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251110.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, November 10, 2025, Vol. 29, No. 313 Headlines 1174 E 82TH: Seeks Chapter 11 Bankruptcy in New York 1776 PITKIN: Seeks Chapter 7 Bankruptcy in New York 22ND CENTURY: Signs $25 Million ATM Program with Needham & Co. 250 WYNAH: Gets Another Extension to Use Cash Collateral 3000 E. IMPERIAL: Taps Allen Matkins Leck as Special Counsel 46 DEPOT: Seeks Chapter 7 Bankruptcy in New Hampshire 5 GREENHOUSE LANE: Seeks Chapter 7 Bankruptcy in New Hampshire 5 MASADA: Voluntary Chapter 11 Case Summary 527 EDILIDO: Section 341(a) Meeting of Creditors on December 3 7243 APRIL: Seeks to Tap Metro Brokers as Real Estate Broker 75 SECOND AVENUE: Seeks Chapter 7 Bankruptcy in New York 9304 AVENUE: Seeks Chapter 11 Bankruptcy in New York 95-45 115TH STREET: Seeks Chapter 7 Bankruptcy in New York ACTION ENVIRONMENTAL: $100MM Add-on No Impact on Moody's 'B2' CFR ADF CONSTRUCTION: Seeks to Tap Hester Baker Krebs as Legal Counsel AETC INC: Case Summary & Five Unsecured Creditors AFFINITY INTERACTIVE: Works w/ Moelis for Debt Talks Advice AGI MARKETING: Seeks to Hire James K. Jopling as Legal Counsel ALIEN TECHNOLOGIES: Seeks to Hire Kevin A. Crossby as Accountant ALLEN MEDIA: OFS Capital Marks $3.6MM 1L Loan at 22% Off ALLISON TRANSMISSION: Moody's Rates New Sr. Unsecured Notes 'Ba2' ALTERYX INC: Seeks $2.4B for Debt Repayment, Shareholder Payout ANDREWS COUNTY HOSPITAL: Moody's Cuts Issuer & GOLT Ratings to Ba1 ARCHER INSTALLATION: Case Summary & Eight Unsecured Creditors ASCENCION MEDICAL: Hires Dinnall Fyne & Company as Accountant ASCENCION MEDICAL: Seeks to Hire Sardi Law as Bankruptcy Counsel ASCEND PERFORMANCE: Nov. 24 Plan Confirmation Hearing ASPIRE LOGISTICS: Hires Geno and Steiskal as Bankruptcy Counsel ASPIRE LOGISTICS: Section 341(a) Meeting of Creditors on December 4 AVISON YOUNG: OFS Capital Virtually Writes Off $550,000 1L Loan B MAC BUFFET: Gets Final OK to Use Cash Collateral BAGBY INVESTMENT: Gets Extension to Access Cash Collateral BAYMARK HEALTH: OFS Capital Marks $3.9MM 2L Loan at 24% Off BAYMARK HEALTH: OFS Capital Marks $4.9MM 2L Loan at 24% Off BAYONNE ENERGY: S&P Assigns 'BB-' LT Rating on $625MM Term Loan B BEACON LIGHT: Hires Heller Draper & Horn as Bankruptcy Counsel BEACON LIGHT: Taps Edwin M. Shorty Jr. as Bankruptcy Counsel BEAN THERE: Gets Extension to Access Cash Collateral BELLA TUSCANY: Seeks Chapter 11 Bankruptcy in Florida BLEND COFFEE 1: Seeks Chapter 11 Bankruptcy in Florida BLONDER TONGUE: Case Summary & 20 Largest Unsecured Creditors BLONDER TONGUE: To Sell Assets for $2.9MM, Sets Dec. 9 Auction Date BOOTLEGGER'S BREWERY: Gets Interim OK to Use Cash Collateral BOYD GROUP: DBRS Gives Prov. BB Credit Rating, Trend Stable BRUNELLO REALTY: Section 341(a) Meeting of Creditors on December 1 BUFFALO NEWSPRESS: Hires Amato and Keating PC as Special Counsel BUFFALO NEWSPRESS: Taps Braddock Group as Real Estate Consultant BURTON TRANSPORT: Section 341(a) Meeting of Creditors on December 1 C & P AUTO: Seeks Court Approval to Hire Firas Law as Co-Counsel CACHCOPA LLC: Court OKs Interim Use of Cash Collateral CANACOL ENERGY: Moody's Cuts CFR to 'Ca', Outlook Negative CARPENTER FAMILY: Gets Final OK to Use Cash Collateral CENGAGE LEARNING: S&P Alters Outlook to Positive, Affirms 'B-' ICR CHICAGO EDUCATION BOARD: Moody's Alters Outlook to Stable CINEMARK USA: Moody's Affirms B1 CFR & Alters Outlook to Positive CME FITNESS: Gets Final OK to Use Cash Collateral COEUR MINING: Moody's Puts 'B2' CFR Under Review for Upgrade COEUR MINING: S&P Places 'B+' ICR on Watch Pos. on New Gold Deal CORE SCIENTIFIC: Reaches Deal w/ SPAC Investors to Settle Suit CORPORATE AIR: Seeks to Hire Babst Calland Clements as Co-Counsel CORUS ENTERTAINMENT: DBRS Cuts Issuer Rating to SD, Trend Neg. CORUS ENTERTAINMENT: S&P Downgrades ICR to 'CC', Outlook Negative CORVIAS CAMPUS: Dec. 11 Combined Disclosures, Plan Hearing CREATIVE STARS: Court Extends Cash Collateral Access to Nov. 14 DANGER HART: Seeks to Hire Michael H. Moody Law as Legal Counsel DDJ INC: Seeks Approval to Tap Jim Jopling as Bankruptcy Counsel DEDICATION & EVERLASTING: Trustee Taps Jo Ellen Vasquez as CPA DEVONSHIRE DELAWARE: Ceases Operations; Jan. 9 Claims Deadline Set DHUKAM GHAR: Hires Scura Wigfield Heyer & Cammarota as Counsel DIOCESE OF ALEXANDRIA: Reaches Deal w/ Abuse Claimants in Ch. 11 DITECH HOLDING: Campbell Can't Alter Florida Stay Relief Order EDB INVESTMENTS: Gets OK to Use Cash Collateral Until Nov. 19 EDGE DOCUMENT: Gets Final OK to Use Cash Collateral EIHSUM INCORPORATED: Seeks Chapter 11 Bankruptcy in New York EL DORADO SENIOR: Quality of Care Maintained, 7th PCO Report Says EL SABOR: Seeks to Hire Raymond W. Verdi Jr. as Legal Counsel ELLUCIAN HOLDINGS: $150MM Loan Add-on No Impact on Moody's 'B3' CFR EMPIRE CORE: Court Extends Cash Collateral Access to Dec. 19 ENNIS I-45: Court Extends Cash Collateral Access to Nov. 30 ENVOCORE HOLDING: OFS Capital Marks $3.9MM 2L Loan at 66% Off EVENTIDE CREDIT: Trustee Taps Phelanlaw as Special Counsel EVENTIDE CREDIT: Trustee Taps Vartabedian Hester as Special Counsel EXCELIN HOME: OFS Capital Marks $6.8MM 2L Loan at 24% Off FAIR OFFER: To Sell Tuscumbia Property to Blake Swinney FAMILY SOLUTIONS: Trustee Taps Beau Box Commercial as Estate Broker FIVE STAR: Ordered to Review Alternative DIP Package GBOGBARA INC: Seeks to Hire Maxwell Dunn as Bankruptcy Counsel GEORGES REALTY: Case Summary & 20 Largest Unsecured Creditors GEORGES REALTY: Seeks Subchapter V Bankruptcy in New Hampshire GEORGIA BEAR: Seeks Chapter 11 Bankruptcy in California GEORGIA K. BODE: Court Rejects Summary Judgment, Wants Discovery GFW PROPERTIES: Seeks to Hire Davis Ermis & Roberts PC as Counsel GIRARDI & KEESE: Trustee, Tom's Brother Settle Legal Fees GLOBAL WOUND: No Patient Care Concern, 6th PCO Report Says GOLDEN TEMPLE: Seeks to Hire Mahler Sotheby's as Estate Agent GOTO GROUP: OFS Capital Marks $1.2MM 1L Loan at 66% Off GOTO GROUP: OFS Capital Marks $929,000 1L Loan at 15% Off GPS HOSPITALITY: S&P Downgrades ICR to 'CCC-', On Watch Negative GREEN TERRACE: Trustee Hires B.B.S. as Construction Consultant GREEN TERRACE: Trustee Seeks to Tap Aucamp Dellenback as Appraiser GREEN TERRACE: Trustee Seeks to Tap Callaway & Price as Appraiser GREEN TERRACE: Trustee Seeks to Tap Nutting Engineers as Consultant GREEN TERRACE: Trustee Taps Control Point Associates as Surveyor GREG BEECHE: Section 341(a) Meeting of Creditors on December 3 GWG HOLDINGS: Lawyer Exits Amid Judge Relationship Fallout H5 TRANSPORT: Seeks to Tap Ptacek Financial Services as Accountant HILLSDALE PALLETS: Gets Interim OK to Use Cash Collateral HOLLYWOOD HORIZONS: Dec. 22 Public Auction Set HOTEL ONE PARTNERS: Seeks Subchapter V Bankruptcy in Florida HOUSTON THERAPY: Hires Grillo Law Firm as Bankruptcy Counsel IRB HOLDING: Moody's Rates New $4.1BB Sr. Secured Term Loan 'B2' IRG INDUSTRIAL: DBRS Cuts Sr. Unsec. Notes Rating to BB(high) JACKS DONUTS: To Sell Assets to Raintree County JAMAICA ESTATES: Hires Anderson Bowman & Wallshein as Counsel JTA SPRINGS: Seeks Chapter 11 Bankruptcy in Florida KEESTONE PROPERTIES: Gets OK to Use Cash Collateral Until Nov. 14 KEYERA CORP: DBRS Gives Prov. BB(high) to 2025 Sub. Notes KINGDOM AMBASSADOR: Hires Vivona Pandurangi as Bankruptcy Counsel KLOCKNER PENTAPLAST: Lenders Will Takeover Strategic Value in Ch.11 LAKE COUNTY: Court Extends Cash Collateral Access to Nov. 30 LAVIE CARE: PCO Reports Resident Care Complaints LELAND HOUSE: Case Summary & 20 Largest Unsecured Creditors LELAND HOUSE: Seeks Chapter 11 Bankruptcy in Michigan LONESOME DOVE: Voluntary Chapter 11 Case Summary LOOKOUT TAVERN: Seeks Approval to Hire Harmony Group as Accountant LUCID GROUP: Experiences 3Q Loss Amid EV Sluggish Production MARCEL CONTRABAND: Seeks Chapter 11 Bankruptcy in Louisiana MARKUS CORP: Court Extends Cash Collateral Access to Nov. 30 MAYS & JEUNE: Seeks to Hire Boyle Legal LLC as Legal Counsel MIRION TECHNOLOGIES: S&P Rates New $450MM 1st-Lien Term Loan 'BB' MIT US: Case Summary & 18 Unsecured Creditors MODERN BUILDERS: Seeks to Hire Tranzon Driggers as Auctioneer MONTANA VILLAGE: Taps Real Estate Denver as Mgmt., Leasing Company MORE THAN PLUMBING: Case Summary & Three Unsecured Creditors MORRIS HOLLAND: Seeks Chapter 11 Bankruptcy in New York MURRAYS COUNTRYSIDE: Hires Equal Justice Law Group as Counsel NABORS INDUSTRIES: S&P Upgrades ICR to 'B' on Refinancing NAPLES ALF: To Sell Naples Property to Hacienda Lakes for $2.5MM NEEDSPACE HACKS: Seeks Chapter 11 Bankruptcy in Mississippi NEPTUNE BIDCO: Moody's Rates New 1st Lien Notes 'B3 NEW GOLD: Moody's Puts 'B2' CFR Under Review for Upgrade NEW GOLD: S&P Places 'B+' ICR on Watch Pos on Acquisition by Coeur NEW GRANT: Seeks to Hire Scroggins Williamson & Ray as Counsel NORTH AMERICAN CONSTRUCTION: DBRS Finalizes BB(high) Credit Rating NORTH AMERICAN: Seeks to Tap Lane Law Firm PLLC as Counsel NORTHERN COLORADO: S&P Assigns 'BB' ICR, Outlook Stable NTG 392 WHITE: Seeks to Tap Norgaard O'Boyle & Hannon as Counsel OAKTREE OCALA: Gets Interim OK to Use Cash Collateral Until Dec. 5 OCM SYSTEM: Moody's Affirms 'B2' CFR, Outlook Remains Stable OFFICE PROPERTIES: Moody's Cuts CFR to 'Ca', Outlook Stable OFFICE PROPERTIES: Represented by Latham in $2B Debt Restructuring OM SAI MED: Seeks Subchapter V Bankruptcy in Texas OPTIMUS DATACENTERSL: Seeks Subchapter V Bankruptcy in California PACKERS HOLDINGS: S&P Cuts ICR to 'SD' on Missed Interest Payment PENSAR ACADEMY: S&P Affirms 'BB-' LT Rating on 2020 Revenue Bonds PERMIAN RESOURCES: Moody's Alters Outlook on 'Ba1' CFR to Positive PHYSICAL INVESTMENTS: Seeks to Hire Long & Foster as Realtor PK PLANO: Court Holds Lessee-Affiliate as Franchisee's Alter Ego PLANET BINGO: OFS Capital Marks $16.6MM 1L Loan at 53% Off PROPEL TRUCKING: Gets Interim OK to Use Cash Collateral PROVIDENT GROUP: S&P Downgrades ICR to 'B-' on Liquidity Pressure RAW BAGELS: Seeks to Hire Penachio Malara as Bankruptcy Counsel RECIPE UNLIMITED: DBRS Finalizes BB(low) Credit Rating REDSTONE HOLDCO: OFS Capital Marks $1.7MM 1L Loan at 48% Off ROBELLA 2228: Seeks Chapter 11 Bankruptcy in New York ROYAL BLUE REALTY: Court Extends Cash Collateral Access to Feb. 28 SAGAMORE TOV: Seeks to Hire Northgate Real Estate as Advisor SASAS HOSPITALITY: Court Extends Cash Collateral Access to Nov. 30 SEASHORE PROPERTIES: Hires Choi & Ito as General Bankruptcy Counsel SHANKARA LLC: To Sell Comfort Suites Hotel to Ketan Patel SHILO INN: Seeks to Hire Bush Kornfeld LLP as Bankruptcy Counsel SHILO INN: Taps as Hilco/Marcus & Millichap as Real Estate Broker SIMS W AETC: Seeks Chapter 11 Bankruptcy in Georgia SM ENERGY: Civitas Transaction No Impact on Moody's 'Ba3' CFR SM ENERGY: S&P Places 'BB-' ICR on Watch Pos. on Civitas Merger SOLLIO COOPERATIVE: DBRS Finalizes BB Rating on Unsec. Notes SSJA BARIATRIC: OFS Capital Marks $1.1MM 1L Loan at 65% Off SSJA BARIATRIC: OFS Capital Marks $10.9MM 1L Loan at 65% Off SSJA BARIATRIC: OFS Capital Marks $2.9MM 1L Loan at 65% Off SSJA BARIATRIC: OFS Capital Marks $304,000 1L Loan at 65% Off STANLEY UTILITY: Hires Professional Management as Accountant STAR ISLAND VACATION: Seeks Chapter 11 Bankruptcy in Florida SUMMIT PUBLIC: Moody's Ups Revenue Rating to Ba2, Outlook Positive SYNERGY MEDICAL: Hires Professional Management as Accountant TAYLOR MORRISON: Moody's Rates New $525MM Unsecured Notes 'Ba1' TELLICO RENTALS: Court OKs Interim Use of Cash Collateral TENET HEALTHCARE: Moody's Rates New Secured First Lien Notes 'Ba3' TIKE LLC: Case Summary & 11 Unsecured Creditors TOB LLC: Seeks to Hire Morgan & Bley Ltd as Bankruptcy Counsel TOG HOTELS: Court Extends Cash Collateral Access to Nov. 30 UNIQUE THIRD: Case Summary & Largest Unsecured Creditors VICTORIA'S KITCHEN: Gets Extension to Access Cash Collateral VILLAGE OAKS: No Resident Complaints, 7th PCO Report Says VILLAGE ROADSHOW: To Sell Derivative Rights to Alcon Media Group VISION CARE: Court Extends Cash Collateral Access to Dec. 6 VNS HOTEL: Seeks to Hire NewGen Advisory as Real Estate Broker WAYFAIR INC: Moody's Rates New $700MM Secured Notes 'B2' WAYFAIR LLC: S&P Alters Outlook to Positive, Affirms 'B+' ICR WEST 21 DELI: Seeks Chapter 11 Bankruptcy in New York WISDOM DENTAL: Seeks to Hire Dal Lago Law as Bankruptcy Counsel [] Boies Schiller Flexner Adds Two Partners to New York Office ********* 1174 E 82TH: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- 1174 E 82th St LLC filed a voluntary Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the Eastern District of New York on November 6, 2025. According to court documents, the company disclosed liabilities between $1 million and $10 million. 1174 E 82TH ST LLC reported having between 1 and 49 creditors. About 1174 E 82th St LLC 1174 E 82th St LLC is a single asset real estate company. 1174 E 82th St LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45337) on November 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. 1776 PITKIN: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------- 1776 Pitkin Ave LLC filed a 7 chapter bankruptcy in the Eastern District of New York bankruptcy court on November 06, 2025. The bankruptcy petition for 1776 PITKIN AVE LLC showed liabilities in the range of $1 million to $10 million. 1776 Pitkin Ave LLC reports that the number of creditors is in the range of 1-49. About 1776 Pitkin Ave LLC 1776 Pitkin Ave LLC is a single asset real estate company. 1776 Pitkin Ave LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45332) on November 6, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. 22ND CENTURY: Signs $25 Million ATM Program with Needham & Co. -------------------------------------------------------------- 22nd Century Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 4, 2025, the Company entered into a Sales Agreement with Needham & Company, LLC under which the Company may issue and sell in a registered offering shares of its common stock having an aggregate offering price of up to $25,000,000 from time to time through or to the Sales Agent. The Company currently intends to use any net proceeds from this ATM Offering for general corporate purposes, including expansion and acceleration of the Company's VLN(R) reduced nicotine content tobacco cigarettes including through partner brands, research and development expenses, procurement and development of additional intellectual property rights and working capital. Subject to the terms and conditions of the Sales Agreement, each time that the Company wishes to issue and sell shares of common stock, it will notify the Sales Agent and the Sales Agent will use its commercially reasonable efforts, consistent with its sales and trading practices, to solicit offers to purchase the common stock shares under the terms and subject to the conditions set forth in the Sales Agreement. The Company will pay the Sales Agent 3% of the gross proceeds of the sales price per share of common stock sold through the Sales Agent under the Sales Agreement. In addition, the Company will reimburse the Sales Agent for certain fees and disbursements to its legal counsel incurred in connection with entering into the transactions contemplated by the Sales Agreement in an amount not to exceed $100,000 for the establishment of the ATM Offering and $10,000 for each periodic update of the ATM Offering. Sales of the Company's common stock through or to the Sales Agent, if any, will be made in transactions that are deemed to be "at the market offerings" as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. The Company is not obligated to make any sales of its common stock under the Sales Agreement and may at any time suspend offers under the Sales Agreement. The Sales Agreement will terminate upon the earlier of: (i) the sale of all the Company's common stock subject to the Sales Agreement, or (ii) termination of the Sales Agreement as permitted therein. A full-text copy of the Sales Agreement is available at https://tinyurl.com/4t2a3nk8 The issuance and sale of common stock, if any, by the Company under the Sales Agreement will be offered and sold pursuant to the Company's Registration Statement on Form S-3 (Registration No. 333-270473) filed with the Securities and Exchange Commission on March 10, 2023 and declared effective on March 31, 2023, the base prospectus included therein and the related prospectus supplement, dated November 4, 2025, to be filed with the SEC. A full-text copy of the opinion of Foley & Lardner LLP is available at https://tinyurl.com/2wcp6nbh The Sales Agent may be reached through: Matthew Castrovince Needham & Company, LLC Email: mcastrovince@needhamco.com 250 Park Avenue New York, N.Y. 10177 The Company may be reached through: Lawrence Firestone Chief Executive Officer 22nd Century Group, Inc. Email: lfirestone@xxiicentury.com 8560 Main Street Suite 4 Williamsville N.Y. 14221 Tel: (716) 270-1523 About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. As of September 30, 2025, the Company had $32.37 million in total assets, $11.26 million in total liabilities, and $18.37 million in total shareholders' equity. Buffalo, New York-based Freed Maxick P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024 citing that the Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. 250 WYNAH: Gets Another Extension to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court, Northern District of Illinois, Eastern Division issued an order authorizing 250 Wynah Lane, LLC to use cash collateral pending a further hearing on November 19. The Debtor's right to use the cash collateral of its lenders continues under the terms of the initial order entered on June 23 until further order of the court. The court also approved the application of $4,865.56 held in an insurance escrow suspense account to the claim of Cape Cod Five Cent Savings Bank. The Debtor owns a residential rental property located at 250 Winyah Lane in Vineyard Haven, Massachusetts -- its sole income-producing asset. The rental income generated from this property and other property-related revenues constitute the Debtor's cash collateral. These funds are currently subject to the secured interests of two lenders: World Business Lenders and The Cape Cod Five Cents Savings Bank. About 250 Wynah Lane LLC 250 Wynah Lane, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 250 Wynah Lane sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07414) on May 14, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. Matthew T. Gensburg, Esq., at Gensburg Calandriello & Kanter, P.C. is the Debtor's legal counsel. World Business Lenders, as lender, is represented by: Stephanie Mulcahy, Esq. Hinshaw & Culbertson, LLP 151 N. Franklin, Suite 2500 Chicago, IL 60606 Telephone: 312-704-3220 smulcahy@hinshawlaw.com Cape Cod Five Cents Savings Bank, as lender, is represented by: Sean P. Williams, Esq. Levenfeld Pearlstein, LLC 120 S. Riverside, Suite 1800 Chicago, IL 60606 Telephone: (312) 346-8380 swilliams@lplegal.com 3000 E. IMPERIAL: Taps Allen Matkins Leck as Special Counsel ------------------------------------------------------------ 3000 E. Imperial, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Allen Matkins Leck Gamble Mallory & Natsis LLP as special counsel. The firm will investigate, analyze and advise the Debtor relating to entitlements, permits and optimization for sales pricing. The majority of the work will be performed by Matthew Fogt ($1050 per hour) and Benjamin Patterson ($695 per hour). Allen Matkins's standard hourly rates are as follows: Partners $700 - $1,500 Counsel $690 - $950 Associates $420 - $740 Paraprofessionals $355 - $450 Matthew Fogt, Esq., a partner in the law firm of Allen Matkins, disclosed in a court filing that his firm is a "disinterested person," as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew R. Fogt, Esq. ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP 2010 Main Street, 8th Floor Irvine, CA 92614 Phone: (949) 553-1313 Email: mfogt@allenmatkins.com About 3000 E. Imperial LLC 3000 E. Imperial LLC is a real estate holding company that manages commercial property in Buena Park, California. 3000 E. Imperial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11912) on July 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Jeffrey I. Golden, Esq., at Golden Goodrich LLP. 46 DEPOT: Seeks Chapter 7 Bankruptcy in New Hampshire ----------------------------------------------------- 46 Depot Road LLC voluntarily filed for Chapter 7 bankruptcy in the District of New Hampshire on November 7, 2025. The filing lists liabilities between $0 and $100,000, with 1 to 49 creditors. About 46 Depot Road LLC 46 Depot Road LLC is a limited liability company. 46 Depot Road LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10785) on November 7, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000. Honorable Bankruptcy Judge Kimberly Bacher handles the case. The Debtor is represented by Olga L. Gordon, Esq. of Harris Beach Murtha Cullina PLLC. 5 GREENHOUSE LANE: Seeks Chapter 7 Bankruptcy in New Hampshire -------------------------------------------------------------- 5 Greenhouse Lane LLC filed a 7 chapter bankruptcy in the District of New Hampshire bankruptcy court on November 07, 2025. The bankruptcy petition for 5 Greenhouse Lane LLC showed liabilities in the range of $1MM - $10MM. 5 Greenhouse Lane LLC reports that the number of creditors is in the range of 1-49. About 5 Greenhouse Lane LLC 5 Greenhouse Lane LLC is a limited liability company. 5 Greenhouse Lane LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10783) on November 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Kimberly Bacher handles the case. The Debtor is represented by Olga L. Gordon, Esq. of Harris Beach Murtha Cullina PLLC. 5 MASADA: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: 5 Masada LLC 52 Duryea Street Newark, NJ 07103 Business Description: 5 Masada LLC is a single-asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: November 4, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-21755 Judge: Hon. Stacey L Meisel Debtor's Counsel: Avram White, Esq. LAW OFFICE OF AVRAM WHITE 66 Hampton Terrace Orange, NJ 07050 Tel: (973) 669-0857 Fax: (888) 481-1709 Email: avram.randr@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Richard Williams as managing member. The Debtor has declared in the petition that there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GKJST2A/5_MASADA_LLC__njbke-25-21755__0001.0.pdf?mcid=tGE4TAMA 527 EDILIDO: Section 341(a) Meeting of Creditors on December 3 -------------------------------------------------------------- On October 24, 2025, 527 Edilido LLC filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on December 3, 2025 at 01:00 PM by TELEPHONE. About 527 Edilido LLC 527 Edilido LLC is a limited liability company. 527 Edilido LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22584) on October 24, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy JudgeRobert A. Mark handles the case. The Debtor is represented by Thomas Zeichman, Esq. of BEIGHLEY MYRICK UDELL LYNNE AND ZEICHMAN. 7243 APRIL: Seeks to Tap Metro Brokers as Real Estate Broker ------------------------------------------------------------ 7243 April Court, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Metro Brokers as real estate broker. The Debtor needs a broker to sell its real property located in 7246 April Court, Morrow, Georgia. The broker will receive a commission of 6 percent of the gross price of the property's sale. Jaqueline Nunnally, a licensed broker at Metro Brokers, 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: Jaqueline Nunnally Metro Brokers 1215 Eagles landing Pkwy., Ste. 101 Stockbridge, GA 30281 Telephone: (404) 843-2500 About 7243 April Court LLC 7243 April Court, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60025) on September 1, 2025, listing up to $50,000 in assets and $50,001 to $100,000 in liabilities. Will B. Geer, Esq., at Rountree Leitman Klein & Geer LLC represents the Debtor as counsel. 75 SECOND AVENUE: Seeks Chapter 7 Bankruptcy in New York -------------------------------------------------------- 75 Second Avenue LLC filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York on November 5, 2025. According to the petition, the company reported liabilities were listed in the higher range of $10 million to $50 million. 75 Second Avenue LLC also indicated that it has between 1 and 49 creditors. About 75 Second Avenue LLC 75 Second Avenue LLC is a single asset real estate company. 75 Second Avenue LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12467) on November 5, 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 Lisa G. Beckerman handles the case. The Debtor is represented by Eytan M. Goldschein, Esq. of Goldschein Law Practice. 9304 AVENUE: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- 9304 Avenue L LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of New York on November 6, 2025. According to the bankruptcy petition, the company reported liabilities estimated between $100,001 and $1 million. 9304 Avenue L LLC listed between 1 and 49 creditors in its filing. About 9304 Avenue L LLC 9304 Avenue L LLC is a limited liability company. 9304 Avenue L LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45326) on November 6, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Vivian M. Williams, Esq. of Vmw Law PC. 95-45 115TH STREET: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------------- 95-45 115th Street LLC filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of New York on November 5, 2025. According to the bankruptcy petition, the company reported liabilities valued between $100,001 and $1 million. 95-45 115th Street LLC also listed between 1 and 49 creditors. About 95-45 115th Street LLC 95-45 115th Street LLC is a limited liability company. 95-45 115th Street LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74278) on November 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. ACTION ENVIRONMENTAL: $100MM Add-on No Impact on Moody's 'B2' CFR ----------------------------------------------------------------- Moody's Ratings says that The Action Environmental Group Inc.'s ratings, including its B2 corporate family rating, B2-PD probability of default rating and B2 backed senior secured bank credit facility ratings, are not affected by the company's proposed $100 million add-on to its existing backed senior secured first lien term loan. The Action Environmental Group is a subsidiary of Interstate Waste Services, Inc. (collectively "IWS"). The outlook is stable. The proposed $100 million fungible incremental term loan will fund IWS' ongoing acquisition spree. Over the past two years, the company has maintained a very aggressive business expansion strategy focused on acquisitions and growth capital investments in its operations. Inclusive of the proposed debt raise, IWS' total debt has increased by over $500 million since the start of 2024 to fund approximately 20 acquisitions. The overarching rationale behind IWS's acquisition strategy is to increase the company's waste collection territory and geographic density in the tri-state area in the Northeast US. In particular, several key acquisitions have been made to expand its asset base ahead of servicing new commercial waste zones (CWZ) in NYC that were awarded to IWS. The implementation of the CWZ program will take place over the next 1 to 2 years with initial zones having launched in late-2025. As a result of the company's aggressive growth strategy, IWS's financial leverage is very high. Moody's estimates pro forma debt-to-LTM EBITDA to be in the upper 6 times range at September 30, 2025 (inclusive of the acquisitions). Moody's believes IWS's very high leverage limits financial flexibility until the company yields expected earnings and synergies from its recent investments. Moody's expects debt-to-EBITDA to trend towards 6 times over the next 12 months as the company realizes improved earnings from its recent investments, CWZ implementation and synergies from acquisitions. Despite the very high leverage, IWS's credit profile is supported by the company's position as a leading provider of commercial, municipal, and to a lesser extent residential and other waste and recycling services in the tri-state area. IWS has a recession resilient and sticky recurring revenue stream with pricing power supported by declining disposal capacity in the Northeast US. This has yielded consistently positive organic revenue growth, which Moody's expects to continue. The Action Environmental Group, Inc., a wholly-owned subsidiary of Interstate Waste Services, Inc., is a vertically-integrated provider of waste and recycling services. The company is owned and controlled by PE firms Ares and Littlejohn & Co. ADF CONSTRUCTION: Seeks to Tap Hester Baker Krebs as Legal Counsel ------------------------------------------------------------------ ADF Construction of Indiana, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Hester Baker Krebs LLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties and management of its property; (b) take necessary action to avoid the attachment of any lien against the Debtor's property thereatened by secured creditors holding liens; (c) prepare on behalf of the Debtor necessary legal papers; (d) perform all other legal services of the Debtor which may be necessary herein; and (e) employ counsel for such professional services. The firm received an initial retainer of $20,000 including the $1,738 filing fee. Jeffrey Hester, Esq., an attorney at Hester Baker Krebs, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffrey M. Hester, Esq. Hester Baker Krebs LLC 1 Indiana Sq. #1600 Indianapolis, IN 46204 Telephone: (317) 833-3030 Email: jhester@hbkfirm.com About ADF Construction of Indiana ADF Construction of Indiana LLC provides residential building construction services, including custom homebuilding, remodeling, and home additions. The Company operates primarily in Indianapolis, Indiana, and serves the surrounding metropolitan area. ADF Construction of Indiana LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06145) on October 8, 2025. In its petition, the Debtor reports total assets of $3,818,553 and total liabilities of $2,198,038. Honorable Bankruptcy Judge James M. Carr handles the case. The Debtor is represented by Jeffrey Hester, Esq., at Hester Baker Krebs LLC. AETC INC: Case Summary & Five Unsecured Creditors ------------------------------------------------- Debtor: AETC, Inc. GBM Services Unlimited, Inc. 1453 Cleveland Avenue Atlanta GA 30344 Business Description: AETC, Inc. owns and manages commercial real estate located at 1445 and 1453 Cleveland Avenue in East Point, Georgia, with an estimated fair market value of $6.9 million. Chapter 11 Petition Date: November 4, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-62865 Debtor's Counsel: Sims W. Gordon Jr., Esq. THE GORDON LAW FIRM, PC 400 Galleria Parkway SE Suite 1500 Atlanta GA 30339 Tel: 770-955-5000 Email: law@gordonlawpc.com Total Assets: $6,900,000 Total Liabilities: $4,257,767 The petition was signed by Shawnalea Garvin as CEO. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SVAT6AI/Sims_W_AETC_Inc__ganbke-25-62865__0001.0.pdf?mcid=tGE4TAMA AFFINITY INTERACTIVE: Works w/ Moelis for Debt Talks Advice ----------------------------------------------------------- Aaron Weinman and Eliza Ronalds-Hannon of Bloomberg News report that casino operator Affinity Interactive is reportedly consulting with Moelis & Co. for guidance as it considers negotiations with bondholders over a potential debt restructuring, according to sources familiar with the matter. The company is exploring options to address its outstanding obligations while managing financial risk, the report said. The move comes after some of Affinity's bondholders retained Akin Gump Strauss Hauer & Feld to engage in discussions with the company, the sources said. Both sides are weighing potential strategies as talks remain confidential. Creditors have expressed concern that Affinity may be considering a liability management exercise that could expose its outstanding debt to losses. The discussions aim to balance the company's restructuring objectives with the interests of bondholders, the report states. About Affinity Interactive Affinity Interactive is a Nevada corporation headquartered in Las Vegas, which owns and operates seven casinos: four located in Nevada, two in Missouri, and one in Iowa. Affinity is a private company wholly-owned by funds managed by affiliates of Z Capital Group LLC. AGI MARKETING: Seeks to Hire James K. Jopling as Legal Counsel -------------------------------------------------------------- AGI Marketing, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire James "Jim" K. Jopling, Attorney At Law as its counsel. The firm's services include: a. giving legal advice with respect to its powers and duties as Debtor-in-Possession and the continued operation of its business and management of its properties; b. reviewing the various contracts heretofore entered by Debtor and to determine which contracts should be rejected and assumed; c. preparing on behalf of Debtor necessary Schedules, Statements, Applications, and Answers, Orders, Reports, and other legal documents required for reorganization; d. assisting the Debtor in formulation and negotiation of a Plan with its creditors in these proceedings; e. reviewing all presently pending litigation in which Debtor is a participant, recommending settlement of such litigation which the attorney deems to be in the best interest of the estate, and making an appearance as lead trial counsel in all litigation which the attorney believes should be continued, if needed; f. reviewing the transactions of Debtor prior to the filing of the Chapter 11 proceedings to determine what further litigation, if any, pursuant to the Bankruptcy Code, or otherwise, should be filed on behalf of the estate; g. examining all tax claims filed against Debtor, contesting any excessive amounts claimed therein, and structuring a payment of the allowed taxes which conforms to the Bankruptcy Code and Rules; and h. performing all other legal services of the Debtor, as Debtor-in-Possession, which may be necessary. The attorneys will be paid at the rate of $300 per hour. Work performed by a paralegal is to be compensated at the rate of $120 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. James "Jim" K. Jopling, 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 at: James "Jim" K. Jopling, Esq. Attorney at Law 521 Texas Ave Ste 102 El Paso, TX 79901 Tel: (915) 541-6099 Fax: (866) 864-6854 Email: jim@joplinglaw.com About AGI Marketing, Inc. AGI Marketing, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-31273) on October 2, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Christopher G Bradley presides over the case. James Kerby Jopling, Esq. at Jim K. Jopling, Attorney At Law represents the Debtor as counsel. ALIEN TECHNOLOGIES: Seeks to Hire Kevin A. Crossby as Accountant ---------------------------------------------------------------- Alien Technologies Corp. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Kevin A. Crossby, PA, CPA as accountant. The firm will render these services: (a) assist in possibly preparing financial projections and the Debtor's monthly reports; (b) assist the Debtor in assessing claims; (c) assist the Debtor in reviewing or amending its plan and disclosure statement,; and (d) assist in the preparation and filing of the Debtor's federal income tax returns. Kevin Crossby, CPA, will be billed at $150 per hour plus expenses. The firm requested a $2,000 retainer from the Debtor. Mr. Crossby 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: Kevin A. Crosby, CPA Kevin A. Crosby, PA, CPA 941 W. Morse Blvd., Suite #100 Winter Park, FL 32789 Telephone: (321) 274-6494 About Alien Technologies Corporation Alien Technologies Corporation designs and sells hardtop removal tools and accessories for Jeep Wrangler and Ford Bronco vehicles under the TopLift Pros brand. Alien Technologies Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03827) on June 20, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Grace E. Robson handles the case. The Debtor tapped Jesus Lozano, Esq., at Nardella & Nardella, PLLC as counsel and Kevin A. Crossby, PA, CPA as accountant. ALLEN MEDIA: OFS Capital Marks $3.6MM 1L Loan at 22% Off -------------------------------------------------------- OFS Capital Corporation has marked its $3,662,000 loan extended to Allen Media, LLC to market at $2,846,000 or 78% of the outstanding amount, according to OFS Capital's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a First Lien Loan to Allen Media, LLC. The loan accrues interest at a rate of 9.65% per annum. The loan matures on February 10, 2027. OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company's investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. The Company may make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB. OFS Capital is led by Bilal Rashid as Chief Executive Officer and Kyle Spina as Chief Financial Officer. The Fund can be reach through: Bilal Rashid OFS Capital Corporation 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Tel. No.: (847) 734-2000 About Allen Media, LLC Allen Media Group, alternately known by its former name of Entertainment Studios, Inc. is an American media and entertainment company based in Los Angeles. ALLISON TRANSMISSION: Moody's Rates New Sr. Unsecured Notes 'Ba2' ----------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to the new senior unsecured notes of Allison Transmission, Inc. (Allison Transmission). All other ratings are unaffected. The outlook remains stable. Allison Transmission will use the proceeds from the offering of the new notes to help finance the $2.7 billion acquisition of the off-highway business of Dana Incorporated, along with a new senior secured term loan, borrowings under a new senior secured revolving credit facility and cash. RATINGS RATIONALE Allison Transmission's ratings reflect the strong position of the company in the market for fully-automatic transmissions for medium- and heavy-duty trucks, underpinned by long-standing relationships with customers that value the performance, reliability and durability of the company's products. The company's presence is particularly strong in the Class 6-7 and Class 8 straight truck segment. Despite the potential for volatility in its primary end-markets, Allison Transmission has demonstrated its ability to maintain a very strong profit margin. The company's concentrated product profile also makes it vulnerable to a transition toward electric vehicles, which would erode the demand for automatic transmissions. Nonetheless, Moody's expects that such a shift would likely occur over a protracted time frame, depending in part on regulations in various markets. Allison Transmission is investing in electric hybrid and fully electric propulsion systems and related technologies that have the potential to increase its content per vehicle. In addition, the acquisition of Dana's off-highway business will further Allison Transmission's strategy to expand its footprint outside of North America and broaden its product portfolio of commercial-duty propulsion and powertrain solutions. More than 70% of Dana's off-highway business was generated outside of North America and over 90% of revenue was from the sale of products other than transmissions, including axles, gears and gearboxes. Specifically, the transaction expands the company's footprint in Europe and India, aiding the company's multi-year efforts in these regions to realize opportunities related to its fully-automatic transmission solutions. Similar to Allison Transmission, Dana's off-highway business is known for its high-efficiency, reliable and durable engineering solutions. The transaction is expected to close late in 2025. The stable outlook reflects Moody's expectations that despite the dilution from the acquisition of Dana's off-highway business, Allison Transmission's EBIT margin will remain robust, around 22% in 2026. The increase in debt to help fund the acquisition will increase debt/EBITDA to 3.0 times at year-end 2026, Moody's estimates, but strong free cash flow and a balanced capital deployment policy will enable swift de-leveraging. Moody's anticipates that Allison Transmission will maintain very good liquidity (SGL-1), supported by a cash balance that Moody's expects to be at least $500 million and at least $700 million of availability under the senior secured revolving credit facility. Furthermore, free cash flow will likely be around $650 million in 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if Allison can sustain an EBIT margin of more than 20% as the migration toward electrification gradually takes shape. A consistent, prudent financial policy with debt/EBITDA remaining well below 3 times and strong liquidity is also a consideration for a ratings upgrade, as is an asset base that is largely unencumbered. The ratings could be downgraded if the company adopts a more aggressive financial strategy resulting in debt/EBITDA approaching 3.5 times and EBIT/interest falling below 3.5 times. The ratings could also be downgraded if the EBIT margin falls below 17.5%. The principal methodology used in this rating was Automotive Suppliers published in December 2024. Allison Transmission, Inc. designs and manufactures vehicle propulsion solutions, including fully- automatic transmissions for commercial-duty on-highway, off-highway and defense applications. Allison Transmission also develops and manufactures commercial-duty electric hybrid and fully electric propulsion solutions. In June 2025, the company entered into an agreement to acquire the off-highway business of Dana Incorporated for approximately $2.7 billion. Allison Transmission's revenue for the last 12 months ended September 30, 2025 was $3.1 billion. ALTERYX INC: Seeks $2.4B for Debt Repayment, Shareholder Payout --------------------------------------------------------------- Reshmi Basu and Davide Schigliuzzo of Bloomberg News report that Alteryx Inc. is seeking a $2.4 billion loan to refinance its private debt and fund a special dividend for Clearlake Capital Group and Insight Partners, the company's private-equity owners. Morgan Stanley is coordinating discussions with prospective investors in the syndicated loan market, the report said, citing sources with knowledge of the transaction. The funding would primarily replace a $1.8 billion loan obtained when the company was taken private in 2024. The refinancing would reduce interest obligations and improve flexibility, while the dividend would provide immediate cash to the sponsors. Those familiar with the plans spoke on condition of anonymity because the talks are private, according to report. The move reflects a broader pattern in the private-equity space, where sponsors use refinancing to manage debt and generate returns. By accessing the syndicated loan market, Alteryx could restructure its balance sheet efficiently while returning capital to its owners, the report states. About Alteryx Inc. Alteryx Inc. is into Analytic Process Automation unifying analytics, data science and business process automation in one self-service platform to accelerate digital transformation, delivering high-impact business outcomes, accelerating the democratization of data and rapidly upskill modern workforces. ANDREWS COUNTY HOSPITAL: Moody's Cuts Issuer & GOLT Ratings to Ba1 ------------------------------------------------------------------ Moody's Ratings has downgraded Andrews County Hospital District, TX's (Permian Regional Medical Center) issuer and general obligation limited tax (GOLT) ratings to Ba1 from Baa2. The downgrade to Ba1 reflects weak financial performance and narrowing liquidity that will persist over at least the next year. Governance is a key driver in this rating action. RATINGS RATIONALE The Ba1 issuer rating reflects the district's challenging financial profile, characterized by continued deterioration in liquidity and a weak balance sheet. These issues have been exacerbated by multiple years of weak cash flow margins, cash funded capital projects, and bad debt write-offs stemming from revenue cycle challenges totaling $23.57 million in 2025 alone. Current financial projections indicate that unrestricted liquidity may decline further, with cash on hand potentially reduced to approximately 25 days, or a weak $6.5 million. Ongoing challenges include a heavy reliance on supplemental funding and limited prospects for material growth in nongovernmental revenue. Recent federal legislation may significantly impact these payments in the coming years. Additionally, the district faces credit pressures related to its limited and rural operational scale, as well as exposure to enterprise risk associated with hospital operations.Although the tax base has steadily increased-reaching $10.2 billion in fiscal year 2025-it remains significantly concentrated in the volatile oil and gas sector. The Ba1 general obligation limited tax rating is the same as the issuer rating, given the ample taxing headroom under the limited tax rate cap, allowing for the generation of dedicated property taxes sufficient to pay debt service, which offsets the lack of a full faith and credit pledge. RATING OUTLOOK Moody's do not assign outlooks to local government issuers with this amount of debt outstanding. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained trend of increased unrestricted liquidity and stronger days cash coupled with a maintenance of stronger operating cash flow margin -- Diversification and stabilization of the tax base FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Continued operating losses that exceed current projections, further diminishing an already limited liquidity position -- Significant reduction in supplemental funding or tax revenue PROFILE Andrews County Hospital District is located in west Texas (Aaa stable), coterminous with Andrews County. The hospital district operates the Permian Regional Medical Center in the City of Andrews, as well as other health and wellness facilities. The Permian Regional Medical Center is an acute care public hospital with 36 licensed beds and provides inpatient, outpatient and emergency care services. The district also operates the Permian Residential Care Center, a nursing home facility with 90 licensed beds, and a memory care center with 14 licensed beds. In 2024, Andrews County had a population of 18,400 residents. METHODOLOGY The principal methodology used in this rating was US Special Purpose District General Obligation Debt published in February 2025. ARCHER INSTALLATION: Case Summary & Eight Unsecured Creditors ------------------------------------------------------------- Debtor: Archer Installation & Solutions, Inc. 452 E. Silverado Ranch Blvd. #370 Las Vegas, NV 89183 Business Description: Archer Installation & Solutions, Inc. provides logistics, warehousing, transportation, and installation services for hotel and retail properties, managing the storage, delivery, and assembly of furniture, fixtures, and equipment across the U.S. Chapter 11 Petition Date: November 5, 2025 Court: United States Bankruptcy Court District of Nevada Case No.: 25-16702 Judge: Hon. Natalie M Cox Debtor's Counsel: Ryan A. Andersen, Esq. ANDERSEN BEEDE WEISENMILLER 3199 E Warm Springs Road Suite 400 Las Vegas, NV 89120 Tel: (702) 522-1992 Fax: (702) 825-2824 Email: ryan@abwfirm.com Total Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Todd Hyde as CFO. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GR35RCQ/ARCHER_INSTALLATION__SOLUTIONS__nvbke-25-16702__0001.0.pdf?mcid=tGE4TAMA ASCENCION MEDICAL: Hires Dinnall Fyne & Company as Accountant ------------------------------------------------------------- Ascencion Medical Center, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Dinnall Fyne & Company Inc. as accountant. The firm will assist the Debtor with the required monthly operating reports and projections for its Chapter 11 Plan of Reorganization, and will provide tax advice. The firm's professionals will be paid at these hourly rates: Alan Fyne, CPA $300 Senior Accounting Staff $200 Other Staff $75 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $15,000 from the Debtor. Mr. Fyne 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: Alan Fyne, CPA Dinnall Fyne & Company, Inc. 1515 N. University Drive, Ste. 114 Coral Springs, FL 33071 About Ascencion Medical Center Ascencion Medical Center, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22422) on October 22, 2025. At the time of the filing, the Debtor reported up to $50,000 in assets and liabilities. The Debtor tapped Sardi Law, PLLC as counsel and Dinnall Fyne & Company Inc. as accountant. ASCENCION MEDICAL: Seeks to Hire Sardi Law as Bankruptcy Counsel ---------------------------------------------------------------- Ascencion Medical Center, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Sardi Law, PLLC as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties; (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 Chapter 11 case; (d) protect the interests 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; and (f) all other legal services for the Debtor, which may be necessary herein. The firm will be paid at these hourly rates: Carlos Sardi, Attorney $495 Other Attorneys $335 - $495 Legal Assistants $120 In addition, the firm will seek reimbursement for expenses incurred. Mr. Sardi 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: Carlos E. Sardi, Esq. Sardi Law, PLLC 114410 N. Kendall Dr., Suite 208 Miami, FL 33176 Telephone: (305) 697-8690 Facsimile: (305) 697-8691 About Ascencion Medical Center Ascencion Medical Center, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22422) on October 22, 2025. At the time of the filing, the Debtor reported up to $50,000 in assets and liabilities. The Debtor tapped Sardi Law, PLLC as counsel and Dinnall Fyne & Company Inc. as accountant. ASCEND PERFORMANCE: Nov. 24 Plan Confirmation Hearing ----------------------------------------------------- The hearing at which the U.S. Bankruptcy Court for the Southern District of Texas will consider confirmation of the Second Amended Joint Chapter 11 Plan filed by Ascend Performance Materials Holdings Inc., et al., will commence on 3:00 p.m. prevailing Central Time on November 24, 2025, before the Hon. Christopher M. Lopez. The deadline for voting on the Plan and for filing objections to the Plan is 4:00 p.m. prevailing Central Time on November 18, 2025. Additional information about Ascend's restructuring is available at www.ascendmaterials.com/strengthening-ascend. Bankruptcy Court filings and other information regarding the case can be found at https://dm.epiq11.com/Ascend or by contacting Epiq, the Company's noticing and claims agent, at (888) 890-9917 (for toll-free U.S. calls) or +1 (971) 385-8728 (for tolled international calls). Ascend is advised in this matter by Kirkland & Ellis LLP as legal counsel, FTI Consulting as financial advisor, and PJT Partners as investment banker. The ad hoc group of term loan lenders to the Company is advised by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C. as investment banker. About Ascend Performance Materials Holdings Inc. Ascend Performance Materials Holdings Inc. is one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets, and tires, as well as new technologies, like electric vehicles and solar energy systems. Ascend's business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 includes heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees, and operates eleven manufacturing facilities that span the United States, Mexico, Europe, and Asia. Ascend Performance Materials Holdings Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90127) on April 21, 2025. In the petitions signed by Robert Del Genio, the chief restructuring officer, the Debtors disclosed $1 billion to $10 billion in both estimated assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Kirkland & Ellis LLP and Bracewell LLP as counsel; PJT Partners, Inc. as investment banker; FTI Consulting, Inc. as restructuring advisor; and Deloitte LLP as tax advisor. Epiq Corporate Restructuring LLC is the Debtors' claims, noticing, and solicitation agent. GA Group Advisory & Valuation Services, LLC serves as a valuation advisor. The official committee of unsecured creditors retained Brown Rudnick LLP as co-counsel; Parkins & Rubio LLP as Texas co-counsel; AlixPartners, LLP as financial advisor; and Ducera Partners LLC and Ducera Securities LLC as investment banker. Gibson, Dunn & Crutcher LLP represents an Ad Hoc Group of Term Loan Lenders. Howley Law PLLC, serves as the group's Texas co-counsel. ASPIRE LOGISTICS: Hires Geno and Steiskal as Bankruptcy Counsel --------------------------------------------------------------- Aspire Logistics, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to hire Law Offices of Geno and Steiskal, PLLC as counsel. The firm will render these services: (a) advise and consult with the Debtor regarding questions arising from certain contract negotiations which will occur during the operation of business; (b) evaluate and attack claims of various creditors who may assert security interests in the assets and who may seek to disturb the continued operation of the business; (c) appear in, prosecute, or defend suits and proceedings, and take all necessary and proper steps and other matters and things involved in or connected with the affairs of the estate of the Debtor; (d) represent the Debtor in court hearings and assist in the preparation of contracts, reports, accounts, petitions, applications, orders and other papers and documents as may be necessary in this proceeding; (e) advise and consult with the Debtor in connection with any reorganization plan which may be proposed in this proceeding and any matters concerning it which arise out of or follow the acceptance or consummation of such reorganization or its rejection; and (f) perform such other legal services on behalf of the Debtor as they become necessary in this proceeding. The firm will be paid at these hourly rates: Craig Geno, Attorney $500 Christopher Steiskal, Attorney $415 Paralegals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $15,000 from the Debtor, inclusive of $1,738 filing fee. Mr. Geno disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Craig M. Geno, Esq. Christopher Steiskal, Esq. Law Offices of Craig M. Geno, PLLC 601 Renaissance Way, Suite A Ridgerland, MS 39157 Telephone: (601) 427-0048 Facsimile: (601) 427-0050 Email: cmgeno@cmgenolaw.com csteikal@cmgenolaw.com About Aspire Logistics Inc. Based in Belden, Mississippi, Aspire Logistics, Inc. provides logistics and transportation services, operating as a carrier registered with the U.S. Department of Transportation. Aspire Logistics filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13607) on October 24, 2025, with $1 million to $10 million in assets and liabilities. Brock White, president of Aspire Logistics, signed the petition. Judge Selene D. Maddox presides over the case. Craig M. Geno, Esq., at the Law Offices of Geno and Steiskal, PLLC represents the Debtor as bankruptcy counsel. ASPIRE LOGISTICS: Section 341(a) Meeting of Creditors on December 4 ------------------------------------------------------------------- On October 24, 2025, Aspire Logistics Inc. filed Chapter 11 protection in the Northern District of Mississippi. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on December 4, 2025 at 01:30 PM at Telephonic Meeting. About Aspire Logistics Inc. Aspire Logistics Inc., based in Belden, Mississippi, provides logistics and transportation services, operating as a carrier registered with the U.S. Department of Transportation. Aspire Logistics Inc.sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13607) on October 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Selene D. Maddox handles the case. The Debtor is represented by Craig M. Geno, Esq. of LAW OFFICES OF GENO AND STEISKAL, PLLC. AVISON YOUNG: OFS Capital Virtually Writes Off $550,000 1L Loan --------------------------------------------------------------- OFS Capital Corporation has marked its $550,000 loan extended to Avison Young Inc. to market at $18,000 or 3% of the outstanding amount, according to OFS Capital's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a First Lien Loan to Avison Young Inc. The loan accrues interest at a rate of 5.99% cash / 6.50% PIK per annum. The loan matures on March 12, 2029. OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company's investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. The Company may make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB. OFS Capital is led by Bilal Rashid as Chief Executive Officer and Kyle Spina as Chief Financial Officer. The Fund can be reach through: Bilal Rashid OFS Capital Corporation 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Tel. No.: (847) 734-2000 About Avison Young Inc. Avison Young commercial real estate is a global real estate advisor invested in client success. B MAC BUFFET: Gets Final OK to Use Cash Collateral -------------------------------------------------- B Mac Buffet, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Georgia to use cash collateral to fund operations. The court's final order authorized the Debtor to use approximately $10,750 in cash collateral to pay the expenses set forth in its budget, subject to a 25% variance. As adequate protection, secured lenders will be granted a replacement lien on the Debtor's post-petition inventory, deposits and receivables, maintaining the same extent and priority as their pre-bankruptcy liens. These liens do not apply to Chapter 5 causes of action. The final order preserves the Debtor's right to later challenge the validity or priority of any pre-bankruptcy liens. As of the petition date, the Debtor's cash collateral is estimated at $10,750. Its cash collateral consists of inventory, bank accounts and accounts receivable. The Debtor's lenders that may assert interest in the cash collateral include Corporation Service Company, G and G Funding Group, LLC, US Foods, Inc., Alpine Advance 5, LLC, Institution Food House, Inc. and Performance Food Group Hickory & Florence. About B Mac Buffet LLC B Mac Buffet LLC, doing business as B-Mac's Buffet, operates a Southern-style buffet restaurant in Waycross, Georgia. The establishment caters to local residents and visitors, offering a casual dining setting for families and groups. B Mac Buffet sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ga. Case No. 25-50431) on September 15, 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 Michele J. Kim handles the case. The Debtor is represented by Jon Levis, Esq. at Levis Law Firm, LLC. BAGBY INVESTMENT: Gets Extension to Access Cash Collateral ---------------------------------------------------------- Bagby Investment Properties, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. At the recent hearing, the court authorized the Debtor to continue using cash collateral until the next hearing scheduled for December 4. The Debtor intends to use cash collateral to pay the amounts specifically approved by the court, including payments to the Subchapter V trustee, and the expenses listed in its budget. The Debtor projects total operational expenses of $16,141.50 for the period from October 25 to November 24. The Debtor offers to grant secured creditors, which hold pre-bankruptcy liens on cash collateral, replacement liens of equal extent, validity and priority as protection. About Bagby Investment Properties LLC Bagby Investment Properties LLC owns and manages oceanfront vacation rental homes in South Ponte Vedra Beach, Florida. It operates within the real estate investment and hospitality management sector, focusing on property ownership and rental services along Florida's coastal market, offering short-term stays and event accommodations. Bagby Investment Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03804) on October 21, 2025, listing total assets of $2,962,729 and total liabilities of $3,204,749. Jerrett McConnell, Esq., at McConnell Law Group, P.A., serves as Subchapter V trustee. The Debtor is represented by Thomas Adam, Esq., at Adam Law Group, PA. BAYMARK HEALTH: OFS Capital Marks $3.9MM 2L Loan at 24% Off ----------------------------------------------------------- OFS Capital Corporation has marked its $3,988,000 loan extended to BayMark Health Services, Inc. to market at $3,015,000 or 76% of the outstanding amount, according to OFS Capital's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a Second Lien Loan to BayMark Health Services, Inc. The loan accrues interest at a rate of 12.76% per annum. The loan matures on June 11, 2028. OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company's investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. The Company may make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB. OFS Capital is led by Bilal Rashid as Chief Executive Officer and Kyle Spina as Chief Financial Officer. The Fund can be reach through: Bilal Rashid OFS Capital Corporation 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Tel. No.: (847) 734-2000 About BayMark Health Services, Inc. BayMark Health Services is dedicated to providing treatment tailored to meet each person regardless of where they are in their recovery journey. BAYMARK HEALTH: OFS Capital Marks $4.9MM 2L Loan at 24% Off ----------------------------------------------------------- OFS Capital Corporation has marked its $4,962,000 loan extended to BayMark Health Services, Inc. to market at $3,751,000 or 76% of the outstanding amount, according to OFS Capital's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a Second Lien Loan to BayMark Health Services, Inc. The loan accrues interest at a rate of 12.76% per annum. The loan matures on June 11, 2028. OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company's investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. The Company may make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB. OFS Capital is led by Bilal Rashid as Chief Executive Officer and Kyle Spina as Chief Financial Officer. The Fund can be reach through: Bilal Rashid OFS Capital Corporation 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Tel. No.: (847) 734-2000 About BayMark Health Services, Inc. BayMark Health Services is dedicated to providing treatment tailored to meet each person regardless of where they are in their recovery journey. BAYONNE ENERGY: S&P Assigns 'BB-' LT Rating on $625MM Term Loan B ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' long-term rating and '3' recovery rating to Bayonne Energy Center LLC's (BEC) $625 million term loan B (TLB). The '3' recovery rating is lower than the initial '2' recovery rating when we assigned our preliminary rating owing to the higher debt amount. BEC benefits from hedges in place, which will lead to significant debt repayment over the next two years. The project faces risk arising from regulations in both New Jersey and New York. S&P said, "The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in a default scenario. "The stable outlook reflects our expectation of robust debt service coverage ratios (DSCRs) during the TLB period (2025-2032), and a minimum DSCR of at least 1.55x for the project life post-refinancing (2033-2042), where we model a fully amortizing structure. We forecast $300 million of TLB outstanding at maturity in 2032." BEC is an operational 660-megawatt (MW) simple-cycle gas plant, with a heat rate of 9,350 Btu per kilowatt-hour(kWh). BEC earns revenue from energy, capacity, and ancillary services. It is in New Jersey but participates exclusively in the NYISO Zone J market. BEC has 10 Siemens SGT-A65 turbines; the first eight were constructed in 2012, followed by two more in 2018. BEC owns the 345-kilovolt submarine transmission line that is connected to the Gowanus substation in Zone J. S&P said, "We assigned a recovery rating of '3' due to the increased debt amount; the 'BB-' long-term rating is unchanged from the preliminary rating. We assigned a recovery rating of '3' compared with '2' when we assigned the preliminary rating due to a higher issuance of $625 million compared with $575 million. At the same time, the 'BB-' long-term rating is unchanged from the preliminary rating, with a minimum DSCR of 1.55x and no changes to our subscores. "We expect solid financial performance will translate into debt repayment during the TLB period, supported by hedges and robust capacity revenues. Robust cash flow available for debt service (CFADS) and resulting sweeps will have support from hedge premiums and capacity revenues, leading to a TLB balance of about $300 million at maturity. We expect the project will realize about $100 million in hedge premiums, based on existing HRCOs, which will likely contribute to our forecast $120 million in cash flow sweeps over the next two years. Capacity prices for Zone J are the highest among power markets in the U.S., which BEC benefits from, similar to other peakers we rate. "BEC is a peaking facility, dispatching at our forecast capacity factors of 15%-20% throughout project life under our base-case assumptions. Commensurate with this type of dispatch and Zone J fundamentals, we forecast average dirty sparks (prior to emissions costs) of about $30 per megawatt-hour (/MWh)-$35/MWh. Capacity revenue accounts for about 65% of gross margin. BEC is also a key provider of ancillary services, leading to a higher proportion of gross margin from ancillary services compared with peers, at 10%-15%. "BEC faces significant regulatory risk, limiting its asset life to 2042 and increasing cash flow uncertainty longer term. We assume a project asset life through 2042 since the project faces regulatory uncertainty from New York's goal of zero-emission electricity by 2040 and New Jersey's carbon dioxide emissions rule (N.J.A.C 7:27F). "There is regulatory uncertainty because New York wants to procure zero-emission power by 2040. However, we view this timeline as unlikely and expect asset-life extensions beyond this to meet power demand and maintain grid stability, with less-efficient gas assets being retired. We expect the current target of 40% emissions reduction by 2030 will slip six-eight years, leading to an asset life beyond 2040 for BEC." Additional regulatory risk stems from the fact that BEC's current emissions are higher than New Jersey's 2035 carbon dioxide limit (1,000 pounds of carbon dioxide per MWh; equivalent to about an 8,600 Btu/kWh heat rate). However, this rule expires in 2030, and the target could change. BEC may be able to run on hydrogen gas (or a blend thereof) but this would likely result in additional costs and S&P does not consider it in our base-case scenario. BEC's hedging strategy supports near-term cash flow visibility, although the HRCOs increase operating leverage. BEC's hedging strategy includes HRCOs, tolls, and capacity swaps, although HRCOs increase operating leverage in the event of a forced outage. BEC's hedging strategy covers about 75% of plant capacity through second-quarter 2027, as well as 50% of gross margin for 2025 and 2026, which decreases to 30% in 2027. Operating leverage is higher than that of peers since the project would have to buy power in the market if there is a forced outage and the plant is called. BEC partially mitigates this risk by limiting the amount of capacity it has hedged and also has forced-outage insurance of approximately $25 million. BEC has high utilization, given it's a key provider of ancillary services. S&P expects BEC to have robust utilization (capacity factor plus ancillary factor) over its asset life. BEC has average capacity factors in the mid- to high-teens percent, which will increase as both total demand and peak demand rise in Zone J, coupled with solid ancillary revenues that make up a larger portion of revenues (10%-15%) compared with those of peers. This stems from the fact that BEC can provide 10-minute reserves at a lower cost and is also directed by the ISO to perform ancillary services instead of energy at certain times. BEC can ramp up in less than 10 minutes and does not need to be running (or synchronized) to provide 10-minute reserves, which is a key advantage because other generators in Zone J must be synchronized. BEC still faces competition on this front, as the non-synchronized and synchronized products are substitutable, and we expect batteries to come online and provide non-synchronized reserves. As NYISO co-optimizes the energy market and ancillary market, BEC is typically called upon more to perform ancillary services compared with peers, given it can do so at a lower cost. During these periods, BEC earns a true-up from the ISO to reflect the opportunity cost for what it would have earned in the energy market. This is reflected in the higher average ancillary price BEC realizes versus the rest of the market. Although these provide some uplift to gross margins relative to peers, capacity factors and capacity revenues remain the key drivers of cash flow. S&P said, "The stable outlook reflects our expectation of robust DSCRs during the TLB period (2025-2032), with a minimum DSCR of 1.55x in the post-refinancing period (2033-2042). We expect the project will repay a significant amount in the near term and repay a total of $325 million of its debt outstanding. "We could lower the rating if we expect the minimum DSCR to be below 1.35x on a sustained basis or the project's resiliency weakens." This could occur if: -- Capacity prices, energy margin, or ancillary revenues are materially lower than S&P's forecast; -- The project experiences forced outages, resulting in lower generation; -- Underperformance leads to reductions in HRCO payments; or -- The project's excess cash flows don't translate into debt paydown, resulting in a TLB balance of more than about $350 million at maturity. Although unlikely, S&P could raise the rating if: -- S&P expects the project will maintain a minimum base-case DSCR above 1.80x in all years, including the post-refinancing period; and -- S&P believes a sufficient performance track record will adequately mitigate operational and financial risks associated with a single-asset plant. This could occur if spark spreads and uncleared capacity prices in NYISO Zone J improve while BEC realizes favorable capacity factors. S&P would also need to see that a stronger financial performance results in a lower-than-expected TLB balance at maturity. BEACON LIGHT: Hires Heller Draper & Horn as Bankruptcy Counsel -------------------------------------------------------------- Beacon Light Missionary Baptist Church Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Heller, Draper & Horn, L.L.C. as bankruptcy counsel. The firm's services include: a. advising the Debtor with respect to its rights, powers and duties as Debtor and Debtor-in-possession in the continued operation and management of the business and property; b. preparing and pursuing confirmation of a plan of reorganization as a Debtor that is proceeding under subchapter V and pursuing approval of the disclosure statement and plan confirmation should the Debtor cease to elect to continue under Subchapter V; c. preparing, on behalf of the Debtor, all necessary applications, motions, answers, proposed orders, other pleadings, notices, schedules and other documents, and reviewing all financial and other reports to be filed; d. advising the Debtor concerning, and preparing responses to, applications, motions, pleadings, notices and other documents which may be filed by other parties; e. appearing in Court to protect the interests of the Debtor; f. representing the Debtor in connection with use of cash collateral and/or obtaining post-petition financing; g. advising the Debtor concerning and assisting in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; h. investigating the nature and validity of liens asserted against the property of the Debtor, and advising the Debtor concerning the enforceability of said liens; i. investigating and advising the Debtor concerning and taking such action as may be necessary to collect income and assets in accordance with applicable law, and the recovery of property for the benefit of the Debtor's estate; j. advising and assisting the Debtor in connection with any potential property dispositions; k. advising the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring, and recharacterizations; l. assisting the Debtor in reviewing, estimating and resolving claims asserted against the Debtor's estate; m. commencing and conducting litigation necessary and appropriate to assert 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 n. performing all other legal services for the Debtor which may be necessary and proper in this case. The firm will be paid at these rates: Douglas S. Draper $600 per hour Leslie A. Collins $525 per hour Greta M. Brouphy $500 per hour Michael E. Landis $475 per hour Attorneys $475 to $600 Paralegals $250 per hour The firm received $10,000 from the Debtor in connection with this Chapter 11 Case. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Douglas S. Draper, Esq., a partner at Heller, Draper & Horn, L.L.C., 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: Douglas S. Draper, Esq. Heller, Draper & Horn, L.L.C. 650 Poydras Street, Suite 2500 New Orleans, LA 70130 Tel: (650) 299-3300 About Beacon Light Missionary Baptist Church Inc. Beacon Light Missionary Baptist Church Inc. is a Christian church providing worship services and community programs from its location at 1937 Mirabeau Avenue in New Orleans, Louisiana. Beacon Light Missionary Baptist Church Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No.25-12399) on October 22, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by Edwin M. Shorty Jr., Esq. of EDWIN M. SHORTY, JR. & ASSOCIATES. BEACON LIGHT: Taps Edwin M. Shorty Jr. as Bankruptcy Counsel ------------------------------------------------------------ Beacon Light Missionary Baptist Church Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire the Law Firm of Edwin M. Shorty, Jr. & Associates, A.P.L.C., as counsel. The firm will render these services: (a) provide legal advice with respect to the Debtor's powers and duties as debtor in possession in the continued management and operation of its businesses and properties; (b) attend meetings with representatives of the Debtor's creditors and other parties in interest; (c) take all necessary action to protect and preserve the estate of the Debtor; (d) prepare on behalf of the Debtor motions, applications, answers, orders, reports, and papers necessary to the administration of the Debtor's estates; (e) take any necessary action on behalf of the Debtor to obtain confirmation of its plan; (f) appear before this Court to protect the interests of the Debtor before this Court; (g) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this chapter 11 case; (h) represent the Debtor in connection with obtaining post-petition financing, if any; (i) advise the Debtor concerning and assist in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; (j) investigate the nature and validity of liens asserted against the property of the Debtor, and advise the Debtor concerning the enforceability of said liens; (k) investigate and advise the Debtor concerning, and take such action as may be necessary to collect, income and assets in accordance with applicable law, and the recovery of property for the benefit of the estates of the Debtor; (l) advise and assist the Debtor in connection with any potential property dispositions; (m) advise the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring and recharacterizations; (n) assist the Debtor in reviewing, estimating and resolving claims asserted against the estate; (o) commence and conduct litigation necessary and appropriate to assert rights held by the Debtor, protect assets of the chapter 11 estate or otherwise further the goal of completing the successful reorganization of the Debtor; and (p) perform all other legal services for the Debtor which may be necessary and proper in these proceedings. Edwin M. Shorty, Jr., will be paid at these hourly rates: Attorneys $350 Trendell Shorty $150 Paralegals $85 Edwin M. Shorty, Jr., will also be reimbursed for reasonable out-of-pocket expenses incurred. Edwin M. Shorty, Jr., a partner at Edwin M. Shorty, Jr. & Associates, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Edwin M. Shorty, Jr. can be reached at: Edwin M. Shorty, Jr., Esq. EDWIN M. SHORTY, JR. & ASSOCIATES, A.P.L.C. 650 Poydras Street, Suite 2515 New Orleans, LA 70130 Tel: (504) 207-1370 About Beacon Light Missionary Baptist Church Inc. Beacon Light Missionary Baptist Church Inc. is a Christian church providing worship services and community programs from its location at 1937 Mirabeau Avenue in New Orleans, Louisiana. Beacon Light Missionary Baptist Church Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No.25-12399) on October 22, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by Edwin M. Shorty Jr., Esq. of EDWIN M. SHORTY, JR. & ASSOCIATES. BEAN THERE: Gets Extension to Access Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division issued its third interim order authorizing Bean There Done That, LLC to use cash collateral. The third interim order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor, Cadence Bank. This authorization will continue until further order of the court. The Debtor projects total operating disbursements of $71,346 for November. Cadence Bank and other creditors with a security interest in the cash collateral will have a perfected post-petition lien on the cash collateral. This lien will have the same validity, priority and extent as the secured creditors' pre-bankruptcy lien. The Debtor was ordered to keep its property insured in accordance with its obligations under the loan and security agreements with Cadence Bank. The next hearing is scheduled for November 13. Cadence Bank, an SBA-backed lender, holds a blanket lien on the Debtor's assets and an estimated claim of approximately $1.47 million. The Debtor's assets consist of cash on hand, equipment and inventory. About Bean There Done That LLC Bean There Done That, LLC operates a drive-thru coffee shop offering specialty beverages and breakfast items. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04265) on June 24, 2025. In the petition signed by Igor D. Bley, manager, the Debtor disclosed $143,453 in total assets and $1,504,704 in total liabilities. Judge Catherine Peek McEwen oversees the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A., represents the Debtor as bankruptcy counsel. BELLA TUSCANY: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------------- Bella Tuscany Windermere Inc. voluntarily filed for Chapter 11 bankruptcy in the Middle District of Florida on November 6, 2025. The company's petition lists liabilities each between $1 million and $10 million, with 1 to 49 creditors. About Bella Tuscany Windermere Inc. Bella Tuscany Windermere Inc. operates in the restaurants industry. Bella Tuscany Windermere Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07204) on November 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtor is represented by Daniel A. Velasquez, Esq. of Latham, Luna, Eden & Beaudine, LLP. BLEND COFFEE 1: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------ The Blend Coffee 1 LLC has voluntarily filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Middle District of Florida on November 4, 2025. According to the bankruptcy petition, the coffee business reported liabilities ranging from $100,001 to $1 million. It has between one and forty-nine creditors. Through the Chapter 11 process, the company aims to restructure its obligations while maintaining operations and preserving value for stakeholders. About The Blend Coffee 1 LLC The Blend Coffee 1 LLC is a limited liability company. The Blend Coffee 1 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08269) on November 4, 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 Roberta A. Colton handles the case. The Debtor is represented by Amy Denton Mayer, Esq. of Berger Singerman LLP. BLONDER TONGUE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Blonder Tongue Laboratories, Inc. One Jake Brown Road Old Bridge, NJ 08857 Business Description: Blonder Tongue Laboratories, Inc. designs, manufactures, and distributes cable television and video transmission equipment from its headquarters in Old Bridge, New Jersey. The Company provides digital video, IPTV, high-speed data, and RF broadband distribution over coaxial, fiber, and IP networks for homes and businesses. It serves cable-system operators, service providers, and systems integrators across the United States. Chapter 11 Petition Date: November 6, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-21863 Judge: Hon. Christine M. Gravelle Debtor's Counsel: Daniel M. Stolz, Esq. GENOVA BURNS LLC 110 Allen Road Suite 304 Basking Ridge, NJ 07920 Tel: (973) 467-2700 Fax: (973) 467-8126 Email: dstolz@genovaburns.com Total Assets: $3,665,038 Total Liabilities: $7,727,015 The petition was signed by Robert J. Palle as president 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/RUNJWSA/Blonder_Tongue_Laboratories_Inc__njbke-25-21863__0001.0.pdf?mcid=tGE4TAMA BLONDER TONGUE: To Sell Assets for $2.9MM, Sets Dec. 9 Auction Date ------------------------------------------------------------------- Blonder Tongue Laboratories, Inc. seeks permission from the U.S. Bankruptcy Court for the District of New Jersey, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is engaged in designing and manufacturing of broadband and video distribution equipment serving cable, hospitality, and institutional markets. During the lead-up to and commencement of this case the Debtor and its professionals marketed the Assets to a range of potential purchasers. After extensive outreach and careful and deliberate consideration, the Debtor executed an asset purchase agreement (Stalking Horse APA) with Blonder Tongue, LLC (Buyer), under which Buyer agrees to purchase the Debtor's assets for a purchase price of $2,950,000.00. Blonder Tongue LLC shall be deemed the Stalking Horse Bidder in accordance with the terms of the Stalking Horse APA which conditions Blonder Tongue LLC's Bid upon it being deemed the Stalking Horse Bidder. The Stalking Horse Bidder will be granted certain Bidding protections, including a breakup fee equal to 5% of the Purchase Price and an Expense Reimbursement of up to $50,00 If the Debtor receives more than one Qualified Bid, the Debtor will conduct an Auction at the offices of Genova Burns, LLC on December 9, 2025 at 9:00am (EST), in accordance with the Bidding Procedures. At the Sale Hearing, the Debtor will request that the Bankruptcy Court enter an order approving the Winning Bid. Except as may be modified by agreement between the Debtor and the Winning Bidder, or as otherwise determined by the Debtor in its reasonable discretion, the proposed Sale Order submitted to the Court at the Sale Hearing shall be substantially in the form included with the Winning Bid. The Debtor submits that the notice procedures fully comply with Bankruptcy Rule 2002 and are reasonably calculated to provide due, timely, and adequate notice of the Bidding Procedures, Auction, Sale, and Sale Hearing to all creditors, parties in interest, and potential purchasers. About Blonder Tongue Laboratories, Inc. Blonder Tongue Laboratories, Inc., based in Old Bridge, New Jersey, provides a range of products and services to the cable entertainment and media industry. Blonder Tongue serves customers, including entities installing private video and data networks in commercial, institutional or enterprise environments. Blonder Tongue Laboratories sought relief under the Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No.: 25-21863) on November 6, 2025. Judge Christine M. Gravelle presides over the case. Donald W. Clarke, Daniel Stolz, and Jaclynn McDonnell at Genova Burns LLC, represent the Debtor as legal counsel. BOOTLEGGER'S BREWERY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, issued an interim order authorizing Bootlegger's Brewery, LLC to use cash collateral and granting adequate protection to its pre-bankruptcy secured creditors. The interim order authorized the Debtor to use cash collateral through February 28, 2026, in accordance with its budget, subject to a 10% variance per line item and 5% in aggregate per month. As adequate protection, On Deck Capital, LLC, Light Speed Capital, and Clara Capital Servicing, LLC will be granted replacement liens on all post-petition assets, maintaining the same priority as their pre-bankruptcy liens. Additionally, the order restricts insider and professional payments. Insider payments may only be made in compliance with the U.S. Trustee's requirements and after filing a notice of setting insider compensation, while professional fees may only be paid after court approval of employment and under 11 U.S.C. Section 330 and Local Bankruptcy Rules. These safeguards aim to maintain financial transparency and protect creditor interests pending final authorization. The Debtor owes $90,000 to On Deck Capital, $19,307 to Light Speed Capital, and $136,000 to Clara Capital Servicing. These creditors claim liens on all assets of the Debtor, including accounts and receivables. About Bootlegger's Brewery LLC Bootlegger's Brewery, LLC, a company in Fullerton, Calif., produces a range of craft beers, including year-round and seasonal varieties. Founded in 2008, it serves both on-site visitors and local consumers in North Orange County. Its operations focus on brewing, tastings, and community engagement within the alcoholic beverages industry. Bootlegger's Brewery filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12907) on October 15, 2025, with $156,358 in assets and $1,865,389 in liabilities. Mark Sharf, Esq., a practicing attorney in Los Angeles, serves as Subchapter V trustee. Judge Mark D. Houle presides over the case. Andrew Bisom, Esq., at the Law Office of Andrew S. Bisom represents the Debtor as bankruptcy counsel. BOYD GROUP: DBRS Gives Prov. BB Credit Rating, Trend Stable ----------------------------------------------------------- DBRS Limited assigned a provisional credit rating of (P) BB, Stable to Boyd Group Services Inc. (BGSI or the Company; rated BB (high), Stable) proposed issuance of CAD 525 million (equivalent to approximately USD 375 million), 5.500%, Senior Unsecured Notes (the Proposed Notes). The provisional rating on the Proposed Notes is based on a recovery rating of RR5. The Proposed Notes will be guaranteed by all material subsidiaries of BGSI, including any borrowers and guarantors under the Company's secured credit agreement. The Proposed Notes will be unsecured obligations ranking equal with all existing and future unsecured indebtedness of BGSI but will effectively be subordinated to any secured indebtedness of the Company. If the acquisition of Joe Hudson's Collision Center is not completed, the Proposed Notes will be redeemed at a redemption price equal to 100% of the aggregate initial issue price of the Proposed Notes plus accrued and unpaid interest. The credit rating assigned to this newly issued debt instrument is based on the credit ratings of an already-outstanding debt series of the above-mentioned debt instrument. A provisional rating is not a final rating with respect to the above-mentioned security and may change, be different than the final rating assigned, or may be discontinued. The provisional credit rating listed above is based on the draft Preliminary Offering Memorandum dated October 30, 2025, the Pricing Term Sheet dated October 30, 2025, and information provided to Morningstar DBRS by BGSI as of October 30, 2025. The assignment of final credit ratings is subject to receipt by Morningstar DBRS of all information and final documentation that Morningstar DBRS deems necessary to finalize the credit rating. Continuation of the ratings is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purposes of monitoring the above-noted ratings. BRUNELLO REALTY: Section 341(a) Meeting of Creditors on December 1 ------------------------------------------------------------------ On October 27, 2025, Brunello Realty LLC filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on December 1, 2025 at 01:00 PM by TELEPHONE. About Brunello Realty LLC Brunello Realty LLC is a limited liability company. Brunello Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22681) on October 27, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by Nicholas B. Bangos, Esq. of NICHOLAS B. BANGOS, PA. BUFFALO NEWSPRESS: Hires Amato and Keating PC as Special Counsel ---------------------------------------------------------------- Buffalo Newspress Inc., doing business as BNP Empowered Print, seeks approval from the U.S. Bankruptcy Court for the Western District of New York to employ Amato and Keating, PC as special counsel. The firm will provide legal services to Debtor to recover debt due Debtor from Regency Furniture, Inc. Amato is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm will receive compensation equal to 15 percent on any and all amounts which are recovered in the Pennsylvania proceedings. In the event a counterclaim should be asserted, the firm will charge an hourly rate of $350 per hour attorney time and $95 an hour for legal assistant in defending against the counterclaim. Senior Partner of Amato and Keating, 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: Ronald Amato, Esq. AMATO AND KEATING, P.C 107 North Commerce Way Suite 100 Bethlehem, PA 18017 Phone: (610) 866-0400 Fax: (610) 866-9155 Email: ramato@amatolaw.co About Buffalo Newspress Inc. Buffalo Newspress Inc., also known as BNP Empower, is a full-service printing solutions provider based in Buffalo, N.Y., offering digital, web offset, and other printing services with 24/7 operations. Buffalo Newspress filed Chapter 11 petition (Bankr. W.D.N.Y. Case No. 25-10125) on February 5, 2025, listing up to $10 million in both assets and liabilities. Thomas J. Majerski, president of Buffalo Newspress, signed the petition. Judge Carl L. Bucki oversees the case. The Debtor tapped Kevin R. Lelonek, Esq., at Gross Shuman, PC as counsel and Lumsden McCormick CPA as accountant. BUFFALO NEWSPRESS: Taps Braddock Group as Real Estate Consultant ---------------------------------------------------------------- Buffalo Newspress Inc., doing business as BNP Empowered Print, seeks approval from the U.S. Bankruptcy Court for the Western District of New York to employ The Braddock Group LLC as real estate consultant. The firm will be paid at these rates: a. The fee payable to the Consultancy by the Client for an introduction resulting in an Engagement is the amount equal to 25 percent of the Remuneration applicable during the first 12 months of the Engagement. Remuneration includes gross base salary, guaranteed bonus and guaranteed commission earnings b. In the event the Remuneration applicable during the first 12 months of engagement falls below USD 60,000, a flat fee of USD 15,000 will be applicable. c. In the event that the there is no guaranteed remuneration applicable during the first 12 months of engagement, such as when the position is paid 100 percent commission, a flat fee of USD20,000 will be applicable. Braddock Group is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Lee Carron Thomas J. Majerksi The Braddock Group, LLC 2 N Front St Floor 3 Wilmington, NC 28401 Phone: (910) 386-0330 About Buffalo Newspress Inc. Buffalo Newspress Inc., also known as BNP Empower, is a full-service printing solutions provider based in Buffalo, N.Y., offering digital, web offset, and other printing services with 24/7 operations. Buffalo Newspress filed Chapter 11 petition (Bankr. W.D.N.Y. Case No. 25-10125) on February 5, 2025, listing up to $10 million in both assets and liabilities. Thomas J. Majerski, president of Buffalo Newspress, signed the petition. Judge Carl L. Bucki oversees the case. The Debtor tapped Kevin R. Lelonek, Esq., at Gross Shuman, PC as counsel and Lumsden McCormick CPA as accountant. BURTON TRANSPORT: Section 341(a) Meeting of Creditors on December 1 ------------------------------------------------------------------- On October 27, 2025, Burton Transport Inc. filed Chapter 11 protection in the Western District of Missouri. According to court filing, the Debtor reports $1,801,184 in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on December 1, 2025 at 01:00 PM by TELEPHONE. About Burton Transport Inc. Burton Transport Inc. provides freight transportation services across the United States, hauling a range of cargo including general freight, building materials, metal products, beverages, chemicals, paper goods, and agricultural supplies. The Company operates from Mountain View, Missouri, with a fleet of tractors and trailers serving interstate shipping routes. It is registered as an authorized for-hire property carrier under the U.S. Department of Transportation. Burton Transport Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-60719) on October 27, 2025. In its petition, the Debtor reports total assets of $1,603,470 and total liabilities of $1,801,184. Honorable Bankruptcy Judge Brian T. Fenimore handles the case. The Debtor is represented by Colin N. Gotham, Esq. of EVANS & MULLINIX, P.A. C & P AUTO: Seeks Court Approval to Hire Firas Law as Co-Counsel ---------------------------------------------------------------- C & P Auto Service Center, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Firas Law, LLC as co-counsel. The firm's services include: (a) draft, revise, and file the voluntary petition, schedules, statement of financial affairs, Chapter 11 plan, and disclosure statement; (b) attend and represent the Debtor at the Section 341 meeting of creditors and any other meetings, interviews, or reporting obligations required by the Office of the U.S. Trustee; (c) attend and represent the Debtor at plan confirmation hearings, status conferences, cash collateral hearings, and any other necessary hearings directly related to the progression of the Chapter 11 case; (d) negotiate with secured creditors and their agents regarding cash collateral orders, adequare protection, and the treatment of secured claims in the Chapter 11 plan. (e) prepare and review pleadings, stipulations, propose orders, and other docuemnts necessary to implement agreements reached in the Chapter 11 case; and (f) engage in negotiations with unsecured creditors and official committees (if applicable), as reasonably necessary to advance the Chapter 11 process, and as directed by the Debtor. Firas Abunada, Esq., the main attorney in this representation, will be billed at his hourly rate of $325. On or about September 22, 2025, the firm received an initial retainer of $5,000 from the Debtor's counsel. Mr. Abunada 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: Firas M. Abunada, Esq. Firas Law, LLC 7777 W. Lincoln Highway, Suite A Frankfort, IL 60423 Telephone: (815) 450-9340 Email: fma@firaslaw.com About C & P Auto Service Center Inc. C & P Auto Service Center Inc., operating under the trade name Weber Swift Car Care, provides automotive repair and maintenance services, including tire sales, routine maintenance, diagnostics, and general auto repairs. C & P Auto Service Center Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-15215) on October 2, 2025. In its petition, the Debtor reports estimated total assets of $10,600 and total liabilities of $1,717,076. Honorable Bankruptcy Judge Janet S. Baer handles the case. The Debtor is represented by David P. Lloyd, Esq., of David P. Lloyd, Ltd. CACHCOPA LLC: Court OKs Interim Use of Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, entered a second interim order granting Cachcopa, LLC authority to use cash collateral. The second interim order signed by Judge Caryl Delano authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and the expenses specifically authorized to be paid by any secured creditor holding an interest in the cash collateral. This authorization will continue until further order of the court. As adequate protection, secured creditors will be granted post-petition replacement liens, perfected automatically with the same priority and validity as their pre-bankruptcy liens. The Debtor must also maintain required insurance on its property in accordance with loan and security agreements. The final hearing is scheduled for November 19. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/74wW4 from PacerMonitor.com. Funders APP, LLC and Bizfund.com, LLC may have a lien on the cash collateral of the Debtor by virtue of the UCC-1 financing statement filed with the Pennsylvania Department of State. Both are entitled to a post-petition lien. As of August 26, the Debtor owed $48,134 and $132,637.04 to Funders APP and Bizfund.com, respectively. The value of the Debtor's assets was $196,726.79 as of the petition date. Funders APP is represented by: Alan C. Hochheiser, Esq. Maurice Wutscher, LLP 23611 Chagrin Blvd., Suite 207 Beachwood, OH 44122 Telephone: (216) 220-1129 Facsimile: (216) 472-8510 ahochheiser@mauricewutscher.com About Cachcopa LLC Cachcopa, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01657) on August 26, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Caryl E. Delano presides over the case. Erik Johanson PLLC represents the Debtor as bankruptcy counsel. CANACOL ENERGY: Moody's Cuts CFR to 'Ca', Outlook Negative ---------------------------------------------------------- Moody's Ratings downgraded Canacol Energy Ltd.'s (Canacol) Corporate Family Rating to Ca from Caa1. The Senior Unsecured Global Notes rating was also downgraded to Ca from Caa1. The outlook remained negative. RATINGS RATIONALE The downgrade of Canacol's ratings to Ca from Caa1 reflects the company's heightened liquidity risk as production remains below Moody's expectations despite its high capital investments and heightened refinancing risk that results from the company's aggressive approach toward financial policy and deleveraging. Liquidity remains tight, by the end of the third quarter, Moody's estimates the company had approximately $36 million in cash, while facing monthly amortization payments of $6.25 million under the Macquarie loan, coupon payments of about $15 million, and the need to preserve cash for operations and taxes. These factors significantly constrain financial flexibility and amplify liquidity risk. The Macquarie loan includes an acceleration clause triggered by sustained production declines below 130 million cubic feet per day for two consecutive months, which has already resulted in a shift to six monthly installments starting in September instead of quarterly payments beginning in December. This change, combined with reduced exposure to Colombia's spot market and lower realized prices due to contracted volumes, further pressures cash generation. While Canacol registered a production spike in late July—driven by reactivated fields— which helped mitigate covenant risks, negative free cash flow is expected to persist due to declining output, high capital spending, and annual cash taxes of about $50 million. Capital expenditures remain elevated, totaling $107.6 million in the first half of 2025, reflecting continued investment in new wells without increasing production. Additionally, the downgrade and negative outlook incorporates the risk that the company could pursue a transaction such as debt exchanges, repurchases, or other actions that would reduce debt at a substantial discount to par or make other changes that Moody's would consider a distressed exchange, which under Moody's definitions constitutes a default. The negative rating outlook is based on Moody's views that, without a successful drilling plan implemented in the next 12 months, the company's ambitious capital investment program could further tighten its liquidity, along with the current maturities as a result of the acceleration of the Macquarie loan. The negative outlook also reflects the risks of a debt restructuring that could result in a distress exchange. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of Canacol's ratings is unlikely given the current negative outlook. However, Moody's could upgrade Canacol's ratings if risks and uncertainties reduce significantly, and the company successfully increases its production levels and expands its reserves base, leading to higher EBITDA and improved liquidity. Moody's could downgrade Canacol's ratings if liquidity concerns further increase, or the company is unable to strengthen its credit metrics further increasing the risk of default on its financial obligations. PROFILE Canacol, with headquarters in Alberta, Canada, is an independent natural gas & oil exploration and production company in Colombia. As of June 2025, its total assets amounted to $1,240 million. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. Canacol's Ca ratings are three notches below the scorecard-indicated outcome of Caa1 for the twelve months ended June 30, 2025. The difference reflects weak liquidity and the risk of a distressed exchange, including debt repurchases or exchanges at a substantial discount to par, which Moody's views as a default. CARPENTER FAMILY: Gets Final OK to Use Cash Collateral ------------------------------------------------------ Carpenter Family Farms, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to use cash collateral to fund operations. The court's final order authorized the Debtor to use the cash collateral of secured lenders, First Farmers Bank & Trust and The Cooperative Finance Association, Inc., provided it operates in strict compliance with the budget (subject to a 10% variance). As adequate protection, First Farmers will be granted a replacement lien on all of the Debtor's assets, including Chapter 5 causes of action. It is also entitled to a superpriority administrative expense claim. Meanwhile, Cooperative Finance Association will be granted a replacement lien on the cash collateral, with the same validity, priority and extent as its pre-bankruptcy lien. This replacement lien is subject to First Farmer's senior liens. The final order is available at https://is.gd/GN6ABZ from PacerMonitor.com. First Farmers and Cooperative Finance Association hold a senior lien and junior lien on the cash collateral, respectively. The Debtor is unaware of any other creditor that might assert an interest in the cash collateral. As of October 8, the Debtor owed $10,879,915.24 to First Farmers. First Farmers is represented by: James E. Rossow, Jr., Esq. Blackwell, Burke, Fowler & Rossow, P.C. 101 West Ohio Street, Suite 1700 Indianapolis, IN 46204 Tel: 317-635-5005 jfowler@bbfr.law 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 September 12, 2025, listing between $1 million and $10 million in assets and between $10 million and $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. CENGAGE LEARNING: S&P Alters Outlook to Positive, Affirms 'B-' ICR ------------------------------------------------------------------ S&P Global Ratings revised the outlook on Cengage Learning Holdings II Inc. to positive from stable and affirmed the 'B-' issuer credit rating. The issue-level and recovery ratings are unchanged. The positive outlook reflects the potential for an upgrade if revenue and profitability stay broadly stable and S&P believes leverage will stay below 7x and FOCF to debt will be above 5% on a sustained basis. S&P said, "We expect Cengage Learning Holdings II Inc. to continue to expand EBITDA in fiscal 2026 due to an improved cost structure and growing U.S. higher education enrollment. We now anticipate its S&P Global Ratings-adjusted EBITDA margins will improve to about 24% based on the lower cost structure, the roll-off of restructuring expenses, and continued transition to digital product delivery and declines in print expenses. "As a result, we forecast leverage will decline to below 6.0x at the end of the fiscal year despite modest top-line growth in fiscal 2026. In addition, Cengage's free operating cash flow (FOCF) generation should improve to over 6%. "We expect Cengage's S&P Global Ratings-adjusted leverage to decline and remain at 5.5x-6.0x over the next 12 months. This reflects improved EBITDA generation due to a lower operating structure and favorable trends in U.S. higher education enrollment. As of June 30, 2025, Cengage's S&P Global Ratings-adjusted leverage was about 6x on a trailing-12-month basis. We treat the company's convertible preferred equity as a debt-like obligation. "Its cash flow generation has been hindered in the past 12-24 months by restructuring charges, leading to weak FOCF to debt of 0%-3%; however, we believe this will improve in fiscal 2026, with FOCF to debt increasing above 5% as one-time charges roll off. In the long term, we believe Cengage's leverage profile will depend on how it allocates excess available cash, specifically whether the company spends more on growth initiatives and/or dividends to its owners or uses excess cash to reduce outstanding reported debt "We forecast Cengage's revenue will grow by 3% in fiscal 2026, primarily due to strong U.S. higher education enrollment trends, continued demand for professional development and learning, and growth in digital sales. We expect Cengage Higher Education segment revenues to grow in the low- to mid-single-digit percent area, driven by positive trends in the U.S. higher education market, sustained digital momentum, and increased institutional sales, while the division continues to benefit from digital transition and expense savings. "We anticipate Cengage Work segment revenues will increase in the high-single-digit percent area, driven by strong demand for career-related skills and improved sales channels. We expect Cengage School segment revenues to decline modestly in fiscal 2026, primarily due to the adoption cycle and timing-related factors, while our much stronger outlook for fiscal 2027 is attributed to anticipated large-scale adoptions and strategic initiatives aimed at maximizing those opportunities. "Cengage's cost savings program and digital adoptions are driving overall margin expansion. We expect its current costs savings initiative to deliver cost savings of approximately $120 million over fiscals 2025 (ended March 31) and 2026. In addition, the increased sales of digital modality continue to improve EBITDA generation as digital products cost much less to distribute and do not have the same pricing pressures as a viable rental or resale market, nor does Cengage have to rely on campus bookstores to deliver the products. In addition to a larger used-books market cannibalizing sales of new products, print materials carry lower margins because the costs associated with production and updating the curriculum are greater. In fiscal 2025, Cengage's business was 79% digital, with a large base of renewals and recurring revenue to mitigate the volatility of economic cycles. As result, we expect S&P Global Ratings-adjusted EBITDA margins to expand to 24%-25% in fiscal 2026. "The positive outlook reflects our expectation that Cengage will continue to expand EBITDA in fiscal 2026 such that we believe that the company can sustainably maintain debt to EBITDA below 7x and FOCF to debt above 5%. S&P could revise its outlook to stable on Cengage over the next 12 months if S&P believes leverage will increase and remain above 7x. This would most like be due to: -- A deterioration in operating performance and cash flow; or -- Material shareholder distributions or large debt-financed acquisitions. S&P said, "We could raise the ratings on Cengage if the company increases revenues and EBITDA such that leverage declines to and remains below 7x and FOCF to debt remains above 5% (even with acquisitions and potential shareholder returns). We would also expect the company to significantly outperform our expectations for digital revenue growth, with margins reaching the mid-20% area." CHICAGO EDUCATION BOARD: Moody's Alters Outlook to Stable --------------------------------------------------------- Moody's Ratings has revised the Chicago Board of Education, IL's (Chicago Public Schools, CPS, the district) outlook to stable from positive. Concurrently, Moody's have affirmed the district's Ba1 issuer rating and the Ba1 ratings on the district's general obligation unlimited tax (GOULT) debt. At the close of fiscal 2024 (June 30 year-end), the district had approximately $7.9 billion in total outstanding general obligation unlimited tax (GOULT) debt. The revision of the outlook to stable reflects a reduced likelihood of an upward rating movement because the district's financial position is unlikely to continue improving at the pace it had been and could weaken without material changes to revenue or expenditures. The district's fiscal 2026 budget included material expenditure reductions and some one-time items that will maintain level reserves. The district still has a structural shortfall and will face a large budget gap materially exceeding $500 million going into the fiscal 2027 budget process. Officials have been seeking additional state revenue to balance operations while maintaining service levels, but the fall veto session adjourned without action on additional funding. The state has steadily increased aid each year. However, a boost significant enough to alter the district's financial trajectory, without major spending reductions, has yet to gain traction. RATINGS RATIONALE CPS' Ba1 issuer rating is constrained by its narrow general fund net cash position of about 1% of revenue, which heightens the urgency for CPS to find a structural solution to close a large budget gap for fiscal 2027 projected at over $500 million. Fully closing the gap will be challenging because it requires either material reductions to services, or additional state support. Inclusive of the debt service fund, which includes cash escrowed for debt service, net cash is still limited at just over 10% of revenue. The district's economic indicators are solid because it is coterminous with the city of Chicago. The district's revenue base is stable supported by consistent growth in property taxes and a harmless provision in the state aid formula, which sets minimum funding at no less than the prior year's level even if enrollment declines. The district's leverage and fixed costs ratios are high at nearly 400% of revenue and over 20% of revenue, respectively. The rating also considers that the district has demonstrated autonomy in decision making despite a majority of the board members being appointed by the Mayor of the City of Chicago. The GOULT rating is Ba1, the same as the issuer rating, based on the district's pledge of all available funds and its authority to levy an unlimited ad valorem property tax. RATING OUTLOOK The stable outlook is based on Moody's base case assumptions that there will not be a major reduction in federal aid and that state aid will not increase materially beyond what is currently included in the state budget. It also incorporates an expectation that the district will have sufficient short-term borrowing capacity to weather delays in property tax disbursements from Cook County for at least the next few months. If those assumptions hold, the district's financial position is unlikely to continue improving at the pace it has in recent years and could begin to erode. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Substantial and sustainable progress in reducing the district's structural budget gap. Potential gap closing measures could include a substantial increase in state aid, additional local revenue, or expenditure reductions -- Strong confidence that the district can maintain a net cash balance above current levels, including a materially positive general fund net cash position nearing 5% FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Material worsening of financial operations such as an increased use of cash flow borrowing, issuing debt for operations, or materially negative general fund net cash position -- A downside scenario in which a material portion of district federal aid is interrupted or reduced, there were any indications that the district's market access is weakening, or operating cash flow became strained PROFILE CPS is coterminous with the City of Chicago. The district has over 300,000 K-12 students inclusive of students served directly by CPS and those served by charter schools that are authorized and funded by CPS. The Chicago Board of Education is responsible for organizational and financial oversight of CPS. Starting in 2025, governance was transitioned to a 21-member board composed 11 members appointed by the mayor and 10 elected members in 2025 from what had previously been a 7-member board fully appointed by the mayor. In 2027, the board will transition to an all-elected board. METHODOLOGY The principal methodology used in these ratings was US K-12 Public School Districts published in July 2024. CINEMARK USA: Moody's Affirms B1 CFR & Alters Outlook to Positive ----------------------------------------------------------------- Moody's Ratings affirmed Cinemark USA, Inc.'s (Cinemark or the Company) B1 Corporate Family Rating, B1-PD Probability of Default Rating, Ba1 ratings on the Backed Senior Secured Bank Credit Facilities, and B2 ratings on the Senior Unsecured Notes. The outlook was changed to positive from stable. The Speculative Grade Liquidity (SGL) rating of SGL-1 remains unchanged. The change to a positive outlook reflects Cinemark's improving credit profile, supported by significantly lower and falling leverage, very good liquidity and free cash flow generation, and a strengthening market position. Leverage has declined to approximately 3.4x and free cash flow to debt is near 9% (both at Q2 LTM, Moody's adjusted, pro forma following the repayment of $460 million in convertible notes). Moody's expects both ratios to improve further over the next 12-18 months. Cinemark has demonstrated a consistent and strong track record of conservative financial policy and strong cost discipline which have helped manage a very challenging market over the last 5 years following the extended disruption caused by the pandemic, the union strikes in 2023, as well certain unfavorable structural changes in the market during this time. While the box office remains well below its peak in 2018, due in large part to a still strike-constrained slate, production volume is ramping again – helping to stage a slow but resilient recovery. This momentum, while at risk if unions strike again in 2026, is notable given the rapid growth of direct-to-consumer streaming services during this time. It's clear that nearly all major movie studios have considered and tested alternate window optioning, and have for the foreseeable future, decided the theatrical window and its distribution partners, remain a critical and very valuable asset in maximizing production returns. This commitment, coupled with what appears to be clear and durable demand evidenced by strong, pre-pandemic-like success for high-quality theatrical entertainment, suggests an enduring market. Unless there is massive, sudden, and unexpected shift in the behavior of both studios and movie-goers, Moody's believes Cinemark is well positioned to at worst, maintain its share of a market that will remain steady – if not rise modestly – supported by higher ticket and concession prices. RATINGS RATIONALE Cinemark's B1 CFR reflects unfavorable structural shifts (e.g. a shorter theatrical window and a material share of movies streamed direct to consumer either exclusively or on the same day and date as the theatrical release) and a still constrained volume of movies due to the lingering effects of the 2023 strikes. Strained relations between studios and movie creators (actors and writers in particular) remains a risk as unions continue to evaluate the threat of artificial intelligence to its members and the strength of its contract protections. Regardless, Cinemark's credit profile is supported by a conservative financial policy, robust liquidity, very good operating and cost discipline which produces steady profitability in the high 20% range (Moody's adjusted) and strong free cash flow. Leverage is low and falling, near approximately 3.4x (gross debt to EBITDA) and free cash flow to debt is near 9% (both Moody's adjusted as of Q2 LTM, pro forma for the repayment of the $460 million senior unsecured notes). The company also has an strong and established market position, as the third largest movie exhibitor in the US, with a steady and very meaningful share of the Latin American market. While well below the peak in 2018, the North American box office has staged a resilient recovery. Theatrical distribution remains an important window for movie studios, and demand is durable, evidenced by an estimated 770 million tickets expected to be sold in North America alone in 2025 (annualized, according to The Numbers). The positive outlook reflects Moody's expectations for revenue to grow by an average of at least low to mid-single digit percent annually, EBITDA margins to remain steady – in the high 20% range, producing $300 to $350 million in average annual free cash flow net of capital expenditures (in the mid to high-single digit percent of revenue) and dividends. Moody's expects the company to use a modest portion of free cash flow for share repurchases, but to otherwise build its cash reserves. Moody's expects leverage to improve, with modest EBITDA growth, approaching as low as 3.0x (Moody's adjusted, gross debt/EBITDA) absent debt-financed transactions. Moody's projections include certain key operating assumptions including flat to modestly rising attendance, steady market share, and a rise in ticket and concessions prices consistent with historical averages. Note: Unless otherwise stated, all figures noted above are Moody's adjusted, over the next 12-18 months. Cinemark's SGL-1 rating reflects very good liquidity over at least the next 12 months supported by solid cash balances (approximately $431 million at June 30, 2025, pro forma for the repayment of $460 million in convertible notes) and an undrawn $225 million revolving credit facility (RCF) maturing May 2028 (springing to April if the 5.25% notes due July 2028 are not fully repaid). Liquidity is further supported by positive FCF which Moody's projects could be $275 - $325 million over the next 12 months (Moody's adjusted). The RCF is subject to a springing first lien leverage test of 3.5x when the RCF is drawn. Moody's believes the company has some ability to generate alternate liquidity given a significantly unsecured capital structure. Based on the priority of claims, Moody's rate Cinemark's Backed Senior Secured Bank Credit Facilities Ba1 (LGD2), three notches above the B1 corporate family rating (CFR), given the lift provided by junior debt. The Senior Unsecured Notes are rated one notch below the CFR at B2 (LGD5), given their subordination to the senior claim priority of Backed Senior Secured Bank Credit Facilities. Instrumental-level ratings are based on a B1-PD PDR, in line with the CFR, reflecting the mix of bond and loan obligations, which Moody's expects would result in an average recovery in a distress scenario. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Moody's expects leverage to be sustained below 3.5x (Moody's adjusted, gross debt to EBITDA) and free cash flow as a percentage of total debt is sustained above high single digit percent (Moody's adjusted). An upgrade would also be conditional on Cinemark at least maintaining its market share, very good liquidity, and profitability, and market demand remains stable or increases evidenced by stable or rising box office attendance. Ratings could be downgraded if Moody's expects leverage to rise above 5.0x (Moody's adjusted, gross debt to EBITDA) or free cash flow as a percentage of total debt falls below mid-single digit percent (Moody's adjusted). The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Cinemark's B1 CFR is two notches below the Ba2 scorecard-indicated outcome due primarily to social risks, reflected in the S-3 Issuer Profile Score (IPS). The risks include exposures to both unfavorable demographic and social trends and human capital. The box office remains at risk due to unfavorable structural changes in the market, a constrained slate, and the material share of movies streamed direct to the consumer. Additionally, relations with creative talent (writers and actors and their unions, in particular) can be strained due to the disruptive threat of AI which has led to recent strikes. Future strikes remain possible which could be disruptive to the box office. Headquartered in Plano, Texas, Cinemark USA, Inc. is a wholly-owned subsidiary of Cinemark Holdings, Inc., a leading movie exhibitor that operates 497 theatres and 5,653 screens worldwide with 304 theatres and 4,255 screens in the US across 42 states and 193 theatres and 1,398 screens across 13 countries in Latin America. Revenue totaled approximately $3.2 billion for the twelve months ended June 30, 2025. CME FITNESS: Gets Final OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, issued a final order granting CME Fitness, LLC's motion to use cash collateral. All prior interim orders granting the motion are now final. The Debtor's cash collateral includes, without limitation, cash on hand and accounts receivable. As of the petition date, the Debtor had approximately $14,655.21 in a deposit account with JP Morgan Chase. The Debtor owes approximately $433,488.14 to Navitas Credit Corp., a secured creditor, which filed a UCC financing statement in December 2023. The Debtor disputes that secured creditor has control of its deposit account in the manner required by Sections 679.3121 and 679.3141 of the Florida Statutes. Navitas is represented by: Eric B. Zwiebel, Esq. Emanuel & Zwiebel, PLLC 7900 Peters Road Building B, Suite 100 Plantation, FL 33324 Phone: (954) 424-2005 Fax: (954) 533-0138 eric.zwiebel@emzwlaw.com About CME Fitness LLC CME Fitness, LLC is a fitness company based in Winter Springs, Florida. CME Fitness sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04821) on July 2, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $100,000 and $500,000 in liabilities. Judge Grace E. Robson handles the case. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC is the Debtor's bankruptcy counsel. COEUR MINING: Moody's Puts 'B2' CFR Under Review for Upgrade ------------------------------------------------------------ Moody's Ratings placed Coeur Mining, Inc.'s ("Coeur") ratings on review for upgrade, including its B2 corporate family rating, its B2-PD probability of default rating, and the B3 rating on its senior unsecured notes. Previously, the outlook was stable. The rating action follows announcement of a definitive agreement for Coeur to acquire New Gold Inc. ("New Gold") in a $7 billion all-equity transaction. The transaction is subject to various approvals and is expected to close in the first half of 2026. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Coeur's ratings were placed on review for upgrade based on the potential for a stronger credit profile for the combined company. The combined company will have a larger, more diversified asset base in North America. The acquisition adds two mines - one gold and silver, the other gold and copper - to Coeur's portfolio, both located in Canada, which is typically viewed as a low-risk mining jurisdiction. The combined company should generate strong EBITDA and free cash flow at current gold, silver and copper prices. The review will conclude once the transaction has closed and there is clarity on the combined company's capital structure and capital allocation policy. Coeur Mining, Inc. is a mid-tier gold and silver producer. The company's producing properties include Las Chispas silver-gold mine in Mexico, Rochester silver-gold mine in Nevada, Palmarejo gold-silver complex in Mexico, Wharf gold mine in South Dakota and Kensington gold mine in Alaska. The company also owns the Silvertip project (silver-zinc-lead) in Canada. Coeur generated about $1.7 billion of revenue in the LTM period ending September 30, 2025. The principal methodology used in these ratings was Mining published in April 2025. The scorecard indicated outcome is Ba2, which is three notches above the B2 CFR. The CFR places greater emphasis on Coeur's smaller scale and relatively shorter mine life. COEUR MINING: S&P Places 'B+' ICR on Watch Pos. on New Gold Deal ---------------------------------------------------------------- S&P Global Ratings placed all its ratings on Chicago-based Coeur Mining Inc., including the 'B+' issuer rating, on CreditWatch with positive implications. S&P expects to resolve the CreditWatch upon transaction close and after a detailed review of the combined business, its proposed capital structure, and financial policy. Coeur Mining has signed a definitive agreement to acquire all the issued and outstanding shares of Toronto-based New Gold Inc. in an all-equity transaction valued at approximately $7 billion. The acquisition will strengthen Coeur's competitive position through increased scale and operating breadth, adding two mining operations that bring the total asset base to seven mines concentrated in less risky jurisdictions. S&P expects stronger earnings and cash flow from the combined entity given declining capital expenditure and a favorable outlook for gold, silver, and copper prices. S&P said, "We see the potential for a higher rating on Coeur. Stronger business characteristics and an improved earnings profile for the combined entity could result in a higher business assessment. The transaction would increase Coeur's operating assets to seven mines from five and improve product diversity and operational efficiency. It adds meaningful copper volumes and creates a lower cost profile. We view the transaction as transformative because it will almost double Coeur's production volume to 1.25 million gold equivalent ounces. The combined entity would also generate about 82% of revenues in the relatively stable mining jurisdictions of U.S. and Canada. However, like many mergers in mining, we do not expect significant operational synergies. Mining assets are often isolated, which can preclude the asset-level cost savings that often characterize takeovers in other sectors. Mergers in mining improve portfolio breadth and corporate sustainability by adding reserves and resources. "We expect the integration of New Gold will be accretive to EBITDA, cash flow, and credit quality, especially given declining capital expenditure and a favorable price outlook for gold, silver, and copper. Coeur's rolling-12-months leverage as of Sept. 30, 2025, was below 1x and New Gold's was 1.1x. Leverage for the combined entity could remain below 1.5x upon close given the proposed all-equity financing, subject to shareholder and other regulatory approvals. "The CreditWatch with positive implications reflects the likelihood that we could raise the ratings on Coeur, potentially by more than one notch, at transaction close, based on the proposed terms. We expect to resolve the CreditWatch by the first half of 2026, the announced expected closing." CORE SCIENTIFIC: Reaches Deal w/ SPAC Investors to Settle Suit -------------------------------------------------------------- Emilie Ruscoe of Law360 reports that Core Scientific, a bankrupt cryptocurrency mining company, has agreed to pay $14.75 million to settle proposed class action claims brought by an investor in the special purpose acquisition company that merged with the miner in a $4.3 billion deal. The investor alleged that the merger documents and public disclosures misrepresented Core Scientific's financial strength and exposure to market volatility, according to the report. Law360 said that court filings in Texas indicate that the settlement aims to resolve accusations that Core Scientific and the SPAC, Power & Digital Infrastructure Acquisition Corp., failed to fully disclose operational and energy cost risks before finalizing the merger. The investor argued that these omissions misled shareholders about the company's long-term stability and profitability. Pending court approval, the agreement would resolve litigation launched in 2022 and provide compensation to investors impacted by the alleged misstatements. Core Scientific entered Chapter 11 in December 2022 after plummeting Bitcoin prices and high energy costs eroded its liquidity and profitability, the report states. About Core Scientific Core Scientific, Inc. (OTCMKTS: CORZQ) is the largest U.S. publicly-traded Bitcoin mining company in computing power. Core Scientific, which was formed following a business combination in July 2021 with blank check company XPDI, is a large-scale operator of dedicated, purpose-built facilities for digital asset mining colocation services and a provider of blockchain infrastructure, software solutions and services. Core mines Bitcoin, Ethereum and other digital assets for third-party hosting customers and for its own account at its six fully operational data centers in North Carolina (2), Georgia (2), North Dakota (1) and Kentucky (1). Core was formed following a business combination in July 2021 with XPDI, a blank check company. In July 2022, one of the Company's largest customers, Celsius Mining LLC, filed for Chapter 11 bankruptcy in New York. With low Bitcoin prices depressing mining revenue to a record low, Core Scientific first warned in October 2022 that it may have to file for bankruptcy if the company can't find more funding to repay its debt that amounts to over $1 billion. Core Scientific did not make payments that came due in late October and early November 2022 with respect to several of its equipment and other financings, including its two bridge promissory notes. Core Scientific and its affiliates filed petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-90341) on Dec. 21, 2022. As of Sept. 30, 2022, Core Scientific had total assets of US$1.4 billion and total liabilities of US$1.3 billion. Judge Christopher M. Lopez oversees the cases. The Debtors hired Weil, Gotshal & Manges, LLP as legal counsel; PJT Partners, LP as investment banker; and AlixPartners, LLP as financial advisor. Stretto is the claims agent. A group of Core Scientific convertible bondholders is working with restructuring lawyers at Paul Hastings. Meanwhile, B. Riley Commercial Capital, LLC, as administrative agent under the Replacement DIP facility, is represented by Choate, Hall & Stewart, LLP. On Jan. 9, 2023, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel and Ducera Partners, LLC as investment banker. The U.S. Trustee for Region 7 appointed an official committee of equity security holders. The equity committee is represented by Vinson & Elkins, LLP. CORPORATE AIR: Seeks to Hire Babst Calland Clements as Co-Counsel ----------------------------------------------------------------- Corporate Air LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Babst, Calland, Clements and Zomnir, P.C. as co-counsel. The firm's services include: (a) providing legal advice including corporate and business advice with respect to the Debtors' powers and duties as debtors in possession in the continued operation of their businesses, management of their properties and how to accomplish the Debtor's goals in connection with the prosecution of these cases; (b) assisting Klehr Harrison in preparing and pursuing confirmation of a plan and approval of a disclosure statement; (c) assisting Klehr Harrison with the preparation, on behalf of the Debtors, necessary applications, motions, answers, orders, reports, and other legal papers; (d) appearing in Court, at depositions, and at any meeting with the U.S. Trustee and any meeting of creditors at any given time on behalf of the Debtors as their co-counsel; (e) providing assistance, advice, and representation concerning any investigation of the assets, liabilities, and financial condition of the Debtors that may be required under local, state, or federal law or orders of this or any other court of competent jurisdiction; (f) taking all necessary actions to protect and preserve the Debtors' estates, including representing the Debtors in negotiations concerning corporate and litigation matters in which the Debtors are involved; and (g) performing all other services assigned by the Debtors, in consultation with Klehr Harrison, as co-counsel to the Debtors, and to the extent that Babst Calland determines that such services fall outside of the scope of services historically or generally performed by Babst Calland as co-counsel in a bankruptcy proceeding, Babst Calland will file a supplemental declaration pursuant to Bankruptcy Rule 2014. Babst Calland's current hourly rates are: Attorneys $270 to $945 Paralegals $195 to $340 The firm received a retainer in the amount of $150,000. Kevin Douglass, Esq., a shareholder at Babst Calland, assured the court that the firm is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. Babst Calland can be reached through: Kevin K. Douglass, Esq. Two Gateway Center 603 Stanwix Street STE 600 Pittsburgh, PA 15222 Tel: (412) 394-5400 Fax: (412) 394-6576 Email: kdouglass@babstcalland.com About Corporate Air LLC Corporate Air, LLC provide flight training, aircraft rental (including charter services), maintenance, and fixed-base Operator services in Pennsylvania and Colorado, operating facilities that support charter flights, pilot training, and related airport operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Court (Bankr. W.D. Pa. Lead Case No. 25-22602) on September 29, 2025. In the petition signed by David Nolletti, chief restructuring officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge John C. Melaragno oversees the case. The Debtors tapped Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg, LLP as general bankruptcy counsel; Kevin Douglass, Esq., at Babst, Calland, Clements and Zomnir, P.C., as co-bankruptcy counsel; Riveron Management Services, LLC as financial advisor; and Omni Agent Solutions, Inc. as noticing, claims, and solicitation agent. CORUS ENTERTAINMENT: DBRS Cuts Issuer Rating to SD, Trend Neg. -------------------------------------------------------------- DBRS Limited downgraded Corus Entertainment Inc.'s (Corus or the Company) Issuer Rating to Selective Default (SD) from B (low) with a Negative trend. Morningstar DBRS also downgraded Corus' Senior Unsecured Notes rating to Default (D) from CCC (high) with a Negative trend. Additionally, Morningstar DBRS discontinued Corus' Recovery Rating on the Senior Unsecured Notes. The downgrades follow Corus' announcement of a proposed recapitalization (the Transaction) that will be implemented through a corporate Plan of Arrangement in proceedings under the Canada Business Corporations Act. Among other things, the Transaction involves: (1) the exchange of $750 million aggregate of current senior unsecured notes ($250 million of current senior unsecured notes due 2030 and $500 million of current senior unsecured notes due 2028) for $250 million of second lien secured notes with a six-year maturity date in an equal aggregate principal amount and the remaining $500 million of current unsecured notes exchanged for common shares of a newly formed corporation (NewCo) that are expected to represent 99% of all of the issued and outstanding shares of NewCo (NewCo Shares) on a nondiluted basis and will be the only class of shares of NewCo outstanding after closing; (2) redemption of the Company's existing secured term loan, which will be fully redeemed at par value, and the Company will issue new first-lien senior secured notes in the aggregate principal amount of $300 million with a five-year maturity date; (3) the Company's existing secured revolving credit facility will be replaced, or amended and restated, into a new, first-lien $125 million secured revolving credit facility; (4) all accrued but unpaid interest on the senior unsecured notes will be paid in cash on closing; (5) all of the Company's outstanding Class A Voting Shares and Class B Non-Voting Shares (collectively, the Existing Shares) will be exchanged on a 1:1 basis for NewCo Shares that are expected to represent, in aggregate, 1% of all of the issued and outstanding shares of NewCo, on a nondiluted basis; and (6) the Company will apply to the Toronto Stock Exchange (TSX) to have NewCo Shares substituted for the Company's Class B Non-Voting Shares with the result that, subject to the approval of the TSX and the satisfaction of customary listing conditions, the NewCo Shares will be publicly traded on the TSX. In connection with the proposed Transaction, the Company has entered into an amendment, consent, and waiver agreement with all lenders under the senior credit facility. Further, Corus has indicated that it has support from over 74% of the holders of the Company's $750 million senior unsecured notes and the Shaw Family Living Trust, which indirectly holds over 80% of the Class A Voting Shares of the Company. The proposed Transaction is not expected to affect any other obligations of the Company, and Corus will continue to satisfy its obligations to employees, suppliers, customers, and governmental authorities in the ordinary course of business. Notes: All figures are in Canadian dollars unless otherwise noted. CORUS ENTERTAINMENT: S&P Downgrades ICR to 'CC', Outlook Negative ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Toronto-based, diversified integrated media and content company Corus Entertainment Inc. to 'CC' from 'CCC-'. S&P said, "At the same time, we lowered our issue-level ratings on the company's senior secured term loan to 'CC' from ' CCC+'. We also lowered our issue-level rating on Corus' unsecured debt to 'C' from 'CC'. "The negative outlook reflects that we will lower the issuer credit rating to 'D' or 'SD' if Corus executes the envisaged restructuring, or if the company stops servicing its debt according to the original schedule." Corus Entertainment Inc. announced a proposed recapitalization transaction. The company has received the support of all lenders under the senior credit facility and debtholders representing 74% of senior unsecured notes. The proposed transaction will lead to a balance sheet debt reduction of $500 million and potentially up to $40 million in cash interest reduction. S&P said, "We expect Corus's default to be a virtual certainty. The default will arise from the execution of the proposed transaction. We view it as a distressed debt exchange and tantamount to default, as the obligations will not be fulfilled as originally promised. "Corus entered into an agreement to execute a debt restructuring and recapitalization that we would consider a distressed debt exchange and tantamount to a default. On Nov. 3, 2025, Corus announced its plans for a recapitalization transaction with support from lenders under its senior credit facility, over 74% of its $750 million senior unsecured note holders and the Shaw Family Living Trust, which indirectly holds more than 80% of the Class A Voting Shares. Under the proposed transaction, the company's existing secured term loan will be fully redeemed at par value and replaced with first-lien senior secured notes in aggregate principal amount of $300 million with a five-year maturity date. $250 million of the senior notes will be settled in exchange for second lien secured notes with a six-year maturity date. $500 million of the senior notes will be exchanged for common shares of a newly formed corporation (NewCo) that we expect will represent 99% of all of the issued and outstanding shares of NewCo. "Current Class A and Class B shareholders of Corus will own the remaining 1% of NewCo. In our view, under the proposed transaction, debtholders will receive less value than the original promise. We also note that the offer stems from a distressed situation--rather than opportunistic--given the continued decline in consolidated revenues. "As of August 2025, the company's liquidity position was about $94.6 million, inclusive of $59.6 million cash on balance sheet and $35 million availability under its revolver. In October 2025, Corus amended the credit agreement to increase commitment under the company's revolving facility to $125.0 million from $75 million. We expect Corus will keep access to its $125 million revolving credit facility until this transaction is completed. However, we expect its cash flow generation to deteriorate due to weak EBITDA performance, ongoing spending on TV programs, and elevated interest expense." Decline in linear TV advertising eroded company's credit metrics, rendering its current capital structure unsustainable absent a successful recapitalization. Despite significant cost-saving efforts in fiscal 2025, S&P Global Ratings-adjusted EBITDA fell sharply to $115.8 million from $218.2 million, increasing leverage to 9.9x from 5.0x. The company also burned $33 million of free operating cash flow (FOCF) during the same period. S&P said, "We expect the ongoing decline in linear television advertising to persist through 2026, and when considered alongside Corus's approximately $130 million in annual interest, we expect it would face significant cash flow deficit and tightened liquidity in 2026." S&P said, "However, if approved by regulators, we expect the proposed recapitalization transaction will reduce total debt by approximately $500 million and lower annual cash interest expense by up to $40 million, thereby enhancing the company's financial flexibility and improving its long-term sustainability. "The negative outlook reflects that we will lower the issuer credit rating to 'D' or 'SD' if Corus executes the envisaged restructuring, or if the company stops servicing its debt according to the original schedule." CORVIAS CAMPUS: Dec. 11 Combined Disclosures, Plan Hearing ---------------------------------------------------------- A hearing to consider final approval of the adequacy of disclosures in, and confirmation of, the Combined Disclosure Statement and Plan filed by Corvias Campus Living – USG, LLC, will be held on December 11, 2025, at 11:00 a.m. (prevailing Eastern Time) before the Honorable Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware. Only Holders of Claims in Class 3 and Class 4 are entitled to vote to accept or reject the Plan. Holders of a Claim against the Debtor as of November 3, 2025, and in a Voting Class, the deadline by which Ballots accepting or rejecting the Plan must be received is December 1, 2025, at 4:00 p.m. (prevailing Eastern Time). A challenge to the Debtor's classification of a claim must be filed through a motion for an order temporarily allowing the claim in a different classification or amount for voting purposes on or before December 1, 2025, at 4:00 p.m. (prevailing Eastern Time). The deadline for filing objections to the Plan is December 1, 2025, at 4:00 p.m. (prevailing Eastern Time). Any objection must be served upon: Counsel for the Debtor: MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor Wilmington, DE 19801 Attn: Derek C. Abbott, Esq. Email: dabbott@morrisnichols.com Attn: Matthew O. Talmo, Esq. Email: mtalmo@morrisnichols.com Counsel to the Prepetition Secured Noteholders: EVERSHEDS SUTHERLAND (US) LLP 1114 Avenue of Americas New York, NY 10036 Attn: Todd C. Meyers, Esq. Email: ToddMeyers@eversheds-sutherland.com Attn: Renee M. Dailey, Esq. Email: ReneeDailey@eversheds-sutherland.com Attn: John Ramirez, Esq. Email: JohnRamirez@eversheds-sutherland.com -- and -- POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, DE 19801 Attn: Jeremy W. Ryan, Esq. Email: jryan@potteranderson.com Attn: James R. Risener III Email: jrisener@potteranderson.com Counsel to BOR: TROUTMAN PEPPER LOCKE LLP 600 Peachtree Street, NE Suite 3000 Atlanta, GA 30308 Attn: Gary W. Marsh, Esq. Email: Gary.Marsh@troutman.com -- and -- TROUTMAN PEPPER LOCKE LLP Hercules Plaza, Suite 1000 1313 N. Market Street PO Box 1709 Wilmington, DE 19899-1709 Attn: David M. Fournier, Esq. Email: David.Fournier@troutman.com Counsel to the Corvias Parties: GOULSTON & STORRS PC One Post Office Square, 25th Floor Boston, MA 02109 Attn: Douglas B. Rosner, Esq. Email: drosner@goulstonstorrs.com Attn: Timothy J. Carter, Esq. Email: tcarter@goulstonstorrs.com -- and -- LANDIS RATH & COBB LLP 919 Market Street, Suite 1800 Wilmington, DE 19801 Attn: Adam G. Landis, Esq. Email: landis@lrclaw.com Attn: Colin R. Robinson, Esq. Email: robinson@lrclaw.com The U.S. Trustee: Timothy J. Fox, Esq. – timothy.fox@usdoj.gov About Corvias Campus Living-USG Corvias Campus Living-USG, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214 on June 25, 2025, listing between $10 million and $50 million in assets and between $500 million and $1 billion in liabilities. Thelma Edgell, president of Corvias, signed the petition. Judge Laurie Selber Silverstein oversees the case. Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, LLP, represents the Debtor as legal counsel. CREATIVE STARS: Court Extends Cash Collateral Access to Nov. 14 --------------------------------------------------------------- Creative Stars Academy, LLC received another extension from the U.S. Bankruptcy Court for the District of Minnesota to use cash collateral. The court order extended the Debtor's authority to use cash collateral from October 29 until the next hearing on November 14 to fund operations in accordance with its supplemental budget. Creditors with pre-bankruptcy liens, including Fora Financial Business Loans, LLC and Mint Funding, Inc., will be granted replacement liens on the Debtor's post-petition assets, with the same validity and priority as their pre-bankruptcy liens. These replacement liens exclude Chapter 5 causes of action and their proceeds. The Debtor must also complete all pending service requirements before the final hearing, and its principal must appear in person prepared to discuss current financial conditions. Creative Stars Academy's cash collateral is estimated at $15,039 on the petition date. The Debtor's business is experiencing liquidity shortages due to challenges arising from COVID-19 and severe mold issues at one of its locations. These problems led to the Debtor falling behind on tax obligations, and subsequently, state taxing authorities began levying revenues received through Minnesota's Child Care Assistance and Compensation Programs. In response, the Debtor took out high-interest loans from several merchant cash advance lenders, including Fora Financial and Mint Funding. About Creative Stars Academy LLC Creative Stars Academy, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-33151) on October 3, 2025. In the petition signed by Jillaine Mertens, owner, the Debtor disclosed up to $50,000 in assets and up to $1million in liabilities. Judge Mychal A. Bruggeman oversees the case. Jeffrey Butwinick, Esq., at Butwinick Law Office, represents the Debtor as legal counsel. DANGER HART: Seeks to Hire Michael H. Moody Law as Legal Counsel ---------------------------------------------------------------- Danger Hart Hospitality, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ the Michael H. Moody Law, PA as counsel. The firm's services include: (a) provide legal advice with respect to the Debtor's powers and duties in the continued operation of its business and management of its property; (b) negotiate, draft, and pursue all document necessary in this Chapter 11 case; (c) prepare on behalf of the Debtor legal papers necessary to the administration of its estate; (d) appear in Court and protect the interests of the Debtor before the Court; (e) assist with any disposition of the Debtor's assets, by sale or otherwise; (f) negotiate and take all necessary or appropriate actions in connection with any Chapter 11 plan and all related documents thereunder and transactions contemplated therein; (g) attend meetings and negotiate with representatives of creditors, the United States Trustee, and other parties-in-interest; (h) provide legal advice regarding bankruptcy law, corporate law, corporate governance, securities, employment, transactional, tax, labor, litigation, intellectual property and other issues to the Debtor in connection with its ongoing business operations; (i) take all necessary actions to protect and preserve the Debtor's estate; (j) perform other legal services for, and provide other necessary legal advice to, the Debtor, which may be necessary and proper in this Chapter 11 Case. The firm will be paid at these hourly rates: Attorneys $450 Paralegals $285 In addition, the firm will seek reimbursement for expenses incurred. The firm received a post-petition retainer of $20,000 from the Debtor. Michael Moody, Esq., a counsel at the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Moody, Esq. Michael H. Moody Law, PA 1350 Market Street, Suite 224 Tallahassee, FL 32312 Telephone: (850) 739-6970 Email: Michael.Moody@MichaelHMoodyLaw.com About Danger Hart Hospitality Danger Hart Hospitality, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40409) on August 27, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Michael Howard Moody, Esq., at Michael H. Moody Law PA represents the Debtor as counsel. DDJ INC: Seeks Approval to Tap Jim Jopling as Bankruptcy Counsel ---------------------------------------------------------------- DDJ, Inc., LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Jim Jopling, Esq., an attorney practicing in El Paso, Tex., as counsel. The attorney will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its properties; (b) review the various contracts heretofore entered by the Debtor and determine which contracts should be rejected and assumed; (c) represent the Debtor in collection of its accounts receivable, if needed; (d) prepare on behalf of the Debtor necessary legal documents required for reorganization; (e) assist the Debtor in formulation and negotiation of a Plan with its creditors in these proceedings; (f) review all presently pending litigation in which the Debtor is a participant, recommend settlement of such litigation which the attorney deems to be in the best interest of the estate, and make an appearance as lead trial counsel in all litigation which the attorney believes should be continued, if needed; (g) review the transactions of the Debtor prior to the filing of the Chapter 11 proceedings to determine what further litigation, if any, pursuant to the Bankruptcy Code, or otherwise, should be filed on behalf of the estate; (h) examine all tax claims filed against the Debtor, contest any excessive amounts claimed therein, and structure a payment of the allowed taxes which conforms to the Bankruptcy Code and Rules; and (i) perform all other legal services of the Debtor, which may be necessary herein. The attorney will be billed at $300 per hour for his services. Paralegal is to be compensated at the rate of $120 per hour. Mr. Jopling disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Jim K. Jopling, Esq. 521 Texas Ave. El Paso, TX 79901 Telephone: (915) 541-6099 Email: jim@joplinglaw.com About DDJ Inc. LLC DDJ, Inc., LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-31269) on Oct. 1, 2025. In its petition, the Debtor disclosed under $1 million in both estimated assets and liabilities. Honorable Bankruptcy Judge Christopher G. Bradley handles the case. The Debtor is represented by Jim K. Jopling, Esq. DEDICATION & EVERLASTING: Trustee Taps Jo Ellen Vasquez as CPA -------------------------------------------------------------- Todd Frealy, the Chapter 11 trustee for Dedication & Everlasting Love To Animals, received approval from the U.S. Bankruptcy Court for the Central District of California to hire Jo Ellen Vasquez, C.P.A. to prepare 2024 audit. Ms. Vasquez will be preparing and submitting the annual audit to the State of California. The CPA's hourly rate is $150. Ms. Vasquez assured the court that she is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Ms. Vasquez can be reached at: Jo Ellen Vasquez, C.P.A. 43334 Shady Hollow Lane Lancaster, CA 93536 Phone/Fax: (661) 722-3123 About Dedication & Everlasting Love To Animals Dedication & Everlasting Love To Animals (D.E.L.T.A. Rescue) operates a no-kill, care-for-life animal sanctuary in Acton, Calif. Founded in 1979, the organization rescues abandoned dogs and cats, providing lifelong shelter and medical care across a 115-acre facility. It is privately funded and not open to the public. Dedication & Everlasting Love To Animals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-13881) on May 9, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Judge Neil W. Bason handles the case. The Debtor is represented by William R. Hess, Esq., at the Law Offices of William R. Hess. DEVONSHIRE DELAWARE: Ceases Operations; Jan. 9 Claims Deadline Set ------------------------------------------------------------------ Devonshire Delaware, Inc., has ceased operations and is dissolving. Secured claims against the corporation must be received by January 9, 2026, and sent to: Lewis Brisbois Bisgaard & Smith LLP c/o Rafael X. Zahralddin, Esq. 500 Delaware Avenue, Suite 700 Wilmington, Delaware 19807 Email: Devonshire.Claims@lewisbrisbois.com DHUKAM GHAR: Hires Scura Wigfield Heyer & Cammarota as Counsel -------------------------------------------------------------- Dhukam Ghar, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Scura, Wigfield, Heyer, Stevens & Cammarota, LLP as counsel. The firm will render these services: (a) advise the Debtor regarding its powers and duties in the operation of its business; (b) represent the Debtor in bankruptcy matters and adversary proceedings; and (c) perform legal services for the Debtor necessary to the bankruptcy. The firm will be paid at these hourly rates: Partners $550 Associates $395 Law Clerks $275 Paralegals $195 Legal Assistants $150 David Stevens, Esq., an attorney at Scura, Wigfield, Heyer, Stevens & Cammarota, 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: David L. Stevens, Esq. Scura, Wigfield, Heyer, Stevens & Cammarota, LLP 1599 Hamburg Turnpike Wayne, NJ 07470 Telephone: (973) 696-8391 Email: dstevens@scura.com About Dhukam Ghar LLC Dhukam Ghar, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-20999) on Oct. 16, 2025, listing up to to $10 million in assets and up to $500,000 in liabilities. Judge John K. Sherwood oversees the case. David L. Stevens, Esq., at Scura, Wigfield, Heyer, Stevens & Cammarota, LLP serves as the Debtor's counsel. DIOCESE OF ALEXANDRIA: Reaches Deal w/ Abuse Claimants in Ch. 11 ---------------------------------------------------------------- James Nani of Bloomberg Law reports that the Diocese of Alexandria in central Louisiana has reached a preliminary settlement with a group of clergy sexual abuse claimants, marking a key step forward in its ongoing bankruptcy reorganization. The tentative deal was announced during a Wednesday, November 5, 2025, hearing in the US Bankruptcy Court for the Western District of Louisiana. According to diocesan attorney Francis H. LoCoco, the agreement was negotiated with lawyers representing most of the abuse survivors and centers on using the church’s insurance coverage as the primary funding source for victim compensation. The deal could lay the foundation for a broader reorganization plan aimed at resolving claims and moving the case toward conclusion. About Diocese of Alexandria Diocese of Alexandria in Louisiana, established as the Diocese of Natchitoches on July 29, 1853, by Pope Pius IX and later relocated to Alexandria, serves as the ecclesiastical authority for the Catholic Church in north-central Louisiana. Headquartered at 4400 Coliseum Boulevard and led by Bishop Robert W. Marshall Jr., it encompasses 50 parishes and 21 mission churches across 13 civil parishes, with St. Francis Xavier Cathedral as its cathedral church. The Diocese operates as a Louisiana non-profit religious corporation and 501(c) (3) organization, providing spiritual, educational, and charitable services to roughly 36,228 Catholics across an 11,108-square-mile area. Diocese of Alexandria sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-31257) on October 31, 2025. In its petition, the Debtor reports total assets of $16,667,411 and total liabilities of $9,467,288. Honorable Bankruptcy Judge John S. Hodge oversees the case. The Debtor is represented by Bradley L. Drell, Esq. of GOLD, WEEMS, BRUSER, SUES & RUNDELL. DITECH HOLDING: Campbell Can't Alter Florida Stay Relief Order -------------------------------------------------------------- The Honorable James L. Garrity, Jr. of the United States Bankruptcy Court for the Southern District of New York denied Robert Campbell's motion to alter or amend a stay relief order pursuant to Rule 59(e) of the Federal Rules of Civil Procedure. On January 24, 2014, Green Tree Servicing LLC (the predecessor to Ditech Financial, LLC), recorded a Writ of Fieri Facias (the "Judgment Lien") against real property located at 7097 Riverside Drive NW, Sandy Springs, Georgia 30328 (the "Property"). In April 2018, Bank of America, N.A., as senior lienholder against the Property, conducted a non-judicial foreclosure sale of the Property to Najarian Capital LLC. At that time, Tahitha Baker Cote and Michael James Bourff held the Property as joint tenants with the right of survivorship, and Cote was a debtor in a case under chapter 13 of the Bankruptcy Code in the Florida Bankruptcy Court. In conducting the foreclosure sale, BoA did not seek or obtain relief from the automatic stay in the Chapter 13 Case. On February 11, 2019, approximately ten months after the 2018 Foreclosure Sale, the Debtors commenced these Chapter 11 Cases. Under Georgia law, the 2018 Foreclosure Sale extinguished the Judgment Lien, and any other interest in the Property that the Debtors hypothetically held prior to the Petition Date (as Green Tree's successor, or otherwise). Accordingly, on the Petition Date, none of the Debtors held an interest in the Property, and legal title to the Property vested in Najarian, as the purchaser at the 2018 Foreclosure Sale -- not the Debtors. In March 2019, the Florida Bankruptcy Court granted BoA's request for nunc pro tunc relief from the automatic stay in the Chapter 13 Case (the "Florida Stay Relief Order"), effectively validating the 2018 Foreclosure Sale. In March 2020, Najarian conveyed the Property to the Georgia Plaintiffs pursuant to a Limited Warranty Deed. Campbell Motion Campbell contends that he is a secured creditor of the Debtors in the Chapter 11 Cases based upon an unrecorded pre-petition Assignment of Judgment Lien (Writ of Fieri Facias) from Bourff dated January 20, 2019. In the Campbell Motion, Campbell sought an order declaring that the Florida Bankruptcy Court violated the automatic stay in these Chapter 11 Cases when it entered the Florida Stay Relief Order in the Chapter 13 Case, and that the order, and the Property transfers to Najarian pursuant to the 2018 Foreclosure Sale, and by Najarian to the Georgia Plaintiffs pursuant to the Limited Warranty Deed, are void and unenforceable. The Court denied the motion. The Court found that Campbell lacks standing to bring the motion because he does not hold a cognizable interest in the Debtors' estates or these proceedings. Rule 59(e) Motion Campbell argues that he is entitled to relief under Rule 59(e) because the Court committed "manifest error of law" in determining the Judgment Lien was extinguished and that Campbell is not a secured creditor in these Chapter 11 Cases. He contends that he qualifies as a "creditor" with a "claim" under sections 101(5) and 101(10) of the Bankruptcy Code, as his claim was reduced to judgment, liquidated, fixed, matured, undisputed, legal, and secured on the Petition Date. The Court finds Campbell is not entitled to relief under Rule 59(e) because he has not identified any intervening change in controlling law or clear error that warrants altering or amending the Campbell Order. Instead, the Rule 59(e) Motion largely rehashes arguments previously considered and rejected by the Court, as Campbell continues to assert that the Judgment Lien was not extinguished and, based on his purported interest in the lien, he is a secured creditor of the Debtors. A copy of the Court's Memorandum Decision and Order dated November 6, 2025, is available at https://urlcurt.com/u?l=dYO5vB from PacerMonitor.com. Attorneys for Sheila Ann Gibson, Jordan A. Cole, and Courtney M. Cole: David J. Wolkenstein, Esq. FIDELITY NATIONAL LAW GROUP 711 Third Avenue, 8th Floor New York, NY 10117 E-mail: David.Wolkenstein@fnf.com. Attorneys for Plan Administrator: Richard W. Slack, Esq. Sunny Singh, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, NY 10153 E-mail: richard.slack@weil.com sunny.singh@weil.com About Ditech Holding Corporation Ditech Holding Corporation and its subsidiaries -- http://www.ditechholding.com/-- were an independent servicer and originator of mortgage loans. Based in Fort Washington, Pennsylvania, the Debtors serviced a diverse loan portfolio. Ditech Holding and certain of its subsidiaries, including Ditech Financial LLC and Reverse Mortgage Solutions, Inc., filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 19 10412) on Feb. 11, 2019, after reaching terms with lenders of a Chapter 11 plan that will reduce debt by $800 million. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel, Houlihan Lokey as investment banker and AlixPartners LLP as financial advisor. Epiq Bankruptcy Solutions LLC served as claims and noticing agent. Kirkland & Ellis LLP and FTI Consulting Inc. served as the consenting term lenders' legal counsel and financial advisor, respectively. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Debtors' cases on Feb. 27, 2019. The creditors' committee tapped Pachulski Stang Ziehl & Jones LLP as its legal counsel and Goldin Associates, LLC, as its financial advisor. On May 2, 2019, the U.S. trustee appointed an official committee of consumer creditors. The consumers committee tapped Quinn Emanuel Urquhart & Sullivan, LLP, as counsel and TRS Advisors LLC, as financial advisor. On Sept. 26, 2019, the Bankruptcy Court confirmed Ditech's Chapter 11 bankruptcy plan, which became effective four days later. EDB INVESTMENTS: Gets OK to Use Cash Collateral Until Nov. 19 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered an interim order authorizing EDB Investments, LLC to use cash collateral. The interim order authorized limited use of cash collateral through November 19 in accordance with the Debtor's budget, subject to a 10% variance. As adequate protection, secured creditors will be granted replacement liens on the cash collateral and any property acquired by the Debtor after its Chapter 11 filing that is similar to their pre-bankruptcy collateral. The order is available at https://is.gd/q6jnSP from PacerMonitor.com. A final hearing is scheduled for November 18. The Debtor's assets consist of cash deposits, equipment, restaurant furniture, inventory, food product and general intangibles worth approximately $35,000. Proceeds of the collateral constitute cash collateral of secured creditors. The Debtor has several merchant cash advance loans with these creditors that assert a security interest in its assets: Vox Funding, LLC, Everest Business Funding, First Data Merchants Services, LLC, Revenued, LLC, G and G Funding Group, Funding Metrics LLC, WebBank, and Timeless Funding, LLC. Based on the Illinois Secretary of State UCC's filings, the claims of these creditors total $362,453.24. Vox Funding holds a first priority lien and a $52,670.24 claim. About EDB Investments LLC EDB Investments, LLC, doing business as D.A.'s Corn Beef Stand, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-16172) on October 21, 2025. Janice Seyedin serves as Subchapter V trustee. At the time of the filing, the Debtor listed up to $50,000 in assets and between $500,001 and $1 million in liabilities. Gregory K. Stern, Esq., at Gregory K. Stern, P.C. represents the Debtor as legal counsel. EDGE DOCUMENT: Gets Final OK to Use Cash Collateral --------------------------------------------------- Edge Document Solutions, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Indiana to use cash collateral. The final order authorized the Debtor to use cash collateral to fund operations in accordance with its budget. As adequate protection, ODK Capital, LLC and other secured creditors will be granted replacement liens of the same nature, extent and priority as their pre-bankruptcy liens retroactive to the petition date, along with Section 507(b) claims for any diminution in collateral value. A copy of the final order is available at https://is.gd/FYnlBf from PacerMonitor.com. Edge's assets consist primarily of personal property, including office equipment, goodwill, software, and cash collateral. The cash collateral may include cash, cash equivalents, receivables, deposits, and inventory. Aside from ODK Capital, other potential creditors on the cash collateral based on the Debtor's preliminary review of UCC filings are Core Funding Source, LLC; Dependence Platinum, also known as Express Capital Solutions; Fox Capital Group, LLC; and LG Funding, LLC. The Debtor is unaware of any other creditors asserting an interest and believes ODK Capital holds the first lien position. About EDGE Document Solutions LLC EDGE Document Solutions, LLC provides print and digital document management solutions for clients in education, municipal, and commercial sectors. It develops and integrates software systems for eDocuments and electronic content management while continuing to support traditional print and mailing needs such as checks and forms. EDGE Document Solutions filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06350) on October 17, 2025, listing total assets of $112,146 and total liabilities of $1,198,635. Judy Wolf Weiker of Manewitz Weiker Associates, LLC is the Subchapter V trustee. Honorable Bankruptcy Judge James M. Carr handles the case. . The Debtor is represented by John Allman, Esq., at Hester Baker Krebs, LLC. EIHSUM INCORPORATED: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------------ Eihsum Incorporated filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York on November 6, 2025. According to court documents, the company listed liabilities estimated between $100,001 and $1 million. Eihsum Incorporated also reported having between 1 and 49 creditors. About Eihsum Incorporated Eihsum Incorporated operates in the real estate industry. Eihsum Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-23069) on November 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Kyu Young Paek handles the case. EL DORADO SENIOR: Quality of Care Maintained, 7th PCO Report Says ----------------------------------------------------------------- Fay Gordon, the State Long-Term Care Ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of California her seventh report regarding the quality of patient care provided at El Dorado Senior Care, LLC's assisted care living facility. The Long-Term Care Ombudsman Program (LTCOP) representatives conducted comprehensive site visits to all facilities on August 14 and 28, and September 26. During these visits, they interacted with all residents and staff who were available, including facility Administrator Jennifer Hinch and Resident Care Coordinator Serge Entona. Topics of discussion included resident care, residents' rights, and the facility's pest control program. During the reporting period for October, the LTCOP representatives observed that the facility had an adequate number of staff, including administrative and direct care personnel. Based on observations made, LTCOP representatives have no concerns about the staff's ability to provide adequate services to current and prospective residents. The LTCOP representatives also conducted a comprehensive review of the facility, examining the indoor and outdoor areas to ensure the health and safety of the residents. The facilities appeared clean and well-maintained, with no unpleasant odors. Adequate levels of food, clean linens and supplies were noted. In general, the LTCOP representatives have not noticed a decrease in the quality of care at the six facilities included in this case. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=JsDeJm from PacerMonitor.com. About El Dorado Senior Care El Dorado Senior Care, LLC, a company in El Dorado Hills, Calif., owns and operates community care facilities for the elderly. El Dorado filed voluntary petition for Chapter 11 protection (Bankr. E.D. Calif. Case No. 24-22208) on May 21, 2024, with $3,420,371 in assets and $3,127,562 in liabilities. Benjamin L. Foulk, owner and manager, signed the petition. Judge Fredrick E. Clement oversees the case. D. Edward Hays, Esq., at Marshack Hays Wood, LLP, serves as the Debtor's legal counsel. Lisa Holder, a practicing attorney in Bakersfield, Calif., is the Chapter 11 trustee appointed in the Debtor's case. The trustee hired Pino & Associates as general bankruptcy counsel and Ratzlaff Tamberi & Gill, LLP as accountant. EL SABOR: Seeks to Hire Raymond W. Verdi Jr. as Legal Counsel ------------------------------------------------------------- El Sabor Dominicano Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ The Law Office of Raymond W. Verdi, Jr., Esq. as counsel. The firm will provide these services: (a) assist the Debtor in preparing and filing schedules statements, monthly financial statements, and other necessary and appropriate documents; (b) prepare and file, on behalf of the Debtor, all motions, applications, documents in connections with adversary proceedings, and proposed orders or other legal papers; (c) appear at all appropriate meetings and before any appropriate forum in order to represent and protect the interests of the Debtor and the estate; (d) explain to the Debtor its responsibilities in a case under Chapter 11, and ensure insofar as practicable that it complies with its responsibilities; (e) represent the Debtor in its negotiations with secured and unsecured creditors, and committees who may be appointed in the case; (f) assist the Debtor in formulating a plan of reorganization and disclosure statement; and (g) perform such other further legal services for the Debtor which may be necessary herein. The firm will be paid at these hourly rates: Members $475 Paralegals/Legal Assistants $125 The firm received a retainer of $15,000 from the Debtor. Raymond Verdi, Jr., Esq., an attorney at the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Raymond W. Verdi, Jr., Esq. The Law Office of Raymond W. Verdi, Jr., Esq. 178 East Main Street Patchogue, NY 11772 Telephone: (516) 380-9064 About El Sabor Dominicano Corp. El Sabor Dominicano Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73680) on September 25, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Alan S Trust presides over the case. The Debtor is represented by the Law Office of Raymond W. Verdi, Jr., Esq. ELLUCIAN HOLDINGS: $150MM Loan Add-on No Impact on Moody's 'B3' CFR ------------------------------------------------------------------- Moody's Ratings said that Ellucian Holdings Inc.'s B3 corporate family rating, B3-PD probability of default rating, the B2 rating on the company's senior secured first-lien bank credit facilities, the B2 rating on the senior secured notes, and the Caa2 rating on the senior secured second-lien term loan are unaffected by the $150 million fungible add-on to the existing first-lien senior secured term loan. The outlook remains unchanged at stable. On November 05, 2025, Ellucian announced its intention to raise $150 million additional debt through a fungible add-on to its existing first-lien term loan to fund a shareholder distribution, increasing its debt/EBITDA leverage by about 0.5x, to approximately 9.2x from 8.7x for the twelve months ended September 30, 2025. The transaction is credit negative because it adds to Ellucian's already heavy debt burden and reduces financial flexibility at the time of significant uncertainties in the higher-ed and the regulatory environment. It also signals the company's willingness to favor shareholders over creditors and maintain aggressive financial strategies. This is the company's third debt-funded distribution within the past year. In November 2024 and July 2025, the company funded two distributions totaling $675 million with additional debt. Pro forma for the pending distribution, financial sponsors have reduced their original equity by more than 30%. While the transaction is credit negative, Moody's believes that Ellucian's good growth prospects, along with a track record of deleveraging through earnings growth and positive free cash flow generation, provide rating support. Moody's anticipates the company will sustain organic revenue and EBITDA growth of 3-5% over the next 12-18 months, and its debt/EBITDA will decrease to the low-8.0x by end of 2026. Ellucian is a provider and host of administrative ERP and SIS solutions to a wide range of higher education institutions, including universities, community colleges, and technical schools. Product offerings, deployed on-premise or in the cloud via SaaS or managed cloud models, include software for human resources, finance and accounting functions, student transcript data, course registration, and, to a smaller extent, student-lifecycle management. Moody's expects Ellucian's annual revenue to approach $1.1 billion in 2025. The company is majority owned by affiliates of Blackstone Inc. and Vista Equity Partners. EMPIRE CORE: Court Extends Cash Collateral Access to Dec. 19 ------------------------------------------------------------ Empire Core Group, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral to fund operations. The court extended the Debtor's authority to use cash collateral from November 7 to December 19 in line with its budget, subject to a 15% variance. The court recognized that the U.S. Small Business Administration holds a first-priority lien on all of the Debtor's assets, securing a debt of approximately $150,020, and Orange Bank & Trust Company holds subordinate liens, securing debts totaling roughly $1.78 million across two loan agreements. Several other creditors, including Bondex Insurance Company and International Fidelity Insurance Company, also claimed liens on the Debtor's assets, pending further investigation. The Debtor's officers, CEO Florim Lajqi and CFO Justin Kerker, affirmed that they receive compensation solely from the Debtor and that all budgeted expenses relate exclusively to the Debtor's operations. As adequate protection, the court granted replacement liens to the secured creditors, with the same priority as their pre-bankruptcy liens, excluding any recovery from Chapter 5 avoidance actions. These liens are automatically perfected as of the petition date and subordinate only to court-approved carveouts, including trustee and professional fees. The Debtor must also make monthly interest payments of $469 to the SBA. The Debtor's authority to use cash collateral terminates upon conversion or dismissal of its Chapter 11 case; confirmation of a bankruptcy plan, or modification of the interim order without the secured creditors' consent. A copy of the interim order and the Debtor's budget is available at https://is.gd/PTStCF from PacerMonitor.com. Orange Bank & Trust Company is represented by: Robert B. Hunter, Esq. 212 Dolson Avenue Middletown, NY 10940 Office: (845) 341-5000 Direct: (845) 341-5163 bhunter@orangebanktrust.com About Empire Core Group LLC Empire Core Group LLC formed in September 2014, is a construction management and general contracting firm that specializes in redeveloping existing properties and building new projects across the New York metropolitan area. The Company has worked with major real estate owners and operators including Blackstone Group, Rockpoint, Compass Rock, Graystar, AIMCO, Brooksville Company, CW Capital, Fortress, and The Dermot Company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-22894) on September 22, 2025. In the petition signed by Florim Lajqi, CEO and member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sean H. Lane oversees the case. Erica Aisner, Esq., at Kirby Aisner & Curley, LLP, represents the Debtor as legal counsel. ENNIS I-45: Court Extends Cash Collateral Access to Nov. 30 ----------------------------------------------------------- Ennis I-45 11 Acre, LLC received a one-month extension from the U.S. Bankruptcy Court for the Northern District of Texas to use its secured creditors' cash collateral. The court's eighth interim order authorized the Debtor to use up to $36,858.21 in cash collateral for the period from November 1 to 30 to pay the expenses set forth in its budget. As adequate protection for the Debtor's use of their cash collateral, Real Estate Holdings, LLC and Bay Point Capital Partners II, LP will receive replacement liens on property currently owned or to be acquired by the Debtor, excluding Chapter 5 causes of action. The replacement liens will have the same priority as the secured creditors' pre-bankruptcy liens, subject to the fee carveout. In case of any diminution in the value of their collateral, the secured creditors will be granted an allowed superpriority administrative expense claim against the Debtor's estate. The next hearing is scheduled for November 12. Real Estate Holdings, LLC and Bay Point hold first lien and second lien, respectively, on all assets of the Debtor. About Ennis I-45 11 Acre Ennis I-45 11 Acre, LLC (doing business as Ennis Luxury RV Resort) is an upscale RV park located just outside of Dallas, Texas, in Ennis. Ennis I-45 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31219) on April 1, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The petition was signed by John McGaugh as manager. Kyung S. Lee, Esq., at Shannon and Lee, LLP is the Debtor's legal counsel. Real Estate Holdings, LLC, as secured creditor, is represented by: Marc W. Taubenfeld, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard St., Suite 4000 Dallas TX 75201 Telephone: (214) 855-7523 Facsimile: (214) 855-7585 mtaubenfeld@munsch.com Bay Point Capital Partners II, LP, as secured creditor, is represented by: Jeff P. Prostok, Esq. Emily S. Chou, Esq. J. Blake Glatstein, Esq. Vartabedian Hester & Haynes, LLP 301 Commerce St., Suite 3635 Fort Worth, TX 76102 Telephone: (817)214-4990 Facsimile: (214)817) 214-4988 Jeff.prostok@vhh.law Emily.chou@vhh.law Blake.glatstein@vhh.law ENVOCORE HOLDING: OFS Capital Marks $3.9MM 2L Loan at 66% Off ------------------------------------------------------------- OFS Capital Corporation has marked its $9,351,000 loan extended to Envocore Holding, LLC (F/K/A LRI Holding, LLC) to market at $3,196,000 or 34% of the outstanding amount, according to OFS Capital's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a Second Lien Loan to Envocore Holding, LLC (F/K/A LRI Holding, LLC). The loan accrues interest at a rate of 10.00% PIK per annum. The loan matures on December 31, 2028. OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company's investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. The Company may make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB. OFS Capital is led by Bilal Rashid as Chief Executive Officer and Kyle Spina as Chief Financial Officer. The Fund can be reach through: Bilal Rashid OFS Capital Corporation 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Tel. No.: (847) 734-2000 About Envocore Holding, LLC (F/K/A LRI Holding, LLC) Envocore is dedicated to the growth and success of the energy solutions market. At Envocore, it delivers smarter energy solutions that create lasting impact. EVENTIDE CREDIT: Trustee Taps Phelanlaw as Special Counsel ---------------------------------------------------------- Mark Andrews, the Chapter 11 trustee of Eventide Credit Acquisitions, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ PHELANLAW as special counsel. The firm will be assisting the Trustee in the litigation of the matters in dispute as between the Debtor and the Consumer Borrowers, specifically limited to: a. The allowability of the Consumer Borrowers' claims; and b. The nationwide class certification of the Consumer Borrowers. The firm will be paid at its standard hourly rates. Robin Phelan, Esq., disclosed in a court filing that his firm neither holds nor represents any interest adverse to the Debtor and its bankruptcy estate. The firm can be reached through: Robin E. Phelan, Esq. PHELANLAW 4214 Woodfin Drive Dallas, TX 75220 Phone: (214) 704-0222 Email: robin@phelanlaw.org About Eventide Credit Acquisitions, LLC Eventide Credit Acquisitions, LLC, a Dallas-based company, filed voluntary Chapter 11 petition (Bankr. N.D. Tex. Lead Case No. 23-90007) on Sept. 6, 2023. On October 9, 3023, its affiliate, BWH Texas LLC, filed its voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code. In the petition signed by Matt Martorello, manager, Eventide Credit disclosed up to $100 million in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped Forshey Prostok as bankruptcy counsel and Donlin, Recano & Company, Inc. as notice, claims and balloting agent. EVENTIDE CREDIT: Trustee Taps Vartabedian Hester as Special Counsel ------------------------------------------------------------------- Mark Andrews, the Chapter 11 trustee of Eventide Credit Acquisitions, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Vartabedian Hester & Haynes LLP as special counsel. The firm will be assisting the Trustee in the litigation of the matters in dispute as between the Debtor and the Consumer Borrowers, specifically limited to: a. The allowability of the Consumer Borrowers' claims; and b. The nationwide class certification of the Consumer Borrowers. The firm will be paid at its standard hourly rates. Robin Phelan, Esq., disclosed in a court filing that his firm neither holds nor represents any interest adverse to the Debtor and its bankruptcy estate. The firm can be reached through: Jeff P. Prostok, Esq. Suzanne K. Rosen, Esq, VARTABEDIAN HESTER & HAYNES LLP 301 Commerce Street, Ste. 2200 Fort Worth, TX 76102 Tel: (817) 877-4990 Fax: (817) 214-4998 Email: jeff.prostok@vhh.law suki.rosen@vhh.law About Eventide Credit Acquisitions, LLC Eventide Credit Acquisitions, LLC, a Dallas-based company, filed voluntary Chapter 11 petition (Bankr. N.D. Tex. Lead Case No. 23-90007) on Sept. 6, 2023. On October 9, 3023, its affiliate, BWH Texas LLC, filed its voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code. In the petition signed by Matt Martorello, manager, Eventide Credit disclosed up to $100 million in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped Forshey Prostok as bankruptcy counsel and Donlin, Recano & Company, Inc. as notice, claims and balloting agent. EXCELIN HOME: OFS Capital Marks $6.8MM 2L Loan at 24% Off --------------------------------------------------------- OFS Capital Corporation has marked its $6,806,000 loan extended to Excelin Home Health, LLC to market at $5,206,000 or 76% of the outstanding amount, according to OFS Capital's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a Second Lien Loan to Excelin Home Health, LLC. The loan accrues interest at a rate of 18.00% PIK per annum. The loan matures on October 1, 2026. OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company's investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. The Company may make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB. OFS Capital is led by Bilal Rashid as Chief Executive Officer and Kyle Spina as Chief Financial Officer. The Fund can be reach through: Bilal Rashid OFS Capital Corporation 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Tel. No.: (847) 734-2000 About Excelin Home Health, LLC Excelin Health owns and operates several quality home health agencies across the country. FAIR OFFER: To Sell Tuscumbia Property to Blake Swinney ------------------------------------------------------- Fair Offer Cash Now Inc. seeks permission from the U.S. Bankruptcy Court for the Middle District of Tennessee, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's real property includes the real property at 1119 Catalpa Street, Tuscumbia, AL 35674 (Property), and the Debtor has a fee simple 100% ownership interest in the Property. On October 22, 2025, the Debtor entered in a Purchase and Sale Agreement (PSA) for the sale of the Property, which was subsequently amended to adjust the PSA to a different purchase price on November 3, 2025. The Property was purchased subject to a first mortgage held by Trustmark National Bank in which an agreed order was entered on July 28, 2025 granting relief from stay. Counsel for the Debtor has shared the PSA and amendment thereto with counsel for Trustmark National Bank and it is the hope of the parties that the foreclosure sale date can be continued to permit the sale to be completed and the lien held by Trustmark National Bank to be paid in full. Further, due to pending adversary proceedings, and bona fide disputes that exists, the net proceeds shall be remitted to the law firm of Lefkovitz & Lefkovitz, PLLC to be held in escrow until a Statement of Sale has been filed with the Court clarifying the distribution of proceeds. The purchase and sale agreement is with Blake Swinney and is in the amount of $193,000.00. The contemplated transaction is an arms-length transaction, and the Buyer is not an insider of the Debtor. The purchase price is the result of extensive negotiations and is the highest and best offer that the Debtor has received. The Debtor, exercising its business judgment, believes that the sale of the Property to the Purchaser is in the best interest of the bankruptcy estate. Therefore, Debtor requests authority to close the sale. Out of the $193,000 purchase price, the Debtor is estimating buyer’s real estate commissions and closing costs and credits in the approximate amount of $13,580.00, seller concessions in the amount of $4,800, a first lien to be satisfied held by Trustmark National Bank in the approximate amount of $125,000, which leaves approximately $49,620.00 in net proceeds available for the Debtor's estate from the closing of the sale of the Property. The matter needs to be heard on an expedited basis to expedite the closing and minimize the risk of losing the potential buyer, a pending foreclosure in which the parties hope we will be continued or canceled and the fact that the closing is presently scheduled to occur on or before November 22, 2025. About Fair Offer Cash Now, Inc. Fair Offer Cash Now owns 27 properties all located in Alabama, Kentucky, Missouri, Tennessee, Georgia and Mississippi having a total current value of $4.94 million. Fair Offer Cash Now, Inc. in Murfreesboro, TN, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Tenn. Case No. 24-03495) on Sept. 11, 2024, listing $4,942,400 in assets and $4,783,400 in liabilities. Bradley Smotherman as president, signed the petition. Judge Charles M Walker oversees the case. LEFKOVITZ & LEFKOVITZ serves as the Debtor's legal counsel. FAMILY SOLUTIONS: Trustee Taps Beau Box Commercial as Estate Broker ------------------------------------------------------------------- George Sanderson III, the trustee appointed in the Chapter 11 case of Family Solutions of Ohio, Inc., seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Beau Box Commercial Real Estate, LLC as real estate broker. The trustee needs a broker to list, market, and sell the Debtor's property located at 2798 O'Neal Lane, Building D. Baton Rouge, Louisiana. The broker will receive a commission of 6 percent of the purchase price, which commission may be split with a buyer's broker. Beau Box, a real estate agent at Beau Box Commercial Real Estate, 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: Beau J. Box Beau Box Commercial Real Estate, LLC 5500 Bankers Avenue Baton Rouge, LA 70808 Telephone: (225) 2237-3343 About Family Solutions of Ohio Family Solutions of Ohio, Inc. in Wake Forest, NC, filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.C. Case No. 24-03043) on Sept. 5, 2024, listing as much as $1 million to $10 million in both assets and liabilities. John Hopkins, Jr., vice president, signed the petition. Judge Pamela W. McAfee oversees the case. Hendren, Redwine & Malone, PLLC serves as the Debtor's counsel. George Sanderson III was appointed as trustee appointed in this Chapter 11 case. The trustee tapped The Sanderson Law Firm, PLLC and Hendren, Redwine & Malone, PLLC as bankruptcy counsel and Calfee, Halter & Griswold LLP as special purpose counsel. FIVE STAR: Ordered to Review Alternative DIP Package ---------------------------------------------------- Ben Zigterman of Law360 reports that during a first-day hearing on Thursday, November 6, 2025, a Texas bankruptcy judge instructed Five Star Development LLC -- the developer behind the stalled Ritz-Carlton Paradise Valley project -- to evaluate an alternative Chapter 11 financing offer from one of its prepetition lenders, despite the debtor's allegations of fraud against that lender. The company was ordered to return to court on Friday after reviewing the proposal. The directive came as Five Star sought approval for new financing to sustain operations during its bankruptcy proceedings. The judge indicated that examining multiple funding options, including those from disputed lenders, could help ensure the best outcome for creditors and the bankruptcy estate, the report states. About Five Star Development Properties LLC Five Star Development is a leading commercial real estate developer with a nearly five-decade track record delivering transformative, high-value projects across the Southwest. Since 1978, the Company has developed, constructed, and managed more than 20 million square feet of residential, hospitality, retail, office, and industrial real estate, representing more than $3.5 billion in investment. Today, the Five Star's portfolio includes more than 7 million square feet of income-producing properties under active ownership and management. Five Star Development sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90608) on November 4, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $50,000. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Nicholas J. Hendrix, Esq. of O'Melveny & Myers LLP GBOGBARA INC: Seeks to Hire Maxwell Dunn as Bankruptcy Counsel -------------------------------------------------------------- Gbogbara, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Maxwell Dunn, PLC as counsel. The firm will provide these services: (a) prepare petition, schedules and statements and any amendments; (b) prepare client for duties while in a Chapter 11 bankruptcy; (c) attend the Initial Debtor Interview scheduled by the Office of the U.S. Trustee, attendance at any initial status conference as directed by the court, and attendance at the Sec. 341 meeting of creditors; (d) draft and prepare first day motions, employment applications, and other related pleadings; (e) attend the 60-day status conference and all other hearings appurtenant to Subchapter V of Chapter 11; (f) manage the receipt, review, and filing of Monthly Operating Reports and other required filings; (g) prepare applications for compensation of MDPLC and any other professionals employed by the estate; (h) prepare pleadings related to sale applications or valuation motions; (i) attend hearings and meetings not otherwise designated; (j) negotiate with creditors regarding critical aspects of the Chapter 11 proceeding and the confirmation process; (k) consult with the Debtor regarding the Chapter 11 proceeding and advising the responsible party; (l) consult with professionals the estate may need to hire; (m) prepare the Combined Plan and Disclosure Statement and service upon creditors; (n) file and represent during any adversary proceedings that may arise; and (o) provide all other responsibilities and duties of counsel not specified. Compensation will be paid based upon the attorneys' prevailing hourly rates, subject to court approval, plus reimbursement of necessary expenses. Prior to filing, the Debtor paid counsel $10,000 for prepetition services and the $1,738 filing fee. Maxwell Dunn, PLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Alexander J. Berry-Santoro, Esq. MAXWELL DUNN, PLC 2937 E. Grand Blvd., Ste. 308 Detroit, MI 48202 Telephone: (248) 246-1166 E-mail: aberrysantoro@maxwelldunnlaw.com About Gbogbara Inc. Gbogbara, Inc. is a full-service pharmacy with three locations in Michigan. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-49970) on October 3, 2025. In the petition signed by Lenyie Ngbogbara, sole shareholder, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Mark A. Randon oversees the case. Alexander J. Berry-Santoro, Esq., at Maxwell Dunn PLC, represents the Debtor as legal counsel. GEORGES REALTY: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Georges Realty, LLC 100 Carl Drive, #11A Manchester, NH 03103 Business Description: Georges Realty, LLC manages and leases real estate properties across multiple locations and is classified under NAICS 5311. Chapter 11 Petition Date: November 4, 2025 Court: United States Bankruptcy Court District of New Hampshire Case No.: 25-10779 Debtor's Counsel: William S. Gannon, Esq. WILLIAM S. GANNON PLLC 740 Chestnut Street Manchester, NH 03104 Tel: 603-621-0833 E-mail: bgannon@gannonlawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Wilsony Georges signed the petition as manager. 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/3EAAPCI/Georges_Realty_LLC__nhbke-25-10779__0001.0.pdf?mcid=tGE4TAMA GEORGES REALTY: Seeks Subchapter V Bankruptcy in New Hampshire -------------------------------------------------------------- Georges Realty LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of New Hampshire on November 4, 2025. According to the bankruptcy petition, the company listed liabilities valued between $1 million and $10 million. It also reported having between 1 and 49 creditors. The filing indicates that the company is seeking to restructure its financial obligations while maintaining operations under court supervision. About Georges Realty LLC Georges Realty LLC is a limited liability company. Georges Realty LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10779) on November f, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Kimberly Bacher handles the case. The Debtor is represented by William S. Gannon, Esq. of William S. Gannon PLLC. GEORGIA BEAR: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------- Georgia Bear Mountain Hideaway LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Central District of California on November 4, 2025. According to the filing, the company reported liabilities were listed in the range of $1 million to $10 million. The petition also indicates that the company has between 1 and 49 creditors. About Georgia Bear Mountain Hideaway LLC Georgia Bear Mountain Hideaway LLC is a single asset real estate company. Georgia Bear Mountain Hideaway LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17973) on November 4, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Richard Morton, Esq. GEORGIA K. BODE: Court Rejects Summary Judgment, Wants Discovery ---------------------------------------------------------------- Judge Neil W. Bason of the United States Bankruptcy Court for the Central District of California denied Georgia K. Bode's motion for partial summary judgment in the adversary proceeding captioned as Georgia K. Bode, Plaintiff(s) v. Robert G. Luna, Sheriff Of Los Angeles, County; Antonio Leon; Citibank N.A.; Defendant(s), Adv. No. 2:24-ap-01273-NB (Bankr. C.D. Calif.). On March 21, 2024, a $12,448,222.95 judgment was entered against Plaintiff/Debtor and in favor of Defendant Antonio Leon ("Judgment Creditor"). Plaintiff/Debtor has appealed the Judgment. On August 8, 2024, the Los Angeles Sheriff, at Judgment Creditor's request, levied on funds and investments in deposit accounts maintained in the name of Plaintiff/Debtor, and/or her late husband, at JP Morgan Chase, Citibank, and Wells Fargo. JPMC, Citibank and Wells Fargo turned over a combined total of $1,338,683.74 in funds to the levying officer. The Levied Funds did not include funds in four accounts that Plaintiff/Debtor and/or her late husband held at JP Morgan Securities, LLC ("JPMS"). On August 28, 2024, Plaintiff/Debtor submitted a claim of exemption to the levying officer claiming the Levied Funds fully exempt. Judgment Creditor opposed Plaintiff/Debtor's claims of exemption with respect to funds turned over from JPMC and Citibank. On September 30, 2024, the State Court ruled that $384,143.02 of the Levied Funds held in the Citibank account were exempt social security and pension funds that had to be returned to Plaintiff/Debtor and denied Plaintiff/Debtor's claim of exemption with respect to funds in the JPMC account. Plaintiff/Debtor has also appealed the State Court's exemption order. The State Court has not made any determinations with respect to the funds in the Wells Fargo account or the funds held by JPMS. Plaintiff/Debtor's latest Bankruptcy Schedule C asserts the following exemptions, among others, under the California Code of Civil Procedure and Sec. 522: (A) JMPS account ending 945 belonging to Plaintiff/Debtor's late husband ("Inherited IRA") (100% of the $2,351,040.32 value); (B) JPMS [no account number is provided, but the Bankruptcy Court presumes Plaintiff/Debtor intended to claim an exemption in the account ending 950] ("Debtor IRA") (100% of the $886,833.64 value); (C) JPMS account ending 731 ("JMPS 731 Account") (100% of the $668,109.63 value). Plaintiff/Debtor seeks partial summary judgment in her favor on the following issues: (A) Inherited IRA (JPMS 945): That the funds in the Inherited IRA are exempt pursuant to CCP 704.110; (B) Debtor IRA (JPMS 950): That the funds in the Debtor IRA are exempt pursuant to Sec. 522(b)(3); (C) JPMS 731 Account: That $564,902.02 of the funds in the JPMS 731 Account, plus the earnings thereon since the deposit dates of these funds, are exempt pursuant to CCP sections 703.080 and 704.110 and Sec. 522(b)(3); (D) DIP Account (JPMC 123): That $132,901.48 of the funds being held in a debtor-in-possession account at JPMC with an account ending in 123 ("JMPC 123"), which represent the combined required minimum distributions for Plaintiff/Debtor and her late husband for 2024 from the Inherited IRA and Debtor IRA, are exempt pursuant to CCP sections 703.080 and 704.110 and Sec. 522(b)(3); (E) Lien Avoidance: Finding any liens asserted by Judgment Creditor against (x) the Inherited IRA and Debtor IRA, (y) the (allegedly) exempt funds in the JMPS 731 account, and (z) the (allegedly) exempt funds in JPMC 123 DIP account impair Plaintiff/Debtor's claimed exemptions and may be avoided under Sec. 522(f). The Bankruptcy Court finds Plaintiff/Debtor has failed to carry her burden of proof to show the absence of any genuine disputes of material fact (x) that the funds in the Inherited IRA, Debtor IRA, JPMS 731 Account, and DIP Account are exempt or (y) that she is entitled to turnover because Judgment Creditor's liens impair her exemptions. Additionally and alternatively, even if Plaintiff/Debtor had carried her initial burdens of proof (she has not), it would be improper for the Bankruptcy Court to grant partial summary adjudication at this time because Judgment Creditor has not been given an adequate opportunity to conduct discovery to obtain evidence with which to support his claim(s) and/or defense(s). A copy of the Court's Memorandum Decision dated November 4, 2025, is available at https://urlcurt.com/u?l=GV3VbB from PacerMonitor.com. Georgia K. Bode filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 24-19904 ) on December 4, 2024, listing under $1 million in both assets and liabilities. The Debtor is represented by David Zolkin, Esq. GFW PROPERTIES: Seeks to Hire Davis Ermis & Roberts PC as Counsel ----------------------------------------------------------------- GFW Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Davis, Ermis & Roberts, PC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of the business and management of its property; (b) prepare on behalf of the Debtor necessary legal papers; and (c) perform all other legal services for the Debtor which may be necessary. The firm will be paid at these hourly rates: Craig Davis, Esq. $650 Legal Assistants $120 Mr. Davis disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Craig D. Davis, Esq. Davis, Ermis & Roberts, PC 2000 E. Lamar Blvd., Ste 780 Arlington, TX 76006 Telephone: (972) 263-5922 Facsimile: (972) 262-3264 About GFW Properties LLC GFW Properties, LLC, doing business as Gas Pipe, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-44090) on October 22, 2025, with $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Benjamin Woerner, managing member of GFW Properties, signed the petition. Judge Mark X. Mullin presides over the case. Craig D. Davis, Esq., at Davis, Ermis & Roberts, P.C. represents the Debtor as legal counsel. GIRARDI & KEESE: Trustee, Tom's Brother Settle Legal Fees --------------------------------------------------------- Lauren Berg of Law360 reports that the Girardi Keese bankruptcy trustee has reached a deal with John Girardi, brother of disgraced lawyer Tom Girardi, resolving his claim for unpaid legal fees tied to work completed after leaving the firm. The trustee notified the California bankruptcy court that the settlement closes one of several contested matters still pending in the case, according to the report. The agreement comes amid efforts to conclude the winding down of Girardi Keese, which collapsed following accusations of widespread financial misconduct. Though specific terms were not revealed, the trustee said the compromise will aid in moving the bankruptcy process forward, the report states. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It wasknown for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI & KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys is Andrew Goodman, at Goodman Law Offices, Apc. Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. GLOBAL WOUND: No Patient Care Concern, 6th PCO Report Says ---------------------------------------------------------- Suzanne Richards, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Southern District of Texas her sixth report regarding the quality of patient care provided by Global Wound Care Medical Group. During this reporting period from August 29 to October 27, the PCO interviewed Global Wound Care Medical Group's leadership and clinical staff. Staffing appears to have remained consistent since the filing of the bankruptcy. The healthcare provider is continually reviewing staffing needs and making appropriate changes to meet the needs of its clients. The PCO cited no reports of complaints with respect to staffing, incidents, purchasing/supplies and quality of care. Interviewees report good internal and external communication. The PCO did not note any change in the quality of care as a result of the bankruptcy filing. Global Wound Care Medical Group continues to provide care in the manner consistent with that prior to the current proceeding. The healthcare provider appears to strive to meet the needs of its clients. Ms. Richards encourages Global Wound Care Medical Group to remain vigilant with regards to patient care. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=Ikigst from Verita Global, claims agent. About Global Wound Care Medical Group Global Wound Care Medical Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34908) on Oct. 21, 2024, with $100 million to $500 million in both assets and liabilities. Owen B. Ellington, M.D., president of Global Wound Care Medical Group, signed the petition. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Casey W. Doherty, Jr., Esq., at Dentons US, LLP as legal counsel; Ankura Consulting Group, LLC as financial and restructuring advisor; and Verita Global serves as notice, claims and balloting agent. Suzanne Richards is the patient care ombudsman appointed in the Debtor's case. GOLDEN TEMPLE: Seeks to Hire Mahler Sotheby's as Estate Agent ------------------------------------------------------------- Golden Temple Investment LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ Mahler Sotheby's International Realty as real estate agent. The firm will render these services: (a) identify and evaluate potential buyers that might be interested in purchasing the Debtor's assets; (b) work with the Debtor in the development and distribution to potential buyers of select information, documents, and other materials; (c) engage in preliminary discussions with potential buyers about a potential transaction; (d) solicit and assist the Debtor in evaluating any letter of intent regarding any potential transaction for a stalking horse buyer, if applicable; (e) advise the Debtor on the negotiation of any potential transaction and work with its professional advisors on the structuring of a purchase agreement; and (f) facilitate and conduct an auction of the Debtor's assets thereof, if applicable. The agent will receive a commission of 6 percent of the gross selling price of the Debtor's property if the buyer is represented by a cooperating broker. Michael Fitzpatrick, an agent at Mahler 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: Michael Fitzpatrick Mahler Sotheby's International Realty 250 E. Wilsconsin Ave., Ste. 1610 Milawaukee, WI 53202 Telephone: (414) 964-2000 About Golden Temple Investment Golden Temple Investment LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-23716) on June 2, 2025. In its petition, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. Honorable Bankruptcy Judge Rachel M. Blise handles the case. The Debtor is represented by Claire Ann Richman, Esq. at Richman & Richman LLC. GOTO GROUP: OFS Capital Marks $1.2MM 1L Loan at 66% Off ------------------------------------------------------- OFS Capital Corporation has marked its $1,283,000 loan extended to GoTo Group (F/K/A LogMeIn, Inc.) to market at $432,000 or 34% of the outstanding amount, according to OFS Capital's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a First Lien Loan to GoTo Group (F/K/A LogMeIn, Inc.). The loan accrues interest at a rate of 9.22% per annum. The loan matures on April 28, 2028. OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company's investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. The Company may make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB. OFS Capital is led by Bilal Rashid as Chief Executive Officer and Kyle Spina as Chief Financial Officer. The Fund can be reach through: Bilal Rashid OFS Capital Corporation 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Tel. No.: (847) 734-2000 About GoTo Group (F/K/A LogMeIn, Inc.) GoTo Group, legally known as GoTo Technologies USA, Inc., is a software as a service (SaaS) company that was formerly known as LogMeIn, Inc. GOTO GROUP: OFS Capital Marks $929,000 1L Loan at 15% Off --------------------------------------------------------- OFS Capital Corporation has marked its $929,000 loan extended to GoTo Group (F/K/A LogMeIn, Inc.) to market at $793,000 or 85% of the outstanding amount, according to OFS Capital's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a First Lien Loan to GoTo Group (F/K/A LogMeIn, Inc.). The loan accrues interest at a rate of 9.22% per annum. The loan matures on April 28, 2028. OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company's investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. The Company may make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB. OFS Capital is led by Bilal Rashid as Chief Executive Officer and Kyle Spina as Chief Financial Officer. The Fund can be reach through: Bilal Rashid OFS Capital Corporation 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Tel. No.: (847) 734-2000 About GoTo Group (F/K/A LogMeIn, Inc.) GoTo Group, legally known as GoTo Technologies USA, Inc., is a software as a service (SaaS) company that was formerly known as LogMeIn, Inc. GPS HOSPITALITY: S&P Downgrades ICR to 'CCC-', On Watch Negative ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S. franchise operator GPS Hospitality Holding Co. LLC and the issue-level rating on its senior secured notes to 'CCC-' from 'CCC'. S&P also placed the ratings on CreditWatch with negative implications. The CreditWatch negative reflects that a distressed exchange could be completed in the next 90 days and the potential that the company has already missed its August interest payment. GPS Hospitality announced it is in negotiations with its lenders regarding a refinancing transaction that would place $75 million in first-out new money and exchange its existing $400 million secured notes for $125 million in take-back second-out notes. S&P said, "In our view, the proposed transaction will likely result in existing lenders being primed and receiving less than the original promise. Therefore, if completed, we would deem the transaction a distressed exchange. "Additionally, if this transaction does not take place, we believe it is unlikely the company will be able to pay its interest due February 2026. Furthermore, we believe there is risk that the company may have failed to make its August 2025 interest payment. S&P said, "The downgrade reflects our belief that a payment default or distressed exchange is inevitable within six months. GPS announced it is pursuing an exchange transaction that includes $75 million in new money first out notes and the exchange of its existing $400 million secured notes for $125 million in new take-back second out notes. Under the proposed transaction, participating lenders will receive less than par and will be primed by a first-out new money component that we believe is offered to all existing note holders. Under the new agreement, the exchanged notes will receive a cash interest rate bump of about 200 basis points (bps), which in our view is not sufficient compensation to offset the below par exchange. Additionally, nonparticipating lenders will be primed multiple tranches if completed as proposed. Therefore, we believe the transaction will likely result in existing lenders receiving less than the original promise, which we would deem a distressed exchange. "We believe GPS is unlikely to be able to pay its February 2026 interest payment. GPS' liquidity position as of the first quarter of 2025 was roughly $8.3 million in cash on the back of a $7.5 million reported free operating cash flow (FOCF) deficit offset by roughly $13.3 million in net proceeds from its Pizza Hut sale. Based on our forecast of a cash flow a deficit of $20 million-$25 million in 2025, we believe the company will not have sufficient cash to meet its interest payment in February 2026. Furthermore, based on first quarter ended liquidity, and soft consumer sentiment posing as a headwind to the quick-service restaurant (QSR) space through 2025, there is uncertainty that the business had sufficient funds to meet its August 2025 interest payment. "The CreditWatch negative reflects that we could lower the ratings on GPS to 'SD' (selective default) if it completes a transaction that we view as tantamount to default. It also reflects the risk that the company may have failed to make its interest payment due August 2025." GREEN TERRACE: Trustee Hires B.B.S. as Construction Consultant -------------------------------------------------------------- Daniel Stermer, the trustee appointed in the Chapter 11 case of Green Terrace Condominium Association, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ B.B.S. Builders, Inc. as construction consultant. The firm will provide an estimate with respect to potential rehabilitations for the Debtor's property, including: (a) removal and replacement of various windows and doors; (b) replacement of balconies; (c) replacement of certain siding; (d) painting; (e) repairs to the clubhouse on the Debtor's real property; and (f) raising of walls and electrical closet and closet roofs. The firm will be paid a total cost of $2,500 at a rate of $300 per hour. In addition, any additional work related to any subsequent testimony or deposition shall be billed at $300 per hour. Eugene William Fullwood, president of B.B.S. Builders, 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: Eugene William Fullwood B.B.S. Builders, Inc. 7027 West Broward Blvd., Suite 273 Plantation, FL 33317 Telephone: (615) 238-1321 Email: Bldr58@gmail.com About Green Terrace Condominium Association Green Terrace Condominium Association, Inc. is a not-for-profit corporation established in 1973 that manages Green Terrace Condominiums, a two-story residential complex in West Palm Beach, Florida. The association oversees amenities including a community pool, clubhouse, and parking, and permits rentals under specific restrictions. Green Terrace Condominium Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14568) on April 25, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Mindy A. Mora handles the case. The Debtor is represented by Michael J. Niles, Esq., at Berger Singerman, LLP. Boken Lending II, LLC, as lender, is represented by Matthew S. Kish, Esq. at Shapiro, Blasi, Wasserman & Hermann, PA. GREEN TERRACE: Trustee Seeks to Tap Aucamp Dellenback as Appraiser ------------------------------------------------------------------ Daniel Stermer, the trustee appointed in the Chapter 11 case of Green Terrace Condominium Association, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ B&D Appraisers & Consultants, Inc., doing business as Aucamp, Dellenback & Whitney, as appraiser. The trustee needs an appraiser to estimate the market value of the Debtor's property located at 2800 Georgia Avenue, West Palm Beach, Florida. The appraiser will be paid at a flat fee of $4,900. Jonathan Whitney, an officer at Aucamp, Dellenback & Whitney, 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 Whitney Aucamp, Dellenback & Whitney 1900 NW Corporate Blvd., Suite 215E Boca Raton, FL 33431 About Green Terrace Condominium Association Green Terrace Condominium Association, Inc. is a not-for-profit corporation established in 1973 that manages Green Terrace Condominiums, a two-story residential complex in West Palm Beach, Florida. The association oversees amenities including a community pool, clubhouse, and parking, and permits rentals under specific restrictions. Green Terrace Condominium Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14568) on April 25, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Mindy A. Mora handles the case. The Debtor is represented by Michael J. Niles, Esq., at Berger Singerman, LLP. Boken Lending II, LLC, as lender, is represented by Matthew S. Kish, Esq. at Shapiro, Blasi, Wasserman & Hermann, PA. GREEN TERRACE: Trustee Seeks to Tap Callaway & Price as Appraiser ----------------------------------------------------------------- Daniel Stermer, the trustee appointed in the Chapter 11 case of Green Terrace Condominium Association, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Callaway & Price, Inc. as appraiser. The trustee needs an appraiser to estimate the market value of the Debtor's property located at 2800 Georgia Avenue, West Palm Beach, Florida. The firm will be paid at these hourly rates: Robert Callaway, Appraiser $350 Staff $300 The firm requested a retainer of $2,500 from the Debtor. Mr. Callaway disclosed in a court filing that his firm is "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert A. Callaway Callaway & Price, Inc. 825 US Highway 1, Suite 110 Jupiter, FL 33477 Telephone: (561) 686-0333 About Green Terrace Condominium Association Green Terrace Condominium Association, Inc. is a not-for-profit corporation established in 1973 that manages Green Terrace Condominiums, a two-story residential complex in West Palm Beach, Florida. The association oversees amenities including a community pool, clubhouse, and parking, and permits rentals under specific restrictions. Green Terrace Condominium Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14568) on April 25, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Mindy A. Mora handles the case. The Debtor is represented by Michael J. Niles, Esq., at Berger Singerman, LLP. Boken Lending II, LLC, as lender, is represented by Matthew S. Kish, Esq. at Shapiro, Blasi, Wasserman & Hermann, PA. GREEN TERRACE: Trustee Seeks to Tap Nutting Engineers as Consultant ------------------------------------------------------------------- Daniel Stermer, the trustee appointed in the Chapter 11 case of Green Terrace Condominium Association, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Nutting Engineers of Florida, Inc. as geotechnical consultant. The firm will provide the trustee with geotechnical analysis of the surface soil of the Debtor's property for him to provide this information to potential purchasers and advise about the re-construction of residential housing buildings and the viability thereto. The firm has agreed to perform the services for an estimated cost of $8,650, inclusive of a $4,325 deposit to be provided upon execution of the engagement. Richard Wohlfarth, vice president of Nutting Engineers of Florida, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard C. Wohlfarth Nutting Engineers of Florida, Inc. 1310 Neptune Drive Boynton Beach, FL 33426 About Green Terrace Condominium Association Green Terrace Condominium Association, Inc. is a not-for-profit corporation established in 1973 that manages Green Terrace Condominiums, a two-story residential complex in West Palm Beach, Florida. The association oversees amenities including a community pool, clubhouse, and parking, and permits rentals under specific restrictions. Green Terrace Condominium Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14568) on April 25, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Mindy A. Mora handles the case. The Debtor is represented by Michael J. Niles, Esq., at Berger Singerman, LLP. Boken Lending II, LLC, as lender, is represented by Matthew S. Kish, Esq. at Shapiro, Blasi, Wasserman & Hermann, PA. GREEN TERRACE: Trustee Taps Control Point Associates as Surveyor ---------------------------------------------------------------- Daniel Stermer, the trustee appointed in the Chapter 11 case of Green Terrace Condominium Association, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Control Point Associates FL, LLC as property surveyor. The firm will assist the trustee in the proper survey of the Debtor's property to potential buyers and perform other necessary services. The firm's professionals will be paid at these hourly rates: Principal $300 Director/Professional Land Surveyor $250 Branch Manager $250 Senior Project Manager $205 Project Manager $180 Assistant Project Manager $145 Construction Specialist $145 Survey Technician $130 3DLS Modler $140 Project Coordinator $130 CAD Drafter $110 Technical Assistant $95 Office Administration/Research $85 Jerald McLaughlin, principal at Control Point Associates, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jerald A. McLaughlin Control Point Associates FL, LLC 1901 W. Cypress Creek Road, Suite 501 Fort Lauderdale, FL 33309 Telephone: (954) 763-7611 About Green Terrace Condominium Association Green Terrace Condominium Association, Inc. is a not-for-profit corporation established in 1973 that manages Green Terrace Condominiums, a two-story residential complex in West Palm Beach, Florida. The association oversees amenities including a community pool, clubhouse, and parking, and permits rentals under specific restrictions. Green Terrace Condominium Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14568) on April 25, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Mindy A. Mora handles the case. The Debtor is represented by Michael J. Niles, Esq., at Berger Singerman, LLP. Boken Lending II, LLC, as lender, is represented by Matthew S. Kish, Esq. at Shapiro, Blasi, Wasserman & Hermann, PA. GREG BEECHE: Section 341(a) Meeting of Creditors on December 3 -------------------------------------------------------------- On October 24, 2025,Greg Beeche Logistics LLC filed Chapter 11 protection in the Northern District of New York. According to court filing, the Debtor reports $16,537,466 in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on December 3, 2025 at 10:00 AM at First Meeting Albany. About Greg Beeche Logistics LLC Greg Beeche Logistics LLC, based in Waterford, New York, provides specialized work access systems and support services for construction and maintenance projects. The Company offers engineering, logistics planning, equipment installation, safety compliance, and maintenance services for structures requiring elevated or hard-to-reach access. It has been involved in projects including the United Nations Secretariat Building, One World Trade Center, and Goldman Sachs Tower. Greg Beeche Logistics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-11257) on October 24, 2025. In its petition, the Debtor reports total assets of $21,224,885 and total liabilities of $16,537,466. Honorable Bankruptcy Judge Patrick G. Radel handles the case. The Debtor is represented by Peter A. Orville, Esq. of ORVILLE & MCDONALD LAW, P.C. GWG HOLDINGS: Lawyer Exits Amid Judge Relationship Fallout ---------------------------------------------------------- Emily Sawicki of Law360 reports that the wind-down trustee overseeing the bankruptcy of defunct life insurance bond seller GWG Holdings has resigned amid fallout over her undisclosed romantic relationship with a former bankruptcy judge from the Southern District of Texas. The trustee had been managing the company's Chapter 11 proceedings in Houston following its collapse. Her resignation comes as scrutiny grows over the judge's prior involvement in high-profile bankruptcy cases and the potential conflicts raised by their relationship. The revelation has prompted renewed concerns about transparency and ethics within the Texas bankruptcy courts, the report states. About GWG Holdings Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH) conducts its life insurance secondary market business through a wholly owned subsidiary, GWG Life, LLC, and GWG Life's wholly owned subsidiaries. GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 22-90032) on April 20, 2022. In the petition filed by Murray Holland, president and chief executive officer, GWG Holdings disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP, as bankruptcy counsels; Tran Singh, LLP as special conflicts counsel; FTI Consulting, Inc. as financial advisor; and PJT Partners, LP, as investment banker. Donlin Recano & Company is the Debtors' notice and claims agent. National Founders LP, a debtor-in-possession (DIP) lender, is represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and William E. Curtin, Esq., at Sidley Austin, LLP. The U.S. Trustee for Region 7 appointed an official committee to represent bondholders in the Debtors' cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP, as legal counsels; Piper Sandler & Co. as investment banker; and AlixPartners, LLP as financial advisor. The Debtors obtained confirmation of their Further Modified Second Amended Joint Chapter 11 Plan on June 20, 2023. H5 TRANSPORT: Seeks to Tap Ptacek Financial Services as Accountant ------------------------------------------------------------------ H5 Transport, LLC seeks approval from the U.S. Bankruptcy Court for the District of North Dakota to employ Ptacek Financial Services, PC as accountant. The firm's services include: (a) assist with the preparation and filing of the Debtor's 2024 federal and state tax returns; (b) maintain and organize the Debtor's books and records; (c) perform accounting tasks necessary for tax compliance and financial disclosures; and (d) preserve and retain financial records relevant to the administraton of the estate. Toni Ptacek, CPA, will be billed at $100 per hour. Mr. Ptacek disclosed in a court filing that the firm is "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Toni L. Ptacek, CPA Ptacek Financial Services, PC 420 Main Ave, P.O. Box 412 Oakes, ND 58474 About H5 Transport LLC H5 Transport LLC, founded in 2018 and based in Oakes, North Dakota with a satellite office in Bradenton, Florida, provides transportation and logistics services specializing in dry van and refrigerated freight. The veteran-led Company offers full truckload and less-than-truckload shipping, regional and long-haul coverage, and custom logistics support including dispatch, driver management, and billing solutions. H5 Transport serves shippers, small fleets, and independent owner-operators across the United States, with core lanes in the Midwest and expanding routes nationwide. H5 Transport filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.D. Case No. 25-30409) on September 15, 2025. In its petition, the Debtor reported total assets of $270,951 and total liabilities of $2,029,269. Honorable Bankruptcy Judge Shon Hastings handles the case. The Debtor tapped Christianna A. Cathcart, Esq., at The Dakota Bankruptcy Firm as counsel and Ptacek Financial Services, PC as accountant. HILLSDALE PALLETS: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Hillsdale Pallets, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Michigan to use the cash collateral of Byline Bank, an Illinois Banking Corporation, to fund operations. The interim order authorized the Debtor to use the secured lender's cash collateral in accordance with its budget until the final hearing scheduled for December 9. Byline Bank holds a first-priority perfected lien on the Debtor's cash collateral and related assets. It is owed $908,417.85 as of October 17. As adequate protection, Byline Bank will receive replacement liens on all post-petition assets of the Debtor (excluding Chapter 5 avoidance actions) and monthly payments of $6,500, beginning this month. Additionally, Byline Bank will have a superpriority administrative expense claim if the replacement liens fail to adequately protect it from any loss in the value of its cash collateral. The Debtor's authority to use cash collateral will terminate upon noncompliance with the order, dismissal or conversion of the case, cessation of operations, appointment of a trustee, or the date of the final hearing, whichever occurs first. The order is available at https://is.gd/Z2WyS5 from PacerMonitor.com. The value of the cash collateral is approximately $84,531, which includes the Debtor's cash, accounts, accounts receivable, and inventory, according to court filings. The Debtor's 12-month operating projections indicate it will generate sufficient revenue to maintain its cash collateral position while covering ongoing expenses. The Debtor expects the value of its cash-collateral assets to remain stable over the next three months and believes it can successfully reorganize. Aside from Byline Bank, other potential secured creditors include Hillsdale Pallet, LLC, owed $1.16 million, and On Deck Capital, Inc., owed $90,988.62. Byline Bank is represented by: Lisa A. Hall, Esq. Plunkett Cooney 333 Bridge St. NW, Ste. 530 Grand Rapids, MI 49504 (616) 752-4615 lhall@plunkettcooney.com Hillsdale Pallet is represented by: Andrew J. Gerdes, Esq. Capital Bankruptcy 416 N. Homer St., Suite 101 Lansing, MI 48912 (517) 853-1300 agerdes@capitalbankruptcy.net About Hillsdale Pallets LLC Hillsdale Pallets LLC, formerly FDBA Hillsdale Pallet LLC, manufactures and distributes wooden pallets, custom crating, and shipping boxes, offering services that include ISPM 15-certified heat treatment and reconditioned standard pallets. Based in Hillsdale, Michigan, the company provides custom-size pallets and specialty skids built to client specifications. Its operations focus on pallet production, shipping solutions, and related logistics services. Hillsdale Pallets sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-02967 on October 71, 2025, listing total assets of $353,531 and total liabilities of $2,215,075. Scott Chernich serves as Subchapter V trustee. Honorable Bankruptcy Judge Scott W. Dales handles the case. The Debtor is represented by Michael P. Hanrahan, Esq., at CBH Attorneys & Counselors, PLLC. HOLLYWOOD HORIZONS: Dec. 22 Public Auction Set ---------------------------------------------- In accordance with applicable provisions of the Uniform Commercial Code as enacted in New York, by virtue of certain events of default under the Ownership Interests Pledge and Security Agreement, dated as of May 16, 2022, executed by Hollywood Horizons Member LLC and CG Hillsboro Shores Member LLC (the "Pledgors"), and in accordance with its rights as holder of the security, Hollywood Pompano Lender 2 LLC (the "Secured Party"), the Secured Party will offer for sale at public auction: (i) all of the Pledgors' rights, title, and interest in CG Hillsboro Shores Owner LLC and Hollywood Horizons Owner LLC, and (ii) certain related rights and property relating thereto. The Secured Party's understanding is that the principal assets of the Pledged Entities are the premises located at (i) 2629 North Riverside Drive, Pompano Beach, Florida; (ii) 2507 N Ocean Blvd., Pompano Beach, Florida; and (iii) 101 North Ocean Drive, Hollywood, Florida. Mannion Auctions, LLC, under the direction of Matthew D. Mannion will conduct a public sale via online bidding on December 22, 2025, at 3:30 p.m., in satisfaction of an indebtedness in the approximate amount of $21,726,343.13, including principal, interest on principal and reasonable fees and costs, plus default interest through December 22, 2025. Online bidding will be made available via Zoom Meeting: Meeting link: https://bit.ly/HollywoodUCC Meeting ID: 811 7381 9425 Passcode: 438147 Interested parties who intend to bid on the Collateral must contact Brett Rosenberg at Jones Lang LaSalle Americas, Inc., (212) 812-5926, Brett.Rosenberg@jll.com Attorney for Secured Party: Jerold C. Feuerstein, Esq. KRISS & FEUERSTEIN LLP 360 Lexington Ave., Suite 1200 New York, NY 10017 Tel: 212-661-2900 HOTEL ONE PARTNERS: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------------ Hotel One Partners Miramar Beach LLC voluntarily filed for Chapter 11 bankruptcy in the Northern District of Florida on November 7, 2025. The company's petition lists liabilities between $10 million and $50 million, with 100 to 199 creditors. About Hotel One Partners Miramar Beach LLC Hotel One Partners Miramar Beach LLC is a limited liability company. Hotel One Partners Miramar Beach LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-31131) on November 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jerry C. Oldshue Jr. handles the case. The Debtor is represented by Edward J. Peterson, III, Esq. of Berger Singerman LLP. HOUSTON THERAPY: Hires Grillo Law Firm as Bankruptcy Counsel ------------------------------------------------------------ Houston Therapy Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to employ Grillo Law Firm as its bankruptcy counsel. The firm's services include: a. advise and consult with the debtor-in-possession regarding questions arising from certain contract negotiations which will occur during the operation of business by the debtor-in-possession; b. evaluate and attack claims of various creditors who may assert security interest in the assets and who may seek to disturb the continued operation of the business; c. appear in, prosecute, or defend suit and proceedings, and to take all necessary and proper steps and other matters and things involved in or connected with the affairs of the estate of the Debtor; d. represent the Debtor in court hearings and assist in the preparation of contracts, reports, accounts, petitions, applications, orders and other papers and documents as may be necessary in the proceedings; e. advise and consult with the Debtor in the connect with any reorganization plan which may be proposed in the proceeding and any matters concerning the Debtor which arise out of or follow the acceptance or consummation of such reorganization or its rejection; and f. perform such other legal services on behalf of the Debtor as they become necessary in the proceeding. The firm will be paid at the rate of $250 per hour for its services. Nicholas Grillo, Esq., a partner at Grillo Law Firm, disclosed in a court filing that his firm does not represent interests adverse to the Debtor and its estate. The firm can be reached through: Nicholas T. Grillo, Esq. GRILLO LAW FIRM 607 Corinne Street, Ste. A3 Hattiesburg, MS 39401 Tel: (769) 390-7935 Email: grillolawms@gmail.com About Houston Therapy Inc. Houston Therapy Inc. provides home health care services through a team of licensed professionals, offering physical therapy and related treatments to patients in their residences. Based in Poplarville, Mississippi, the Company operates within the home health agency sector, serving local communities in the surrounding region. It is owned and managed by Marcus Houston, a licensed physical therapist. Houston Therapy Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51478) on October 2, 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 Katharine M. Samson handles the case. The Debtor is represented by Nicholas Grillo, Esq. of GRILLO LAW FIRM. IRB HOLDING: Moody's Rates New $4.1BB Sr. Secured Term Loan 'B2' ---------------------------------------------------------------- Moody's Ratings assigned a B2 rating to IRB Holding Corp.'s (IRB) proposed approximately $4.1 billion backed senior secured term loan B2 due 2030. All other ratings of IRB remain unchanged, including the company's B2 corporate family rating, B2-PD probability of default rating, and B2 ratings on its existing backed senior secured bank credit facilities due 2027. The outlook remains unchanged at stable. Proceeds of the proposed backed senior secured term loan B2 along with balance sheet cash will be used to refinance the company's existing $4.2 billion backed senior secured term loan B due 2027. The 2027 backed senior secured term loan B will be withdrawn upon completion of the refinancing. The transaction will modestly improve financial leverage and interest coverage on a consolidated basis, and will extend IRB's maturity profile. RATINGS RATIONALE IRB's B2 CFR reflects governance risks, particularly an aggressive financial policy and private equity ownership. Leverage is very high as a result of a series of large debt financed acquisitions that culminated with the acquisition of Dunkin Brands in 2020 for around $11.3 billion and a $1.5 billion debt financed shareholder return in 2021. Moody's adjusted debt/EBITDA remains high at around 7.8x for the latest twelve month period ended June 2025 but has significantly improved from 9.6x at the end of fiscal 2022 because of debt reduction and EBITDA growth. Free cash flow to debt has improved to around 3.4% and EBITA/interest expense remains solid at around 2.0x. However, consumer willingness and ability to maintain spending on food away from home in the face a difficult consumer spending environment also remain a concern, as it could constrain the company's ability to further improve metrics over the near-to-intermediate term. Industry traffic levels have been negative for the few years, and labor and commodity inflation remain ongoing. IRB benefits from its material scale and market position as one of the largest restaurant companies in the US based on number of system-wide restaurants. The company has a diverse portfolio of six well-recognized national brands, with diverse product offerings and day parts, national geographic reach and an off-premise franchised focused business model that will enable it to operate through drive-thrus, delivery and curbside pickup. IRB's liquidity is good, supported by unrestricted balance sheet cash, strong free cash flow and ample excess borrowing capacity under its revolving credit facility and various securitized variable funding notes. The stable outlook reflects IRB's metrics will show further improvement over the next 12-18 months through further debt reduction and modest profit growth. The stable outlook also reflects Moody's expectations that IRB will maintain good liquidity, supported by balance sheet cash, ample excess revolver availability and solid positive free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Given the company's very high leverage, a higher rating over the near term is unlikely. However, the rating could be upgraded with sustained organic improvement in operating performance along with a more moderate financial policy that resulted in a sustained strengthening of credit metrics with debt/EBITDA approaching 5.25x and EBITA/interest of over 2.0x. A higher rating would also require very good liquidity. Rating could be downgraded if the company were to adopt a more aggressive financial policy such as returning cash to shareholders, or suspend using its excess cash for debt reduction. A deterioration in operating performance or liquidity could also lead to a rating downgrade. Specific metrics include Moody's adjusted debt/EBITDA not continuing to improve further toward 7x, EBITA/interest falling below 1.5x or free cash flow to debt remaining below 4%. IRB is the parent holding company of Arby's, Buffalo Wild Wings, Sonic Drive-In, Jimmy John's, Dunkin' and Baskin-Robbins. Revenue (excluding advertising revenue) was roughly $5.8 billion for the twelve month period ended June 2025. IRB's systemwide sales are approaching $33 billion and over 33,300 restaurant locations operate under its brand names. IRB is a subsidiary of Mavericks, Inc., a wholly owned subsidiary of Inspire Brands, Inc. ("Inspire"), which is owned by Roark Capital Group. The principal methodology used in this rating was Restaurants published in September 2025. IRG INDUSTRIAL: DBRS Cuts Sr. Unsec. Notes Rating to BB(high) ------------------------------------------------------------- DBRS, Inc. downgraded IRG Industrial, LLC's (IRG or the Company) Issuer Rating and Senior Unsecured Notes rating to BB (high) from BBB (low) and changed the trends on both ratings to Stable from Negative. The recovery rating of the Senior Unsecured Notes is RR3. The downgrades are a result of persistent weakened financial risk assessment (FRA) factors as total debt-to-EBITDA and EBITDA interest coverage ratios present prolonged financial profile risk relative to the credit profile. While the Company has considerably reduced leverage in Q3 2025, FRA factors remain weaker than Morningstar DBRS's prior expectations because of less same property net operating income (NOI) growth and less debt repayment. KEY CREDIT RATING CONSIDERATIONS The downgrades consider (1) the Company's elevated leverage profile, primarily driven by advances on its revolving credit facility to affiliate entities that have yet to fully repay; (2) the Company's exposure to unhedged variable interest rates, contributing to weaker EBITDA interest coverage; and (3) less EBITDA growth for year-end (YE) 2025. Morningstar DBRS acknowledges the Company has plans to reduce its leverage profile by way of more debt repayment via collected affiliate note receivables and EBITDA growth in 2026 and 2027; however, further debt repayment is contingent on various third-party factors and material future EBITDA growth is noncontractual as of today's date. CREDIT RATING DRIVERS All else equal, Morningstar DBRS would consider a positive rating action should the Company execute its deleveraging initiatives to comfortably and sustainably maintain a total debt-to-EBITDA of 9.3 times (x) or better and an EBITDA interest coverage ratio of 2.00x or better. Conversely, all else equal, Morningstar DBRS would consider further negative rating actions should total debt-to-EBITDA exceed 11.0x and EBITDA interest coverage remain below 1.67x. FINANCIAL OUTLOOK Morningstar DBRS expects IRG's total debt-to-EBITDA and EBITDA interest coverage metrics for YE2025 to be in the low-10.0x range and mid-1.00x range, respectively, compared with the last 12 months June 30, 2025, respective ratios of 10.7x and 1.51x. Morningstar DBRS would expect further improvement in leverage by Q2 2026 if the Company's affiliates can execute various contingent factors, leading to affiliate receivable collection to further reduce the Company's outstanding debt. Morningstar DBRS believes there is a reasonable amount of confidence these contingent factors will be resolved; however, timing is uncertain, which can further delay the Company's deleveraging plans. Additionally, Morningstar DBRS projects modest same property NOI growth in 2026 and into 2027. As a result, Morningstar DBRS projects total debt-to-EBITDA and EBITDA interest coverage to be approximately 9.0x and in the high-1.00x range, respectively, by YE2026. CREDIT RATING RATIONALE The ratings continue to be supported by IRG's (1) diversification across tenant base, properties, and geographies across the U.S.; (2) lease maturity profile and modestly improving tenant credit quality profile; (3) modernized and upgraded industrial assets; and (4) the Company's market position and track record of executing transactions. The ratings are constrained by (1) IRG's elevated leverage as measured by total debt-to-EBITDA, (2) weak EBITDA interest coverage ratio, (3) a smaller portfolio size relative to its investment-grade peers, and (4) the continued execution risk of its transitional asset plans. Notes: All figures are in U.S. dollars unless otherwise noted. JACKS DONUTS: To Sell Assets to Raintree County ----------------------------------------------- Jacks Donuts of Indiana Commissary LLC, d/b/a Jacks Donuts, seeks permission from the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors are Indiana limited liability companies solely in the business of owning and operating a donut commissary, shop, and sales organization. Jacks was founded in 1961 by Jack Marcum with a single shop in New Castle, Indiana. Jacks developed a strong brand and Jacks grandson, Lee Marcum, grew it to 28 stores in Indiana, four in Florida and one in Utah. To maintain donut consistency and accelerate growth, Lee built a 28,736 square foot commissary. To do so, Jacks took out a $2.9 million SBA loan and a $0.5 million Line of Credit, both from Old National Bank. Long prior to the Petition Date, a decision was made that a reorganization or continued operations either in or out of Court was not feasible. It was determined that an infusion of $5 million dollars or more would be required to complete the commissary construction and stabilize operations. The Debtors, despite seeking such additional liquidity, was not even close to being able to secure such funding, either in the form of additional debt or equity. Raintree County Baking LLC (Buying Group), a Delaware limited liability company is prepared to make an offer for substantially all of the assets of the Debtors; however, if the sales and manufacturing operations are not maintained on an ongoing basis, the value for the Jacks Assets will be materially impaired. The Buying Group has submitted a purchase agreement. The Buying Group proposes that it continue to fund the Debtors with sufficient capital to keep both the manufacturing and sales operations going. The costs of funding the ongoing cash shortfalls for the three to four months (presumed period of the bankruptcy) are anticipated to be $26,000 per month. The Buying Group is making a stalking horse bid. The aggregate bid for the manufacturing assets, the sales assets and the real property known as 2410 South 14th Street, New Castle, IN and owned by Marcum Industries LLC will be $560,000. ONB would receive all such proceeds (with the except that $5000 is allocated to the personal property assets of KCL and Marcum) after repayment of the Buying Group Operation Financing, which is no case shall exceed $104,000 ($26,000 x four months). The aggregate offer is $560,000. The net amount to ONB (at least $451,000 after repayment of the Buyer Group Operational Financing) is in excess of the liquidation value of the assets, which are estimated to be $296,000 ($216,000 for personal property and $80,000 for real property). It is presumed there is no value for the following assets: current accounts receivable, current cash, inventory, work in process, and finished product. This presumption is based in part upon the nature of such non-cash assets which are baked goods. It is further presumed there is no value for the sales (franchise) operations; nevertheless, some value has been assigned to such assets and is reflected in the purchase price. The Buying Group's stalking horse bid would provide certainty as to a floor price for the Jacks Assets, and allow ONB to assess its net recovery, even after repayment of the Buying Group Operational Financing on any sale. The Buying Group will acquire all of the Jacks Assets in one transaction and different buyers will not have to be sourced who may only prefer one of the manufacturing business or the sales business. The sale reduces the cost of an auction or multiple auctions and reduces the costs of carrying such assets to sale (insurance, utility, rent). The lienholders of the Property are: Old National Bank, Novus Capital Funding, Avanza Group, LLC, Everest Business Funding, Amerifi Capital LLC, CFG Merchant Solutions, Expansion Capital Group, and Spartan Capital. The stalking horse buyer is the Buying Group.The Purchase Price is being paid by the Buying Group pursuant to the Purchase Agreement. All Alternative Bids shall be on substantially the same terms as the Purchase Agreement for the Jacks Assets and shall be in the form of an asset purchase agreement. After the Initial Overbid Amount, at the Auction, all further overbids must be in increments of at least $25,000.00 in excess of the Initial Overbid Amount (or the then prevailing bid). Should overbidding take place, the Buying Group shall have the right, but not the obligation, to participate in the overbidding and to be approved as the Successful bidder (as defined below) at the Approval Hearing (as defined below) based upon any such overbid and may credit bid the amount of the BreakUp Fee. An auction (Auction) shall be held by a Teams video conference at 11:00 a.m. (EST), December 10, 2025, at which time higher offers may be presented to the Debtors. The Buying Group, to the extent they have not already done so, shall deposit 10% of the Purchase Price with Debtors’ counsel by December 10, 2025. The Debtors submit that the sale of Jacks Assets is within its sound business judgment. The Debtors have determined that the sale of the Jacks Assets will maximize the value of the Debtors' estates and is in the best interest of the estates and their creditors. About Jacks Donuts of Indiana Commissary LLC Jacks Donuts Jack's Donuts of Indiana Commissary LLC 0perates a food production and distribution facility in New Castle, Indiana, serving as the central commissary for Jack's Donuts franchise locations. The Company manufactures and supplies doughnuts and related baked goods to retail stores across Indiana and neighboring states. It functions as part of the Jack's Donuts franchise network, supporting consistency in product quality and distribution efficiency for its affiliated outlets. Jack's Donuts ought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.Ind. Case No.: 25-06610) on October 29, 2025. In a petition signed by Aaron Lowhorn as manager, the Debtor discloses total assets of $1,429,958 and total liabilities of $14,191,389. Judge: Hon. Jeffrey J. Graham presides over the case. Jeffrey M. Hester at Hester Baker Krebs LLC, represents the Debtor as legal counsel. JAMAICA ESTATES: Hires Anderson Bowman & Wallshein as Counsel ------------------------------------------------------------- Jamaica Estates South Design Group LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Anderson Bowman & Wallshein, PLLC as counsel. The firm's services include: (a) assist the Debtor in administering this case; (b) make such motions and court appearances or take such action as may be appropriate or necessary under the Bankruptcy Code; (c) take such steps as may be necessary for the Debtor to marshal and protect the estate's assets; (d) negotiate with the Debtor's creditors in formulating a plan of reorganization in this case; (e) draft and prosecute the confirmation of the Debtor's plan of reorganization in this case; and (f) render such additional services as the Debtor may require in this case. The firm will be paid at these hourly rates: Partners $625 Associates $475 Paralegals/Law Clerks $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $12,500 from the Debtor. Btzalel Hirschhorn, Esq., a senior associate at Anderson Bowman & Wallshein, 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: Btzalel Hirschhorn, Esq. Anderson Bowman & Wallshein, PLLC 80-02 Kew Gardens Road, Suite 600 Kew Gardens, NY 11415 Telephone: (718) 263-6800 Facsimile: (718) 520-9401 Email: bhirschhorn@abwpllc.com About Jamaica Estates South Design Group Jamaica Estates South Design Group LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43600) on July 29, 2025, with up to $500,000 in assets and up to $10 million in liabilities. Judge Nancy Hershey Lord presides over the case. Btzalel Hirschhorn, Esq., at Anderson Bowman & Wallshein, PLLC represents the Debtor as counsel. JTA SPRINGS: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------- JTA Springs LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida on November 5, 2025. According to the filing, the company reported assets between $10 million and $50 million, with liabilities in the same range. It also indicated that it has between 1 and 49 creditors. About JTA Springs LLC JTA Springs LLC is a single asset real estate company. JTA Springs LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04071) on November 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq. of Bransonlaw PLLC. KEESTONE PROPERTIES: Gets OK to Use Cash Collateral Until Nov. 14 ----------------------------------------------------------------- Keestone Properties of TN, LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the Middle District of Tennessee to use cash collateral to fund operations. The court's third interim order authorized the Debtors to continue using cash collateral through November 14 for ordinary and necessary operating expenses. This interim approval was granted after considering the objection from the University of Kentucky Federal Credit Union (UKFCU), which consented to interim relief while reserving its rights for future hearings. As adequate protection, the Debtors must maintain a minimum combined amount of $30,000 in inventory, accounts receivable, and DIP account balances, and UKFCU will retain escrow deposits held pre-bankruptcy. The order also granted UKFCU post-petition replacement liens on these amounts without requiring additional filings. The court scheduled a continued hearing for November 12. UKFCU is represented by: Jeffrey W. Maddux, Esq. John Grayson Chambers, Esq. Chambliss, Bahner & Stophel P.C. Liberty Tower – Suite 1700 605 Chestnut Street Chattanooga, TN 37450 Telephone: (423) 757-0206 Facsimile: (423) 508-1206 jmaddux@chamblisslaw.com gchambers@chamblisslaw.com About Keestone Properties of TN, LLC Keestone Properties of TN, LLC, a company in Loretto, Tenn., sought relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-03769) on Sept. 8, 2025, listing $1 million to $10 million in both assets and liabilities. William Keelon, Jr., as member, signed the petition. Judge Charles M Walker oversees the case. Dunham Hildebrand Payne Waldron, PLLC serves as the Debtor's legal counsel. KEYERA CORP: DBRS Gives Prov. BB(high) to 2025 Sub. Notes --------------------------------------------------------- DBRS Limited assigned a credit rating of BB (high) to Keyera Corp.'s (Keyera or the Company) 6.875% Fixed-to-Floating Rate Subordinated Notes, Series 2025-B, due June 13, 2079, and the 5.95% Fixed-to-Fixed Rate Subordinated Notes, Series 2025-C, due March 10, 2081 (Series 2025 Subordinated Notes). This action follows Keyera successfully completing its consent solicitation process, which exchanged the 6.875% Fixed-to-Floating Rate Subordinated Notes, Series 2019-A, due June 13, 2079, and the Company's 5.95% Fixed-to-Fixed Rate Subordinated Notes, Series 2021-A, due March 10, 2081 (the Existing Hybrid Notes) with the Series 2025 Subordinated Notes. Consequently, Morningstar DBRS withdrew the credit rating on the Existing Hybrid Notes. Morningstar DBRS previously placed the Existing Hybrid Subordinated Notes Under Review with Developing Implications because on the occurrence of certain bankruptcy and related events, the Existing Hybrid Notes would have automatically converted into preferred shares. Upon automatic conversion into preferred shares the Existing Hybrid notes would rank below the Company's $500 million 6.000% Fixed-to-Fixed Rate Subordinated Notes (New Hybrid Notes) due October 15, 2055, issued in September 2025 which do not convert into preferred shares at default (please refer to the Morningstar DBRS press release dated September 29, 2025, https://dbrs.morningstar.com/research/463795, for more details). The Series 2025 Subordinated Notes have the same terms and conditions as the New Hybrid Notes with the provision for the delivery of preferred shares upon the occurrence of certain bankruptcy and related events removed. The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. The ratings listed above are based on the Eleventh and Twelfth Supplemental Indentures received on November 3, 2025, the Trust Indenture dated June 21, 2018, and information provided by the Company to Morningstar DBRS as of November 3, 2025. Continuation of the rating is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purposes of monitoring the above-noted rating. Notes: All figures are in Canadian dollars unless otherwise noted. KINGDOM AMBASSADOR: Hires Vivona Pandurangi as Bankruptcy Counsel ----------------------------------------------------------------- Kingdom Ambassador Center & Ministry Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Vivona Pandurangi, PLC as counsel. The firm's services include: a. serving as general bankruptcy counsel; b. preparing schedules and related forms; c. representing the Debtor at the initial debtor interview, creditors' meeting and hearings before the Bankruptcy Court; d. advising the Debtor of his duties and responsibilities under the Bankruptcy Code; e. assisting in preparation of monthly operating reports; analyzing Debtor's financial matters; advising Debtor in connection with executory contracts; drafting documents to reflect agreements with creditors; resolving motions for relief from stay and adequate protection; negotiating for obtaining financing and use of cash collateral, as necessary; f. determining whether reorganization, dismissal, or conversion is in the best interests of the Debtor and his creditors; g. working with the creditors' committee and other counsel, if any; h. drafting any disclosure statement and plan of reorganization and attending any hearings thereon; and i. handling other matters that arise in the normal course of administration of this bankruptcy estate. The Debtor has agreed to pay a retainer of $15,000. As disclosed in the court filings, Vivona Pandurangi is a disinterested person within the meaning of 11 U.S.C. Sec. 327. The firm can be reached through: Jonathan B. Vivona, Esq. VIVONA PANDURANGI, PLC 601 King Street, Suite 400 Alexandria, VA 22314 Tel: (571) 969-6540 Fax: (703) 337-0490 Email: jvivona@vpbklaw.com About Kingdom Ambassador Center & Ministry Inc. Kingdom Ambassador Center & Ministry Inc. operates as a Christian church and ministry engaged in preaching, teaching, and community outreach. The organization conducts worship services, discipleship programs, and evangelistic missions aimed at spreading Christian teachings and strengthening faith communities. It focuses on spiritual education, charitable activities, and the integration of individuals into the broader Christian fellowship. Kingdom Ambassador Center & Ministry Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-12126) on October 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Jonathan B. Vivona, Esq. of VIVONA PANDURANGI, PLC. KLOCKNER PENTAPLAST: Lenders Will Takeover Strategic Value in Ch.11 ------------------------------------------------------------------- Libby Cherry of Bloomberg Law reports that lenders are set to assume ownership of Klockner Pentaplast, the German packaging manufacturer controlled by Strategic Value Partners LLC, through a Chapter 11 bankruptcy restructuring. The transition marks a significant step in the company's effort to address its substantial debt burden and stabilize operations, according to the report. Under the proposed plan, creditors will become the new equity holders, reducing funded debt by approximately 1.3 billion euros ($1.5 billion), according to documents filed Wednesday, November 5, 2025, in the US Bankruptcy Court for the Southern District of Texas. Klockner Pentaplast initiated a prepackaged Chapter 11 proceeding listing roughly 2.3 billion euros in funded debt, paving the way for a swift reorganization process. About Klockner Pentaplast Klockner Pentaplast is a Germany-based packaging manufacturer. Klockner Pentaplast sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No.25-90645) on November 4, 2025. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Eric Michael English, Esq, of Porter Hedges LLP. LAKE COUNTY: Court Extends Cash Collateral Access to Nov. 30 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois extended Lake County Hospitality, LLC's authority to use cash collateral through November 30. The court's sixth interim order authorized the Debtor to use cash collateral to pay the operating expenses set forth in its budget, subject to a 10% variance. Albany Bank & Trust Company, N.A, a senior secured creditor, holds a lien on the Debtor's assets, including its hotel property located at 900 W. Lake Cook Road in Buffalo Grove, Ill. These assets secure a loan balance of approximately $4.8 million. As protection, Albany was granted replacement liens on all types of collateral in which it held a security interest and lien as of the petition date. This includes, without limitation, cash in the possession of Debtor resulting from its operations and the proceeds thereof. All of Albany's rights as senior secured creditor are otherwise unimpaired by the sixth interim order and are preserved. A copy of the sixth interim order and the Debtor's budget is available at https://shorturl.at/xrbh3 from PacerMonitor.com. The next hearing is set for November 19. Objections are due by November 17. 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. Albany, as senior secured creditor, is represented by: David A. Golin, Esq. Saul Ewing, LLP 161 North Clark Street, Suite 4200 Chicago, IL 60601 Phone: (312) 876-7100 david.golin@saul.com LAVIE CARE: PCO Reports Resident Care Complaints ------------------------------------------------ Margaret Barajas, the patient care ombudsman, filed her eighth report regarding the quality of patient care provided at the Pennsylvania nursing facilities operated by LaVie Care Centers, LLC's affiliates. In her ombudsman report, which covers the period from August 27 to October 27, the PCO reported that no resident concern directly related to the bankruptcy proceedings was raised. The PCO also reported that the sale of five skilled nursing facilities and one assisted living facility to Avardis Health was completed on June 1. These facilities are Pennknoll Village, Locust Grove Retirement Village, The Manor at St. Luke Village, The Pavilion at St. Luke Village, Luther Ridge at Seiders Hill, and The Manor at Penn Village. General Concern On October 14, the local ombudsman was contacted by a resident at Pennknoll Village facility with concerns about the admissions contract. The local ombudsman filed a formal complaint with the Department of Health on October 21 and is awaiting to hear of any updates. Regulatory Concerns The PCO noted that based on surveys completed on September 12, it was determined that The Pavilion at St. Luke Village was not in compliance with the following requirements of 42 CFR Part 483 Subpart B Requirements for Long Term Care and the 28 PA Code Commonwealth of Pennsylvania Long Term Care Licensure Regulations. The facility failed to: * Provide care in a manner that promotes each resident's quality of life by failing to respond timely to residents' requests for assistance, including experiences reported by two out of the 22 residents sampled and experiences reported by seven out of the 11 residents during a group interview. * Maintain accurate and complete clinical records for one of 22 sampled residents. * Provide nursing services consistent with professional standards of practice by failing to thoroughly assess, obtain physician orders, and develop and implement a person-centered comprehensive care plan in accordance with standards of practice, for one resident out of 22 sampled, and failed to provide person-centered care to meet the clinical needs by failing to monitor intravenous therapy in accordance with professional standards of practice for one of 22 residents sampled. * Put forth sufficient efforts to resolve continued resident complaints and grievances expressed during Resident Council meetings, including those voiced by seven of 11 residents attending a group meeting, and failed to keep the residents apprised of the status of the facility's decisions and efforts toward grievance resolution. * Ensure the Minimum Data Set Assessments (MDS) accurately reflected the status of three residents out of 22 sampled. * Ensure that a resident's comprehensive care plan was reviewed and revised as needed to accurately reflect the current needs and services required by one of 22 residents sampled. * Provide care and services designed to prevent potential complications associated with enteral tube feedings for one resident receiving enteral nutrition out of 22 residents sampled. * Develop and implement an individualized person-centered plan to render trauma-informed care to a resident with a diagnosis of Post-Traumatic Stress Disorder for one out of 22 residents reviewed. Meanwhile, based on surveys completed on September 11, it was determined that The Manor at Penn Village was not in compliance with the following requirements of 42 CFR Part 483, Subpart B, Requirements for Long Term Care and the 28 PA Code, Commonwealth of Pennsylvania Long Term Care Licensure Regulations. * The facility failed to implement interventions to decrease the potential for resident elopements for one of four residents reviewed. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=8T2kvg from Kurtzman Carson Consultants, LLC, claims agent. About Lavie Care Centers LaVie Care Centers, LLC, is the parent company of skilled nursing facility operators and providers, with facilities primarily located in Mississippi, North Carolina, Pennsylvania and Virginia. The company operates 43 licensed facilities, with 4,300 beds, providing short-term rehabilitation, comprehensive post-acute care, and long-term care to its residents. On June 2 and 3, 2024, LaVie Care Centers and 281 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 24-55507), before Judge Paul Baisier in Atlanta. The Debtors tapped McDermott Will & Emery, LLP as legal counsel; Stout Capital, LLC as investment banker; and Ankura Consulting as financial advisor. M. Benjamin Jones, senior managing director at Ankura, serves as the Debtors' chief restructuring officer. Kurtzman Carson Consultants, LLC is the claims agent, and maintains the page http://www.kccllc.com/LaVie The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Troutman, Pepper Locke, LLP and FTI Consulting, Inc. serve as the committee's legal counsel and financial advisor, respectively. The U.S. Trustee also appointed Joani Latimer as patient care ombudsman for patients at the Debtors' Virginia facilities; Victor Orija for North Carolina facilities; Lisa Smith for the Mississippi facilities; Margaret Barajas for the Pennsylvania facilities; and Terri Cantrell for the Florida facility. LELAND HOUSE: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Leland House Limited Partnership Company 400 Bagley St. Detroit, MI 48226 Business Description: Leland House Limited Partnership Company is a single-asset real estate entity that owns and leases commercial property. Chapter 11 Petition Date: November 3, 2025 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 25-51190 Judge: Hon. Maria L Oxholm Debtor's Counsel: Ryan Heilman, Esq. HEILMAN LAW PLLC 40900 Woodward Ave., Suite 100 Bloomfield Hills, MI 48304 Tel: 248-835-4745 Email: ryan@heilmanlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Luis Ramirez as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SJ7VZFQ/Leland_House_Limited_Partnership__miebke-25-51190__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. ASTI $43,937 10448 Ciatation Dr Ste 100 Brighton, MI 48116 2. Bagley Corp Unknown 400 Bagley Detroit, MI 48226 3. Bismar Lending Unknown 1374 Rankin Dr Troy, MI 48083 4. Capital Impact Partners Unknown 1400 Crystal Drive Suite 500 Arlington, VA 22202 5. Cinnaire Kemeng Wang Unknown 1118 S Washington Ave Lansing, MI 48910 6. City of Detroit Com Unknown & Economic Dev Dept 2 Woodward Ave., Suite 808 Detroit, MI 48226 7. City of Detroit Water and Sewer Unknown 735 Randolph Street Detroit, MI 48226 8. Department of $28,718 Treasury IRS 500 Woodward Ave Ste 10 Detroit, MI 48226 9. Detroit Downtown Unknown Dev Authority 10. Doug Taylor Unknown 22622 Sweet Meadow Mission Viejo, CA 92692 11. DTE $175,273 1 Energy Plaza Detroit, MI 48226 12. Invest Detroit Unknown Mike Vieregge 600 Renaissance Center Ste 1710 Detroit, MI 48243 13. John Maddox CPA $10,495 2024 returns 20750 Civic Center Dr Ste 418 Southfield, MI 48076 14. Kotz Sangster Wysocki Unknown 36700 Woodward Ave Suite 202 Bloomfield Hills, MI 48304 15. Michigan Department of $0 Treasury Bankrupt PO Box 30168 Lansing, MI 48909 16. Michigan Unemployment $0 Insurance Agency Attn: Bankruptcy Unit 3024 West Grand Blvd, Ste 12-100 Detroit, MI 48202 17. Murray Schlussel Unknown 1687 Thousand Oaks Blvd Berkeley, CA 94707 18. Robert Manna Unknown 1101 N Pontiac Trail Walled Lake, MI 48390 19. State of Michigan $40,000 sales & withholding 2501 Coolidge Rd Ste 400 East Lansing, MI 48823 20. Wayne Cty Property Taxes $388,291 400 Monroe 5th floor Detroit, MI 48226 LELAND HOUSE: Seeks Chapter 11 Bankruptcy in Michigan ----------------------------------------------------- On November 3, 2025, Leland House Limited Partnership Company voluntarily filed for Chapter 11 bankruptcy in the Eastern District of Michigan. Court documents show the debtor's debts in the $10 million to $50 million range, with a creditor count between 1 and 49. About Leland House Limited Partnership Company Leland House Limited Partnership Company Leland House Limited Partnership Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-51190) on November 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Maria L. Oxholm handles the case. The Debtor is represented by Ryan D. Heilman, Esq. of Heilman Law PLLC LONESOME DOVE: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Lonesome Dove Land Company, LLC 1144 Gotreaux Ln. Oakdale, LA 71463 Business Description: Lonesome Dove Land Company, LLC holds 1,794 acres of timberland and associated open buildings and sheds at 144 Gotreaux Lane, Oakdale, Louisiana, 71463, operating primarily as a landholding and real estate management entity in Louisiana. Chapter 11 Petition Date: November 4, 2025 Court: United States Bankruptcy Court Western District of Louisiana Case No.: 25-51023 Judge: Hon. John W Kolwe Debtor's Counsel: William E. Steffes, Esq. THE STEFFES FIRM, LLC 13702 Coursey Blvd. Building 3 Baton Rouge, LA 70817 Tel: 225-751-1751 Email: bsteffes@steffeslaw.com Total Assets: $3,305,000 Total Liabilities: $1,850,000 The petition was signed by Robert J. Champagne, Jr., Manager, Robert & Charlet Champagne Family, LLC. The Debtor's petition indicates there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VVPE5FI/Lonesome_Dove_Land_Company_LLC__lawbke-25-51023__0001.0.pdf?mcid=tGE4TAMA LOOKOUT TAVERN: Seeks Approval to Hire Harmony Group as Accountant ------------------------------------------------------------------ Lookout Tavern, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Harmony Group, Inc. as accountant. The firm will render these services: (a) provide accounting and financial services and advice; (b) assist with preparation of monthly reports and other financial reporting required by the United States Trustee; (c) prepare yearly state and federal tax returns; (d) review and reconcile the Debtor's financial records to ensure completion and accuracy; (e) assist the Debtor with tax issues; and (f) assist with information needed by the Debtor's counsel for the plan reorganization. The firm's professionals will be paid at these hourly rates: Executive Personnel $490 CAS Director $235 CAS Sr. Staff Accountant $175 CAS Staff Accountant $145 CAS Junior $125 Non-Retainer Bookkeeping $97 In addition, the firm will seek reimbursement for expenses incurred. David Wiseman, vice president of CAS Operations at Harmony 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: David Wiseman Harmony Group, Inc. 15 Francis Street, 2nd Floor Annapolis, MD 21401 About Lookout Tavern LLC Lookout Tavern LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-08549) on September 10, 2025. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Daniel P. Collins oversees the case. The Debtor tapped Allen, Jones & Giles, PLC as counsel and Harmony Group, Inc. as accountant. LUCID GROUP: Experiences 3Q Loss Amid EV Sluggish Production ------------------------------------------------------------ Kara Carlson of Bloomberg Law reports that Lucid Group Inc. reported a deeper third-quarter loss than analysts anticipated, as the electric vehicle maker continues to struggle with slower-than-expected production of its upcoming Gravity SUV and ongoing global trade challenges. The company said its adjusted loss for the quarter was $2.65 per share, missing Wall Street's estimate of a $2.05 loss. Revenue also came in below expectations at $336.6 million, underscoring persistent headwinds in demand and manufacturing. Despite the disappointing results, Interim Chief Executive Officer Marc Chammas said Lucid still expects to meet the lower end of its annual production target of 18,000 to 20,000 vehicles. He added that the company is working to enhance efficiency and prepare for the Gravity SUV's launch, the report states. About Lucid Motors Lucid Group, Inc. (NASDAQ: LCID) is an American electric vehicle manufacturer headquartered in Newark, California. The company was founded in 2007. Deliveries of the Dream Edition launch versions were made available to the first group of 20 reservation holders on October 30, 2021. MARCEL CONTRABAND: Seeks Chapter 11 Bankruptcy in Louisiana ----------------------------------------------------------- Marcel Contraband Pointe LLC voluntarily filed for Chapter 11 bankruptcy in the Western District of Louisiana on November 7, 2025. The company' petition lists liabilities each ranging from $10 million to $50 million, with 1 to 49 creditors. About Marcel Contraband Pointe LLC Marcel Contraband Pointe LLC is a limited liability company. Marcel Contraband Pointe LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-20568) on November 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge John W. Kolwe handles the case. The Debtor is represented by Conner L. Dillon, Esq. of Gold, Weems, Bruser, Sues & Rundell. MARKUS CORP: Court Extends Cash Collateral Access to Nov. 30 ------------------------------------------------------------ Markus Corp received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until November 30, marking the ninth extension since its Chapter 11 filing. The Debtor needs to use its lenders' cash collateral to pay the expenses set forth in its budget, which shows total operational expenses of $22,475.00 for the period from November 1 to 30. The Debtor owes $426,224.08 and $264,476.06 to the U.S. Small Business Administration and Village Bank & Trust, N.A., respectively. These creditors have perfected liens on the Debtor's assets, including cash, bank deposits and accounts receivable, which constitute cash collateral. As adequate protection, both lenders will be granted a replacement lien on substantially all of the Debtor's assets, including those acquired after its Chapter 11 filing. This replacement lien will have the same validity and extent as the secured creditors' pre-bankruptcy liens. The lenders will also be granted an administrative expense claim as additional protection. The next hearing is scheduled for November 25. SBA and Village Bank & Trust have a valid blanket lien on assets of the Debtor as of the petition date including the cash proceeds. Both hold a security interest in all assets of the Debtor by way of a valid lien. The Debtor believes SBA's lien has the first priority position. About Markus Corporation Markus Corp is an owner and operator of three semi-trucks and hauls cargo for its client. Markus filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-03310) on March 4, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Markus President Marek Kusmierczyk signed the petition. Judge Timothy A. Barnes oversees the case. Arthur Corbin, Esq., at Corbin Law Firm, LLC, represents the Debtor as bankruptcy counsel. Village Bank & Trust, N.A., as secured lender, is represented by: Jeffrey S. Burns, Esq. Markoff Leinberger, LLC 200 S. Wacker Drive, FL 31 Chicago, IL 60606 Tel: (312) 589-7600 jeff@markleinlaw.com MAYS & JEUNE: Seeks to Hire Boyle Legal LLC as Legal Counsel ------------------------------------------------------------ Mays & Jeune Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Boyle Legal, LLC, as counsel. The firm will render these services: a. give the 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 herein 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; and 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 of $12,000, inclusive of filing fees ($1,738), having previously been paid by Dr. Tanya Mays, M.D., on behalf of the Debtor. 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 Mays & Jeune Inc. Mays & Jeune Inc. owns commercial and residential properties in Albany County, New York, including mixed-use buildings at 159 and 171 Central Avenue and a three-unit residential rental at 215 Clinton Avenue. The Company manages storefronts and apartments across its portfolio. Mays & Jeune Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-11127) on September 30, 2025. In its petition, the Debtor reports total assets of $1,037,300 and total liabilities of $360,760. Honorable Bankruptcy Judge Patrick G. Radel handles the case. The Debtor is represented by Michael Boyle, Esq. of BOYLE LEGAL LLC. MIRION TECHNOLOGIES: S&P Rates New $450MM 1st-Lien Term Loan 'BB' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '1' recovery rating to Mirion Technologies Inc.'s proposed repriced $450 million first-lien term loan due 2032. The '1' recovery rating indicates its expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a default. S&P said, "We expect the transaction, if completed as proposed, will reduce the company's cost of debt by at least 25 basis points (bps)--from SOFR+225 bps--and provide it with interest cost savings of at least $1 million annually. "Our 'B+' issuer credit rating and stable outlook on Mirion are unchanged. We continue to view the demand trends in the company's nuclear power and medical end markets as favorable and expect its S&P Global Ratings-adjusted debt to EBITDA will be in the low-4x area over the next 12 months, which will provide it with a cushion relative to our 5x downside trigger." MIT US: Case Summary & 18 Unsecured Creditors --------------------------------------------- Debtor: MIT US, Inc. d/b/a RoyalRex Express, Inc. 12162 Magnolia Ct. Plainfield, IL 60585 Business Description: MIT US, Inc., doing business as RoyalRex Express, Inc., provides interstate freight transportation services and operates as a motor carrier in the United States, with its base in Plainfield, Illinois, and maintains a fleet of trucks and utility trailers to support its operations. Chapter 11 Petition Date: November 4, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-17094 Judge: Hon. David D Cleary Debtor's Counsel: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN 8707 Skokie Blvd Suite 305 Skokie, IL 60077 Tel: 888-536-6607 Fax: 866-575-3765 Email: david.freydin@freydinlaw.com Total Assets: $1,041,411 Total Liabilities: $1,706,460 The petition was signed by Octavian Mitus as president. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YI5ZKNY/MIT_US_INC__ilnbke-25-17094__0001.0.pdf?mcid=tGE4TAMA MODERN BUILDERS: Seeks to Hire Tranzon Driggers as Auctioneer ------------------------------------------------------------- Modern Builders, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ SOLDNOW, doing business as Tranzon Driggers, as auctioneer. The Debtor needs an auctioneer to market and sell its real property located at Sarasota and Charlotte County, Florida. The firm will receive a commission of 10 percent buyer's premium, to be added to the high bid(s), subject to the following adjustments: (a) auctioneer will receive 70 percent of the buyer's premium and buyer's broker, if any, will receive 20 percent of the buyer's premium and the Debtor's estate will retain 10 percent of the buyer's premium; or (b) if no buyer's broker, then the Debtor's estate will retain 30 percent of the buyer's premium. Jon Barber, an auctioneer at Tranzon Diggers, 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: Jon K. Barber Tranzon Diggers 101 E. Silver Springs Blvd. Ste. 206 Ocala, FL 34470 Telephone: (877) 374-4437 About Modern Builders Modern Builders Inc. is a Florida-based company likely involved in construction and building services. Modern Builders Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04339) on June 26, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by Stephenie Biernacki Anthony, Esq., at Anthony & Partners LLC. MONTANA VILLAGE: Taps Real Estate Denver as Mgmt., Leasing Company ------------------------------------------------------------------ Montana Village Developers, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Real Estate Denver Team, doing business as redT Homes, as management and leasing company. The firm will provide management and leasing services to the Debtor. The firm will charge 10 percent of the rental income collected by the Debtor, capped at $200 per rental unit. Paul Ko, chief financial officer at redT Homes, 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: Paul Ko Real Estate Denver Team 2899 N. Speer Blvd., #101 Denver, CO 80211 About Montana Village Developers Based in Denver, Colorado, Montana Village Developers, LLC 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). It is managed by Nathan Adams through its sole equity holder, redtCapital Partners, LLC. Montana Village Developers filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 25-16406) on October 1, 2025, listing between $10 million and $50 million in both assets and liabilities. The petition was signed by Nathan Adams in his capacity as manager of redtCapital Partners, LLC, the Debtor's managing member. Judge Joseph G Rosania Jr. oversees the case. Wadsworth Garber Warner Conrardy, P.C. serves as the Debtor's legal counsel. MORE THAN PLUMBING: Case Summary & Three Unsecured Creditors ------------------------------------------------------------ Debtor: More Than Plumbing, LLC 42452 Hayes Rd #2a Clinton Township, MI 48038 Business Description: More Than Plumbing, LLC provides residential and commercial plumbing contracting services in Clinton Township, Michigan, offering installation, repair, and maintenance solutions for plumbing systems. Chapter 11 Petition Date: November 5, 2025 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 25-51252 Judge: Hon. Mark A Randon Debtor's Counsel: Kim K. Hillary, Esq. SCHAFER AND WEINER, PLLC 40950 Woodward Ave., Suite 100 Bloomfield Hills, MI 48304 Tel: (248) 540-3340 Email: khillary@schaferandweiner.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Levi Moore as owner. A copy of the Debtor's list of three unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VVOM5HI/More_Than_Plumbing_LLC__miebke-25-51252__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VNP52TI/More_Than_Plumbing_LLC__miebke-25-51252__0001.0.pdf?mcid=tGE4TAMA MORRIS HOLLAND: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------- Morris Holland Management Corp. voluntarily filed for Chapter 11 bankruptcy in the Eastern District of New York on November 6, 2025. The company listed liabilities in the range of $0 to $100,000 in its bankruptcy petition. Morris Holland Management Corp. reported having 1 to 49 creditors involved in the proceedings. About Morris Holland Management Corp. Morris Holland Management Corp. is a single asset real estate company. Morris Holland Management Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45330) on November 6, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. MURRAYS COUNTRYSIDE: Hires Equal Justice Law Group as Counsel ------------------------------------------------------------- Murrays Countryside Insurance Services Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Equal Justice Law Group as counsel. The firm's services include: a. providing legal advice and counsel to the Debtor regarding its powers and duties as Debtor in Possession in the continued operation of its business, management of its financial affairs, and handling of its property; b. preparing, on behalf of but with the assistance of the Debtor, all necessary applications, answers, orders, reports, and other legal papers, including the contemplated plan of reorganization and disclosure statement; and c. performing all other legal services necessary for the proper representation of the Debtor as Debtor in Possession in this proceeding. The firm will bill for services rendered at its standard hourly rates. The firm received a retainer in the amount of $8,500. As disclosed in the court filing, Equal Justice Law Group represents no interest adverse to the Debtor or the estate in the matters upon which it is to be engaged. The firm can be reached through: David Foyil, Esq. Equal Justice Law Group 3626 Fair Oaks Blvd., Ste 100 Sacramento, CA 95864 Phone: (866) 308-3668 About Murrays Countryside Insurance Services Inc. Murrays Countryside Insurance Services Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-24821) on September 5, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Christopher D Jaime presides over the case. David Foyil, Esq. at Equal Justice Law Group represents the Debtor as counsel. NABORS INDUSTRIES: S&P Upgrades ICR to 'B' on Refinancing --------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Bermuda-based drilling contractor Nabors Industries Ltd. to 'B'. At the same time, S&P raised its issue-level rating on Nabors' 9.125% SPGNs due 2030 to 'B+' from 'B-' and revised its recovery rating to '2' from '3', reflecting its updated valuation assumptions. S&P also assigned its 'B+' issue-level rating and '2' recovery rating to the company's proposed senior priority guaranteed notes (SPGNs). S&P said, "We also raised our issue-level rating on the company's senior guaranteed notes to 'CCC+' from 'CCC'. Our '6' recovery rating on the company's senior guaranteed notes remains unchanged. "The stable outlook reflects our expectation that Nabors will use proceeds from the Quail Tools sale to reduce gross debt, resulting in improved credit metrics despite lower oil and gas industry activity. Specifically, we forecast average funds from operations (FFO) to debt of about 35% and debt to EBITDA of 2.2x through 2026." Nabors has launched an offering of $550 million of senior priority guaranteed notes (SPGNs) due 2032. The company's subsidiary, Nabors Industries Inc., will issue the notes. S&P Global Ratings expects the company will use proceeds to refinance its existing $550 million SPGNs due May 2027. S&P said, "We believe the transaction will improve Nabors' maturity profile and demonstrates its ability to access the capital markets. We also believe the company will use proceeds from its recent asset sale to continue reducing gross debt and addressing upcoming maturities. "We believe the proposed transaction will address Nabors' near-term refinancing risk. Nabors plans to use proceeds from the proposed issuance to refinance its existing $546 million of SPGNs due May 2027, which alleviates near-term refinancing risk." The company's capital structure currently consists of: -- $546 million of SPGNs due May 2027; -- $379 million of senior guaranteed notes due January 2028; -- $250 million of senior exchangeable notes due June 2029; -- $650 million of SPGNs due January 2030; -- $550 million of senior guaranteed notes due August 2031; and -- Its $350 million revolving credit facility (undrawn as of Sept. 30, 2025). The credit facility has a springing maturity and matures on the earlier of June 17, 2029, or to the extent 10% or more of the principal amount on the 2027, 2028, or 2029 notes remain outstanding 90 days prior to their applicable maturities, then such 90th day. Proceeds from the recent sale of its Quail Tools segment supports liquidity and gross deleveraging. Nabors received $375 million from the sale of its Quail Tools segment in August and the remaining $250 million seller note related to the sale on October 9, 2025. The company used the proceeds received in August primarily for deleveraging, specifically by repaying the $178 million draw on its credit facility and redeeming $150 million of the $700 million principal balance on its 2027 notes. S&P said, "We expect Nabors will use the $250 million seller note proceeds to continue reducing gross debt, concentrating on its upcoming 2028 maturity. Accordingly, we net the anticipated proceeds and cash outside its Saudi Aramco Nabors Drilling Co. joint venture (SANAD JV) against debt in our calculation of S&P Global Ratings-adjusted debt. We forecast S&P Global Ratings-adjusted debt of about $2 billion at year-end 2025 versus $2.47 billion as of year-end 2024. "We continue to expect industry activity will be muted in the near term. In our view, the oilfield services industry continues to face market headwinds, primarily in North America, amid elevated storage levels and global supply additions. With about 44% of its contracted rigs in the U.S., we believe Nabors' operating results will remain affected by U.S. upstream capital spending trends, which we believe will decline 5%-10% this year. Therefore, we currently expect Nabors' U.S. rig utilization to decline to about 35% in 2025 from about 42% in 2024 based on our current West Texas Intermediate (WTI) price assumption of US$55 per barrel (/bbl) for the remainder of the year." Nabors' geographic diversification partially offsets potential declines in the U.S. market, given that international drilling projects tend to have longer-lead times and typically do not respond as drastically to oil price volatility. Nabors' largest international operation is in Saudi Arabia, where it currently has about 53 rigs working under its SANAD JV (about 60% of its international working rigs). SANAD also received notice to resume work for two of its suspended rigs, beginning in 2026. S&P said, "We now expect Nabors to spend about $715 million in capital expenditure (capex) in 2025. This compares with our previous expectation of about $775 million. We expect capex will increase slightly to about $740 million in 2026." The company's growth spending comprises 50%-55% of forecast 2025-2026 capex and is primarily related to the company's SANAD JV, which is set to deliver five new rigs each year as part of a 50-rig newbuild program. Nabors' high growth spending relative to peers like Precision Drilling results in meaningfully weaker free operating cash flow (FOCF) generation (notwithstanding declining industry activity). Specifically, despite lower capex this year, we forecast a small FOCF deficit for Nabors in 2025 and very modest positive FOCF generation next year of about $13 million. Nabors' lower S&P Global Ratings-adjusted debt supports credit metric resilience. Its lower S&P Global Ratings-adjusted debt from completed and anticipated deleveraging with the proceeds from the Quail sale supports credit measures despite weaker industry conditions. Specifically, we expect average FFO to debt of 35% and debt to EBITDA of 2.2x for 2025-2026 versus 25% and 2.7x, respectively, for 2024. Further rating upside is contingent on maintaining S&P Global Ratings-adjusted FFO to debt of about 30% while generating material FOCF. S&P views this as unlikely over the next 12 months given lower industry activity and high growth spending related to the SANAD JV. S&P said, "The stable outlook reflects our expectation that Nabors will use proceeds from the Quail Tools sale to reduce gross debt, resulting in improved credit metrics despite lower oil and gas industry activity. Specifically, we forecast average FFO to debt of about 35% and debt to EBITDA of 2.2x through 2026. "We could lower the rating if FFO to debt drops well below 12% for a sustained period or liquidity deteriorates. This would most likely occur if capex is higher than our current expectations or commodity prices decrease such that demand for Nabors' services decreases below our expectations. "We would also likely lower the rating if the proposed refinancing transaction does not close in line with our current expectations. "We could raise the rating if Nabors maintains FFO to debt of about 30% for a sustained period while generating material positive free cash flow. This would most likely result from improved demand for Nabors' services on increased oil and gas activity." NAPLES ALF: To Sell Naples Property to Hacienda Lakes for $2.5MM ---------------------------------------------------------------- Naples Alf Inc. seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns a single parcel of real property located at 4599 Tamiami Trail East, Naples, Florida 34112 (Property). The Property is approximately 3 acres in size, trapezoidal, interior (mid-block) site, and is unimproved and vacant. The Property is free of any known covenants or leases that would impair the ability of any purchaser to develop the Property to the full extent permitted by applicable law. The Debtor contends that the aggregate principal value of all liens on the Property is approximately $4.5 million. The mortgage liens are also secured by the property of an affiliated, Juniper ALF, Inc., which is a debtor in a companion bankruptcy case. The Debtor employs Jason A. Welt and Trustee Realty Inc. as Real Estate Broker to Naples ALF, Inc. On October 2, 2025, the Court entered the Bid Procedures Order, which authorized the Debtor to conduct an Auction a Sale of the Property. The Bid Procedures Order requires the Debtor to file this Motion to authorize the sale of the Property free and clear of liens, pursuant to a sale agreement with the winning bidder at the auction sale, and to present the same at the sale hearing on November 12, 2025 at 11:00 A.M. EST. On November 4, 2025, the Debtor filed the Notice of Auction Sale. The Auction was conducted on November 7, 2025. At the conclusion of the Auction, the Debtor determined that Hacienda Lakes of Naples, LLC was the highest and best bidder for the sale of the Property at the price of $2,575,000 The Debtor also determined that KT Properties, LLC was the back up bidder at the price of $2,550,000 in the event that Hacienda Lakes of Naples, LLC cannot consummate the sale. Consistent with the terms of the Bid Procedures Order and the Auction results, the Debtor seeks authority to sell the Property free and clear of all existing liens, claims, encumbrances and interests, with such Claims, if any, to attach to the proceeds of sale following the closing and upon further order of the Court. The Debtor seeks approval of the sale of the Property free and clear of Claim to Hacienda for the purchase price of $2,575,000.00. The Property is subject to a first mortgage in favor of Artemis of Naples, LLC; a second mortgage in favor of Corbin Acquisitions, LLC; and a third mortgage in favor of FZA Note Buyers, LLC. The Property is not subject to any long-term leases or other material agreements. The Debtor contends that the aggregate principal value of all liens on the Property is approximately $4.5 million. The mortgage liens are also secured by the property of an affiliated debtor, Juniper ALF, Inc. The Debtor asserts that the sale of the Property, pursuant to the terms and conditions, is in the best interests of the Debtor's estate. The sale of the Property will maximize the value that can be received by the estate and will correspondingly increase recoveries to all creditors. About Naples Alf Inc. Naples ALF, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00413) on February 19, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Caryl E. Delano oversees the case. Lisa M. Castellano, Esq., at Venable, LLP is the Debtor's legal counsel. NEEDSPACE HACKS: Seeks Chapter 11 Bankruptcy in Mississippi ----------------------------------------------------------- Needspace Hacks Cross LLC voluntarily filed for Chapter 11 bankruptcy in the Northern District of Mississippi on November 6, 2025. The company reported liabilities ranging from $1 million to $10 million. Needspace Hacks Cross LLC indicated that it has 1 to 49 creditors involved in the case. About Needspace Hacks Cross LLC Needspace Hacks Cross LLC is a limited liability company. Needspace Hacks Cross LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13780) on November 6, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jason D. Woodard handles the case. The Debtor is represented by Robert Gambrell, Esq. of Gambrell & Associates, PLLC. NEPTUNE BIDCO: Moody's Rates New 1st Lien Notes 'B3 --------------------------------------------------- Moody's Ratings affirmed Neptune Bidco US Inc.'s (Nielsen) B3 corporate family rating and the B3-PD Probability of Default Rating. In connection with proposed refinancing, Moody's assigned a B3 rating to the company's backed senior secured first lien notes currently being marketed and downgraded the company's existing backed senior secured first lien bank credit facilities ratings to B3 from B2 and its backed senior secured first lien notes due 2029 to B3 from B2. The outlook remains stable. The rating action follows Nielsen's announcement [1] that it has launched an offering of $1 billion backed senior secured first lien notes. Nielsen plans to use the net proceeds from the offering to refinance a portion of its secured second lien term facility (unrated, $1.9 billion outstanding at June 30, 2025). The assignment of B3 rating to the proposed backed senior secured first lien notes and one-notch downgrade of the existing backed senior secured first lien debt reflect the expected reduction of the second lien debt in the capital structure, which provided debt cushion in a default scenario. With the anticipated $1 billion repayment of the $1.9 billion of the second lien debt as of June 30, 2025, the majority (91%) of the company's capital structure will consist of pari passu first-lien secured debt resulting in instrument ratings matching the CFR. Moody's views the proposed refinancing transaction as credit positive because it would reduce annual interest expense without an increase in leverage. RATINGS RATIONALE Nielsen's B3 CFR continues to reflect the company's high financial leverage, heavy interest expense burden, intense competition and exposure to the secularly challenged linear TV segment. The company's limited ability to raise prices beyond contractual fixed price escalators combined with low exposure to digital ad spend results in limited organic revenue growth relative to industry. Nielsen garners credit strength from its leading market position in audience measurement and analytics, recurring contractual revenue model, long-standing client relationships with major blue-chip enterprises and relatively high barriers to entry. The company generates high EBITDA margins in the 40%-45% range (Moody's adjusted). Nielsen's market position is supported by its importance as an independent third-party measurement currency, which is accepted by both advertisers and media companies. Nielsen's highly levered capital structure is a key credit challenge. As of LTM June 2025, Nielsen's Moody's adjusted Debt/EBITDA was 6.6x (Moody's adjusted, normalized for business dispositions, excludes restructuring charges and gain on change in fair value of warrant asset). Moody's views this leverage level as high given the company's limited ability to raise prices beyond contractual fixed price escalators, economically sensitive client spend and high exposure to the secularly challenged linear TV subsegment. Moody's expects modest deleveraging over the next 12-18 months driven by EBITDA growth, closer to the low 6x range by the end of 2025 and to the 5.5x – 6x range by the end of 2026, inclusive of Moody's adjustments. Moody's expectations of modest EBITDA improvement is based on Moody's views that Nielsen will realize incremental cost savings. Because of a sizable interest expense burden ($1.2 billion as of LTM June 2025) associated with the debt-heavy capital structure ($10 billion) - both before Moody's adjustments - and significant cash tax payments, free cash flow remains modest. As of LTM June 2025, Moody's adjusted free cash flow was $101 million, which is around 1% of Moody's adjusted debt. Though Moody's expects free cash flow to improve over the next 12-18 months, FCF/Debt will remain in low single digits (Moody's adjusted). Moody's expects that Nielsen will maintain good liquidity over the next 12-18 months, supported by an estimated cash balance of $551 million as of September 30, 2025 and Moody's expectations of positive free cash flow in the $200 - $205 million range over the coming year. At LTM June 30, 2025, Moody's adjusted free cash flow was $101 million. Moody's defines free cash flow as cash from operations less capex and dividends. Though the company's cash needs remain high, including cash taxes, Moody's expects that Nielsen's cash on hand and internally generated cash flow will be sufficient to meet basic cash needs, including debt service, maintenance capex, cash taxes, working capital needs without drawing on the revolver over the coming year. Nielsen's external liquidity is supported by a $650 million backed senior secured revolving credit facility due October 2027 (revolver, $631 million available at June 30, 2025 net of letters of credit). In addition to the revolver, Nielsen has access to a $200 million accounts receivable securitization facility (AR facility) that has a termination date of June 10, 2027. Borrowings outstanding under the AR facility at June 30, 2025 were $140 million. The revolver has a springing maximum first lien net leverage covenant set at 7.6x (as defined in the credit agreement) that is triggered when more than 40% of the revolver is drawn. Moody's do not expect the covenant to be tested over the next 12-18 months, but if it were, Moody's projects a cushion of at least 40% under the requirement. The backed senior secured first-lien term loans are covenant-lite and have a mandatory 1% amortization per annum (approximately $57 million). The AR facility has various cross-default provisions and financial covenants matching the company's credit facility agreement and the revolver's first lien net leverage covenant. Nielsen does not have material funded debt maturities until October 2028 when its backed senior secured first lien term loan A matures ($1.8 billion outstanding as of June 30, 2025). The B3 instrument first lien senior secured debt (including the existing bank credit facilities, existing notes and the proposed $1 billion notes) ratings reflect the B3-PD PDR, an average expected family recovery rate of 50% at default given the first lien credit facility's covenant-light structure and that pro forma for the refinancing first lien debt will comprise the preponderance of the company's debt capital. Both the senior secured first lien credit facilities and notes are ranked above the privately-placed senior secured second-lien term loan due 2029 (unrated). The backed senior secured first lien debt benefits from a downstream guarantee from Neptune Intermediate LLC, a direct holding company parent of the issuer. The stable outlook reflects Moody's expectations for positive free cash flow, low-single digit percentage organic revenue growth and modest EBITDA growth supported by cost reduction. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if market share and/or customer losses, competitive pressures, lack of organic revenue growth or new product rollout delays resulting in sustained operating margin erosion or Debt/EBITDA sustained above 7.5x or liquidity deteriorates such that free cash flow turns negative (all Moody's adjusted). Aggressive financial policies that include debt-financed acquisitions and/or shareholder distributions that increase leverage could also pressure the ratings. The ratings could be upgraded if Nielsen continues to profitably increase the proportion of revenue from its high-growth businesses with Debt/EBITDA sustained below 5.5x, EBITDA less capex interest coverage above 1.75x (both metrics Moody's adjusted), free cash flow to total debt in the mid-single digit percent range (all metrics are Moody's adjusted), and constant currency organic revenue growth in the mid-single digit percentage range or better. Maintaining good liquidity will also be needed for an upgrade. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Nielsen's assigned B3 CFR is two notches below the scorecard-indicated outcome of B1. The difference reflects the greater emphasis of the CFR on limited free cash flow, high financial leverage and significant exposure to secular declines in linear TV. PROFILE Headquartered in New York, NY, Nielsen is a global measurement and data analytics company. Revenue totaled approximately $3.45 billion for the twelve months ended September 30, 2025. The company is controlled by private investment funds led by Elliott Investment Management L.P. and Brookfield Business Partners L.P., together with other institutional partners. NEW GOLD: Moody's Puts 'B2' CFR Under Review for Upgrade -------------------------------------------------------- Moody's Ratings placed New Gold Inc.'s (New Gold) ratings on review for upgrade, including its B2 corporate family rating, B2-PD probability of default rating and B3 senior unsecured ratings. The outlook was changed to rating under review from positive. This ratings action follows a definitive agreement reached by New Gold to be acquired by Coeur Mining, Inc. (Coeur) in a $7 billion all equity transaction. The transaction is expected to close in the first half of 2026. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS New Gold's ratings were placed on review for upgrade based on the potential for a stronger credit profile for the combined company. The combined company will have a larger, more diversified asset base in North America. The combined entity will have seven operating mines, five of which are located in Canada and the US, which are typically viewed as a low-risk mining jurisdictions. The combined company should generate strong EBITDA and free cash flow at current gold, silver and copper prices. The review will conclude once the transaction has closed and there is clarity on the potential implications for New Gold's debt, whether it will be repaid, assumed or guaranteed by Coeur or remain New Gold's obligation. New Gold Inc. is a gold producer headquartered in Toronto, Ontario with two operating mines: New Afton, British Columbia, Canada and Rainy River, Ontario, Canada. The scorecard indicated outcome is Ba1 four notches above the B2 CFR. The difference reflects New Gold's current small scale and concentration of production, exposure to volatile commodity prices, and that the current mine plan at Rainy River and New Afton will see meaningful production declines past 2029 without investments in mine-life extension options. NEW GOLD: S&P Places 'B+' ICR on Watch Pos on Acquisition by Coeur ------------------------------------------------------------------ S&P Global Ratings placed all its ratings on Toronto-based gold producer New Gold Inc., including its 'B+' issuer credit rating, on CreditWatch with positive implications. The CreditWatch placement reflects that S&P will likely raise its ratings on the company following the close of the acquisition, which it expects will occur in the first half of 2026, subject to a shareholder vote, regulatory approvals, and the fulfillment of other customary closing conditions. On Nov. 3, 2025, Chicago-based precious metals producer Coeur Mining Inc. announced it had agreed to acquire Toronto-based gold producer New Gold Inc. through an all-stock transaction valued at $7 billion. S&P said, "The CreditWatch placement reflects that we will likely raise our ratings on New Gold following the close of the acquisition. The CreditWatch placement follows the company's announcement that it has entered into a definitive agreement to be acquired by Coeur for approximately $7 billion in an all-stock deal. We anticipate the transaction will close in the first half of 2026, subject to the votes of both companies' stockholders, the receipt of regulatory approvals, and the fulfillment of customary closing conditions. "In our view, the combined entity's larger scale and improved operating diversity will contribute to a stronger credit profile. "We estimate the combined company will have 7 operating assets in three countries and forecast its annual gold-equivalent production will almost double to about 1.25 million ounces, which will support materially higher earnings and cash flows over the next several years. Furthermore, we expect the combined entity's S&P Global Ratings-adjusted leverage, pro forma for the acquisition, will be below 1.0x and anticipate it will generate significant positive free operating cash flow over the next couple of years, despite our assumption for a gradual decline in the gold price to $2,600 per ounce in 2027. "The CreditWatch positive placement reflects the likelihood that we will raise our ratings on New Gold-- potentially by more than one notch--upon close of the acquisition, which we anticipate will occur in the first half of 2026." NEW GRANT: Seeks to Hire Scroggins Williamson & Ray as Counsel -------------------------------------------------------------- New Grant Acquisitions, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Scroggins, Williamson & Ray, PC as counsel. The firm will provide these services: (a) prepare pleadings and applications; (b) conduct examinations; (c) advise the Debtor of its rights, duties and obligations; (d) consult the Debtor and represent it with respect to a Chapter 11 plan and/or a sale of its assets; (e) perform legal services incidental and necessary to the day-to-day operation of the Debtor's affairs; and (f) take any and all other action incidental to the proper preservation and administration of the Debtor's estates. The firm will be paid at these hourly rates: Attorneys $565 - $625 Paralegals $135 - $175 The firm currently holds a retainer in the amount of approximately $60,262.50. J. Robert Williamson, a member at Scroggins, Williamson & Ray, 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: J. Robert Williamson, Esq. Scroggins, Williamson & Ray, PC 4401 Northside Parkway, Suite 230 Atlanta, GA 30327 Telephone: (404) 893-3880 Facsimile: (404) 893-3886 Email: rwilliamson@swlawfirm.com About New Grant Acquisitions New Grant Acquisitions, LLC is a real estate lessor with its principal assets located at 44 Broad Street NW in Atlanta, Georgia. New Grant Acquisitions, LLC in Davenport, IA, sought relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-61599) on Oct. 6, 2025, listing as much as $10 million to $50 million in both assets and liabilities. Brent Crittenden, authorized agent, signed the petition. Scroggins, Williamson & Ray, PC serves as the Debtor's counsel. NORTH AMERICAN CONSTRUCTION: DBRS Finalizes BB(high) Credit Rating ------------------------------------------------------------------ DBRS Limited finalized its provisional credit rating of BB (high) with a Stable trend on North American Construction Group Ltd.'s (NACG or the Company) re-opening $125 million 7.75% Senior Unsecured Notes due May 1, 2030 (the Notes). The credit rating is based on a recovery rating of RR4. The credit rating assigned to the newly issued debt instruments is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. The Company intends to use the net proceeds to repay indebtedness and for general corporate purposes. The Notes are senior unsecured obligations of the Company and will rank pari passu in right of payment with all other existing and future senior unsecured indebtedness. The Notes will be effectively subordinated to all existing and future senior secured indebtedness. The rating is based on NAGC's First Supplemental Indenture dated October 22, 2025, Private Placement Memorandum dated October 7, 2025, and information provided by the Company to Morningstar DBRS as of October 24, 2025. Continuation of the rating is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purposes of monitoring the above-noted rating. NORTH AMERICAN: Seeks to Tap Lane Law Firm PLLC as Counsel ---------------------------------------------------------- North American Recycled Clothing, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ The Lane Law Firm, PLLC as counsel. The firm will render these services: a. assist, advise and represent the Debtor relative to the administration of the chapter 11 case; b. assist, advise and represent the Debtor in analyzing the Debtor's assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; c. attend meetings and negotiate with the representatives of the secured creditors; d. assist the Debtor in the preparation, analysis, and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; e. take all necessary action to protect and preserve the interests of the Debtor; f. appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of the Debtor before said Courts and the United States Trustee; and g. perform all other necessary legal services in these cases. The firm will be paid at these hourly rates: Robert Lane, Attorney $650 Joshua Gordon, Senior Associate $625 Zach Casas, Attorney $575 Kyle Garza, Attorney $450 Grant Bullwinkel, Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received multiple payments from Debtor totaling $60,000. Mr. Lane disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About North American Recycled Clothing, LLC North American Recycled Clothing, LLC, formed on September 26, 2014, operates a secondhand textile recycling business. The Company handles a variety of products including clothing, shoes, handbags, toys, and household items. It purchases used bulk clothing from thrift stores such as Goodwill and resells the bulk items to international buyers. North American Recycled Clothing, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-36394) on October 28, 2025. At the time of the filing, the Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1,000,001 to $10 million. Judge Eduardo V. Rodriguez oversees the case. The Lane Law Firm, PLLC serves as the Debtor's legal counsel. NORTHERN COLORADO: S&P Assigns 'BB' ICR, Outlook Stable ------------------------------------------------------- S&P Global Ratings assigned its 'BB' issuer credit rating (ICR) to Northern Colorado Academy of Arts and Knowledge (AAK). The outlook is stable. S&P views environmental, social, and governance factors as neutral in our credit rating analysis. The stable outlook reflects S&P Global Ratings' expectation that the school will meet enrollment projections while maintaining positive full-accrual financial operations and more than 1x pro forma MADS coverage, aiding in the maintenance of recently increased liquidity. S&P said, "We could consider a negative rating action if AAK were to fail to meet enrollment projections, leading to softened operating performance or coverage. Furthermore, we could consider a negative rating action if the school were to materially draw on its liquidity position. "While rating upside is unlikely given the school's limited size, even at maximum projected enrollment, we could consider a positive rating action if it demonstrates a longer trend of enrollment growth, successfully meeting relatively high growth projections, while maintaining liquidity and continuing to generate healthy operating surpluses, producing lease-adjusted MADS coverage in line with that of higher-rated peers." NTG 392 WHITE: Seeks to Tap Norgaard O'Boyle & Hannon as Counsel ---------------------------------------------------------------- NTG 392 White Horse, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Norgaard O'Boyle & Hannon as counsel. The firm's services include: (a) prepare pleadings and related documents in the case; (b) represent the Debtor before the court; (c) assist property transactions and proposal of Chapter 11 plan; and (d) advise the Debtor in connection with its rights and duties. The firm's counsel and staff will be paid at these hourly rates: Partners and Of Counsel $375 - $500 Associates $275 - $325 Law Clerks $175 Paralegals $150 Administrative Assistants $90 John O'Boyle, Esq., an attorney at Norgaard O'Boyle & Hannon, 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: John O'Boyle, Esq. Norgaard O'Boyle & Hannon 184 Grand Avenue Englewood, NJ 07631 Telephone: (201) 871-1333 Email: joboyle@norgaardfirm.com About NTG 392 White Horse NTG 392 White Horse, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-21270) on Oct. 23, 2025. In the petition signed by Nicole Raso, a managing member, the Debtor reported $2,920,000 in total assets and $11,053,654 in total liabilities. The Debtor is represented by John O'Boyle, Esq., at Norgaard O'Boyle & Hannon. OAKTREE OCALA: Gets Interim OK to Use Cash Collateral Until Dec. 5 ------------------------------------------------------------------ Oaktree Ocala JV, LLC and ASAP Highline Ocala, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral to fund operations. The court's third interim order authorized the Debtors to continue using cash collateral through December 5 in accordance with the revised budget and subject to agreement with CPIF MRA, LLC or further court order. The 13-week budget projects total operational expenses of $419,211.56. The third interim order also extended the deadline for CPIF to file a supplement to its objection to November 25. Both parties expressly reserve their rights regarding how payments under the budget are applied. The final hearing is scheduled for December 2. ASAP originally obtained an $18 million loan from CPIF in 2022 to acquire and improve its Ocala property but alleges that CPIF failed to fund the full amount, disbursing only about $12.3 million. This shortfall, along with CPIF's failure to fund tax escrows and future loan advances, prevented ASAP from completing planned renovations and refinancing the loan before its 2024 maturity. CPIF initiated a foreclosure action in late 2024 and attempted to acquire ASAP through a UCC sale, prompting ASAP to file for Chapter 11 to protect its assets and seek judicial resolution of disputes with CPIF. About Oaktree Ocala JV LLC Oaktree Ocala JV, LLC is a real estate lessor operating under NAICS code 5311. It is based in Suffern, N.Y., with apparent operations in Ocala, Florida. It operates as a joint venture in the real estate leasing sector. Oaktree Ocala JV and ASAP Highline Ocala, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-22701) on July 29, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Sean H. Lane oversees the case. The Debtor is represented by Kenneth M. Lewis, Esq., at Paul M. Nussbau, Esq. OCM SYSTEM: Moody's Affirms 'B2' CFR, Outlook Remains Stable ------------------------------------------------------------ Moody's Ratings affirmed OCM System One Buyer, CTB, LLC's (System One), a Pennsylvania-based provider of outsourced staffing and workforce solutions, B2 corporate family rating, and B2-PD probability of default rating. Moody's also affirmed the B2 ratings on the senior secured bank credit facilities, which consist of a revolving credit facility expiring March 2027 and a first-lien term loan maturing March 2028. The outlook is stable. The ratings affirmation reflects Moody's views that operating performance has been in-line with expectations and credit metrics remain within the range Moody's expects for its B2 CFR. LTM debt/EBITDA is in the high 4x range (pro forma for the UPA carveout in December 2024 and incremental $20 million debt issued as part of its recent re-pricing transaction) and Moody's expects leverage will decline to the low to mid 4x over the next 12–18 months with modest earnings growth. The ratings affirmation also reflects System One's good liquidity profile and Moody's expectations that the company will proactively address the upcoming maturity ($55 million revolver due March 2027) well in advance of the expiration date. RATINGS RATIONALE The B2 CFR reflects System One's moderately high debt leverage, with pro forma debt/EBITDA in the high 4x for the LTM period ended June 30, 2025. Moody's expects leverage will decline to the low to mid 4x range over the next 12 to 18 months driven by modest earnings growth. The rating is constrained by aggressive financial strategies and concentrated ownership by the PE sponsor. The rating also reflects its modest profitability as well as exposure to the competitive and cyclical staffing services industry. Nevertheless, the CFR is supported by the diverse and relatively resilient end markets the company serves and Moody's expectations for good demand growth for outsourced staffing. The CFR also acknowledges the company's high customer retention rates, a variable cost structure, and low capital spending needs. Its good liquidity profile also supports the CFR. All financial metrics cited reflect Moody's standard adjustments. Moody's expects System One to have good liquidity over the next year. The company had $21 million of cash as of June 30, 2025, as well as access to its undrawn $55 million revolving credit facility expiring in March 2027. Moody's expects free cash flow around $40 million over the next year. These liquidity sources will be ample to cover the required annual amortization of $4.2 million for its $420 million term loan maturing in March 2028. There are no financial maintenance covenants applicable to the term loan. A springing first-lien maximum net leverage covenant on the revolver is set at 7.8x, tested when revolver commitments exceeds 35%. Moody's anticipates that the company would report a comfortable cushion below the maximum permitted ratio if it is measured. System One's senior secured credit facility (revolver and term loan) is rated B2, in line with the B2 CFR and reflects that it is the predominant class of debt in the capital structure. The credit facility benefits from secured guarantees from all existing and subsequently acquired domestic subsidiaries. The stable outlook reflects Moody's expectations that leverage will decline to the low to mid 4x range over the next 12 to 18 months driven by modest earnings growth. The stable outlook also reflects Moody's expectations for good liquidity with solid free cash flow generation. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded through consistent earnings growth and margin improvement along with financial policy supportive of debt/EBITDA remaining below 4x and free cash flow-to-debt above 10%, while maintaining good liquidity. Ratings could be downgraded should System One experience declines in customer retention rates, revenue or profitability. An expectation that leverage will be sustained above 5.5x or should liquidity deteriorate including free cash flow to debt below 5% could also lead to a ratings downgrade. Financial policies featuring shareholder returns or aggressive acquisitions would also negatively pressure ratings. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. System One is a provider of outsourced staffing, managed services and workforce solutions specializing in the engineering, energy, technology, legal, scientific and digital & creative sectors. The company operates out of over 50 field offices across the US and serves a broad range of government, industrial and commercial clients across multiple end markets. The company is majority owned by funds managed by Oaktree Capital Management, L.P. System One pro forma revenue is roughly $1.1 billion for the LTM period ended June 30, 2025. OFFICE PROPERTIES: Moody's Cuts CFR to 'Ca', Outlook Stable ----------------------------------------------------------- Moody's Ratings downgraded the corporate family rating of Office Properties Income Trust ("OPI" or "the REIT") to Ca from Caa3. Concurrently Moody's downgraded the ratings on OPI's senior secured notes due 2027 and March 2029 to Caa3 from Caa2, the rating on OPI's senior secured notes due September 2029 to Ca from Caa3, and the rating on the REIT's senior unsecured notes to C from Ca. OPI's speculative grade liquidity rating remains unchanged at SGL-4. The outlook on the ratings was changed to stable from negative. Governance considerations are material to the rating action due to an unsustainable capital structure and the REIT's bankruptcy filing. RATINGS RATIONALE On October 30, 2025, OPI and certain of its subsidiaries filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Southern District of Texas in order to implement a plan to restructure portions of the REIT's debt. OPI's capital structure is unsustainable in its current form and has left the REIT with limited financial flexibility at a time when general demand for non-prime Class A office space remains volatile. Subsequent to the actions, Moody's will withdraw OPI's ratings due the bankruptcy filing. The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in May 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Office Properties Income Trust is a real estate investment trust that owns and operates office buildings in select markets throughout the Unites States. OFFICE PROPERTIES: Represented by Latham in $2B Debt Restructuring ------------------------------------------------------------------ Office Properties Income Trust has announced that it has entered into a Restructuring Support Agreement with an ad hoc group of certain holders of its senior secured notes due September 2029 to restructure its more than $2 billion total debt obligations and allow the Company to substantially deleverage its balance sheet. The transactions contemplated by the RSA provide the Company with a significantly improved capital structure and reduced debt service obligations, including by the equitization of approximately $1 billion of existing notes, and allow the Company to increase liquidity while maintaining its business operations in the normal course. To implement the restructuring contemplated by the RSA, OPI and certain of its subsidiaries have filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Southern District of Texas, in Houston, Texas. OPI has received a commitment for $125 million in new money, debtor-in-possession financing from the September 2029 Ad Hoc Group to be syndicated to other holders of the September 2029 Notes. Restructuring & Special Situations partners Ray C. Schrock, Andrew M. Parlen, and Anu Yerramalli are leading the Latham team representing OPI in the process, complemented by the firm’s world class corporate, finance, litigation, real estate, and insurance teams. About Office Properties Income Trust OPI is a national REIT focused on owning and leasing office properties to high credit quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment grade rated tenants. In 2024, OPI was named as an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. OM SAI MED: Seeks Subchapter V Bankruptcy in Texas -------------------------------------------------- Om Sai Med Center LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas on November 3, 2025. According to the filing, the company reported assets and liabilities each valued between $1 million and $10 million, with a creditor count ranging from 1 to 49. About Om Sai Med Center LLC Om Sai Med Center LLC is a limited liability company. Om Sai Med Center LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case. 25-36622) on November 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Joyce W. Lindauer, Esq. of JOYCE W. LINDAUER ATTORNEY, PLLC. OPTIMUS DATACENTERSL: Seeks Subchapter V Bankruptcy in California ----------------------------------------------------------------- Weinberg Capital Investments LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas on November 5, 2025. According to the filing, the company reported liabilities up to $50,000. It also listed between 1 and 49 creditors. About Weinberg Capital Investments LLC Weinberg Capital Investments LLC is a limited liability company. Weinberg Capital Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90667) on November 5, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and liabilities up to $50,000. Honorable Bankruptcy Judge Alfredo R Perez handles the case. The Debtor is represented by John Thomas Oldham, Esq. of Okin Adams LLP. PACKERS HOLDINGS: S&P Cuts ICR to 'SD' on Missed Interest Payment ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Packers Holdings LLC to 'SD' (selective default) from 'CCC'. S&P lowered its issue-level ratings on the company's senior secured term loan due March 2028 and revolver due March 2026 to 'D' from 'CCC'. S&P expects to reassess our ratings following the completion of the distressed restructuring transaction. Packers did not make the required interest payments under its 2021 credit agreement and entered into a transaction support agreement with lenders which included a forbearance agreement. The company has received the required lender consents for a planned out-of-court restructuring of its debt. The downgrade reflects Packers' missed interest payments. The company announced that it entered into a transaction support agreement with most of its lenders on Nov. 2, 2025. The agreement provides for a forbearance period through Dec. 31, 2025, related to the company's failure to make its scheduled interest payment due Oct. 31, 2025. In our view, the missed interest payment constitutes an event of default, resulting in the downgrade. Packers is planning a distressed debt restructuring that will significantly lower its debt burden. Its term loan lenders were offered the option to cash-out at $0.225 for every $1.00 of principal. Alternatively, they can exchange their existing term loan principal for a pro-rata share of new takeback term loans, along with a pro-rata share of reorganized equity. S&P views this transaction as offering less than originally promised to lenders. S&P said, "Following the completion of the transaction, Packers will have significantly reduced its debt burden, which we think could improve the sustainability of its capital structure. This will be reflected in our assessment of the company's credit profile following the completion of the exchange along with our views of the ongoing operating prospects of the company." PENSAR ACADEMY: S&P Affirms 'BB-' LT Rating on 2020 Revenue Bonds ----------------------------------------------------------------- S&P Global Ratings' affirmed its 'BB-' long-term rating on the Arizona Industrial Development Authority's series 2020 education revenue bonds, issued for Pensar Academy Inc. (Pensar). The outlook is stable. S&P said, "We view Pensar's governance-related risk factors as elevated given the current board's small membership, and lack of independence and diversity; however, we understand the school is working to expand the board's size. We have analyzed the school's environmental and social factors and consider them neutral in our analysis. "The stable outlook reflects our expectation that Pensar will stabilize or increase enrollment from current levels, produce at least break-even operating margins across fiscal years 2025 and 2026, supporting lease-adjusted MADS coverage and liquidity ratios that are commensurate with peers at the current rating. "We could lower the rating if the school does not meet enrollment projections, such that financial performance deteriorates, resulting in weaker MADS coverage or liquidity. Though not currently expected, material additional debt could pressure the rating. "Although unlikely over the outlook period given the school's limited operating base, we could consider a positive rating action if Pensar can grow enrollment in both the existing fourth-to-eighth-grade middle school and eventually the K-3 grade program once operating, strengthening its market position and demand profile, while consistently producing surplus operations, leading to improved MADS coverage and liquidity ratios that are in line with higher rated peers." PERMIAN RESOURCES: Moody's Alters Outlook on 'Ba1' CFR to Positive ------------------------------------------------------------------ Moody's Ratings changed Permian Resources Operating, LLC's (Permian Resources) rating outlook to positive from stable and concurrently affirmed the company's Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating, and Ba2 backed senior unsecured notes rating. The company's Speculative Grade Liquidity Rating (SGL) is maintained at SGL-1. "The positive outlook reflects Moody's expectations that Permian Resources will continue to follow its conservative financial policies, generate significant free cash flow and further reduce debt in 2026," said Thomas Le Guay, a Moody's Ratings Vice President. RATINGS RATIONALE Permian Resources' Ba1 CFR reflects its large production scale from high-quality acreage primarily in the Delaware basin and the company's continued commitment to prudent financial policies and free cash flow generation. The company targets net leverage between 0.5x and 1.0x (1.0 x as of June 30, 2025) and the change to a lower fixed dividend allows it to retain more cash flow for debt repayment or potential acquisitions. This allows Permian Resources to continue improving its leverage metrics, with Retained Cash Flow (RCF) to debt trending towards 80% in 2026 and Debt/Production declining towards $8,000/boe, under Moody's current $55 WTI base case oil price assumption. The Ba1 CFR also incorporates Permian Resources' still relatively limited track record of executing its current strategy of more measured organic growth supplemented with bolt-on acquisitions. Moody's expects the company to continue building its operational track record by demonstrating consistent organic production growth and full organic reserves replacement at lower finding and development (F&D) costs to make its returns more competitive and resilient to lower commodity price environments. The positive outlook reflects Moody's expectations that Permian Resources' will maintain financial discipline in the current volatile oil price environment, producing significant free cash flow and reducing debt under Moody's current commodity price assumptions. Permian Resources maintains a very good liquidity position, reflected in its SGL-1 Rating. The liquidity position is supported by its free cash flow generation and a $2.5 billion committed senior secured revolving credit facility ($4.0 billion borrowing base) maturing in February 2028, which was undrawn as of June 30, 2025. The facility has two financial covenants, including a maximum debt/EBITDAX of 3.5x and minimum current ratio of 1.0x. Moody's expects the company to remain well in compliance with its financial covenants through 2026. Permian Resources' next debt maturity is $550 million of notes due April 2027. Permian Resources' senior unsecured notes are rated Ba2, one notch below the Ba1 CFR, reflecting the effective subordination of the unsecured notes to the significant size of the $2.5 billion senior secured revolving credit facility. The notes are guaranteed by Permian Resources' parent company, Permian Resources Corporation. The secured revolver has fall away provisions that provide for it to become senior unsecured upon the company receiving investment grade ratings, as specified in the agreement. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Permian Resources' Ba1 CFR could be upgraded if the company continues to build a track record of organic production growth and reserves replacement at more competitive F&D costs and returns on investment, and meaningfully reduces gross debt outstanding. To support an upgrade, the company should increase its leveraged full cycle ratio (LCFR) above 2x and sustain RCF to debt over 50% at mid-cycle oil and gas prices. The ratings may be downgraded if there is a substantial increase in leverage to fund acquisitions or shareholder returns or if the company experiences a meaningful decline in production. A downgrade could occur if RCF to debt falls below 35% or LFCR falls towards 1.0x. Permian Resources Operating, LLC is an independent oil and gas exploration and production company in the Permian basin, operating across West Texas and New Mexico. The company owns around 470,000 net acres with production averaging 385 Mboe/d in the second quarter of 2025 (46% oil). The company had around 6 years of proved developed reserves as of December 31, 2024. Permian Resources' parent company, Permian Resources Corporation, is publicly-listed. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PHYSICAL INVESTMENTS: Seeks to Hire Long & Foster as Realtor ------------------------------------------------------------ Physical Investments Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to hire Teddy Dalton of Long & Foster - Oak Grove as realtor Long & Foster will market and sell the Debtor's real estate in the City of Roanoke located 2277 Maplelawn Avenue, NE, Roanoke, VA 24012. The firm will receive a commission equal to 6 percent of the selling price. Mr. Dalton assured the court that his firm is a "disinterested person" as defined in Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: Teddy Dalton Long & Foster Oak Grove Roanoke, VA 2320 Electric Road Roanoke, VA 24018 Phone: (540) 769-0000 Email: teddy.dalton@longandfoster.com About Physical Investments Inc. Physical Investments Inc. operates as a real estate lessor. Physical Investments Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-70650) on July 18, 2025. In its petition, the Debtor reports 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 Andrew S. Goldstein, Esq. at MAGEE GOLDSTEIN LASKY & SAYERS, P.C. PK PLANO: Court Holds Lessee-Affiliate as Franchisee's Alter Ego ---------------------------------------------------------------- In the adversary proceeding captioned as PICKLEBALL KINGDOM FRANCHISING, LLC, Plaintiff, v. PK PLANO, LLC, Defendant, Adv. No. 25-04127 (Bankr. N.D. Tex.), the United States Bankruptcy Court for the Northern District of Texas held that Pickleball Kingdom Franchising, LLC is entitled to and is awarded a permanent injunction against Defendant PK Plano, LLC, citing its role as the alter ego of its sole member, Pickleball-NTX GP, LLC, under a franchise agreement. On October 27, 2025, the Court heard and considered the Emergency Verified Application for Temporary Restraining Order and Motion for Expedited Discovery filed by Pickleball Kingdom Franchising. On May 9, 2023, Plaintiff (as franchisor) entered into a Pickleball Kingdom Franchise Agreement with Pickleball-NTX GP, LLC (as franchisee), which was thereafter modified by a First, Second and Third Amendment, for the purpose of operating a Pickleball Kingdom(R) franchised location at 1301 Custer Road, Suite 200, Plano, Texas. Pickleball-NTX GP, LLC is the sole member of Defendant PK Plano, LLC and Daniel Jenkins is the manager of both Pickleball-NTX GP, LLC and PK Plano, LLC. Concurrently with and as incorporated into the Franchise Agreement, Daniel Jenkins in his personal capacity (together with his wife Amy Jenkins in her personal capacity), delivered to Plaintiff (i) an Owners' Guaranty and Assumption Agreement to unconditionally guarantee Pickleball-NTX GP, LLC's performance under the Franchise Agreement, and (ii) a Confidentiality and Noncompetition Agreement. Following the execution of the Franchise Agreement, the Debtor, as tenant (identifying itself as "PK-Plano LLC dba Pickleball Kingdom") and W&W International LLC as landlord, entered into a Commercial Lease Agreement dated August 29, 2023, for the Franchised Location. Thereafter, in addition to serving as the tenant and securing the lease for the Franchised Location, Defendant began performing various other duties and obligations and obtaining certain benefits under the Franchise Agreement through the management decisions by Daniel Jenkins. Mr. Jenkins treated the Debtor and Pickleball-NTX GP, LLC interchangeably and without regard to the formal distinctions between the entities. The Court says Defendant, therefore, became the alter ego of Pickleball-NTX GP, LLC and assumed responsibility for the franchisee's duties and obligations under the Franchise Agreement, in the same manner and with the same effect as if Defendant had been a direct party in the agreement as the franchisee. A copy of the Stipulated Permanent Injunction and the Court's Final Judgment dated October 27, 2025, is available at https://urlcurt.com/u?l=d1kThZ from PacerMonitor.com. Counsel for Pickleball Kingdom Franchising, LLC: Richard G. Grant, Esq. CM LAW PLLC National Litigation Support Center 13101 Preston Road, Suite 110-1510 Dallas, TX 75240 Telephone: 214-210-2929 E-mail: rgrant@cm.law Counsel for PK Plano, LLC: Robert T. DeMarco, Esq. DeMARCO MITCHELL, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Office: (972) 991-5591 Cell: (214) 578-2125 E-mail: robert@demarcomitchell.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. PLANET BINGO: OFS Capital Marks $16.6MM 1L Loan at 53% Off ---------------------------------------------------------- OFS Capital Corporation has marked its $16,648,000 loan extended to Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC) to market at $7,775,000 or 47% of the outstanding amount, according to OFS Capital's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a First Lien Loan to Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC). The loan accrues interest at a rate of 6.5% per annum. The loan matures on December 31, 2026. OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company's investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. The Company may make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB. OFS Capital is led by Bilal Rashid as Chief Executive Officer and Kyle Spina as Chief Financial Officer. The Fund can be reach through: Bilal Rashid OFS Capital Corporation 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Tel. No.: (847) 734-2000 About Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC) Planet Bingo is a solutions focused manufacturer and developer of gaming software and proprietary gaming tablets. PROPEL TRUCKING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Propel Trucking, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas, Central Division, to use the cash collateral of Porter Billing Services, LLC to fund operations. The cash collateral held by Porter consists of revenue from the sale of the Debtor's accounts receivable under their factoring agreement. At the time of its Chapter 11 filing, the Debtor owed $29,609 to Porter. Under the court's interim order, the Debtor may sell post-petition accounts receivable to Porter, which is authorized to advance funds and provide other financial accommodations pursuant to the agreement. Porter's repayment claim for advances will be given superpriority status under Section 364(c)(1) of the Bankruptcy Code, ahead of all administrative expense claims in the Debtor's bankruptcy case. In addition, the amount owed to Porter under the agreement, both pre-bankruptcy and post-petition, will be secured by a first and only lien on the Debtor's accounts receivable and all other collateral set out in the agreement. Both the agreement and the interim order terminate immediately upon appointment of a trustee, dismissal or conversion of the Debtor's bankruptcy case, or the occurrence of an event of default. The interim order is available at https://is.gd/DUCnR1 from PacerMonitor.com. About Propel Trucking Inc. Propel Trucking, Inc. filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Ark. Case No. 25-13396) on October 2, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Bianca M. Rucker oversees the case. Stanley V. Bond, Esq., is the Debtor's legal counsel. PROVIDENT GROUP: S&P Downgrades ICR to 'B-' on Liquidity Pressure ----------------------------------------------------------------- S&P Global Ratings lowered its rating on Provident Group Falcon Properties LLC's (PGFP) series 2022A senior hotel revenue bonds, issued through the Phoenix Industrial Development Authority, by two notches to 'B-' from 'B+'. At the same time, S&P lowered the recovery rating to '4', indicating average (30%-50%; rounded estimate: 30%) recovery in the event of a payment default on senior debt. Still, the project has adequate liquidity in the form of a $9.3 million debt service reserve account (DSRA) and a $6 million guaranty account backed by a letter of credit (LOC) posted by the Association of Graduates (AOG), which S&P forecasts will sustain the hotel until its debt-service coverage ratio (DSCR) improves toward 1.0x by 2031. This will provide the hotel with critical room to execute its ramp-up strategy over the coming years. S&P resolved the CreditWatch negative placement with an updated forecast that reflects its view of the hotel's ramp-up trajectory. The negative outlook reflects the increased risk of a downgrade over the next 12 months if the project's cash flow underperforms our base-case forecast, causing faster-than-expected liquidity depletion that necessitates external capital support. PGFP owns Hotel Polaris at the USAFA, a 375-key, nine-story conference event center hotel. Under the operating agreement, CoralTree Hospitality operates the hotel, which opened in November 2024. The hotel is located at the north entrance to the Air Force Academy, north of Colorado Springs, Colo. PGFP has entered into a contract with Matthews Southwest Hospitality Colorado Springs LLC as project developer, BLUR Workshop as architect, and GE Johnson as the design builder (construction contractor). S&P said, "Since opening in November 2024, the hotel has materially underperformed our expectations. In fiscal-year 2025, we now expect revenue per available room (RevPAR) of $81.30, which is significantly short of our prior forecast of $154.20. This highlights the inherently low visibility into demand and the high cyclical sensitivity of single-asset hotels." Key drivers of underperformance include unexpected reductions in the federal budget earlier this year and the recent federal government shutdown, which has caused the cancellation of planned government bookings that could have supported stronger opening performance. In addition, the delayed visitor center and chapel at the USAFA resulted in booking cancellations. In recent months, when the hotel was expected to generate its seasonally strongest performance from a surge in sports events, reunions, and alumni foundation meetings, the hotel didn't perform in line with expectations. Located next to USAFA, Hotel Polaris emphasizes group reservations associated with government and the USAFA. Currently, its group bookings account for half of demand. Its transient bookings were also weaker than expected, with an average of 28% monthly occupancy in the past four months. In contrast, the hotel's local competitors achieved around 48% monthly occupancy for the same period. Liquidity will tighten further as the project generates ongoing cash-flow deficits. As of September 2025, the project had $17.3 million in liquidity sources available to senior creditors. S&P said, "Under our updated base-case forecast, we anticipate persistently weak cash flow for available debt service (CFADS) will necessitate significant draws from the project's liquidity accounts in the coming years. Specifically, we expect total liquidity sources will decline to about $9 million by year-end 2026 and steadily thereafter to about $1 million in the subsequent years. We expect the senior DSRA will be depleted in 2027. Nevertheless, our 'B-' rating is supported by the $6 million guarantee account, which will cushion the project's operational cash-flow shortfalls and adequately sustain it through its ramp-up period until DSCR reaches about 1x in 2031." The guaranty account provides the project with critical leeway to execute against its ramp-up targets in the coming years and buys the project time to reach its growth objectives and grow into its debt structure. Although PGFP's liquidity will continue to tighten in the coming years, its guaranty account provides the cushion to navigate an increasingly uncertain ramp-up. S&P said, "Rating pressure could accelerate if the project continues to underperform such that we forecast the guaranty account will be depleted, necessitating ongoing support from the AOG. Our 'B-' rating reflects our belief the hotel will continue to ramp up and grow cash flows in the coming years. Furthermore, we consider its existing liquidity as adequate to provide a multi-year runway to cushion cash-flow deficits in the meantime. With the visitor center expected to open in May 2026 and the chapel completed by the end of 2027, the hotel should grow RevPAR significantly and expand margins over the next two years, allowing it to grow into its debt structure. We forecast the senior DSCR will approach 1x by 2031. "Nevertheless, the trajectory of earnings growth over the next 12 months is a critical ratings driver. The path of our ratings will depend on the hotel's ability to grow and ultimately stabilize cash flows at a level sufficient to sustain its debt structure. Downward rating momentum could accelerate if--because of further underperformance--we forecast a depletion of the $6 million guaranty account, causing the hotel to rely on further additional external liquidity support." The negative outlook reflects the increased risk of a downgrade over the next 12 months in the event the project's cash flow underperforms our base-case forecast, causing faster-than-expected liquidity depletion and a reliance on external capital. S&P said, "We could lower the rating to the 'CCC' category if the hotel falls behind our base-case forecast in 2026, in which we could consider the project's ability to meet financial commitments to be dependent on favorable business conditions and its long-term financial performance unsustainable. "We could revise outlook to stable if the project outperforms such that we expect DSCR will reach 1.0x sooner than anticipated." RAW BAGELS: Seeks to Hire Penachio Malara as Bankruptcy Counsel --------------------------------------------------------------- Raw Bagels Inc., doing business as Highridge Bagel Factory, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Penachio Malara, LLP as counsel. The firm render these services: (a) assist in the administration of the Debtor's Chapter 11 proceeding, the preparation of operating reports and complying with applicable law and rules; (b) review claims and resolve claims which should be disallowed; and (c) assist in a sale and/or reorganize and confirm a Chapter 11 plan or implement an alternative exit strategy. The firm will be paid at these hourly rates: Anne Penachio, Attorney $595 Francis Malara, Attorney $595 Paralegal $225 In addition, the firm will seek reimbursement for expenses incurred. The Debtor's principal, Anthony Iaccarino, agreed to pay the firm a retainer of $10,000 inclusive of filing fee. Ms. Penachio 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: Anne Penachio, Esq. Penachio Malara, LLP 245 Main Street-Suite 450 White Plains, NY 10601 Telephone: (914) 946-2889 About Raw Bagels Inc. Raw Bagels, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22997) on October 20, 2025, with up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Kyu Young Paek presides over the case. Anne J. Penachio, Esq., at Penachio Malara, LLP represents the Debtor as counsel. RECIPE UNLIMITED: DBRS Finalizes BB(low) Credit Rating ------------------------------------------------------ DBRS Limited finalized the provisional credit rating of BB (low) with a Stable trend on Recipe Unlimited Corporation's (Recipe Unlimited or the Company, rated BB (high) with a Stable trend) Senior Unsecured Notes (the Notes), which closed on October 30, 2025. The Recovery Rating on the Notes is RR6. The credit rating on the Notes is applicable to the following series: CAD 400 million, 5.70% Senior Unsecured Notes, due January 29, 2033. The net proceeds of the Notes will be used to refinance indebtedness, pay for transaction costs, and for general corporate purposes. The Notes will be unconditionally guaranteed by each restricted subsidiary that is a borrower under, or that guarantees debt under, the Senior Credit Facilities. The Notes will be direct senior unsecured obligations of the Company and will rank equally in right of payment with all other present and future senior debt of the Company. The Notes will be effectively subordinated to all secured debt of the Company (including the Senior Credit Facilities) to the extent of the value of the collateral securing such debt will rank equally in right of payment with any of the Company's existing and future senior unsecured debt and will be senior in right of payment to any of the Company's future subordinated obligations. CREDIT RATING DRIVERS Morningstar DBRS could take a positive credit rating action should Recipe Unlimited materially improve its business risk profile, including its size and scale, coupled with a commensurate improvement in key credit metrics. Conversely, should key credit metrics weaken to levels no longer considered appropriate for the current credit ratings through a deterioration in operating performance or more aggressive financial management, Morningstar DBRS could take a negative credit rating action. CREDIT RATING RATIONALE Comprehensive Business Risk Assessment (CBRA): BBH/BB Recipe Unlimited's CBRA of BBH/BB reflects its diverse portfolio of established brands within the Canadian restaurant industry, solid operating efficiency, and strong free cash flow generation with low capital intensity. The CBRA also reflects the intense competition, low barriers to entry, and exposure to economic cycles within the restaurant industry. Comprehensive Financial Risk Assessment (CBRA): BBB/BBBL Recipe's CFRA of BBB/BBBL reflects Morningstar DBRS' expectation that the Company will practice relatively conservative financial management practices, and that following the acquisition of Olive Garden and spin-out of the Keg, the Company should be able to keep credit metrics approximately stable at just over 3.0 times (as calculated by Morningstar DBRS) in 2025 and 2026. Morningstar DBRS took into account Recipe Unlimited's material subleases when calculating credit metrics, providing some offset to operating lease liabilities included in debt and interest expense on lease liabilities. Morningstar DBRS considers the Company's liquidity position to be adequate and supported by its free cash flow generation and availability under its secured revolving credit facility. Intrinsic Assessment (IA): BB (high) The IA of BB (high) is within the intrinsic assessment range, is based on Recipe Unlimited's CBRA and CFRA, and takes into consideration peer comparisons, among other factors. Additional Considerations: The credit ratings include no further negative or positive adjustments from additional considerations. Recovery Rating: For the purposes of the recovery analysis, we examined a recovery scenario through an enterprise valuation approach. We then stressed the earnings while applying a multiple considered appropriate for an entity in such a distressed situation. When simulating the default scenario, we considered (1) a fully utilized revolving credit facility, (2) proposed senior unsecured debt issuance of $400 million, and (3) a waterfall analysis to determine recovery percentages for each debt class. Based on the review, Morningstar DBRS concluded a recovery rating of RR6 for the Senior Unsecured Notes. Notes: All figures are in Canadian dollars unless otherwise noted. REDSTONE HOLDCO: OFS Capital Marks $1.7MM 1L Loan at 48% Off ------------------------------------------------------------ OFS Capital Corporation has marked its $1,715,000 loan extended to Redstone Holdco 2 LP (F/K/A RSA Security) to market at $900,000 or 52% of the outstanding amount, according to OFS Capital's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a First Lien Loan to Redstone Holdco 2 LP (F/K/A RSA Security). The loan accrues interest at a rate of 9.32% per annum. The loan matures on April 27, 2028. OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company's investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. The Company may make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB. OFS Capital is led by Bilal Rashid as Chief Executive Officer and Kyle Spina as Chief Financial Officer. The Fund can be reach through: Bilal Rashid OFS Capital Corporation 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Tel. No.: (847) 734-2000 About Redstone Holdco 2 LP (F/K/A RSA Security) Redstone Holdco 2 LP (F/K/A RSA Security) is one of several legal entities, including Redstone Parent LP and Redstone Buyer LLC, that collectively operate as RSA Security, LLC. ROBELLA 2228: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- Robella 2228 LLC voluntarily filed for Chapter 11 bankruptcy in the Western District of New York on November 7, 2025. The company's petition lists liabilities each between $100,001 and $1 million, with 1 to 49 creditors. About Robella 2228 LLC Robella 2228 LLC is a limited liability company. Robella 2228 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 25-11307) on November 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Carl L. Bucki handles the case. The Debtor is represented by Arthur G Baumeister, Jr, Esq. of Baumeister Denz LLP. ROYAL BLUE REALTY: Court Extends Cash Collateral Access to Feb. 28 ------------------------------------------------------------------ Royal Blue Realty Holdings, Inc. was granted a three-month extension by the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. The 22nd interim order authorized the Debtor to use $107,052 in cash collateral, which includes approximately $34,952.70 in payments reimbursed by Comm-U LLC, for the period from December 1 to February 28, 2026. The use of cash collateral is limited to payment of the expenses set forth in the budget, subject to a 10% variance. As adequate protection for the Debtor's use of cash collateral, Deutsche Bank National Trust Company will be granted replacement liens on all property of the Debtor. These replacement liens do not apply to Chapter 5 avoidance actions. As additional protection, the Debtor was ordered to keep the pre-bankruptcy collateral insured and pay all property taxes and common charges relating to the collateral. The interim authorization will terminate on the earlier of February 28 or upon a material breach by the Debtor after a five-day cure notice; dismissal or conversion of the Debtor's Chapter 11 case; appointment of a trustee or examiner with expanded powers; entry of an order reversing, vacating or amending the 22nd interim order; or entry of an order granting relief from the automatic stay to any creditor (other than Deutsche Bank) holding or asserting a lien on the pre-bankruptcy collateral. The 22nd interim order is available at https://is.gd/P85gXP from PacerMonitor.com. A final hearing is scheduled for February 3. About Royal Blue Realty Holdings Royal Blue Realty Holdings, Inc. is primarily engaged in renting and leasing real estate properties. It holds business at 162-174 Christopher St., New York, N.Y. Royal Blue filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 21-10802) on April 26, 2021, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Andrew Nichols, chief restructuring officer, signed the petition. Judge Lisa G. Beckerman oversees the case. Davidoff Hutcher & Citron, LLP represents the Debtor as legal counsel. Elaine Shay was appointed as temporary receiver with respect to the Debtor by order of the Supreme Court of New York on March 9, 2021. SAGAMORE TOV: Seeks to Hire Northgate Real Estate as Advisor ------------------------------------------------------------ Sagamore Tov, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Northgate Real Estate Group as real estate advisor. The firm will market and sell, arrange refinancing for, or otherwise dispose of the Debtor's Home Depot Shopping Center, located at 311 Sagamore Parkway North, Lafayette, IN 47904. Northgate is entitled to this compensation: (i) a 3 percent commission, if the Property is sold, (ii) a 2 percent commission if there is a credit bid transaction, (iii) a 2 percent refinancing fee if the Property is refinanced, or (iv) a minimum $75,000 fee. In addition, the firm will seek reimbursement for expenses incurred. Greg Corbin, president at Northgate Real Estate Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Greg Corbin Northgate Real Estate Group 1633 Broadway, 46th Floor New York, NY 10019 About Sagamore Tov, LLC Headquartered in Brooklyn, NY, the Debtor owns a shopping center known as the Home Depot Center, located at 311 Sagamore Parkway North, Lafayette, IN. Sagamore Tov, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40588) on February 5, 2025. At the time of filing, the Debtor estimated $6,232,698 in assets and $5,298,413 in liabilities. The petition was signed by David Goldwasser as chief restructuring officer. Judge Elizabeth S Stong presides over the case. Kevin Nash, Esq. at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP represents the Debtor as counsel. SASAS HOSPITALITY: Court Extends Cash Collateral Access to Nov. 30 ------------------------------------------------------------------ SASAS Hospitality, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until November 30, marking the tenth extension since its Chapter 11 filing. The tenth interim order authorized the Debtor to use the cash collateral of its senior secured creditor, Albany Bank & Trust Company, N.A., to pay the expenses set forth in its budget, subject to a 10% variance. As protection, Albany was granted a valid, perfected and enforceable first-priority security interest on assets of the Debtor in which it held a security interest and lien as of the petition date, including, without limitation, cash resulting from the Debtor's operations. The Debtor must not borrow, obtain credit, financing or other credit during the pendency of the interim order, and must not allow any liens to attach to the collateral. All post-petition fees owed to Best Western International, Inc. under a 2017 membership agreement must be paid in full monthly in the ordinary course, outside the budget limits. The next hearing is scheduled for November 19, with objections due by November 17. The Debtor owns and operates a hotel located at 5105 S. Howell Avenue, Milwaukee, Wisconsin. The Debtor asserts that the value of the hotel and real estate is in excess of $7 million. A lien exists for the property in favor of Albany, which has a loan with the Debtor with a balance of $4,765,754.43. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/7ggpS from PacerMonitor.com. 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 david.golin@saul.com SEASHORE PROPERTIES: Hires Choi & Ito as General Bankruptcy Counsel ------------------------------------------------------------------- Seashore Properties, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Hawaii to employ Choi & Ito as counsel. The firm will render these services: (a) advise the Debtors with respect to the requirements and provisions of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, United States Trustee Guidelines and any other bankruptcy-related laws, rules or regulations which may affect them; (b) assist the Debtors in an analysis of options; (c) advise the Debtors concerning the rights and remedies of the estates and of them in regard to adversary proceedings which may be removed to, or initiated in, the Bankruptcy Court; and (d) represent the Debtors in any proceeding or hearing in the Bankruptcy Court in any action where the rights of the estate or them may be litigated, or affected. Within one year prior to the Debtors bankruptcy filing, the firm received $124,298.43 from them. Chuck Choi, 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: 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 Seashore Properties Seashore Properties, LLC, doing business as Paia Inn, operates a boutique hotel located at 93 Hana Highway in Paia on the island of Maui, Hawaii. The inn provides upscale lodging accommodations that blend contemporary amenities with local design elements, offering rooms and suites equipped with modern conveniences such as private baths, Wi-Fi, and air conditioning. Situated in Maui's North Shore beach town, the property serves both leisure and business travelers seeking personalized hospitality and proximity to local dining, shopping, and coastal attractions. Seashore Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Hawaii Case No. 25-00952) on October 24, 2025, with up to $50 million in both assets and liabilities. Judge Robert J. Faris presides over the case. Chuck C. Choi, Esq., at Choi & Ito represents the Debtor as counsel. SHANKARA LLC: To Sell Comfort Suites Hotel to Ketan Patel --------------------------------------------------------- Shankara LLC seeks permission from the U.S. Bankruptcy Court for the Western District of Louisiana, Lake Charles Division, to sell Hotel, free and clear of liens, claims, interests, and encumbrances. First Western SBLC, Inc., provided a secured loan to the Debtor. It is undisputed that the Lender has a valid, enforceable, perfected, senior pre-petition security interest in the Debtor's Property and hotel rental income. The outstanding indebtedness is more than $4,441,483.45. The Debtor engaged the services of Mumford & Company to procure a purchaser for the Comfort Suites Hotel property situated at 1016 Martin Luther King Boulevard, Lake Charles, LA. Through the efforts of Mumford, a number of offers to purchase the Property have been obtained, the best of which is for a sale price of $2,775,000.00 to Ketan Patel or his assigns, providing for a $500,000.00 non-refundable deposit. The offer contains the usual provisions for pro-ration of ad valorum taxes, adjustments for accounts payable. The Debtor has executed the Purchase Agreement, subject to approval by this Court and subject to higher competing offers whose terms, including the non-refundable deposit, are not less favorable than the offer. Mumford shall be entitled to a commission of three percent of the sale price of the Property, payable at closing. The Lender has also agreed to a carve-out of $8,500.00 from the sale proceeds payable to counsel for the Debtor at the closing for fees and expenses involved in the review and supervision of the various offers, and filing the motion to obtain the order for the highest and best sale price, notwithstanding any prohibition which may be contained in the adequate protection order to the contrary. The Lender has consented to this sale as set forth herein even though the proceeds will not be sufficient to repay the full amount of the Secured Claim owed to the Lender. The remaining sale proceeds are to be paid to the Lender at the closing in payment of its Secured Claim in accordance with the loan documents between the Debtor and the Lender. The Lender reserves any and all rights as to the deficiency of its Secured Claim. Should a higher offer be received containing the same or better terms and conditions as the current offer, this fact will be communicated to Mumford who shall notify all qualified potential bidders, and an auction will be held on December 3, 2025, to approve the highest and best offer, in the United States Bankruptcy Court, 214 Jefferson Street, Courtroom Five, Lafayette, Louisiana, at 10:30 a.m. Bidding increments shall be no less than $25,000.00 each. About Shankara LLC Shankara, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 24-20562) on December 12, 2024, listing up to $500,000 in assets and up to $10 million in liabilities. Sanjay Desai, manager and member, signed the petition. Judge John W. Kolwe oversees the case. Wade N. Kelly, Esq., at Wade N. Kelly LLC, represents the Debtor as legal counsel. SHILO INN: Seeks to Hire Bush Kornfeld LLP as Bankruptcy Counsel ---------------------------------------------------------------- Shilo Inn, Newport, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Bush Kornfeld LLP as its bankruptcy counsel. The firm's services include: a. advising the Debtor of its rights, duties, responsibilities and powers in the Chapter 11 Case; b. assisting, advising, and representing the Debtor relative to the administration of the Chapter 11 Case; c. attending meetings and conferences and otherwise communicating and negotiating with representatives of creditors and other parties in interest as to matters arising in or related to the Chapter 11 Case; d. assisting the Debtor in the formulation, preparation, drafting, negotiating and obtaining approval of a plan of reorganization and corresponding disclosure statement; e. assisting the Debtor in the review, analysis, negotiation and approval of any financing or funding agreements; f. taking all necessary actions to protect and preserve the interests of the Debtor, its business operations and its bankruptcy estate, including, without limitation, the investigation and prosecution of actions against third parties; g. reviewing, analyzing, evaluating and (where appropriate) filing objections to claims filed or asserted against the Debtor in the Chapter 11 Case; h. assisting the Debtor in the review, analysis, negotiation and approval of any transactions as an alternative to confirmation of plans of reorganization; i. preparing on behalf of the Debtor all appropriate and necessary motions, applications, responses, replies, answers, orders, reports, and other papers and pleadings in support and furtherance of the Chapter 11 Case; j. appearing, as appropriate, before this Court, appellate courts, and other courts or regulatory bodies in which matters may be heard and to protect the interests of the Debtor before said courts, regulatory bodies and the United States Trustee; and k. performing such other legal services as may be required or deemed to be in the interests of the Chapter 11 Case, the Debtor and the bankruptcy estate. The firm will be paid at these rates: Attorneys $475 to $725 per hour Clerks and paralegals $125 to $200 per hour Within one year prior to the Petition Date, the Debtor paid to Bush Kornfeld the total sum of $44,650.50. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard Keeton, Esq., a partner at Bush Kornfeld LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm be reached at: Richard B. Keeton, Esq. Bush Kornfeld Llp 601 Union Street, Suite 5000 Seattle, WA 98101 Tel: (206) 292-2110 Email: rkeeton@bskd.com About Shilo Inn Newport Shilo Inn, Newport, LLC, doing business as Shilo Inn Newport Oceanfront, operates a 179-room beachfront hotel in Newport, Oregon. The property features ocean-view accommodations, indoor pools, a restaurant and lounge, meeting facilities, and direct access to the beach along the city's central coastline. Shilo Inn sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No.: 25-42508) on October 10, 2025. In the petition signed by Brian Weiss, Receiver, President of Shilo Newport Corp. and Manager of the Debtor, the Debtor disclosed total assets of $20,611,231 and total liabilities of $15,877,870. Judge Mary Jo Heston presides over the case. Richard B. Keeton and Armand J. Kornfeld at Bush Kornfeld LLP, represent the Debtor as legal counsel. SHILO INN: Taps as Hilco/Marcus & Millichap as Real Estate Broker ----------------------------------------------------------------- Shilo Inn, Newport, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Hilco Real Estate, LLC and Marcus & Millichap Real Estate Investment Services, Inc. as real estate consultants, advisors, and brokers. The brokers will be engaged to provide real estate consulting and advisory services to obtain a satisfactory purchaser or purchasers for the property located at 358, 411, 536, and 614 SW Elizabeth Street, Newport, Oregon 97365 commonly known as the Shilo Inn Newport Oceanfront Hotel and will assist in negotiating the business terms of any purchase and sale agreement with respect to the Property on behalf of the Debtor. The brokers will receive a combined commission equal to 3 percent of the gross sale price. Hilco and Marcus & Millichap will split the commission. As disclosed in a court filing, Hilco and Marcus & Millichap are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric W. Kaup Hilco Real Estate LLP 5 Revere Dr., Ste. 410 Northbrook, IL 60062 Telephone: (855) 755-2300 - and - Christian Apt Marcus & Millichap 5001 Spring Valley Road, Suite 1100 W Dallas, TX 75244 Office: (972) 755-5200 About Shilo Inn Newport Shilo Inn, Newport, LLC, doing business as Shilo Inn Newport Oceanfront, operates a 179-room beachfront hotel in Newport, Oregon. The property features ocean-view accommodations, indoor pools, a restaurant and lounge, meeting facilities, and direct access to the beach along the city's central coastline. Shilo Inn sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No.: 25-42508) on October 10, 2025. In the petition signed by Brian Weiss, Receiver, President of Shilo Newport Corp. and Manager of the Debtor, the Debtor disclosed total assets of $20,611,231 and total liabilities of $15,877,870. Judge Mary Jo Heston presides over the case. Richard B. Keeton and Armand J. Kornfeld at Bush Kornfeld LLP, represent the Debtor as legal counsel. SIMS W AETC: Seeks Chapter 11 Bankruptcy in Georgia --------------------------------------------------- Sims W Aetc Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Georgia on November 4, 2025. The voluntary petition was assigned case number #25-62865. According to court documents, the company listed assets valued between $1 million and $10 million, with liabilities in the same range. The filing also indicates that the company has between 1 and 49 creditors. About Sims W Aetc Inc. Sims W Aetc Inc. operates in the real estate industry. Sims W Aetc Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62865) on November 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Sims W. Gordon, Jr. of The Gordon Law Firm PC. SM ENERGY: Civitas Transaction No Impact on Moody's 'Ba3' CFR ------------------------------------------------------------- Moody's Ratings commented that SM Energy Company's (SM, Ba3 stable) proposed merger with Civitas Resources, Inc. (Civitas, Ba3 stable) is credit neutral and does not currently affect either SM's or Civitas' ratings, including their Ba3 Corporate Family Ratings, B1 senior unsecured notes ratings or stable outlooks. The combined company will benefit from a large increase in production scale and greater geographic diversity. However, the pro forma combined financial leverage will increase relative to SM's existing metrics, and Moody's sees execution risk in achieving projected synergies and potential improved returns on capital invested. Under the announced agreement, Civitas shareholders will receive 1.45 shares of SM common stock for each share of Civitas. At the time of closing, SM shareholders will own 48% of the combined company and Civitas shareholders will own 52%. The combined company will be continue to trade as SM Energy, be led by SM Energy's CEO and the 11 member board of directors will include six members from SM and five members from Civitas. The proposed merger has been approved by the board of directors of both companies and is expected to close in the first quarter of 2026, subject to shareholder and regulatory approvals. The merger will increase SM's scale to around 500 Mboe/d, further diversify its geographic footprint, provide greater investment optionality and opportunities for synergies. Reducing costs and enhancing the capital efficiency of Civitas's assets could also drive an improvement in SM's credit profile. The achievement of synergy targets entails inherent execution risk and may be challenged by the limited overlap of SM and Civitas's acreage footprints. Moody's expects SM to continue to utilize commodity hedges to support its free cash flow generation and mitigate its exposure to commodity price volatility. SM has a track record of increasing its leverage to fund M&A in order to meet its growth objectives and subsequently prioritizing debt reduction in order to restore its credit metrics. The company has made progress on its debt reduction targets since closing its acquisition of XCL Resources in the fourth quarter 2024. The merger with Civitas will result in a deterioration in SM's credit metrics and Moody's expects debt reduction to remain a top priority after the merger closes as the company targets 1.0x net leverage by the end of 2027. However, the company will be challenged to generate substantial free cash flow to deleverage under Moody's base case oil price assumption of $55/bbl WTI and may need to execute asset sales to meet its deleveraging targets. The combined company will clearly have production scale and diversification that could support a higher rating. Greater visibility into future debt reduction, capital allocation plans and overall full cycle returns on capital reinvestment could provide support for a positive outlook. SM Energy Company is a Denver, Colorado based publicly traded E&P company with primary production operations in the Eagle Ford and Austin Chalk (Webb County), the Midland Basin (Howard, Upton, Midland and Martin Counties) of Texas, and the Uinta Basin of Utah (Duchesne and Uintah Counties). Civitas, headquartered in Denver, Colorado, is a publicly traded independent exploration and production company operating in the DJ and Permian Basins. SM ENERGY: S&P Places 'BB-' ICR on Watch Pos. on Civitas Merger --------------------------------------------------------------- S&P Global Ratings placed all its ratings on SM Energy Co., including 'BB-' issuer and issue-level ratings, on CreditWatch with positive implications. The CreditWatch reflects the likelihood that S&P will raise the issuer and issue-level credit rating one notch following close of the merger, anticipated in the first quarter of 2026. On Nov. 3, 2025, SM Energy Co. announced it entered into a definitive agreement to merge with fellow Denver-based oil and gas exploration and production company Civitas Resources Inc. in an all-stock transaction valued at about $8.2 billion, including the assumption of Civitas' debt. Civitas' shareholders will receive 1.45 shares of SM Energy common stock and own about 52% of the combined company upon closing. S&P said, "We placed all of our ratings on SM Energy on CreditWatch positive. SM Energy agreed to merge with Civitas Resources in an all-stock transaction valued at about $8.2 billion, including about $5.4 billion of Civitas's net debt. Under terms of the agreement, Civitas' shareholders will receive 1.45 shares of SM Energy common stock for each share of Civitas, representing a 5% premium based on Friday's closing price. Following the merger, the combined entity's board of directors will total 11 members, six from SM Energy and five from Civitas. Civitas shareholders will own roughly 52% of the combined company. The merger has been unanimously approved by both companies' boards. We expect it will close in the first quarter of 2026, subject to customary closing conditions, including shareholder approvals and regulatory clearance. "Our action reflects the combined entity's increased size, scale, and diversification. On a pro forma basis as of second quarter-end 2025, it will operate approximately 823,000 net acres across the Permian Basin, Denver-Julesburg Basin, Eagle Ford, and Austin Chalk plays in South Texas, and the Uinta Basin, with total daily production of about 530,000 barrels of oil equivalent (boe) per day (about 50% oil). Additionally, the company had about 1.48 billion boe proved reserves at year-end 2024. While the merger enhances scale and geographic diversification, the company will gain exposure to the Denver-Julesburg, which in our view presents regulatory challenges due to a more stringent and evolving permitting environment. While SM Energy will double its Midland position, we believe the lack of contiguous acreage will limit potential operating synergies. "However, we expect this transaction to enable the combined company to leverage shared expertise across different basins and drive improved operating efficiencies." The company anticipates $200 million in annual synergies, with potential upside to $300 million, driven primarily by reduced overhead and general and administrative expenses, lower cost of capital, improved capital efficiency, and more optimized capital allocation. Credit metrics will initially weaken following close. As of June 30, 2025, Civitas had about $5.45 billion in total debt, including $600 million drawn on its reserve-based lending revolving credit facility and $4.85 billion in unsecured debt. S&P said, "Following close, we expect the combined company to prioritize debt reduction in pursuit of its 1x net leverage target. While it expects to reach this target by year-end 2027 (assuming West Texas Intermediate crude price of $65 per barrel and Henry Hub natural gas price of $3.50 per million Btu), we do not anticipate this in the near term." S&P said, "We also expect the company to direct potential divestiture proceeds toward deleveraging. While SM maintains a $500 million share repurchase authorization, we do not expect material share repurchases until it reaches its leverage target. "The placement of all ratings on CreditWatch with positive implications reflects the likelihood we will raise our ratings on SM Energy one notch following the close of the merger, which we anticipate in the first quarter of 2026. We also expect it will be completed as proposed, with no material changes to our current operating assumptions." SOLLIO COOPERATIVE: DBRS Finalizes BB Rating on Unsec. Notes ------------------------------------------------------------ DBRS Limited finalized the provisional credit rating of BB with a Stable trend on Sollio Cooperative Group's (Sollio or the Company, rated BB (high) with a Stable trend) Senior Unsecured Notes (the Notes), which closed on November 3, 2025. The Recovery Rating on the Notes is RR5. The credit rating assigned to the Notes is based on the credit ratings of other already-outstanding series of Senior Unsecured Notes. The credit rating on the Notes is applicable to the following series: CAD 300 million, 5.875% Senior Unsecured Notes, due November 3, 2032. The proceeds of the Notes will be used (i) to fund the repurchase or redemption of all its remaining outstanding investor-owned preferred shares (including accrued dividends, as applicable), (ii) for the repayment of a portion of the outstanding drawings under the Cooperative's Revolving Credit Facility and (iii) for the payment of transaction fees and expenses. The Notes will be senior unsecured obligations and will rank equally and pari passu with Sollio's other present and future unsecured obligations. The Notes will rank senior in right of payment to all of Sollio's existing and future subordinated obligations. The Notes and the guarantees will be effectively subordinated to all of Sollio's and the guarantors' respective future secured obligations, to the extent of the value of the assets securing such obligations. The Notes will be structurally subordinated to all existing and future obligations, including indebtedness and trade payables, of any of Sollio's subsidiaries that do not guarantee the Notes. The Notes will be initially fully and unconditionally guaranteed solidarily (jointly and severally), on a senior unsecured basis, by the Cooperative's Restricted Subsidiaries that, subject to specified exemptions, are borrowers under or provide guarantees with respect to the Credit Agreement, for so long as guarantees are in place thereunder. CREDIT RATING DRIVERS Should the Company materially improve its business risk profile through increased size and diversification while credit metrics are sustained at levels acceptable for the higher credit rating category (i.e., debt-to-EBITDA comfortably below 3.50x), Morningstar DBRS could take a positive credit rating action. Conversely, should operating performance deteriorate and/or the Company implement more aggressive financial management practices such that credit metrics weaken to levels no longer appropriate for the current credit ratings (i.e., debt-to-EBITDA above 4.50x), Morningstar DBRS would likely take negative rating action. CREDIT RATING RATIONALE Comprehensive Business Risk Assessment (CBRA): Sollio's CBRA of BBH is supported by the Company's established brands, market position, and distribution network as well as by the business risk benefits associated with the Company's cooperative structure and the high barriers to entry in the agri-food business. The CBRA also takes into consideration Sollio's relative geographic concentration, competitive market environment, exposure to economic cycles (particularly in the home improvement segment), and volatility in the Olymel business segment Comprehensive Financial Risk Assessment (CFRA): Sollio's CFRA of BBH reflects Morningstar DBRS' expectation that the Company will prudently manage capital allocation priorities, particularly in the case of any earnings volatility, to maintain key credit metrics at levels that are acceptable for the current rating category. Intrinsic Assessment (IA): The IA of BBH is within the Intrinsic Assessment range and is based on the CBRA and CFRA, also taking into consideration peer comparisons, among other factors. Additional Considerations: The credit ratings include no further negative or positive adjustments from additional considerations. The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. SSJA BARIATRIC: OFS Capital Marks $1.1MM 1L Loan at 65% Off ----------------------------------------------------------- OFS Capital Corporation has marked its $1,179,000 loan extended to SSJA Bariatric Management LLC to market at $410,000 or 35% of the outstanding amount, according to OFS Capital's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a First Lien Loan to SSJA Bariatric Management LLC. The loan accrues interest at a rate of 9.70% PIK per annum. The loan matures on October 31, 2025. OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company's investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. The Company may make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB. OFS Capital is led by Bilal Rashid as Chief Executive Officer and Kyle Spina as Chief Financial Officer. The Fund can be reach through: Bilal Rashid OFS Capital Corporation 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Tel. No.: (847) 734-2000 About SSJA Bariatric Management LLC SSJA is a provider of administrative support services to bariatric surgery offices. SSJA BARIATRIC: OFS Capital Marks $10.9MM 1L Loan at 65% Off ------------------------------------------------------------ OFS Capital Corporation has marked its $10,908,000 loan extended to SSJA Bariatric Management LLC to market at $3,791,000 or 35% of the outstanding amount, according to OFS Capital's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a First Lien Loan to SSJA Bariatric Management LLC. The loan accrues interest at a rate of 9.70% PIK per annum. The loan matures on October 31, 2025. OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company's investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. The Company may make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB. OFS Capital is led by Bilal Rashid as Chief Executive Officer and Kyle Spina as Chief Financial Officer. The Fund can be reach through: Bilal Rashid OFS Capital Corporation 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Tel. No.: (847) 734-2000 About SSJA Bariatric Management LLC SSJA is a provider of administrative support services to bariatric surgery offices. SSJA BARIATRIC: OFS Capital Marks $2.9MM 1L Loan at 65% Off ----------------------------------------------------------- OFS Capital Corporation has marked its $2,970,000 loan extended to SSJA Bariatric Management LLC to market at $1,032,000 or 35% of the outstanding amount, according to OFS Capital's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a First Lien Loan to SSJA Bariatric Management LLC. The loan accrues interest at a rate of 9.70% PIK per annum. The loan matures on October 31, 2025. OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company's investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. The Company may make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB. OFS Capital is led by Bilal Rashid as Chief Executive Officer and Kyle Spina as Chief Financial Officer. The Fund can be reach through: Bilal Rashid OFS Capital Corporation 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Tel. No.: (847) 734-2000 About SSJA Bariatric Management LLC SSJA is a provider of administrative support services to bariatric surgery offices. SSJA BARIATRIC: OFS Capital Marks $304,000 1L Loan at 65% Off ------------------------------------------------------------- OFS Capital Corporation has marked its $304,000 loan extended to SSJA Bariatric Management LLC to market at $106,000 or 35% of the outstanding amount, according to OFS Capital's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a First Lien Loan-Revolver to SSJA Bariatric Management LLC. The loan accrues interest at a rate of 9.70% PIK per annum. The loan matures on October 31, 2025. OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company's investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. The Company may make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB. OFS Capital is led by Bilal Rashid as Chief Executive Officer and Kyle Spina as Chief Financial Officer. The Fund can be reach through: Bilal Rashid OFS Capital Corporation 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Tel. No.: (847) 734-2000 About SSJA Bariatric Management LLC SSJA is a provider of administrative support services to bariatric surgery offices. STANLEY UTILITY: Hires Professional Management as Accountant ------------------------------------------------------------ Stanley Utility Contractor, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Georgia Evans of Professional Management Systems, Inc. as accountant. Ms. Evans will provide tax advice and accounting/bookkeeping services to the Debtor. Ms. Evans will charge an hourly rate of $85 for services performed for Debtors. 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. Ms. Evans can be reached at: Georgia Evans Professional Management Systems, Inc. 4590 Coach Lane Chipley, FL 32428 Phone: (850) 441-2000 Email: georgia@promgmtsys.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. STAR ISLAND VACATION: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------------ Star Island Vacation Ownership Association Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida on November 6, 2025. According to the bankruptcy petition, the company reported liabilities in the range of $1 million to $10 million. Star Island Vacation Ownership Association Inc. also listed between 1 and 49 creditors. About Star Island Vacation Ownership Association Inc. Star Island Vacation Ownership Association Inc. operates in the real estate industry. Star Island Vacation Ownership Association Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07207) on November 6, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtor is represented by R Scott Shuker, Esq. of Shuker & Dorris, P.A. SUMMIT PUBLIC: Moody's Ups Revenue Rating to Ba2, Outlook Positive ------------------------------------------------------------------ Moody's Ratings has upgraded to Ba2 from Ba3 the revenue rating of Summit Public Schools Obligated Group, CA. The outlook is positive. The Obligated Group of the Summit Public Schools charter school network currently has $10.1 million in outstanding revenue-backed debt. The upgrade is driven by the Obligated Group's improved financial position over the past two years after management closed an underperforming member school in 2023. The school had been facing enrollment challenges, which contributed to its operational difficulties, resulting in support financial support from other Obligated Group members. RATINGS RATIONALE The Ba2 rating reflects the solid financial position of the two remaining members of the Obligated Group: Summit Shasta High School and the Summit Public Schools Home Office. The group's forward-looking credit profile is strengthened by robust demand at Summit Shasta, as demonstrated by full enrollment, a substantial student waitlist, and academic performance that surpasses that of its home authorizing district. Management anticipates closing fiscal 2025 (ending June 30) with around $22.3 million in spendable liquidity for the Obligated Group, equivalent to a strong 306 days of cash on hand. Annual debt service coverage remains strong at an estimated 3.0x coverage for fiscal 2025. The Obligated Group's debt service coverage ratio is estimated at a stronger 8.6x when considering the pledge of gross management revenue across all schools within the Summit Public Schools network. The rating also reflects the uneven enrollment demand across the wider charter network, moderate overall debt leverage, and the low risk of charter non-renewal for Summit Shasta. RATING OUTLOOK The positive outlook reflects the likelihood of continued improvement to the Obligated Group's financial performance, bolstered by sustained enrollment demand at Summit Shasta High School. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Sustained strengthening of the Obligated Group and network's competitive profile as demonstrated by increased enrollment, waitlist demand, and academic performance -- Sustained improvement in operating performance, including debt service coverage at both the Obligated Group and total network -- Maintenance of healthy available operating cash reserves across the Obligated Group and total network FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Weakened competitive profile across the Obligated Group and network as demonstrated by decreased enrollment, reduced waitlist demand, and falling academic performance -- Inability to sustain improved Obligated Group and network operating margins -- Material narrowing of available operating cash reserves or debt service coverage PROFILE Summit Public Schools (SPS) operates a network of seven charter schools serving grades 6-12, with five located in the San Francisco (City & County of) (Aa1 stable) Bay Area and two in Washington State. Each school pays a management fee to the Summit Public Schools Home Office, calculated as a percentage of projected state education apportionment revenues, determined before the start of each school year. For the 2025-2026 school year, system-wide enrollment stands at approximately 3,170 students. The Summit Public Schools Obligated Group, associated with the issuance of the Series 2017 bonds, currently includes the Summit Public Schools Home Office and Summit Shasta, a high school in Daly City, CA, serving grades 9-12. Summit Shasta is authorized by the Jefferson Union High School District. The Obligated Group formerly included Summit Denali High School, which was closed after the 2022-2023 school year, with the facility and site sold in August 2023. Current enrollment for the Obligated Group is approximately 460 students. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. SYNERGY MEDICAL: Hires Professional Management as Accountant ------------------------------------------------------------ Synergy Medical Services, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Georgia Evans of Professional Management Systems, Inc. as accountant. Ms. Evans will provide tax advice and accounting/bookkeeping services to the Debtor. Ms. Evans will charge an hourly rate of $85 for services performed for Debtors. 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. Ms. Evans can be reached at: Georgia Evans Professional Management Systems, Inc. 4590 Coach Lane Chipley, FL 32428 Phone: (850) 441-2000 Email: georgia@promgmtsys.com About Synergy Medical Services Synergy Medical Services, LLC provides home healthcare services across Florida. The Company offers skilled nursing, specialized nursing services, physical therapy, and home health aides. Its team of registered nurses and therapists delivers in-home care focused on professional, round-the-clock support. Synergy Medical Services sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30599) on June 27, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Karen K. Speci handles the case. The Debtor is represented by Robert C. Bruner, Esq. at Bruner Wright, P.A. TAYLOR MORRISON: Moody's Rates New $525MM Unsecured Notes 'Ba1' --------------------------------------------------------------- Moody's Ratings assigned a Ba1 rating to Taylor Morrison Communities, Inc.'s (Taylor Morrison) proposed $525 million senior unsecured notes due 2032. Taylor Morrison's other ratings, including its Ba1 Corporate Family Rating, and stable outlook remain unchanged. The proceeds of the new notes offering will be used to refinance the company's $500 million 5.875% senior unsecured notes due 2027 and $27 million 6.625% senior unsecured notes due 2027, and related fees and expenses. The transaction will be leverage neutral while improving the company's debt maturity profile. Debt to book capitalization stood at 25.7% as of June 30, 2025. RATINGS RATIONALE The Ba1 rating reflects Taylor Morrison's scale, strong market position, and product diversity. The company's credit profile benefits from a conservative leverage profile and Moody's expectations of continued deleveraging and maintenance of strong liquidity. However, excess cash flow used for regular share repurchases could otherwise support debt reduction. Taylor Morrison's credit metrics are strong, but offset by the homebuilding industry's cyclicality, cost pressures, and affordability challenges that weaken consumer demand. Moody's expects pricing power to decline in 2025 and beyond, requiring incentives to support sales and leading to slimmer gross margins. Taylor Morrison's proposed and existing senior unsecured notes have the same priority of claim as Taylor Morrison's unsecured revolving credit facility. The Ba1 ratings assigned to the senior unsecured notes, at the same level with the CFR, reflects that the capital structure only includes unsecured debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING A ratings upgrade would require consistent growth in scale while maintaining strong credit metrics, including debt to book capitalization below 35% and homebuilding EBIT to interest coverage in the high single digits. An upgrade would also require maintenance of conservative financial policies, including strong cash flow generation and liquidity. Finally, an upgrade would require a demonstrated commitment to attaining and maintaining an investment grade rating, both to us and to the debt capital markets. The ratings could be downgraded if the company begins generating net losses, recognizes major impairment charges, experiences meaningful gross margin compression, or sees liquidity weaken. Specifically, the ratings could be downgraded if homebuilding debt to book capitalization approaches 45% or if homebuilding EBIT to interest coverage declines below 5.0x. Other factors that could lead to a downgrade include aggressive financial policies with respect to shareholder-friendly actions or land investments. The principal methodology used in this rating was Homebuilding and Property Development published in September 2025. Taylor Morrison Communities, Inc., the wholly owned and debt issuing subsidiary of Taylor Morrison Home Corporation ("TMHC"), is a national homebuilder and developer based in Scottsdale, Arizona and operates under three brands, Taylor Morrison, Esplanade, Darling Homes Collection by Taylor Morrison and Yardly. The company serves a wide array of consumer groups from coast to coast, including first-time, move-up, luxury, and 55 plus buyers. TELLICO RENTALS: Court OKs Interim Use of Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Tennessee entered an interim order authorizing Tellico Rentals, LLC to continue using cash collateral. Previously, an agreed order dated October 23 had approved the Debtor's interim use of cash collateral and scheduled a status conference for November 13. However, the Debtor's Chapter 11 case was transferred from the Southern Division to the Northern Division on October 30. To prevent delay caused by rescheduling the hearing, the court re-authorized interim cash collateral use under the same terms as the October 23 order until a final hearing is held before the new presiding judge. The Debtor's cash collateral consists of rental income from 40 rental units located in Tellico Plains, Tennessee. Mary Jane Saunders, a secured creditor, asserts an interest in the property. As protection for the Debtor's use of her cash collateral, the secured creditor will be granted a post-petition lien on the existing collateral and collateral created after the petition date. The creditor will also receive monthly payments of $5,000, beginning this month. Ms. Saunders is represented by: Maurice K. Guinn, Esq. Gentry, Tipton & McLemore, P.C. P.O. Box 1990 Knoxville, TN 37901 Phone: 865-525-5300 mkg@tennlaw.com About Tellico Rentals LLC Tellico Rentals, LLC offers cabin rental services in Tellico Plains, Tennessee. It provides a range of accommodations, including riverfront lodges, group cabins, and pet-friendly units near the Cherohala Skyway and Tellico River. Tellico Rentals sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-12707) on October 9, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. On October 30, 2025, the case was transferred from the Southern Division to the Northern Division and was assigned a new case number (Case No. 25-32044). Judge Suzanne H. Bauknight oversees the case. The Debtor is represented by: W. Thomas Bible, Jr., Esq. Tom Bible Law 6918 Shallowford Road, Suite 100 Chattanooga, TN 37421 Phone: (423) 424-3116 Fax: (423) 553-0639 tom@tombiblelaw.com TENET HEALTHCARE: Moody's Rates New Secured First Lien Notes 'Ba3' ------------------------------------------------------------------ Moody's Ratings assigned Ba3 rating to Tenet Healthcare Corporation's ("Tenet") proposed offering of senior secured first lien notes due 2032 and B2 rating to the senior unsecured notes proposed offering due 2033. Tenet intends to use the net proceeds from this offering for general corporate purposes including the redemption of all of the outstanding amount of $1.5 billion 6.25% senior secured second lien notes due February 2027 and a portion of the $2.5 billion 6.125% senior unsecured notes due October 2028. There is no change to the company's Ba3 Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating, Ba3 ratings of existing senior secured first lien notes and senior secured second lien notes, B2 rating of senior unsecured notes, SGL-1 Speculative Grade Liquidity rating, or the positive outlook. Moody's expects the transaction to be leverage neutral and the company will operate with financial leverage in the mid-to-high 3.0 times range in the next 12-18 months. RATINGS RATIONALE Tenet's Ba3 CFR reflects the company's significant scale, good business diversity, moderately high financial leverage and very good liquidity. In addition to acute care hospitals, the company has a sizeable portfolio of ambulatory surgery centers (ASCs) and a revenue cycle management business which add business diversity. Tempering these strengths, Tenet's Ba3 CFR is constrained by some geographic concentration in the states of Texas, Michigan Arizona and California as well as heavy reliance on a small group of managed care payors. The company's shareholder-friendly policies are also constraining factors. The positive outlook reflects Moody's views that Tenet will continue to operate with significant scale and diversity while maintaining moderately high financial leverage. Moody's expects Tenet to maintain very good liquidity (SGL-1) over the next 12-18 months. The company's liquidity is supported by Moody's expectations of more than $500 million in annual free cash flow (after distributions to non-controlling interests) along with approximately $3.0 billion in cash and fully available $1.5 billion ABL revolver as of September 30, 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Tenet's ratings could be downgraded if the company's operating performance weakens due to any reason including potential missteps in executing an aggressive ASC business expansion strategy. Adverse changes to the reimbursement and regulatory landscape, including negative impact from the implementation of the One Big Beautiful Act could also pressure the ratings. Negative rating pressure may arise if the company's financial policies were to become more aggressive through material debt-funded acquisitions or more aggressive returns to shareholders. Ratings could be downgraded if debt/EBITDA is sustained above 5.0 times or if free cash flow after non-controlling interest distributions were to materially decline. The ratings could be upgraded if Tenet can realize the additional benefits from its recent cost and operating initiatives, including increased profit margins. Further, the ratings could be upgraded if Tenet sustains and improves its free cash flow and sustains debt/EBITDA below 4.0 times. Tenet Healthcare Corporation, headquartered in Dallas, TX, is a provider of diversified healthcare services through its hospital and ambulatory care operations. As of September 30, 2025, the company operated 50 acute care and specialty hospitals and owned/had indirect ownership interest in numerous other outpatient facilities including surgical hospitals, ambulatory surgery centers, imaging centers, off-campus emergency departments and micro-hospitals. Revenue was approximately $21 billion for the twelve months ended September 30, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. TIKE LLC: Case Summary & 11 Unsecured Creditors ----------------------------------------------- Debtor: Tike LLC d/b/a Welch Plastics 4080 W. Desert Inn Rd. Ste W110 Las Vegas, NV 89102 Business Description: Tike LLC, doing business as Welch Plastics, provides plastic manufacturing and fabrication services, including product prototyping, high-volume injection molding, reverse engineering, 3D printing, laser scanning, CAD file creation, CNC and laser cutting, heat bending, and thermoforming, serving clients from its base in Las Vegas, Nevada. The Company, founded in 2000, is veteran- and minority-owned and specializes in producing sheet materials, large plastic tubes, and custom-designed plastic components. Chapter 11 Petition Date: November 6, 2025 Court: United States Bankruptcy Court District of Nevada Case No.: 25-16736 Debtor's Counsel: James T. Leavitt, Esq. LEAVITT LEGAL SERVICES, P.C. 601 S. 6th Street Las Vegas, NV 89101 Tel: (702) 385-7444 Fax: (702) 925-7444 Email: jamestleavittesq@gmail.com leavittecf@gmail.com Total Assets: $1,851,820 Total Liabilities: $2,026,405 The petition was signed by Michael DeSort as authorized representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QYBNG3Y/TIKE_LLC__nvbke-25-16736__0001.0.pdf?mcid=tGE4TAMA TOB LLC: Seeks to Hire Morgan & Bley Ltd as Bankruptcy Counsel -------------------------------------------------------------- TOB LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Morgan & Bley, Ltd. as its counsel. The firm's services include: a. advising the Debtor with respect to his powers and duties as debtor in possession in the continued management and operation of its business and properties; b. attending meetings and negotiating with representatives of creditors and other parties in interest; c. taking all necessary action to protect and preserve the Debtor's estate; d. preparing all motions, applications, answers, orders, reports and papers necessary to administer the Debtor's estate; e. taking any action necessary on behalf of the Debtor to obtain approval of a disclosure statement and the Debtor's plan of reorganization; f. representing the Debtor in connection with obtaining post-petition financing, if required; g. advising the Debtor in connection with any potential sale of assets; h. performing all other necessary legal services and providing all other necessary legal advice to the Debtor in connection with the Chapter 11 case. The firm received a modest pre-petition retainer of $2,762, as well as the case filing fee of $1,738. Keevan D. Morgan, Esq., principal with the law firm of Morgan & Bley, will charge $550 per hour for his services. Mr. Morgan assured the court that he is "disinterested person" as such term is defined in Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: Keevan D. Morgan, Esq. MORGAN & BLEY, LTD. 900 W. Jackson Blvd. Chicago, IL 60607 Tel: (312) 243-0006 Ext. 29 Fax: (312) 243-0009 Email: kmorgan@morganandbleylimited.com About TOB LLC TOB LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10667) September 30, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Deborah L. Thorne presides over the case. Keevan D. Morgan at Morgan & Bley, Ltd., represents the Debtor as legal counsel. TOG HOTELS: Court Extends Cash Collateral Access to Nov. 30 ----------------------------------------------------------- Tog Hotels Downtown Dallas, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas to use the cash collateral of Wilmington Trust, National Association. The lender's cash collateral consists of cash held by the Debtor in a deposit account at Wells Fargo Bank, National Association. All rents from the Crowne Plaza Dallas Downtown hotel, which is operated by the Debtor, were deposited into the account. The seventh interim order signed by Judge Scott Everett authorized the Debtor to use the lender's cash collateral through November 30 to pay the operational expenses set forth in its budget, with a 10% variance allowed. The budget projects total operational expenses of $905,841.74 for November and $831,279.78 for December. The Debtor's authority to use cash collateral expires immediately upon its failure to cure an event of default. Events of default include failure to comply with the seventh interim order; the dismissal or conversion of the Debtor's Chapter 11 case; appointment of a bankruptcy trustee or examiner; and the termination of the Debtor's authority to conduct business. As adequate protection, Wilmington Trust will be granted a replacement lien on its pre-bankruptcy collateral and on property acquired by the Debtor after its Chapter 11 filing. The lender will be granted a superpriority claim in case the replacement lien is not enough to protect its interest in the pre-bankruptcy collateral. Wilmington Trust will receive payment of $139,496.55 due on or before November 16 as additional protection. About TOG Hotels Downtown TOG Hotels Downtown, LLC operates the Crowne Plaza Dallas Downtown hotel, located at 1015 Elm Street in Dallas, Texas. TOG Hotels Downtown filed Chapter 11 petition (Bankr. N.D. Texas Case No. 25-30600) on February 20, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Scott W. Everett handles the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's bankruptcy counsel. Wilmington Trust, National Association, as lender, is represented by: P. Kyle Cheves, Esq. Polsinelli, PC 2950 N. Harwood Street, Suite 2100 Dallas, TX 75201 Phone: (214) 661-5514 Fax: (214) 481-1872 kcheves@polsinelli.com -- and -- David D. Ferguson, Esq. Polsinelli, PC 900 W. 48th Place, Suite 900 Kansas City, Missouri 64112 Phone: 816-753-1000 Fax: 816-753-1536 dferguson@polsinelli.com UNIQUE THIRD: Case Summary & Largest Unsecured Creditors -------------------------------------------------------- Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Unique Third Avenue LLC (Lead Case) 25-12461 2781 Third Avenue Bronx NY 10455 Third Avenue Imaging LLC 25-12462 2781 3rd Avenue Bronx NY 10455 Unique Imaging Services LLC 25-12463 1484 Williamsbridge Road Bronx NY 10461 Distinguished Diagnostic Imaging, P.C. 25-12464 1484 Williamsbridge Road Bronx NY 10461 Business Description: The Debtors are a group of affiliated companies engaged in medical imaging and real estate operations in the Bronx, New York. The group includes Third Avenue Imaging LLC and Unique Imaging Services LLC, which operate diagnostic laboratories equipped with MRI, CT, mammography, and ultrasound systems; Distinguished Diagnostic Imaging, P.C., which provides outpatient radiology services across two accredited centers at Williamsbridge Road and East Fordham Road; and Unique Third Avenue LLC, which owns the real estate properties at 2772, 2774, and 2777–2781 Third Avenue that house the medical operations. Together, the companies maintain integrated clinical, equipment, and property assets under common beneficial ownership, offering comprehensive diagnostic imaging services to patients and referring physicians. Chapter 11 Petition Date: November 4, 2025 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. John P Mastando III Debtors' Bankruptcy Counsel: Mark Frankel, Esq. BACKENROTH FRANKEL & KRINSKY, LLP 488 Madison Avenue FL 23 New York NY 10022-7658 Tel: 212-593-1100 Email: mfrankel@bfklaw.com Unique Third Avenue's Total Assets: $3,261,747 Unique Third Avenue's Total Liabilities: $11,429,935 Third Avenue Imaging's Total Assets: $2,182,240 Third Avenue Imaging's Total Liabilities: $18,131,456 Unique Imaging Services' Total Assets: $186,000 Unique Imaging Services' Total Liabilities: $13,458,726 Distinguished Diagnostic's Total Assets: $187,369 Distinguished Diagnostic's Total Liabilities: $14,098,937 The petitions were signed by Nick Lavrinoff as chief restructuring officer. Full-text copies of the petitions, which include lists of the Debtors' 20 largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/AJBPCWQ/Unique_Third_Avenue_LLC__nysbke-25-12461__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/2S5VMMY/Third_Avenue_Imaging_LLC__nysbke-25-12462__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/24ARS2I/Unique_Imaging_Services_LLC__nysbke-25-12463__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/OOR7WTQ/Distinguished_Diagnostic_Imaging__nysbke-25-12464__0001.0.pdf?mcid=tGE4TAMA VICTORIA'S KITCHEN: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Victoria's Kitchen, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral pursuant to its monthly operating budget, subject to a 10% variance. The Debtor is not permitted to make payment to any bankruptcy professional or to the Subchapter V trustee. The U.S. Small Business Administration asserts a lien on the Debtor's personal property based on a UCC-1 financing statement. As adequate protection, the SBA will receive a monthly payment of $500 from the Debtor starting this month. The court's order expires on the later of November 30 or 21 days after Congress enacts and makes effective appropriations for both the SBA and the Department of Justice. About Victoria's Kitchen LLC Victoria's Kitchen, LLC is a food service business based in Philadelphia, Pennsylvania. Victoria's Kitchen sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13380) on August 26, 2025, listing between $1 million and $10 million in assets and liabilities. Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC serves as Subchapter V trustee. Judge Derek J. Baker oversees the case. The Debtor is represented by Michael Assad, Esq., at Sadek Law Offices. VILLAGE OAKS: No Resident Complaints, 7th PCO Report Says --------------------------------------------------------- Fay Gordon, the State Long-Term Care Ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of California her seventh report regarding the quality of patient care provided at Village Oaks Senior Care, LLC's assisted care living facility. The Local Long-Term Care Ombudsman Program (LTCOP) representatives visited the facility on August 19, with a total census of 14 residents. The LTCOP representatives observed that the facility had an adequate number of staff, including administrative and direct care personnel. Based on observations made, LTCOP representatives have no concerns about the staff's ability to provide adequate services to current and prospective residents. The LTCOP representatives also conducted a comprehensive review of the facility, examining the indoor and outdoor areas to ensure the health and safety of residents. The assessment covered resident rooms, bathrooms, kitchens, common areas, and outdoor grounds. No unpleasant odors were reported, and the facility appeared clean, sanitized, and well-maintained. Adequate levels of food, clean linens and supplies were noted. In general, the LTCOP representatives have not noticed a decrease in the quality of care at the facility. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=l6gKZC from PacerMonitor.com. About Village Oaks Senior Care Village Oaks Senior Care, LLC, a company in El Dorado Hills, Calif., owns and operates community care facilities for the elderly. Village Oaks Senior Care filed Chapter 11 petition (Bankr. E.D. Calif. Case No. 24-22206) on May 21, 2024, with total assets of $1,440,832 and total liabilities of $3,369,013 as of Dec. 31, 2023. Lisa Holder, Esq., a practicing attorney in Bakersfield, Calif., serves as Subchapter V trustee. Judge Christopher D. Jaime oversees the case. D. Edward Hays, Esq., at Marshack Hays Wood, LLP, is the Debtor's legal counsel. VILLAGE ROADSHOW: To Sell Derivative Rights to Alcon Media Group ---------------------------------------------------------------- Village Roadshow Entertainment Group USA Inc. and its affiliates, seek permission from the U.S. Bankruptcy Court for the District of Delaware, to sell assumption and assignment of certain derivative rights to Alcon Media Group, LLC, free and clear of liens, claims, interests, and encumbrances. Warner Brothers Entertainment Inc. and Regency Entertainment (USA), Inc., who are counterparties to various derivative rights agreements, have objected to the sale. On March 17, 2025, Village Roadshow Entertainment Group USA Inc. and certain of its affiliates. The Debtors are seeking to sell the rights to participate in motion picture projects that are derivative of certain films, including those that the Debtors co-produced with Warner Bros. Entertainment Inc. and its affiliates and Regency Entertainment (USA), Inc. The Derivative Right for each film is governed by its own coownership agreement (DRA), as such agreement may have been amended. On April 22, 2025, this court approved bidding procedures for the sale of the Debtors' assets. The bidding procedures order established ground rules for the sale of three types of assets – the Library Assets, the Studio Business, and the Derivative Rights. In accordance with the bidding procedures order, on May 22, 2025, the Debtors filed notice that Alcon Media Group, LLC was the successful bidder for the Library Assets. On May 28, 2025, the Debtors conducted an auction for the Derivative Rights and the Studio Business. After spirited bidding for the Derivative Rights, the Debtors designated Alcon as the successful bidder with a bid of $18.5 million, and Warner Bros. as the backup bidder with a bid of $17.5 million.5 Alcon made the lone conforming bid for Studio Assets and was designated as the successful bidder for those assets. On August 26, 2025, the court entered an order approving the sale of the Studio Assets to Alcon. Warner Bros. and Regency objected to the sale of Derivative Rights. The sale of the Derivative Assets proceeded on a separate track because the sale of those assets raised issues not pertinent to the sale of the Library Assets and Studio Assets, requiring substantial discovery and further briefing. The court scheduled a hearing on the Derivative Rights for October 20, 2025. Warner Bros. then submitted a revised bid to the Debtors for $18.5 million plus additional consideration in the form of releasing $10 million from the Warner Bros. Reserve, and dismissing and releasing claims for certain disputes. The Debtors declined this offer and, instead, submitted a counteroffer to Warner Bros. for a purchase price of $30 million, along with the settlement of claims for certain disputes, including the ones for which cash is being held in the Warner Bros. Reserve.10 On October 19, 2025, the day before the Derivative Rights sale hearing, Warner Bros. added $1 million to its revised offer, making the cash component of its offer $19.5 million.11 The Debtors did not accept this offer and are seeking approval of the sale of the Derivative Rights to Alcon. Warner Bros. objects to the sale of the Derivative Rights to Alcon on the grounds that (i) Alcon did not make the highest and best offer, (ii) the DRAs are non-assignable financial accommodations, (iii) the DRAs are non-assignable personal service contracts, and (iv) Alcon has not provided adequate assurance of future performance. Warner Bros. asks this court to find that its bid is the highest and best bid, and to approve the sale to Warner Bros. in its capacity as the backup bidder for the Derivative Rights. Regency objects on the grounds that the DRA between the Debtors and Regency is a non-assignable personal service contract. The auction here was conducted according to court-approved bidding procedures, and Warner Bros. actively participated in the auction. Warner Bros. has no objection to the integrity or procedures of the auction. The Debtors have determined that the Alcon Bid is the highest and best offer considering the cash value of the competing bids and balancing their obligation to maximize the value to the estate with the Debtors' obligation to comply with the bidding procedures and honor the bid chosen at the auction. The evidence supports that the Debtors exercised appropriate business judgment in selecting the Alcon Bid for the sale of the Derivative Rights and that there are no exceptional circumstances here that would warrant the extraordinary act of the court substituting its judgment for that of the Debtors. The Debtors have established that it properly used its business judgment in selecting Alcon as the successful bidder and in going forward at the October 20, 2025 hearing to seek approval of the sale to Alcon. The DRAs between the Debtors and Warner Bros. are components of a set of contracts outlining the rights and responsibilities of each party and incorporated through the DRAs. Alcon has $39.6 million available to it under its credit facility with Bank of America and $15.39 million available to it under its credit facility with JPMorgan Chase Bank, N.A.53 Broderick Johnson, the co-founder and co-CEO of Alcon testified that, in the past, Alcon has been able to increase the size of the credit facilities and in the past that he reasonably anticipates being able to do so in the future if the need arises. The Debtors have sustained their burden of showing that it is an appropriate exercise of their business judgment to convey the DRAs to Alcon. The DRAs can be assumed and assigned to Alcon under Bankruptcy Code section 365 because they are executory contracts that are not financial accommodations or contracts for personal services and because Alcon has given adequate assurance of future performance. The Derivative Rights sale is therefore approved. The parties are directed to settle an appropriate form of order and submit it under certification of counsel. About Village Roadshow Entertainment Group Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Debtor's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. VISION CARE: Court Extends Cash Collateral Access to Dec. 6 ----------------------------------------------------------- Tanya Sambatakos, the Chapter 11 trustee for Vision Care of Maine, LLC, received another extension from the U.S. Bankruptcy Court for the District of Maine to use cash collateral. The use of cash collateral is necessary to fund the Debtor's ongoing operations and to meet the deadline for filing a reorganization plan, according to the trustee. The order extended the bankruptcy trustee's authority to use cash collateral from November 14 to December 6 to pay the expenses set forth in the budget, subject to a 10% variance. The Debtor's budget shows total cash disbursements of $4,168,037 for the period from the week ending November 1 through the week ending January 24, 2026. The bankruptcy trustee must continue compliance with U.S. trustee obligations, including reporting and fee payments. The order specifies that its terms will remain binding and effective even if the case is converted, dismissed or transferred. The order is available at https://is.gd/3SJ2vd from PacerMonitor.com. About Vision Care of Maine Vision Care of Maine, LLC is a medical group practice located in Bangor, ME that specializes in Ophthalmology and Optometry offering vision care services including glasses, contacts, surgeries for cataracts, retina disease and cornea disease and glaucoma. Vision Care of Maine sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 24-10166) on August 5, 2024. In the petition signed by Curt Young, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Peter G. Cary oversees the case. The Debtor tapped George J. Marcus, Esq., at Marcus, Clegg, Bals & Rosenthal, PA as legal counsel and Opus Consulting Partners, LLC as financial consultant. Tanya Sambatakos is the Chapter 11 trustee appointed in the Debtor's case. VNS HOTEL: Seeks to Hire NewGen Advisory as Real Estate Broker -------------------------------------------------------------- VNS Hotel Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire the NewGen Advisory, CA, Inc. dba NewGen Advisory as broker. The firm will market and sell its hotel located at 24400 Mission Blvd. Hayward, California 94710. The broker has agreed to a 3.5 percent commission. As disclosed in court filings, NewGen Advisory is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: David Frank Bowman NewGen Advisory CA, Inc. 1747 E Morten Ave STE 202 Phoenix, AZ 85020 Phone: (602) 648-2700 Email: DBowman@newgenadv.com About VNS Hotel Inc. VNS Hotel Inc. manages hotel facilities that offer accommodations, lodging, and amenities for travelers. VNS Hotel sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30782) on September 26, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Dennis Montali handles the case. The Debtor is represented by Ryan C. Wood, Esq., at the Law Offices of Ryan C. Wood, Inc. WAYFAIR INC: Moody's Rates New $700MM Secured Notes 'B2' -------------------------------------------------------- Moody's Ratings affirmed Wayfair Inc.'s B3 corporate family rating and B3-PD probability of default rating. Wayfair LLC's backed senior secured notes ratings were downgraded to B2 from B1. Wayfair's speculative grade liquidity rating ("SGL") remains unchanged at SGL-1. The outlook for both issuers remains stable. A B2 rating was also assigned to Wayfair LLC's proposed $700 million backed senior secured notes due 2032. Net proceeds from the proposed senior secured notes will be used to fund balance sheet cash to prefund a portion of its convertible notes (including premiums) due in 2027 and 2028 and for general corporate purposes. The downgrade of Wayfair LLC's senior secured notes rating to B2 reflects the decrease in the junior capital as Wayfair refinances its unsecured convertible notes with secured debt. As a result, a larger portion of Wayfair's capital structure has become secured. Wayfair LLC's proposed notes will be used in to reduce the $1.2 billion of senior unsecured convertible notes outstanding as of September 2025. Given the conversion price on the 2027 convertible notes is well below Wayfair's current stock price, cash paid to redeem the 2027 converts will likely be well above the principal amount. RATINGS RATIONALE Wayfair's B3 CFR reflects its high debt level of over $3 billion relative to its weak but improving operating margins and modest lease adjusted EBITDA as the company continues to outperform in a challenging consumer environment. Despite its recent growth, significant improvement in revenue and earnings is needed for leverage to reach sustainable levels. Wayfair's lease adjusted EBITDA was $419 million (as per Moody's definitions which does not addback stock compensation expense) and debt/EBITDA was 9.7x for LTM September 30, 2025. Wayfair continues to benefit from the improvement in its cost structure as evidenced by its exit of the German market and further headcount reductions to right size its technology workforce as the consumer demand for its home goods and furnishings remains tepid. Moody's expects Wayfair to continue to post revenue growth for Q4 FY 2025 and that leverage will improve to approximately 8.1x. Assuming growth can be sustained and costs contained Moody's expects project debt/EBITDA to improve to 6.5x by the end of 2026. Wayfair's very good liquidity (SGL-1) including its positive free cash flow, is a key support to the B3 CFR. Wayfair continues to maintain a high cash balance of $1.1 billion as of September 2025. Moody's forecasts positive free cash flow in 2025 of approximately $310 million (cash from operations less capex) with full availability under its revolver, net of letters of credit. The proposed notes offering will enhance the company's liquidity to address its 2027 convertible maturity. The convertible notes are subject to a significant premium which will need to be paid in either cash or stock. The company also paid approximately $200 million in Q3 2025 to redeem $101 million principal amount of its 2028 convertible notes. Positive ratings consideration was given to Wayfair's significant scale with $12.2 billion of revenue in the fragmented home products category. Wayfair's e-commerce platform reaches over 21 million active customers and connects over 20 thousand suppliers through its technology and logistics infrastructure. Its business model has limited inventory risk as Wayfair primarily takes ownership of product after purchase. Most of its products sold are shipped to customers directly from suppliers with Wayfair increasing the number of shipments through its own logistical network. The stable outlook reflects Moody's views that sales and operating performance will improve as the consumer environment for home goods stabilizes and the company executes on its initiatives to expand operating margins. Moody's expects earnings growth, positive free cash flow and debt reduction to drive improved credit metrics while maintaining very good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Wayfair generates consistent revenue and operating earnings growth while maintaining at least good liquidity, which includes positive free cash flow. An upgrade would also require the maintenance of a conservative financial policy which prioritizes debt reduction, addresses its debt maturities in a timely manner while extending the duration of its maturity profile. Quantitatively ratings could be upgraded if adjusted debt/EBITDA (per Moody's definitions) was sustained below 5.5x and (EBITDA-Capex)/Interest expense (per Moody's definitions) of over 1.5x. Ratings could be downgraded if sales and profitability growth are insufficient to generate positive free cash flow and deleveraging which results in a sustainable capital structure. The ratings could also be downgraded if liquidity deteriorates or financial strategy became more aggressive including upcoming debt maturities not being prefunded with internal cash sources or refinanced well in advance. The principal methodology used in these ratings was Retail and Apparel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. WAYFAIR LLC: S&P Alters Outlook to Positive, Affirms 'B+' ICR ------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S.-based e-commerce company Wayfair LLC to positive from stable and affirmed the 'B+' issuer credit rating. At the same time, S&P lowered its issue-level rating on the company's existing senior secured debt to 'BB-' from 'BB' and revised the recovery rating to '2' from '1'. Finally, S&P assigned its 'BB-' issue-level rating and '2' recovery rating to its proposed senior secured notes. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 80%) recovery in the event of a payment default. The positive outlook reflects Wayfair's rapidly improving credit metrics, which are somewhat offset by the remaining uncertainty around its ability to maintain these stronger credit metrics, given its limited track record and discretionary product offerings amid an uncertain macroeconomic environment. Wayfair LLC exceeded S&P's EBITDA expectations and has rapidly deleveraged, reducing its S&P Global Ratings-adjusted debt to EBITDA to less than 4x for the last-12-month (LTM) period. The company's marketplace business model, well-established online presence, brand diversity, and scaled infrastructure have enabled it to outperform its category and improve its profitability. In addition, Wayfair intends to issue senior secured notes to fund the repurchase of a portion of its convertible unsecured notes due 2027 and 2028, which will increase the proportion of senior secured debt in its capital structure. Wayfair is issuing new senior secured notes, which it intends to use to repay a portion of its 2027 and 2028 convertible notes, as well as for general corporate purposes. S&P said, "We view the transaction as essentially leverage neutral, although we expect the cash interest payments on the new notes will be significantly higher than on the convertible notes. At the same time, we lowered our issue-level rating and revised our recovery rating on Wayfair's existing senior secured debt to reflect the increased proportion of senior secured debt in its capital structure. We think the additional debt will dilute the senior secured lenders' recovery in a default, although we still expect substantial recovery." Wayfair's operating results exceeded our expectations in the second and third quarters of 2025. S&P said, "Our base-case forecast for 2025 assumes the company's leverage will be 3.4x, which is nearly a turn stronger than our prior forecast of 4.3x. This improvement reflects the nearly 5% increase in Wayfair's revenue and the 35% rise in its S&P Global Ratings-adjusted EBITDA year-over-year, including the approximately 140 basis points (bps) expansion in its EBITDA margin. The company's outperformance was supported by a number of factors, including its provision of a solid value proposition to its customers via its marketplace business model amid a cautious consumer spending environment. As a marketplace, Wayfair's suppliers compete against each other to attract customers, which makes pricing a critical factor. This competitive business model keeps the company's prices low despite pressures from inflation and tariffs. Wayfair's marketplace model also means it is not directly exposed to tariffs, though its suppliers are mostly located overseas and may have to raise their prices over time to offset tariff headwinds, which could reduce its sales. That said, we expect the company will likely remain a relatively lower-cost retailer." Wayfair has a variety of retail outlets with different branding that provide unique marketplaces for different price points. This has benefited the retailer because its higher-income consumers are still spending while its lower-income consumers have had to cut back amid the softening economy. S&P said, "Additionally, we think the company's online marketing, including its greater emphasis on social media outlets (like TikTok and Instagram) and GenAI platforms (like ChatGPT and Gemini), has provided a boost to its sales. Wayfair has invested in increasing the awareness of its brands over the last several years, though we believe the more-targeted nature of its online marketing is likely improving its customer conversion." S&P said, "We believe the company may have hit a tipping point with its operating model, such that it will be able to continue expanding its margins in line with its revenue, because it will likely be able to maintain fairly stable corporate-level expenses. Wayfair has invested significantly in both its logistical and digital infrastructure over the past several years and now has an established distribution network and a cloud-based tech platform. Therefore, we do not think the company will need to increase its selling, general, and administrative (SG&A) expenses at a faster pace than inflation to expand its revenue, which will likely enable it to continue to improve its margins in line with its revenue. "A higher rating depends on the company's ability to maintain its strong operating results and credit metrics over the next 12 months amid ongoing uncertainty. Wayfair's LTM S&P Global Ratings-adjusted debt to EBITDA was about 3.7x, which is below our trigger for the current rating. However, we see material uncertainty around the company's ability to maintain its stronger credit metrics. Wayfair has delivered strong results over the past two quarters, though the improvement in its EBITDA has been rapid, and we note it has a limited track record sustaining its current operating success and credit metrics. The retailer is focused on the online furniture and home goods categories, which we view as highly discretionary and subject to volatile demand during period of low consumer confidence. If tariffs and other factors lead to higher inflation, consumer confidence and spending could decline by more than we currently expect. Given Wayfair's relatively fixed SG&A expenses, we think its profitability could decline quickly if its demand slows and its revenue declines. For example, we estimate an approximately 6% decrease in the company's revenue could reduce its EBITDA by 30%. "Adding to the uncertainty over the next 12 months is the furniture and home goods categories' sensitivity to home sales and turnover in residential real estate, which have been slow due to higher interest rates and low supply and could slow further if the economy weakens. Although Wayfair has significantly outperformed its retail category in recent quarters, we think its consumer cohort skews slightly lower income relative to the overall industry, thus its customers could face greater pressure over the next 12 months due to increasing unemployment and slowing GDP growth. The company has also emphasized newer forms of marketing (social media and AI platforms), which will likely become increasingly competitive over the near term. The online furniture and home goods market is very fragmented but also includes much larger retailers like Amazon and Walmart. We believe all of these competitors will likely invest more heavily in the newer marketing channels, likely raising the company's cost of acquiring customers and sales. Because of these risks, we would like to see Wayfair develop a longer track record of delivering solid results before considering a higher rating. "The positive outlook reflects Wayfair's strong operating performance and rapidly improving credit metrics that, if sustained, could support a higher rating. That said, we see some uncertainty in our base case, given the company's short track record generating this level of EBITDA and ongoing operating uncertainties." S&P revises its outlook on Wayfair to stable if: -- Its operating performance deteriorates, leading to lower-than-forecast net revenue, profitability, and free operating cash flow (FOCF); and -- Its credit-protection metrics deteriorate, including S&P Global Ratings-adjusted leverage exceeding 4.0x. S&P could raise its rating on Wayfair over the next 12 months if: -- It develops a sustained track record of improving its operating performance, including expanding sales and profitability, especially amid a weakening economy; and -- It maintains its FOCF generation and credit metrics, including S&P Global Ratings-adjusted leverage of below 4.0x. WEST 21 DELI: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- West 21 Deli and Grocery Corp. has voluntarily filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York on October 28, 2025. According to the filing, the company reported liabilities estimated between $100,001 and $1 million. The petition further indicates that West 21 Deli and Grocery Corp. has between one and forty-nine creditors as it seeks to reorganize under court supervision. About West 21 Deli and Grocery Corp. West 21 Deli and Grocery Corp. operates as a small independent grocery and deli store. West 21 Deli and Grocery Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12391) on October 28, 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 Michael E. Wiles handles the case. The Debtor is represented by Michael A. King, Esq. WISDOM DENTAL: Seeks to Hire Dal Lago Law as Bankruptcy Counsel --------------------------------------------------------------- Wisdom Dental, P.A. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Dal Lago Law as its counsel. The firm's services include: (a) advising as to the Debtor's rights and duties in the case; (b) preparing pleadings related to the case, including developing a plan of reorganization; and (c) taking any and all other necessary actions incident to the proper preservation and administration of the estate. The firm will be paid at these hourly rates: Attorneys: Michael R. Dal Lago, Esq. $460 Christian Garrett Haman, Esq. $385 Jennifer M. Duffy, Esq. $360 Paraprofessionals: Kim Christian $225 Fatema Bravo $175 Frances Vazquez $165 Alexia Blakley $165 Michael R. Dal Lago, Esq., a member of Dal Lago Law, assured the court that the firm does not represent or hold any interest adverse to the Debtor or to the estate. The firm can be reached through: Michael R. Dal Lago, Esq., Dal Lago Law 999 Vanderbilt Beach Rd Ste 200 Naples, FL 34108-3512 Phone: (239) 571-6877 Email: mike@dallagolaw.com. About Wisdom Dental, P.A. Wisdom Dental, P.A. operates a dental clinic under the name Ave Maria Dentistry from its location in Ave Maria, Florida. The practice provides preventive, restorative, and cosmetic dental services and is led by Dr. Wisdom D. Akpaka. The company was incorporated in Florida in 2015. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01508) on August 6, 2025. In the petition signed by Wisdom Akpaka, president, the Debtor disclosed $223,970 in assets and $2,851,770 in liabilities. Judge Caryl E. Delano oversees the case. Michael Dal Lago, Esq., at DAL LAGO LAW, represents the Debtor as legal counsel. [] Boies Schiller Flexner Adds Two Partners to New York Office -------------------------------------------------------------- Boies Schiller Flexner announced the addition of two lateral partners to its New York office: Robert Gordon and Frederick Lee. Mr. Gordon, who started on October 24, focuses on both in-court and out-of-court restructuring matters; while Mr. Lee, who began October 28 and plans to eventually relocate to the Los Angeles office, bolsters the firm's experience with copyright- and AI-related issues that entertainment and technology companies face. "We are excited to welcome Bob and Freddie to the firm," said Chairman Matthew L. Schwartz. "Bob strengthens our offering for clients involved with investment disputes, particularly in the distressed debt and restructuring space; and Freddie returns to BSF with deeply relevant experience in the issues impacting technology, media, and entertainment companies today." Mr. Gordon offers clients a wealth of restructuring experience, having represented distressed companies, significant creditor constituencies, and related parties in complex, high-stakes corporate and public sector restructurings. His recent work includes advising a special committee of independent directors in the chapter 11 case of Intelsat S.A., restructuring $14 billion of debt, and advising on the largest in-court public sector restructuring in U.S. history, representing the Official Retiree Committee in the bankruptcy of the Commonwealth of Puerto Rico (holding claims of $58 billion). "BSF has an incredible reputation as an elite trial firm that is willing to aggressively advocate for its clients," Mr. Gordon said. "The combination of trial strength, crisis management capabilities, and government relationships are all crucial components in the restructuring space today. I'm looking forward to further developing the practice here." Mr. Gordon's experience spans industries such as energy, telecommunications, automotive/manufacturing, real estate, gaming and hospitality, media and entertainment, retail, and aviation. He has advised distressed companies, independent directors, ad hoc and official creditors' and retirees' committees, pension systems, secured and unsecured creditors, distressed-asset investors, lessors, trustees and liquidating agents. He also provides advice regarding contractual risk management and represents parties in liability management transactions in the restructuring context. He joins from a national law firm. Mr. Lee brings a wide range of media and entertainment-related experience to the firm from his roles in-house. Most recently, he served as vice president and assistant chief counsel for The Walt Disney Company, where he was Global Head of Product Legal for Disney's various streaming offerings, including Disney+, Hulu, and ESPN+. Prior to that he was corporate counsel at Amazon Inc., a role that included serving as Global Head of Legal for all artificial intelligence work at Amazon's streaming service, Prime Video. "I am thrilled to be returning to Boies Schiller Flexner, a firm that's known for both its willingness to take cases to trial and its entrepreneurial culture" Mr. Lee said. "I have enjoyed my time working in-house at large, innovative companies, but I've also missed being a courtroom litigator. I'm looking forward to bringing my skills in entertainment, AI, copyright, and other areas to clients in private practice." Mr. Lee also previously served as general counsel to Hiro Systems, which at the time was a $5 billion market cap blockchain technology company and where he led the first-ever SEC-qualified digital token offering. He also co-founded a legal finance company and is an angel investor in an AI company. Early in his career, Mr. Lee spent seven years as an associate in BSF's New York office, interspersed with clerkships for judges in the Southern District of New York and the Second Circuit. ********* 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. 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The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***