Tadych, PLLC 2225 W. Millbrook Road Raleigh, NC 27612 Phone: 919-582-2300 Fax: (866) 593-7695 Email: komalley@smvt.com MARINALIFE MEDIA: Seeks Chapter 7 Bankruptcy in Delaware -------------------------------------------------------- On October 3, 2025, Marinalife Media LLC submitted a voluntary Chapter 7 bankruptcy petition in the District of Delaware. Court documents indicate that the company's liabilities between $0 and $100,000. Marinalife Media LLC also disclosed that it has approximately 1,000 to 5,000 creditors. About Marinalife Media LLC Marinalife Media LLC is a limited liability company. Marinalife Media LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11797) on October 3, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000. The Debtor is represented by William D. Sullivan, Esq. of Sullivan Hazeltine Allinson LLC. MARRS CONSTRUCTION: Unsecureds Will Get 9% of Claims over 5 Years ----------------------------------------------------------------- Marrs Construction Inc. and Down N Dirty Equipment, LLC filed with the U.S. Bankruptcy Court for the District of Arizona a Disclosure Statement for Plan of Reorganization dated September 29, 2025. In 2012, Tim Marrs formed Marrs Construction. For more than a decade, Marrs Construction provided excavation services, site preparation and land clearing, demolition, paving, earth work and site utilities to customers throughout the Valley and Northern Arizona. Marrs serves residential, commercial, and industrial clients. As Marrs' business grew, Tim Marrs created Down N Dirty Equipment, LLC ("DND") to provide Marrs with large construction equipment, i.e., bulldozers, loaders, graders, to assist in Marrs' business. Marrs is DND's only real customer. Marrs and DND are located at 711 W. Happy Valley Road, Phoenix, Arizona 85085. They provide construction services in Phoenix, Tempe, Mesa, Scottsdale, Prescott, and Flagstaff. All of the Marrs Affiliates are 100% owned by Tim Marrs and his wife and most of them are headquartered at 4727 E. Bell Road #45-374, Phoenix, Arizona 85032. Under the Plan, the Debtor will continue to liquidate their assets to satisfy the claims of their secured and unsecured creditors while right-sizing the Marrs operation to optimize Marrs' financial performance. The Debtors will receive a $250,000 contribution from Tim Marrs which will be used to fund the Effective Date expenses (administrative and priority claims). In addition, on the Effective Date, Red Planet will restructure its debt to KS State Bank in such a way to provide money and/or security to KS State Bank in connection with Marrs' obligations to the Bank. The combination of debt paydown and restructuring will free up Marrs cash flow to pay the unsecured claims under the Plan. It is anticipated that Allowed Unsecured Claims will receive an approximately 9% recovery under the Plan. On or before the Effective Date, Tim Marrs will make a contribution of $250,000 in cash (the "Marrs Cash Contribution"). The Marrs Cash Contribution will come from the refinancing and/or sale of personal and/or real property assets owned by Marrs or one of his entities. In addition, on the Effective Date, Red Planet, which is 100% owned by Tim Marrs, will restructure its obligations to KS State Bank in such a way to provide additional money and/or security for Marrs' obligations to KS State Bank (the "Marrs Red Planet Contribution"). Following confirmation, DND will be completely liquidated and its assets distributed in accordance with the Bankruptcy priority scheme. DND's secured creditors are handled in Class 2.E. Debtors do not anticipate any distributions for priority or unsecured claims in the DND case. To the extent that Marrs is co-liable for DND's obligations, DND's unsecured creditors shall be entitled to participate in the Quarterly Distributions under the Marrs plan. At this juncture, the Arizona Department of Revenue and Caterpillar Financial Services have DND-based claims that, if allowed, would be entitled to distributions under the Marrs Plan. Unsecured Claims are in Class 3.A. The Plan provides that holders of Allowed Unsecured Claims will receive their pro rata share of the amount of their Allowed Unsecured Claim from the Quarterly Unsecured Creditor Distribution. Those distributions will commence no later than 90 days after the Effective Date. The term of the Plan is five years, so Allowed Unsecured Claims will receive 20 quarterly distributions. Based upon the Debtor's projections, Allowed Unsecured Claims will receive a recovery of approximately 9% of their Allowed Unsecured Claim. On August 20, 2025, Debtors filed a Motion to Approve Auction Sale of Debtors' Equipment. The Court approved the Sale Motion on September 10, 2025. Purple Wave conducted the first part of the auction on September 11, 2025. That sale produced approximately $2.2 million in proceeds. It conducted a second auction of just vehicles (mainly pickups) on September 24, 2025. That sale produced $43,500 in proceeds. As set forth in the sale order, the lion’s share of the proceeds was used to pay off the purchase money security interest liens (or equipment finance lease liens) on each piece of equipment. After those were paid, the proceeds will be divided (by consensual agreement) between the (a) SBA; (b) Debtors; and (c) KS State Bank. The paydown of KS State Bank's obligations reduces the Debtors' obligations to KS State Bank and is part of what has encouraged the Bank to agree to the treatment in this plan. The sale of the equipment has significantly assisted the Debtors' reorganization. Unsecured Claims Class 3.A. Ordinary Course Claims. Each holder of an Ordinary Course Claim, to the extent that such Claim is an Allowed Claim, shall be entitled to its pro rata share of the amount of its Allowed Unsecured Claim from the Debtor's Quarterly Plan Distributions. Debtor's Quarterly Plan distributions shall be made in 20 equal quarterly installments commencing 90 days after the Effective Date and continuing at three-month intervals following the initial quarterly installment. Because Class 3.A. Claims are not paid in full, Class 3.A. Claims are Impaired and entitled to vote on the Plan. Class 3.B. Claims consist of Intercompany Claims. Intercompany claims consist of the claims of Marrs and DND against one another and claims of any Marrs Affiliate against Marrs or DND. Each holder of a Class 3.B. Claim, to the extent that such Claim is an Allowed Claim, shall receive nothing. Because they receive no payment, Class 3.B. Claims are Impaired and entitled to vote. But, because all are insiders (or controlled by insiders), their votes will not count. On or before the Effective Date, Debtor and KS State Bank will determine the amount owing to KS State Bank after the pre confirmation equipment sales. In addition, on the Effective Date, Red Planet will restructure its debt to KS State Bank in such a way to provide money and/or security to KS State Bank in connection with Marrs' obligations to the Bank. KS State Bank will retain its liens in accordance with existing loan documentation. KS State Bank will also retain the right to credit bid under Section 363(k) if any of its collateral is sold. On or before the Effective Date, Tim Marrs will make a cash contribution to Marrs in the amount of $250,000. The Marrs Cash Contribution will be funded from the sale of personal and real property owned by Tim Marrs (or one of his entities). On the Effective Date, Tim Marrs will authorize Red Planet Estates to enter into the KS State Bank Restructuring through which Red Planet will provide money and/or security to KS State Bank in connection with the Marrs obligations, the Marrs Red Planet Contribution. A full-text copy of the Disclosure Statement dated September 29, 2025 is available at https://urlcurt.com/u?l=0TDmSp from PacerMonitor.com at no charge. Counsel to the Debtor: Christopher C. Simpson, Esq. Warren J. Stapleton, Esq. Andrew B. Haynes, Esq. OSBORN MALEDON, PA 2929 North Central Avenue, 20th floor Phoenix, AZ 85012 Telephone: (602) 640-9000 Email: csimpson@omlaw.com wstapleton@omlaw.com ahaynes@omlaw.com About Marrs Construction Inc. Marrs Construction, Inc. is a Phoenix-based contractor that provides demolition, excavation, earthwork, site preparation, civil utility, and paving services. The Company serves both residential and commercial projects across the greater Phoenix area. Marrs Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04964) on May 30, 2025. In its petition, the Debtor reported total assets of $10,177,042 and total liabilities of $12,177,492. The Debtor is represented by Christopher C. Simpson, Esq., at Osborn Maledon, P.A. MAVENCRUX I LLC: Unsecureds Will Get 12% of Claims in Plan ---------------------------------------------------------- Mavencrux I, LLC filed with the U.S. Bankruptcy Court for the Southern District of Iowa a Disclosure Statement describing First Amended Plan of Reorganization dated September 26, 2025. The Debtor is an Iowa limited liability company, whose sole asset is a single piece of real estate comprised of 55 single-family residential units. Pursuant to a hearing on the Debtor's Motion to Value Property held on September 5, 2025, the value of the Debtor's property has been set at $17,000,000. On or about April 2022, Mavencrux, as assignee of the developer of the project, MavenCrux Development, LLC, acquired the 15.83-acre vacant development site from Vista Real Estate Development. The purchase price was $1,860,000, which is $2.70 per square foot of land area. Before the filing of this Chapter 11 Case, the Debtor retained the services of Phoenix Realty Partners, Inc., a Florida corporation, together with its president, Louis S. Weltman to provide financial, restructuring and operational management services to the Debtor. The restructuring services provided by Phoenix and Weltman are the subject of an agreement between Phoenix and the Debtor. On December 11, 2024, pursuant to a unanimous written consent, the Debtor appointed Weltman as its manager and authorized the filing of this Chapter 11 Case. Class 5 Claims consist of the Allowed General Unsecured Claims of the Debtor's creditors that are not disputed, contingent or unliquidated. Class 5 will be paid twelve of their allowed claim amount pro rata from a cash pool of approximately $52,183 to be funded by the Post-Effective Date Lender and disbursed by the Debtor within ninety days of the Effective Date. The Class 5 Claims are Impaired by the Plan. The allowed unsecured claims total $383,607.70. Class 6 consists of the Equity Interests of the Pre-Petition Holders of ownership units of the Debtor. The Pre-Petition Equity Interests of the owners of the Debtor shall be cancelled on the Effective Date. The Class 6 Equity Interests are Impaired, but shall not be entitled to vote. Funding for the Debtor, and thus payments to the Claimants hereunder during the pendency of this Chapter 11 case and post Confirmation, are to be made from the leasing revenues of the Debtor and supplemented through an unsecured financing arrangement (the "Post-Effective Date Financing") between the Debtor and Valiant Shadow Creek II, LLC. (the "Post-Effective Date Lender"). The Financing provides that the Post-Effective Date Lender shall make available to the Debtor an amount of cash up to $1,500,000.00 and in exchange therefore, upon confirmation of the Debtor's Plan of Reorganization, Equity Interests will be cancelled. The Members of the Post-Effective Date Lender, pursuant to a merger into and with the Debtor, shall own 1,000 units of the Reorganized Debtor's Class A Membership Interests, representing 100% of such Class A Membership Interests upon the Effective Date, whereby such Class A Membership interests shall have such rights, interests, preferences and privileges. Upon the merger of the Post-Effective Date Lender into and with the Reorganized Debtor, the Reorganized Debtor shall be the surviving entity and re-title the Post-Effective Date Lender's assets. A full-text copy of the Disclosure Statement dated September 26, 2025 is available at https://urlcurt.com/u?l=T6WGj5 from PacerMonitor.com at no charge. General Reorganization Counsel for the Debtor: Jeffrey D. Goetz, Esq. Brennan B. Eddie, Esq., Dickinson Bradshaw Fowler & Hagen PC 801 Grand Avenue, Suite 3700 Des Moines, IA 50309 Telephone: (515) 246-5817 Facsimile: (515) 246-5808 Email: jgoetz@dickinsonbradshaw.com About Mavencrux I Mavencrux I, LLC is an Iowa limited liability company, whose sole asset is a single piece of real estate comprised of 55 single-family residential units. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00292) on March 3, 2025. In the petition signed by Louis Weltman, CRO and manager, the Debtor disclosed under $1 million in both assets and liabilities. The Debtor tapped Jeffrey D. Goetz, Esq., at Dickinson, Bradshaw, Fowler & Hagen PC as counsel. MAVERICK RESTAURANT: Hires FranBizNetwork as Franchise Broker ------------------------------------------------------------- Maverick Restaurant Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ Emily Burns of FranBizNetwork as franchise broker. The firm will assist in the marketing and sale of the operating restaurants and the franchise agreement rights connected therewith. The firm will be paid a commission of 5 percent of the purchase price, or $15,000 per operating franchise unit. Mr. Burns disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Emily Burns FranBizNetwork 14353 New Jersey Avenue San Jose, CA 95124 Tel: (727) 207-0679 About Maverick Restaurant Group, LLC Maverick Restaurant Group, LLC operates a portfolio of restaurant brands including Red Door Pizza and Red Door Sandwich, with its base of operations in Greenville, South Carolina. The company is affiliated with Red Door Brands, which manages multiple fast-casual and quick-service dining concepts across the Southeastern United States. Maverick Restaurant Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C Case No. 25-02699) on July 15, 2025, listing between $1 million and $10 million in assts and liabilities. The petition was signed by Argus Wiley as manager. The Debtor is represented by: Christine E. Brimm, Esq. Barton Brimm, PA Tel: (803) 256-6582 Email: cbrimm@bartonbrimm.com MCGLOTHLIN INVESTMENTS: Hires Richard D. Scott PC as Counsel ------------------------------------------------------------ McGlothlin Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to employ the Law Office of Richard D. Scott, PC as counsel. The firm's services include: a. providing legal advice with respect to the Debtor's powers and duties as debtor in possession in the distribution of property of the Debtor's estate pursuant to the Bankruptcy Code and applicable law; b. preparing on behalf of the Debtor necessary applications, motions, answers, orders, reports, and other legal papers; c. appearing in the Bankruptcy Court on behalf of the Debtor and in order to protect the interests of the Debtor before the Bankruptcy Court; and d. performing all other legal services for the Debtor that may be necessary and proper in these proceedings. Richard D. Scott's hourly rate is $350. The Debtor paid the firm a deposit in the amount of $4,118 on September 17, 2025. In addition, the firm will seek reimbursement for its out-of-pocket expenses. As disclosed in court filings, Richard D. Scott is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard D. Scott, Esq. Law Office of Richard D. Scott, PC 4519 Brambleton Ave., Suite 210 Roanoke, VA 24018-3408 Tel: (540) 400-7997 Email: richard@rscottlawoffice.com About McGlothlin Investments, LLC McGlothlin Investments LLC is a Virginia-based company engaged in real estate ownership, development, and property management. McGlothlin Investments LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-70840) on September 17, 2025. In its petition, the Debtor reports estimated estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Paul M. Black handles the case. The Debtor is represented by Richard D Scott, Esq. of LAW OFFICE OF RICHARD D SCOTT PC. MCKENNA STORER: Seeks Subchapter V Bankruptcy in Illinois --------------------------------------------------------- On October 1, 2025, McKenna, Storer, Rowe, White and Farrug filed Chapter 11 protection in the Northern District of Illinois. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About McKenna, Storer, Rowe, White and Farrug McKenna, Storer, Rowe, White and Farrug, with offices in Chicago and Woodstock, Illinois, is a full-service law firm providing legal services to businesses and individuals across multiple practice areas, including commercial litigation, estate planning, real estate, and insurance matters. The firm emphasizes hands-on involvement from partners and attorneys known for strategic planning and negotiation skills, offering legal counsel tailored to client objectives. Established over 65 years ago, McKenna Storer serves clients with a focus on responsiveness, transparency, and comprehensive legal expertise. McKenna, Storer, Rowe, White and Farrug sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-15166) on October 1, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David D. Cleary handles the case. MEAT U ANYWHERE: Hires Estrada & Associates LLC as Accountant ------------------------------------------------------------- Meat U Anywhere Grapevine, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Estrada & Associates LLC as accountant. The firm will provide assistance and consulting services that include: a) General bookkeeping; b) Accounting review and analysis; c) Customized financial reports for management review; d) Payroll services; e) Monthly/quarterly reporting; f) Bankruptcy reports (Small Business Operating Reports); g) Sales Tax Reporting and Compliance; h) Compliance check list assistance; and i) Assistance with vendor payments when applicable. The firm will be paid at the rate of $4,000 per month. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Estrada disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Hector Estrada Estrada & Associates LLC 1400 W. Northwest Hwy #280 Grapevine, TX 76051 Tel: (817) 400-0022 About Meat U Anywhere Grapevine, LLC Meat U Anywhere Grapevine, LLC; Meat U Anywhere Trophy Club, LLC; Meat U Anywhere Management, LLC; and MUA GV Properties, LLC are part of the Meat U Anywhere business, founded by Andres Sedino, and operate under a unified brand focused on barbecue and catering services. The Grapevine and Trophy Club LLC run the two restaurant locations in Texas, serving slow-smoked meats, exclusive sides, special offerings, and breakfast tacos, while Meat U Anywhere Management, LLC oversees operational and administrative functions and MUA GV Properties, LLC manages properties. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-43503) on September 15, 2025, with $1,875,756 in combined total assets as of June 30, 2025, and $2,551,985 in combined total liabilities as of June 30, 2025. Andres Sedino, manager, signed the petitions. Judge Edward L. Morris presides over the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP represents the Debtors as legal counsel. MEAT U ANYWHERE: Hires Integra Realty as Real Estate Appraiser -------------------------------------------------------------- Meat U Anywhere Grapevine, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Integra Realty Resources as real estate appraiser. The firm will appraise the Debtor's of commercial real property located at 919 W. Northwest Highway, Grapevine, Texas 76051. The firm will be paid a flat fee in the amount of $4,150. The firm will be paid an hourly rate of $450 per hour for any court appearances or testimony that may be required related to the appraisal services. Mr. Jackson disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jason Jackson Integra Realty Resources 7080 Camp Bowie Blvd Forth Workh, TX 76116 Tel: (817) 763-8000 About Meat U Anywhere Grapevine, LLC Meat U Anywhere Grapevine, LLC; Meat U Anywhere Trophy Club, LLC; Meat U Anywhere Management, LLC; and MUA GV Properties, LLC are part of the Meat U Anywhere business, founded by Andres Sedino, and operate under a unified brand focused on barbecue and catering services. The Grapevine and Trophy Club LLC run the two restaurant locations in Texas, serving slow-smoked meats, exclusive sides, special offerings, and breakfast tacos, while Meat U Anywhere Management, LLC oversees operational and administrative functions and MUA GV Properties, LLC manages properties. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-43503) on September 15, 2025, with $1,875,756 in combined total assets as of June 30, 2025, and $2,551,985 in combined total liabilities as of June 30, 2025. Andres Sedino, manager, signed the petitions. Judge Edward L. Morris presides over the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP represents the Debtors as legal counsel. MERIT STREET: Envoy Media Reaches Deal with Charter in Bankruptcy ----------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Envoy Media Co., the latest media venture from Dr. Phil McGraw, has reached a long-term distribution deal with Charter Communications, marking an important milestone for the company as McGraw continues to confront bankruptcy litigation involving Merit Street Media. The partnership, announced Monday, October 6, 2025, will bring Envoy's news, talk, and lifestyle programming to Charter's Spectrum TV customers nationwide, according to the report. Spectrum TV currently operates across 41 states, including key markets such as New York, California, and Texas. The agreement gives Envoy a broad national platform as it launches its flagship network and reintroduces McGraw to television audiences under a new brand, the report states. "I'm thrilled to be putting on the Charter team jersey and launching our new flagship Envoy TV network with my friends at the nation's leading cable and broadband company," McGraw said. "Charter's unparalleled reach and commitment to innovation make them the perfect partner as we bring our fresh, engaging, and solutions-oriented programming to millions of homes across America." About Merit Street Media Merit Street Media is a television and media content production and distribution company based in Fort Worth, Texas. It appears to focus on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DIRECTV and DISH Network, as well as numerous television stations and production companies. Merit Street Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2, 2025, before the Hon. Scott W. Everett. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP as bankruptcy counsel. Epiq Corporate Restructuring, LLC serves as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. MIDWEST CHRISTIAN: Plan Exclusivity Period Extended to December 31 ------------------------------------------------------------------ Judge Kathy Surratt-States of the U.S. Bankruptcy Court for the Eastern District of Missouri extended Midwest Christian Villages, Inc., and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 31, 2025 and March 2, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that an extension of each of the Exclusive Periods by approximately 93 days is appropriate, in the best interest of their stakeholders, and consistent with the intent and purpose of Chapter 11 of the Bankruptcy Code. The requested extension of the Exclusive Periods will enable the Debtors to continue to focus on the careful transition of the sold facilities to the buyers and the ongoing discussions regarding possible Chapter 11 plans for one or more of the bankruptcy estates and/or structured dismissal of one or more of the cases. Further, an extension will allow the Debtors to keep their attention on their operations, and allow for the continued review and analysis of claims and sale of remaining assets, which will be relevant to formulating a chapter 11 plan and drafting a substantive disclosure statement for one or more of the bankruptcy estates. Accordingly, application of the relevant factors to the facts of these chapter 11 cases demonstrates that ample cause exists to grant the reasonable and limited extension of the Exclusive Periods requested herein. The Debtors assert that they are collecting and forwarding certain payor receivables to the applicable buyers post-closing as part of the transition of those facilities. Further, the Debtors are moving forward with final claims processing and rejection of certain remaining executory contracts. Co-Counsel to the Debtors: Stephen O'Brien, Esq. DENTONS US LLP 211 N Broadway Ste 3000 St. Louis, MO 63102 Telephone: (314) 241-1800 Email: stephen.obrien@dentons.com Robert E. Richards, Esq. Samantha Ruben, Esq. DENTONS US LLP 233 S. Wacker Drive, Suite 5900 Chicago, Illinois 60606-6404 Telephone: (312) 876-8000 Email: robert.richards@dentons.com samantha.ruben@dentons.com - and - David A. Sosne, Esq. SUMMERS COMPTON WELLS LLC 903 South Lindbergh Blvd., Suite 200 St. Louis, Missouri 63131 Telephone: (314) 991-4999 Email: dsosne@scw.law About Midwest Christian Villages Midwest Christian Villages Inc. operates a mix of independent, assisted and skilled nursing campuses in 10 locations across the Midwest, serving over 1,000 residents. Midwest Christian Villages and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 24-42473) on July 16, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petitions were signed by Kate Bertram, chief operating officer. Judge Kathy Surratt-States oversees the cases. The Debtors tapped Stephen O'Brien, Esq., at Dentons US, LLP and Summers Compton Wells, LLC as bankruptcy counsels; B.C. Ziegler and Company as investment banker; and Plante Moran as auditor and tax consultant. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims and noticing agent. The U.S. Trustee for Region 13 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Cullen and Dykman, LLP as general counsel; Sandberg Phoenix & von Gontard P.C. and Schmidt Basch, LLC as local counsel; and Province, LLC as financial advisor. MIDWEST MOBILE: Amends Unsecured Claims Pay Details --------------------------------------------------- Midwest Mobile Imaging, LLC submitted an Amended Plan of Reorganization dated September 26, 2025. The Debtor proposes to pay the priority claim of the Internal Revenue Service over 60 months. The Debtor will also pay the priority claims of the Missouri Department of Revenue over 60 months. There are fifteen classes of secured claims that are detailed herein. The Debtor is proposing a distribution of $30,000 for prorated distribution to the unsecured nonpriority class. Class 16 consists of the Priority unsecured claim of the Internal Revenue Service (Claim No. 2-3) in the amount of $29,415.09. The claim will be paid 7% interest of 60 months with payments estimated to be $582.45 per month commencing January 1, 2026. This Class is impaired. Class 17 consists of the Priority unsecured claims of Missouri Department of Revenue (Claim No. 12-1) and Missouri Department of Revenue (Claim No. 30-1). The allowed unsecured claims total $2,149.14. The claims will be paid 7% interest of 60 months with payments estimated to be $42.56 per month commencing January 1, 2026. Class 18 consists of General Unsecured Claims. Monthly payment of $500.00 from January 01, 2026 to December 01, 2030 to be disbursed pro rata to the general unsecured creditors for a total payment of $30,000. The Debtor's Ch. 11 Plan will be implemented from ongoing business operations, collection against third parties, collection on insurance company, and contributions from the equity interest holder of the Debtor. Subject to the Plan or the order confirming the Plan, on Confirmation of the Plan all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. The Members and Managers of the Debtor immediately prior to the Effective Date shall serve as the Members and Managers of the Reorganized Debtor on and after the Effective Date. Each Member or Manager shall serve in accordance with applicable non-bankruptcy law and the Debtor's certificate or articles of organization and operating agreement, as each of the same may be amended from time to time. A full-text copy of the Amended Plan dated September 26, 2025 is available at https://urlcurt.com/u?l=ePWFw5 from PacerMonitor.com at no charge. Counsel to the Debtor: Colin N. Gotham, Esq. Evans & Mullinix, P.A., 7225 Renner Road, Suite 200 Shawnee, KS 66217 Tel: (913) 926-8700 Fax: (913) 962-8701 Email: cgotham@emlawkc.com About Midwest Mobile Imaging Midwest Mobile Imaging, LLC, is a full-service mobile diagnostic x-ray services provider in Springfield, Mo. Midwest Mobile Imaging sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60002) on January 3, 2025, with up to $500,000 in assets and up to $10 million in liabilities. Dan Taylor, member of Midwest Mobile Imaging, signed the petition. Judge Brian T. Fenimore oversees the case. Colin N. Gotham, Esq., at Evans & Mullinix, PA, represents the Debtor as legal counsel. MKS INC: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed MKS Inc.'s (MKS) Long-Term Issuer Default Rating (IDR) at 'BB' and senior secured term loan B rating at 'BBB-' with a Recovery Rating of 'RR1'. The Rating Outlook is Stable. MKS's ratings reflect its critical role in customers' products, high EBITDA margins with cyclical exposure to semiconductor markets, and Fitch's forecast of FCF growth. MKS is in a post-M&A deleveraging period, with its prioritization of debt repayment supporting a return of EBITDA leverage within its rating sensitivities. Key Rating Drivers Continued Deleveraging Period: Fitch forecasts EBITDA leverage of 4.6x at YE 2025, above MKS's 'BB' downgrade sensitivity of 4.0x. MKS's heightened leverage is a result of M&A in 2022, when it acquired Atotech Limited, and is not considered structural. MKS has been deleveraging since 2022, prioritizing debt reduction. However, continued softness in EBITDA growth, affected by the broader semiconductor market, has extended the expected deleveraging timeline. Fitch forecasts leverage will fall below 4.0x by early 2027. High but Cyclically Exposed Profitability: Fitch expects MKS's profitability, measured by EBITDA margins, to be in the mid-20% range over the rating horizon, which is a credit strength for MKS in the 'BB' category. Strong profitability benefits its credit profile but is reduced by MKS's exposure to the revenue cyclicality of the semiconductor supply chain and wafer starts. MKS's Materials Solutions Division provides direct exposure to semiconductor manufacturing volumes, in contrast to typically more volatile capital equipment spending, and exposure to markets outside semiconductors, which helps temper this volatility. Active Debt Management Actions: Fitch expects MKS to make discretionary debt repayments to lower its gross debt toward its conservative long-term net leverage target of 2.0x, steps which would be consistent with the company's stated financial policy. Fitch does not expect MKS to reach this target during the forecast period. Fitch forecasts annual FCF of USD300 million-USD500 million from 2025 to 2028, which supports these repayments. MKS has continued discretionary repayments on its term loan, reducing the balance by an additional USD300 million through August 2025, which corresponds to an approximately 0.3x decrease in leverage. Beneficial Secular Tailwinds: MKS benefits from increasing technological intensity and complexity, which support demand for precision manufacturing and process control. Secular growth trends such as miniaturization, higher densities, and expanded use cases and new materials across various applications underpin this demand. Key applications include printed circuit boards, digital displays, electronics packaging, solar panels, fiber optics, materials processing, quantum computing and medical technologies. Additionally, the growing demand for AI capacity and applications provides a current tailwind. Close Customer Collaboration: MKS's product offerings are generally incorporated into customer product designs, reducing substitutability risk and leading to greater revenue visibility and longer-term customer relationships. It typically has deep partnerships with customers that include many on-premise or co-location arrangements. Revenue visibility is further supported by MKS's consumables and services revenue, which is recurring and accounted for 41% of sales in 2Q25. Convertible Notes Treatment: Fitch does not assign equity credit to MKS's USD1.4 billion of convertible senior unsecured notes. Under Fitch's Corporate Hybrid Treatment and Notching Criteria, the convertibles receive no equity credit because the instrument is optionally convertible, rather than mandatorily convertible. Peer Analysis Fitch expects MKS to have FCF margins of around 10%, broadly in line with Qnity Electronics, Inc. ('BB+'/Stable) and slightly above Entegris, Inc. ('BB'/Stable) at around 8%. Fitch expects its EBITDA margins to be about 25%, versus roughly 30% for both Qnity and Entegris, reflecting MKS's more capex-intensive business. At these levels, profitability supports the credit profiles of all three companies. Like MKS, Qnity and Entegris should benefit from secular trends, including expanding use cases in new end markets and increasing technological complexity. Fitch expects Qnity to complete its spin-off from DuPont de Nemours, Inc. on Nov. 1, 2025. Fitch forecasts MKS's EBITDA leverage at 4.6x in 2025, higher than Entegris at 4.1x and Qnity at 3.0x for their respective 2025 financial year ends. MKS and Entegris are deleveraging following large M&A, targeting leverage of net 2.0x and gross 4.0x, respectively, while Qnity's initial target is below 3.0x net leverage. All three are exposed to semiconductor market cyclicality. Compared with 'BB'-rated peers TTM Technologies, Inc. ('BB'/Positive) and Coherent Corp. ('BB'/Stable), which compete with MKS in laser systems, Qnity's EBITDA and FCF margins are nearly double TTM Technologies'. However, TTM's EBITDA leverage is lower, forecast in the mid- to high-2x range over Fitch's rating horizon and around 3.0x or below since 2020. Coherent Corp., whose EBITDA leverage is below MKS's, is also deleveraging after a large acquisition. MKS has higher EBITDA margins than Coherent (in the low-20% range) and a slightly lower revenue scale. Key Assumptions - Semiconductor end-market revenue growth through 2025 and 2026 supported by momentum in wafer fabrication equipment spending, with longer-term end-market growth in the mid-single digits; - EBITDA margins forecast at 25% in 2025, consistent with 1H25 performance. Modest margin improvements expected during remainder of projection period from continued cost management, small operating leverage benefits and diminishing tariff related cost absorption; - FCF predominantly used for discretionary debt repayments, in line with MKS's stated commitment to pay down debt toward its net 2.0x long-term leverage target; - Small opportunistic stock buybacks made increasingly toward end of forecast period as leverage declines. - Capex of 4.5% in 2025, slightly moderating towards historic spending of 3.0% to 4.0% of revenue in later years; - Tuck-in acquisition within the semiconductor end-market segment closing in 2028, with total cash consideration of $200 million, completed at 3.5x enterprise value/revenue multiple; - Base interest rates applicable to the company's outstanding variable rate debt obligations reflect current SOFR forward curve of 4.3%, 3.25%, 3.0% and 3.2% in respective years 2025 to 2028. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 4.0x; - Sustained revenue declines, margin compression or decreased competitive position; - (Cash flow from operations-capex)/debt below 8%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 3.5x; - Demonstration of reduced volatility through the semiconductor cycle; - Durable organic revenue growth in high-single digits; - (Cash flow from operations-capex)/debt sustained above 12%. Liquidity and Debt Structure MKS's liquidity position on June 30, 2025, consisted of $674 million in cash and equivalents and an undrawn $675 million revolving credit facility. On August 1, 2025, MKS made a $100 million discretionary debt repayment to its term loan B balance. Fitch expects consistently positive FCF throughout Fitch's forecast period to support potential liquidity needs that would take precedent over debt repayment. MKS faces no near-term refinancing with its revolver maturing in August 2027 and term loan B in August 2029. Issuer Profile MKS provides process control and precision manufacturing solutions. Primary served markets include semiconductor manufacturing, industrial technologies, electronics, packaging, and specialty industrial applications. 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 ----------- ------ -------- ----- MKS Inc. LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- MODIVCARE INC: Gets Court OK to Solicit Chapter 11 Plan Vote ------------------------------------------------------------ Emlyn Cameron of Law360 Bankruptcy Authority reports that ModivCare Inc. received court approval Monday, October 6, 2025, to distribute its Chapter 11 plan to creditors for a vote, following a Texas bankruptcy judge's decision to let the company proceed under close supervision. The judge said he would allow ModivCare to advance toward a confirmation hearing as long as it moved expeditiously but retained the discretion to alter the timeline if warranted. 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. MONTANA VILLAGE: Hires Wadsworth Garber Warner as Counsel --------------------------------------------------------- Montana Village Developers, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Wadsworth Garber Warner Conrardy, P.C. as counsel. The firm's services include: a. preparation on behalf of the Debtor of all necessary reports, orders and other legal papers required in this Chapter 11 proceeding; b. performance of all legal services for Debtor as debtor-in-possession which may become necessary; and c. representation of the Debtor in any litigation which the Debtor determines is in the best interest of the estate whether in state or federal court(s). The firm's current rates are: David V. Wadsworth $500 per hour Aaron A. Garber $500 per hour David J. Warner $425 per hour Aaron J. Conrardy $425 per hour Hallie S. Cooper $225 per hour Paralegals $125 per hour The firm received a retainer prior to the Petition Date in the amount of $30,000 paid by the Debtor. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Conrardy is a "disinterested person" as that term is defined in 11 U.S.C. Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Aaron J. Conrardy, Esq. Hallie S. Cooper, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 W. Main St., Ste. 200 Littleton, CO 80120 Tel: (303) 296-1999 Email: aconrardy@wgwc-law.com hcooper@wgwc-law.com About Montana Village Developers, LLC Montana Village Developers, LLC, based in Denver, Colorado, is a real estate development company focused on a single property, qualifying it as a single-asset real estate entity under 11 U.S.C. Section 101(51B). The Company is managed Nathan Adams through its sole equity holder, redtCapital Partners, LLC. Montana Village Developers, LLC in Denver, CO, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 25-16406) on Oct. 1, 2025, listing as much as $10 million to $50 million in both assets and liabilities. Nathan Adams, in his capacity as manager of redtCapital Partners, LLC, which serves as the managing member of Montana Village, signed the petition. Judge Joseph G Rosania Jr. oversees the case. WADSWORTH GARBER WARNER CONRARDY, P.C. serve as the Debtor's legal counsel. MONTANA VILLAGE: Section 341(a) Meeting of Creditors on November 4 ------------------------------------------------------------------ On October 1, 2025, Montana Village Developers LLC filed Chapter 11 protection in the District of Colorado. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 4, 2025 at 01:00 PM at Telephonic Chapter 11: Phone 888-330-1716, Access Code 8602461#. About Montana Village Developers LLC Montana Village Developers LLC, based in Denver, Colorado, is a real estate development company focused on a single property, qualifying it as a single-asset real estate entity under 11 U.S.C. Section 101(51B). The Company is managed by Nathan Adams through its sole equity holder, redtCapital Partners, LLC. Montana Village Developers LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-16406) on October 1, 2025. In its petition, the Debtor reports estimated estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Aaron A. Garber, Esq. MOSAIC COMPANIES: G.R. Marmi Steps Down as Committee Member ----------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing the resignation of G.R. Marmi s.r.l. from the official committee of unsecured creditors in the Chapter 11 cases of Mosaic Companies, LLC and its affiliates. The remaining members of the committee are: 1. Maria del Socorro Sanchez Quesada for decedent Juan Rodrigo Gonzalez-Morin Attn: Alan Brayton and Bryn Letsch Brayton Purcell LLP 222 Rush Landing Road Novato, CA 94945 Phone: 415-898-1555 bletsch@braytonlaw.com 2. Adan Gomez-Rivera Attn: Alan Brayton and Bryn Letsch Brayton Purcell LLP 222 Rush Landing Road Novato, CA 94945 Phone: 415-898-1555 bletsch@braytonlaw.com 3. Oscar Antonio Alvarado-Ortiz Attn: Alan Brayton and Bryn Letsch Brayton Purcell LLP 222 Rush Landing Road Novato, CA 94945 Phone: 415-898-1555 bletsch@braytonlaw.com About Mosaic Companies Mosaic Companies, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11296) on July 8, 2025. In the petition signed by Randall Jackson, group president and chief executive officer, the Debtor disclosed up to $50 million in assets and up to $500 million in liabilities. Judge Craig T. Goldblatt oversees the case. Mathew B. Harvey, Esq., at Morris, Nichols, Arsht & Tunnell LLP, represents the Debtor as legal counsel. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Robinson & Cole, LLP and Caplin & Drysdale, Chartered as legal counsel. Truist Bank, as DIP Lender, is represented by: Michael J. Merchant, Esq. Jason M. Madron, Esq. Richards, Layton & Finger, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 merchant@rlf.com madron@rlf.com -- and -- Stephen E. Gruendel, Esq. Matthew K. Taylor, Esq. Moore & Van Allen, PLLC 100 North Tryon Street, Suite 4700 Charlotte, NC 28202-4003 Telephone: (704) 331-1000 Facsimile: (704) 378-1989 stevegruendel@mvalaw.com matthewtaylor@mvalaw.com NAVIDEA BIOPHARMA: Seeks Subchapter V Bankrupt in Delaware ---------------------------------------------------------- On October 1, 2025, Navidea Biopharmaceuticals Inc. filed Chapter 11 protection in the District of Delaware. According to court filing, the Debtor reports $12,874,821 in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About Navidea Biopharmaceuticals Inc. Navidea Biopharmaceuticals Inc. develops precision immunodiagnostic agents and immunotherapeutics, focusing on identifying disease sites and pathways to improve diagnostic accuracy, clinical decision-making, and targeted treatment. The Company's products are based on its Manocept platform, which targets the CD206 mannose receptor on activated macrophages, and includes Tc99m tilmanocept, a commercially developed diagnostic agent. Navidea operates in the United States and engages in global partnering and commercialization efforts within the biopharmaceutical and diagnostic instruments sectors. Navidea Biopharmaceuticals Inc.sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11779) on October 1, 2025. In its petition, the Debtor reports total assets as of August 31, 2025 amounting to $1,202,555 and total liabilities as of August 31, 2025 of $12,874,821. Honorable Bankruptcy Judge J Kate Stickles handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq. of PASHMAN STEIN WALDER HAYDEN, P.C. PIQ CORPORATE RESTRUCTURING, LLC is the Debtor's Claims & Noticing Agent. NEW AGE FLOORING: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- New Age Flooring, LLC and M. Brandon Williams received interim approval from the U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, to use cash collateral to fund operations. The court's interim order authorized the Debtors to use cash collateral through November 12 in accordance with their budget, subject to a 10% variance per expense item. As adequate protection for the Debtors' use of their cash collateral, secured creditors will be granted replacement security interest in the Debtors' post-petition property and the proceeds thereof, with the same priority and extent as their pe-bankruptcy security interest. All parties holding customer funds or receivables were ordered to release those funds to the Debtors, warning that any interference would violate the automatic stay under Section 362 of the Bankruptcy Code and could result in sanctions. A final hearing is scheduled for November 12. The Debtors have assets that may constitute "cash collateral" including cash accounts, accounts receivable, and rental income. The U.S. Small Business Administration asserts a secured claim of approximately $500,015 against New Age Flooring, supported by a UCC-1 financing statement. In addition, three merchant cash advance lenders -- NewCo Capital Group VI LLC, Kapitus Servicing, Inc., and Funding Metrics, LLC (doing business as Lendini) -- have filed UCC-1 statements asserting security interests. The Debtors turned to MCA loans in 2022 as a short-term funding solution but found themselves overwhelmed by the predatory repayment terms. These loans, often arranged and filed through third-party services, have created a murky record of lien priority and enforceability. The Debtors make clear they intend to challenge the validity and extent of these MCA liens through the Chapter 11 process or an adversary proceeding. Separately, Debtor M. Brandon Williams owns 13 rental properties, each encumbered by one or more pre-petition mortgages. Some mortgages may include assignments of rents, potentially classifying rental income as cash collateral. However, the Debtors are still reviewing the lien and title records and expressly reserve all rights to contest the existence, validity, priority, or perfection of any such liens. The Debtors project $165,000 in total income and $162,632 in total expenses for one month. About New Age Flooring LLC New Age Flooring, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04056) on September 26, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Michael Brandon Williams, president of New Age Flooring, signed the petition. Judge Charles M. Walker oversees the case. Robert J. Gonzales, Esq., at EmergeLaw, PLC, represents the Debtor as legal counsel. NEW AGE FLOORING: Seeks Subchapter V Bankruptcy in Tennessee ------------------------------------------------------------ On September 26, 2025, New Age Flooring LLC filed Chapter 11 protection in the Middle District of Tennessee. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About New Age Flooring LLC New Age Flooring LLC provides residential and commercial remodeling services, specializing in flooring installation, fence construction, painting, and whole-home renovations. The Company operates in Tennessee, including Clarksville, Nashville, and surrounding areas, as well as parts of Kentucky such as Fort Campbell and Oak Grove. With 20 years of experience in the home remodeling and flooring industry, it offers a range of services from hardwood and luxury vinyl plank flooring to kitchen and bathroom remodeling. New Age Flooring LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04056) on September 26, 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 Charles M. Walker handles the case. The Debtor is represented by Robert J. Gonzales, Esq. of EMERGELAW, PLC. NEW BETHEL: Amends Unsecureds & Southern Bank Secured Claims Pay ---------------------------------------------------------------- New Bethel Baptist Church submitted a Third Amended Disclosure Statement describing Third Amended Plan of Reorganization dated September 26, 2025. The Plan provides for two classes of secured claims, one non-class of priority unsecured claims, and two classes of unsecured claims. Southern Bank in Class One shall be repaid on their $1,000,000.00 Class One secured claim, which secured claim amount is based upon the appraised value of its collateral, in equal monthly payments of principal and interest, based upon a 25-year amortization as follows: * For the first 18 months following the Effective Date, at an annual interest rate (APR) fixed at 4.5% for the 18 months following the Effective Date; and * For months 19-60 of the Plan, fixed at one percentage point (1.00%) above the Wall Street Journal Prime Rate effective as of the first date of month 19. Provided, however, the APR in months 19-60 shall not exceed a cap of 8.5% APR. Further, the months 19 60 payment shall adjust to provide for a 25-year amortization commencing on the first day of month 19. The remaining undersecured portion of Southern Bank's claim (which stood at $2,683,022.90 as of June 30, 2025), shall be treated and paid as a Class Three general unsecured claim. Allowed Unsecured Claims in Class Three shall receive a pro rata share of monthly payments of $250.00, commencing on the Effective Date and continuing through the life of the Plan. All monthly payments to Class Three shall be distributed pro rata to holders of Class Three Claims. This Class is impaired under the Plan. Allowed Unsecured Claims in Class Four shall receive a pro rata share of monthly payments of $100.00, commencing on the Effective Date. At any time after the Effective Date, the Debtor may fully satisfy all Plan obligations due to holders of Allowed Unsecured Claims by pre-paying, from funds borrowed from third-parties or from designated gifts, (i) the outstanding balance of the Monthly Payments due under the Plan, (ii) an amount determined by the Court to be of a value, as of the Effective Date, of not less than the amount that would have been paid on such claims had the estate of the Debtor been liquidated under Chapter 7 on the Effective Date, or (iii) an amount otherwise agreed by any member of the class of Unsecured Claims. All monthly payments to Class Four shall be distributed pro rata to holders of Class Four Claims. This Class is impaired under the Plan. Personal property sale proceeds would likely be insufficient to pay the EIDL balance and would result in no payment to unsecured creditors. Particularly given the Southern Bank Class Three deficiency claim, unsecured creditors would receive little or nothing in a Chapter 7 liquidation. Further, proceeds of any liquidation sales of Church property, be they sales of real property or personal property, would first go to pay administrative expenses estimated (subject to court approval) to be in excess of $110,000.00. Under the Plan, the Church proposes to pay the Class Three General Unsecured Claims an aggregate amount of approximately $15,000.00 over the life of the Plan (60 months at $250/mo.) reflecting a distribution of 0.05 percent (.50%) of their claims. This limited percentage payout is the result of the extraordinary amount of Southern Bank's deficiency claim (the under secured portion remaining after its Class One Secured Claim) relative to other Class 3 General Unsecured Claims. A full-text copy of the Third Amended Disclosure Statement dated September 26, 2025 is available at https://urlcurt.com/u?l=W5RN2x from PacerMonitor.com at no charge. Counsel for the Debtor: Joseph T. Liberatore, Esq. Joseph T. Liberatore, Esq. Liberatore DeBoer P.C. Town Point Center, Suite 604 150 Boush Street Norfolk, VA 23510 Telephone: (757) 333-4500 Facsimile: (757) 333-4501 About New Bethel Baptist Church New Bethel Baptist Church is an unincorporated religious association pursuant to the Constitution of the Commonwealth of Virginia. It is based in Portsmouth, Va. New Bethel Baptist Church filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 19-73531) on Sept. 24, 2019, listing $1,449,207 in assets and $4,034,673 in liabilities. Judge Frank J. Santoro oversees the case. The Debtor tapped Joseph T. Liberatore, Esq., at Crowley Liberatore P.C., as bankruptcy counsel. The Verbena Askew Law Firm and Anchor Legal Group, PLLC serve as special counsels. NEW RITE: Plan Exclusivity Period Extended to December 31 --------------------------------------------------------- Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey extended New Rite Aid LLC and its debtor affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 31, 2025 and March 3, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that these chapter 11 cases involve 118 Debtor entities that operate one of the industry's few retail drug store chains. During these chapter 11 cases, the Debtors have been engaged in multiple comprehensive sale processes with the goal of maximizing value for the Debtors' estates. With substantial assistance from the Debtors' employees, professionals, and advisors, the sale processes have covered the Debtors' retail pharmacy assets, valuable long-term lease and fee owned property assets, and remaining assets. The Debtors have also appeared before the Court on numerous occasions seeking approval of the foregoing sales and resolution of related disputes. To that end, the Court has entered numerous orders approving the sale of Pharmacy Assets, Remaining Assets, lease and fee owned property assets, resolving cure disputes, and approving lease termination agreements. The scale of the Debtors' sale processes, which remain ongoing, makes these chapter 11 cases undoubtedly complex and weighs in favor of extending the Exclusivity Periods. The Debtors claim that during their short time in chapter 11, the companies have made significant progress in winding down their operations and administering these chapter 11 cases. The Debtors have also made substantial progress in liquidating their assets and obtaining approval of the various sales to effectuate an orderly wind down of their estates. Accordingly, the Debtors' substantial progress emergence from these chapter 11 cases, and the meaningful negotiations the Debtors have conducted with creditors and stakeholders in connection therewith, weigh in favor of the extensions of the Exclusivity Periods. The Debtors assert that they are not seeking extensions of the Exclusivity Periods to pressure or prejudice any of their stakeholders. Rather, extensions of the Exclusivity Periods will support the ongoing sale process which benefits all stakeholders. Continued exclusivity will permit the Debtors to maintain the speed of their operational wind down, as competing plans that could otherwise derail the Debtors' ongoing sale processes or prosecution of the Plan, which would lead to costly, time-consuming distractions, could not be filed. Ultimately, extending the Exclusivity Periods will benefit, not prejudice, the Debtors' estates, their creditors, and all other key parties in interest. Co-Counsel for the Debtors: Michael D. Sirota, Esq. Warren A. Usatine, Esq. Felice R. Yudkin, Esq. Seth Van Aalten, Esq. COLE SCHOTZ P.C. 25 Main Street Hackensack, New Jersey 07601 Tel: (201) 489-3000 Email: msirota@coleschotz.com wusatine@coleschotz.com fyudkin@coleschotz.com svanaalten@coleschotz.com - and - Andrew N. Rosenberg, Esq. Alice Belisle Eaton, Esq. Christopher Hopkins, Esq. Sean A. Mitchell, Esq. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, New York 10019 Tel: (212) 373-3000 Fax: (212) 757-3990 Email: arosenberg@paulweiss.com aeaton@paulweiss.com chopkins@paulweiss.com smitchell@paulweiss.com 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. NORTH BROWARD: Section 341(a) Meeting of Creditors on October 30 ---------------------------------------------------------------- On September 30, 2025, North Broward Pentecostal Tabernacle Inc. filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports $1,615,844 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 30, 2025 at 10:30 AM by TELEPHONE. About North Broward Pentecostal Tabernacle Inc. North Broward Pentecostal Tabernacle Inc., based in Sunrise, Florida, operates as a religious organization providing Pentecostal Christian worship services and community programs. It is registered as an active not-for-profit entity with the Florida Department of State and is led by a board of officers including Horatio A. Tulloch as president. North Broward Pentecostal Tabernacle Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21561) on September 30, 2025. In its petition, the Debtor reports total assets of $914,437 and total liabilities of $1,615,844. The Debtor is represented by Adam I. Skolnik, Esq. of LAW OFFICE OF ADAM I SKOLNIK, PA. NORTH JAX: Hires Professional Management Systems as Accountant -------------------------------------------------------------- North Jax Concrete and Construction LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Professional Management Systems, Inc. as accountant. The firm will prepare monthly operating reports, and other accounting services. Georgia Evans, the primary accountant in this representation, will be billed at an hourly rate of $85. Ms. Evans also requested a retainer of $1,500 from the Debtor. Ms. Evans 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: Georgia Evans, CPA Professional Management Systems, Inc. 4590 Coach Lane Chipley, FL 32428 About North Jax Concrete and Construction North Jax Concrete and Construction LLC a concrete contractor based in Jacksonville, Florida. It provides concrete construction services in the Jacksonville area, working with various concrete suppliers and equipment rental companies. North Jax Concrete and Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02841) on August 18, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor tapped Thomas C. Adam, Esq., at Adam Law Group, PA as counsel and Professional Management Systems, Inc. as accountant. NORTHWEST OHIO: M. Colette Gibbons Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed M. Colette Gibbons, Esq., a practicing attorney in Westlake, Ohio, as Subchapter V trustee for Northwest Ohio Speech, Language and Rehabilitation Services, Ltd. Ms. Gibbons will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Gibbons declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: M. Colette Gibbons, Esq. Attorney at Law 28841 Weybridge Drive Westlake, OH 44145 Phone: (216) 798-6940 Email: colette@mcgibbonslaw.com About Northwest Ohio Speech, Language and Rehabilitation Services Northwest Ohio Speech, Language and Rehabilitation Services, Ltd. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-32078) on September 30, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Mary Ann Whipple presides over the case. Eric R. Neuman, Esq., represents the Debtor as legal counsel. OREGON MUTUAL: A.M. Best Cuts FS Rating to C++(Marginal) -------------------------------------------------------- AM Best has downgraded the Financial Strength Rating (FSR) to C++ (Marginal) from B- (Fair) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to "b+" (Marginal) from "bb-" (Fair) of Oregon Mutual Insurance Company and Western Protectors Insurance Company, which are domiciled in McMinnville, OR and collectively referred to as Oregon Mutual Group. The outlook of the FSR has been revised to stable from negative, while the outlook of the Long-Term ICRs is negative. Concurrently, AM Best has withdrawn these Credit Ratings (ratings) as Oregon Mutual Group has requested to no longer participate in AM Best's interactive rating process. The ratings reflect Oregon Mutual Group's balance sheet strength, which AM Best assesses as weak, as well as its marginal operating performance, limited business profile and marginal enterprise risk management. The rating actions reflect weakening in Oregon Mutual Group's balance sheet, due to continued surplus erosion in three consecutive years and continuing through the second quarter of 2025. The surplus decline in the second of quarter of 2025 was a result of continued adverse loss reserve development attributed to 2023 California commercial auto and business interruption claims, impacted by economic and social inflation. During this period, the group's surplus position declined by $13.8 million (27.1%), which also led the overall risk-adjusted capitalization to decline to weak levels. AM Best assesses Oregon Mutual Group's operating performance as marginal due to volatile underwriting results in recent years, which have been driven by economic and social inflations. While the group has undertaken initiatives to improve profitability, recent results have trailed its peer composite. Oregon Mutual Group's underwriting and operating ratios, as well as its return-on-revenue and return-on-equity measures, compare unfavorably with composite averages. AM Best assesses the group's business profile as limited, reflecting its focus on commercial lines, with over half its book of business in California on a direct written premium basis. Historically, California has had a challenging regulatory environment that has impacted the group's results in recent years. PALAZZO DEVELOPMENT: Gets OK to Hire Martin Law Firm as Counsel --------------------------------------------------------------- Palazzo Development Group, Inc. received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Martin Law Firm, PL as bankruptcy counsel. The firm will render these services: (a) prepare and file schedules, statement of financial affairs and statement of executory contracts or amendments thereto; (b) represent the Debtor at all meetings of creditors, hearings, pretrial conferences, and trials in this case or any litigation arising in connection with the case; (c) prepare, file, and present to the court of any pleading requesting relief; (d) prepare, file, and present to the court of any disclosure statement, and plan of reorganization under Chapter 11 of the Bankruptcy Code; (e) review claims made by creditors and interested parties; (f) prepare and present a final accounting and motion for final decree closing this case; (g) perform all other legal services for the Debtor which may be necessary herein. The firm's attorneys will be paid at these following hourly rates: Jonathan Bierfeld $395 Benjamin Martin $425 The firm received a retainer of $15,000 from the Debtor. Mr. Bierfeld 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: Jonathan M. Bierfeld, Esq. 3701 Del Prado Boulevard S. Cape Coral, FL 33904 Telephone: (239) 443-1094 Facsimile: (941) 218-1231 Email: jonathan.bierfeld@martinlawfirm.com About Palazzo Development Group Palazzo Development Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01721) on September 3, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Caryl E. Delano presides over the case. Jonathan M. Bierfeld, Esq., at Martin Law Firm PL represents the Debtor as counsel. PALWAUKEE HOSPITALITY: Seeks to Extend Plan Exclusivity to Nov. 30 ------------------------------------------------------------------ Palwaukee Hospitality LLC asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 30, 2025 and February 1, 2026, respectively. The Debtor explains that the instant bankruptcy proceeding was filed under Chapter 11 of the Bankruptcy Code on February 23, 2025. The Debtor claims that the new requested extension dates of November 30, 2025, and February 1, 2026, are well within the time limitations set by Section 1121(d) of the Bankruptcy Code. The Debtor notes that the sale of its principal asset closed on May 14, 2025, and was funded on May 15, 2025. The extension of times for both deadlines will not prejudice any creditors or the United States Trustee. Palwaukee Hospitality, LLC is represented by: Paul M. Bach, Esq. Penelope N. Bach, Esq. Bach Law Offices, Inc. P.O. BOX 1285 Northbrook, IL 60062 Telephone: (847) 564 0808 About Palwaukee Hospitality LLC Palwaukee Hospitality LLC operates a hotel property located at 600 N. Milwaukee Avenue in Prospect Heights, Illinois. Palwaukee Hospitality LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-02685) on Feb. 23, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. Penelope N. Bach, Esq., at Bach Law Offices, is the Debtor's counsel. PK PLANO: Behrooz Vida Named Subchapter V Trustee ------------------------------------------------- The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the Vida Law Firm, PLLC as Subchapter V trustee for PK Plano, LLC. Mr. Vida will be paid an hourly fee of $495 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Vida declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Behrooz P. Vida, Esq. The Vida Law Firm, PLLC 3000 Central Drive Bedford, TX 76021 Telephone: (817) 358-9977 Facsimile: (817) 358-9988 behrooz@vidalawfirm.com About PK Plano LLC PK Plano, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-43688) on September 26, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Mark X. Mullin presides over the case. Robert Thomas DeMarco, Esq., represents the Debtor as legal counsel. POINT CLEAR CAPITAL: Section 341(a) Meeting of Creditors on Nov. 17 ------------------------------------------------------------------- On October 1, 2025, Point Clear Capital Management LLC filed Chapter 11 protection in the Northern District of Florida. According to court filing, the Debtor reports between $50 million and $100 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 17, 2025 at 09:00 AM, CT, at/via with the U.S. Trustee by telephone at (888) 330-1716, Access Code 7738427. About Point Clear Capital Management LLC Point Clear Capital Management LLC, based in Pensacola, Florida, provides investment management and advisory services, operating as a Florida limited liability company. The firm has been involved in managing pooled investment funds and other capital management activities. Point Clear Capital Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30966) on October 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Jerry C. Oldshue Jr. handles the case. The Debtor is represented by Jodi Daniel Dubose, Esq. of STICHTER, RIEDEL, BLAIN & POSTLER, P.A. PRAESUM HEALTHCARE: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Praesum Healthcare Services, LLC and affiliates received third interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The third interim order authorized the Debtors to use cash collateral through October 17 to pay business expenses consistent with their budget. The Debtors were also authorized to exceed line items by up to 10%, or more if total excesses do not exceed 10% in the aggregate of the total budget. As adequate protection, City National Bank of Florida and nine other secured creditors will be granted post-petition security interests in and liens on the Debtors' personal property, with the same priority and extent as their pre-petition security interests in such property. The other creditors are C T Corporation System; ASD Special Healthcare, LLC; Amerisourcebergen Drug Corporation; Navitas Credit Corp.; Family Funding Group, LLC; First Corporate Solutions; I Got Funded, LLC; and the U.S. Small Business Administration. The next hearing is set for October 15. The Debtor provides administrative support and centralized cash management for 27 affiliated treatment providers that operate across the detox, residential, and outpatient substance abuse treatment spectrum in multiple states. Cash from each treatment provider is swept daily into a Praesum-controlled account, from which operating expenses are paid. The Debtors are requesting interim approval to use cash collateral for 30 days, subject to a consolidated budget, and to exceed line items by up to 10%, or more if total excesses do not exceed 10% in the aggregate. City National Bank of Florida, which provided $23 million in financing to Praesum in 2023, holds a blanket lien on the assets of all 28 Debtors and has declared the loan in default, filing a lawsuit and seeking a receiver. The amounts deposited by City National Bank of Florida into the Debtors' accounts at the bank (including $750,000 on September 4, $660,000 on August 22, and $1,683,354.59 on August 20) are treated as the bank's cash collateral, subject to prior orders and protections. About Praesum Healthcare Services Praesum Healthcare Services LLC operates a network of behavioral health and addiction treatment facilities across the United States, offering a full continuum of care that includes medical detoxification, residential rehabilitation, and outpatient counseling. The Company's brands include Sunrise Detox, which provides medically supervised detox services, Evolve Recovery Center, which delivers residential treatment programs, and The Counseling Center, which offers outpatient and intensive outpatient therapy, with locations in multiple states including New Jersey, New York, Massachusetts, Georgia, and Florida. Founded in 2004, Praesum Healthcare manages more than two dozen centers under these brands, serving individuals with substance use disorders and co-occurring mental health conditions. Praesum Healthcare Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-19335) on August 13, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq., at Shraiberg Page, PA. City National Bank of Florida, as lender, is represented by: Alexandra D. Blye, Esq. Carlton Fields, P.A. 525 Okeechobee Boulevard, Suite 1200 West Palm Beach, FL 33401 Telephone: (561) 659-7070 ablye@carltonfields.com PRAESUM HEALTHCARE: 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 cases of Praesum Healthcare Services, LLC and its affiliates, according to court dockets. About Praesum Healthcare Services Praesum Healthcare Services LLC operates a network of behavioral health and addiction treatment facilities across the United States, offering a full continuum of care that includes medical detoxification, residential rehabilitation, and outpatient counseling. The Company's brands include Sunrise Detox, which provides medically supervised detox services, Evolve Recovery Center, which delivers residential treatment programs, and The Counseling Center, which offers outpatient and intensive outpatient therapy, with locations in multiple states including New Jersey, New York, Massachusetts, Georgia, and Florida. Founded in 2004, Praesum Healthcare manages more than two dozen centers under these brands, serving individuals with substance use disorders and co-occurring mental health conditions. Praesum Healthcare Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-19335) on August 13, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq., at Shraiberg Page, PA. City National Bank of Florida, as lender, is represented by: Alexandra D. Blye, Esq. Carlton Fields, P.A. 525 Okeechobee Boulevard, Suite 1200 West Palm Beach, FL 33401 Telephone: (561) 659-7070 ablye@carltonfields.com PRAIRIE EYE: Hires Baker Donelson Bearman as Special Counsel ------------------------------------------------------------ Prairie Eye Center, Ltd. seeks approval from the U.S. Bankruptcy Court for the Central District of Illinois to employ Baker, Donelson, Bearman, Caldwell & Berkowitz, P.C. as special counsel. The Debtor needs the firm's legal assistance with the ModMed agreements with the Debtor's new information technology provider and other compliance procedures. The firm will be paid at the rate of $695 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Droke disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Andrew Droke, Esq. Baker, Donelson, Bearman, Caldwell & Berkowitz, P.C. 100 Vision Drive Suite 400 Jackson, MI 39211 Tel: (601) 351-2400 About Prairie Eye Center, Ltd. Prairie Eye Center, Ltd. owns and operates the Prairie Eye and LASIK Center, an eye care provider in Springfield, Illinois, offering comprehensive optometry services, including eye exams, LASIK procedures, and emergency care. Led by Dr. Sandra Yeh, the Center is committed to providing personalized, professional care with a focus on patient comfort and education. The Center also offers vision financing options and works with insurance providers to ensure access to quality eye health and vision care. Prairie Eye Center filed its voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. C.D. Ill. Case No. 25-70105). In the petition signed by Sandra W. Yeh, M.D., bankruptcy representative, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Mary P. Gorman oversees the case. Sumner A. Bourne, at Rafool & Bourne, PC, serves as the Debtor's counsel. PRAIRIE EYE: Seeks to Hire Ophthalmic AR as Financial Advisor ------------------------------------------------------------- Prairie Eye Center, Ltd. seeks approval from the U.S. Bankruptcy Court for the Central District of Illinois to employ Ophthalmic AR Specialists, LLC as financial advisor. The firm will provide medical and vision billing, collection, aging services and coding and compliance analytics, including: -- Scrub for coding, submit medical and surgical claims, work rejections, review patient invoices and submit for printing/mailing; -- Post remittance and reconcile to deposit and charge logs; -- Follow up on unpaid claims and work aging to ensure appropriate reimbursement; and -- Send patient statements if client opts in to OARS handling patient receivables. The firm will be paid at the rate of $31 per hour to $125 per hour, with a daily rate of $950 for onsite consulting. The firm charges an initial set up fee of $2,500. Ms. Giuliano disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ann Marie Giuliano Ophthalmic AR Specialists, LLC 2400 NW Tulip Way Jensen Beach, FL 34957 Tel: (772) 485-6335 Email: annmarie@greaterfast.com About Prairie Eye Center, Ltd. Prairie Eye Center, Ltd. owns and operates the Prairie Eye and LASIK Center, an eye care provider in Springfield, Illinois, offering comprehensive optometry services, including eye exams, LASIK procedures, and emergency care. Led by Dr. Sandra Yeh, the Center is committed to providing personalized, professional care with a focus on patient comfort and education. The Center also offers vision financing options and works with insurance providers to ensure access to quality eye health and vision care. Prairie Eye Center filed its voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. C.D. Ill. Case No. 25-70105). In the petition signed by Sandra W. Yeh, M.D., bankruptcy representative, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Mary P. Gorman oversees the case. Sumner A. Bourne, at Rafool & Bourne, PC, serves as the Debtor's counsel. RAZZOO'S INC: Taps Donlin Recano as Claims and Noticing Agent ------------------------------------------------------------- Razzoo's, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Donlin, Recano & Company, LLC as the claims and noticing agent. The firm will oversee the distribution of notices and will assist in the maintenance, processing and docketing of proofs of claim filed in the Debtor's Chapter 11 case. The firm will bill these hourly fees: Senior Bankruptcy Consultant $167 - $205 Case Manager $105 - $180 Consultant $119 - $155 Technology Programming $50 - $110 Clerical $40 - $50 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer in the amount of $10,000. Lisa Terry, a senior legal director at Donlin, Recano & Company, Inc., 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: Lisa Terry Donlin, Recano & Company, Inc. 48 Wall Street New York, NY 10016 Telephone: (619) 346-1628 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. in Addison, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 25-90522) on Sept. 30, 2025, listing as much as 10 million to $50 million in both assets and liabilities. Philip Parsons, CEO of the Debtor, signed the petition. Judge Alfredo R Perez oversees the case. OKIN ADAMS BARTLETT CURRY LLP serve as the Debtor's legal counsel. DONLIN, RECANO & COMPANY, LLC as claims and noticing agent. STOUT CAPITAL, LLC as investment banker. STOUT RISIUS ROSS, LLC as financial advisor. RCM LIVING: Gets OK to Hire Underwood Murray as Bankruptcy Counsel ------------------------------------------------------------------ RCM Living Asset Management LLC and its affiliates received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Underwood Murray, PA as counsel. The firm will render these services: (a) advise the Debtors with respect to the powers and duties in the continued management and operation of their businesses and property; (b) attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of the Chapter 11 cases; (c) advise the Debtors in connection with any contemplated sales or administration of assets or business combinations; (d) advise the Debtors in connection with post-petition financing arrangements, advise and counsel with respect to pre-petition financing arrangements, and advise in connection with post-petition financing and capital structure, and negotiate and draft documents relating thereto; (e) take all necessary action to protect and preserve the Debtors' estates; (f) prepare on behalf of the Debtors all legal papers necessary to the administration of their estates; (g) negotiate and prepare on the Debtors' behalf a plan of reorganization, disclosure statement and all related agreements and/or documents, and take any necessary action on their behalf to obtain confirmation of such plan; (h) attend meetings with third parties and participate in negotiations with respect to the above matters; (i) appear before this court, any appellate courts, and the U.S. Trustee, and protect the interests of the Debtors' estates before such courts and the U.S. Trustee; and (j) perform all other necessary legal services and provide all other necessary legal advice to the Debtors in connection with these Chapter 11 cases. The firm will be paid at these hourly rates: Megan Murray, Shareholder $495 Attorneys/Paraprofessionals $140 - $450 In addition, the firm will seek reimbursement for expenses incurred. The firm received $11,635 and $5,214 from Debtor RCM Living Asset Management Services, LLC for services and pre-petition fees and costs incurred. Ms. Murray 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: Megan Murray, Esq. Underwood Murray PA 100 North Tampa Street, Suite 2325 Tampa, FL 33602 Telephone: (813) 540-8403 Email: mmurray@underwoodmurray.com About RCM Living Asset Management RCM Living Asset Management LLC and its affiliates filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-05491) on August 4, 2025, with up to $50,000 in assets and up to $10 million in liabilities. Andrew C. Richardson, CEO, signed the petitions. Judge Roberta A. Colton presides over the cases. Megan W. Murray, Esq., at Underwood Murray, PA represents the Debtors as counsel. RIZO-LOPEZ FOODS: Hires Donlin Recano as Administrative Advisor --------------------------------------------------------------- Rizo-Lopez Foods, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Donlin, Recano & Company, LLC as administrative advisor. The firm render these services: (a) assist with, among other things solicitation, balloting, tabulation and calculation of votes, as well as prepare any appropriate reports required in furtherance of confirmation of any Chapter 11 plan; (b) generate an official ballot certification and testify, if necessary, in support of the ballot tabulation results for any Chapter 11 plan(s) in the Bankruptcy Case; (c) assist with claims objections, exhibits, claims reconciliation, and related matters; and (d) provide such other claims processing, noticing, solicitation, balloting, and administrative services not included in the claims and noticing agent application, as may be requested by the Debtor from time to time. Donlin will charge the Debtor for all administrative services provided and for other charges and disbursements incurred in the rendition of services. Lisa Terry, Esq., a member at Donlin, Reccano & Company, 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: Lisa Terry Donlin, Reccano & Company, LLC 419 Park Ave. S. New York, NY 10016 Telephone: (212) 481-1411 About Rizo-Lopez Foods Rizo-Lopez Foods, Inc. produces Mexican-style dairy products including cheeses, sour creams, and desserts under the Tio Francisco and Don Francisco brands. Rizo-Lopez Foods, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-25004) on September 15, 2025. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. The petition was signed by Edwin Rizo as chief executive officer. Judge Christopher M. Klein presides over the case. Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP represents the Debtor as legal counsel. Donlin, Recano & Company, LLC is the Debtor's claims and noticing agent and administrative advisor. RIZO-LOPEZ FOODS: Hires McCormick Barstow Sheppard as Counsel ------------------------------------------------------------- Rizo-Lopez Foods, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ McCormick, Barstow, Sheppard, Wayte & Carruth LLP to handle its Chapter 11 case. The firm will be paid at these hourly rates: Hagop T. Bedoyan, Partner $550 Garrett J. Wade, Partner $325 Garrett R. Leatham, Associate $325 In addition, the firm will seek reimbursement for expenses incurred. The firm currently holds in trust a retainer of $80,814. Mr. Bedoyan 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: Hagop T. Bedoyan, Esq. McCormick, Barstow, Sheppard, Wayte & Carruth LLP 7647 North Fresno Street Telephone: (559) 433-1300 Facsimile: (559) 433-2300 Email: hagop.bedoyan@mccormickbarstow.com About Rizo-Lopez Foods Rizo-Lopez Foods, Inc. produces Mexican-style dairy products including cheeses, sour creams, and desserts under the Tio Francisco and Don Francisco brands. Rizo-Lopez Foods, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-25004) on September 15, 2025. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. The petition was signed by Edwin Rizo as chief executive officer. Judge Christopher M. Klein presides over the case. Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP represents the Debtor as legal counsel. Donlin, Recano & Company, LLC is the Debtor's claims and noticing agent and administrative advisor. SASAS HOSPITALITY: Seeks to Extend Exclusivity to March 30, 2026 ---------------------------------------------------------------- SASAS Hospitality LLC asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 30, 2026 and April 30, 2026, respectively. The Debtor claims that the instant bankruptcy proceeding was filed under Chapter 11 of the Bankruptcy Code on March 10, 2025. This is the Debtor's first request to extend exclusivity under Section 1121(d) of the Bankruptcy Code. The requested extension dates of March 30, 2026, and April 30, 2026, are within the time limitations set by Section 1121(d) of the Bankruptcy Code. The Debtor explains that it has been working towards achieving a plan that is acceptable to creditors and will provide the most benefit to the Bankruptcy Estate. To achieve this goal, the Debtor requires additional time to retain professionals and work with creditors. The Debtor asserts that the extension of time will not prejudice any creditors or the United States Trustee. SASAS Hospitality, LLC is represented by: Paul M. Bach, Esq. Penelope N. Bach, Esq. Bach Law Offices, Inc. P.O. Box 1285 Northbrook, IL 60062 Telephone: (847) 564 0808 About SASAS Hospitality LLC SASAS Hospitality, LLC, is a hospitality company that owns a property at 5105 S Howell Ave, Milwaukee, Wis. SASAS Hospitality filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-03643) on March 10, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. Paul M. Bach, Esq., at Bach Law Offices is the Debtor's bankruptcy counsel. Albany Bank & Trust Company, as secured creditor, is represented by: David A. Golin, Esq. Saul Ewing, LLP 161 North Clark Street, Suite 4200 Chicago, IL 60601 Phone: (312) 876-7100 E-mail: david.golin@saul.com SCHILLER PARK: Seeks to Extend Plan Exclusivity to November 30 -------------------------------------------------------------- Schiller Park Hospitality LLC asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 30, 2025 and February 1, 2026, respectively. The instant bankruptcy proceeding was filed under Chapter 11 of the Bankruptcy Code on January 30, 2025. The Debtor explains that the new requested extension dates of November 30, 2025, and February 1, 2026, are well within the time limitations set by Section 1121(d) of the Bankruptcy Code. The Debtor claims that the sale of its principal asset closed on September 26, 2025 and was funded on September 29, 2025. The extension of times for both deadlines will not prejudice any creditors or the United States Trustee. Schiller Park Hospitality, LLC: Paul M. Bach, Esq. Penelope N. Bach, Esq. Bach Law Offices, Inc. P.O. BOX 1285 Northbrook, IL 60062 Telephone: (847) 564 0808 About Schiller Park Hospitality Schiller Park Hospitality, LLC, a company in Skokie, Ill., filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-01447) on January 30, 2025, listing between $10 million and $50 million in both assets and liabilities. The petition was signed by Amin Amdani as managing member. Judge David D Cleary oversees the case. The Debtor is represented by Paul M. Bach, Esq., at Bach Law Offices. CRE Bridge Capital, LLC, as lender, is represented by Harold D. Israel, Esq. of Levenfeld Pearlstein, LLC. SEAQUEST HOLDINGS: Trustee Taps Pashman Stein as Special Counsel ---------------------------------------------------------------- Matt McKinlay, the trustee appointed in the Chapter 11 case of SeaQuest Holdings, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Idaho to employ Pashman Stein Walder Hayden PC as special purpose counsel. The firm will appear at the hearing scheduled for November 3, 2025 in the Superior Court of New Jersey for the County of Middlesex to plead guilty on behalf of the Indicted Defendants to the charges brought in the New Jersey cases. The firm's hourly rates are: Partners $525 - $695 Paralegals $395 - $430 Joseph Barsalona III, Esq., a partner at Pashman Stein Walder Hayden, 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 Barsalona III, Esq. Pashman Stein Walder Hayden PC 21 Main St., Ste. 200 Hackensack, NJ 07601 Telephone: (201) 488-8200 About Seaquest Holdings LLC SeaQuest Holdings, LLC better known as SeaQuest, is an interactive marine, exotic mammal, and bird/reptile life attraction chain. Guests are encouraged to connect with animals and learn about their ecosystems through various hands-on activities which include hand-feeding sharks, stingrays, birds, and tropical animals. SeaQuest offers a private event venue ideal for school field trips, birthday parties, and more. SeaQuest Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 24-00803) on December 2, 2024, with total assets of $659,473 and total liabilities of $16,653,877. Aaron Neilsen, chief executive officer, signed the petition. Judge Benjamin P. Hursh handles the case. The Debtor is represented by Matthew T. Christensen, Esq. at Johnson May, PLLC. SHADYLANE HOLDINGS: Taps Pacific Sotheby's International as Broker ------------------------------------------------------------------ Shadylane Holdings 1006, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Pacific Sotheby's International Realty as broker. The Debtor needs a broker to market and sell its property located at 28832 Shady Lane, Laguna Beach, California. The firm will charge a commission of 2.5 percent for the sale of the property. Sean Caddell, a real estate agent at Pacific Sotheby's International 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: Sean Caddell Pacific Sotheby's International Realty San Diego, CA Telephone: (858) 472-1074 Email: OceanRanches@gmail.com About Shadylane Holdings 1006 LLC Shadylane Holdings 1006 LLC qualifies as a debtor with a single real estate asset, as outlined in 11 U.S.C. Section 101(51B). The Company is the owner of the property located at 28832 Shady Lane, Laguna Beach, CA 92651, which a broker has appraised at an estimated value of $2.44 million. Shadylane Holdings 1006 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10622) on March 12, 2025. In its petition, the Debtor reports total assets of $2,435,200 and total liabilities of $1,549,275. Bankruptcy Judge Scott C. Clarkson handles the case. James Mortensen, Esq., at Socal Law Group, PC serves as the Debtor's counsel. SNAG A SLIP: Seeks Chapter 7 Bankruptcy in Delaware --------------------------------------------------- On October 3, 2025, Snag A Slip LLC submitted a voluntary Chapter 7 bankruptcy filing in the District of Delaware. The company's bankruptcy petition lists liabilities in the range of $100,001 to $1,000,000, with the number of creditors estimated between 200 and 999. About Snag A Slip LLC Snag A Slip LLC is a limited liability company. Snag A Slip LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11798) on October 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. The Debtor is represented by William D. Sullivan, Esq. of Sullivan Hazeltine Allinson LLC. SOLEMN INVESTMENTS: Gets Final OK to Use Cash Collateral -------------------------------------------------------- Solemn Investments, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral in accordance with its budget, subject to a 10% variance, and to continue its factoring arrangement with American Prudential Capital, Inc. in the ordinary course. The Debtor projects total operational expenses of $265,409 for the period from October to December. As adequate protection, secured creditors will be granted a replacement lien on the Debtor's post-petition property. This replacement lien will have the same validity, priority and extent as the secured creditors' pre-bankruptcy liens. In addition, secured creditors are entitled to administrative expense priority claims. Meanwhile, the Debtor was ordered to continue its monthly lease payments of $9,587.82 to Trans Lease, Inc. The Debtor's cash collateral consists of funds that are subject to the security interests of secured creditors including the U.S. Small Business Administration, Trans Lease, Inc., Daimler, Mercedes-Benz Financial, Santander Bank, and American Prudential Capital, Inc. The Debtor is indebted to the SBA under a $730,800 Economic Injury Disaster Loan secured by a blanket lien on nearly all business assets. Trans Lease also holds liens on the Debtor's trucks and trailers through equipment financing agreements totaling $9,588 monthly. Multiple other creditors hold perfected security interests in the Debtor's vehicles, equipment, and receivables. Solemn Investments forecasts strong positive cash flow -- about $46,800 monthly -- which demonstrates its ability to reorganize successfully. A key near-term goal is completing the $35,000–$55,000 engine repair for the 2017 Peterbilt to restore full revenue capacity. Once repaired, the Debtor will return the loaner truck and resume normal operations with both company-owned trucks. This repair is essential to the Debtor's restructuring efforts and long-term viability, supporting its plan to maximize recovery for all stakeholders. About Solemn Investments Inc. Solemn Investments Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34630) on August 8, 2025. In the petition signed by Arthur Walters, president, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. Jeremy Wood, Esq., at Law Office of Jeremy T. Wood, PLLC, represents the Debtor as bankruptcy counsel. SPIRIT AVIATION: Plans to Return 87 Leased Planes Amid Bankruptcy ----------------------------------------------------------------- Lucia Kassai of Bloomberg News reports that Spirit Aviation Holdings Inc. has asked a bankruptcy court to approve the return of 87 leased aircraft as part of its efforts to restructure and reduce expenses. The move comes as the budget airline continues to shrink its operations following its most recent bankruptcy filing. According to a court filing Thursday, October 2, 2025, Spirit plans to hand back 87 Airbus A320-family jets to their lessors. The Dania Beach, Florida-based carrier has already reduced its fleet by more than half since seeking Chapter 11 protection on Aug. 29 -- its second bankruptcy filing in less than a year. In its filing, Spirit said that keeping these aircraft would impose "unnecessary costs" and hinder its financial recovery. "The company identified savings through a significant reduction in its fleet by eliminating aircraft and other related equipment that no longer fit its revised operations," the filing stated. 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. SSI PRODUCTS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- SSI Products, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to fund operations. The interim order authorized the Debtor to use cash collateral in accordance with its one-month operating budget, subject to a 15% variance. The Debtor was ordered to collect all cash funds and account monthly to the secured creditors. The secured creditors include the U.S. Small Business Administration, Origin Bank, PIRS Capital, LLC and Tarrant County, Texas. In case of any diminution in the value of their pre-bankruptcy collateral, the secured creditors will be granted post-petition replacement liens, co-extensive with their existing liens, on all current and future property of the Debtor. The replacement liens do not apply to Chapter 5 causes of action and tax liens, and are deemed automatically perfected without the need for UCC filings. A final hearing is scheduled for October 29. The deadline for filing objections is on October 24. The Debtor believes that the cash it intends to use may be subject to the claims of the secured creditors, all of which may hold liens on the Debtor's personal property, including accounts receivable and inventory. The Debtor's business involves the distribution of primarily foreign-sourced, non-chemical cleaning products to brick-and-mortar big-box and discount retail stores. About SSI Products LLC Based in Fort Worth, Texas, SSI Products, LLC manufactures and distributes laboratory consumables, including various grades of glass microfiber filters, oil and grease filters, cellulose filters, syringe filters, and aluminum weighing pans. Founded in 2008, the company serves environmental laboratories, water treatment plants, and industrial manufacturers across the United States, providing products designed to enhance laboratory performance while reducing operational costs. SSI Products filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-43542) on September 16, 2025, listing $1 million to $10 million in both assets and liabilities. Terry Treacy signed the petition as authorized representative of the Debtor. Judge Edward L Morris presides over the case. Laurance C. Boyd, Esq., at The Law Office of Laurance C. Boyd, PLLC represents the Debtor as bankruptcy counsel. STANLEY UTILITY: Seeks to Hire Bruner Wright PA as Counsel ---------------------------------------------------------- Stanley Utility Contractor, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Bruner Wright, PA to handle its Chapter 11 case. The firm will be paid at these rates: Robert Bruner, Attorney $475 per hour Byron Wright III, Attorney $425 per hour Samantha Kelley, Attorney $400 per hour Paralegal $200 per hour The firm was paid $22,000 as a retainer from the Debtor. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Wright III 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: Byron Wright III, Esq. Bruner Wright, PA 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 Email: twright@brunerwright.com About Stanley Utility Contractor, Inc. Stanley Utility Contractor Inc. is a Florida-based construction company specializing in right-of-way and telecommunications infrastructure projects, including fiber deployments, small cell installations, and utility services. The Company operates primarily in Florida and provides project management, inspection, and maintenance support for its infrastructure work. Its principal office is in Leesburg, with Michael Stanley listed as president and registered agent. Stanley Utility Contractor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40481) on September 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Karen K. Specie handles the case. The Debtor is represented by Byron W. Wright III, Esq. of BRUNER WRIGHT, P.A. SUITECENTRIC LLC: Seeks to Tap Neeleman Law Group as Legal Counsel ------------------------------------------------------------------ SuiteCentric, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Neeleman Law Group, PC as counsel. The firm will provide these services: (a) assist the Debtor in the investigation of the financial affairs of the estate; (b) advise and assist the Debtor with respect to matters relating to this case and creditor distribution; (c) prepare all pleadings necessary for proceedings arising under this case; and (d) perform all necessary legal services for the estate in relation to this case. The firm will be paid at these hourly rates: Principals $600 Associate $475 Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $11,738 from the Debtor. Jennifer Neeleman, Esq., an attorney at Neeleman Law 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: Jennifer L. Neeleman, Esq. Neeleman Law Group, PC 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Email: jennifer@neelemanlaw.com About SuiteCentric LLC SuiteCentric LLC is an Oracle NetSuite Solution Provider and member of NetSuite's Commerce Agency Program, delivers Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), SuiteCommerce Advanced, and related business module solutions. The Company provides implementation, support, customization, and development services, specializing in SuiteCommerce Advanced and ERP, and offers the SuiteAscent + SuiteSuccess bundle for small businesses. SuiteCentric serves clients across wholesale and distribution, retail and e-commerce, construction, health and beauty, manufacturing, software, apparel, food and beverage, and other industries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12449) on September 3, 2025. In the petition signed by Adam Baruh, managing member, the Debtor disclosed $354,739 in assets and $1,455,558 in liabilities. Judge Timothy W. Dore oversees the case. Thomas D. Neeleman, Esq., at Neeleman Law Group, PC represents the Debtor as bankruptcy counsel. SUNNOVA ENERGY: Execs Set to Receive $2.4MM From Sale Proceeds -------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that seven senior officers of Sunnova Energy are set to receive a total of $2.4 million in incentive payments, funded by surplus proceeds from the company's asset sales during bankruptcy. The U.S. Bankruptcy Court for the Southern District of Texas approved the plan Monday under Judge Alfredo R. Pérez, according to the report. Had the sales produced stronger results, the plan's total potential payout could have reached $7 million. Sunnova, a leading player in the U.S. rooftop solar sector, sought Chapter 11 protection in June to address its mounting debt load. Prior to the filing, the company laid off more than 700 employees as part of a broader cost-cutting effort to prepare for restructuring, the report states. The executive incentive plan outlines three payment levels linked to specific thresholds of asset sale revenue. Payments are triggered only when proceeds exceed predetermined baseline amounts, ensuring that bonuses are based on measurable financial outcomes, according to report. With the final proceeds coming in below target, executives will receive $2.4 million in total. The structure, approved by the court, is designed to reward management for driving value without diverting excessive funds from creditors or the bankruptcy estate, the report relays. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. SWAHILI VILLAGE: Seeks Subchapter V Bankruptcy in D.C. ------------------------------------------------------ On September 26, 2025, Swahili Village M Street LLC filed Chapter 11 protection in the District of Columbia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Swahili Village M Street LLC Swahili Village M Street LLC, f/d/b/a The Consulate, operates a chain of restaurants specializing in authentic East African cuisine in the United States. The Company offers a diverse menu featuring dishes such as goat stew, chapati wraps, grilled chicken, fried tilapia, and coconut beans, catering to both meat-eaters and vegetarians. It operates multiple locations, including Beltsville, Washington D.C., Newark in Maryland, and New Jersey, and provides dining, reservations, and event-hosting services. Swahili Village M Street LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00437) on September 26, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Craig M. Palik, Esq., of MCNAMEE HOSEA, P.A. TABERNACLE CHRISTIAN: Seeks to Hire Mark S. Roher as Legal Counsel ------------------------------------------------------------------ Tabernacle Christian Center Ministries Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ the law firm of Mark S. Roher, PA, also known as The Law Office of Mark S. Roher, PA, as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management of its finances; (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. Mark Roher, Esq., president and sole shareholder of the firm, will be billed at his hourly rate of $500. The firm also requested a retainer of $25,000. Mr. Roher 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: Mark S. Roher, Esq. The Law Office of Mark S. Roher, PA 1806 N. Flamingo Rd., Suite 300 Pembroke Pines, FL 33028 Telephone: (954) 353-2200 Email: mroher@markroherlaw.com About Tabernacle Christian Center Ministries Tabernacle Christian Center Ministries Inc. operates as a religious organization based in Florida, providing Christian worship services, educational programs, and community outreach initiatives. The organization is led by Bishop Jeff Terrelonge and conducts activities including Sunday worship, Bible study, youth services, and volunteer-driven community programs. Tabernacle Christian Center Ministries Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21466) on September 29, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by the Law Office of Mark S. Roher, PA. TAHOE FOODS: Seeks to Hire Darby Law Practice as Legal Counsel -------------------------------------------------------------- Tahoe Foods LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Darby Law Practice, Ltd. as counsel. The firm will provide these services: (a) advise the Debtor of its rights, powers and duties in the continued operation of business and management of its properties; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare on behalf of the Debtor all necessary legal papers in connection with the administration of its estate; (d) attend meetings and negotiations with the Subchapter 5 trustee, representatives of creditors, equity holders or prospective investors or acquirers and other parties in interest; (e) appear before the court, any appellate courts, and the Office of the United States Trustee to protect the interests of the Debtor; (f) pursue approval of confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; and (g) perform all other necessary legal services in connection with the Chapter 11 case. Kevin Darby, Esq., the primary attorney in this representation, will be paid at his hourly rate of $550. In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $11,750 plus a filing fee of $1,738 from the Debtor. Mr. Darby 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: Kevin A. Darby, Esq. Darby Law Practice, Ltd. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Telephone: (775) 322-1237 Facsimile: (775) 996-7290 Email: kevin@darbylawpractice.com About Tahoe Foods LLC Tahoe Foods LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50895) on Sept. 29, 2025, listing up to $1 million in both assets and liabilities. Judge Hilary L. Barnes oversees the case. Kevin A. Darby, Esq., at Darby Law Practice, Ltd. serves as the Debtor's counsel. TALEN ENERGY: Fitch Rates $1.2-Billion Senior Secured Debt 'BB+' ---------------------------------------------------------------- Fitch Ratings has assigned Talen Energy Supply, LLC's (Talen) $1.2 billion senior secured debt a rating of 'BB+' with a Recovery Rating of 'RR1'. The new debt is comprised of Term Loan B. Management expects to use the proceeds from these offerings to partially fund previously announced acquisitions. The rating reflects Talen's debt funded acquisition and ongoing share repurchases, resulting in gross EBITDA leverage increasing to 4.8x in 2025, significantly above its downgrade threshold of 3.5x. However, management remains committed to its 3.5x net leverage target, which Fitch expects to be achieved before YE 2026. Talen has expanded its power purchase agreement (PPA) with Amazon Web Services, which enhances cash flow visibility and margin stability while supporting credit quality. Key Rating Drivers Leveraging Acquisition: Talen plans to finance the transaction with $3.8 billion of cash, excluding approximately $0.3 billion net present value (NPV) of tax benefits generated directly from the deal. The financing will consist of a newly issued $1.2 billion secured Term Loan B and $2.7 billion of unsecured debt. The transaction is expected to close in 4Q25 and is subject to regulatory approvals. Fitch expects Talen's pro forma EBITDA gross leverage to increase to approximately 4.8x in 2025 and moderate to 3.5x or below in 2026 driven, by debt paydown and EBITDA growth. Fitch expects gross leverage to sustain below 3.5x through 2029, based on Fitch's view of normalized capacity and energy margins. Failure to reduce gross leverage to below 3.5x in 2026 will likely result in a downgrade of Talen's IDR. Aggressive Capital Allocation Strategy: The acquisition of Freedom and Guernsey more than doubles Talen's consolidated debt, leading to an immediate increase in leverage. Although Talen has announced a commitment to reduce leverage through a significant paydown of acquisition debt, with a target of net EBITDA leverage below 3.5x, this is contingent on robust FCF under peak capacity and energy price assumptions. This reliance increases the risk of financial underperformance if realized prices are weaker than expected. In addition, Talen's intention to continue share repurchases despite higher leverage will further constrain deleveraging capacity. Amazon Contract Credit Supportive: Talen's cash flow benefits from a long-term, fixed-price PPA with Amazon Web Services, Inc. (AWS, a subsidiary of Amazon.com, Inc.; AA-/Stable), covering the majority of Susquehanna nuclear generation capacity at prices substantially above current market levels. The PPA begins in 2025 in a stepped manner with 120 MW and increased to as much as 1,200 MW by 2029. The agreement includes riders limiting volume risk and is expected to provide stable and predictable cash flows. Fitch views this contract as credit supportive, given it will contribute around 50% of Talen's standalone gross margins once the entire 1.9 GW is contracted by 2032. Improved Scale but Limited Diversity: Talen's generation capacity will increase to about 13GW from 10.3GW following the acquisition. Freedom and Guernsey are efficient, recently built, gas-fired plants providing stable baseload capacity. The strategic PJM location supports seamless integration, offers flexibility to back contracted nuclear generation if operational issues arise, and creates opportunities for incremental data center PPAs, driven by recent AI-related investment announcements. However, as these assets are located within the PJM market, where Talen generates over 90% of EBITDA, the transaction does not materially enhance geographic or asset diversity. Commodity Price Sensitivity: The announced acquisition will increase Talen's exposure to energy and capacity price volatility through its merchant generation profile, resulting in potential EBITDA and FCF fluctuations. Freedom and Guernsey's long-term gas netback agreements reduce merchant risk. Talen's capacity margins currently contribute about 30% of total gross margins based on PJM capacity prices, but Fitch expects this to decline to 17%-18% as prices normalize, providing modest cash flow stability. Talen's hedging strategy reduces cash flow volatility, with 60%-80% and 40%-60% of generation hedged in the first and second years, respectively. PJM Remains Primary Market: PJM will continue to account for over 90% of Talen's gross margin. Fitch views PJM favorably, as capacity auctions provide additional revenues for generators. However, volatility has increased, with auction prices rising from $28.92/MW-day for 2024/2025 to $269.92/MW-day for 2025/2026 and $329.17/MW-day for 2026/27. Fitch expects PJM auction capacity prices to remain in the $270/MW-day for 2027/2028 and normalize at $180/MW-day for 2028/2029 and beyond. Sustained high exposure to a single market increases Talen's vulnerability to regulatory, policy, or structural changes within PJM, limiting benefits from geographic diversification. Strong Demand Fundamentals: Talen is positioned to benefit from robust market fundamentals, including above-average demand growth in the PJM region, driven by economic activity, electrification and expanding data center requirements. Fitch expects these factors to support elevated power prices and spark spreads in the near term, benefiting both existing and acquired generation assets. However, the benefits are partially offset by high market concentration and increasing leverage. Stable Nuclear Generation: Susquehanna nuclear generation benefits from the federal production tax credit, providing a $43.75/MWh inflation-indexed price floor through at least 2032 for non-PPA capacity, offering material downside cash flow protection. However, operational risks could materially affect financial performance and credit quality. Peer Analysis In terms of size, asset composition and geographic exposure, Talen is unfavorably positioned compared to Vistra Corp. (Vistra; BB+/Stable) and Calpine Corporation (Calpine; B+/Rating Watch Positive). Vistra is the largest independent power producer in the country, with approximately 41GW of generation capacity compared to Calpine's 28GW and Talen's 13GW, following the acquisition of Freedom and Guernsey. Talen is largely concentrated in the PJM, contributing over 90% of consolidated EBITDA. Vistra's portfolio derives more than 60% of its consolidated EBITDA from operations in Texas, while Calpine's fleet is more geographically diversified across PJM, ERCOT and CAISO. Talen and Vistra also benefit from nuclear production tax credits (PTC) provided under the Inflation Reduction Act (IRA). Although Calpine and Vistra have much larger generation portfolios and more diversified fleets, Talen's contracted profile is expected to significantly improve once the PPA signed with AWS ramps up to full potential in 2032. Fitch forecasts Talen's debt-to-EBITDA leverage ratio averaging 3.5x following the close of the acquisition, which is similar to Vistra's expected leverage of 2.9x-3.4x and stronger than Calpine's pre-acquisition leverage of around 4.0x-5.0x. The difference in capital allocation policy, scale, geographic diversity, and the overall competitive advantage of the generation fleet drive the difference between the credit profiles of Vistra and Talen. Key Assumptions - Energy prices in PJM and ISO-NE, in line with current forward curves, averaging around $45/MWh and $55/MWh, respectively. - Average PJM capacity prices are assumed to be approximately $270/MW-day for 2027/2028, based on historical auction results, and are expected to decrease to around $180/MW-day over the forecast period. - Hedging generation as per management's guidance. - Annual combined total generation load of about 55 TWh to 60 TWh. - Total annual capex, including nuclear fuel amortization, averaging around $145 million. - Amazon PPA ramp up schedule as per management guidance. - No dividend payments. - Share repurchases over 2026-29 averaging $500 million annually. - Assumed interest rate of 7% for incremental debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage exceeding 3.5x by YE 2026; - Aggressive capital allocation policy that includes any further potential debt funded acquisitions or share repurchases; - Constrained liquidity position or out-of-the-money hedges; - Weaker-than-expected power prices or capacity auctions in core regions; - Unfavorable changes in regulatory constructs or rules in Talen's markets. Factors that Could, Individually or Collectively, Lead to a Stable Outlook - EBITDA leverage below 3.5x by 2026 and sustaining below thereafter based on normalized power price assumptions. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Given the aggregate debt levels, an upgrade is unlikely. However, Fitch could consider it if: - EBITDA leverage is lower than 2.5x on a sustained basis; - Balanced allocation of FCF that maintains balance sheet flexibility and leverage within the stated goal; - Demonstrated ability to hedge effectively and manage liquidity through commodity cycles; - Increased scale, geographic, fuel, and asset diversity, while demonstrating greater cash flow visibility on a sustained basis. Liquidity and Debt Structure Talen has about $122 million of unrestricted cash as of June 30, 2025. In addition, Talen has $700 million of revolver liquidity, out of which $630 million is available as of June 30, 2025. The revolver matures in December 2029. The liquidity is sufficient to cover collateral posting requirements, working capital requirements, and interest rate expenses under Fitch's rating case assumptions. Talen's liquidity also benefits from its standalone letter of credit (LC) facility. Following the acquisition of Freedom and Guernsey, Talen plans to upsize existing RCF and LC facility by $200 million each to support collateral requirements. Also, the company plans to extend the maturity of the LC facility from December 2026 to December 2027. As of June 30, 2025, Talen had $413 million in LCs outstanding under the LC facility. Talen's LC usage will increase over the next several years as a result of the acquisition and existing contracts. In addition, both assets benefit from first lien hedging, which reduces reliance on cash collateral. There are no significant near-term maturities. However, the $131 million PEDFA bonds are subject to mandatory remarketing in 2027. Issuer Profile Talen Energy Supply, a subsidiary of Talen Energy Corporation, is an independent power producer that currently owns approximately 10.3GW of generation capacity, including 2.2 GW of nuclear power, largely in the PJM. Date of Relevant Committee 17 July 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Talen Energy Supply, LLC senior secured LT BB+ New Rating RR1 TEXAS HEALTH: Unsecureds Will Get 8.77% of Claims over 5 Years -------------------------------------------------------------- Texas Health Foundation, Inc. filed with the U.S. Bankruptcy Court for the Eastern District of Texas a First Amended Plan of Reorganization dated September 26, 2025. The Debtor started operations in 2021. Debtor’s operations are a medical nonprofit clinic that manages obstetricians and gynecologists business. The Debtor is a non-profit organization. Kimberly Wilson and Carl Wilson will continue managing the Debtor and be responsible for Debtor's continuing operation. The Debtor filed this case on April 3, 2025. The Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into five classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 3 consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years according to the projections. Creditors shall receive monthly disbursements based on the projection distributions of each 12-month period. Debtor will distribute $250,500.00 to the general allowed unsecured creditor pool over the 5-year term of the plan, including the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 8.77% of their allowed claims under this plan. Any potential rejection damage claims from executory contracts that are rejected in this Plan will be added to the Class 3 unsecured creditor pool and will be paid on a pro-rata basis. The allowed unsecured claims total $2,898,564.61. Class 4 Pending Lawsuit Claims (POC 11 & 12). Keria Ramee (POC 11-1) and Octevyon Swain (POC 12-1) are pending litigation in state court and a court has not rendered a judgment in either case. Therefore, this Plan will not provide payment for a claim or judgment that has not been ordered by a court. Any recovery by Class 4 claimants will be limited to insurance proceeds, and any remaining liability beyond the insurance proceeds will be discharged. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the First Amended Plan dated September 26, 2025 is available at https://urlcurt.com/u?l=OkpVq0 from PacerMonitor.com at no charge. About Texas Health Foundation Inc. Texas Health Foundation Inc., operating as Texas Center for Health, provides a wide range of healthcare services with a focus on both women's and men's health. The center specializes in areas such as obstetrics, gynecology, hormone replacement therapy, infertility treatments, weight loss programs, and aesthetic services like injectables and skincare. With a commitment to patient-centered care, the practice strives to offer tailored healthcare in a comfortable and efficient setting, including the convenience of telehealth options. Texas Health Foundation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-10143) on April 3, 2025. In its petition, the Debtor reported total assets of $649,918 and total liabilities of $3,245,968. Judge Joshua P. Searcy oversees the case. The Debtor is represented by: Robert C. Lane, Esq. The Lane Law Firm, PLLC Tel: 713-595-8200 Email: chip.lane@lanelaw.com THREEPIECEUS LLC: Hires Ford & Semach P.A. as Counsel ----------------------------------------------------- Threepieceus, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Ford & Semach, P.A. as counsel. The firm will render these services: (a) analyzing the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; (b) advising the Debtor with regard to the powers and duties of the debtor and as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; (c) preparing and filing of the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; (d) representing the Debtor at the Creditors' meeting; (e) providing legal advice to the Debtor with respect to its powers and duties as Debtor and as Debtor-in-Possession in the continued operation of its business and management of its property, if appropriate; (f) advising the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (g) preparing necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings thereon; (h) protecting the interest of the Debtor in all matters pending before the court; (i) representing the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and (j) providing all other legal services for Debtor as Debtor-in-Possession which may be necessary herein. Ford & Semach, P.A. will receive these hourly rates: $550 Buddy D. Ford $500 Jonathan A. Semach $450 Heather M. Reel, and $150 paralegals Prior to the commencement of this case the Debtor paid an advance fee of $17,788.00. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Ford disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 E-mail: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com 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 in Largo, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Fla. Case No. 25-07261) on Oct. 1, 2025, listing $270,753 in assets and $1,395,402 in liabilities. Jake Owens as manager, signed the petition. FORD & SEMACH, P.A. serve as the Debtor's legal counsel. TIFARET DISCOUNT: Seeks to Hire Leo Fox Esq. as Bankruptcy Counsel ------------------------------------------------------------------ Tifaret Discount Inc. d/b/a Redelicious Supermarket seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ the laws offices of Leo Fox, Esq. as counsel. Mr. Fox will render these services: a. give advice to the Debtor with respect to its powers and duties under the Bankruptcy Code; b. prepare legal papers and appear before the bankruptcy court; c. appear before the judge to protect the interests of the Debtor and represent the Debtor in all matters pending before the Bankruptcy Judge; d. meet with and negotiate with creditors and other parties for a plan of reorganization, prepare the plan and disclosure statement and attendant documents; and e. perform all other necessary legal services. The firm will be paid at these rates: Leo Fox, Partner $450 per hour Susan Adler, Associate $275 per hour Carol Brennan, Paralegal $75 per hour The firm will be paid a retainer of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Leo Fox, Esq., 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. Mr. Fox holds office at: Leo Fox, Esq. 630 Third Avenue - 18th Floor New York, NY 10018 Tel: (212) 867-9595 Email: leo@leofoxlaw.com About Tifaret Discount Inc. d/b/a Redelicious Supermarket Tifaret Discount Inc., operating as Redlicious Supermarket, a grocery retailer based in Monsey, New York. Tifaret Discount Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22623) on July 9, 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 Sean H Lane handles the case. The Debtors are represented by Leo Fox, Esq. TOTAL COLLECTION: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Total Collection Services, Inc. 7 Doane Avenue Pt Jefferson Station, NY 11776 Business Description: Total Collection Services, Inc., based in Port Jefferson Station, New York, provides commercial garbage collection and recycling services in Suffolk County and operates as a sanitation company. Chapter 11 Petition Date: October 3, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-73838 Judge: Hon. Sheryl P Giugliano Debtor's Counsel: Health S. Berger, Esq. BFSNG LAW GROUP, LLP 6851 Jericho Turnpike Suite 250 Syosset, NY 11791 Tel: 516-747-1136 Email: hberger@bfslawfirm.com Total Assets: $3,018,785 Total Liabilities: $5,842,117 The petition was signed by Frank Carillo as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MNOSZOA/Total_Collection_Services_Inc__nyebke-25-73838__0001.0.pdf?mcid=tGE4TAMA TRINITY INTEGRATED: Court Extends Cash Collateral Access to Nov. 6 ------------------------------------------------------------------ Trinity Integrated Healthcare, LLC received third interim approval from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral through November 6. The third interim order authorized the Debtor to use cash collateral to pay operating expenses in accordance with its budget, subject to a 10% variance. The Debtor projects total operational expenses of $625,692.02 from September to December. As adequate protection for the Debtor's use of their cash collateral, secured creditors including JPMorgan Chase Bank, N.A. and Meadows Bank will be granted replacement liens on assets acquired by the Debtor after the petition date, with the same validity and priority as their pre-bankruptcy liens. A status hearing is scheduled for November 6. The Debtor is a family-owned operator of residential behavioral health facilities in Phoenix, Arizona. Originally established as Lords Integrated Care LLC, the entity was renamed Trinity Integrated Healthcare LLC due to licensing issues. The Debtor's assets include a Wells Fargo account with $24,474, aged accounts receivable totaling $150,000, and equipment with a liquidation value of $50,000. JPMorgan Chase Bank holds a UCC lien on the Debtor's business assets and may claim its revenues as cash collateral. Meadows Bank, though not contracted directly with the Debtor, may claim a similar interest based on its previous loan agreement with Lords, the Debtor's predecessor. JPMorgan, as secured creditor, is represented by: James B. Ball, Esq. Ball, Santin & McLeran, PLC 2999 N. 44th Street, Suite 500 Phoenix, AZ 85018 Phone: (602) 840-1400 ball@bsmplc.com Meadows Bank, as secured creditor, is represented by: Anthony W. Austin, Esq. Fennemore Craig, P.C. 2394 E. Camelback Road, Suite 600 Phoenix, AZ 85016 Telephone: (602) 916-5000 Email: aaustin@fennemorelaw.com About Trinity Integrated Healthcare Trinity Integrated Healthcare, LLC is a Phoenix-based healthcare provider specializing in psychiatric and substance abuse treatment services. Trinity Integrated Healthcare sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04479) on May 16, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Chris D. Barski, Esq., at Barski Law. UNIFIED SCIENCE: Claims to be Paid from Sale Proceeds & Income -------------------------------------------------------------- Unified Science LLC filed with the U.S. Bankruptcy Court for the Western District of Wisconsin a Disclosure Statement in support of Plan of Reorganization dated September 26, 2025. The Debtor provides a variety of consulting and manufacturing services for the pharmaceutical and nutraceutical industries. These consulting and manufacturing services involve product development, process engineering, analytical development, and compliance services. The Debtor has continued to finance its operations since its bankruptcy petition date using cash collateral primarily derived from additional cash generated from its operations post-petition. There has been no post-petition debtor-in-possession financing sought by Unified. Through this current reorganization process, Unified is proposing to sell at least one parcel of real estate with any net proceeds to be applied to Byline Bank's debt. Unified, after debt reduction derived from the sale of real estate, intends to service its debt obligations derived from its primary business functions. Generally, the Plan provides for the creation of 4 classes of claims to be paid, including both allowed secured claims, allowed priority claims and allowed general unsecured claims. The Plan proposes to sell one parcel of real estate with all net proceeds of the sale to be applied to Byline Bank's secured claim. The Debtor is also proposing to distribute, on a quarterly basis, the net available cash determined based on a quarterly report prepared by the Unified on or before the end of the twenty-first day following the end of each calendar quarter. Class 3 consists of General Unsecured Claims. Allowed General Unsecured Claims shall receive payments derived from any Net Available Cash on a quarterly basis for 5 years following the effective date. Net Available Cash shall be determined as reflected in a quarterly report prepared not later than the twenty-first day of the month following the end of each calendar quarter. The Plan provides primarily three sources of funding: (i) Sale proceeds derived from the sale of the 811 Pine property real estate; (ii) regular general business income as is generated; and (iii) funds deposited in the trust account of the Debtor's counsel prepetition. A full-text copy of the Disclosure Statement dated September 26, 2025 is available at https://urlcurt.com/u?l=QZO5sv from PacerMonitor.com at no charge. Counsel to the Debtor: Evan M. Swenson, Esq. Swenson Law Group, LLC 118 E. Grand Avenue Eau Claire, WI 54701 Telephone: (715) 835-7779 Facsimile: (715) 835-2573 Email: evan@swensonlawgroup.com 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. US MAGNESIUM: Delays DIP Financing Bid as Ch. 7 Conversion Sought ----------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that U.S. Magnesium informed a Delaware bankruptcy judge Monday that it would temporarily table its motion for debtor-in-possession (DIP) financing and instead initiate a sale process. The decision comes as unsecured creditors push to convert the case from Chapter 11 to Chapter 7, arguing that the company's current restructuring plan is "disastrous," according to the report. According to court filings, the creditors contend that the DIP financing and proposed plan unfairly favor secured stakeholders and would leave little recovery for unsecured claimants. With the conversion motion looming, U.S. Magnesium told the court it would pause aggressive funding efforts while it pursues a sale that might better maximize value for all parties, the report states. 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: Hires Black Lion Services as Legal Counsel ------------------------------------------------------- USA Cricket seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Black Lion Services, PLLC as counsel. The firm's services include: a. providing corporate, sport law specific and other general counsel to the Debtor during the reorganization process; b. providing legal advice to the Debtor with respect to its powers, duties, and obligations as a debtor-in-possession under the Bankruptcy Code; c. assisting the Debtor in the preparation of its bankruptcy schedules and statement of financial affairs and other required filings; d. representing the Debtor in all proceedings before the bankruptcy court including any contested matters or adversary proceedings that may arise during the case; e. taking all necessary actions to protect and preserve the assets of the Debtor's estate, including the prosecution of actions on behalf of the estate; f. assisting the Debtor in negotiating, formulating, and seeking confirmation of a Chapter 11 plan of reorganization and disclosure statement; and g. performing all other legal services for the Debtor that may be necessary herein, specifically to include corporate and sport specific legal services. The firm will be paid at these rates: Attorneys $450 per hour Paralegals $195 per hour Legal Assistants $75 per hour The firm received from the Debtor a retainer of $75,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. MacDonald disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Corey MacDonald, Esq. Black Lion Services, PLLC 33 Lafayette Road Hampton Falls, NH 03844 Tel: (888) 889-1454 About USA Cricket USA Cricket, filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 25-16381-MER) on Oct. 1, 2025. The Debtor hires Black Lion Services, PLLC as counsel. WALLAROO'S FURNITURE: Kevin Neiman Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Kevin Neiman as Subchapter V trustee for Wallaroo's Furniture and Mattresses, LLC. 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 Wallaroo's Furniture and Mattresses LLC Wallaroo's Furniture and Mattresses, LLC specializes in offering a wide selection of high-end furniture and mattresses. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Utah Case No. 24-21393) on March 29, 2024. In the petition signed by Nathan Chetrit, managing member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Joel T. Marker oversees the case. Geoffrey L. Chesnut, Esq., at Red Rock Legal Services, PLLC, represents the Debtor as bankruptcy counsel. WHITE TREE: Seeks Subchapter V Bankruptcy in Montana ---------------------------------------------------- On September 30, 2025, White Tree LLC filed Chapter 11 protection in the District of Montana. According to court filing, the Debtor reports $1,121,269 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About White Tree LLC White Tree LLC, doing business as Allegra Bozeman, is a Montana-based limited liability company providing full-service marketing and print communications. The Company offers a range of printing products and marketing materials, including flyers, brochures, business cards, menus, and signage, serving businesses and organizations in Bozeman and the surrounding areas of Gallatin County, Montana. Allegra Bozeman operates in the marketing and printing services industry. White Tree LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mon. Case No. 25-20177) on September 30, 2025. In its petition, the Debtor reports total assets of $412,857 and total liabilities of $1,121,269. Honorable Bankruptcy Judge Benjamin P. Hursh handles the case. The Debtor is represented by James A. Patten, Esq. of PATTEN PETERMAN BEKKEDAHL & GREEN. WHITE WILSON: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: White Wilson Medical Center PA 1005 Mar Walt Dr. Fort Walton Beach, FL 32547 Business Description: White Wilson Medical Center PA is a multi- specialty medical practice headquartered in Fort Walton Beach, Florida. Founded in 1952 by Dr. Henry C. White and Dr. Joseph C. Wilson, the group provides primary care and outpatient services through more than 20 medical specialties, including cardiology, gastroenterology, neurology, pediatrics, radiology, and surgery, as well as operating an ambulatory surgery center. It is the largest private physician group on Florida's Emerald Coast, employing about 58 medical providers and over 230 staff across 12 leased clinic locations in Fort Walton Beach, Crestview, DeFuniak Springs, Destin, Navarre, and Niceville. Chapter 11 Petition Date: October 3, 2025 Court: United States Bankruptcy Court Northern District of Florida Case No.: 25-40486 Judge: Hon. Karen K Specie Debtor's Counsel: Michael C. Markham, Esq. JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP 400 N Ashley Dr. #3100 Tampa, FL 33602 Tel: 813-225-2500 Email: mikem@jpfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Kenneth Persaud, MD as CEO. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YF4A6XQ/White_Wilson_Medical_Center_PA__flnbke-25-40486__0001.0.pdf?mcid=tGE4TAMA WOLVERINE INSURANCE: A.M. Best Hikes FS Rating to B(Fair) --------------------------------------------------------- AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating to B (Fair) from C++ (Marginal) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "bb" (Fair) from "b" (Marginal) of Wolverine Insurance Company (Wolverine) (Dowagiac, MI). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Wolverine's balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management. These rating actions follow the completed acquisition of Wolverine Mutual Insurance Company (WMIC) on Aug. 1, 2025, by Clover Financial Corporation (Clover). With the closing of the acquisition, WMIC was re-incorporated in Michigan as a newly formed stock entity named Wolverine Insurance Company (Wolverine). At closing, Clover contributed $7.0 million to Wolverine. Clover is a wholly owned subsidiary of Oakland Financial Corporation (Oakland). No debt was assumed by Oakland to finance the acquisition. Clover paid for the acquisition with capital contributed from Oakland. Oakland owns Cherokee Insurance Company (Cherokee), which maintains a Long-Term ICR of "a" (Excellent) with a stable outlook. Cherokee is a leading commercial auto lines writer in Michigan. The ratings upgrade reflects significantly improved balance sheet metrics for Wolverine following the acquisition. Wolverine's risk-adjusted capitalization significantly strengthened to a very strong level, as measured by Best's Capital Adequacy Ratio (BCAR), due to the $7.0 million capital contribution from its parent company as part of the acquisition. In addition, Cherokee and Wolverine previously entered into a 25% quota share agreement on Wolverine's property lines of business, effective Jan. 1, 2025. Capital levels are expected to remain supportive of the balance sheet strength assessment over the intermediate term. However, Wolverine's risk-adjusted capitalization has been impacted by declines in policyholder surplus in recent years prior to its acquisition, due to pre-tax operating losses driven by marginal underwriting results. The company's underwriting results were impacted by unfavorable severity trends in personal auto and catastrophe losses in recent years, offset partially by corrective actions including rate increases, expense management initiatives and tightened underwriting guidelines. While operating results have been volatile over the past few years, AM Best expects Wolverine's operating performance to benefit from post-acquisition profitability initiatives implemented by management, including anticipated costs savings from being part of a larger organization, as well as management support from Cherokee. WOODLAWN LUBE: Seeks Chapter 7 Bankruptcy in Maryland ----------------------------------------------------- Woodlawn Lube LLC filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the District of Maryland on October 3, 2025. According to court filings, the company listed liabilities ranging from $100,001 to $1 million. It reported having between 1 and 49 creditors. About Woodlawn Lube LLC Woodlawn Lube LLC is a limited liability company. Woodlawn Lube LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-19218) on October 3, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge David E. Rice handles the case. The Debtor is represented by Michael Patrick Coyle of The Coyle Law Group LLC. XTREME SPORTS: Case Summary & 12 Unsecured Creditors ---------------------------------------------------- Debtor: Xtreme Sports Group Chattanooga, LLC 2020 Gunbarrel Rd Chattanooga, TN 37421 Case No.: 25-43798 Business Description: Xtreme Sports Group Chattanooga, LLC provides indoor entertainment services including trampolines, obstacle courses, climbing walls, and arcade games, catering to families, birthday parties, and special events. Chapter 11 Petition Date: October 1, 2025 Court: United States Bankruptcy Court Northern District of Texas Judge: Hon. Edward L Morris Debtor's Counsel: Robert T. DeMarco, Esq. DEMARCO MITCHELL, PLLC 12770 Coit Road, Suite 850 Dallas TX 75251 Tel: (972) 991-5591 Email: robert@demarcomitchell.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Thomas Fox as manager. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/W6UPL4Q/Xtreme_Sports_Group_Chattanooga__txnbke-25-43798__0001.0.pdf?mcid=tGE4TAMA ********* 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. 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