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251112.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, November 12, 2025, Vol. 29, No. 315 Headlines 1291 BRITAIN: Seeks to Extend Plan Exclusivity to Dec. 15, 2025 176 W 86 ST.: Claims to be Paid from Property Sale Proceeds 215 PAPER MILL: Seeks to Extend Plan Exclusivity to December 15 25350 PLEASANT: Gets Court OK to Use Cash Collateral Until Jan. 30 360 FAST: U.S. Trustee Unable to Appoint Committee 7 AT BLUE LAGOON: U.S. Trustee Unable to Appoint Committee 700 17TH STREET: Ivan Orkin Plumbing Appointed to Creditors Panel 9304 AVENUE L: Voluntary Chapter 11 Case Summary ADF CONSTRUCTION: U.S. Trustee Unable to Appoint Committee AGDP HOLDING: Unsecureds Will Get 5.4% to 6.9% of Claims in Plan AHMED: Receiver Sells 530 Park Avenue Property for $6.5M ALL SOD NURSERY: Ruediger Mueller Named Subchapter V Trustee ALLISON TRANSMISSION: Fitch Rates Proposed Sr. Unsec. Notes 'BB+' ANF MERGECO: Axia Group Seeks Chapter 15 Court Recognition APPLIED DNA: Signs $8.16 Million ATM Program with Lucid Capital AQUATIC RESOURCE: Hires Latham Luna Eden & Beaudine as Counsel ATLANTIC OVERSEAS: Seeks to Hire Mark W. Smith CPA as Accountant AUTOMATED TRUCKING: Committee Taps Shrader Mendez as Co-Counsel BARE ARMS: U.S. Trustee Unable to Appoint Committee BARROW SHAVER: Plan Exclusivity Period Extended to Jan. 27, 2026 BEVERLEY'S HOME: Hires Regional Bankruptcy Center as Attorney BEVERLY'S HOME: Richard Furtek Named Subchapter V Trustee BISCUIT BAR: Seeks to Employ Munsch Hardt Kopf as Attorney BLINK CHARGING: Nevada Court OKs Settlement of Derivative Suit BOY SCOUTS: Trustee Challenges $31.2MM Claim BRANDHOOT LLC: Case Summary & Five Unsecured Creditors C.R. OF WILDWOOD: Hires Boyer Terry LLC as Legal Counsel CABAL CONSTRUCTION: David Wood Named Subchapter V Trustee CASTILLO GRAND: Case Summary & Six Unsecured Creditors CDR TRANS: Christopher Hayes Named Subchapter V Trustee CHAPMAN CBC: Court OKs Deal to Use Cash Collateral Until Jan. 31 CIVITAS RESOURCES: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable CLARITY DIAGNOSTICS: Hires Beighley Myrick Udell as Counsel COCOS MARISCOS: Gets Final OK to Use Cash Collateral COLLECTIVE CONCEPTS: John Whaley Named Subchapter V Trustee COMMSCOPE HOLDING: Relocates Corporate HQ to Richardson, Texas COMPREHENSIVE HEALTHCARE: Court OKs Interim Use of Cash Collateral COMPREHENSIVE HEALTHCARE: U.S. Trustee Unable to Appoint Committee CONSTANT CARE: Case Summary & 17 Unsecured Creditors CONSTANT CARE: Seeks Subchapter V Bankruptcy in Colorado CORPORATE AIR: Unsecureds Will Get 2.3% to 1.95% of Claims in Plan COW CREEK: Voluntary Chapter 11 Case Summary DARKTRACE FINCO: Fitch Affirms 'B' LongTerm IDR, Outlook Stable DATAVAULT AI: Signs New Deal to Purchase API Media for $14M DATAVAULT AI: Terminates API Media Stock Purchase Deal DEDICATION & EVERLASTING: Trustee Taps Kaufman Dolowich as Counsel DEEJAYZOO LLC: Seeks to Hire Estelle Miller CPA as Accountant DEQSER LLC: Seeks to Extend Plan Exclusivity to February 4, 2026 DIMMER'S PRECISION: To Hire Cole Hayes Law as Legal Counsel DIOCESE OF ALEXANDRIA: Hires Getzler Henrich as Financial Advisor DIOCESE OF ALEXANDRIA: Hires Gold Weems as Bankruptcy Counsel DIOCESE OF ALEXANDRIA: Hires Husch Blackwell LLP as Legal Counsel DIOCESE OF ALEXANDRIA: Taps Stretto as Claims and Noticing Agent DM ELECTRICAL: Hires The Lane Law Firm as Legal Counsel EAD CONSTRUCTORS: Court OKs Interim Use of Cash Collateral EARLY AMERICAN: Gets Final OK to Use Cash Collateral EVOKE PHARMA: Agrees to $11-Per-Share Merger with QOL Medical EVOKE PHARMA: Nantahala Capital Increases Stake to 15.99% F-STAR SOCORRO: Case Summary & 30 Largest Unsecured Creditors FABS RESTAURANT: Soneet Kapila Named Subchapter V Trustee FIRST BRANDS: Former CEO Seeks Court OK to Release Frozen Funds FLINZ HOLDINGS: Case Summary & 20 Largest Unsecured Creditors FRANKLIN LAGERS: Hires Steidl and Steinberg as Legal Counsel FRONTIERSMEN INC: Seeks to Extend Exclusivity to February 9, 2026 GENESIS HEALTHCARE: Seeks to Extend Exclusivity to Feb. 4, 2026 GROFF TRACTOR: U.S. Trustee Appoints Creditors' Committee HANNA JESIONOWSKA: Voluntary Chapter 11 Case Summary HEART 2 HEART: Hires Simmerman Law Office as Legal Counsel HILTS LOGGING: Unsecureds to Get 5 Cents on Dollar in Plan IMPRIVATA INC: S&P Raises ICR to 'B', Outlook Stable INSPIREMD INC: Net Loss Widens to $12.7 Million in Fiscal Q3 INVENERGY THERMAL: S&P Lowers Sr. Debt Rating to 'BB-' on Upsizing IROBOT CORP: Roomba Maker Runs Out of Cash, At Risk of Bankruptcy J & L HOMES: Seeks to Hire Villa & White LLP as Bankruptcy Counsel JASS LLC: Section 341(a) Meeting of Creditors on November 24 JT MASONRY: Gets Final OK to Use Cash Collateral KAHN PROPERTY: Seeks to Hire Jaspan Schlesinger as Special Counsel KARYOPHARM THERAPEUTICS: J. Wood Capital Holds 4.99% Equity Stake KIRKBRIDE LAND: Seeks to Hire Allen Stovall Neuman as Attorney KLEOPATRA FINCO: Case Summary & 30 Largest Unsecured Creditors LAMUMBA INC: Gets Interim OK to Use Cash Collateral LIFE CENTER: Seeks to Hire Heller Draper & Horn LLC as Counsel LUCA MARIANO: Plans Chapter 11 Filing LZA REAL PROPERTIES: Lease Revenue & Sale Proceeds to Fund Plan M & M FARMS: Seeks to Hire Coldwell Banker Realty as Broker MAIN STREET: Seeks Approval to Tap Callaway & Price as Appraiser MARCEL CONTRABAND: Case Summary & 20 Largest Unsecured Creditors MARTINEZ ENTERPRISES: Seeks Chapter 7 Bankruptcy in Colorado MILLSIDE PLAZA: Seeks to Hire Shafferman & Feldman as Counsel MISTER M&K: Hires West & West Attorneys at Law as Legal Counsel MOLINA HEALTHCARE: S&P Alters Outlook to Neg., Affirms 'BB' LT ICR MORICI RACING: Seeks to Tap Mark S. Roher PA as Bankruptcy Counsel MOSAIC COMPANIES: Seeks to Extend Plan Exclusivity to Feb. 3, 2026 NATURALSHRIMP INC: Posts $10.7MM FY25 Loss, Shifts to Liquidation NATUROMULCH LLC: Unsecureds Will Get 19.07% over 60 Months NB MOUNTAIN: U.S. Trustee Unable to Appoint Committee NEAL MEATS: Claims to be Paid from Property Sale Proceeds NEEDSPACE HACKS: Case Summary & Two Unsecured Creditors NEW MEXICO TERMINAL: Taps Victor Grafe Law as Bankruptcy Counsel NORCOLD LLC: Unsecureds Will Get 0.01% to 100% in Liquidating Plan NORTH AMERICAN: Chris Quinn Named Subchapter V Trustee NOVA LIFESTYLE: Shareholders OK Name Change and Share Increase OCUGEN INC: Net Loss Widens to $20.1MM in 2025 Q3 OLIVER VILLAGE: U.S. Trustee Unable to Appoint Committee ONDAS HOLDINGS: Signs $225MM Agreement to Acquire Sentry CS OVG BUSINESS: S&P Raises ICR to 'B', Off CreditWatch Positive PACIFIC RADIO: Court Extends Cash Collateral Access to Dec. 31 PACKERS HOLDINGS: S&P Upgrades ICR to 'CCC+' on New Debt Structure PERFECT PITCH: Aleida Martinez Molina Named Subchapter V Trustee PINE GATE RENEWABLES: Court Denies $1.4B DIP Roll Up PINECREST ACADEMY: S&P Alters Outlook to Stable, Affirms 'BB+' ICR PRIMALEND CAPITAL: U.S. Trustee Appoints Creditors' Committee PYRAMID CONCRETE: U.S. Trustee Unable to Appoint Committee QVC GROUP: Net Loss Widens to $73 Million in 2025 Q3 R.W. SIDLEY: Plan Exclusivity Period Extended to Jan. 28, 2026 RAPID DRY: Unsecureds Will Get 5% Dividend over 5 Years RIFLE RFB: Seeks Chapter 11 Bankruptcy in Colorado RIVER FALL: Seeks Approval to Hire Revolv Real Estate as Broker ROCKWOOD CAPITAL: Santa Monica Clock Tower in Receivership ROMANI INC: Voluntary Chapter 11 Case Summary RONALD JINSKY: Court OKs Deal to Use FNBT's Cash Collateral RUNWAY TOWING: Seeks to Extend Plan Exclusivity to May 22, 2026 S&G LABS: Seeks Chapter 11 Bankruptcy in Colorado SAMYS OC: Court Extends Cash Collateral Access to Nov. 30 SANTA FE: Unsecureds Will Get 10% of Claims over 3 Years SCHAFER FISHERIES: Court Extends Cash Collateral Access to Nov. 30 SCILEX HOLDING: Signs $2.55B License Agreement with Datavault AI SHPS LLC: Gets Final OK to Use Cash Collateral SIGNATURE YHM: Seeks to Extend Exclusivity to January 8, 2026 SM ENERGY: Fitch Puts 'BB' LongTerm IDR on Watch Positive SMITH MICRO: Reports $4.5MM Net Loss in 2025 Q3 SONDER HOLDINGS: Plans Chapter 7 Filing, To Wind-Down Operations SPHERE 3D: Swings to $4.25 Million Net Loss in Fiscal Q3 SPIRIT AVIATION: Court Approves $475 Million DIP Loan SSI PRODUCTS: Gets Final OK to Use Cash Collateral ST. JOSEPH'S UNIVERSITY: Fitch Lowers IDR to 'BB+', Outlook Stable SUAREZ TRACT: Seeks Chapter 7 Bankruptcy in Colorado SWAPSY INC: Seeks to Hire LEA Accountancy LLP as Accountant TABERNACLE CHRISTIAN: Hearing Today on Bid to Use Cash Collateral TAPS RANCH II: Unsecureds to Get Share of Income for 60 Months TECH RABBIT: Seeks to Hire David C. Johnston as Legal Counsel TERRA LAKE: Court Extends Cash Collateral Access to Dec. 3 TITAN GROUP: Gets Interim OK to Use Cash Collateral Until Nov. 26 TRUE MADE: Stephen Metz of Offit Kurman Named Subchapter V Trustee TURNONGREEN INC: Reports $4.54 Million Net Loss in 2025 Q3 UBA BROCKTON: Voluntary Chapter 11 Case Summary UPGRADE SALON: Chris Quinn Named Subchapter V Trustee URBAN ONE: Net Loss Narrows to $2.82 Million in Fiscal Q3 US MAGNESIUM: Utah Environmental Agency Opposes Asset-Sale Plan US NUCLEAR: Dismisses Fruci, Hires Simon & Edward as Auditor VERASTEM INC: Widens Net Loss to $98.5MM in Fiscal Q3 VERITONE INC: Private Management Group's Ownership Drops Below 5% VILLAGE HOMES: Hires Bruner & Bruner as Special Litigation Counsel VILLAGE HOMES: Hires Vartabedian Hester as Bankruptcy Counsel VILLAGE ROADSHOW: 'Matrix' Producer Wins $18.5MM Sale WAHEGURU LLC: Section 341(a) Meeting of Creditors on November 24 WANDERLY LLC: Executes Transition Services Agreement; Amends Plan WAYFAIR INC: Fitch Rates New $700MM Secured Notes 'BB-' WEST BRAZOS: Taps Jeffrey Shulse of Chart Capital Management as CRO X4 PHARMA: Perceptive Advisors and Affiliates Hold 7.6% Stake YOUNGER FUNDING: Case Summary & 17 Unsecured Creditors ZAGACITY TECH: Hires Cobian Roig Law Offices as Special Counsel ZOOZ STRATEGY: Authorizes $50M Share Repurchase Over 12 Months ********* 1291 BRITAIN: Seeks to Extend Plan Exclusivity to Dec. 15, 2025 --------------------------------------------------------------- 1291 Britain Dr. PCPRE, LLC asked the U.S. Bankruptcy Court for the Northern District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 15, 2025 and February 13, 2026, respectively. The Debtor has determined that it will need additional time and this Motion is filed within the Debtor's exclusive period to file a plan, which expires November 10, 2025. Since the commencement of the Case, the Debtor has worked diligently to maintain continuity in the everyday operation of its business, while exploring various strategies for exiting Chapter 11. The Debtor explains that it has engaged in negotiations with several potential lending partners to refinance its debt and has explored sale alternatives. While the Debtor has made significant progress in determining the path forward, it needs additional time to determine which alternative will generate the most favorable outcome for its creditors, equity holders and other interested parties. 1291 Britain Dr PCPRE is represented by: J. Robert Williamson, Esq. Ashley R. Ray, Esq. Scroggins, Williamson & Ray, P.C. 4401 Northside Parkway Suite 230 Atlanta, GA 30327 Tel: (404) 893-3880 Fax: (404) 893-3886 Email: rwilliamson@swlawfirm.com aray@swlawfirm.com About 1291 Britain Dr PCPRE 1291 Britain Dr PCPRE, LLC, operating as Britain Village Apartments, is a residential complex located at 1291 Britain Drive in Lawrenceville, Ga. The property offers two-and three-bedroom units with standard amenities and is managed by Premier Living US. 1291 Britain Dr PCPRE sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54940) on May 5, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Ashley Reynolds Ray, Esq., at Scroggins, Williamson & Ray, P.C. 176 W 86 ST.: Claims to be Paid from Property Sale Proceeds ----------------------------------------------------------- 176 W. 86 St. Corp. filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement describing Plan of Reorganization dated November 3, 2025. The Debtor's property consists of two condo retail stores located at 176 W. 86th Street, New York, New York (the "Property"). Both Stores are rented. As of the Petition Date, 176 West 86th Lender LLC asserted a total mortgage claim in the amount of approximately $2,829,719.38, consisting of a secured claim estimated at $1.8 million and an unsecured deficiency of approximately $1,029,719.38. The Debtor believes the value of the Property approximates the secured portion of this claim. As part of the sale transaction, approximately $250,000 will be paid in cash at closing from funds currently held by the court-appointed receiver. The balance of the Secured Claim will be satisfied through the Purchaser's assumption of the existing mortgage, subject to the lender's consent or as otherwise authorized by the Sale Order. The Plan contemplates full satisfaction of the Allowed Secured Claim under Class 1, and the remaining unsecured deficiency, if any, will be treated as a Class 2 General Unsecured Claim, receiving the same pro rata treatment as other Class 3 General Unsecured Claims. The Debtor expressly reserves all rights to dispute the amount, validity, or enforceability of any asserted deficiency. The Debtor has entered into a Contract of Sale with the Purchaser, under which the Purchaser will acquire the Property for $1.8 million. The purchaser has agreed to acquire the Properties on an "as-is, where-is basis." The Debtor intends to fund the Plan and satisfy the Allowed Secured Claim from the sale proceeds, including both the cash at closing and the assumption of debt. Under the Plan, the net proceeds from the court approved Sale of the Property will be applied in accordance with the Bankruptcy Code's priority scheme. Sale Proceeds will first be used to pay Allowed Secured Claims in the order of their respective lien priority. Thereafter, the Debtor shall pay all Allowed Administrative Claims, including professional fees and expenses approved by the Bankruptcy Court, followed by Allowed Priority Tax Claims and Allowed Priority Non-Tax Claims. Any remaining Sale Proceeds will be distributed to holders of Allowed General Unsecured Claims either in full or on a pro rata basis, depending on the amount of proceeds available after satisfaction of senior obligations. Class 4 consists of all Allowed General Unsecured Claims, including but not limited to (i) the unsecured deficiency portion of the mortgage claim asserted by 176 West 86th Lender LLC (approximately $1,029,719.38), and (ii) insider and affiliate claims (totaling approximately $307,000.00). Holders of Allowed General Unsecured Claims shall receive a pro rata distribution, if any, from the Sale Proceeds remaining after satisfaction of all senior classes of Claims, including Secured Claims, Administrative Claims, and Priority Tax Claims. Based on current projections, it is anticipated that no residual proceeds will remain for distribution to this Class. On the effective date, all right, title, and interest of the Debtor in the Property shall be transferred to the successful purchaser pursuant to the Sale Order, and the Debtor shall not retain any remaining assets. A full-text copy of the Disclosure Statement dated November 3, 2025 is available at https://urlcurt.com/u?l=N1c7NK from PacerMonitor.com at no charge. Counsel to the Debtor: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. 100 Merrick Road, Suite 304W Rockville Centre, NY 11570 Telephone: (516) 284-0900 E-mail: charles@cwertmanlaw.com About 176 W. 86 St. Corp. 176 W. 86 St. Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10691) on April 9, 2025. At the time of the filing, the Debtor had estimated assets of between $0 and $50,000 and liabilities of between $1,000,001 and $10 million. Judge Philip Bentley oversees the case. The Law Offices of Charles Wertman P.C. is the Debtor's legal counsel. 215 PAPER MILL: Seeks to Extend Plan Exclusivity to December 15 --------------------------------------------------------------- 215 Paper Mill Rd PCPRE, LLC d/b/a The Carolina asked the U.S. Bankruptcy Court for the Northern District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 15, 2025 and February 13, 2026, respectively. The Debtor has determined that it will need additional time and this Motion is filed within the Debtor's exclusive period to file a plan, which expires November 10, 2025. Since the commencement of the Case, the Debtor has worked diligently to maintain continuity in the everyday operation of its business, while exploring various strategies for exiting Chapter 11. The Debtor explains that it has engaged in negotiations with several potential lending partners to refinance its debt and has explored sale alternatives. While the Debtor has made significant progress in determining the path forward, it needs additional time to determine which alternative will generate the most favorable outcome for its creditors, equity holders and other interested parties. 215 Paper Mill Rd PCPRE LLC is represented by: J. Robert Williamson, Esq. Ashley R. Ray, Esq. Scroggins, Williamson & Ray, P.C. 4401 Northside Parkway Suite 230 Atlanta, GA 30327 Tel: (404) 893-3880 Fax: (404) 893-3886 Email: rwilliamson@swlawfirm.com aray@swlawfirm.com About 215 Paper Mill Rd PCPRE, LLC d/b/a The Carolina 215 Paper Mill Rd PCPRE LLC d/b/a The Carolina, which operates an apartment complex in Lawrenceville, Georgia. 215 Paper Mill Rd PCPRE LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54943) on May 5, 2025. In its petition, the Debtor estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. The Debtor is represented by Ashley Reynolds Ray, Esq. at Scroggins, Williamson & Ray, P.C. 25350 PLEASANT: Gets Court OK to Use Cash Collateral Until Jan. 30 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division, issued a consent order allowing 25350 Pleasant Valley Drive, LLC to use cash collateral through January 30, 2026. The court authorized the Debtor to use cash collateral as per the approved budget, with a 10% variance allowed for each line item. The budget projects total operational expenses of $25,950 for November; $25,950 for December; and $25,950 for January 2026. As protection for the Debtor's use of their cash collateral, Northwest Federal Credit Union and Mainstreet Bank will be granted replacement liens on post-petition assets and the proceeds thereof. As further protection, both creditors will receive payments as reflected in the budget. The Debtor's authority to use cash collateral terminates upon the occurrence of so-called events of default, including the dismissal or conversion of its Chapter 11 case to one under Chapter 7 and failure to timely make the payments set forth in the budget. The next hearing is scheduled for January 6, 2026. About 25350 Pleasant Valley Drive LLC 25350 Pleasant Valley Drive, LLC filed Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 23-11983) on Dec. 6, 2023, listing $500,001 to $1 million in both assets and liabilities. Judge Klinette H. Kindred presides over the case. The Debtor is represented by: John P. Forest, II, Esq. 11350 Random Hills Rd., Suite 700 Fairfax, VA 22030 Telephone: (703) 691-4940 Email: john@forestlawfirm.com 360 FAST: U.S. Trustee Unable to Appoint Committee -------------------------------------------------- The U.S. Trustee for Region 20 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of 360 Fast, LLC. About 360 Fast LLC 360 Fast, LLC, a specialized cleaning service provider, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-21454) on October 7, 2025. In the petition signed by Vijay Das, managing member, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Robert D. Berger oversees the case. Colin N. Gotham, Esq., at Evans & Mullinix, P.A., represents the Debtor as legal counsel. 7 AT BLUE LAGOON: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 cases of 7 at Blue Lagoon (1), LLC and 7 at Blue Lagoon (2), LLC, according to court dockets. About 7 at Blue Lagoon 7 at Blue Lagoon (1) LLC is a real estate development company that owns a parcel at 4865 Northwest 7th Street in Miami, Florida. The company has pursued plans for a large mixed-use project in the Blue Lagoon area, including residential towers and hotel space. It operates as part of the Weiss Group of Companies led by developer Caroline Weiss. 7 at Blue Lagoon (1) and affiliate, 7 at Blue Lagoon (2) LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-21286) on September 26, 2025. In their petitions, both Debtors reported between $50 million and $100 million in assets and between $10 million and $50 million in liabilities. Judge Robert A. Mark oversees the cases. The Debtors are represented by Joel M. Aresty, Esq., at Joel M. Aresty, P.A. 700 17TH STREET: Ivan Orkin Plumbing Appointed to Creditors Panel ----------------------------------------------------------------- Gregoy Garvin, Acting U.S. Trustee for Region 19, appointed Ivan Orkin Plumbing as additional member of the official committee of unsecured creditors in the Chapter 11 case of 700 17th Street, LLC. The committee is now composed of: 1. PMG Colorado, LLC (doing business as PMG Construction) 2875 W. Oxford Ave., Ste. #1 Englewood, CO 80110 (720) 450-0527 jason@pmgconstruction.com 2. Denver Metro Electric, Inc 2635 W. 8th Ave. Denver, CO 80204 (303) 888-0405 aaron@dmeelectric.net 3. Ivan Orkin Plumbing 2460 S. Ulm St. Watkins, CO 80137 (720)499-9105 Iorkin2460@gmail.com About 700 17th Street LLC 700 17th Street LLC is a single asset real estate company in Denver, Colo. 700 17th Street sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case. No. 25-16173) on September 24, 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 Kimberley H. Tyson handles the case. The Debtor tapped Jeffrey A. Weinman, Esq., at Michael Best & Friedrich, LLP as legal counsel. Gregoy Garvin, Acting U.S. Trustee for Region 19, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. 9304 AVENUE L: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: 9304 Avenue L, LLC 18260 Wexford Terrace Jamaica, NY 11432 Business Description: 9304 Avenue L, LLC leases and manages nonresidential properties, including office and industrial buildings, within the commercial real estate sector. Chapter 11 Petition Date: November 6, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-45326 Debtor's Counsel: Vivian M. Williams, Esq. VMW LAW PC 733 3rd Avenue FL 16 New Yok 10017 Tel: 212-516-5312 E-mail: vwilliams@thewilliamsfirmnyc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Itram Ramchand as authorized representative of the Debtor. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/G5HTLQI/9304_Avenue_l_LLC__nyebke-25-45326__0001.0.pdf?mcid=tGE4TAMA ADF CONSTRUCTION: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 10 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of ADF Construction of Indiana, LLC. 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. AGDP HOLDING: Unsecureds Will Get 5.4% to 6.9% of Claims in Plan ---------------------------------------------------------------- AGDP Holding Inc. and its affiliated debtors filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement describing Joint Plan of Liquidation dated November 3, 2025. The Debtors are a leading live music entertainment operator based in Brooklyn, New York. Over the years of 2018 to 2019, the Debtors expanded their footprint by opening The Great Hall and The Kings Hall, two indoor venues adjacent to The Brooklyn Mirage. Triple P Securities has commenced a formal post-petition marketing process for the Assets by circulating a "teaser" to various prospective strategic, financial and hybrid buyers. The teaser includes a brief description of the Assets and the sale process, and is accompanied by a form non disclosure agreement (an "NDA"). In addition, Triple P Securities has finalized a confidential information memorandum for the Assets, and populated an electronic data room with related diligence information. In connection with the sale process, on August 14, 2025, the Debtors filed a motion seeking approval of bidding procedures (such motion, the "Bidding Procedures Motion"), with a goal of selling the Debtors' business. In connection with the sale process, the Debtors selected the binding bid submitted by AG Acquisition 1, LLC (the "Stalking Horse Bidder"). The Asset Purchase Agreement between certain of the Debtors and the Stalking Horse Bidder (the "Stalking Horse Purchase Agreement") will serve as the baseline for all prospective bidders to negotiate from, and will be subject to higher or otherwise better bids for the Assets. On September 11, 2025 the Bankruptcy Court entered an order granting the relief requested in the Bidding Procedures Motion (the "Bidding Procedures Order"). Pursuant to the Bidding Procedures Order, an auction will be held on October 15, 2025, starting at 10:00 a.m. After the auction, and after the Bankruptcy Court enters a sale order, a sale hearing will take place on October 22, 2025, at 10:30 a.m. On October 20, 2025, the TVT Parties filed objections to the Sale to the Stalking Horse Bidder. On October 24, 2025, the Court entered an order authorizing the Sale (the "Sale Order"). The Sale Order included consensual language preserving direct claims or defenses that the TVT Parties may have. The Sale Order also provides that the Purchased Assets shall include accounts receivable only to the extent such accounts receivable are determined to be property of the Debtors' estates. The Sale Order shall not have a preclusive effect on the claims or counterclaims of the TVT Parties. The Sale Order also does not confer standing on any party or person in the TVT Adversary Proceeding. Class 4 consists of all General Unsecured Claims against the Debtors, including any Claim of the Prepetition LiveStyle Secured Parties pursuant to the Prepetition LiveStyle Note. On the Effective Date, or as soon as reasonably practicable thereafter, except to the extent that a Holder of an Allowed General Unsecured Claim and the Debtors (with the consent of the Committee to the extent a resolved Claim exceeds $100,000.00) or the Liquidating Trustee, as applicable, agree to less favorable treatment for such Holder, in full and final satisfaction of the Allowed General Unsecured Claim, each Holder thereof will receive its pro rata share of the Liquidating Trust Distributable Proceeds. Class 4 is Impaired, and Holders of the General Unsecured Claims are entitled to vote to accept or reject the Plan. The allowed unsecured claims total $33.3 million. This Class will receive a distribution of 5.4% to 6.9% of their allowed claims. Class 7 consists of all Interests in the Debtors. On the Effective Date, all Interests shall be canceled, released, and extinguished, and will be of no further force or effect, and Holders of such Interests shall not receive any distributions under the Plan on account of such Interest. Subject in all respects to the provisions of the Plan concerning the Professional Fee Reserve, (i) the Purchaser shall be responsible for payment of all Allowed Claims that constitute Assumed Liabilities, and (b) the Plan Administrator or the Liquidating Trustee (as applicable) shall fund distributions to all other Holders of Allowed Claims under the Plan with Cash on hand on the Effective Date and all other Liquidating Trust Assets. On the Effective Date, pursuant to sections 1141(b) and 1141(c) of the Bankruptcy Code, (1) the Liquidating Trust Assets shall vest in the Liquidating Trust free and clear of all Claims, Liens, encumbrances, charges, and other interests except as otherwise expressly provided in the Plan; and (2) the Plan Administration Assets shall vest in the Post-Effective Date Debtors free and clear of all Claims, Liens, encumbrances, charges, and other interests except as otherwise expressly provided in the Plan. A full-text copy of the Disclosure Statement dated November 3, 2025 is available at https://urlcurt.com/u?l=xvMEQF from Kurtzman Carson Consultants, LLC d/b/a Verita Global, claims agent. The Debtors' Counsel: Sean M. Beach, Esq. Edmon L. Morton, Esq. Kenneth J. Enos, Esq. S. Alexander Faris, Esq. Sarah Gawrysiak, Esq. Evan S. Saruk, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP 1000 North King Street Rodney Square Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: sbeach@ycst.com emorton@ycst.com kenos@ycst.com afaris@ycst.com sgawrysiak@ycst.com esaruk@ycst.com About AGDP Holding Inc. AGDP Holding Inc. and its affiliates operate a multi-space entertainment venue complex in North America, hosting large-scale live events such as concerts, festivals, corporate functions, and multimedia shows. The Debtors are known for their advanced audiovisual production capabilities, including a 2022 upgrade featuring one of the world's highest-resolution video walls. AGDP Holding Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11446) on August 4, 2025. In the petitions signed by Gary Richards, ADGP's chief executive officer, AGDP Holding disclosed up to $100 million in estimated assets and up to $500 million in estimated liabilities. The Honorable Bankruptcy Judge Mary F. Walrath handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; Portage Point Partners' Triple P TRS, LLC as financial advisor; and Triple P Securities, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. On August 18, 2025, the United States Trustee for Region 3 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Orrick, Herrington & Sutcliffe LLP and Morris James LLP as counsel and IslandDundon LLC as financial advisor. AHMED: Receiver Sells 530 Park Avenue Property for $6.5M -------------------------------------------------------- Pursuant to 28 U.S.C. Sec. 2001, Stephen M. Kindseth, Esq., solely in his capacity as court-appointed receiver in SEC v. Ahmed, 3:15-cv-00675-VDO (D. Conn.), and not individually, will conduct a private sale of the real property located at 530 Park Avenue, #12A, New York, 10065 to 6872 LLC for $6,550,000. The sale is subject to approval by the U.S. District Court. Pursuant to 28 U.S.C. Sec. 2001(b), bona fide offers that exceed the sale price by 10% must be submitted to the Receiver. All offers or inquiries regarding the property or its sale should be made to the Receiver at 10 Middle Street, 15th Floor, Bridgeport, Connecticut 06604, tel: (203) 368-4234, email: info@zeislaw.com ALL SOD NURSERY: Ruediger Mueller Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for All Sod Nursery, Inc. Mr. Mueller will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mueller declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ruediger Mueller TCMI, Inc. 1112 Watson Court Reunion, FL 34747 Telephone: (678) 863-0473 Facsimile: (407) 540-9306 Email: truste@tcmius.com About All Sod Nursery Inc. All Sod Nursery Inc., a company based in Naples, Florida, supplies premium sod and plants for pickup or delivery in the local market. Established in 2012, this family-owned and operated business operates within the retail nursery and garden-supply industry, serving homeowners and commercial landscapers alike. All Sod Nursery filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02172) on October 31, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Miguel Cancio, president of All Sod Nursery, signed the petition. Judge Luis Ernesto Rivera II presides over the case. Michael Dal Lago, Esq., at Dal Lago Law represents the Debtor as bankruptcy counsel. ALLISON TRANSMISSION: Fitch Rates Proposed Sr. Unsec. Notes 'BB+' ----------------------------------------------------------------- Fitch Ratings has assigned a rating of 'BB+' with a Recovery Rating of 'RR4' to Allison Transmission, Inc.'s (ATI) proposed senior unsecured notes. The proposed notes will be pari passu with ATI's existing senior unsecured debt. ATI is a subsidiary of Allison Transmission Holdings, Inc. (Allison). Both Allison and ATI have a Long-Term Issuer Default Ratings (IDRs) of 'BB+' with Stable Rating Outlooks. Proceeds from the proposed notes will be used to fund a portion of Allison's acquisition of Dana Incorporated's (BB/Rating Watch Positive) Off-Highway business. Allison's ratings reflect Fitch's expectation that its metrics will remain commensurate with current ratings as it reduces leverage toward target levels. While the acquisition will dilute margins, Fitch expects margins to remain strong over the medium term. The acquisition will also increase Allison's customer, product, and geographic diversification. Key Rating Drivers Off-Highway Acquisition: On June 11, 2025, Allison agreed to acquire Dana's Off-Highway business for $2.7 billion in cash. Allison and Dana plan to close on the sale by late 4Q25. Allison plans to fund the acquisition using a combination of cash on-hand and incremental debt. The acquisition will grow Allison's revenue by over 80%, but the lower margins of the Off-Highway business will likely result in Allison's EBITDA margins declining to the mid- to upper-20% range from the current mid-30% range. The acquisition represents a 6.8x multiple of the Off-Highway business' 2024 adjusted EBITDA, or 5.2x including an estimated $120 million of primarily cost-related synergies. The acquisition will significantly increase Allison's customer, product, and geographical diversification—areas Fitch previously viewed as business-profile concerns. Following the acquisition, Off-Highway will become Allison's largest segment, generating 51% of sales. Europe will also grow to about 35% of Allison's business from about 9% currently. High Profitability: Pre-pandemic, Allison produced very strong EBITDA margins in the 40% range. Since then, margins have generally been in the low- to mid-30% range due to supply chain challenges, volatile customer production schedules, inflationary pressures and development costs for its electric vehicle (EV) programs. Allison's actual EBITDA margin was 35.3% in 2024. Dana's Off-Highway business has generated standalone EBITDA margins in the mid-teens. Strong Traditional Market Position: Allison remains the global leader in fully automatic transmissions for commercial vehicles, off-road equipment, and military vehicles. In 2024, its transmissions equipped 81% of school buses and 77% of Class 6 and 7 commercial trucks manufactured in North America, as well as 79% of Class 8 straight trucks and 50% of Class A motorhomes. Allison's transmissions command a price premium—unusual for a Tier 1 supplier. Fitch expects the global market for commercial-vehicle automatic transmissions to increase over time. Post-Acquisition Deleveraging: Allison plans to fund the acquisition with a combination of cash on-hand and debt. Fitch estimates Allison will raise about $1.7 billion of debt to fund the deal, including a $1.2 billion secured term loan launched Oct. 30, 2025. On a pro forma basis, Fitch expects Allison's gross EBITDA leverage will rise toward the 2.8x-3.0x range at closing, which is within the current rating tolerances. This compares to actual EBITDA leverage of only 2.1x at YE 2024. Allison's near-term net leverage target is less than 2.0x, and the addition of prepayable debt will provide it the flexibility to use FCF to de-lever following the acquisition. Double-Digit FCF Margins: Allison has produced solidly positive FCF in every quarter since becoming a public company in 2012, including every quarter since the pandemic began in 2020. Allison's post-dividend FCF margin in 2024 was 17.7%, which is strong for the rating category. Following the Off-Highway acquisition, Fitch expects post-dividend FCF margins to decline but remain strong at 11% or higher. Peer Analysis Allison is among the smaller public capital goods suppliers, with a more focused and less-diversified product offering. However, it will be larger and more diversified following the Off-Highway acquisition. Compared with suppliers like Cummins, Inc. or Dana, Allison is smaller, with less geographically diversified sales, as nearly three-quarters of Allison's revenue is derived from North America. However, its share in many of the end-markets in which it competes is very high, with well over 50% penetration in certain end-markets. Compared with other suppliers in the 'BB' rating category, such as Dana or The Goodyear Tire and Rubber Company (BB-/Negative), Allison's EBITDA leverage is lower, and its EBIT and FCF margins are much stronger. The company's strong EBITDA margins are more than double those of many investment-grade capital goods or auto supply issuers, such as BorgWarner Inc. (BBB+/Stable), Aptiv PLC (BBB/Rating Watch Negative) and Lear Corporation (BBB/Stable), while its post-dividend FCF margins are more than 8x higher than many of those higher-rated issuers. Key Assumptions - The Off-Highway acquisition closes in late 4Q25 at a $2.7 billion purchase price; - The acquisition is funded with a combination of cash on-hand and $2.0 billion-$2.5 billion of incremental debt; - Revenue declines about 4.0% in 2025 on weaker demand conditions, partially offset by new business wins and higher pricing. Revenue then nearly doubles in 2026 due the Off-Highway acquisition. Beyond 2026, revenue grows in the low- to mid-single-digit range on higher production and increased pricing; - The EBITDA margin runs in the mid-30% range in 2025, then declines to the mid- to upper-20% range over subsequent years following the Off-Highway acquisition; - Debt increases in the near term as the company funds the Off-Highway acquisition; - Capex as a percentage of revenue runs in the 5.0%-5.5% range over the next several years; - Dividend spending is roughly flat through the forecast; - The company maintains a solid cash position, with excess cash used primarily for share repurchases. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A sustained significant decline in EBITDA margins and an extended period of negative FCF; - A competitive entry into the market that results in a significant market share loss; - Sustained Fitch-calculated mid-cycle EBITDA leverage above 3.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful integration of the new Off-Highway business; - Demonstrated commitment to a financial policy, resulting in Fitch-calculated mid-cycle EBITDA leverage sustained below 2.5x; - Maintenance of balanced capital allocation plan and financial flexibility, including a less-encumbered capital structure. Liquidity and Debt Structure Fitch expects Allison's liquidity to remain adequate over the intermediate term. As of Sept. 30, 2025, the company had $902 million of cash and cash equivalents. In addition, the company had $745 million available on ATI's $750 million secured revolver, after accounting for $5 million of letters of credit backed by the facility. Due to the consistency of Allison's FCF generation, Fitch has treated all the company's cash as readily available. Allison's debt structure as of Sept. 30, 2025, consisted of ATI's secured term loan B, which had $510 million outstanding, and three series of senior unsecured notes issued by ATI: $400 million of 4.75% notes due 2027, $500 million of 5.875% notes due 2029 and $1.0 billion of 3.75% notes due 2031. On Oct. 30, 2025, ATI launched a $1.2 billion secured term loan that will help fund the Dana Off-Highway acquisition. The term loan is secured by substantially all of Allison's assets, the assets of Allison's U.S. subsidiaries and certain assets of ATI's direct and indirect domestic and foreign subsidiaries. Issuer Profile Allison supplies fully automatic transmissions to the global on-highway, off-highway and military end-markets. The company also manufactures hybrid-electric propulsion systems for city buses and propulsion systems for the emerging electric commercial vehicle market. Date of Relevant Committee 12 June 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Allison Transmission, Inc. senior unsecured LT BB+ New Rating RR4 ANF MERGECO: Axia Group Seeks Chapter 15 Court Recognition ---------------------------------------------------------- James Nani of Bloomberg Law reports that failed cryptocurrency venture Axia Group has requested U.S. bankruptcy-court recognition of its ongoing Cayman Islands liquidation and sought to pause an investor lawsuit alleging misconduct tied to its now-defunct AXIA coin. The company's foreign representatives—Axia Network Foundation and ANF MergeCo Ltd., which hold its remaining assets and liabilities -- filed a Chapter 15 petition in the U.S. Bankruptcy Court for the Northern District of Texas. Through the Chapter 15 filing, the representatives are asking for U.S. judicial cooperation to enforce the Cayman court's liquidation orders, suspend pending claims by creditors and investors, and safeguard assets for an organized cross-border wind-down. The case underscores the growing reliance on Chapter 15 in the cryptocurrency industry as firms with global operations grapple with complex insolvency proceedings, the report cites. About ANF MergeCo Ltd. ANF MergeCo Ltd is an exempted company under Cayman law. It holds the assets and liabilities of the AXIA Group, a network of 36 affiliated companies focused on developing digital currency, which began winding down operations in early 2023. The Debtors, ANF MergeCo Ltd. and AXIA Network Foundation, entered official liquidation in the Cayman Islands on April 3, 2025. ANF MergeCo. and affiliate sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-32482) on October 30, 2025. The Debtor is represented by Toby L. Gerber, Esq. of Norton Rose Fulbright Us LLP. APPLIED DNA: Signs $8.16 Million ATM Program with Lucid Capital --------------------------------------------------------------- Applied DNA Sciences, 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 an At The Market Offering Agreement with Lucid Capital Markets, LLC, as sales agent, pursuant to which the Company may, from time to time, offer and sell shares of its common stock, par value $0.001 per share, with an aggregate offering price of up to $8,157,932 through the Agent. The offer and sale of the Shares made pursuant to the Agreement, if any, will be made under the Company's effective "shelf" registration statement on Form S-3 (File No. 333-272267) filed May 30, 2023, the base prospectus contained therein, and a prospectus supplement related to the offering of the Shares dated November 4, 2025. Under the terms of the Agreement, the Agent may sell the Shares at market prices by any method that is deemed to be an "at the market offering" as defined in Rule 415 under the Securities Act of 1933, as amended. Subject to the terms and conditions of the Agreement, the Agent will use its commercially reasonable efforts to sell the Shares from time to time, based upon the Company's instructions. The Company has no obligation to sell any of the Shares, and may at any time suspend sales under the Agreement or terminate the Agreement in accordance with its terms. The Company has provided the Agent with customary indemnification rights. The Agreement contains customary representations and warranties, and the Company is required to deliver customary closing documents and certificates in connection with sales of the Shares. The Company will pay the Agent in cash, upon each sale of Shares sold pursuant to the Agreement, a fixed commission rate equal to 3.0% of the gross sales price of the common stock issued and sold by the Company through the Agent. If the Company sells Shares to the Agent as principal, the Company will enter into a separate terms agreement with the Agent setting forth the terms of such transaction, and the Company will describe this agreement in a separate prospectus supplement or pricing supplement. Because there is no minimum offering amount required as a condition to this offering, the actual total public offering amount, commissions and proceeds to the Company, if any, are not determinable at this time. In addition, the Company agreed to reimburse the Agent upon request for its costs and out-of-pocket expenses incurred in connection with its services under this offering, including the fees and out-of-pocket expenses of its legal counsel up to an aggregate of $50,000 for the commencement of this offering plus an additional amount for its counsel's fees up to $5,000 in connection with the filing of a Form 10-K or new registration statement, prospectus or prospectus supplement or an amendment to the Agreement, and $2,500 in connection with the filing of a Form 10-Q. The Company estimates that the total expenses for the commencement of the offering, excluding compensation and reimbursements payable to the Agent under the terms of the Agreement, will be approximately $175,000. After commencement of the offering, from time to time, the Company will incur additional expenses, including its own legal and audit expenses. Applied DNA may be reached through: Clay Shorrock Chief Executive Officer Applied DNA Sciences, Inc. 50 Health Sciences Drive Stony Brook, NY 11790 Lucid Capital Markets may be reached through: John Lipman Head of Capital Markets Lucid Capital Markets, LLC 570 Lexington Avenue, 40th Floor New York, NY 10022 A full-text copy of the legal opinion of McDermott Will & Schulte LLP, counsel to the Company, relating to the legality of the issuance and sale of Shares is available at https://tinyurl.com/jzchr86u A full-text copy of the Agreement is available at https://tinyurl.com/vn57pbdu About Applied DNA Sciences Applied DNA Sciences -- https://adnas.com/ -- is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid ("DNA"). Using the polymerase chain reaction ("PCR") to enable both the production and detection of DNA, the Company currently operates in three primary business markets: (i) the enzymatic manufacture of synthetic DNA for use in the production of nucleic acid-based therapeutics and the development and sale of a proprietary RNA polymerase ("RNAP") for use in the production of mRNA therapeutics; (ii) the detection of DNA and RNA in molecular diagnostics and genetic testing services; and (iii) the manufacture and detection of DNA for industrial supply chain security services. Melville, NY-based Marcum LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 17, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, Applied DNA Sciences had $9.93 million in total assets, $2.95 million in total liabilities, and $6.99 million in total equity. AQUATIC RESOURCE: Hires Latham Luna Eden & Beaudine as Counsel -------------------------------------------------------------- Aquatic Resource Center LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Latham, Luna, Eden & Beaudine, LLP, as its bankruptcy counsel. The firm's services include: (a) advising as to the Debtor's rights and duties in this case; (b) preparing pleadings related to this case, including a disclosure statement and plan of reorganization; and (c) taking any and all other necessary action incident to the proper preservation and administration of this estate. The firm will be paid at these hourly rates: Daniel Velasquez, Attorney $475 Other Attorneys $275 Junior Paraprofessionals $105 The firm received a retainer of $26,738 from the Debtor. Mr. Velasquez 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: Daniel A. Velasquez, Esq. Latham, Luna, Eden & Beaudime, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5800 Email: dvelasquez@lathamluna.com About Aquatic Resource Center LLC Aquatic Resource Center, LLC, a company in Saint Petersburg, Fla., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07853) on October 23, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Caryl E. Delano presides over the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. ATLANTIC OVERSEAS: Seeks to Hire Mark W. Smith CPA as Accountant ---------------------------------------------------------------- Atlantic Overseas Express, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Mark W. Smith, CPA as accountant. The firm will render these services: a. give advice to the debtor with respect to the financial aspects of this case; b. prepare financial statements, accounting documents, monthly operating reports and tax documents; and c. prepare necessary financial projections, budgets and financial analysis for the disclosure statement, plan and other necessary filings before this Court. The accountant is charging an hourly rate of $250. Mark W. Smith, CPA disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark W. Smith, CPA 721 US Highway 1, Suite 216 North Palm Beach, FL 33408 Phone: (561) 291-8996 About Atlantic Overseas Express Inc. Atlantic Overseas Express, Inc. provides freight forwarding and logistics services from its headquarters in Doral, Florida, specializing in project cargo and complex shipments. The company operates domestically and internationally, offering air, ocean, truckload, rail, and air, ocean, truckload, rail, and distribution services, and maintains a Customs-bonded warehouse as a licensed Non-Vessel Operating Common Carrier (NVOCC). Atlantic Overseas Express filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22574) on October 24, 2025, with $699,334 in assets and $1,301,998 in liabilities. Maria L. Leon-Roosevelt, president of Atlantic Overseas Express, signed the petition. Judge Robert A. Mark presides over the case. Nicholas Rossoletti, Esq., at Ron S. Bilu, PA represents the Debtor as legal counsel. AUTOMATED TRUCKING: Committee Taps Shrader Mendez as Co-Counsel --------------------------------------------------------------- The official committee of unsecured creditors of Automated Trucking, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Shrader, Mendez & O'Connell as co-counsel. The firm will investigate and, if appropriate, work up and pursue claims against Bank of America, N.A. and certain other financial institutions and their account holders related on a contingent fee basis. The terms of the contingency fee representation would be as follows: -- Straight 30 percent contingency fee based on any gross recovery if resolved prior to filing of a complaint; -- Straight 40 percent contingency fee based on any gross recovery if resolved after filing of complaint. Shrader, Mendez & O'Connell disclosed in a court filing that the firm 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: Brian L. Shrader, Esq. Shrader, Mendez & O'Connell Attorneys At Law 902 N Armenia Ave Tampa, FL 33609 Phone: (813) 360-1529 About Automated Trucking, LLC Automated Trucking LLC provides managed trucking services, allowing investors to lease trucks while the Company handles operations including driver management, maintenance, insurance, and dispatch. It is based in Lakeland, Florida. Automated Trucking LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03886) on June 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Catherine Peek Mcewen handles the case. The Debtors are represented by Alberto F. Gomez, Jr., Esq. at JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP. BARE ARMS: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- The U.S. Trustee for Region 8 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Bare Arms, LLC. About Bare Arms Limited Liability Company Bare Arms Limited Liability Company, doing business as Bare Arms Trading Co. and Bladez, operates indoor shooting ranges and provides firearms training and retail services in Kentucky and West Virginia. It offers range rentals, concealed carry certification courses, and branded tactical merchandise through physical stores and pickup locations across multiple states. Bare Arms sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 25-10174) on July 21, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Douglas L. Lutz handles the case. The Debtor is represented by J. Christian Dennery, Esq., at Dennery, PLLC. BARROW SHAVER: Plan Exclusivity Period Extended to Jan. 27, 2026 ---------------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas extended Barrow Shaver Resources Company LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 27, 2026 and April 6, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that following the Third Exclusivity Motion, it has continued to make good faith efforts toward an exit strategy. The Debtor has kept the sale process moving forward by filing its Cure Notices according to the Sale Schedule in the Bidding Procedures Order. The Debtor has been working through the relevant objections that were filed as a response to the Cure Notices. In addition to the grounds already recognized, significant developments in the sale process demonstrate the need for an extension of the Debtor's exclusivity periods. As previously mentioned, the Debtor is in the process of finalizing negotiations with interested parties to facilitate the designation of a lead bidder. The Debtor claims that once a lead bidder is designated, the Debtor intends to hold an auction pursuant to the Bidding Procedures. The Debtor is close to making this designation and proceeding with the next phase of the sale process. Given the status of the sale, the Debtor cannot finalize a transaction or file a chapter 11 plan until the at least the following steps are accomplished: * The negotiations between the interested parties and the Debtor conclude and produce a form asset purchase agreement; * The Debtor designates a lead bidder and holds an auction; and * The transaction between the winning bidder and the Debtor is finalized following the auction. The Debtor asserts that the developments described since the entry of the Third Exclusivity Order provide ample justification to extend the Debtor's exclusive period to file a chapter 11 plan through and including January 27, 2026, and to extend the Debtor's exclusive period to solicit votes accepting or rejecting a plan through and including April 6, 2026. Barrow Shaver Resources Company, LLC is represented by: Joseph E. Bain, Esq. Sean T. Wilson, Esq. Olivia K. Greenberg, Esq. Elizabeth De Leon, Esq. JONES WALKER LLP 811 Main Street, Suite 2900 Houston, Texas 77002 Telephone: (713) 437-1800 Facsimile: (713) 437-1810 Email: jbain@joneswalker.com swilson@joneswalker.com ogreenberg@joneswalker.com edeleon@joneswalker.com About Barrow Shaver Resources Company Barrow Shaver Resources Company, LLC, is a privately held, independent oil and gas exploration and acquisition company based in Tyler, Texas. Barrow Shaver is engaged in prospect generation, producing properties acquisition, lease acquisition, assembly and marketing of prospects for the exploration and development of oil and natural gas in the prolific producing trends of the East Texas and West Texas Basins. Barrow Shaver Resources Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33353) on Aug. 19, 2024. In the petition signed by James Katchadurian, chief restructuring officer, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. The Debtor tapped Jones Walker LLP as counsel, CR3 Partners, LLC as financial advisor, and Kroll Restructuring Administration, LLC as claims, noticing, and solicitation agent. BEVERLEY'S HOME: Hires Regional Bankruptcy Center as Attorney ------------------------------------------------------------- Beverley's Home Health Care, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Regional Bankruptcy Center of Southeastern PA, P.C. as lead attorney. The firm will be developing and seeking approval of plans involving restructuring and curing of mortgage, tax and other debt, and small business reorganizations for both individuals in business and small business entities, in both Chapter 13 and Chapter 11 cases. The lead attorney, Roger V. Ashodian, would bill the Debtor at the normal hourly rate of $300 per hour for all services. The firm received an initial retainer of $20,000. Mr. Ashodian assured the court that Regional Bankruptcy Center of Southeastern PA, P.C. does not hold nor represent any interest adverse to the Debtor or the estate. The firm can be reached through: Roger V. Ashodian, Esq. REGIONAL BANKRUPTCY CENTER OF SOUTHEASTERN PA, P.C. 101 West Chester Pike, Suite 1A Havertown, PA 19083 Phone: (610) 446-6800 About Beverley's Home Health Care, LLC Beverley's Home Health Care, LLC provides non-medical in-home support services, including bathing, dressing, hygiene care, and mobility assistance, operating from Philadelphia, Pennsylvania, and is classified under the home health care services industry. Beverley's Home Health Care, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14401) on October 30, 2025, listing up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Anthony D. Beverley as managing member. Judge Patricia M Mayer presides over the case. Roger V. Ashodian, Esq. represents the Debtor as counsel. BEVERLY'S HOME: Richard Furtek Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Richard Furtek of Furtek & Associates, LLC as Subchapter V trustee for Beverley's Home Health Care, LLC. Mr. Furtek will be paid an hourly fee of $325 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Furtek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Richard E. Furtek Furtek & Associates, LLC Lindenwood Corporate Center 101 Lindenwood Drive, Suite 225 Malvern, PA 19355 Phone: (215) 768-8030 Email: rfurtek@furtekassociates.com About Beverley's Home Health Care LLC Beverley's Home Health Care, LLC provides non-medical in-home support services, including bathing, dressing, hygiene care, and mobility assistance. It operates from Philadelphia, Pennsylvania, and is classified under the home health care services industry. Beverley's Home Health Care filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14401) on October 30, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Anthony D. Beverley, managing member, signed the petition. Judge Patricia M. Mayer presides over the case. Roger V. Ashodian, Esq., represents the Debtor as legal counsel. BISCUIT BAR: Seeks to Employ Munsch Hardt Kopf as Attorney ---------------------------------------------------------- The Biscuit Bar, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Munsch Hardt Kopf & Harr, P.C. as attorney. The firm will provide these services: a. serve as attorneys of record for the Debtors and to provide representation and legal advice with respect to the Debtors' powers and duties as debtors in possession in the continued operation of the Debtors' business; b. assist the Debtors in carrying out their duties under the Bankruptcy Code, including advising the Debtors of such duties, their obligations, and their legal rights; c. take all necessary action to protect and preserve the Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objection, as necessary, to relief sough and claims filed against the Debtors' estates; d. consult with the United States Trustee, any statutory committee that may be formed, and all other creditors and parties in interest concerning administration of these Chapter 11 Cases; e. assist in potential sales of the Debtors' assets; f. prepare on behalf of the Debtors all motions, applications, answers, orders, reports, and other legal papers and documents to further the Debtors' estates' interests and objections, and to assist the Debtors in preparation of schedules, statements, and reports, and to represent the Debtors and their estates at all related hearings and at all related meetings of creditors, United States Trustee interviews, and the like; g. assist the Debtors in connection with preparing and refining their chapter 11 plans and disclosures statements, and/or all related agreements and documents necessary to facilitate an exit from these Chapter 11 Cases, take appropriate action on behalf of the Debtors to obtain confirmation of such plans, and take such further actions as may be required in connection with the implementation of such plans; h. assist the Debtors in analyzing and appropriately treating the claims of creditors, including objecting to claims and trying claim objections; i. appear before this Court and any appellate courts or other courts having jurisdiction over any matter associated with these Chapter 11 Cases; and j. perform all other legal services and provide all other legal advice to the Debtors as may be required or deemed to be in the interest of their estates. The firm will be paid at these rates: Thomas Berghman, Shareholder $695 per hour Jacob King, Associate $375 per hour Heather Valentine, Paralegal $235 per hour Munsch Hardt received $3,000 from the Debtors as a retainer. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas Berghman, Esq., a partner at Munsch Hardt Kopf & Harr, P.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: Thomas D. Berghman, Esq. Jacob J. King, Esq. 500 N. Akard St., Suite 4000 Dallas, TX 75201 Telephone: (214) 855-7500 E-mail: tberghman@munsch.com jking@munsch.com About The Biscuit Bar LLC The Biscuit Bar LLC, together with its subsidiaries, operates restaurant businesses offering food and beverages to customers both on-site and through its website and app, sourcing raw materials primarily from Sysco, and generating revenue mainly from prepared menu items including biscuits, sides, salads, and kids' meals. The Biscuit Bar sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33848) on October 2, 2025. In its petition, the Debtor reported up to $100,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Jacob J. King, Esq., at Munsch Hardt Kopf & Harr, P.C. BLINK CHARGING: Nevada Court OKs Settlement of Derivative Suit -------------------------------------------------------------- Blink Charging Co. discloses in a regulatory filing with the Securities and Exchange Commission that on October 29, 2025, a Nevada court entered a final order and judgment approving the settlement of a derivative action. As previously reported by the Company in its Current Report on Form 8-K filed with the Securities and Exchange Commission on September 2, 2025, the Clark County, Nevada District Court granted preliminary approval of the proposed settlement of the derivative action captioned McCauley (derivatively on behalf of Blink Charging Co.) v. Farkas, et al., Case No. A-22-847894-C on August 15, 2025. Subject to final approval by the Court, and in exchange for a release of all claims by the plaintiffs, the proposed settlement required a comprehensive release and dismissal with prejudice of the Nevada Action and a related consolidated derivative action filed in Miami-Dade County, Florida Circuit Court captioned In re Blink Charging Company Stockholder Derivative Litigation, Lead Case No. 2020-019815-CA-01. The Court found the settlement fair, reasonable and adequate, dismissed the action and all related claims with prejudice and ordered the parties to perform the settlement's terms. The judgment provides for mutual releases of all claims by and among the parties, confirms that the settlement and related acts do not constitute an admission of wrongdoing or liability by any defendant or by the Company, and states that the parties will bear their own costs except as otherwise provided in the settlement. Pursuant to the settlement, plaintiffs are obligated to submit a notice of voluntary dismissal with prejudice of the Florida Action by December 2, 2025. The judgment results in the resolution of the Derivative Litigation against current and former Company officers and directors without any admission of liability and eliminates further litigation risk relating to the released claims, subject only to the court's continuing jurisdiction to enforce the settlement. About Blink Charging Blink Charging Co., through its wholly-owned subsidiaries, is an owner, operator and provider of electric vehicle charging equipment and networked EV charging services in the rapidly growing U.S. and international markets for EVs. Blink offers residential and commercial EV charging equipment and services, enabling EV drivers to recharge at various location types. As of June 30, 2025, the Company had $168.42 million in total assets, $97.67 million in total liabilities, and $70.75 million in total stockholders' equity. The Company disclosed in its Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. The Company has not yet achieved profitability and expects to continue to incur cash outflows from operations. Absent a near-term capital infusion or significant improvement in cash flow provided by operations, the Company expects that its current cash and net working capital resources will be insufficient to fund future operations, and the need for additional funding to support its planned operations raises substantial doubt regarding the Company's ability to continue as a going concern. BOY SCOUTS: Trustee Challenges $31.2MM Claim -------------------------------------------- Hilary Russ of Law360 reports that the trustee overseeing the distribution of compensation funds to survivors in the Boy Scouts of America bankruptcy has objected to engaging in settlement talks with a claimant asserting a potential $31.2 million claim -- believed to be the largest single claim in the case so far. In a recent court filing, the trustee said that existing trust procedures require the claimant to present his case through the court process rather than private negotiations. Allowing an exception, the trustee argued, would undermine the standardized review process designed to ensure fairness among thousands of abuse survivors. The dispute underscores the challenges facing the trust as it continues to evaluate and distribute billions of dollars in claims related to decades of alleged sexual abuse. The trustee's stance highlights the need for uniformity and transparency in managing one of the largest and most complex bankruptcy compensation funds ever established, the report states. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. The Debtors obtained confirmation of their Third Modified Fifth Amended Chapter 11 Plan of Reorganization (with Technical Modifications) on September 8, 2022. The Order was affirmed on March 28, 2023. The Plan was declared effective on April 19, 2023. The Hon. Barbara J. House (Ret.) has been appointed as trustee of the BSA Settlement Trust. BRANDHOOT LLC: Case Summary & Five Unsecured Creditors ------------------------------------------------------ Debtor: Brandhoot, LLC New Spin Bicycle Shop Easy Board 1005 Buck Ridge Dr. NE Rochester, MN 55906 Business Description: BrandHoot LLC is a Rochester, Minnesota- based web design and mobile app development firm that provides digital strategy, UI/UX design, and custom software solutions. The Company develops and operates technology products, including Easy Board, a board management software platform. BrandHoot also maintains affiliated retail operations through New Spin Bicycle Shop, which sells bicycles and related goods under a separate trade name. Chapter 11 Petition Date: November 7, 2025 Court: United States Bankruptcy Court District of Minnesota Case No.: 25-33565 Judge: Hon. Mychal A Bruggeman Debtor's Counsel: Jeffrey Butwinick, Esq. BUTWINICK LAW OFFICE 7800 Metro Parkway 300 Minneapolis MN 55425 Tel: (651) 210-5055 E-mail: jeff@butwinicklaw.com Total Assets: $508,512 Total Liabilities: $2,141,150 The petition was signed by Nathanael Nordstrom as founder and 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/QFMDAQY/Brandhoot_LLC__mnbke-25-33565__0001.0.pdf?mcid=tGE4TAMA C.R. OF WILDWOOD: Hires Boyer Terry LLC as Legal Counsel -------------------------------------------------------- C.R. of Wildwood, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia to hire Boyer Terry LLC of Macon, GA, to serve as its legal counsel. Boyer Terry LLC will provide 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 management of its property; (b) prepare on behalf of the Debtor necessary applications, motions, answers, reports, and other legal papers; (c) continue existing litigation and conduct examinations incidental to the administration of the estate; (d) take any and all necessary action for the proper preservation and administration of the estate; (e) assist the Debtor with the preparation and filing of a Statement of Financial Affairs and schedules; (f) take necessary action with reference to the use by Debtor of its property pledged as collateral, including cash collateral; (g) assert, as directed by the Debtor, claims that the Debtor may have against others; (h) assist the Debtor in connection with claims for taxes made by governmental units; and (i) perform other legal services for the Debtor as may be necessary. Attorneys at Boyer Terry LLC will bill at hourly rates ranging from $350 to $370 per attorney and $100 per hour for research assistants and paralegals. The Debtor paid a $10,000 prepetition advance, of which $7,078 remains in the trust account. Boyer Terry LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Wesley J. Boyer, Esq. BOYER TERRY LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Telephone: (478) 742-6481 E-mail: Wes@BoyerTerry.com About C.R. of Wildwood LLC C.R. of Wildwood, LLC is a Georgia-based company that owns and operates businesses in the hospitality and dining sector. It specializes in offering restaurant and food service experiences to both local customers and out-of-town guests. C.R. of Wildwood LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-51719) on October 27, 2025. In its petition, the Debtor reports estimated estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Wesley J. Boyer, Esq. of Boyer Terry LLC. CABAL CONSTRUCTION: David Wood Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 15 appointed David Wood of Marshack Hays Wood as Subchapter V trustee for Cabal Construction, Inc. Mr. Wood will be paid an hourly fee of $610 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Wood declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: David Wood Marshack Hays Wood 870 Roosevelt Irvine, CA 92620 Phone: (949) 333-7777 Email: DWood@marshackhays.com About Cabal Construction Inc. Cabal Construction Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Calif. Case No. 25-04495) on October 31, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Christopher B. Latham presides over the case. Jason E. Turner, Esq., at J. Turner Law Group, Apc represents the Debtor as bankruptcy counsel. CASTILLO GRAND: Case Summary & Six Unsecured Creditors ------------------------------------------------------ Debtor: Castillo Grand Hotel Condominium Residences Association, Inc. 1 North Fort Lauderdale Beach Blvd. Fort Lauderdale, FL 33304 Business Description: Castillo Grand Hotel Condominium Residences Association, Inc. is a Florida-based not- for-profit corporation that manages property operations and resident affairs at 1 North Fort Lauderdale Beach Boulevard in Fort Lauderdale, overseeing the Castillo Grand Hotel Residences condominium complex. Chapter 11 Petition Date: November 7, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-23247 Debtor's Counsel: David A. Ray, Esq. TRIPP SCOTT, P.A. 110 S.E. 6th Street, Suite 1500 Fort Lauderdale, FL 33301 Tel: 954-760-4904 E-mail: dar@trippscott.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million Bruno R. Mazzotta signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BXOBR3A/Castillo_Grand_Hotel_Condominium__flsbke-25-23247__0001.0.pdf?mcid=tGE4TAMA CDR TRANS: Christopher Hayes Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 17 appointed Christopher Hayes as Subchapter V trustee for CDR Trans, LLC. Mr. Hayes will be paid an hourly fee of $470 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hayes declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher Hayes 23 Railroad Avenue, #1238 Danville, CA 94526 Phone: (925) 725-4323 Email: chayestrustee@gmail.com About CDR Trans LLC CDR Trans, LLC offers freight transportation services in the U.S., operating trucks to move general goods, with its headquarters in South San Francisco, California. CDR Trans sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30895) on October 30, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Christopher H. Dela Rosa, chief executive officer of CDR Trans, signed the petition. Arasto Farsad, Esq., at Farsad Law Office, P.C. represents the Debtor as bankruptcy counsel. CHAPMAN CBC: Court OKs Deal to Use Cash Collateral Until Jan. 31 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, approved the second stipulation authorizing Chapman CBC, LLC's continued use of its secured creditor's cash collateral. The stipulation extends the Debtor's authority to use the cash collateral of Strategic Funding Source, Inc. (doing business as Kapitus) from November 1 to January 31, 2026. Kapitus will be granted replacement liens on all of the Debtor's pre-bankruptcy and post-petition assets (excluding certain bankruptcy causes of action) to protect against any decline in the value of its pre-bankruptcy collateral. Additionally, Kapitus will receive a monthly payment of $1,000 and a superpriority administrative claim. Any future request to further extend the use of cash collateral must be made through a properly noticed motion in accordance with Federal Rule of Bankruptcy Procedure 4001, according to the court's order. The stipulation is available at https://is.gd/qPUEke from PacerMonitor.com. About Chapman CBC Chapman CBC, LLC, a California-based craft brewery, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11286) on May 14, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Wil Dee, president of Chapman CBC, signed the petition. Judge Mark D. Houle oversees the case. Gregory K. Jones, Esq., at Stradling Yocca Carlson & Rauth, LLP, represents the Debtor as legal counsel. CIVITAS RESOURCES: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Civitas Resources, Inc.'s (Civitas) Long-Term Issuer Default Rating (IDR) at 'BB+'. Fitch has also affirmed Civitas' senior unsecured ratings at 'BB+' with a Recovery Rating of 'RR4' and has affirmed the senior secured reserve-based revolving credit facility (RBL) at 'BBB-'/'RR1'. The Rating Outlook is Stable. Fitch has affirmed Civitas' ratings following the announcement that Civitas Resources and SM Energy (SM) have entered into definitive merger agreement in an all-stock transaction valued at approximately $12.8 billion, including both companies' debt. The deal will materially increase production and proved reserves, be accretive to post-dividend free cash flow (FCF) and further diversify production. It is also modestly leveraging, as it significantly will increase pro forma gross debt to around $8 billion. Civitas' rating is supported by consistently positive FCF, strong liquidity, low leverage and a supportive hedging strategy. Rating concerns include regulatory risk in Colorado and a limited track record of operating the business at its current scale, with demonstrated commitment to a conservative financial policy. Key Rating Drivers Modestly Leveraging Transaction: Fitch views the proposed $12.8 billion stock-for-stock exchange between SM and Civitas favorably due to the fixed exchange ratio of 1.45 Civitas shares for each SM share. SM has a fairly conservative balance sheet but adding Civitas' debt increases forecast pro forma leverage to 1.7x. Despite the higher gross debt, Fitch believes the improved FCF profile supports the post-close deleveraging plan, although it increases execution risk in the near term. Scale and FCF Enhancing Transaction: The proposed acquisition will materially enhance SM's size and scale, with pro forma net acres of approximately 823,000 and total production of approximately 526 Mboepd. This transaction adds significant inventory in the Permian basin, which will account for 48% of production and 46% of estimated proved reserves. The transaction also adds inventory in the low-cost, high-margin DJ basin, which supports strong FCF generation. Pro forma FCF is also expected to be enhanced by annual synergies of approximately $200 million by 2027 through reduced overhead and G&A costs, improved operational costs, and reduced cost of capital. Debt-Funded M&A, Improving RBL Utilization: Fitch views the company's strategy of largely debt-funded acquisitions as aggressive because of the significant increase in gross debt. Fitch forecasts manageable leverage of 1.6x at year-end 2025, with mid-cycle EBITDA leverage projected at or below 2.0x. Reserves-based lending (RBL) utilization has improved following the recent note issuance, and Fitch expects Civitas to use FCF generated in the second half of the year to fully repay RBL borrowings. Continued reliance on debt-funded acquisitions or any shift in financial policy away from debt reduction could pressure the company's credit quality. Colorado Regulatory Risk: Fitch considers Colorado's regulatory risk to be high compared to other hydrocarbon-producing states. However, a compromise between operators and the Colorado government has introduced a fee on all oil and gas production, while pausing new drilling-related ballot measures, providing clarity on DJ operations through 2027 and reducing near-term regulatory risk. Fitch views the compromise favorably and expects minimal impact on Civitas' EBITDA. Civitas has a strong track record of securing drilling permits in the DJ at least six months in advance. Fitch believes the permitting process is challenging but navigable for producers. Strong FCF, Flexible Shareholder Returns: Civitas' strong FCF is supported by its scale and high liquids mix of over 70%. Under Fitch's base case, Civitas is expected to generate substantial post-dividend FCF, which Fitch anticipates will be balanced between shareholder returns and debt reduction. The company is targeting $4.5 billion in net debt by year-end 2025. The company's $100 million cost reduction plan and asset divestitures could accelerate debt reduction, but these are subject to execution risk. Supportive Hedging Policy: Civitas' hedging policy aims to cover a substantial portion of its target oil volumes, and the company continues to add incremental hedges opportunistically. As of 1Q25, nearly half of planned oil production for FY 2025 was hedged as well as a portion of Waha gas basis volumes. Fitch views this strategy positively, as it reduces near-term pricing risk, supports FCF generation and aids in reducing RBL borrowings. Peer Analysis Civitas is one of the largest producers within Fitch's 'BB' rating category, with 2Q25 production of 316.7 thousand barrels of oil equivalent per day (mboed). This compares to Murphy Oil Corporation (BB+/Stable; 196 mboed), Matador Resources Company (BB/Stable; 209 mboed) and SM Energy Company (BB/RWP; 209.1 mboed). Civitas' 1Q25 Fitch-calculated unhedged cash netback of $20.30 per barrels of equivalent oil (boe) is amongst the lowest of the 'BB' peer group, which includes Murphy Oil ($19.60 per boe), Matador Resources ($28.90 per boe) and SM Energy ($25.80 per boe). Fitch-calculated leverage is forecast at 1.6x at year-end 2025, which falls in the higher end of its 'BB' and 'BBB' rating category peers. Key Assumptions - West Texas Intermediate (USD per barrel) of $65 in 2025, $60 in 2026 and 2027, and $57 thereafter; - Henry Hub (USD per thousand cubic feet) of $3.60 in 2025, $3.50 in 2026, $3.00 in 2027, and $2.75 thereafter; - Base interest rates applicable to the company's outstanding variable rate debt obligations reflects current SOFR forward curve; - Merger transaction closes in 1Q26 - No organic production growth through the forecast; - Midstream operations in line with historical results; - Capital expenditures in line with management expectations; - Base dividend sustained at $2 per share annually through the forecast and no variable dividends; - $400 million unsecured notes repaid in 2026; - FCF allocated between debt repayment and share repurchases in line with management's financial policy. RATING SENSITIVITIES Factors that Could Lead to Negative Rating Action/Downgrade - Failure to execute on near-term debt reduction; - Material loss of operational momentum leading to lower-than-expected production volume over a sustained period; - A regulatory change that affects permitting, unit economics, or visibility on future operations; - Mid cycle EBITDA leverage sustained over 2.0x. Factors that Could Lead to Positive Rating Action/Upgrade - Established track record of a conservative financial policy including debt repayment, RBL reduction, and equity-funded M&A; - Continued track record of operating the business at its current scale and production mix; - Improvement of economic drilling inventory, netbacks, and reserve life in comparison to peers; - Mid cycle EBITDA leverage sustained at or below 1.5x. Liquidity and Debt Structure Civitas' liquidity was reasonable as of 2Q25 and included cash on the balance sheet of $69 million and availability of $1.9 billion on its RBL. As of June 30, 2025, the borrowing base and elected commitments under the credit facility were $3.3 billion and $2.5 billion, respectively. Civitas also generates strong FCF, which further enhances liquidity. Issuer Profile Civitas is an oil and gas producer operating in Colorado's DJ and Permian Basins, with approximately 357,000 net acres in the DJ, 141,000 net acres in the Permian, and 798 Mmboe of proved reserves as of Dec. 31, 2024. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Civitas Resources, Inc. has an ESG Relevance Score of '4' for Exposure to Social Impacts due to the oil and gas sector regulatory environment in Colorado and its exposure to social resistance, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Civitas Resources, Inc. LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- senior unsecured LT BB+ Affirmed RR4 BB+ CLARITY DIAGNOSTICS: Hires Beighley Myrick Udell as Counsel ----------------------------------------------------------- Clarity Diagnostics, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Beighley, Myrick, Udell, Lynne & Zeichman as special litigation counsel. The firm will represent the Debtor in any adversary proceedings, contested matters, or litigation related to the collections contemplated by the Sale Order. The firm's associates and partners bill between $300 and $750 an hour. The firm requested a $5,000 retainer. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas G. Zeichman, Esq., a partner at Beighley, Myrick, Udell, Lynne & Zeichman, PA, 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: Thomas Zeichman, Esq. Beighley Myrick Udell Lynne and Zeichman 2385 NW Executive Center Drive Suite 300 Boca Raton, FL 33431 Tel: (561) 549-9036 Email: tzeichman@bmulaw.com About Clarity Diagnostics, LLC Clarity Diagnostics, a company in Boca Raton, Fla., manufactures point of care rapid diagnostic tests, diagnostic equipment, and over-the-counter diagnostic tests that are targeted toward the Continuum of Care, Alternative Care, Acute Care, Laboratory, and OTC markets. Clarity Diagnostics filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 24-18938) on August 30, 2024, with $1 million to $10 million in both assets and liabilities. Clarity Diagnostics President Richard Simpson signed the petition. Judge Erik P. Kimball presides over the case. Bradley S. Shraiberg, Esq., at Shraiberg Page, PA represents the Debtor as legal counsel. COCOS MARISCOS: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington entered a final order authorizing Cocos Mariscos & Bar, Inc. to use cash collateral. The final order authorized the Debtor to use cash collateral for post-petition operating expenses according to the budget. The Debtor may adjust budget line items within 15% and use funds in the ordinary course of business. The Debtor projects total operational expenses of $130,591 for November and $130,591 for December. As adequate protection, the Washington State Department of Revenue and the IRS will be granted replacement liens on the Debtor's post-petition cash, receivables, and inventory to the same extent and priority as their pre-bankruptcy liens. The final order required the Debtor to remit $500 monthly to attorney Geoffrey Groshong's trust account for administrative fees, beginning November 20 and continuing until plan confirmation. The Debtor's authority to use cash collateral continues until December 31 or earlier upon occurrence of certain events such as case dismissal or conversion, appointment of a trustee, or plan confirmation. The final order is available at https://is.gd/1i8zJL from PacerMonitor.com. About Cocos Mariscos & Bar Inc. Cocos Mariscos & Bar Inc. is a dining establishment specializing in Mexican cuisine and seafood dishes. Cocos Mariscos & Bar Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12833) on October 9, 2025. In its petition, the Debtor reported estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Christopher M. Alston handles the case. The Debtor is represented by Jennifer L. Neeleman, Esq., at Neeleman Law Group, P.C. COLLECTIVE CONCEPTS: John Whaley Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 21 appointed John Whaley, a practicing accountant in Atlanta, Ga., as Subchapter V trustee for Collective Concepts, LLC. Mr. Whaley will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About Collective Concepts LLC Collective Concepts, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62743) on November 3, 2025. COMMSCOPE HOLDING: Relocates Corporate HQ to Richardson, Texas -------------------------------------------------------------- CommScope Holding Company, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company relocated its corporate headquarters to 2601 Telecom Parkway, Richardson, Texas 75082. As a result of the relocation, the Company's telephone number has changed to: (972) 952-9700. About CommScope Holding Headquartered in Hickory, North Carolina, CommScope Holding Company, Inc. -- https://www.commscope.com -- is a global provider of infrastructure solutions for communication, data center, and entertainment networks. The Company's solutions for wired and wireless networks enable service providers, including cable, telephone, and digital broadcast satellite operators, as well as media programmers, to deliver media, voice, Internet Protocol (IP) data services, and Wi-Fi to their subscribers. This allows enterprises to experience constant wireless and wired connectivity across complex and varied networking environments. As of September 30, 2025, the Company had $7.94 billion in total assets, $9.01 billion in total liabilities, and $2.34 billion in total stockholders' deficit. The Company had an accumulated deficit of $4.4 billion as of September 30, 2025. * * * S&P Global Ratings placed its 'CCC+' issuer credit rating on network connectivity provider CommScope Holdings Co. Inc. on CreditWatch with positive implications., as reported by the TCR on Aug. 07, 2025. S&P said, "We will resolve the CreditWatch placement after we collect the necessary information about CommScope's new capital structure, operating strategy, financial outlook, and financial policy, potentially upgrading the issuer credit rating by more than one notch." In March 2025, Moody's Ratings upgraded CommScope Holding Company, Inc.'s ratings including the corporate family rating to Caa1 from Caa2 and the probability of default rating to Caa1-PD from Caa3-PD. CommScope's speculative grade liquidity (SGL) rating was upgraded to SGL-3 from SGL-4. The new backed senior secured term loan and backed senior secured notes issued in December 2024 at CommScope's subsidiary, CommScope, LLC. were assigned a B3 rating and the existing secured notes were confirmed at B3. The existing senior unsecured notes at CommScope, LLC and CommScope Technologies LLC were upgraded to Caa3 from Ca. The B3 rating on the backed senior secured term loan due 2026 was withdrawn. The outlook is stable, previously the ratings were on review for upgrade. These actions conclude the review for upgrade that was initiated on January 8, 2025. The ratings upgrade reflects the refinancing of debt due in 2025 and 2026 with a combination of about $2.1 billion in assets sale proceeds and $4.15 billion in new secured debt as well as Moody's expectations for a significant improvement in operating performance that will lead to a reduction in leverage levels well below 9x in 2025. The ratings are constrained by the existing high pro forma leverage (over 10x as of Q4 2024, including Moody's standard lease adjustments) and the significant amount of debt due in 2027 ($1.6 billion as of Q4 2024). COMPREHENSIVE HEALTHCARE: Court OKs Interim Use of Cash Collateral ------------------------------------------------------------------ Comprehensive Healthcare Management Services, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to use cash collateral. The court issued a second interim order authorizing the Debtor to use cash collateral for 30 days from October 31 in accordance with its budget. The Debtor must use post-petition receipts before using cash on hand and may spend only on necessary operational expenses per the approved budget. The budget projects total operational expenses of $2,783,805.24 for November; $2,637,092.38 for December; and $2,680,101.13 for January 2026. As adequate secured creditors Twomagnets LLC (doing business as Clipboard Health) and The U.S. Department of Housing and Urban Development will be granted replacement liens on post-petition cash collateral consisting of inventory, receivables, cash and the proceeds thereof; and assets to which they held pre-bankruptcy liens. If replacement liens prove to be insufficient, both creditors will receive superpriority administrative claims, pari passu only with professional fees and U.S. Trustee fees. Their liens are automatically perfected and will survive any conversion or trustee appointment. The second interim order specifies events that would terminate HUD's consent for the Debtor's continued use of cash collateral such as default and dismissal or conversion of its Chapter 11 case, after proper notice and cure periods. If termination occurs, the Debtor must stop using HUD’s cash collateral and segregate funds pending further court order. HUD retains the right to seek additional adequate protection or stay relief if needed. The next hearing is scheduled for November 18. The second interim order is available at https://is.gd/ktIqJG from PacerMonitor.com. Twomagnets is represented by: Jerrold S. Kulback, Esq. Archer & Greiner, A Professional Corporation 1025 Laurel Oak Road Voorhees, NJ 08043 Telephone: (856) 795-2121 Facsimile: (856) 795-0574 jkulback@archerlaw.com About Comprehensive Healthcare Management Services Comprehensive Healthcare Management Services, LLC doing business as Brighton Rehabilitation & Wellness Center, operates a long-term care and skilled nursing facility in Beaver, Pennsylvania. It provides rehabilitation, therapy, and sub-acute services, including physical, occupational, and speech therapy, along with nursing and supportive care for residents. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02775) on September 29, 2025, listing up to $50,000 in assets and between $50 million and $100 million in liabilities. Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, P.C., represents the Debtor as legal counsel. COMPREHENSIVE HEALTHCARE: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------------ The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Comprehensive Healthcare Management Services, LLC. About Comprehensive Healthcare Management Services Comprehensive Healthcare Management Services, LLC, doing business as Brighton Rehabilitation & Wellness Center, operates a long-term care and skilled nursing facility in Beaver, Pennsylvania. It provides rehabilitation, therapy, and sub-acute services, including physical, occupational, and speech therapy, along with nursing and supportive care for residents. Comprehensive Healthcare Management Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02775) on September 29, 2025, listing up to $50,000 in assets and between $50 million and $100 million in liabilities. Judge Henry W. Van Eck oversees the case. The Debtor tapped Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, P.C., as bankruptcy counsel and Capozzi Adler, P.C. as special counsel. CONSTANT CARE: Case Summary & 17 Unsecured Creditors ---------------------------------------------------- Debtor: Constant Care of Colorado Springs, Inc d/b/a Constant Care Homes 15443 Jessie Drive Colorado Springs, CO 80921 Business Description: Constant Care of Colorado Springs, Inc., doing business as Constant Care Homes, operates assisted living and memory care homes that provide 24-hour on-site caregiving for seniors in Colorado Springs, Colorado. The Company offers a home-like environment where residents receive personal care, meals, housekeeping, transportation, and recreational activities designed to support daily living and community engagement. Its facilities emphasize small residential settings, offering professional care, on-site medical support, and individualized attention in a quiet neighborhood setting. Chapter 11 Petition Date: November 7, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-17336 Judge: Hon. Thomas B. McNamara Debtor's Counsel: David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street Suite 200 Littleton, CO 80120 Tel: 303-296-1999 Email: dwarner@wgwc-law.com Total Assets: $82,650 Total Liabilities: $2,428,895 Jeff Reynolds signed the petition as owner. A copy of the Debtor's list of 17 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XNX5RWI/Constant_Care_of_Colorado_Springs__cobke-25-17336__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WYFSVVI/Constant_Care_of_Colorado_Springs__cobke-25-17336__0001.0.pdf?mcid=tGE4TAMA CONSTANT CARE: Seeks Subchapter V Bankruptcy in Colorado -------------------------------------------------------- Constant Care of Colorado Springs Inc. filed a voluntary Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Colorado on November 7, 2025. According to the bankruptcy petition, the company reported liabilities ranging from $1 million to $10 million. Constant Care of Colorado Springs, Inc. listed 1 to 49 creditors in the filing. About Constant Care of Colorado Springs Inc Constant Care of Colorado Springs Inc. operates in the health care industry. Constant Care of Colorado Springs Inc sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case 25-17336) on November 7, 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 Thomas B. McNamara handles the case. The Debtor is represented by David Warner, Esq. CORPORATE AIR: Unsecureds Will Get 2.3% to 1.95% of Claims in Plan ------------------------------------------------------------------ Corporate Air, LLC and its related debtors filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Disclosure Statement describing Joint Chapter 11 Plan dated November 3, 2025. The Debtors are an FBO located at the Allegheny County Airport (AGC) serving both general and business aviation clients across the region. The Debtors provide a comprehensive suite of aviation services, including aircraft management and charter operations, hangar rental, fuel services, maintenance, and flight training. As contemplated by the Plan and the Restructuring Support Agreement, the Debtors believe that a going-concern reorganization of the Debtors is in the best interest of all creditors and will maximize the value of the estates for all creditors. The Debtors' restructuring and conclusion of the chapter 11 cases will be implemented through the Plan. Confirmation of the Plan will effectuate the transfer of substantially all of Debtors' assets to Vantage AGC LLC ("Vantage" or the "Sponsor"), a well-capitalized, industry leading fixed base operator ("FBO") that is familiar with the Debtors' business operations. The Plan will also deleverage the Debtors' balance sheet and position the Reorganized Debtors for future success, which will benefit all stakeholders, including vendors, employees, creditors, and Allegheny County. On the Effective Date, the Debtors shall (i) consummate the Plan and, among other things, the Acquired Assets, as set forth and defined in the Asset Purchase Agreement, shall be transferred to and vest in the Sponsor free and clear of all Liens, Claims, charges, or other encumbrances pursuant to the terms of the Asset Purchase Agreement, Confirmation Order, Plan, and Restructuring Support Agreement, as applicable; and (ii) enter into any transaction and shall take any actions as may be necessary or appropriate to effect a corporate restructuring of their respective businesses or a corporate restructuring of the overall corporate structure of the Debtors on the terms set forth in the Plan, the Restructuring Support Agreement, and the Restructuring Term Sheet, including, as applicable, the consummation of the Plan, acquisition of the Acquired Assets, issuance of New Common Equity, transfer of the FAA Seller Equity, issuance of all certificates and other documents required to be issued pursuant to the Plan, one or more intercompany mergers, consolidations, amalgamations, arrangements, continuances, restructurings, conversions, dispositions, dissolutions, transfers, liquidations, spinoffs, intercompany sales, purchases, or other corporate transactions (collectively, the "Restructuring Transactions"). Specifically, under the terms of the Plan, Holders of Claims and Interests will receive the following treatment in full and final satisfaction, compromise, settlement, release, and discharge of, and in exchange for, such Holders' Claims and Interests: * Each such Holder of an Allowed DIP Claim shall receive its Pro Rata share of New Common Equity, the FAA Seller Equity, and the other Acquired Assets as set forth in the Asset Purchase Agreement, including, but not limited to, the Aircraft, the Ground Leases, the Inventory, and the Assumed Contracts (as defined in the Asset Purchase Agreement, as applicable). * Secured Tax Claims, Other Secured Claims, Other Priority Claims, Huntington Secured Claim, and SBA Secured Claim will be paid in full, in cash on the Effective Date or otherwise provided treatment as to render such Claims unimpaired. * The Vantage Bridge Secured Claim shall receive, at the option of the Sponsor, the remaining New Common Equity or Cash equal in an amount to such New Common Equity. * Holders of General Unsecured Claims will receive their Pro Rata share of GUC Fund, provided that the Class votes in favor of the Plan. If the Class does not vote in favor of the Plan, holders of General Unsecured Claims will not receive any recovery under the Plan. * Holders of Allowed Administrative Claims, Priority Tax Claims and Professional Fee Claims will be paid in full, in each case pursuant to the terms of the Plan. Class 7 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, on the Effective Date, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for such Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of the GUC Fund, provided that Class 7 votes in favor of the Plan. If Class 7 does not vote in favor of the Plan, holders of General Unsecured Claims will not receive any recovery under the Plan. The allowed unsecured claims total $10,600,000 to $12,800,000. This Class will receive a distribution of 2.3% to 1.95% of their allowed claims. The Plan will be funded by the Reorganized Debtors will fund Distributions and obligations under the Plan with the remaining Cash on hand and funds from the DIP Facility and other available funds of the Reorganized Debtors or Sponsor, in each case consistent with the Plan, the Restructuring Support Agreement, and the Restructuring Term Sheet. A full-text copy of the Disclosure Statement dated November 3, 2025 is available at https://urlcurt.com/u?l=aQp4aQ from Omni Agent Solutions, Inc., claims agent. Proposed Counsel to the Debtors: Kevin Douglass, Esq. BABST, CALLAND, CLEMENTS AND ZOMNIR, P.C. Two Gateway Center Pittsburgh PA 15222 Tel: (412) 394-5400 Email: kdouglass@babstcalland.com -and- Domenic E. Pacitti, Esq. Michael W. Yurkewicz, Esq. KLEHR HARRISON HARVEY BRANZBURG LLP 1835 Market Street, Suite 1400 Philadelphia, Pennsylvania 19103 Tel: (215) 569-2700 Fax: (215) 568-6603 Email: dpacitti@klehr.com myurkewicz@klehr.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. COW CREEK: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: Cow Creek Towing & Recovery LLC 132 Hwy 15 N. Pontotoc, MS 38863 Business Description: Cow Creek Towing & Recovery LLC provides towing and roadside assistance services across northeast Mississippi, operating multiple locations. The Company offers accident recovery, heavy-duty towing, and flatbed towing, supported by certified tow truck operators and specialized equipment. It also provides hazardous spill cleanup services as part of its towing and recovery operations. Chapter 11 Petition Date: November 4, 2025 Court: United States Bankruptcy Court Northern District of Mississippi Case No.: 25-13765 Judge: Hon. Jason D Woodard Debtor's Counsel: J. Walter Newman, IV, Esq. NEWMAN & NEWMAN 601 Renaissance Way, Suite A Ridgeland, MS 39157 Tel: (601) 948-0586 Email: stacyplovorn@icloud.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Casey Smith Finn signed the petition as member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZADORGA/Cow_Creek_Towing__Recovery_LLC__msnbke-25-13765__0001.0.pdf?mcid=tGE4TAMA DARKTRACE FINCO: Fitch Affirms 'B' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Darktrace Finco US LLC's Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook. Fitch has also affirmed the company's first-lien debt at 'B+' and second-lien debt at 'CCC+', with Recovery Ratings of 'RR3' and 'RR6', respectively. This follows Darktrace's announced plan to raise a USD750 million first-lien term loan add-on to fund a shareholder distribution. The affirmation and Stable Outlook reflect its expectation that Fitch-defined EBITDA leverage will decline to below the negative rating sensitivity of 7.5x by FYE28 (year-end June), despite a temporary increase to 9.5x in FY26. The ratings reflect an aggressive financial policy with high leverage, weak interest coverage and exposure to a highly competitive market. This is balanced by its differentiated, Artificial Intelligence (AI)-centric cybersecurity platform usable in organisations of any scale, margin expansion from operating leverage, a strong deleveraging profile, and comfortable liquidity with positive free cash flow (FCF) generation and long-dated maturities. Key Rating Drivers Temporary Leverage Spike: Fitch expects Fitch-defined EBITDA leverage to rise to 9.5x in FY26 following the dividend recapitalisation, up from an estimated 8.6x in FY25 and above its prior expectation of 7.9x. Fitch anticipates Darktrace will retain its strong organic deleveraging capacity, with leverage trending toward the negative rating sensitivity by FY27 and falling below it in FY28 as scale increases and EBITDA margins improve. Aggressive Financial Policy: Fitch expects voluntary debt reduction to be limited, with private-equity ownership likely to prioritise return on equity maximisation over accelerated deleveraging. Further actions, such as debt-funded dividends or sizable debt-financed acquisitions (not anticipated), leading to high leverage on a sustained basis could be followed by a negative rating action. Low Interest Coverage: Darktrace's debt is at floating rates with margins ranging from 3.25% to 5.25% over SOFR. Fitch expects EBITDA interest coverage to remain weak, at 1.6x-1.9x in FY26-FY27, although above the 1.25x negative rating sensitivity, before improving to about 2.5x by FY28 on EBITDA increases. Strong EBITDA Growth: Fitch estimates Darktrace's revenue to have increased by around 19% in FY25, with its Fitch-defined EBITDA margin improving to 30%, from 25% in FY24. Fitch expects increasing scale to drive further margin expansion, with its Fitch-defined EBITDA margin rising to 40% in FY29 as operating leverage benefits emerge. This is consistent with software businesses where opex increases tends to trail revenue expansion once the latter reaches critical mass. EBITDA growth will be the primary driver of deleveraging due to expected limited debt reduction. Cash-Generative Business: Fitch expects Darktrace to maintain positive and improving FCF, despite higher interest payments following the dividend recapitalisation. This will be supported by EBITDA growth, modest capex, and limited working capital requirements. Fitch forecasts FCF margins in the high single-digits in FY27, rising to the teens from FY28. This, together with a USD150 million revolving credit facility, which Fitch expects to be undrawn over the forecast period to FY29, provides the company with ample financial flexibility. Recurring, Diversified Revenue: Nearly all of Darktrace's revenue is recurring, which provides revenue visibility to its operations. The company serves about 10,000 customers with revenue diversified across geographies. Customer and geographical diversification mitigates risks associated with particular customers or regions. It also has strong revenue retention, with gross retention of over 90% and net retention of over 100%. Industry Trends Support Expansion: The complexity of cybersecurity continues to rise, driving demand for more innovative solutions in protection against security breaches. Darktrace's ActiveAI security platform is built to prevent and detect breaches, and to respond and restore enterprise informational technology and operational technology networks. It provides comprehensive cybersecurity coverage across cloud, applications, email, endpoint, network, and operational technology to co-exist with other cybersecurity solutions used by its customers. Differentiated Product in Fragmented Industry: Darktrace's AI-centric cybersecurity product takes a differentiated approach in the fragmented industry. Its ActiveAI was built to utilize the capabilities and flexibility of AI. It adapts to organisations of any size by learning normal system behaviour across the cloud, email, endpoint, operational technology, identity and network. It prevents threats by detecting abnormal system activities and responds to threats and restores the system. Darktrace's solution complements existing cybersecurity products rather than displace them in most cases. Technology Disruption Risk: Darktrace operates in cybersecurity, a space where threats and solutions are constantly evolving. Technology disruptions are inherent in the industry. The company's AI-centric approach faces a maturing AI technology where competing solutions could emerge. Its lead in AI-centric cybersecurity solutions should provide sufficient product differentiations in the near-to-medium term, although technology disruption risks will persist. Peer Analysis Darktrace's operating profile compares well with that of other enterprise security companies, including Sophos Intermediate I Limited (B/Stable) and Proofpoint, Inc. (B/Stable). Similarly to peers, Darktrace benefits from recurring revenue with high retention rates, strong EBITDA margins and positive FCF. This allows the company to operate with a high leverage for the rating. Larger cyber security companies, such as Gen Digital Inc. (BB+/Negative) and Citrix Systems, Inc., benefit from larger scale and lower leverage. Key Assumptions - Revenue rise of 15% in FY26, decelerating to the low teens in FY27-FY29 - Fitch-defined EBITDA margin of 32% in FY26, before expanding to 40% in FY29 - Capex at 1% of revenue a year to FY29 - No dividend payments between FY26 and FY29 Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that Darktrace would be recognised as a going concern in bankruptcy rather than liquidated. Fitch estimates that going concern Fitch-defined EBITDA after restructuring would be about USD250 million. Fitch would expect a default to come from a failure to maintain revenue rises, resulting in an inability to realise operating leverage and, consequently, EBITDA margin compression. Fitch applies a going-concern recovery multiple of 7.0x. The estimate considers several factors, including highly recurring revenue, high customer retention, secular growth drivers for the sector, the company's strong normalised FCF generation and competitive dynamics. Fitch assumes for the recovery analysis that the debt comprises the USD150 million first-lien senior secured revolver (assumed to be fully drawn in the event of default), USD1.7 billion first-lien senior secured term loan, USD750 million incremental first-lien senior secured term loan and USD410 million senior secured second-lien term loan. After deducting 10% for administrative claims, its waterfall analysis generates a ranked recovery for the first- and second-lien senior secured debt in the 'RR3' and 'RR6' bands, respectively, indicating 'B+' and 'CCC+' ratings, respectively. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation of EBITDA leverage rising above 7.5x on a sustained basis, with slow progress in reducing it to 7.5x by FYE27 and no credible deleveraging prospects thereafter - Cash flow from operations less capex/debt consistently below 3% - EBITDA interest coverage sustained below 1.25x - Sluggish organic revenue growth and/or limited EBITDA profitability improvement Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation of EBITDA leverage sustained below 5.5x - Cash flow from operations less capex/debt above 7% for an extended period - Organic revenue rise in the high single-digits Liquidity and Debt Structure Darktrace's liquidity is comfortable, supported by unrestricted cash and cash equivalents of around USD325 million at FYE25, a USD150 million revolver that Fitch expects to be undrawn to FY29 and positive FCF generation. Issuer Profile Darktrace is a provider of cybersecurity products that uses AI to autonomously detect and respond to in-progress threats. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Darktrace Finco US LLC LT IDR B Affirmed B senior secured LT B+ New Rating RR3 senior secured LT B+ Affirmed RR3 B+ Senior Secured 2nd Lien LT CCC+ Affirmed RR6 CCC+ DATAVAULT AI: Signs New Deal to Purchase API Media for $14M ----------------------------------------------------------- Datavault AI Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 28, 2025, the Company entered into a Stock Purchase Agreement with API Media Innovations Inc., a New Jersey corporation and sellers, David Reese and Frank Tomaino, pursuant to which the Company agreed to purchase from the Sellers all of the outstanding shares of common stock of API Media for an aggregate purchase price of an amount in cash equal to $14,000,000. The Purchase Agreement includes customary representations and warranties and various customary covenants and closing conditions that are subject to certain limitations. Pursuant to the Purchase Agreement, the Purchase Agreement can be terminated by mutual written consent of the parties, and also by either party after December 5, 2025, if the closing shall have not been consummated by the Outside Date; provided, however, that the right to terminate shall not be available to a party whose material breach of the Purchase Agreement has been the principal cause of, or primarily resulted in, the failure of the closing to occur. Additionally, the Purchase Agreement can be terminated by either party if a final, non-appealable order, decree or ruling enjoining or otherwise prohibiting consummation of the purchase has been issued by any governmental authority or if the other party is in breach of the Purchase Agreement which has not been cured within 10 days of written notice of such breach (provided that such terminating party has not committed a material breach which is the principal cause of the failure to close). A full-text copy of the Purchase Agreement, dated October 28, 2025, is available at https://tinyurl.com/mu5y79zs About Datavault AI Datavault AI Inc., headquartered in Beaverton, Ore., develops and licenses patented platforms for AI-driven data management, valuation, and monetization. The Company offers cloud-based Web 3.0 solutions incorporating high-performance computing, generative AI agents, and secure data utilities. Datavault AI operates in the data technology and software licensing industry, providing tools for enterprise-grade data solutions focused on privacy and cybersecurity. BPM LLP's audit report dated March 31, 2025, included a "going concern" qualification, noting that the Company's ongoing operational losses, net capital deficiency, and cash flow situation cast significant doubt on its ability to continue operating. Management of the Company intends to raise additional funds through the issuance of equity securities or debt. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company's ability to achieve its intended business objectives. As of June 30, 2025, the Company had $120.69 million in total assets, $46.62 million in total liabilities, and $74.07 million in total stockholders' equity. Cash and cash equivalents as of June 30, 2025 were $0.7 million compared to $3.3 million, as of Dec. 31, 2024. The Company recorded a net loss of $37.1 million and $46.7 million for the three and six months ended June 30, 2025 and used net cash in operating activities of $12.8 million for the six months ended June 30, 2025 vs $9.0 million for the six months ended June 30, 2024. Excluding non-cash adjustments, the primary reasons for the increase in the use of net cash from operating activities during the six months ended June 30, 2025, was related to an increase in the net loss. DATAVAULT AI: Terminates API Media Stock Purchase Deal ------------------------------------------------------ As previously disclosed, on July 13, 2025, Datavault AI Inc., a Delaware corporation, entered into a Stock Purchase Agreement, by and among the Company, API Media Innovations Inc., a New Jersey corporation and sellers, David Reese and Frank Tomaino, pursuant to which the Company agreed to purchase from the sellers all of the issued and outstanding shares of capital stock of API Media upon the terms and subject to the conditions set forth in the Purchase Agreement. On October 28, 2025, the Company, API and the sellers executed a mutual written consent to terminate the Purchase Agreement, effective immediately. The termination of the Purchase Agreement did not cause the Company to incur any material early termination penalties. A full-text copy of the Purchase Agreement is available at https://tinyurl.com/awn9xn29 About Datavault AI Datavault AI Inc., headquartered in Beaverton, Ore., develops and licenses patented platforms for AI-driven data management, valuation, and monetization. The Company offers cloud-based Web 3.0 solutions incorporating high-performance computing, generative AI agents, and secure data utilities. Datavault AI operates in the data technology and software licensing industry, providing tools for enterprise-grade data solutions focused on privacy and cybersecurity. BPM LLP's audit report dated March 31, 2025, included a "going concern" qualification, noting that the Company's ongoing operational losses, net capital deficiency, and cash flow situation cast significant doubt on its ability to continue operating. Management of the Company intends to raise additional funds through the issuance of equity securities or debt. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company's ability to achieve its intended business objectives. As of June 30, 2025, the Company had $120.69 million in total assets, $46.62 million in total liabilities, and $74.07 million in total stockholders' equity. Cash and cash equivalents as of June 30, 2025 were $0.7 million compared to $3.3 million, as of Dec. 31, 2024. The Company recorded a net loss of $37.1 million and $46.7 million for the three and six months ended June 30, 2025 and used net cash in operating activities of $12.8 million for the six months ended June 30, 2025 vs $9.0 million for the six months ended June 30, 2024. Excluding non-cash adjustments, the primary reasons for the increase in the use of net cash from operating activities during the six months ended June 30, 2025, was related to an increase in the net loss. DEDICATION & EVERLASTING: Trustee Taps Kaufman Dolowich as Counsel ------------------------------------------------------------------ Todd A. Frealy, the Chapter 11 trustee Dedication & Everlasting Love To Animals dba D.E.L.T.A. Rescue, seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Kaufman Dolowich LLP as special appellate counsel. The firm's services include: a. advising the Trustee with regard to the Appeal and the merits thereof; b. representing the Trustee and the Trustee’s interests in connection with the Appeal; c. preparing pleadings, briefs, memoranda and similar documents in connection with representing the Trustee in the Appeal; d. appearing at any hearings or oral arguments in connection with the Appeal; e. performing any other services which may be appropriate in KD’s representation of the Trustee in connection with the Appeal. The firm's hourly rates are: Michael Wilk $350 per hour Edward Hsu $350 per hour Associates $275 per hour Kaufman Dolowich LLP 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: Michael Wilk, Esq. Edward Hsu, Esq. Kaufman Dolowich LLP 11111 Santa Monica Blvd., Suite 850 Los Angeles, CA 90025 Phone: (310) 775-6511 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. DEEJAYZOO LLC: Seeks to Hire Estelle Miller CPA as Accountant ------------------------------------------------------------- Deejayzoo LLC, doing business as Shhhowercap, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Estelle Miller, CPA as accountant. Ms. Miller will provide these services: (a) gather and verify all pertinent information required to compile and prepare monthly operating reports; (b) prepare, review, and file monthly operating reports for the Debtor during the course of the bankruptcy case. Ms. Miller will bill at a rate of $500 per report. The Debtor has paid an initial retainer of $3,000 from the Debtor's principal Jacquelyn De Jesu and her husband Alex Center. According to court filings, Estelle Miller, CPA does not hold or represent any adverse interest to the estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Estelle Miller Certified Public Accountant 1620 Ocean Ave Suite 1A Brooklyn, NY 11230 Telephone: (347) 570-7002 E-mail: estellemillercpa@gmail.com About Deejayzoo LLC Deejayzoo LLC develops and markets SHHHOWERCAP, a reusable and innovative shower cap designed to replace disposable alternatives. The product is waterproof, humidity-defying, antibacterial, fits all hair types, and machine washable. The Company operates from its headquarters in Brooklyn, New York, and is led by founder Jacquelyn De Jesu. Deejayzoo LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42617) on May 28, 2025. In its petition signed by Jacquelyn De Jesu, president, the Debtor disclosed total assets of $12,166 and total liabilities of $2,846,653. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Alla Kachan, Esq., at the Law Offices of Alla Kachan, P.C. DEQSER LLC: Seeks to Extend Plan Exclusivity to February 4, 2026 ---------------------------------------------------------------- Deqser LLC and KNY 26671 LLC asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 4, 2026 and April 6, 2026, respectively. The Debtors believe that, in light of the progress that the Debtors have made in these Chapter 11 Cases over the past seven months, and the Debtors' efforts to work cooperatively with their stakeholders, it is reasonable and appropriate that the Debtors be granted an extension of the Exclusive Periods. Accordingly, the Debtors submit that this factor weighs in favor of further extending the Exclusive Periods. The Debtors explain that they have made significant and material progress in these Chapter 11 Cases. These achievements are the result of the extensive efforts of the Debtors, their management, and their professionals, in cooperation with various parties in interest in these chapter 11 cases, to maximize the value of the Debtors' estates. Accordingly, the Debtors submit that this factor weighs in favor of extending the Exclusive Period. The Debtors assert that throughout the Chapter 11 process, they have endeavored to establish and maintain cooperative working relationships with key stakeholders. The Debtors are not seeking the extension of the Exclusive Periods to delay administration of these chapter 11 cases or to exert pressure on their creditors, but rather to facilitate the continued negotiation and formulation of a chapter 11 plan. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. The Debtors further assert that termination of the Exclusive Periods would adversely impact their efforts to preserve and maximize the value of the estates and the progress in these Chapter 11 Cases. In effect, if the Court were to deny the Debtors' request for an extension of the Exclusive Periods, any party in interest would be free to propose an alternative chapter 11 plan for the Debtors. Terminating the Exclusive Periods could foster chaos and impair the Debtors' ability to efficiently administer these Chapter 11 Cases, without any corresponding benefit to the Debtors' estates and creditors. Counsel for the Debtors: GELLERT SEITZ BUSENKELL & BROWN LLC Ronald S. Gellert, Esq. 1201 North Orange Street, Suite 300 Wilmington, DE 19801 Tel:(302) 425-5806 E-mail: rgellert@gsbblaw.com - and - MAYERSON & HARTHEIMER, PLLC Sandra E. Mayerson, Esq. David H. Hartheimer, Esq. Mayerson & Hartheimer, PLLC 845 Third Avenue, 11th Floor New York, NY 10022 Tel: (646) 778-4381 Fax: (646) 778-4384 E-mail: sandy@mhlaw-ny.com david@mhlaw-ny.com About Deqser LLC Deqser LLC is a business entity associated with Cooperative Laundry, a commercial laundry service based in Kearny, New Jersey. Operating from a state-of-the-art facility, the company supports the hospitality industry with advanced, eco-efficient laundry solutions. Deqser sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-10687) on April 10, 2025. The Debtor reported estimated assets and estimated liabilities of $1 million to $10 million. The Hon. Craig T Goldblatt presides over the case. The Debtor's general bankruptcy counsel is Mayerson & Hartheimer, PLLC and its local bankruptcy counsel is Gellert Seitz Busenkell & Brown, LLC. DIMMER'S PRECISION: To Hire Cole Hayes Law as Legal Counsel ----------------------------------------------------------- Dimmer's Precision Grading, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina, Shelby Division, to hire Cole Hayes of Cole Hayes Law to serve as legal counsel in its Chapter 11 case. Mr. Hayes will provide these services: (a) represent the Debtor in this Chapter 11 case; (b) perform legal work on behalf of the Debtor; (c) seek reimbursement for expenses fronted on behalf of the Debtor such as for postage, copying, legal research, travel, and parking; and (d) apply for interim compensation of fees and expenses on a monthly basis. Mr. Hayes shall receive an hourly rate of $470 (subject to annual adjustment). He received a $20,000 retainer prior to filing, from which all pre-petition fees and expenses were paid. Hayes may also seek reimbursement for expenses related to legal research, mileage, and parking. Cole Hayes is a disinterested person within the meaning of Sections 327, 330, and 101(14) of the Bankruptcy Code, according to court filings. He can be reached at: Cole Hayes, Esq. COLE HAYES LAW 601 S. Kings Drive, Suite F PMB #411 Charlotte, NC 28204 Phone: (980) 416-4266 Email: info@colehayeslaw.com About Dimmer's Precision Grading, LLC Dimmer’s Precision Grading, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40239) on November 5, 2025. At the time of the filing, the Debtor had estimated assets of between $0 and $50,000 and liabilities of between $1,000,001 and $10 million. Judge Ashley Austin Edwards oversees the case. Cole Hayes serves as the Debtor's legal counsel. DIOCESE OF ALEXANDRIA: Hires Getzler Henrich as Financial Advisor ----------------------------------------------------------------- Diocese of Alexandria seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire Getzler Henrich & Associates LLC as financial advisor. The firm will render these services: a. analyze the Debtor's financial position, business plans and financial projections; b. consult with management on the development of a bankruptcy exit strategy; c. consult with management in connection with the development of financial projections; d. assist management with its communications with parishes, schools, vendors, any statutory committees, and other parties-in-interest; e. assist management with the preparation of the Debtor's rolling 13-week cash receipts and disbursements forecast and assess liquidity and DIP financing needs; f. consult with management regarding their valuation of the Debtor and/or the Debtor's assets on a going-concern and liquidation basis; g. consult with management, in coordination with legal counsel, in the preparation of a disclosure statement, plan of reorganization and the underlying business plans; h. assist management in responding to information requests submitted by secured lenders, their legal and financial advisors and other consultants; i. assist management in responding to information requests submitted by statutory committees and their legal or financial counsel; j. consult with management regarding the preparation of required financial statements, schedules of financial affairs, monthly operating reports, and any other financial disclosures required by the Bankruptcy Court; k. provide expert advice and testimony regarding financial matters related to the feasibility of any proposed plan of reorganization; and l. provide additional services as requested from time to time by the Debtor and agreed to by Getzler in writing. The firm's hourly billing rates are: Principal / Managing Director $635 to $795 Director / Specialists $495 to $735 Associate Professionals $185 to $495 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Getzler represents no interest adverse to the Debtor or to its estate in the matters for which it is proposed to be retained and is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: John D. Baumgartner Getzler Henrich & Associates LLC 295 Madison Ave, 20th Floor New York, NY 10017 Tel: (832) 423-6711 Email: jbaumgartner@getzlerhenrich.com 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. DIOCESE OF ALEXANDRIA: Hires Gold Weems as Bankruptcy Counsel ------------------------------------------------------------- Diocese of Alexandria seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire Gold, Weems, Bruser, Sues & Rundell, APLC to handle its Chapter 11 case. The firm will be paid at these rates: Shareholders $300 to $435 per hour Associates $265 to $310 per hour Paralegals $90 per hour In addition, the firm will be reimbursed for out-of-pocket expenses incurred. The retainer fee is $15,000. Conner Dillon, Esq., a partner at Gold Weems Bruser Sues & Rundell, 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: Conner L. Dillon, Esq. Gold Weems Bruser Sues & Rundell, APLC P.O. Box 6118 Alexandria, LA 71307-6118 Tel: (318) 445-6471 Fax: (318) 445-6476 Email: bdrell@goldweems.com 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. DIOCESE OF ALEXANDRIA: Hires Husch Blackwell LLP as Legal Counsel ----------------------------------------------------------------- Diocese of Alexandria seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire Husch Blackwell LLP as counsel. The firm's services include: a. advising the Debtor with respect to its rights and obligations as a debtor and debtor in possession and regarding other matters of bankruptcy law; b. taking all necessary action to protect and preserve the estate of the Debtor, including the prosecution of actions on behalf of the Debtor, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor's estate; c. preparing on behalf of the Debtor, as debtor in possession, necessary motions, applications, answers, orders, reports, and other legal papers in connection with the administration of the Debtor's estate; d. representing the Debtor at the meeting of creditors, plan disclosure, confirmation and related hearings, and any adjourned hearings, therefore; e. assisting with any disposition of the Debtor's assets; f. taking all necessary or appropriate actions in connection with any plan of reorganization and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; g. representing the Debtor in adversary proceedings and other contested bankruptcy matters; and h. representing the Debtor in the above matters, and any other matter that may arise in connection with Debtor's reorganization proceedings and business operations. The firm's discounted rates are: Mark T. Benedict, Partner $725 Francis LoCoco, Partner $725 Bruce Arnold, Partner $725 Lindsey Greenawald, Senior Counsel $525 Morgan Hutchinson, Associate $415 Husch Blackwell received a retainer of $1,000,000. Husch Blackwell does not hold or represent any interest adverse to Debtor's estate and is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Mark T. Benedict, Esq. HUSCH BLACKWELL LLP 4801 Main Street, Suite 1000 Kansas City, MO 64112 Telephone (816) 983-8000 Facsimile (816) 983-8080 Email: mark.benedict@huschblackwell.com 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. DIOCESE OF ALEXANDRIA: Taps Stretto as Claims and Noticing Agent ---------------------------------------------------------------- Diocese of Alexandria seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire Stretto, Inc. as claims, noticing, and solicitation agent. Stretto will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 case of the Debtor. Prior to the Petition Date, the Debtors provided Stretto an advance in the amount of $10,000. Sheryl Betance, a senior managing director at Stretto, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl Betance Stretto, Inc. 410 Exchange Suite 100 Irvine, CA 92602 Telephone: (800) 634-7734 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. DM ELECTRICAL: Hires The Lane Law Firm as Legal Counsel ------------------------------------------------------- DM Electrical and Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Robert C. Lane of The Lane Law Firm, PLLC to serve as its legal counsel. Mr. Lane will provide 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 liens 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. Mr. Lane will receive an hourly rate of $650, senior associate Joshua D. Gordon $625, Zach Casas $575, Kyle Garza $450, and $250 for bankruptcy paralegals. The Lane Law Firm, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert C. Lane, Esq. THE LANE LAW FIRM, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 E-mail: notifications@lanelaw.com About DM Electrical and Construction, LLC DM Electrical and Construction, LLC, formed on June 30, 2014, operates an electrical contracting business primarily focused on commercial projects while also providing residential electrical services. The Company's operations include new construction work under general contractors, maintenance contracts, residential generator and battery system installations, and whole- home electrical services across Texas. Its electricians are licensed by the Texas Department of Licensing and Regulation, and the Company emphasizes safety, quality, and customer-focused project completion. DM Electrical and Construction, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-36621) on November 3, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Eduardo V. Rodriguez oversees the case. The Lane Law Firm, PLLC is Debtor's legal counsel. EAD CONSTRUCTORS: Court OKs Interim Use of Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Nebraska issued an interim order granting EAD Constructors, Inc. authority to use cash collateral to fund operations. The order authorized the interim use of cash collateral retroactive to October 22, consistent with a 13-week budget agreed upon between the Debtor and Core Bank. The Debtor is allowed a 10% variance from weekly budgeted line items, without further order, to account for timing and unexpected expenses. As adequate protection, Core Bank retains its security interest in post-petition cash collateral to the same extent, validity, and priority the bank had in cash collateral on the petition date. In addition, the Debtor must submit monthly operating reports and provide financial updates to the bank and the U.S. Trustee. A final telephonic hearing is scheduled for December 1, with objections due by November 21. About EAD Constructors, Inc. EAD Constructors, Inc., based in Omaha, NE, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Neb. Case No. 25-81134-BSK) on October 21, 2025. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $10,000,001 and $50 million. Judge Brian S. Kruse oversees the case. McGrath North Mullin & Kratz, PC, LLO serves as the Debtor's legal counsel. EARLY AMERICAN: Gets Final OK to Use Cash Collateral ---------------------------------------------------- Early American Pittsburgh, Inc. received final approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to use cash collateral. The final order signed by Judge John Melaragno authorized the Debtor to use cash collateral to fund its operations and operate within 10% of the budget until further court order. All pre-bankruptcy liens held by creditors such as Goldman Sachs Bank USA, PNC Bank, the U.S. Small Business Administration, Parafin, Inc., and Shopify will remain valid post-petition, but will not exceed the value of the liens as of the bankruptcy filing date, according to the final order. The creditors will be granted replacement liens only to the extent of any decrease in the value of their pre-bankruptcy collateral. The creditors' post-petition collateral excludes Chapter 5 avoidance actions and recoveries under Section 506(c) of the Bankruptcy Code. The Debtor must not incur debt or obtain financing without court approval and must provide creditor access to financial records and required U.S. Trustee reports. The court may schedule expedited hearings to enforce or modify the order. The final order preserves the rights of all parties to challenge the validity or perfection of pre-bankruptcy liens within a specified timeframe -- 120 days from the interim order or 90 days after a creditors' committee is formed, whichever is later. If the case is converted to Chapter 7, the trustee retains a 30-day window to raise challenges. The final order is available at https://is.gd/crshwj from PacerMonitor.com. About Early American Pittsburgh Early American Pittsburgh, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22453) on Sept. 12, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Christopher M. Frye, Esq., at Steidl & Steinberg, PC serves as the Debtor's counsel. EVOKE PHARMA: Agrees to $11-Per-Share Merger with QOL Medical ------------------------------------------------------------- Evoke Pharma Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 3, 2025, the Company entered into an Agreement and Plan of Merger with QOL Medical, LLC, a Delaware limited liability company, and QOL-EOS Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of Parent, pursuant to which Merger Sub will commence a tender offer to acquire all of the outstanding shares of common stock, par value $0.0001 per share, of the Company for $11.00 in cash per Share, subject to any applicable withholding taxes and without interest thereon. The Board of Directors of the Company unanimously: (i) determined that the Merger Agreement and the transactions contemplated therein, including the Offer and the Merger, are advisable, fair to and in the best interests of the Company and its stockholders, and declared it advisable for the Company to enter into the Merger Agreement and consummate the transactions contemplated therein in accordance with the Delaware General Corporate Law; (ii) adopted, approved and declared advisable the execution and delivery by the Company of the Merger Agreement, the performance by the Company of its covenants and agreements contained in the Merger Agreement and the consummation of the Offer and the Merger and the other transactions contemplated by the Merger Agreement upon the terms and subject to the conditions contained therein; (iii) resolved that the Merger Agreement and the Merger be effected under Section 251(h) of the DGCL and that the Merger be effected as soon as practicable following the date and time the Shares that have been validly tendered and not validly withdrawn have been irrevocably accepted for payment by Merger Sub without a vote of the stockholders of the Company; (iv) resolved, subject to the terms and conditions set forth in the Merger Agreement, to recommend that the stockholders of the Company accept the Offer and tender their Shares to Merger Sub pursuant to the Offer; and (v) to the extent necessary, adopted a resolution having the effect of causing the Merger Agreement and the transactions contemplated thereby not to be subject to any takeover provision that might otherwise apply to the transactions contemplated thereby. The Offer, once commenced, will initially remain open for a minimum of 20 business days, subject to certain possible extensions on the terms set forth in the Merger Agreement. If, as of the applicable Expiration Time, any of the conditions to the Offer as set forth on Annex A to the Merger Agreement have not been satisfied or waived by Parent or Merger Sub (if permitted by the Merger Agreement), then Merger Sub may (and if requested by the Company, will, and Parent will cause Merger Sub to) extend the Offer for one or more consecutive extension periods of up to 10 business days each (or any longer period as may be approved in advance in writing by the Company and Parent) in order to permit the satisfaction of the Offer Conditions, except that if the sole remaining unsatisfied Offer Condition is the Minimum Condition (as defined below), Merger Sub will not be required to extend the Offer for more than three occasions in consecutive periods of up to 10 business days each. Upon the terms and subject to the conditions set forth in the Merger Agreement, as soon as practicable following the consummation of the Offer, Merger Sub will merge with and into the Company pursuant to Section 251(h) of the DGCL with the Company as the surviving corporation of the Merger. Merger Sub's obligation to purchase the Shares validly tendered and not validly withdrawn pursuant to the Offer is subject to the satisfaction or waiver of the Offer Conditions, including, among others: (i) there being validly tendered and not validly withdrawn immediately prior to the Expiration Time a number of Shares that, together with any Shares held by Parent, Merger Sub or any of their direct or indirect wholly owned subsidiaries, represents at least one more Share than 50% of the total number of outstanding Shares, plus the aggregate number of Shares issuable to holders of Company options or warrants for which the Company has received valid notices of exercise and for which payment of any applicable exercise price has been made in accordance with the terms of such Company options or warrants prior to the expiration of the Offer (and in respect of which Shares have not yet been issued to the exercising holder), as of immediately prior to the Expiration Time, (ii) the absence of any law or order that prohibits consummation of the Offer or the Merger or that has the effect of making the Offer or Merger illegal, (iii) the accuracy of the representations and warranties of the Company contained in the Merger Agreement, subject to certain materiality standards, (iv) the Company's compliance and performance in all material respects with its covenants and agreements contained in the Merger Agreement and (v) the absence of any change, occurrence, effect, event, circumstance or development that has occurred since the date of the Merger Agreement that has had, or would reasonably be expected to have, a material adverse effect on the Company and is continuing, as well as other customary conditions set forth in Annex A to the Merger Agreement. At the effective time of the Merger, each Share that is issued and outstanding immediately prior to the Effective Time (other than Shares: (i) owned by Parent, Merger Sub, the Company or any direct or indirect wholly owned subsidiary of Parent or Merger Sub, in each case, immediately prior to the Effective Time, (ii) irrevocably accepted for purchase pursuant to the Offer, or (iii) held by any stockholder who is entitled to demand and has properly and validly demanded their statutory right of appraisal of such Shares in compliance in all respects with Section 262 of the DGCL) will be cancelled and extinguished and automatically converted into the right to receive the Offer Price, without interest thereon and subject to any applicable withholding taxes pursuant to the Merger Agreement. As a result of the Merger, the Company will cease to be a publicly traded company and will become a wholly owned subsidiary of Parent. Each Company option that is outstanding as of immediately prior to the Effective Time will accelerate and become fully vested effective immediately prior to, and contingent upon the occurrence of, the Effective Time. Effective as of immediately prior to the Effective Time, each Company option that is outstanding and unexercised immediately prior thereto will automatically be canceled and terminated and converted into the right to receive from the Surviving Corporation an amount in cash (without interest), if any, equal to the product obtained by multiplying: (i) the aggregate number of Shares underlying such Company option immediately prior to the Effective Time, by (ii) an amount equal to the Offer Price less the per share exercise price of such Company option, except that if the Offer Price is less than the per share exercise price of such Company option, such Company option will be canceled and terminated without any consideration payable therefor. At the Effective Time, each Company warrant that is outstanding and unexercised as of immediately prior to the Effective Time (excluding any Company warrant to the extent the holder thereof has elected a cashless exercise of such Company warrant) will cease to represent a right to acquire Shares. At or following the Effective Time, each holder of a Company warrant that has an exercise price less than the Offer Price will be entitled to receive cash in respect of each Share for which such Company warrant is exercisable immediately prior to the Effective Time in an amount equal to the product obtained by multiplying: (i) the aggregate number of Shares underlying such Company warrant immediately prior to the Effective Time, by (ii) an amount equal to the Offer Price less the exercise price payable per Share under such Company warrant. Each holder of a Company warrant that has an exercise price equal to or greater than the Offer Price will not receive any consideration with respect to such Company warrant. Notwithstanding anything to the contrary set forth in the Merger Agreement, the foregoing will not apply to any holders of Company warrants who elect to receive the Black Scholes Value (as defined in the applicable Company warrants) in accordance with their Company warrants. Holders of Company warrants may exercise their right to receive such Black Scholes Value at any time concurrently or within 30 days following the closing of the Merger. The Merger Agreement contains customary representations, warranties and covenants, including covenants obligating the Company to continue to conduct its operations in the ordinary course of business and not to engage in certain specified transactions or activities without Parent's prior consent, and that the parties will use reasonable best efforts to cause the Offer, the Merger and each of the transactions completed by the Merger Agreement to be consummated. In addition, subject to certain exceptions, the Company has agreed not to solicit, initiate, propose, induce, knowingly encourage or knowingly facilitate the submission or announcement of any acquisition proposals from third parties or take certain other restricted actions in connection therewith. Notwithstanding the foregoing, if the Company receives an acquisition proposal that did not result from a material breach of the non-solicitation provisions of the Merger Agreement, and the Board determines in good faith, after consultation with outside legal counsel and its financial advisor(s), that such proposal is reasonably likely to be consummated in accordance with its terms and is more favorable to the Company's stockholders, from a financial point of view, than the Offer and the Merger (a "Superior Proposal" as further described and defined in the Merger Agreement), then the Company can participate in discussions and negotiations regarding such acquisition proposal if the failure to do so would be inconsistent with the Board's fiduciary duties under applicable law, subject to the terms and conditions of the Merger Agreement. The Merger Agreement also contains certain customary termination rights in favor of each of the Company and Parent, including the Company's right, subject to certain limitations, to terminate the Merger Agreement in certain circumstances to accept a Superior Proposal and Parent's right, subject to certain limitations, to terminate the Merger Agreement if the Board changes its recommendation that stockholders of the Company tender their Shares in the Offer (as further described in the Merger Agreement). In addition, either the Company or Parent may terminate the Merger Agreement if the Offer has not been consummated by May 3, 2026. Upon termination of the Merger Agreement under other specified circumstances, the Company will be required to pay Parent a termination fee of $1,500,000. A full-text copy of the Agreement and Plan of Merger is available at https://tinyurl.com/2s2xk99c Support Agreements In connection with the execution of the Merger Agreement, Parent and Merger Sub entered into tender and support agreements with certain of directors and key employees of the Company, and certain of the Company's stockholders and holders of Company warrants. The Support Agreements provide that, among other things, such directors and key employees have agreed to tender their Company Shares to Merger Sub in the Offer and (to the extent applicable) to exercise and surrender their Company warrants. The shares of Company Shares subject to the Support Agreements comprise approximately 10.4% of the currently outstanding Company Shares. The Support Agreements will terminate upon certain circumstances, including upon termination of the Merger Agreement or if the Board votes to approve a Superior Proposal. A full-text copy of the form of the Support Agreement for directors and key employees of the Company is available at https://tinyurl.com/bpbujwjs. A full-text copy of the form of the Support Agreement for certain of the Company's stockholders and holders of Company warrants is available at https://tinyurl.com/rfc9surp On November 4, 2025, the Company issued a press release regarding the execution of the Merger Agreement. A full-text copy of such press release is available at https://tinyurl.com/mr3cnfdn Eversana Letter Agreement On October 29, 2025, Evoke entered into a letter agreement with Eversana Life Sciences Services, LLC, which was made in reference to, and is deemed to clarify, that a Commercial Services Agreement by and between Evoke and Eversana, dated January 21, 2020, as amended in Amendment No. 1, dated February 1, 2022, and Amendment No. 2, dated November 3, 2022. The Eversana Letter Agreement provides, amongst other things, for payment to Eversana of $1.0 million of outstanding Cumulative Deferred Costs (as defined in the CSA) and the outstanding principal and interest owed by Evoke under the loan agreement dated January 21, 2020 between the parties, each, following a Change of Control of Evoke (as defined in the CSA) or expiration of the CSA, and amendments to certain commercial terms relating to Eversana's commercialization obligations. A full-text copy of the Eversana Letter Agreement is available at https://tinyurl.com/2rya9xd8 In addition, on November 3, 2025 the Board approved the following actions relating to compensatory arrangements with the Company's named executive officers: Amended and Restated Employment Agreements On November 3, 2025, concurrently with the signing of the Merger Agreement, each of Matthew J. D'Onofrio, Mark Kowieski, CPA, and Marilyn R. Carlson entered into an amended and restated employment agreement with the Company. The A&R Employment Agreements include implementation of the following changes: (i) provide that each Executive will receive his or her target annual bonus for 2025 if the Executive is terminated prior to the Company's payment of such 2025 annual bonuses, (ii) add a provision addressing the treatment of parachute payments arising under Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended, and (iii) update the form of release of claims attached to the A&R Employment Agreements. Full text copies of the A&R Employment Agreements are available at https://tinyurl.com/mu9yth85, https://tinyurl.com/372a8t7p, and https://tinyurl.com/ye2xshsw. Transition Services Agreements In addition, also concurrently with the signing of the Merger Agreement, each Executive entered into a Transition Services Agreement with Evoke and Parent, pursuant to which each Executive will provide certain transitional services to the Company and Parent following the Effective Time. Full-text copies of the Transition Services Agreements are available at https://tinyurl.com/afuhaht8, https://tinyurl.com/msr2b34a, and https://tinyurl.com/ykmvw9az. About Evoke Pharma Headquartered in Solana Beach, California, Evoke Pharma Inc. -- www.EvokePharma.com -- is a specialty pharmaceutical company focused primarily on the development of drugs to treat GI disorders and diseases. The Company developed, commercialized and markets GIMOTI, a nasal spray formulation of metoclopramide, for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adults. Diabetic gastroparesis is a GI disorder affecting millions of patients worldwide, in which the stomach takes too long to empty its contents resulting in serious GI symptoms as well as other systemic complications. The gastric delay caused by gastroparesis can compromise absorption of orally administered medications. Prior to FDA approval to commercially market GIMOTI, metoclopramide was only available in oral and injectable formulations and remains the only drug currently approved in the United States to treat gastroparesis. San Diego, California-based BDO USA, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 13, 2025. The report cited that the Company has experienced continuous losses and negative operating cash flows since its inception, anticipates ongoing losses in the foreseeable future, and Eversana Life Science Services, LLC holds the authority to end the commercial services agreement for the marketing of Gimoti. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, Evoke Pharma had $16.1 million in total assets, $11.7 million in total liabilities, and $4.4 million in total stockholders' equity. EVOKE PHARMA: Nantahala Capital Increases Stake to 15.99% --------------------------------------------------------- Nantahala Capital Management, LLC, Wilmot B. Harkey and Daniel Mack, disclosed in a Schedule 13D/A (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of November 3, 2025, they beneficially own 268,431 shares of Evoke Pharma Inc's Common Stock, par value $0.0001 per share, consisting of 148,153 shares of Common Stock directly held plus 120,278 shares issuable upon exercise of warrants (subject to a Beneficial Ownership Limitation), representing 15.99% of the 1,678,743 shares of outstanding Common Stock (which includes 1,558,465 shares outstanding as of August 1, 2025 plus the 120,278 warrant shares deemed outstanding pursuant to Rule 13d-3(d)(1)(i)). Nantahala Capital may be reached through: Taki Vasilakis Chief Compliance Officer Nantahala Capital Management, LLC 130 Main St., 2nd Floor, New Canaan, Conn. 06840 Tel: 203-308-4440 A full-text copy of Nantahala Capital Management, LLC's SEC report is available at: https://tinyurl.com/2scavywk About Evoke Pharma Headquartered in Solana Beach, California, Evoke Pharma Inc. -- www.EvokePharma.com -- is a specialty pharmaceutical company focused primarily on the development of drugs to treat GI disorders and diseases. The Company developed, commercialized and markets GIMOTI, a nasal spray formulation of metoclopramide, for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adults. Diabetic gastroparesis is a GI disorder affecting millions of patients worldwide, in which the stomach takes too long to empty its contents resulting in serious GI symptoms as well as other systemic complications. The gastric delay caused by gastroparesis can compromise absorption of orally administered medications. Prior to FDA approval to commercially market GIMOTI, metoclopramide was only available in oral and injectable formulations and remains the only drug currently approved in the United States to treat gastroparesis. San Diego, California-based BDO USA, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 13, 2025. The report cited that the Company has experienced continuous losses and negative operating cash flows since its inception, anticipates ongoing losses in the foreseeable future, and Eversana Life Science Services, LLC holds the authority to end the commercial services agreement for the marketing of Gimoti. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, Evoke Pharma had $16.1 million in total assets, $11.7 million in total liabilities, and $4.4 million in total stockholders' equity. F-STAR SOCORRO: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------- Lead Debtor: F-Star Socorro, L.P. 12190 Rojas Dr., Suite C El Paso, TX 79936 Business Description: The Debtors are a commercial real estate company that develops and invests in residential, hospitality, retail, office, and industrial properties. Their portfolio includes commercial and industrial properties in El Paso, Texas, and a 122-acre mixed-use development at the border of Paradise Valley and Scottsdale, Arizona, anchored by a newly constructed Ritz-Carlton resort and surrounding residential units. Planned later phases of the development include additional residential, retail, and entertainment components. Chapter 11 Petition Date: November 4, 2025 Court: United States Bankruptcy Court Southern District of Texas Thirty-four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- F-Star Socorro, L.P. (Lead Case) 25-90607 Five Star Development Properties, LLC 25-90608 Five Star Development Resort Communities, LLC 25-90609 Five Star Resort Holdings Parent, LLC 25-90610 Five Star Resort Holdings, LLC 25-90611 Five Star Resort Mezz, LLC 25-90612 Five Star Resort Owner, LLC 25-90613 Five Star Land Holdings Parent, LLC 25-90614 Five Star Land Holdings (AZ), LLC 25-90615 Five Star Land Mezz, LLC 25-90616 Five Star Land Owner, LLC 25-90617 FSPV Mezz C Sub, LLC 25-90618 FSPV Res C, LLC 25-90619 11751 Alameda Avenue Owner, LLC 25-90620 JNY Building Owner, LLC 25-90621 JNY II Building Owner, LLC 25-90622 1340 Bob Hope Drive Owner, LLC 25-90623 JNY, L.P. 25-90624 JNY II, L.P. 25-90625 5 Star Tech I, L.P. 25-90626 5 Star Tech II-1, L.P. 25-90627 5 Star Tech II-4, LP 25-90628 5 Star Tech II-2, L.P. 25-90629 F-Star Socorro Holding Co., LLC 25-90630 JNY Mezz, LLC 25-90631 JNY II Mezz, LLC 25-90632 5 Star Tech I GP, LLC 25-90633 5 Star Tech II-1 GP, LLC 25-90634 5 Star Tech II-4 GP, LLC 25-90635 1340 Bob Hope Drive Parent, LLC 25-90636 11751 Alameda Avenue Parent, LLC 25-90637 Unit 82 El Paso Owner, LLC 25-90638 Southwest Rojas Parent, LLC 25-90639 Southwest Rojas, LLC 25-90640 Judge: Hon. Alfredo R Perez Debtors' Bankruptcy Counsel: Nicholas J. Hendrix, Esq. O'MELVENY & MYERS LLP 2801 North Harwood Street, Suite 1600 Dallas, Texas 75201 Tel: (972) 360-1900 Fax: (972) 360-1901 Email: nhendrix@omm.com AND Julian Gurule, Esq. 400 South Hope Street, 19th Floor Los Angeles, California 90071 Tel: (213) 430-6000 Fax: (213) 430-6407 Email: jgurule@omm.com AND Peter Friedman, Esq. Matthew Kremer, Esq. Diana M. Perez, Esq. 1301 Avenue of the Americas, Suite 1700 New York, New York 10019 Tel: (212) 326-2000 Fax: (212) 326-2061 Email: pfriedman@omm.com mkremer@omm.com dperez@omm.com Debtors' Restructuring Advisor: PIVOT MANAGEMENT GROUP, LLC Debtor's Claims & Noticing Agent: STRETTO, INC. F-Star Socorro's Estimated Assets: $0 to $50,000 F-Star Socorro's Estimated Liabilities: $0 to $50,000 F-Star Socorro Holding Co.'s Estimated Assets: $50 million to $100 million F-Star Socorro Holding Co.'s Estimated Liabilities: $50 million to $100 million The petitions were signed by Lance Miller as chief restructuring officer. Full-text copies of two of the Debtors' petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/SBA7RDQ/F-Star_Socorro_LP__txsbke-25-90607__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/YM3BCGA/F-Star_Socorro_Holding_Co_LLC__txsbke-25-90630__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Armstrong Residential Trade Debt $6,145,132 Services LLC 6720 N. Scottsdale Rd., #212 Scottsdale, AZ 85253 Jon Armstrong Email: jon@acgarizona.com Karen Armstrong Karen@Acgarizona.Com 2. Xbuilt LLC Trade Debt $3,233,921 3317 S. Higley Rd., Ste. #147 Gilbert, AZ 85297 Derek Richey Email: info@xbuiltroofing.com 3. The Ritz-Carlton Hotel Trade Debt $2,196,804 Company, LLC 7750 Wisconsin Ave. Bethesda, MD 20814 James Last Email: james.last@marriott.com 4. Ever-Ready Glass Commercial Trade Debt $1,302,653 2525 E. Indian School Rd. Phoenix, AZ 85016 Randy Maddux Email: randy@Ever-readyglass.com 5. Purchasing Management Int'l LP Trade Debt $915,630 5080 Spectrum Dr., Ste. 300E Addison, TX 75001 Carl Long Email: clong@pmiconnect.com 6. Theater X LLC Trade Debt $889,945 14825 N. 82nd St., #C Scottsdale, AZ 85260 Brent Ptacek Email: brent@theaterx.com 7. Highborn Cabinetry, LLC Trade Debt $482,624 2525 W. Coronado Rd. Phoenix, AZ 85009 Bill Roach Email: bill.roach@highborncabinetry.com 8. Marin Glass Design Trade Debt $323,090 9035 E. Pima Center Pkwy., Ste. 1 Scottsdale, AZ 85258 Warren Hunter Email: warren@maringlassdesign.com 9. Arizona Restaurant Supply Trade Debt $164,738 6077 N. Travel Ctr. Dr. Tucson, AZ 85741 Dave Ogden Email: david@azrestaurantsupply.com 10. BBGM (Monogram) Trade Debt $163,069 1825 K Street NW, Ste. 300 Washington, DC 20006-1202 Heather Chilton Email: heather.chilton@monogram.bbgm.com 11. The Doyle Firm, P.C. Professional $157,067 11811 N. Tatum Blvd., Ste. 2900 Services Phoenix, AZ 85028-1603 Marisa Hernandez Email: mhernandez@doylelawgroup.com 12. Ambition Air Conditioning Trade Debt $153,634 437 S. 48th St., Ste. 101 Tempe, AZ 85281 Mouad Boumerzoug Email: info@ambitionac.com 13. Pro Classic Trade Debt $146,540 15918 Cerca Blanca Dr. Houston, TX 77083 Omar Lopez Email: omar404059@yahoo.com 14. Look Electric Trade Debt $139,095 6825 S. Hardy Dr., Ste. 108 Tempe, AZ 85283 Eric Boudreau Email: eric.boudreau@lookelectric.com 15. Procore Technologies, Inc. Trade Debt $117,775 2975 Regent Blvd, Ste. 100 Irving, TX 75063 Billing Department Email: billing@procore.com 16. Rich Interiors Trade Debt $110,498 2851 W. Fairmount Ave., Ste. C Phoenix, AZ 85017 Justin Rich Email: justin@richinteriorinc.com 17. Kortman Inc Trade Debt $97,713 4710 E. Elwood St., Ste. 15 Phoenix, AZ 85040 Ken Kortman Email: ken@kortmaninc.com 18. ISEC Incorporated Trade Debt $87,928 6000 Greenwood Plaza, Ste.200 Greenwood Village, Co 80111 Kenneth Bring Email: ksbring@isecinc.com 19. Proform Concrete Trade Debt $71,277 1667 S. 141st Pl. Gilbert, AZ 85295 Jeff Lampson Email: jrl.proformconcrete@hotmail.com 20. Triad Steel Service Trade Debt $68,914 2501 W. Behrend Dr., Ste. 21 Phoenix, AZ 85027 Anastasia Ochs Email: invoices@triadsteel.com 21. Ariz-Son Concrete Trade Debt $68,157 Po Box 11585 Phoenix, AZ 85061 Luis Guzman Email: luis.guzman@arizson.com 22. Olympic West Fire Protection Trade Debt $62,721 128 S. River Drive Tempe, AZ 85281-3011 Taylor Koziminski Email: taylor@olympicwestfire.com 23. Sherwood Welding Trade Debt $62,272 260 E. Comstock Dr. Chandler, AZ 85225 Josh Nelson Email: josh@sherwoodwelding.com 24. Burpees/Blood, Sweat & Tears Trade Debt $52,233 Construction LLC 11375 W. Monsoon Trl. Tucson, AZ 85743 Mike Burpee Email: burpeesplumbing@gmail.com 25. Quality Stucco Corporation Trade Debt $44,932 1346 N. 66th Pl. Mesa, AZ 85205-4924 Jim Gordon Email: jim@qualitystucco.net 26. Norcon Industries, Inc. Trade Debt $42,830 5412 E. Calle Cerritos Guadalupe, AZ 85283 Gilber Angel Email: gilberta@norconindustries.com 27. Wang Electric Systems Trade Debt $39,158 4107 E. Winslow Ave., Ste. C Phoenix, AZ 85040 Nils Wang Email: nils@wangelectric.com 28. Wallpaper & More Interiors Trade Debt $33,086 13540 W. Camino Del Sol, #2 Sun City West, AZ 85375 Dylan Johns Email: info.wallpapernmore@gmail.com 29. Nalco Company LLC Trade Debt $32,643 Po Box 730005 Dallas, TX 75373-0005 Stephanie Ponce-Cardenas Email: getpaid.na@ecolab.com 30. Milling Machinery Inc Trade Debt $31,272 1042 S. Lewis Mesa, AZ 85210 Jason Barnes Email: jason@mmiindustrial.com FABS RESTAURANT: Soneet Kapila Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Soneet Kapila of Kapila Mukamal as Subchapter V trustee for Fabs Restaurant Group, Inc. Mr. Kapila will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kapila declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Soneet R. Kapila Kapila Mukamal 1000 South Federal Highway, Suite 200 Fort Lauderdale, FL 33316 Tel: (954) 761-1011 Email: skapila@kapilamukamal.com About Fabs Restaurant Group Inc. Fabs Restaurant Group, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23002) on October 31, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Robert A. Mark presides over the case. Diego Mendez, Esq., represents the Debtor as legal counsel. FIRST BRANDS: Former CEO Seeks Court OK to Release Frozen Funds --------------------------------------------------------------- Jonathan Randles and Steven Church of Bloomberg News report that Patrick James, the former CEO of First Brands Group, has experienced a dramatic reversal of fortune in just over a month. Once at the helm of the auto-parts manufacturer, he is now embroiled in litigation over alleged misuse of hundreds of millions of dollars for personal luxury purchases, including supercars and high-end real estate. The situation is expected to reach a pivotal point Monday, November 10, 2025, in Houston, where James' attorneys will request the release of bank accounts and other assets that were frozen last week. The freeze resulted from a lawsuit brought by the company's new management team, accusing James of improper financial conduct during his tenure, according to report. Previously a little-known executive, James' name is now widely recognized following revelations about First Brands' financial collapse. The company's bankruptcy exposed a roughly $10 billion liability to creditors, highlighting the scale of the dispute and the stakes of the court's impending decision, the report states. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Wilmington Savings Fund Society, FSB, as DIP agent, is represented by Jeffery R. Gleit, Esq., and Matthew R. Bentley, Esq., at ArentFox Schiff, LLP, in New York; and Eric J. Fromme, Esq., in Los Angeles, California. FLINZ HOLDINGS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Flinz Holdings LLC The Gallery of Lights 2900 Gilmer Road Longview TX 75604 Business Description: Flinz Holdings LLC, doing business as The Gallery of Lights, operates a retail showroom in Longview, Texas, offering lighting fixtures, ceiling fans, patio furniture, and decorative hardware. The Company serves residential and commercial customers across East Texas with products for indoor and outdoor applications. It also provides lighting design consultation through its in-house team. Chapter 11 Petition Date: November 4, 2025 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 25-60738 Debtor's Counsel: Marc Salitore, Esq. SALITORE LAW PLLC 1400 W. Southwest Loop 323, Suite 50, MB 1012 Tyler, TX 75251 Tel: 903-765-8030 Email: marc@salitorelaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Olumide Samson as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AJCHMMI/Flinz_Holdings_LLC__txebke-25-60738__0001.0.pdf?mcid=tGE4TAMA FRANKLIN LAGERS: Hires Steidl and Steinberg as Legal Counsel ------------------------------------------------------------ Franklin Lagers and Ales, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Christopher M. Frye of Steidl and Steinberg, P.C. to serve as its legal counsel. Mr. Frye will perform all of the legal services required in connection with the Debtor's Chapter 11 case. Mr. Frye will receive an hourly rate of $350, plus expenses. A retainer totaling $5,000 (plus the filing fee of $1,738) was paid by the Debtor to counsel prior to the filing of the Chapter 11 case. Christopher M. Frye and Steidl and Steinberg, P.C. are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Christopher M. Frye, Esq. Steidl and Steinberg, P.C. 2830 Gulf Tower, 707 Grant Street Pittsburgh, PA 15219 Telephone: (412) 391-8000 About Franklin Lagers and Ales, LLC Franklin Lagers and Ales, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-23000) on November 4, 2025. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Steidl and Steinberg, P.C. is Debtor's legal counsel. FRONTIERSMEN INC: Seeks to Extend Exclusivity to February 9, 2026 ----------------------------------------------------------------- Frontiersmen Inc. asked the U.S. Bankruptcy Court for the Northern District of Indiana to extend its exclusivity periods to file a plan of liquidation to February 9, 2026. The Debtor closed on the of the building and proceeds were just distributed pursuant to the Order to Compromise. The Debtor's counsel is now in receipt of remaining funds from the building sale to distribute. Until receipt of the building sale proceeds, the Debtor did not have sufficient information to advise creditors on their treatment in a plan. The Debtor explains that it is in need of additional time to review claims prior to submitting a plan, including one extraordinary claim of the IRS. The Debtor claims that it must hire an accountant to review the IRS claim. The Debtor was reluctant to hire an accountant before the building sale closed, as the Debtor wanted to be respectful of the estate funds and did not wan to incur professional fees without knowing how large the estate is and what can be distributed. In addition, as a result of the current government shutdown, it is presumed that engaging in discussions with the IRS about their claim will likely not occur. The Debtor asserts that the interests of all parties are best served by allowing the Debtor an extension of time for the exclusivity period so as to be able to submit a feasible plan of liquidation. Frontiersmen Inc., is represented by: Jeffrey M. Hester, Esq. Hester Baker Krebs LLC Suite 1330 One Indiana Square Indianapolis, IN 46204 Telephone: (317) 608-1129 Facsimile: (317) 833-3031 Email: jhester@hbkfirm.com About Frontiersmen Inc. Frontiersmen Inc., doing business as Funk's Frontiersmen, is a seed company based in Kentland, Indiana. Founded in 1979, the family-owned business provides hybrid corn and soybean varieties tailored for local agricultural needs. Frontiersmen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-40144) on May 13, 2025. In its petition, the Debtor reports total assets of $296,040 and total liabilities of $6,972,465. The Debtors are represented by Jeffrey Hester, Esq. at HESTER BAKER KREBS LLC. GENESIS HEALTHCARE: Seeks to Extend Exclusivity to Feb. 4, 2026 --------------------------------------------------------------- Genesis Healthcare, Inc., and its affiliates asked the U.S. Bankruptcy Court for the Northern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 4, 2026 and April 6, 2026, respectively. This is the Debtors' first request for an extension of their Exclusive Periods and the Debtors submit that the relevant factors strongly weigh in favor of an extension of the Exclusive Periods. The Debtors explain that the Chapter 11 Cases are sufficiently large and complex to warrant the requested extension of the Exclusive Periods. There are 299 Debtors involved in the Chapter 11 Cases, which met the requirements for and were designated as complex cases. Certain of the Debtors operate approximately 175 skilled nursing facilities across the United States and are responsible for the care of more than 15,000 residents at those facilities. As noted, the Debtors are scheduled to participate in mediation with the Committee, certain of their secured lenders, and the proposed stalking horse bidder next week, with the goal of reflecting the terms of any settlement reached through mediation efforts in their proposed chapter 11 plan. Once filed, the Debtors will then need to seek authority to solicit the same, which will require mailing and tabulating thousands of solicitation packages to voting creditors. Thus, the Debtors submit that the size and complexity of the Chapter 11 Cases weigh in favor of granting the requested extension of the Exclusive Periods. The Debtors claim that since the Petition Date, the Debtors and their professionals have focused much of their time, energy, and resources on administering the Chapter 11 Cases in the ordinary course of business, marketing their assets for sale, and negotiating with vendors and other creditors, including the Committee. The extension of the Exclusive Periods will ensure that the Debtors have a full and fair opportunity to continue to revise, amend, and file their proposed plan and disclosure statement as necessary without the distraction, cost, and delay of a competing plan process. The Debtors cite that they have made and will continue to make timely payments on their undisputed post-petition obligations in the ordinary course, meaning that the requested extension of the Exclusive Periods will not prejudice the legitimate interests of post-petition creditors. As such, this factor also weighs in favor of extending the Exclusive Periods. The Debtors believe that they have reasonable prospects for proposing, confirming, and consummating a viable chapter 11 plan following the conclusion of mediation before Judge Hale. The Debtors are currently in the process of drafting a proposed chapter 11 plan and disclosure statement and intend to engage with various key stakeholders in advance of and/or following its filing with the goal of obtaining consensus across constituencies. Accordingly, the Debtors believe that this factor weighs in favor of extending the Exclusive Periods. The Debtors assert that they currently face hundreds, if not thousands, of unresolved personal injury, wrongful death, and other tort claims filed by current and former residents of their facilities (or representatives thereof), for which the Debtors have proposed unliquidated claims procedures. The existence of such unresolved contingencies weighs in favor of granting the requested extension of the Exclusive Periods. The Debtors further assert that termination of the Exclusive Periods, particularly at this stage of the Chapter 11 Cases, would adversely impact the Debtors' efforts to preserve and maximize the value of their estates and would further complicate the progression of the Chapter 11 Cases. The bid deadline, auction, sale hearing, and mediation all fall after the expiration of the Exclusive Filing Period, meaning that termination as currently contemplated will only serve to prejudice the Debtors. Moreover, such termination may disincentivize creditors from negotiating with the Debtors in connection with the proposed plan and disclosure statement that the Debtors intend to file in the coming weeks. The proposal and solicitation of any competing plan would greatly complicate and increase the cost of administering the Chapter 11 Cases, further justifying the requested extension of the Exclusive Periods. Counsel for the Debtors: Marcus A. Helt, Esq. Jack G. Haake, Esq. Grayson Williams, Esq. MCDERMOTT WILL & EMERY LLP 2801 N. Harwood Street, Suite 2600 Dallas, Texas 75201-1574 Tel: (214) 295-8000 Fax: (972) 232-3098 Email: mhelt@mwe.com jhaake@mwe.com gwilliams@mwe.com - and - Daniel M. Simon, Esq. Emily C. Keil, Esq. William A. Guerrieri, Esq. MCDERMOTT WILL & EMERY LLP 444 West Lake Street, Suite 4000 Chicago, Illinois 60606 Tel: (312) 372-2000 Fax: (312) 984-7700 Email: dsimon@mwe.com ekeil@mwe.com wguerrieri@mwe.com About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. The U.S. Trustee also appointed: -- Melanie Cyganowski of Otterbourg, PC as patient care ombudsman for the healthcare facilities listed at https://is.gd/uSxEBx She tapped Otterbourg as her counsel. -- Susan Goodman of Pivot Health Law as PCO for the healthcare facilities listed at https://is.gd/M5zlls She is represented by Kane Russell Coleman Logan PC as counsel. -- Suzanne Koenig of SAK Healthcare as PCO for the healthcare facilities listed at https://is.gd/qv5SwV She is represented by Greenberg Traurig, LLP, as counsel. SAK Management Services, LLC d/b/a SAK Healthcare serves as her medical operations advisor. Brown Rudnick LLP and Stutzman, Bromberg, Esserman, & Plifka, PC represent an ad hoc group of holders of personal injury and wrongful death claims. Whitaker Chalk Swindle & Schwartz represents a personal injury claimant and six wrongful death claimants. GROFF TRACTOR: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Groff Tractor Mid Atlantic, LLC and its affiliates. The committee members are: 1. Advance Tire Inc. c/o Jerry S. Bruner 1000 Rike Drive Millstone, NJ 08535 (800) 445-6647 Jerrys@advancetires.com 2. Craig Manufacturing USA, Inc. c/o Sean MacLeod 408 Commerce Way Ethredge, TN 38456 (506) 328-5395 smacleod@craigattachments.com 3. Eck & Glass, Inc., operating as Assurant Commercial Equipment c/o Brad Wilkes 850 Ridge Lake Bldv., Suite 101 Memphis, TN 38120 (305) 724-6211 Brad.Wilkes@assurant.com 4. JIID, Inc. c/o David J. Loudon 100 Julian Lane Bear, DE 19701 (302) 836-0414 klatch@jjid.com 5. Rob's Automotive and Collision Center Kathy Krieger 2700 Veterans Hwy Route 413 Bristol, PA 19007 (215) 826-9200 KathyK@robstowing.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Groff Tractor Mid Atlantic Groff Tractor Mid Atlantic, LLC and subsidiaries operate a network of construction equipment dealerships serving the Mid-Atlantic region of the United States. The company sells, rents, and services heavy and compact construction machinery, offering parts and attachments for brands such as Wirtgen, Hamm, Vogele, Transtech, Thunder Creek, John Deere Equipment, and TopCon. Groff Tractor Mid Atlantic sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-90010) on October 14, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Joshua N. Eppich, Esq., at Bonds Ellis Eppich Schafer Jones, LLP. HANNA JESIONOWSKA: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Hanna Jesionowska Practice LLC 159 East 74th Street Unit 1 New York NY 10021 Business Description: Hanna Jesionowska Practice LLC operates a medical practice specializing in obstetrics and gynecology at 159 East 74th Street, Unit 1, New York, serving patients in the area. Chapter 11 Petition Date: November 7, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12501 Debtor's Counsel: Leo Fox, Esq. LAW OFFICE OF LEO FOX, ESQ. 630 Third Avenue - 18th Floor New York, New York 10017 Tel: 212-867-9595 E-mail: leo@leofoxlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Hanna Jesionowska as manager and sole member. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KHJS7RQ/Hanna_Jesionowska_Practice_LLC__nysbke-25-12501__0001.0.pdf?mcid=tGE4TAMA HEART 2 HEART: Hires Simmerman Law Office as Legal Counsel ---------------------------------------------------------- Heart 2 Heart Volunteers Inc. d/b/a Serenity Hills Life Center seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Simmerman Law Office, PLLC as its special litigation counsel. The firm will assist the Debtor in its continued litigation in the action of Heart 2 Heart Volunteers, Inc. v. Department of Health and Human Resources, et al., currently pending before the Circuit Court of Ohio County, West Virginia, Case No. CC-25-2024-C-52. Simmerman Law Office has agreed to continue providing services to the Debtor to pursue the pre-existing case and address any additional litigation needs that may arise. Simmerman Law Office was originally retained on a contingent basis on March 15, 2024, with no fees owed unless there is a recovery. No compensation will be paid except upon compliance with the Bankruptcy Code and approval by the Court after notice and hearing. The Debtor currently owes zero dollars for pre-petition services. As disclosed in court filings, Simmerman Law Office has no interests adverse to the Debtor, the estate, the U.S. Trustee, or any creditors, and is a disinterested person under sections 101(14), 327, and 2014 of the Bankruptcy Code. The firm can be reached through: Simmerman Law Office, PLLC 254 E Main Street Clarksburg, WV 26301 About Heart 2 Heart Volunteers Inc. Heart 2 Heart Volunteers Inc., doing business as Serenity Hills Life Center, operates three addiction recovery centers and treatment facilities. Heart 2 Heart Volunteers sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00087) on February 27, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge David L. Bissett oversees the case. The Debtor is represented by Kirk B. Burkley, Esq., at Bernstein-Burkley, P.C. Deborah L. Fish is the patient care ombudsman appointed in the Debtor's Chapter 11 case. HILTS LOGGING: Unsecureds to Get 5 Cents on Dollar in Plan ---------------------------------------------------------- Hilts Logging & Excavating, LLC, filed with the U.S. Bankruptcy Court for the Northern District of New York a Plan of Reorganization for Small Business dated November 3, 2025. The Debtor is a limited liability company. Since 2007, the Debtor has been in the business of logging and excavating, including cutting and selling timber and digging ponds, foundations, etc. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $4,487.38 The final Plan payment is expected to be paid on January 1, 2031. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 5 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 5 consists of Non-priority unsecured creditors. Unsecured creditors will receive a total of $22,684.46 which will be distributed pro rata to all allowed unsecured claims. Debtor will pay a total of $ 378.07 per month to be distributed to unsecured creditors pro rata. It is anticipated that this will yield approximately 5 cents on the dollar of all unsecured allowed claims. This Class is impaired. Equity interest holders shall receive 100% of the shareholder interests in the reorganized Debtor. The Plan will be implemented by the Debtor remitting payment to creditors from the Debtor's cash flow derived from income as indicated in the projections. Upon Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures, and equipment, will revert free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. A full-text copy of the Plan of Reorganization dated November 3, 2025 is available at https://urlcurt.com/u?l=IK6nTF from PacerMonitor.com at no charge. Counsel to the Debtor: Peter A. Orville, Esq. Orville & McDonald Law, P.C. 30 Riverside Drive Binghamton, NY 13905 Tel: (607) 770-1007 Fax: (607) 770-1110 About Hilts Logging & Excavating Hilts Logging & Excavating, LLC, specializes in logging services, including timber harvesting and land clearing, utilizing a range of heavy machinery for forestry operations. Hilts Logging & Excavating sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60199) on March 16, 2025. In its petition, the Debtor reported total assets of $612,385 and total liabilities of $1,404,316. Judge Patrick G. Radel handles the case. The Debtor tapped Orville & McDonald Law, PC as bankruptcy counsel and John Maya, Esq., as real estate counsel. IMPRIVATA INC: S&P Raises ICR to 'B', Outlook Stable ---------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Imprivata Inc. to 'B' from 'B-' and its issue-level rating on its first-lien credit facilities (term loan and revolving credit facility) to 'B' from 'B-'. The '3' recovery rating is unchanged. The stable outlook reflects S&P's view that Imprivata will continue to grow its top line above 10% while maintaining S&P Global Ratings-adjusted EBITDA around low-40% area and generate free cash flow (FCF) of more than $100 million over the next 12-24 months. Imprivata has steadily improved cash flow generation by expanding its operating margin and increasing its revenue, supported by resilient market demand for identity security solutions. S&P expects the increasing need for identity and access management (IAM) solutions will enable the company to continue to expand its scale and EBITDA. Imprivata has improved its cash flow generation due to strong industry tailwind in the IAM market, solid topline growth, and consistent retention rates. Imprivata has been growing its annual recurring revenue (ARR) and annual contract value billings (ACV) in the low-teen percentages since 2022. The company acquired new customers and cross-sold/upsold within its existing client base. The company's gross retention rate (GRR) and net retention rate (NRR) have demonstrated remarkable stability, consistently trending in the high 90% and 110% ranges, respectively, indicating a high degree of customer retention and expansion. This demonstrates a clear trend of deepening customer engagement, increased product adoption and wallet share gain. S&P believes Imprivata's strong brand recognition within the healthcare sector and the mission-critical nature of its product offerings, have contributed significantly to its recurring revenue stability and overall financial strength. Furthermore, while the company continues to benefit from the IAM market tailwind, management has also demonstrated efficiency gains in its operating expenses (mostly in the research and development, and general and administrative categories), achieved through strategic talent optimization ("doing more with less headcount") and the integration of AI technologies. The consistent trend of improving business fundamentals has enabled Imprivata to expand profitability and cash flow generation over the last couple years. In 2024, the company generated over $50 million of reported FCF, mostly due to operating margin expansion and higher revenue. S&P expects it will continue to increase its FCF generation and assume S&P Global Ratings-adjusted EBITDA margins will remain in the low-40% area (absent any significant adverse events such as major topline underperformance, integration challenges, or one-time expenses). Imprivata's niche focus in health care provides competitive advantages and pricing flexibility. Imprivata's strategic focus on specialized workflows within the healthcare industry provides a distinct competitive advantage, contributing to its resilience and pricing power. The company's products are specifically designed to address the unique IAM requirements of health care settings, including shared device usage, badge taps, single-sign-on solutions for clinical environments, and rapid access protocols. This niche specialization differentiates Imprivata from broader, more generic IAM providers. The healthcare vertical inherently exhibits higher customer stickiness compared to other sectors due to stringent compliance and regulatory requirements, such as HIPAA, patient data access protocols, and device security mandates. This regulatory landscape creates a barrier to entry for competitors and makes it relatively more difficult for health care organizations to switch to alternative IAM solutions. While the company's focused approach could potentially limit expansion into non-healthcare verticals, S&P believes health care IAM is poised for accelerated growth within the broader IAM market. The increasing prevalence of cyberattacks and the unique characteristics of the health care industry create significant tailwinds for Imprivata's long-term growth prospects. Health care consistently ranks among the top three industries targeted by cyberattacks, alongside technology and manufacturing, highlighting the vulnerability of sensitive patient data. The need for robust identity and access management solutions is therefore paramount. Moreover, the proliferation of devices within health care workflows – including medical devices, remote monitoring systems, and shared devices – necessitates seamless and secure access management capabilities. These factors, combined with the inherent sensitivity of patient information and the regulatory scrutiny surrounding its protection, create a compelling case for continued investment in IAM solutions within the health care sector. Industry forecasts from IDC project a robust 16%-18% growth rate for the overall IAM market between 2025 and 2029, and we believe health care IAM will outpace this growth due to the increasing sensitivity of patient data and the evolving regulatory landscape. The degree to which Imprivata's solutions are mission-critical also allows for a greater tolerance for price increases, further bolstering its financial flexibility and competitive positioning. The company's ability to adapt to emerging threats and regulatory changes will be crucial to maintaining its competitive advantage. S&P said, "We expect deleveraging via EBITDA and FCF expansion will continue over the next 12 months. Assuming no major debt-funded acquisitions, we expect Imprivata's S&P Global Ratings' adjusted leverage to decrease to about 6.0x at the end of 2025 and to low-5x in 2026, from 6.7x in 2024. This is supported by our expectation that Imprivata will continue to grow in the low-teen percentage area and its S&P Global Ratings-adjusted EBITDA margin will remain in the low-40% area. Our leverage calculation now excludes Imprivata's class A units from adjusted debt under our new controlling shareholder financing criteria. "Our rating assessment for this upgrade is not predicated on the change in our treatment of the class A preferred units in our adjusted debt calculation. The key factor for the upgrade is our improved forecast for revenue, profitability, and most importantly cash flow. The company outperformed our prior forecast for 2024 cash flow by more than $30 million, and we increased our forecast for 2025 and 2026 by nearly $50 million and $75 million, respectively. "We expect EBITDA growth and lower cash interest expenses (due to recent repricing activity and favorable trend in the current rate environment) to enhance FCF generation to over $100 million over the next 12-24 months. We also expect free operating cash flow (FOCF) to debt will improve to about 7% at the end of 2025 and to high-single-digit percent area in 2026, from about 4% in 2024. Our expectation of growing FCF generation and its solid liquidity position (over $150 million in cash balance and full availability of its $100 million revolver, as of June 30, 2025) will be adequate for the company to continue servicing debt payments and potentially undertake tuck-in acquisitions without the need of raising new debt. We anticipate continued investment in research and development and opportunistic tuck-in acquisitions will help Imprivata to maintain its technological edge and address emerging threats, which will be factored into our ongoing assessment of the company's financial performance and credit profile. "The stable outlook on Imprivata reflects our expectation it will continue to grow its ACV billings in at least the low-teen percent area while maintaining S&P Global Ratings-adjusted EBITDA margins around low-40%. We believe the company will continue to benefit from market tailwind within the IAM market (especially in the health care vertical) and be able to generate FCF of more than $100 million over the next 12-24 months." S&P could lower its rating on Imprivata if: -- Its performance is worse than expected because of economic downturns or increasing competitive pressure; -- Business execution or acquisition integration missteps lead to lower retention and profitability deterioration such that S&P believes FOCF to debt is trending to 1%-3% on a sustained basis; or -- It pursues significant debt-financed acquisitions or increased shareholder returns that cause its S&P Global Ratings--adjusted leverage to exceed 7x for an extended period. S&P could raise the rating on Imprivata if: -- Its credit metrics improve such that its S&P Global Ratings-adjusted leverage is sustained below 5x and the FOCF-to-debt ratio is above 8%-10%; and -- Its financial sponsor commits to a financial policy of maintaining credit metrics at those levels. INSPIREMD INC: Net Loss Widens to $12.7 Million in Fiscal Q3 ------------------------------------------------------------ InspireMD, Inc. announced financial and operating results for the third quarter and nine months ended September 30, 2025. Recent Business Highlights: * Initiated U.S. commercial launch of the CGuard Prime carotid stent system * Completed over 100 U.S. carotid procedures across leading hospitals * Strengthened leadership team with the appointment of Peter A. Soukas, M.D., as Chief Medical Officer * Appointed Dan Dearen to the Board of Directors as audit committee chairman bringing valuable experience to InspireMD Marvin Slosman, CEO of InspireMD, commented: "Our business demonstrated strong growth across all geographies in the third quarter of 2025. Over the last few months, our team executed our planned U.S. commercial launch of our CGuard Prime carotid stent system, which delivered measurable revenue in our initial commercial quarter in the United States. We continue to see strong demand for our solutions globally, validating our mission as we work to transform the carotid intervention market with a stent first approach." "Further, with the addition of $58 million in gross proceeds to our balance sheet, as announced in July, we are able to continue adding top-tier talent and executing our commercial rollout with intention, purpose, and stamina. We are entering a new era of growth, and I am confident that this team and technology can deliver immense value over the years ahead." Financial Results for the Third Quarter Ended September 30, 2025 * For the third quarter of 2025, total revenue increased by 39%, to $2.5 million as compared to $1.8 million during the same period of last year. * U.S. revenue for the third quarter was $497,000 and international revenue was $2.0 million. This increase was predominantly attributable to CGuard Prime revenue in the U.S., increased penetration of international markets with CGuard, and the favorable impact of changes in foreign exchange rates. * Gross profit (revenue less cost of revenues) for the third quarter of 2025 was $864,000 an increase of $450,000 compared to $414,000 for the third quarter of 2024. This increase in gross profit resulted from an increase in revenue and a favorable shift in sales mix towards higher margin revenue from the Company's U.S. commercial launch, partially offset by higher production variances and training costs. * Total operating expenses for the third quarter of 2025 were $13.9 million an increase of 57% compared to $8.9 million for the third quarter of 2024. This increase was primarily due to increases in headcount-related expenses as the Company continued to expand its U.S. personnel, particularly its commercial team, to drive the U.S. commercial launch of CGuard Prime. A second driver of the increase in operating expenses was occupancy and related infrastructure expense related to the establishment of the Company's U.S. headquarters. * Financial income, net for the third quarter of 2025 was $343,000, a decrease of 40% compared to financial income of $572,000 for the third quarter of 2024. This decrease was primarily due to a $118,000 decrease in financial income from investments in marketable securities and money market funds and a $104,000 increase in financial expenses related to changes in exchange rates. * Net loss for the third quarter of 2025 was $12.7 million or $0.17 per basic and diluted share, compared to a net loss of $7.9 million or $0.16 per basic and diluted share, for the same period in 2024. * As of September 30, 2025, cash and cash equivalents and marketable securities were $63.4 million compared to $34.6 million as of December 31, 2024. A full-text copy of the Company's report filed on Form 8-K with the Securities and Exchange Commission is available at https://tinyurl.com/mr2rm9ra About InspireMD Headquartered in Tel Aviv, Israel, InspireMD, Inc. -- http://www.inspiremd.com/-- is a medical device company focusing on the development and commercialization of its proprietary MicroNet stent platform technology for the treatment of complex vascular and coronary disease. A stent is an expandable "scaffold-like" device, usually constructed of a metallic material, that is inserted into an artery to expand the inside passage and improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. Tel-Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2010, issued a "going concern" qualification in its report dated March 12, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and cash outflows from operating activities that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $33.34 million in total assets, $13.1 million in total liabilities, and $20.24 million in total stockholders' equity. INVENERGY THERMAL: S&P Lowers Sr. Debt Rating to 'BB-' on Upsizing ------------------------------------------------------------------ S&P Global Ratings lowered the rating on Invenergy Thermal Operating I LLC's (ITOI) senior secured credit facilities to 'BB-' from BB. Given the increased debt quantum, S&P also lowered the recovery rating to '2' (85%) from '1+' (100%), indicating substantial recovery in an event of default The stable outlook reflects that ITOI will continue to generate robust cash flow available for debt service (CFADS) over the next 12-24 months based on mostly contracted capacity via the Grays Harbor tolling agreement until 2027, cleared Pennsylvania-New Jersey-Maryland (PJM) capacity auctions, and St. Clair's long-term contract. ITOI is repricing and amending the terms of its senior secured credit facilities. The amendments include a contemplated upsize of the senior secured term loan B (TLB) by $100 million, in addition to a potential repricing of the credit spread to 2.75% - 3% from 3.5%. The proceeds of the upsize will fund a distribution to the sponsors in addition to paying the fees and expenses associated with the transaction. Other amendments include changing the leverage ratio definition, although the sweep thresholds remain the same. The upsize increases project leverage, reducing our forecast minimum debt service coverage ratio (DSCR) through asset life, including the post-TLB period. ITOI is the borrower under the term loan B, term loan C, and revolving credit facility. The ultimate owners of ITOI are Invenergy Clean Power LLC and Infrabridge Global Infrastructure Fund Platform, each with half of the holding company. ITOI wholly owns a 2.3-gigawatt (GW) portfolio of four operating gas-fired electricity power plants in three North American Electric Reliability Corp. regions. The portfolio comprises: -- Grays Harbor, a contracted 650-megawatt (MW) combined-cycle gas turbine (CCGT) plant in Washington (Mid-Columbia, Northwest Power Pool region) has a tolling agreement with Puget Sound Energy Inc. that runs until December 2027 with options to extend until March 2030. S&P expects Grays Harbor will account for about 60% of ITOI's cash flow. -- Nelson, a mostly merchant 609-MW CCGT in Illinois--Commonwealth Edison (ComEd) zone and PJM Interconnection region--has a power purchase contract with WPPI Energy for 15.6% of capacity until June 2037. S&P expects it to account for about 20% of ITOI's cash flow. -- NEX, co-tenant of Nelson, is a mostly merchant, 380-MW, dual-fueled, simple-cycle gas turbine with 951,780 gallons of fuel storage on site. S&P expects NEX to account for about 12% of ITOI's cash flow. -- St. Clair Power L.P., a fully contracted 654-MW CCGT in the Canadian province of Ontario, has a power purchase agreement (contract for differences) with the Independent Electric System Operator (IESO) that runs until April 2035, subject to an advanced gas path upgrade in late 2025. S&P expects St. Clair will contribute less than 10% of ITOI's cash flow. The downgrade reflects the project's increased leverage given debt upsizing. S&P said, "Given no corresponding increase in the forecast project cash flows through our assumed asset life (2025-2042), the upsizing has a negative effect on ITOI's DSCRs, which are now below the 1.80x trigger we had established for a 'BB' rating. Under our revised forecast, which incorporates the higher debt quantum and runs through the TLB period and beyond, we expect ITOI to maintain a minimum DSCR of around 1.65x versus about 2x projected previously. Of note, our minimum DSCR occurs in the post-TLB period, which is when we continue to model an amortizing debt repayment profile (sculpted to forecast project cash flows), which fully repays the debt by 2042. Our average DSCR during the TLB period is 2.9x, and we expect residual debt outstanding at TLB maturity of $430 million, versus $325 million previously. We also continue to include the $75 million of incremental debt capacity in our leverage calculations." ITOI's financial performance has remained on track since the refinancing earlier this year. To date, the portfolio has swept around $50 million of the original TLB issued amount, per our expectations. Additionally, as of August, EBITDA has exceeded budget by approximately $16 million, mainly driven by strong generation at Nelson (PJM) and higher spark spreads at St. Clair (the project receives distributions from St. Clair that are encumbered). S&P expects the portfolio to continue to perform well under its contracts, while also benefiting from the currently strong market dynamics in PJM, driven largely by an elevated capacity price environment. The stable outlook reflects that ITOI will generate robust cash flow available for debt service (CFADS) over the next 12-24 months based on mostly contracted capacity via the Grays Harbor tolling agreement until 2027, cleared Pennsylvania-New Jersey-Maryland (PJM) capacity auctions, and St. Clair's long-term contract. S&P said, "We forecast debt service coverage ratios (DSCR) above 2.5x during the term loan B period. Our minimum DSCR of 1.65x occurs during the post-TLB period. We estimate about $430 million of the term loan B will be outstanding at maturity in May 2032." S&P could lower its rating on ITOI's debt if a combination of these factors reduces minimum DSCRs to less than 1.35x on a sustained basis: -- Lower-than-expected operating performance of Grays Harbor, reducing capacity payments. -- Lower-than-expected realized energy margin or weaker demand from the rest of the merchant assets because of a less favorable market outlook. -- Increased leverage, which would weaken the portfolio's creditworthiness, absent mitigating factors. S&P said, "We cap the rating at the credit profile of St. Clair, where a bankruptcy filing would cause a cross-default and potential acceleration of the ITOI debt. We assess St. Clair's credit profile regularly. Meaningful deterioration could prompt us to lower the rating on the ITOI even with compensating improvements in other portfolio assets, although St. Clair's credit quality does not limit the rating at this stage. "Given the project's exposure to merchant risks and long dated uncertainties (asset life risk, secular changes in generation demand and supply, etc.), we believe a likely path to an upgrade will come from deleveraging. As such, we would require a minimum DSCR of at least 1.8x through the project life, including the post-TLB period." IROBOT CORP: Roomba Maker Runs Out of Cash, At Risk of Bankruptcy ----------------------------------------------------------------- Natalie Musumeci of Business Insider reports that for years, iRobot and its Roomba devices dominated the home-cleaning robotics market, pioneering technology that reshaped consumer expectations. Today, the once-dominant innovator is warning investors that it may be nearing bankruptcy, its financial struggles intensified by shrinking margins, mounting debt, and the collapse of its proposed sale to Amazon, according to the report. The Massachusetts-based company, a longtime leader in autonomous home devices, said in recent filings that it has exhausted nearly all strategic options after months of searching for a buyer. Its most recent suitor abandoned talks in October, offering a share price "significantly lower" than market value, leaving iRobot with few lifelines as it confronts a cash crunch, according to report. The setback follows Amazon's canceled $1.4 billion merger, which was expected to stabilize iRobot's finances and expand its global reach. Now, without fresh funding or a new investor, the company has cautioned it may have to scale back operations or pursue Chapter 11 protection to restructure debt and preserve its assets, the report states. Despite the uncertainty, iRobot maintains that it remains focused on operations and customer commitments through the holiday season. The company's fall from dominance underscores how a brand once synonymous with innovation is now fighting to survive in an increasingly competitive and cost-sensitive consumer electronics market, the report relays. About iRobot Corporation iRobot Corp. is a global consumer robot company that designs and builds robots that empower people to do more. With over 30 years of artificial intelligence and advanced robotics experience, it is focused on building thoughtful robots and developing intelligent home innovations that help make life better or millions of people around the world. iRobot's portfolio of home robots and smart home devices features proprietary technologies for the connected home and advanced concepts in cleaning, mapping and navigation. As of June 28, 2025, the Company had $480.32 million in total assets, $488.01 million in total liabilities, and total stockholders' deficit of $7.69 million. Boston, Massachusetts-based PricewaterhouseCoopers LLP, the Company's auditor since 1999, issued a "going concern" qualification in its report dated March 12, 2025, citing that the Company has a history of operating losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. J & L HOMES: Seeks to Hire Villa & White LLP as Bankruptcy Counsel ------------------------------------------------------------------ J & L Homes LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Villa & White LLP as counsel. The firm can be reached through: (a) assist and advise the Debtor relative to its operations as a debtor-in-possession, and relative to the overall administration of this Chapter 11 case; (b) represent the Debtor at hearings to be held before this Court and communicate with its creditors regarding the matters heard and the issues raised, as well as the decisions and considerations of this Court; (c) prepare, review, and analyze pleadings, orders, operating reports, schedules, statements of affairs, and other documents filed and to be filed with this Court by the Debtor or other interested parties in this Chapter 11 case; advise the Debtor as to the necessity, propriety and impact of the foregoing upon this Chapter 11 case; and consent or object to pleadings or orders on behalf of the Debtor; (d) assist the Debtor in preparing such applications, motions, memoranda, adversary proceedings, proposed orders and other pleadings as may be required in support of positions taken by the Debtor, as well as preparing witnesses and reviewing documents relevant thereto; (e) coordinate the receipt and dissemination of in formation prepared by and received from the Debtor and the Debtor's accountants, and other retained professionals, as well as such information as may be received from accountants or other professionals engaged by any official committee; (f) confer with the professionals as may be selected and employed by any official committee; (g) assist and counsel the Debtor in its negotiations with creditors, or Court appointed representatives or interested third parties concerning the terms, conditions, and import of a plan of reorganization and disclosure statement to be proposed and filed by the Debtor; (h) assist the Debtor with such services as may contribute or are related to the confirmation of a plan of reorganization in this Chapter 11 case; (i) assist and advise the Debtor in its discussions and negotiations with others regarding the terms, conditions, and security for credit, if any, during this Chapter 11 case; (j) conduct such examination of witnesses as may be necessary in order to analyze and determine, among other things, the Debtor's assets and financial condition, whether the Debtor has made any avoidable transfers of its property, and whether causes of action exist on behalf of the Debtor's estate; and (k) assist the Debtor generally in performing such other services as may be desirable or required pursuant to Sec. 1107 of the Bankruptcy Code. Morris White III, the primary attorney in this representation, will be billed at his hourly rates of $450. Mr. White disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Morris White III, Esq. Villa & White LLP 100 NE Loop 410 #615 San Antonio, TX 78216 Telephone: (210) 225-4500 Facsimile: (210) 212-4649 Email: treywhite@villawhite.com About J & L Homes LLC J& L Homes LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52338) on October 4, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. The petition was signed by Luis Acosta, manager. Morris E. "Trey" White, III, Esq. at Villa & White LLP represents the Debtor as counsel. JASS LLC: Section 341(a) Meeting of Creditors on November 24 ------------------------------------------------------------ On November 11, 2025, Jass LLC filed Chapter 11 protection in the District of Colorado. 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 November 24, 2025 at 01:00 PM at Telephonic Chapter 11: Phone 888-330-1716, Access Code 8602461#. About Jass LLC Jass LLC is a limited liability company. Jass LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No.25-17392) on November 11, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Gregory K. Stern, Esq. of Gregory K. Stern, P.C. JT MASONRY: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of New York entered a final order authorizing JT Masonry & Landscaping Inc. to use the cash collateral of Kapitus Servicing Inc. The final order authorized the Debtor to use cash collateral to fund operations in accordance with its budget and pay Kapitus $5,000 per month as adequate protection. As additional protection against any diminution in collateral value, Kapitus will be granted replacement liens on all of the Debtor's post-petition assets and proceeds in the same order and priority as its pre-bankruptcy liens. The creditor is also entitled to an allowed superpriority administrative expense claim. The final order is available at https://is.gd/P6pvif from PacerMonitor.com. The Debtor has two SBA loans totaling roughly $1.8 million, taken out in 2020 under the COVID Relief Act. In addition, the Debtor has several other alleged secured loans from merchant cash advance lenders. However, the Debtor disputes the validity of those claims, arguing that they are disguised high-interest loans with no perfected security interests and may be subject to legal challenge for being usurious. The Debtor believes that only SBA holds a valid, perfected security interest in its assets. About JT Masonry & Landscaping Inc. JT Masonry & Landscaping Inc. provides masonry and landscaping services for residential and commercial clients, operating primarily in Levittown, New York, and across Long Island. The Company offers services including stone and brick masonry, concrete work, patios, walkways, retaining walls, outdoor kitchens, pool installations, and landscape design. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-73235) on August 25, 2025. In the petition signed by Alfred Debatto, president, the Debtor disclosed $1,323,311 in assets and $3,721,370 in liabilities. Judge Alan S. Trust oversees the case. Heath S. Berger, Esq., at BFSNG Law Group, LLP, represents the Debtor as bankruptcy counsel. KAHN PROPERTY: Seeks to Hire Jaspan Schlesinger as Special Counsel ------------------------------------------------------------------ Kahn Property Owner, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Jaspan Schlesinger Narendran LLP as special litigation counsel. The firm will represent the Debtor in the FBE Tortious Interference Action and the Article 78 Proceeding. The firm will be paid at these rates: Partners $800 per hour Associates $550 per hour Paraprofessionals $325 per hour Steven Schlesinger, Esq., a partner of Jaspan Schlesinger Narendran LLP, assured the court that his firm does not represent or hold an interest adverse to the Debtor's estate. The firm can be reached through: Steven R. Schlesinger, Esq. Jaspan Schlesinger Narendran LLP 300 Garden City Plaza, 5th Floor Garden City, NY 11530 Tel: (516) 393-8220 Fax: (516) 393-8282 Email: sschlesinger@jaspanllp.com About Kahn Property Owner, LLC Kahn Property Owner, LLC owns a 22-acre estate at 135 West Gate Drive in Huntington, New York, located in the Gold Coast region of Long Island. The property includes Oheka Castle & Resort, a historic mansion that operates as a restaurant and catering venue hosting weddings, private parties, corporate functions, and other events. Kahn Property holds the real estate, while the Oheka Castle business is operated separately. Kahn Property Owner, LLC in Huntington, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 25-72946) on July 31, 2025, listing $92,813,057 in assets and $63,508,319 in liabilities. Kahn Associates LLC, the Debtor's member, signed the petition. Judge Louis A Scarcella oversees the case. LAMONICA HERBST & MANISCALCO, LLP serve as the Debtor's legal counsel. KARYOPHARM THERAPEUTICS: J. Wood Capital Holds 4.99% Equity Stake ----------------------------------------------------------------- J. Wood Capital Advisors, LLC and Jason Wood disclosed in a Schedule 13 (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of October, 14, 2025, they beneficially own 1,000,708 shares of Karyopharm Therapeutics Inc.'s Common Stock, $0.0001 par value (consisting of 784,802 shares directly held, plus 215,906 shares underlying warrants that are exercisable within the 4.99% blocker provision), representing 4.99% of the 15,926,939 shares of outstanding Common Stock. J. Wood Capital Advisors LLC may be reached through: Jason Wood, Chief Executive Officer 1820 Calistoga Road Santa Rosa, Calif. 95404 Tel: 415-577-5305 A full-text copy of J. Wood Capital's SEC report is available at: https://tinyurl.com/2wve6w7p About Karyopharm Therapeutics Karyopharm Therapeutics Inc. operates as an oncology-focused pharmaceutical company. The Company offers combination with dexamethasone as a treatment for patients with pretreated multiple myeloma, as well as provides single-agent and combination activity against a variety of human cancers. Karyopharm Therapeutics serves patients in the United States, Germany, and Israel. As of June 30, 2025, the Company had $104.88 million in total assets, $343.81 million in total liabilities, and $238.93 million in total stockholders' deficit. As of September 30, 2025, the Company had $96.23 million in total assets, $365.49 million in total liabilities, and $269.26 million in total equity. Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated February 19, 2025, citing that the Company has incurred significant operating losses since inception, expects to incur significant operating losses for the foreseeable future, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. KIRKBRIDE LAND: Seeks to Hire Allen Stovall Neuman as Attorney -------------------------------------------------------------- Kirkbride Land and Snow Management, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ Allen Stovall Neuman & Ashton LLP as attorneys. The firm's services include: a. advising the Debtor of its rights, powers, and duties as a debtor in possession in the continued operation of its business; b. advising and consulting on the conduct of the Case, including all legal and administrative requirements of a debtor in such a case; c. attending meetings and negotiating with the United States Trustee, representatives of the Debtor’s creditors, and other parties in interest; d. taking all necessary actions to protect and preserve the bankruptcy estate; e. preparing official forms, pleadings, and other documents in connection with the case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the bankruptcy estate; f. appearing before the Court and any appellate courts to represent the interests of the bankruptcy estate; and g. performing all other necessary legal services for the Debtor in connection with the prosecution of this Case. The firm will be paid at these discounted rates: Thomas R. Allen, Partner $360 Richard K. Stovall, Partner $360 Jim Coutinho, Partner $360 David Whittaker, Of Counsel $360 Andrew D. Rebholz, Associate $275 Other Attorneys Up to $275 Lindsey Corl (Legal Assistant) $100 Hannah Kittle (Legal Assistant) $100 The firm received a retainer in the amount of $16,123.15. David Whittaker, Esq., an attorney at Allen Stovall Neuman & Ashton, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David M. Whittaker, Esq. Andrew D. Rebholz, Esq. Allen Stovall Neuman & Ashton LLP 10 W. Broad St., Ste. 2400 Columbus, OH 43215 T: (614) 221-8500 F: (614) 221-5988 Email: whittaker@asnalaw.com Email: rebholz@asnalaw.com About Kirkbride Land and Snow Management Kirkbride Land and Snow Management LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 2:25-bk-53599) on August 18, 2025. In the petition signed by Angelia Kirkbride, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mina Nami Khorrami oversees the case. David Whittaker, Esq., at Allen Stovall Neuman & Ashton LLP, represents the Debtor as legal counsel. KLEOPATRA FINCO: Case Summary & 30 Largest Unsecured Creditors -------------------------------------------------------------- Lead Debtor: Kleopatra Finco S.a r.l. 46A, Avenue J.F. Kennedy Luxembourg, Luxembourg L-1855 Business Description: Kleopatra Finco S.a r.l., the lead filing entity in the Chapter 11 cases, is part of the Klockner Pentaplast global packaging group, which is ultimately controlled by a Luxembourg-based holding company. Founded in Montabaur, Germany in 1965, the group expanded internationally in the 1970s and currently operates 27 manufacturing plants across 16 countries with more than 5,000 employees. Klockner Pentaplast's operations are organized into two divisions -- Food Packaging and Pharma, Health & Protection and Durables -- offering products across seven portfolios including food packaging, medical devices, consumer packaging, labels, cards and graphics, and home building and construction, with recent efforts emphasizing recyclable and sustainable materials. Chapter 11 Petition Date: November 4, 2025 Court: United States Bankruptcy Court Southern District of Texas Twenty-five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Kleopatra Finco S.a r.l. (Lead Case) 25-90642 KPP Texas, LLC 25-90641 Infia Midco 1 Limited 25-90643 Infia Midco 2 Limited 25-90644 Klockner Pentaplast Verwaltungs GmbH 25-90645 Kleopatra Holdings 2 25-90646 Kleopatra Lux 2 S.a r.l. 25-90647 Kleopatra Senior Holdings GP S.a r.l. 25-90648 KP Holding GmbH & Co. KG 25-90649 Kleopatra UK Ltd 25-90650 KP Holding Verwaltungs GmbH 25-90651 Klockner Pentaplast Europe GmbH & Co. KG 25-90652 KP International Holding GmbH 25-90653 Klockner Pentaplast GmbH 25-90654 New Linpac LuxCo 2 S.a r.l. 25-90655 LINPAC Group Holdings Limited 25-90656 Klockner Pentaplast Limited 25-90657 LINPAC Holdings (Northern Europe) GmbH 25-90658 PICNAL FRANCE SAS 25-90659 Klockner Pentaplast of America, Inc. 25-90660 Linpac Packaging B.V. 25-90661 LINPAC Packaging Pravia SA 25-90662 LINPAC Packaging Holdings S.L.U. 25-90663 LINPAC Packaging Pontivy S.A.S. 25-90664 LINPAC Packaging Limited 25-90665 Judge: Hon. Christopher M Lopez Debtors' Co-Bankruptcy Counsel: John F. Higgins, Esq. Eric M. English, Esq. M. Shane Johnson, Esq. Megan Young-John, Esq. James A. Keefe, Esq. Joanna D. Caytas PORTER HEDGES LLP 1000 Main St., 36th Floor Houston Texas 77002 Tel: (713) 226-6000 Fax: (713) 226-6248 Email: jhiggins@porterhedges.com eenglish@porterhedges.com sjohnson@porterhedges.com myoung-john@porterhedges.com jkeefe@porterhedges.com jcaytas@porterhedges.com Debtors' Restructuring Counsel: Joshua A. Sussberg, P.C. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: joshua.sussberg@kirkland.com AND Chad J. Husnick, P.C. John R. Luze, P.C. Jeffrey T. Michalik, Esq. David R. Gremling 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: chad.husnick@kirkland.com john.luze@kirkland.com jeff.michalik@kirkland.com dave.gremling@kirkland.com Debtors' Investment Banker: PJT PARTNERS, INC. Debtors' Restructuring Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Claims and Noticing Agent: STRETTO Debtors' Tax Advisor: ERNST & YOUNG LLP Estimated Assets (on a consolidated basis): $1 billion to $10 billion Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion The petitions were signed by Marc Rotellas as authorized signatory. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4442SOA/Kleopatra_Finco_Sa_rl__txsbke-25-90642__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Eastman Chemical Company Trade Payable $7,885,507 200 South Wilcox Dr. Kingsport, TN 37660 United States Katzbergstrasse 1a Langenfeld, 40764 Germany Brad Lich Executive Vice President And Chief Commercial Officer Email: blich@eastman.com Phone: +1 (423) 229-2000 2. Honeywell International, Inc. Trade Payable $6,597,108 855 South Mint Street Charlotte, NC 28202 United States Riverview House, Harvey's Quay Limerick, V94 R3de Ireland Vimal Kapur Chairman And Chief Executive Officer Email: vimal.kapur@honeywell.com Phone: +1 (877) 841-2840 3. Kaneka Corporation Trade Payable $5,611,798 6250 Underwood Rd Pasadena, TX 77507 United States Katsunobu Doro Managing Executive Officer Email: katsunobu.doro@kaneka.co.jp Phone: +1 (281) 474-7084 Nijverheidsstraat 16 Westerlo, 2260 Belgium Koichi Nakamura Chief Executive Officer Email: koichi.nakamura@kaneka.be Phone: +32 14 25 78 00 4. Pricewaterhousecoopers Trade Payable $4,597,918 300 Madison Avenue New York, NY 10017 United States Colin Wittmer Chief Financial Officer Email: colin.e.wittmer@pwc.com Phone: +1 (646) 471 4000 Friedrich-Ebert-Anlage 35-37 Frankfurt/Main, 60327 Germany Stefan Fruhauf Chief Operating Officer And Chief Financial Officer Email: stefan.fruhauf@pwc.com Phone: +49 (69) 9585 0 5. KEM One Trade Payable $4,323,685 Siege Social Immeuble Le Quadrille 19, Rue Jacqueline Auriol Lyon, 69008 France Laurent Lenoir Interim Chief Executive Officer Email: laurent.lenoir@kemone.com Phone: +33 (0)4 69 67 72 00 6. PMC Organometallix, Inc. Trade Payable $4,301,636 1288 Route 73, Suite 401 Mount Laurel, NJ 08054 United States John Keating Executive Vice President Of Operations Email: jkeating@pmc-group.com Phone: +1 (855) 638 2549 7. Formosa Plastics Corporation Trade Payable $3,586,212 201 Formosa Dr Point Comfort, TX 77978 United States Ken Mounger Executive Vice President Email: kmounger@fpcusa.com Phone: +1 (361) 987-7000 8. J. B. Hunt Transport, Inc. Trade Payable $3,103,594 615 J.B. Hunt Corporate Drive Lowell, AR 72745 United States Shelley Simpson Chief Executive Officer Email: shelley.simpson@jbhunt.com Phone: +1 (479) 820-7511 9. Shintech, Inc. Trade Payable $2,941,092 3 Greenway Plaza, Suite 1150 Houston, TX 77046 United States Jerry Bradford Corporate Controller Email: jerrybradford@shin-tech.com Phone: +1 (713) 965-0713 10. Latham & Watkins LLP Trade Payable $2,707,730 99 Bishopsgate London, Ec2m 3XF United Kingdom Edward Barnett, Partner Email: edward.barnett@lw.com Phone: +44 20 7710 1000 11. DAS International Trade Payable $2,707,216 Recycling Solution Ltd 24 Rollesby Road King'S Lynn, Hardwick Industrial Estate, PE30 4LS United Kingdom Durlav Karki Chief Executive Officer Email: durlav@daspolymers.co.uk Phone: +44 16 0385 4581 12. The Dow Chemical Company Trade Payable $2,234,716 2211 H.H. Dow Way Midland, MI 48674 United States Jim Fitterling Chief Executive Officer Email: jrfitterling@dow.com Phone: +1 (989) 636-1000 23, Avenue Jules Rimet Saint Denis, 93200 France Industriestrasse 1 Rheinmunster, 77836 Germany Marco Ten Bruggencate President Of Dow Emeai Email: mtenbruggencate@dow.com Phone: +33 3 44 74 48 80 13. Alpek Polyester Trade Payable $2,218,057 7621 Little Ave, Suite 500 Charlotte, NC 28226 United States Jose Carlos Pons Chief Financial Officer Email: jpons@alpek.com Phone: +1 (704) 940-7500 14. Galata Chemicals, LLC Trade Payable $2,030,703 3 Second Street, Suite 307 Harborside Plaza 10 New Jersey, NJ 07302 United States Jamal Siddiqi Corporate Controller And Chief Financial Officer Email: jamal.siddiqi@galatachemicals.com Phone: +1 (609) 421-1040 Chemiestrasse 22 Lampertheim, 68623 Germany Sven Bachmann Managing Director Email: sven.bachmann@galatachemicals.com Phone: +49 6206 95 70 15. Kronos Worldwide, Inc. Trade Payable $2,013,793 5430 LBJ Freeway, Suite 1700 Dallas, TX 75240 United States Jim Buch Chief Executive Officer Email: jim.buch@Kronostio2.com Phone: +1 (972) 233-1700 Peschstrasse 5 Leverkusen, 51373 Germany Rainer Gruber Executive Vice President And Chief Manufacturing And Technology Officer Email: rainer.gruber@kronosww.com Phone: +49-214-356-0 16. Reagens S.P.A. Trade Payable $1,773,063 Via Codronchi, San Giorgio Di Piano Emilia-Romagna, 40016 Italy Giacomo Garofalo Managing Director Email: giacomo.garofalo@reagens-group.com Phone: +39 051 663 9111 17. 3T Logistics Ltd Trade Payable $1,626,751 4 Thorpe Grove Park Way Leicester, Le19 LSU United Kingdom Clare Capstick-Dale Chief Operating Officer Email: capstickdalec@3t-europe.com Phone: +44 (0) 116 2824 111 18. Infraserv Gmbh Und Co. Trade Payable $1,516,719 Kasteler Strasse 45 Wiesbaden, 65203 Germany Joachim Kreysing Managing Director Email: joachim.kreysing@infraserv.com Phone: +49 69 305-0 19. Emery Oleochemicals Trade Payable $1,242,991 4900 Este Avenue Cincinnati, OH 45232 United States Paul-Thomas-Strasse 56 Düsseldorf, 40599 Germany Min Chong Chief Executive Officer Email: min.chong@emeryoleo.com Phone: +1 (513) 762-2500 20. Vynova Belgium NV Trade Payable $1,201,767 H Hartlaan 21 Tessenderlo Limburg, 3980 Belgium Hans Mattheeuws Executive Vice President Finance Email: hans.mattheeuws@vynova-group.com Phone: +32 13 61 23 00 21. Reciclados Industriales Trade Payable $1,172,978 De Pravia S.L. Pol. Ind. Buenavista Cam. Al Matadero, 14 Pravia, Asturias, 33120 Spain Patricia Fernandez Ledo Managing Owner Email: patricia.ledo@Ledo.hr Phone: +34 620 622 902 22. Prezero Gestion Trade Payable $1,133,329 De Residuos, S.A. C. Dedalo, 2, San Blas-Canillejas Madrid, 28037 Spain Gonzalo Canete Chief Executive Officer Email: gonzalo.canete@prezero.es Phone: +34 959 242 732 23. Novapet, S.A. Trade Payable $1,042,967 Paseo Independencia, 21 Planta 3 Zaragoza, 50001 Spain Ricardo Monfil Torres Head Of Novapet Polymers Division Email: ricardo_torres@novapet.com Phone: +34 976 21 61 29 24. Borealis Trade Payable $935,934 Trabrennstr. 6-8 Vienna, 1020 Austria Daniel Turnheim Chief Financial Officer Email: daniel.turnheim@borealisgroup.com Phone: +43 1 22 400 300 25. Sulayr Recycling Pet Trays SL Trade Payable $905,722 Carretera Hernan Valle, Km 3,5, Autov A-92 (Sentido Almeria), Salida 303 Valle Del Zalabi, 18511 Spain Fran Martin Commercial Director Email: fran@sulayr.es Phone: +34 958 696 26. Exxon Mobil Corporation Trade Payable $874,101 22777 Springwoods Village Parkway Spring, TX 77389-1425 United States Kathryn Mikells Chief Financial Officer Email: kathryn.a.mikells@exxonmobil.com Phone: +1 800-582-3645 27. Lanxess Corporation Trade Payable $867,954 111 Ridc Park West Drive Pittsburgh, PA 15275-1112 United States Oliver Stratmann Chief Financial Officer Email: oliver.stratmann@lanxess.com Phone: +1 (412) 809-1000 28. A. Hartrodt Deutschland Trade Payable $836,985 Gmbh & Co. Hoegerdamm 35 Hamburg, D-20097 Germany Karl Greilich Chief Operating Officer Email: karl.greilich@hartrodt.com Phone: +49 40 2390-0 29. Totalenergies Trade Payable $820,549 1201 Louisiana Street, Suite 1800 Houston, TX 77002 United States Tour Coupole - 2 Place Jean Millier Paris La Defense Cedex, 92078 France Patrick Pouyanne Chief Executive Officer Email: patrick.pouyanne@totalenergies.com Phone: +1 (713) 483-5000 30. Mazuma Capital Corporation Trade Payable $761,630 274 West 12300 South Draper, UT 84020 United States Remington Atwood Chief Financial Officer Email: rematwood@onsetfinancial.com Phone: +1 (801) 816-0800 LAMUMBA INC: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California issued an interim order granting Lamumba Inc. authority to use cash collateral. The court authorized the Debtor to use the cash collateral of its secured creditors through November 19 to fund business operations. As adequate protection, the court ordered that the existing liens held by secured creditors on pre-bankruptcy cash collateral attach to post-petition receivables collected by the Debtor. The secured creditors are Tellone Mortgage Fund, Alameda County Treasury and Tax Collector, Structus Inc., and Southern Glazer's Wine and Spirits, LLC. As additional protection, Tellone Mortgage Fund will receive a monthly payment of $5,000. The next hearing is scheduled for November 19. Any oral opposition will be made at the hearing About Lamumba Inc. Lamumba Inc. -- geoffreyslive.com -- doing business as Geoffrey's Inner Circle, is an entertainment venue and nightclub located in Oakland, California that offers live music, events, and dining experiences. Lamumba sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41554) on August 26, 2025. In its petition, the Debtor report ED estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Michael Jay Berger, Esq. at Law Offices Of Michael Jay Berger. LIFE CENTER: Seeks to Hire Heller Draper & Horn LLC as Counsel -------------------------------------------------------------- Life Center Full Gospel Baptist Cathedral Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ 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 herein; 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. Heller Draper's standard hourly rates are: Douglas S. Draper $600 Leslie A. Collins $525 Greta M. Brouphy $475 Michael E. Landis $425 Paralegals $200 The firm received $10,000 from 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 Life Center Full Gospel Baptist Cathedral Inc. Life Center Full Gospel Baptist Cathedral Inc. operates as a religious organization providing worship services and community programs within the Baptist denomination. Life Center Full Gospel Baptist Cathedral Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-12353) on October 20, 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 Michael Landis, Esq. of HELLER, DRAPER & HORN, LLC. LUCA MARIANO: Plans Chapter 11 Filing ------------------------------------- Janet Patton of Lexington Herald Leader reports that Luca Mariano Distillery plans to enter Chapter 11 bankruptcy on or before November 14, 2025, expanding an ongoing insolvency case that already includes its property owner, LMD Holdings. The Boyle County-based start-up has been idle for months, and attorneys told a Michigan bankruptcy court that a sale process for both the distillery and LMD Holdings could begin within 120 days of the new filing, according to the report. The companies also intend to bring in restructuring specialist David Baker of Aurora Management Partners as chief restructuring officer. Aurora, which is currently overseeing Garrard County Distilling as receiver, is expected to help steer the restructuring of Luca Mariano’s assets. LMD Holdings, in Chapter 11 since July, is preparing to file its reorganization plan, though its timeline has sparked tensions with main creditor SummitBridge. The investment firm objected to LMD’s request for more time, alleging that the company has failed to communicate about potential sale efforts. The bankruptcy court will address the dispute at a November 14 hearing. The distillery’s owner, Francesco Viola, has previously said he hoped to revive the Danville operation, but that goal is now uncertain. LMD Holdings’ bankruptcy filing this summer came as a Kentucky court was poised to appoint a receiver and order a sale to resolve millions in construction-related liens. The company holds title to the distillery’s land, while court records show the distillery itself owns more than 6,000 barrels of bourbon aging on the site. According to court documents, LMD Holdings owes roughly $33 million to creditors including SummitBridge, Farm Credit, and several contractors. Viola said his intention in seeking bankruptcy was to "maximize the value of the assets for all stakeholders." The filing comes amid broader distress in Kentucky’s bourbon industry, where shrinking domestic demand and declining exports have hit producers hard. Other distilleries, such as Garrard County and Whiskey House of Kentucky, are facing similar financial turmoil. About Luca Mariano Distillery Luca Mariano Distillery crafts Kentucky Straight Bourbon and Rye whiskey following a "farm-to-bottle" approach. It was founded and owned by Francesco "Frank" Viola. LZA REAL PROPERTIES: Lease Revenue & Sale Proceeds to Fund Plan --------------------------------------------------------------- LZA Real Properties West, LLC, filed with the U.S. Bankruptcy Court for the Western District of Texas a Disclosure Statement in support of Plan of Reorganization dated November 3, 2025. The Debtor is a Texas limited liability company. Lynn Z. Antoniono is the managing member and owns 100% of the membership interest in Debtor. The Debtor owns and operates a 4.13-acre tract of commercial real property located at 2455 FM 2920, Spring, Texas 77388 (the "Property"). The Property is improved with an office/warehouse building of approximately 19,950 square feet of rentable space divided between two suites. Suite A is 10,432 sq. ft. which currently rents for $14,142.00 per month, NNN and Suite B/C is 9,518 sq. ft. which currently rents for $11,436.38 per month, NNN, for a total of $25,578.38 per month. The building is 100% leased. CRE previously sent Debtor a Demand for Payoff indicating a payoff as of August 5, 2025, in the amount of $2,147,013.31. After accrual of additional interest and attorneys' fees, calculating the costs of sale, and typical chapter 7 costs (trustee commission, professional fees, taxes, etc.), Debtor believes that there would not be any equity available for any other creditors if the Property was liquidated and the proceeds paid first to CRE to pay off its first lien debt and then to Chapter 7 administrative claims. In contrast, the Plan provides for an orderly liquidation of the Property over a 12-month period. Debtor believes that the market value of the Property is $4,100,000. If the Property is marketed for the 12-month period recommended by the BBG Appraisal, Debtor believes that the Property will be sold at a sale price in excess of the payoff to all secured creditors, thereby generating funds for unsecured creditors. Accordingly, Debtor believes the Plan satisfies Section 1129(a)(7) of the Bankruptcy Code. Class 8 consists of Allowed Unsecured Claims. Each Allowed Unsecured Claim shall be paid its Allowed Unsecured Claim prorata with the claims of all other holders of an Allowed Unsecured Claim from the proceeds remaining from the sale of the Property after payment of all Class 1 through Class 7 claims, within 12 months from the Effective Date, upon the sale of the Property. To the extent that the claims of the Patel Group, the Stallion Group and/or Wiggins are only partially secured or unsecured by liens against the Property (because the proceeds from the sale of the Property are insufficient to pay those creditors or any of them in full), then the unsecured portion of such claim will be treated in this class. In addition, the claims of the two tenants of the Property for return of their security deposits will be treated in this class. Class 8 is impaired under the Plan. Holders of Allowed Unsecured Claims in Class 8 are entitled to vote to accept or reject the Plan. Class 9 consists of Allowed Pre-Petition Membership Interests. Each holder of a Pre-Petition Membership Interest in Debtor shall retain their membership interests but shall receive no distributions or payments on account of such membership interests unless and until all payments required under the Plan are completed to Classes 1 through 6. All cash necessary for the Reorganized Debtor to make payments pursuant to the Plan will be obtained from operations of Debtor (lease revenue) and from the orderly sale of the Property within 12 months from the Effective date. Debtor will continue to make the monthly payments to CRE in the amounts required by the Final Cash Collateral order until the Property is sold. Except as otherwise provided in the Plan, on the Effective Date, the Property of the Estate of Debtor shall revest in Reorganized Debtor. Subject to the terms and conditions of the Plan, Reorganized Debtor may operate its business and use, acquire, and disburse Property, including all revenues generated by its operations, without supervision by the Court and free of any restrictions of the Bankruptcy Code or the Bankruptcy Rules. A full-text copy of the Disclosure Statement dated November 3, 2025 is available at https://urlcurt.com/u?l=OZt7f3 from PacerMonitor.com at no charge. Counsel to the Debtor: C. Daniel Roberts, Esq. C. Daniel Roberts, P.C. PO Box 300549 Austin, TX 78703 Tel: (512) 470-0897 Email: droberts@cdrlaw.net - and - Kimberly Nash, Esq. Law Office of Kimberly Nash P.C. P.O. Box 162932 Austin, TX 78716 Tel: (512) 637-8000 Email: kimberly@kimberlynashlaw.com About LZA Real Properties West LLC LZA Real Properties West, LLC owns and operates a 4.13-acre tract of commercial real property located at 2455 FM 2920, Spring, Texas 77388 (the "Property"). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11219-smr) on August 4, 2025. In the petition signed by Lynn Z. Antoniono, owner and manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Shad Robinson oversees the case. Kimberly Nash, Esq., at Law Office of Kimberly Nash P.C., represents the Debtor as legal counsel. M & M FARMS: Seeks to Hire Coldwell Banker Realty as Broker ----------------------------------------------------------- M & M Farms, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Coldwell Banker Realty as broker. The firm will market and sell the Debtor's property located at 446 Monroe Road, Sarver, PA 16055. The firm will render these services: a. work on subdivision plan; b. list the real estate; c. advertise the real estate for sale; d. locate potential buyers; and e. handle negotiations with potential buyers. Coldwell will receive a commission of 6 percent of the purchase price. If co-brokered, 2 percent of the broker's commission will be paid to the buyer's broker. As disclosed in the court filings, Coldwell Banker Realty is a "disinterested" person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Nathan Savitz Coldwell Banker Realty 17 Brilliant Ave Pittsburgh, PA 15215 Mobile: (412) 537-2121 Office: (412) 963-7655 About M & M Farms, Inc. M & M Farms, Inc. in Pittsburgh, PA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Pa. Case No. 25-22397) on Sept. 8, 2025, listing $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Matthew H. Moraitis as authorized representative of the Debtor, signed the petition. Judge Gregory L Taddonio presides over the case. CALAIARO VALENCIK serve as the Debtor's legal counsel. MAIN STREET: Seeks Approval to Tap Callaway & Price as Appraiser ---------------------------------------------------------------- Main Street at Tuttle Royale, LLC and TLH-26 Giles, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Callaway & Price, Inc. as real property appraiser. The firm will charge $11,000 for the appraisal and hourly of $300 to $350 for any work related to depositions or testimony. The firm also requires an $8,000 retainer. According to the filings, Callaway & Price does not hold or represent any interests adverse to the Debtor's estates and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The appraiser can be reached through: Robert A. Callaway, MRICS Callaway & Price, Inc. 1410 Park Lane South, Suite 1 Jupiter, FL 33458 Telephone: (561) 686-0333 Facsimile: (561) 686-3705 Email: r.callaway@callawayandprice.com About Main Street at Tuttle Royale LLC Main Street at Tuttle Royale LLC is a single asset real estate company. Main Street at Tuttle Royale LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21129) on September 23, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq. at Shraiberg Page PA. MARCEL CONTRABAND: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Marcel Contraband Pointe, LLC 3093 Contraband Pkwy. Lake Charles, LA 70601 Business Description: Marcel Contraband Pointe, LLC owns a single property of land in Contraband Pointe, Calcasieu Parish, Louisiana, valued at $17.88 million. Chapter 11 Petition Date: November 7, 2025 Court: United States Bankruptcy Court Western District of Louisiana Case No.: 25-20568 Judge: Hon. John W Kolwe Debtor's Counsel: Bradley L. Drell, Esq. GOLD, WEEMS, BRUSER, SUES & RUNDELL, A PLC Post Office Box 6118 Alexandria LA 71307-6118 E-mail: bdrell@goldweems.com Total Assets: $17,880,860 Total Liabilities: $21,618,253 The petition was signed by Vernon M. Veldekens as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YAV2LGI/Marcel_Contraband_Pointe_LLC__lawbke-25-20568__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. First Federal Bank of Louisiana Mortgage $2,374,219 PO Box 1667 Lake Charles, LA 70602 2. Rhino Rhenovators, LLC $837,266 1027 Enterprise Blvd. Lake Charles, LA 70601 3. Charlies Electric, LLC $398,577 2823 Mansfield St. Houston, TX 77091 4. OLM Gifts, Inc. $334,179 dba Mueller Masonry, Inc. 21175 State Highway 249, #106 Houston, TX 77070 5. BFS Group, LLC dba Panel Truss $299,636 3200 CR 203 Henderson, TX 75652 6. Empire Dirtworks, LLC $197,050 2628 Park Drive Lake Charles, LA 70605 7. The Sculptry, LLC Executory $147,300 3093 Contraband Pkwy., Ste. 125 Contract Lake Charles, LA 70601 8. American Builders $139,500 & Contractors Supply Co., Inc. 1150 NW 23rd Ave. Fort Lauderdale, FL 33311 9. MJ Flooring, LLC $138,015 42154 Wood Ave. Ponchatoula, LA 70454 10. IPFS Corporation Unpaid $108,905 POB 412086 Insurance Kansas City, MO 64141-2086 Premiums 11. PAI Ready Mix, LLC $101,992 314 N. Main St. Jennings, LA 70546 12. Crawford Electric Supply Co., Inc. $79,177 7701 W Little York Rd. Houston, TX 77040 13. Steeltech or Fortefied Steel, LLC $75,075 500 Huffines Blvd. Lewisville, TX 75056 14. Allstar Plumbing & Maintenance, LLC $42,630 110 E Hebert Rd. Lake Charles, LA 70607 15. MPB Construction, LLC $31,463 192 Buddy Cooper Rd. Singer, LA 70660 16. Hartman Building Specialties, LTD $20,821 3210 Metric Drive Sulphur, LA 70665 17. Consolidated Electrical Dist., Inc. $9,727 1920 Westridge Dr. Irving, TX 75038 18. City of Lake Charles Water Bill $2,047 POB 1727 Lake Charles, LA 70602-1727 19. Entergy Electricity $501 POB 8103 Baton Rouge, LA 70891-8103 20. Louisiana Dept. of Revenue Income Tax $166 POB 4969 Baton Rouge, LA 70821-4969 MARTINEZ ENTERPRISES: Seeks Chapter 7 Bankruptcy in Colorado ------------------------------------------------------------ Martinez Enterprises LLC filed a voluntary Chapter 7 bankruptcy petition in the U.S. Bankruptcy Court for the District of Colorado on November 7, 2025. According to the filing, the company listed assets valued between $0 and $100,000 and liabilities in the same range. Martinez Enterprises, LLC reported having between 1 and 49 creditors. About Martinez Enterprises LLC Martinez Enterprises LLC is a limited liability company. Martinez Enterprises LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-17214) on November 7, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Nicholas Craig Horvath, Esq. of The Horvath Law Firm, LLC. MILLSIDE PLAZA: Seeks to Hire Shafferman & Feldman as Counsel ------------------------------------------------------------- Millside Plaza LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Shafferman & Feldman LLP as its counsel. The firm's services include: (a) providing advice to the Debtor with respect to its powers and duties under the Bankruptcy Code in the continued operation of its business and the management of its property; (b) negotiating with creditors of the Debtor, preparing a plan of reorganization and taking the necessary legal steps to consummate a plan, including, if necessary, negotiations with respect to financing a plan; (c) appearing before the various taxing authorities to work out a plan to pay taxes owing in installments; (d) preparing on the Debtor's behalf Debtor necessary applications, motions answers, replies, discovery requests, forms of orders, reports and other pleadings and legal documents; (e) appearing before this Court to protect the interests of the Debtor and its estate, and representing the Debtor in all matters pending before this Court; and (f) performing all other legal services for the Debtor that may be necessary. The firm's billing rate for this case will be $475 an hour. The firm received a retainer from Reuvin Rivlin, in the amount of $26,738. Joel Shafferman, Esq., an attorney at Shafferman & Feldman, 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: Joel M. Shafferman, Esq. Shafferman & Feldman LLP 137 Fifth Avenue, 9th Floor New York, NY 10010 Telephone: (212) 509-1802 Email: shaffermanjoel@gmail.com About Millside Plaza LLC Millside Plaza LLC leases commercial real estate, with its main property located at 4004 Route 130 in Delran, New Jersey. Millside Plaza LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44642) on September 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Joel M. Shafferman, Esq. of SHAFFERMAN & FELDMAN LLP. MISTER M&K: Hires West & West Attorneys at Law as Legal Counsel --------------------------------------------------------------- Mister M&K Trucking LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire West & West Attorneys at Law, P.C. as its legal counsel. The firm's services include: (a) advising the Debtor as to its powers and duties in the continued operation of its business and management of its properties during bankruptcy; (b) taking actions to preserve and protect the Debtor's assets; (c) preparing legal documents; (d) assisting the Debtor in the development, negotiation and confirmation of a plan of reorganization and the preparation of a disclosure statement; and (e) providing other necessary legal services. The firm will be paid at these rates: Dean W. Greer, Esq. $400 per hour Paralegals $100 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The firm received a retainer in the amount of $17,000 of which $1,738 was used to pay the bankruptcy filing fee, and $2,000 was used for pre-petition work. Dean Greer, Esq., a partner at West & West, 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: Dean W. Greer, Esq. WEST & WEST ATTORNEYS AT LAW, P.C. 2929 Mossrock, Ste. 204 San Antonio, TX 78230 Tel: (210) 342-7100 Fax: (210) 342-3633 Email: dean@dwgreerlaw.com About Mister M&K Trucking LLC Mister M&K Trucking LLC is a limited liability company. Mister M&K Trucking LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-70173) on October 17, 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 Shad Robinson handles the case. The Debtor is represented by Dean William Greer, Esq. MOLINA HEALTHCARE: S&P Alters Outlook to Neg., Affirms 'BB' LT ICR ------------------------------------------------------------------ S&P Global Ratings revised its rating outlook on Molina Healthcare Inc. to negative from stable and affirmed the 'BB' long-term issuer credit rating. Molina lowered its 2025 earnings guidance to adjusted earnings per share of approximately $14 and GAAP net income of $630 million. The revised guidance primarily results from higher-than-expected medical utilization in the Affordable Care Act (ACA) marketplace segment. Meanwhile, Molina has executed share repurchases of $1 billion so far in 2025. As a result, S&P expects its capital adequacy will be below the 99.50% confidence level of our capital model at year-end 2025. S&P said, "The negative outlook reflects our view that Molina's capital adequacy may stay below 99.50% through 2027. We also think its earnings will remain weaker than its historical results, based on the company's expectation that 2026 earnings might align with 2025 performance." Additionally, continued elevated share repurchases and/or sizable debt-funded acquisitions (involving significant goodwill and intangibles), if they occur, could dampen capital adequacy in 2026-2027. Molina maintains sufficient capital at its regulated subsidiaries to meet regulatory requirements. It has a target regulatory risk-based capital (RBC) ratio of at least 300%, which is lower than the target for its for-profit peers but consistent with its subsidiary dividend strategy, which funds organic growth and acquisitions. The companies' operating subsidiaries have upstreamed $648 million to the holding company so far in 2025. S&P said, "We view the company's elevated financial leverage, at 48% as of Sept. 30, 2025, as another key risk driving the outlook revision. Financial leverage has increased due to draws on term loans and credit facilities. As of Sept. 30, term loans of $740 million were outstanding. These term loans mature in 2027. We think Molina's financial leverage will return to 41%-42% by the end of 2026 if it pays off the term loans in 2026. Its financial leverage also includes $2.95 billion in senior notes. The next maturity is the $800 million senior notes due 2028. "We view EBITDA fixed-charge coverage and financial obligations to adjusted EBITDA as favorable for the rating. Along with financial leverage, these two metrics inform our view of the funding structure as neutral. We expect EBITDA fixed-charge coverage will be above 6x for 2025 (compared with our threshold of 4.0x). And we expect financial obligations to adjusted EBITDA will be within 4.0x, our threshold for 2025. "We think Molina's revenue will continue to grow in 2025 and 2026 amid new Medicaid contracts. However, medical utilization will remain challenging across segments in 2026. The company expects a consolidated medical loss ratio (MLR) of 91.3% for 2025. We expect its overall adjusted EBIT margin will be 2%-3% in 2025 and 2026." Medicaid rate inadequacy is a key risk because of Molina's Medicaid concentration (about 75% of premium revenue). The company is getting higher Medicaid rates from states. However, the company said that it is now expecting a full-year Medicaid medical cost trend of 7%, which is 100 basis points higher than its previous expectation, and given this update, it expects its full-year Medicaid MLR will now be 91.5% in 2025 (compared with 90.9% previously). S&P expects continued Medicaid rate improvement, incorporating updated actuarial data, may help to stabilize the Medicaid MLR for 2026. Like peers, Molina's ACA marketplace utilization has materially increased due to an overall market shift to a riskier pool. The company expects an MLR in this segment of 89.7% for 2025. The expiration of enhanced premium tax subsidies and the increased risk pool remain the biggest risks in this segment. Molina's 2026 rate increase will average 30%. S&P thinks its pricing actions will limit membership and revenue growth but improve segment margin next year. Meanwhile, the Medicare segment has also faced higher utilization and higher acuity, stemming from its high exposure to the dual eligible population. Long-term services and supports, high-cost drugs have been drivers of elevated medical costs. The company expects an MLR of 91.3% in this segment for 2025. S&P said, "The negative outlook reflects our expectations that Molina's capital adequacy might deteriorate and stay below the 99.50% confidence level in 2025-2027. We think the overall MLR will stay elevated at 91%-92% in 2025, but improved Medicaid rates and pricing actions in the ACA marketplace will stabilize the MLR in 2026. As a result, we expect earnings will be lower than the historical average, with adjusted EBIT of 2%-3% in 2025-2026. "We expect financial leverage will be elevated at 47% in 2025, fall to 41%-42% in 2026, and then stay close to 40% in the long term. Debt repayment and coverage metrics will remain strong, with EBITDA fixed-charge coverage above 6x and financial obligations to adjusted EBITDA below 4x in 2025." S&P could lower the rating in the next 12-24 months if: -- S&P thinks capital adequacy will stay below 99.50% for a sustained period, -- Financial leverage remains significantly above 40%, or -- S&P observes a significant deterioration in Molina's competitive position, as reflected in a series of contract losses or operating performance challenges. S&P could revise the outlook to stable in the next 12-24 months if Molina is able to stabilize or improve margins, and if it maintains supportive financial risk factors, including financial leverage at or below 40% and capital adequacy at the 99.50% level. MORICI RACING: Seeks to Tap Mark S. Roher PA as Bankruptcy Counsel ------------------------------------------------------------------ Morici Racing Stable, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire The Law Office of Mark S. Roher, PA, as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management of its finances; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received from the Debtor a retainer of $6,739. Mr. Roher disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark S. Roher, Esq. The Law Office of Mark S. Roher, PA 1806 N. Flamingo Rd., Suite 300 Pembroke Pines, FL 33028 Telephone: (954) 353-2200 Email: mroher@markroherlaw.com About Morici Racing Stable, LLC Morici Racing Stable, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22997) on October 31, 2025, listing under $1 million in both assets and liabilities. Mark S. Roher, Esq. at Law Office Of Mark S. Roher, P.A. represents the Debtor as counsel. MOSAIC COMPANIES: Seeks to Extend Plan Exclusivity to Feb. 3, 2026 ------------------------------------------------------------------ Mosaic Companies, LLC and affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 3, 2026 and April 5, 2026, respectively. The Debtors submit that a 90-day initial extension of the Exclusive Periods is reasonable, given the progress that the Debtors have made in these chapter 11 cases. Granting the requested extension will give the Debtors the opportunity to negotiate and potentially propose a plan or otherwise wind-down their estates and close the chapter 11 cases without the distraction, cost and delay of a competing plan process. The Debtors explain that their request to extend the Exclusive Periods is not intended to exert leverage over creditors or any other party affected by these chapter 11 cases. The Debtors continue to work closely with key stakeholders to develop a consensual resolution of these chapter 11 cases that will maximize the value of the Debtors' estates. The Debtors seek an extension out of an abundance of caution. The Debtors assert that termination of the Exclusive Periods would adversely impact their efforts to preserve and maximize the value of their estates and the progress of these chapter 11 cases. Opening these chapter 11 cases up to a competing plan process at this stage would benefit neither the Debtors nor their creditors or stakeholders. The Debtors further assert that termination of the Exclusive Periods would disrupt the critical work that has been done and the efforts of the companies to wind down their estates. Moreover, it would substantially increase the costs of administering these chapter 11 cases for no attendant benefit. The Debtors are the best situated and most effective party to manage the plan process and the wind-down of their estates for the benefit of all stakeholders. Accordingly, the Debtors submit that an initial 90-day extension of the Exclusive Periods is appropriate in light of the facts and circumstances of these chapter 11 cases. Counsel to the Debtors: Matthew B. Harvey, Esq. Derek C. Abbott, Esq. Sophie Rogers Churchill, Esq. Avery Jue Meng, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor Wilmington, Delaware 19801 Tel: (302) 658-9200 Fax: (302) 658-3989 Email: mharvey@morrisnichols.com dabbott@morrisnichols.com srchurchill@morrisnichols.com ameng@morrisnichols.com About Mosaic Companies Mosaic Companies, LLC, is a nationally recognized leader in the surfaces industry, offering a broad range of products including luxury wall and mosaic tile, floor tile, and slab to retail and wholesale customers. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11296) on July 8, 2025. At the time of filing, the Debtor estimated $10,000,001 to $50 million in assets and $100,000,001 to $500 million in liabilities. Judge Craig T Goldblatt presides over the case. Sophie Rogers Churchill, at Morris, Nichols, Arsht & Tunnell LLP, is the Debtor's counsel. NATURALSHRIMP INC: Posts $10.7MM FY25 Loss, Shifts to Liquidation ----------------------------------------------------------------- NaturalShrimp Incorporated filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended March 30, 2025, reporting a net loss of $10.7 million on $63,927 of net revenue for the period ended March 30, 2025. Irvine, California-based BCRG Group, the Company's auditor since 2025, issued a "going concern" qualification in its report dated November 4, 2025, citing that due to the Company's significant amount of debt that was in default as of September 30, 2024, Ampleo Turnaround and Restructuring, LLC was placed as the receiver over the Company's assets. Further, the receiver filed a motion to sell substantially all of the Company's assets to Streeterville and Bucktown Capital for an approximate credit bid of $35.7 million and $100,000 in cash. The motion to sell the assets was approved by the court on March 30, 2025 and title to the assets was transferred to Streeterville on May 14, 2025. The Company believes that it continued to function as a going concern until the date that the motion to sell its assets was approved by the court on March 30, 2025 at which point liquidation became imminent. As such, the Company has presented going concern financial statements as of March 30, 2025 and for the period from April 1, 2024 through March 30, 2025. Furthermore, in accordance with ASC 205-30, Liquidation Basis of Accounting, the Company has presented its financial statements (using a convenience date) as of March 31, 2025 under the liquidation basis of accounting. As such, the financial statements included in the filing also include a Statement of Net Liabilities in liquidation as of March 31, 2025. As there was only a one-day period between the time liquidation became imminent and the end of the reporting period, a Statement of Changes in Net Assets (liabilities) in liquidation has not been presented. Accordingly, the Company ceased being a going concern on March 30, 2025 and, subsequent to that date, began applying the liquidation basis of accounting. As such, the Company believes that a discussion of its results of operations, whether that includes: i) comparing the liquidation basis period to the going concern period or ii) comparing the going concern period ended March 30, 2025 to the prior year period ended March 31, 2024 would not be informative. As of March 30, 2025, the Company had an accumulated deficit of $195 million. At March 31, 2025, the Company had cash on hand of $101,969. The Company has liquidated its primary operating assets in order to settle its outstanding debt with Streeterville and Buckstown Capital. At of the current, the Company does not have a finalized plan regarding the settlement of its remaining outstanding liabilities or an exact timeline regarding its liquidation process. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/bdz79v5b About NaturalShrimp Headquartered in Dallas, Texas, NaturalShrimp Incorporated -- http://www.naturalshrimp.com-- was a biotechnology company that developed proprietary, patented platform technologies to allow for the production of aquatic species in an ecologically-controlled, high-density, low-cost environment, and in fully contained and independent production facilities without the use of antibiotics or toxic chemicals. NaturalShrimp owned and operated indoor recirculating Pacific White shrimp production facilities in Texas and Iowa using these technologies. As of March 30, 2025, the Company had $24.3 million in total assets, $45 million in total liabilities, and $67.1 million in total stockholders' deficit. NATUROMULCH LLC: Unsecureds Will Get 19.07% over 60 Months ---------------------------------------------------------- Naturomulch, LLC, submitted a Second Amended Plan of Reorganization dated November 3, 2025. The Plan calls for variable monthly payments averaging $15,623.65 per month beginning November 1, 2025 for 60 months for a total paid in base of $937,419.20. This is a 42.49% repayment to all creditors over 60 months. Plan payments will be as follows: $18,215.67 per month for 16 months, then $17,248.08 per month for 14 months, then $15,887.58 per month for 4 months, then $14,084.08 per month for 2 months, then $13,032.37 per month for 24 months, for a total paid in base over 60 months of $937,419.20. This Plan of Reorganization provides for the repayment of 100% of its administrative and priority debts and 19.07% of its unsecured debts by paying the amounts shown. Attorney's fees of $15,000.00 will be paid from first funds as an administrative claim subject to court approval (Class 1). Priority creditors (Class 2) and secured creditors (Classes 4, 5, 6 and 7) shall be paid 100% of their allowed claims at contract rates or cramdown based on the value of their collateral at the 9% Till rate in the amount of $1,086,053.00. Those creditors with cramdowns shall be paid % of their unsecured portions as Class 8 creditors. Tax claims secured by property (Class 3) shall be paid through regular mortgage payments. The holders of all unsecured claims will receive payments totaling $59,994.00 or 19.07% of the amount of their allowed claims at 0% for 60 months (Class 8). Funds for the payment of these claims will come from continued operations. Class 8 consists of Unsecured Creditors. The five unsecured creditors whose claims total $314,529.71 shall be paid 19.07% of their claims at 0% interest on their claims for 60 months for a total of $59,994.00 and distribution shall be made pro rata. The Debtor shall retain all of its property and shall operate its business during the period of the Plan. The funds for implementing and carrying out the Plan shall be provided by the Debtor's business operations. A full-text copy of the Third Amended Plan dated November 3, 2025 is available at https://urlcurt.com/u?l=LPgEzr from PacerMonitor.com at no charge. Counsel to the Debtor: Daniel C. Durand, III, Esq. Durand & Associates, P.C. 522 Edmonds Ste 101 Lewisville, TX 75067 Tel: (972) 221-5655 Fax: (972) 221-9569 About Naturomulch, LLC Naturomulch LLC is a Texas-based manufacturer and distributor of wood mulch products. Naturomulch LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40909) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Daniel C Durand, III, Esq. at Durand & Associates, P.C. NB MOUNTAIN: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of NB Mountain Valley, DST and NB Mountain Valley Leaseco, LLC. About NB Mountain Valley DST NB Mountain Valley, DST owns the Mountain Valley Apartments, a student-and professional-oriented residential complex located in Morgantown, West Virginia, near West Virginia University. NB Mountain Valley and affiliate, NB Mountain Valley Leaseco, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W.V. Lead Case No. 25-00456) on August 19, 2025. At the time of the filing, NB Mountain Valley reported between $10 million and $50 million in both assets and liabilities while NB Mountain Valley Leaseco reported up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge David L. Bissett oversees the cases. The Debtors tapped Raines Feldman Littrell, LLP as bankruptcy counsel; Barth & Thompson as local counsel; and Meridian Management Partners, LLC as restructuring advisor. Michael A. Shiner, the Chapter 11 trustee appointed in the Debtors' cases, is represented by Tucker Arensberg, P.C. Fannie Mae, as creditor, is represented by: Jeffrey G. Wilhelm, Esq. Jessica M. Barnes, Esq. Reed Smith, LLP Reed Smith Centre 225 Fifth Avenue, Suite 1200 Pittsburgh, PA 15222 Telephone: (412) 288-3131 Facsimile: (412) 288-3063 jwilhelm@reedsmith.com jbarnes@reedsmith.com NEAL MEATS: Claims to be Paid from Property Sale Proceeds --------------------------------------------------------- Neal Meats, LLC, filed with the U.S. Bankruptcy Court for the Western District of Missouri a Small Business Plan of Reorganization or Liquidation. The Debtor operates a USDA processing plant. The Plant completed in 2023 after COVID and early in the beginning experienced a casualty loss and a dispute with insurance company which stopped production. Prior to the loss at plant, insurance company not paying, and bank pulling funding, the debtor had operated a strong ongoing new business selling beef to all 50 states and Canada. With the $380,000 sale of a portion of the asset, which the Branson Bank argued was only worth $180,000.00 (47% of actual value) in an attempt to deceive the court on property values to hurt debtor estate in an attempt to secure an adequate protection motion using a misleading appraisal (charged debtor $6000 for this appraisal) debtor proposes to pay all reasonable past due amounts owed through October 2025. The Debtor calculates that amount is approximately $112,000.00. After the broker's commission is paid the trustee would distribute $180,000.00 to Branson Bank as return on the property sold to reduce the loan amount and then the trustee would distribute the remaining funds to debtor to use for continuing loan payments and operations. The reason this is reasonable as the bank used these numbers in an attempt to hurt the creditor further. The business prior to the bank pulling funding had restarted production in October 2024. The bank has repeatedly misrepresented to court the plant had been closed for over a year. This was simply not the case. A lawsuit has been filed against Branson Bank for breach of contract and making false and misleading statements to the debtor to induce a loan to gain more collateral and then force a foreclosure by stopping funding. If the bank had not taken these steps, the Debtor would not be in Chapter 11 at this point. Two major national food companies are actively negotiating use of the subject facility. Both could operate together as their needs do not overlap and can be performed at the plant together. The funds generated would easily cover costs and the Branson Bank loan payments. If neither contract closes before the distributed funds are used the plant could still be sold for the remaining loan amount. It is still being represented by a broker for sale. General Unsecured Creditors include the general unsecured claims of Darling, Inc. in the amount of $3,800 and Forge & Build, LLC in the amount of $20,000. This Class will receive a distribution of 0% of their allowed claims. General unsecured claims are impaired in Plan. Subject to the Plan or the order confirming the Plan, on Confirmation of the Plan all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. If the funds from sale of property are distributed as proposed, Debtor will have enough cash on hand on the Effective Date of the Plan to pay all the Claims and expenses that are entitled to be paid on that date. Recent sale of part of collateral produced sufficient funds to provide adequate protection until contracts for use are executed. The business was ongoing and successful prior to loss of inventory, insurance not paying, and Branson Bank inducing loan and then cutting off funding by breaching contract. This business had ongoing sales to fund business prior to loss and even paid an additional 3-months mortgage and payroll while shutdown. The Debtor's financial projections show that the Debtor will have an aggregate annual average cash flow, after paying operating expenses and post-confirmation taxes, of $68,750. The final Plan payment is expected to be paid on five years after confirmation. A full-text copy of the Chapter 11 Plan dated November 3, 2025 is available at https://urlcurt.com/u?l=P3lwCn from PacerMonitor.com at no charge. The Debtor's Counsel: James B. James, Esq. JB JAMES LAW FIRM 313 S. Glenstone Avenue Springfield MO 65802 Tel:(417) 886-6500 E-mail: jimjames@jbjameslawfirm.com About Neal Meats Neal Meats, LLC, provides USDA-inspected meat processing services from its facility in Seymour, Missouri, where it handles beef, pork, and deer for both custom and USDA markets. Founded in 2020 by Will and Julia Neal, the Company operates a 9,500-square-foot plant equipped with advanced cooling systems, vacuum packaging machines, and smoking equipment for specialty products such as sausages and bacon. The business serves farmers, ranchers, and individual customers across the region, emphasizing product quality, food safety, and secure handling. Neal Meats, LLC, in Seymour MO, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Mo. Case No. 25-60458) on July 21, 2025, listing as much as $1 million to $10 million in both assets and liabilities. William Neal as managing member, signed the petition. JB JAMES LAW FIRM serves as the Debtor's legal counsel. NEEDSPACE HACKS: Case Summary & Two Unsecured Creditors ------------------------------------------------------- Debtor: NeedSpace Hacks Cross, LLC 5281 Hacks Cross Rd Olive Branch, MS 38654 Business Description: NeedSpace Hacks Cross, LLC owns, manages, and leases real estate properties. Chapter 11 Petition Date: November 6, 2025 Court: United States Bankruptcy Court Northern District of Mississippi Case No.: 25-13780 Judge: Hon. Jason D Woodard Debtor's Counsel: Robert Gambrell, Esq. GAMBRELL & ASSOCIATES, PLLC 101 Ricky D Britt Sr Blvd, Ste 3 Oxford, MS 38655-4236 Tel: 662-281-8800 Email: rg@ms-bankruptcy.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million Marion Threatt signed the petition as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4ZLIAJI/NeedSpace_Hacks_Cross_LLC__msnbke-25-13780__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Two Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Brown Refrigeration, Inc $175,050 4882 English Towne Dr Memphis, TN 38128 2. Wright Construction Co. $301,606 663 S. Rowlett St. Collierville, TN 38017 NEW MEXICO TERMINAL: Taps Victor Grafe Law as Bankruptcy Counsel ---------------------------------------------------------------- New Mexico Terminal Services LLC seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to employ Victor Grafe Law Firm LLC as bankruptcy counsel. The firm will provide these services: a. represent and to render legal advice to Debtor regarding all aspects of this bankruptcy case including adversary proceedings and including, without limitation, the continued operation of Debtor's business, meetings of creditors, cash collateral matters (if any, Debtor believes no creditors possess cash collateral claims), claims objections, plan confirmation, and all hearings before this Court; b. prepare on behalf of Debtor necessary petition, complaints, answers, motions, applications, orders, reports and other legal papers, including Debtor's plan of reorganization; and c. assist Debtor in taking actions required to effect reorganization under chapter 11 of the Bankruptcy Code. The firm will receive $300 per hour plus gross receipts tax for its services. Also, actual costs will be reimbursed. As disclosed in the court filings, Victor Grafe Law Firm LLC does not hold or represent any interest adverse to the Debtor or the estate. The firm can be reached through: Victor Grafe III, Esq. VICTOR GRAFE LAW FIRM LLC 7209 Pisa Hills Rd NE Rio Rancho, NM 87144 Phone: (505) 433-0823 Email: victor@vgrafelaw.com About New Mexico Terminal Services LLC New Mexico Terminal Services LLC is classified as a single-asset real estate entity under 11 U.S.C. Section 101(51B). New Mexico Terminal Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.M. Case No. 25-11291) on October 16, 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 Robert H Jacobvitz handles the case. The Debtor is represented by Victor Gerald Grafe III, Esq. of VICTOR GRAFE LAW FIRM LLC. NORCOLD LLC: Unsecureds Will Get 0.01% to 100% in Liquidating Plan ------------------------------------------------------------------ Norcold LLC filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement describing Chapter 11 Plan of Liquidation dated November 3, 2025. The Debtor is a long-time supplier of refrigeration products for mobile applications and was acquired by Thetford Corporation in 1997. The Debtor's core business was the manufacturing and distribution of gas absorption refrigerators for RVs, and Thetford's acquisition of the Debtor allowed Thetford to leverage its global operations and expand the refrigeration product line from North America, with the Debtor operating as the global enterprise’s refrigeration unit, into the international market. The Debtor commenced this chapter 11 case to implement a sale of all or substantially all of its Assets. Prior to the Petition Date, the Debtor and its advisors analyzed and explored potential transactions, conducted comprehensive liquidity analyses, and considered potential restructuring alternatives to address the Debtor's liquidity issues before concluding that commencing a sale process was the most viable path to preserve and maximize the value of the Assets. Accordingly, the Debtor engaged in extensive negotiations with its primary stakeholders and reached an agreement for Dave Carter & Associates, Inc. ("DCA") to serve as the "Stalking Horse Bidder," subject to higher or otherwise better bids received during the auction process. The Debtor has entered into a stalking horse asset purchase agreement with DCA pursuant to which DCA will purchase substantially all of the Debtor's assets, subject to higher and better offers, which will be implemented and approved through the Plan (the "Plan Sale"). In addition to implementing and approving the Plan Sale, the Debtor will distribute the proceeds from the Plan Sale and liquidate any assets excluded from the Plan Sale in accordance with the priority scheme set forth in the Bankruptcy Code. The Plan also provides for, among other things: (a) the payment of Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Class 1 Other Priority Claims, and Allowed Class 2 Other Secured Claims in full, or otherwise renders such Claims Unimpaired, (b) the appointment of the Liquidating Trustee pursuant to the mechanics set forth in the Plan, and (c) the establishment of a Liquidating Trust to (i) administer claims and liquidate and distribute the Liquidating Trust Assets to the Holders of Allowed Class 4 General Unsecured Claims and Class 5 Litigation Claims, and (ii) wind down the Debtor. As set forth in the Plan, the Liquidating Trust Assets3 will vest in and be transferred to the Liquidating Trust on the Effective Date and include all property of the Debtor's Estate not transferred pursuant to the Plan Sale or an Alternative Sale Transaction or distributed to holders of Allowed Claims on the Effective Date, including, without limitation, the Sale Proceeds and the Retained Causes of Action; provided, however, that the following shall not constitute Liquidating Trust Assets: (i) the Debtor's Cash reserved for payment of Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Secured Claims, and Allowed Other Priority Claims and (ii) the Professional Fee Reserve. The Holders of Allowed Class 4 General Unsecured Claims and Allowed Class 5 Litigation Claims will be the beneficiaries of the Liquidating Trust and will receive their pro rata share of the Class 4 Liquidating Trust Interests and Class 5 Liquidating Trust Interests, as applicable, which Class 4 Liquidating Trust Interests and Class 5 Liquidating Trust Interests will entitle the holders thereof to receive their pro rata share of the distributable proceeds from the Liquidation Trust Assets. Holders of Class 6 Intercompany Claims, Class 7 Section 510(b) Claims, Class 8 Interests are not entitled to any recovery under the Plan. Class 4 consists of General Unsecured Claims. On the Effective Date, or as soon as reasonably practicable thereafter, except to the extent that a Holder of an Allowed General Unsecured Claim and the Debtor or the Liquidating Trustee, as applicable, agree to less favorable treatment for such Holder, in full and final satisfaction of the Allowed General Unsecured Claim, each Holder thereof will receive its pro rata share of the Class 4 Liquidating Trust Interests, which Class 4 Liquidating Trust Interests shall entitle the holders thereof to receive their pro rata share of the distributable proceeds from the Liquidating Trust Assets. Class 4 is Impaired, and Holders of General Unsecured Claims are entitled to vote to accept or reject the Plan. The allowed unsecured claims total $4,000,000. This Class will receive a distribution of 0.01% to 100% of their allowed claims. Class 8 consists of all Interests. On the Effective Date, all Interests shall be cancelled, released, and extinguished without distribution, and will be of no further force or effect. Subject in all respects to the provisions of the Plan concerning the Professional Fee Reserve, and except as otherwise provided for herein, the Debtor or the Liquidating Trustee (as applicable) shall fund distributions under the Plan from the Sale Proceeds, Cash on hand as of the Effective Date, and all other Liquidating Trust Assets. For the avoidance of doubt, prior to Closing of the Plan Sale, the Debtor shall fully draw the debtor-in-possession financing facility, and such Cash proceeds shall be used to fund distributions in accordance with the terms of the Plan. A full-text copy of the Disclosure Statement dated November 3, 2025 is available at https://urlcurt.com/u?l=PN9hHy from PacerMonitor.com at no charge. Proposed Counsel to the Debtor: YOUNG CONAWAY STARGATT & TAYLOR, LLP Sean M. Beach, Esq. Matthew B. Lunn, Esq. Jared W. Kochenash, Esq. Daniel Trager, Esq. Roger L. Sharp, Esq. Rodney Square 1000 N. King Street Wilmington, Delaware 19801 Telephone: (302) 571-6600 Emails: sbeach@ycst.com mlunn@ycst.com jkochenash@ycst.com dtrager@ycst.com rsharp@ycst.com About Norcold LLC Norcold LLC is a recreational vehicle refrigerator manufacturer. Norcold LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11933) on November 3, 2025. In its petition, the Debtor reports more than $300 million. Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Sean Matthew Beach, Esq., Simcha Trager, Esq., Matthew Barry Lunn, Esq., Roger Sharp, Esq., Rodney Square, Esq., and Jared W Kochenash, Esq. of Young Conaway. NORTH AMERICAN: Chris Quinn Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 7 appointed Chris Quinn as Subchapter V trustee for North American Recycled Clothing, LLC. Mr. Quinn will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Quinn declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Chris Quinn 26414 Cottage Cypress Lane Cypress, TX 77433 Phone: 713-498-8500 Email: chris.quinn2021@outlook.com About North American Recycled Clothing North American Recycled Clothing, LLC, a company in Houston, Texas, operates a secondhand textile recycling business. Formed on September 26, 2014, 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 filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-36394) on October 28, 2025, with $42,122 in assets and $2,491,132 in liabilities. Zulfiqar Khandwala, general partner, signed the petition. Judge Eduardo V Rodriguez presides over the case. Robert C. Lane, Esq., at The Lane Law Firm represents the Debtor as bankruptcy counsel. NOVA LIFESTYLE: Shareholders OK Name Change and Share Increase -------------------------------------------------------------- Nova LifeStyle, Inc. held a Special Meeting of the Stockholders on October 31, 2025. A quorum was present at the Meeting and shareholders: (i) approved an amendment to the Articles of Incorporation of the Company to increase the total number of its authorized shares of common stock, par value $0.001 per share, from 250,000,000 shares to 5,000,000,000 shares; (ii) approved an amendment to the Articles of Incorporation of the Company to o change the Company's name from "Nova LifeStyle, Inc." to "XMax Inc." and (iii) approve to grant discretionary authority to the Company's Chairperson of the Board of Directors and Chief Executive Officer to adjourn the Meeting for the purpose of soliciting additional proxies to approve the proposals (i) and (ii). The final voting results of the matters submitted to a shareholder vote at the Meeting are as follows: Proposal 1: Share Increase Amendment: For: 26,751,736 Against: 196,649 Abstain: 2 On November 3, 2025, the Company filed a Certificate of Change with the Secretary of State for the State of Nevada to amend its Articles of Incorporation to increase the amount of authorized shares of its common stock, par value $0.001 per share, from 250,000,000 shares to 5,000,000,000 shares. The Share Increase Amendment was approved by the Company's Board of Directors on September 15, 2025 and by the shareholders at a special meeting of the Company's shareholders held on October 31, 2025. The Share Increase Amendment does not affect the rights of the Company's shareholders and was effective immediately upon filing. A full-text copy of the Certificate of Change is available at https://tinyurl.com/49dp634p Proposal 2: Name Change Amendment: For: 26,927,223 Against: 19,702 Abstain: 1,462 On November 3, 2025, the Company filed a Certificate of Amendment with the Secretary of State for the State of Nevada to amend its Articles of Incorporation to change the Company's name from "Nova LifeStyle, Inc." to "XMax Inc." The Name Change Amendment was approved by the Board on September 15, 2025 and by the shareholders at a special meeting of the Company's shareholders held on October 31, 2025. The Name Change Amendment was effective immediately upon filing. A full-text copy of the Certificate of Amendment, as filed with the Nevada Secretary of State, is available at https://tinyurl.com/5n7tvdwe On the same day, the Company amended and restated its bylaws to change the Company's name from "Nova LifeStyle, Inc." to "XMax Inc." The amendment became effective immediately. A full-text copy of the Second Amended and Restated Bylaws of the Company is available at https://tinyurl.com/2s3f25j4 Proposal 3: Approval of Grant of Discretionary Authority to Adjourn the Meeting For: 26,751,065 Against: 196,921 Abstain: 401 About Nova Lifestyle Headquartered in Commerce, Calif., Nova LifeStyle, Inc. is a distributor of contemporary styled residential and commercial furniture incorporated into a dynamic marketing and sales platform offering retail as well as online selection and global purchase fulfillment. The Company monitors popular trends and products to create design elements that are then integrated into the Company's product lines that can be used as both stand-alone or whole room and home furnishing solutions. Through its global network of retailers, e-commerce platforms, stagers, and hospitality providers, Nova LifeStyle also sells (through an exclusive third-party manufacturing partner) a managed variety of high-quality bedding foundation components. Singapore-based Enrome LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company incurred a net loss and operating cash outflow of $5,561,705 and $1,391,779 respectively for the year ended December 31, 2024 and accumulated deficit of $49,991,515 for the year ended December 31, 2024. These factors, raise substantial doubt about its ability to continue as going concern. As of June 30, 2025, Nova LifeStyle had $11,634,504 in total assets, $5,087,783 in total liabilities, and $6,546,721 in total stockholders' deficit. OCUGEN INC: Net Loss Widens to $20.1MM in 2025 Q3 ------------------------------------------------- Ocugen, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $20.1 million and $13 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company reported a net loss of $50.1 million and $40.2 million, respectively. Total revenue for the three months ended September 30, 2025 and 2024, were $1.8 million and $1.1 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $4.6 million and $3.3 million, respectively. As of September 30, 2025, the Company had an accumulated deficit of $390.4 million and cash totaling $32.6 million. According to the Company, the cash will not be sufficient to fund the Company's operations over the next 12 months after the date that the condensed consolidated financial statements are issued. Due to the inherent uncertainty involved in making estimates and the risks associated with the research, development, and commercialization of biotechnology products, the Company may have based this estimate on assumptions that may prove to be different than actuals, and the Company's operating plan may change as a result of many factors currently unknown to the Company. As of September 30, 2025, the Company had $57.6 million in total assets, $54.1 million in total liabilities, and $3.5 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/mrxf5e35 About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. Philadelphia, Pennsylvania-based PricewaterhouseCoopers LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 5, 2025. The report highlighted that the Company has incurred recurring net losses since inception that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $53.59 million in total assets, $50.54 million in total liabilities, and a total stockholders' equity of $3.05 million. As of September 30, 2025, the Company had $57.6 million in total assets, $54.1 million in total liabilities, and $3.5 million in total stockholders' equity. OLIVER VILLAGE: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Oliver Village Apartments, LLC. About Oliver Village Apartments LLC Oliver Village Apartments, LLC filed Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 25-61614) on Oct. 6, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Sage M. Sigler oversees the case. The Debtor tapped Rountree, Leitman, Klein & Geer, LLC as legal counsel. ONDAS HOLDINGS: Signs $225MM Agreement to Acquire Sentry CS ----------------------------------------------------------- Ondas Holdings Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 3, 2025, the Company entered into a Share Purchase Agreement, by and among: -- the Company, -- Sentry CS Ltd, a company organized under the laws of the State of Israel, -- Sentry's major shareholders, and -- Sagitta Holdco SARL, a private limited liability company organized under the laws of the Grand Duchy of Luxembourg, having its registered office at 15, Boulevard F.W. Raiffeisen, L-2411 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B268651, solely in its capacity as the representative, agent and attorney-in-fact of the Indemnifying Parties. The Agreement provides that, upon the terms and subject to the conditions set forth in the Agreement, the Company will acquire 100% of the issued and outstanding share capital of Sentry. At the closing of the Acquisition, upon the terms and subject to the conditions set forth in the Agreement, the Company shall pay an aggregate amount of: (i) $125,000,000 of which $117,500,000 shall be paid on the closing of the Acquisition, and the remaining $7,500,000, shall be paid so that an amount of $2,500,000 shall be paid on each of the: (a) expiration of a 45-day period commencing at the closing of the Acquisition, (b) expiration of a 60-day period commencing at the closing of the Acquisition, and (c) expiration of a 120-day period commencing at the closing of the Acquisition, and (ii) $100,000,000 of shares of the Company's common stock, par value $0.0001 per share to be issued as follows: (a) $32,500,000 on the closing of the Acquisition, (iii) $22,500,000 on the Second Payment Date, (iv) $22,500,000 on the Third Payment Date, and (v) $22,500,000 on the Fourth Payment Date. The Company may choose, in its sole discretion, to pay any portion of the Stock Consideration in cash. The shares of Common Stock issued pursuant to the Acquisition are to be registered for resale pursuant to a resale registration statement to be entered into at closing of the Acquisition, which is attached as Exhibit K of the Agreement. Each of the Company, Sentry, and the Company Securityholders (as defined in the Agreement) has provided customary representations, warranties and covenants in the Agreement. The completion of the Acquisition is subject to various closing conditions, including: (a) the requisite shareholder consent of Sentry being obtained, (b) the requisite corporate, governmental, regulatory, third party, and other approvals, consents and/or waivers being obtained, (c) the absence of any applicable order (whether temporary, preliminary or permanent) in effect which prohibits the consummation of the Acquisition, (d) the absence of any threatened, instituted or pending lawsuit, litigation, claims, investigations or other proceedings by any third party which purports to prevent the consummation of the Acquisition, and (e) the absence of any Material Adverse Effect (as defined in the Agreement) with respect to Sentry or its subsidiaries. The Agreement contains customary termination rights for both the Company and Sentry, including, but not limited to: (i) the written notice by the Company or Sentry if the closing of the Acquisition has not occurred on or before December 31, 2025, provided however, that to the extent that the only conditions not fulfilled are the approval(s) of any Governmental Entities (as defined in the Agreement), then an additional 45-day period, or such other date that Acquirer and the Company may agree upon in writing; or (ii) the written notice by the Company or Sentry if any order of a Governmental Entity of competent authority preventing the Acquisition shall have become final and non-appealable. The Acquisition is expected to close in November 2025. A full text of the Agreement is available at https://tinyurl.com/wndsya2v About Ondas Holdings Marlborough, Mass.-based Ondas Holdings Inc. (Nasdaq: ONDS) provides private wireless data solutions through its subsidiary, Ondas Networks Inc., and commercial drone solutions through Ondas Autonomous Systems Inc. (OAS), which includes wholly owned subsidiaries American Robotics, Inc. and Airobotics LTD. OAS focuses on the design, development, and marketing of autonomous drone solutions, while Ondas Networks specializes in proprietary, software-based wireless broadband technology for both established and emerging commercial and government markets. Together, Ondas Networks, American Robotics, and Airobotics deliver enhanced connectivity, situational awareness, and data collection capabilities to users in defense, homeland security, public safety, and other critical industrial and government sectors. In an audit report dated March 12, 2025, the Company's auditor, Rosenberg Rich Baker Berman, P.A., issued a "going concern" qualification, citing that the Company has experienced recurring losses from operations, negative cash flows from operations and a working capital deficit as of Dec. 31, 2024. As of Dec. 31, 2024, Ondas Holdings had $109.62 million in total assets, $73.68 million in total liabilities, and $16.58 million in total stockholders' equity. As of June 30, 2025, the Company had $151.95 million in total assets, $39.29 million in total liabilities, and $90.82 million in total stockholders' equity. OVG BUSINESS: S&P Raises ICR to 'B', Off CreditWatch Positive ------------------------------------------------------------- S&P Global Ratings raised all of its ratings on venue services and hospitality management company OVG Business Services LLC --including the issuer credit rating -- to 'B' from 'B-' and removed them from CreditWatch, where we placed them with positive implications on Oct. 15, 2025. S&P said, "The stable outlook reflects our expectation for leverage to improve to below 7x over the next 12 months and free operating cash flow (FOCF) to turn positive. Over this period, we expect OVG's revenue and earnings to grow steadily on favorable demand trends in the live entertainment industry, the outsourcing of venue management services, and new contract wins and acquisitions." OVG completed its $500 million term loan add-on. It used the proceeds--along with common equity--to redeem its increasing preferred equity, repay the outstanding revolver balance, and add cash to its balance sheet for corporate purposes, including acquisitions. Pro forma for the transactions, S&P forecasts the company's S&P Global Ratings-adjusted debt to EBITDA will be 6x in fiscal 2026 (ending in June), supported by healthy revenue and profit growth. S&P said, "The upgrade reflects our expectation for stronger credit metrics over the next 12-18 months. Following the term loan add-on, preferred equity redemption, and revolver repayment, we believe OVG's adjusted gross leverage will decrease to about 6x in fiscal 2026 (ending June 30, 2026) from about 7.2x in fiscal 2025. Although the incremental term loan has increased the cash interest expense by about $35 million on an annualized basis, we forecast OVG will likely have healthy EBITDA cash interest coverage of well above 2x in fiscal 2026 and maintain adequate liquidity for operating needs. The redemption of its preferred shares removes an increasing debt-like liability with payment-in-kind interest with a high coupon rate. "Live entertainment, business wins, and revenue visibility will improve credit metrics. We expect OVG's operating performance to remain stable over the next 12-18 months, supported by consumer spending weighted toward experiences and ongoing client demand for outsourced venue management services. Furthermore, we view OVG's revenue visibility--underpinned by long-term contracts and a healthy pipeline--as a relative credit strength. The company has recently secured new venue management contracts in locations including Greensboro, N.C.; Mobile, Ala.; and Rhode Island. We now forecast OVG's revenue will expand about 10%-15% in 2026 on the back of continued strong demand for live events, contract wins, and fee escalations. We also expect EBITDA to increase faster, at about 20%, as the company benefits from a higher percentage of fee income (sponsorship, venue management, less food and beverage), new business, and lower one-time costs. We forecast the S&P Global Ratings-adjusted EBITDA margin improving to the 12%-14% area from 10.4% expected for fiscal 2025. "Free operating cash flow (FOCF) will be modest as a percentage of debt. We forecast FOCF to debt in the 3%-5% area in fiscal 2026 given OVG's low capital spending requirements. However, it has unpredictable large cash outflow to fund contract fulfilment expenses some years, which could cause cash-flow volatility in years with significant business wins. For example, growth capital expenditure (capex) as a percentage of revenue increased to about 9% in fiscal 2025 from about 4% in fiscal 2024 as OVG secured new clients with up-front investments. We expect these investments to result in adjusted EBITDA growth over time. For 2026, we expect the improvement from lower cash outlay for contract acquisition costs and one-time restructuring costs, up from negligible levels in fiscal 2025. Over time, we expect total capex as a percentage of revenue to decline steadily, shifting toward retention from growth capex. "OVG's financial policy under sponsor ownership remains a risk. We believe financial sponsor Silver Lake's ability to dictate strategy could lead to a more aggressive financial policy over the longer term, such as by pursuing debt-financed acquisitions or dividends that weaken its credit metrics. Silver Lake owns Oak View Group LLC, which owns and operates numerous arenas through majority and minority interests. OVG is established as a separate credit group. Its financial performance and funding are independent from Oak View and its owned and operated arena entities (O&O). OVG doesn't commingle funds or depend on Oak View's O&O projects, which are financed separately. Each individual O&O entity is a project-specific special-purpose vehicle financed with nonrecourse, project financing debt, without downstream guarantees to these O&O facilities. Therefore, there are no cross defaults or cross guarantees between OVG and O&O. It's our understanding that this nonrecourse debt is the only debt within Oak View and O&O. "We expect OVG to maintain a financial policy of 3x-4x long-term gross debt to EBITDA. This would be about two turns higher with S&P Global Ratings' adjustments because we include operating and finance leases and contingent payments for acquisitions. We also believe there's a strong economic basis for Oak View to preserve OVG's credit quality. We don't believe a default at other Oak View entities would directly lead to a default of OVG. "The stable outlook reflects our expectation for leverage to improve to below 7x over the next 12 months and FOCF to turn positive. Over this period, we expect OVG's revenue and earnings to grow steadily on favorable demand trends in the live entertainment industry, the outsourcing of venue management services, and new contract wins and acquisitions." S&P could lower its ratings on OVG if gross debt to EBITDA remains above 6.5x and its FOCF to debt declines below 5% on a sustained basis. This could occur if OVG: -- Pursues a more aggressive financial policy, such as by undertaking debt-financed shareholder returns or sizable acquisitions; or -- Significantly underperforms compared with our base-case assumptions due to weakening economic conditions, intensifying competition, reputational damage, increased regulatory scrutiny, or the inability to pass on higher operating costs effectively. Although unlikely within the next 12 months, S&P could raise OVG's rating by another notch if: -- Operating performance continues to increase through organic and inorganic growth that improves scale and geographic diversity and margin increases that are more comparable to those of peers; or -- The company adhered to a financial policy such that S&P Global Ratings-adjusted gross debt to EBITDA improves to and remains below 5x on a sustained basis. PACIFIC RADIO: Court Extends Cash Collateral Access to Dec. 31 -------------------------------------------------------------- Pacific Radio Exchange, Inc. received another extension from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral. The court entered an interim order extending the Debtor's authority to use cash collateral through December 31, solely for expenses listed in the budget. The Debtor may exceed any specific budget line item by up to 15%, provided the spending remains within the approved categories. The Debtor has identified the U.S. Small Business Administration, traditional lenders like Bankers Healthcare Group, Celtic Bank and WebBank, and merchant cash advance lenders as the secured creditors claiming liens on its assets. The Debtor disputes the secured status of certain MCA creditors, asserting that their agreements were disguised loans rather than true purchases of future receivables. It plans to litigate these claims if necessary. Based on current valuations, the Debtor believes the senior lienholders (e.g., SBA, Bankers Healthcare) are likely fully secured while the junior MCA creditors may be undersecured or unsecured. The Debtor believes that the secured creditors are adequately protected by the existing equity cushion in its assets. According to the Debtor's schedules, the value of the cash collateral is $758,060.18, and the total amount of secured claims is $720,623. This leaves an equity cushion of approximately $37,437, or about 5%. The Debtor said this equity cushion, combined with replacement liens and prudent financial controls, offers substantial protection to the secured creditors. In fact, all secured creditors are protected by an equity cushion greater than 20% when accounting for the seniority of certain claims and the likely treatment of junior lienholders as unsecured. As of the petition date, the Debtor listed assets totaling approximately $758,060. These include $713,246 in inventory (at cost value), $24,236 in accounts receivable, $3,462 in cash on hand, and various business equipment and fixtures. The Debtor has six employees, including two insiders, and emphasizes the importance of maintaining staff morale and continuity. About Pacific Radio Exchange Inc. Pacific Radio Exchange Inc., doing business as PacRad, supplies professional audio, video, DJ, and broadcast equipment. The Company offers products such as bulk and custom cables, connectors, fiber optics, networking gear, and power management tools. It serves both individual consumers and industry professionals with AV solutions and custom services. Pacific Radio Exchange sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-16614) on August 1, 2025. In its petition, the Debtor reported total assets of $94,813 and total liabilities of $1,690,315. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Matthew D. Resnik, Esq., at RHM Law, LLP. PACKERS HOLDINGS: S&P Upgrades ICR to 'CCC+' on New Debt Structure ------------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on Packers Holdings LLC (doing business as Fortrex) to 'CCC+' from 'SD' (selective default) and placed it on CreditWatch with positive implications. The CreditWatch placement indicates that S&P may raise the rating after it has thoroughly evaluated the company's post-transaction business strategy, earnings and cash flow prospects, and its liquidity position and capital structure following the transaction. Fortrex has entered into a transaction support agreement containing a restructuring plan that will likely improve the company's operating prospects. Lenders will take equity ownership, and the company will eliminate most of its funded debt, reducing cash interest significantly. While S&P does not anticipate another distressed debt exchange or default over the next 12 months, the sustainability of its capital structure remains in question amid uncertainty around persisting operating challenges. S&P said, "Fortrex's reduced debt interest leads us to view a default scenario as unlikely in the next 12 months. In our view, a major challenge for Fortrex has been its heavy debt burden and prevailing high interest expense during a prolonged period of declining revenue and profitability. This resulted in significant cash flow burn and deteriorating liquidity, which we believe necessitated the proposed distressed restructuring transaction, which follows an earlier distressed debt exchange from last year. "The new term loans will amount to $250 million, a significant reduction from the previous $1.49 billion in first-lien claims. With a far more manageable debt level, we now expect the company's interest will decline by more than half of its previous expense. The new term loan will also likely offer the option to pay a portion of its interest as payment-in-kind (PIK) for the first year, allowing Fortrex to defer a portion of cash payments. Although utilization of the PIK feature would cause compounding interest that does not support the long-term sustainability of its capital structure, it does provide Fortrex with additional cash flexibility. "This should allow the company to improve cash flow in the near term, with an ability to fund investments required to establish new contracts and return to growth. We believe another default scenario is unlikely within the next 12 months, while more clarity about its liquidity and business trends could lead to an upgrade." The stability of Fortrex's revenue and profitability and its post-transaction liquidity cushion remain uncertain. Fortrex's revenue fell 14.5% year over year in the second quarter of 2025, with the ongoing fallout from the Department of Labor incident. Lost business has been a persisting challenge; however, given positive prospects of the company's pipeline, new contract additions should begin to outweigh losses and support reversion to revenue growth. While margin improvement on existing contracts will support profitability, S&P anticipates Fortrex's new contracts will need some time before they become profitable, as the company will need to hire, train, and deploy local staff, and incur costs of surveying and setting up to service new facilities--all of which require upfront investment. Uncertainty remains regarding how Fortrex moves forward from both the revenue losses and the restructuring. The company has decreased in scale by approximately 35% compared with 2022 levels, which could reduce its ability to withstand major shifts in demand, competitive pressures, and unexpected underperformance. Furthermore, additional clarity regarding its liquidity profile following the contemplated transaction will be crucial for us to understand its ability to absorb deviations from S&P's expectations of revenue and profitability improvements. Given Fortrex's need for a turnaround in revenue and profitability, if the post-transaction liquidity cushion is limited, the company may be reliant on a favorable operating environment to achieve its projected trajectory. S&P said, "The CreditWatch with positive implications indicates the that we may raise the rating on Fortrex in the next 90 days if we believe its business has stabilized and we view its capital structure as sustainable. We expect to resolve the CreditWatch placement, likely after the transaction closes, following an in-depth review of the company's liquidity, future business strategy, and earnings and cash flow profile." PERFECT PITCH: Aleida Martinez Molina Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for Perfect Pitch Consulting Group, LLC. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About Perfect Pitch Consulting Group Perfect Pitch Consulting Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23046) on November 3, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Scott M. Grossman presides over the case. PINE GATE RENEWABLES: Court Denies $1.4B DIP Roll Up ---------------------------------------------------- Alex Wittenberg of Law360 reports that Pine Gate Renewables faced a setback Monday, November 10, 2025, when a Texas bankruptcy judge rejected its proposal to roll up over $1.4 billion in prepetition debt into a Chapter 11 financing package. Calling the move "too rich," the court ruled that approving the request so early in the case would be premature and potentially inequitable. The decision means Pine Gate must proceed with limited interim financing while exploring alternative funding options. The renewable energy firm argued that consolidating its existing and new debt under one package would streamline its restructuring and improve liquidity. However, the judge expressed concern that the roll-up could unfairly advantage certain creditors before the court fully assesses the company's financial structure and creditor claims, the report states. About Pine Gate Renewables Pine Gate Renewables is a developer and owner-operator of renewable energy projects across the United States. Dedicated to delivering sustainability at scale, Pine Gate has over 30 GW of projects in its development pipeline, has closed approximately $10 billion in project financing and capital investment, and operates a fleet of over 2 GW of solar and storage assets. The Company also provides services to over 7 GW of third party solar and storage assets through wholly owned subsidiary ACT Power Services. Pine Gate is proud to invest in the communities where we live, develop, and operate projects through corporate partnerships and charitable initiatives supported by the Pine Gate Community Impact Fund. Pine Gate Renewables sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90669) on November 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented byT imothy Alvin Davidson, II, Esq. ofA ndrews Kurth LLP and Philip M. Guffy, Esq. of Hunton Andrews Kurth LLP. PINECREST ACADEMY: S&P Alters Outlook to Stable, Affirms 'BB+' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook to stable from positive and affirmed its 'BB+' long-term rating on Pinecrest Academy of Nevada's outstanding debt, issued by the Arizona Industrial Development Authority. S&P said, "At the same time, we assigned our 'BB+' long-term rating to Pinecrest Academy's anticipated $29.570 million series 2025A and $420,000 series 2025B revenue bonds. "The outlook revision to stable reflects the academy's planned issuance of material additional debt. While this debt supports its overall growth strategy, we believe it will increase near-term leverage ratios and soften financial metrics and keep it more in-line with the current rating in the near term. "We view Pinecrest Academy's environmental, social, and governance factors as neutral in our analysis. "The stable outlook reflects our view that the school will maintain its healthy demand profile, steady operating performance, and sufficient liquidity position, coupled with management's limited debt plans in the near term. "We could consider a negative rating action if the school experiences a trend of declining enrollment or sustained weakened financial performance that lowers liquidity. "We could take positive rating action in the longer term if the network demonstrates a sustained trend of improvement in its financial profile during the outlook horizon, including a sustained trend of healthy operations and lease-adjusted MADS coverage, a moderating debt burden, and liquidity growth to levels we view as commensurate with its higher-rated peers, while maintaining healthy demand trends." PRIMALEND CAPITAL: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------- The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of PrimaLend Capital Partners, LP and its affiliates. The committee members are: 1. Meir Benit Trust c/o Ron Benit BHPHDealer@gmail.com 2. Jacob Mason jacobrmason@gmail.com 3. Earth Enterprises LLC c/o C. Emery Powell, Managing Member emerypowell@gmail.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Primalend Capital Partners LP PrimaLend Capital Partners LP provides financing and consulting services to independent automobile dealerships across the U.S., particularly those operating under the Buy-Here-Pay-Here (BHPH) model. It offers receivables financing, inventory floor-plan loans, and real-estate lending solutions to support dealership growth and portfolio expansion. Founded in 2007 and based in Plano, Texas, PrimaLend operates as a nondepository credit intermediation firm serving the automotive finance sector. PrimaLend and its affiliates, Good Floor Loans, LLC and LNCMJ Management, LLC, filed voluntary petitions for Chapter 11 protection (Bankr. N.D. Texas Lead Case No. 25-90013) on Oct. 22, 2025. At the time of the filing, PrimaLend reported between $100 million and $500 million in both assets and liabilities. Judge Mark X Mullin oversees the cases. The Debtors tapped Spencer Fane as legal counsel; FTI Consulting, Inc. as financial advisor; and Houlihan Lokey, Inc. as investment banker. Stretto, Inc. is the claims and noticing agent. PYRAMID CONCRETE: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 8 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Pyramid Concrete Pumping, LLC. About Pyramid Concrete Pumping LLC Pyramid Concrete Pumping LLC provides concrete pumping services in Tennessee, offering line pumps, boom trucks and specialized trucks to handle residential, commercial and industrial projects. The company has more than two decades of industry experience and focuses on reliability and customer service. It serves as a contractor for concrete placement, including projects that require equipment capable of meeting complex or large-scale construction demands. Pyramid Concrete Pumping sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-24656) on September 12, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy JudgeÂ Denise E. Barnett the case. The Debtor is represented by Bo Luxman, Esq., at Luxman Law Firm. Bank3, as lender, is represented by: Douglas M. Alrutz, Esq. Wyatt, Tarrant 8z. Combs, LLP 6070 Poplar Ave., Suite 300 Memphis, TN 38119 Phone (901) 537-1000 dalrutz@wyattfirm.com QVC GROUP: Net Loss Widens to $73 Million in 2025 Q3 ---------------------------------------------------- QVC Group, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $73 million and $15 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company reported a net loss of $2.37 billion and a net income of $25 million, respectively. Total net revenue for the three months ended September 30, 2025 and 2024, were $2.21 billion and $2.34 billion, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $6.55 billion and $7.09 billion, respectively. As of September 30, 2025, the Company had $7.56 billion in total assets, $10.54 billion in total liabilities, and $2.98 billion in total deficit. "We are early in our WIN growth plan but continue to make progress. We reduced the year-over-year rate of revenue decline in our QxH segment despite the decline in linear television viewership, driven by revenue growth in our social and streaming platforms." said David Rawlinson, President and CEO of QVC Group. "Although we are encouraged by the progress we are making, deleveraging from our total revenue decline, tariffs and other critical investments, pressured our adjusted OIBDA." QxH revenue declined primarily due to a 7% decrease in units shipped and lower shipping and handling revenue, partially offset by favorable returns and a 1% increase in average selling price. QxH reported sales declines in all categories. Operating income and adjusted OIBDA margin decreased due to higher marketing costs, sales deleverage, higher fulfillment costs and lower product margin partially offset by favorable commission rates. Fulfillment pressure was driven by higher freight costs and sales deleverage. Product margins decreased primarily due to higher promotions and impact from increased tariffs. Operating expenses decreased due to favorable commission rates. Selling, general and administrative expenses increased due to higher marketing costs and changes to the management incentive plan partially offset by lower personnel costs. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/63y6t26k About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. As of June 30, 2025, QVC had $6.69 billion in total assets against $9.58 billion in total liabilities. As of September 30, 2025, the Company had $7.56 billion in total assets, $10.54 billion in total liabilities, and $2.98 billion in total deficit. * * * In June 2025, Fitch Ratings has downgraded QVC Group, Inc.'s (QVC) Long-Term Issuer Default Rating (IDR) to 'CCC+' from 'B-'. The downgrade reflects heightened risk regarding QVC's ability to stabilize operations and support its capital structure amid accelerating revenue declines and a challenged operating environment. In August 2025, S&P Global Ratings lowered its issuer credit rating on retailer QVC Group Inc. by one notch to 'CCC' from 'CCC+' . . . The negative outlook reflects that we could lower our ratings if we believe a default scenario is inevitable within the subsequent six months or the company announces a debt exchange that we view as distressed." R.W. SIDLEY: Plan Exclusivity Period Extended to Jan. 28, 2026 -------------------------------------------------------------- Judge Jessica E. Price Smith of the U.S. Bankruptcy Court for the Northern District of Ohio extended R.W. Sidley, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 28, 2026 and March 29, 2026, respectively. As shared by Troubled Company Reporter, the Debtor has been working toward proposing and confirming a plan of reorganization within the Exclusive Periods. The Debtor's professionals continue to work on these matters, however, the work will not be completed in time to allow the Debtor to file its plan within the Exclusivity Period. The Debtor explains that its case is complex insofar as there are numerous winddown tasks that needed to be accomplished before a plan could be proposed. The operating reports filed in this case show that the Debtor is able to pay its debts as they come due. The Debtor claims that the case has been pending only since July 2, 2025, the Debtor is progressing toward a liquidating plan and the extension requested is not for the purpose of pressuring creditors. R.W. Sidley Inc. is represented by: Anthony J. DeGirolamo, Esq. 3930 Fulton Dr., Ste. 100B Canton, Ohio 44718 Telephone: (330) 305-9700 Facsimile: (330) 305-9713 E-mail: tony@ajdlaw7-11.com About R.W. Sidley Inc. R.W. Sidley Inc. is a construction materials company based in Thompson, Ohio. R.W. Sidley sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12797) on July 2, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Jessica E. Price Smith handles the case. The Debtor tapped Anthony J. DeGirolamo, Esq., as counsel and Root, Spitznas & Smiley, Inc. as accountant. RAPID DRY: Unsecureds Will Get 5% Dividend over 5 Years ------------------------------------------------------- Rapid Dry Inc. filed with the U.S. Bankruptcy Court for the Western District of New York a Plan of Reorganization and Disclosure Statement dated November 3, 2025. The Debtor was incorporated on June 6, 2007 and has been continuously engaged in the damage remediation and cleaning business since that time. Prior to incorporation of the Debtor, Troy Hess, the Debtor's principal, operated the business as a sole proprietor. The Debtor also does a significant amount of private pay work as well. The Debtor leases a warehouse/storage facility at 428 Zimmerman St., N. Tonawanda, NY 14120 out of which it conducts its business. Troy Hess is the sole shareholder, officer, and director of the Debtor. As a result of the steps taken by Mr. Hess, prior to the filing of the Bankruptcy Proceeding, in winding down the Irock Plumbing division, concentrating on efficiencies in the Debtor's core remediation business, relocating the principal place of the Debtor's business and concentrating on developing its business in the Buffalo area, the Debtor was poised as of the Petition Date to experience positive cash flow under the protections afforded by Chapter 11 and the Bankruptcy Proceeding. As shown by the monthly operating reports filed by the Debtor during the pendency of the Bankruptcy Proceeding, the Debtor has consistently and continuously enjoyed positive cash flow and positive cash balances in its deposit accounts, generating more gross revenues in the first nine months of 2025 than in the entire year of 2024. The Debtor submits that the monthly operating reports show that the Debtor will be able to afford the payments required under this Plan. The payments required under the Plan, add an additional amount of approximately $2,500 to the Debtor's current operational expenses and adequate protection payments to CNB. The Debtor submits the Plan payments are affordable given current cash flow established subsequent to the Petition Date. It is not reasonably anticipated that cash flow will decrease over the next five years. Class V consists of Allowed Unsecured Claims. Class V claim holders shall be paid a dividend equal to five percent of their respective Allowed Unsecured Claims, without interest, to be paid over a period of five years, in payments made at least quarterly commencing thirty days after the Effective Date of the Plan until paid in full. Payments over the first two years shall be in the quarterly amount of $4,500 and over the final three years shall be in the quarterly amount of $6,750. Troy Hess, the sole holder of an equity security interest in the Debtor, shall retain his entire equity security interest throughout the consummation of the Plan and upon completion of the Plan. Payments required to be made upon Confirmation of the Plan will be made from monies of the Debtor on hand. Remaining payments required to be made after Confirmation of the Plan shall be made from income arising from business operations. A full-text copy of the Plan of Reorganization dated November 3, 2025 is available at https://urlcurt.com/u?l=KXmCUk from PacerMonitor.com at no charge. Attorneys for the Debtor: Arthur G. Baumeister, Jr., Esq. Baumeister Denz, LLP 174 Franklin Street, Suite 2 Buffalo, NY 14202 Telephone: (716) 852-1300 E-mail: abaumesiter@bdlegal.net About Rapid Dry Inc. Rapid Dry Inc., doing business as IRock Plumbing, offers 24/7 water damage restoration, cleanup, and dehumidification services. Rapid Dry sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 25-10009) on January 6, 2025. In its petition, Rapid Dry reported assets of up to $50,000 and liabilities of between $1 million and $10 million. Judge Carl L. Bucki oversees the case. The Debtor is represented by Arthur G Baumeister, Jr., Esq., at Baumeister Denz, LLP. Canandaigua National Bank, as secured creditor, is represented by: David M. Tang, Esq. Underberg & Kessler, LLP 300 Bausch & Lomb Place Rochester, NY 14604 Telephone: (585) 258-2800 Email: dtang@underbergkessler.com RIFLE RFB: Seeks Chapter 11 Bankruptcy in Colorado -------------------------------------------------- Rifle RFB LLC filed for Chapter 11 bankruptcy protection in the District of Colorado on November 11, 2025. The case, a voluntary filing. According to court filing, the Debtor reports between $50,001 and $100,000 in debts owed to 1 and 49 creditors. About Rifle RFB LLC Rifle RFB LLC is a limited liability company. Rifle RFB LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-17394) on November 11, 2025. In its petition, the Debtor reports estimated assets between $50,001 and $100,000 and estimated liabilities between $500,001 and $1 million. The Debtor is represented by Gregory K. Stern, Esq. of Gregory K. Stern, P.C. RIVER FALL: Seeks Approval to Hire Revolv Real Estate as Broker --------------------------------------------------------------- River Fall 529 LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Jade Garcia and Revolv Real Estate to serve as broker in its Chapter 11 case. The broker will provide these services: (a) expose the Property for sale, refinancing, or investment; (b) cooperate with prospective buyers and buyers' agents on behalf of the Debtor; (c) conduct private showings of the Property; (d) solicit offers to refinance the Stage Point Loan; (e) solicit offers to invest in the Property and/or the Debtor; (f) solicit offers for the purchase of the Property. The firm will be paid a commission equal to 3% of the gross purchase price of the Property, payable upon closing of a sale and subject to Court approval. Jade Garcia and Revolv Real Estate are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jade Garcia Revolv Real Estate 529 Eastern Ave Fall River, MA 02723 About River Fall 529 LLC River Fall 529 LLC is a single-purpose real-estate company that owns the 529 Eastern Avenue property in Fall River, Massachusetts. River Fall 529 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10810) on April 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Christopher M. Condon, Esq. at BOWDITCH & DEWEY LLP. ROCKWOOD CAPITAL: Santa Monica Clock Tower in Receivership ---------------------------------------------------------- Santa Monica Mirror reports that the historic Santa Monica Clock Tower has entered court-ordered receivership following a default on a $25 million loan secured by the property. The building's owner, an affiliate of Rockwood Capital, failed to repay the debt, prompting a California judge in October 2025 to approve the appointment of a receiver to take control of the asset. According to filings, Rialto Capital, acting as special servicer for the loan's lender, initiated foreclosure proceedings earlier this year after the commercial mortgage-backed securities (CMBS) loan matured in May 2025 without payment. The $26.7 million loan was originally taken out by a prior owner and later assumed by Rockwood when it acquired the property six years ago. Cushman & Wakefield executive Brian Holmes was appointed receiver to manage the 12-story, 50,000-square-foot Art Deco tower located at 225 Santa Monica Boulevard. Built nearly a century ago, the Clock Tower remains one of Santa Monica's most iconic landmarks, offering sweeping views of the Pacific Ocean. Court records show Rockwood consented to the receivership in hopes of facilitating a sale or transfer of the property. Morningstar Credit data indicates that the building's value has declined significantly—from $49 million in 2015 to roughly $27.4 million this year—amid falling office demand and a citywide vacancy rate exceeding 25 percent. About Rockwood Capital Rockwood Capital, LLC is a U.S.-based private real estate investment management firm established in 1995. The firm focuses on value-add and core-plus investment strategies across major metropolitan markets nationwide. Its portfolio spans office, residential, retail, and mixed-use properties, managed on behalf of institutional investors such as pension funds, endowments, foundations, and family offices. About Santa Monica Clock Tower Santa Monica Clock Tower is a building owned by Rockwood Capital. The Clock Tower remains one of Santa Monica's most iconic landmarks, offering sweeping views of the Pacific Ocean. The building was placed into receivership by the court after its owner, Rockwood Capital, defaulted on a $25 million loan. The $26.7 million loan was originally taken out by a prior owner and later assumed by Rockwood when it acquired the property six years ago. Cushman & Wakefield executive Brian Holmes was appointed receiver to manage the 12-story tower. Rockwood consented to the receivership in hopes of facilitating a sale or transfer of the property. ROMANI INC: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: Romani, Inc. 9134 Running Eagle Falls Tomball, TX 77375 Business Description: Romani, Inc. holds ownership of two real estate assets located in Conroe, Texas. Chapter 11 Petition Date: November 4, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-36669 Debtor's Counsel: Aaron W. McCardell, Sr., Esq. THE MCCARDELL LAW FIRM, PLLC 440 Louisiana Houston TX 77002 Tel: (713) 236-8736 Email: amccardell@mccardelllaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Soyinka Ademola as president. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WXZXSVY/Romani_Inc__txsbke-25-36669__0001.0.pdf?mcid=tGE4TAMA RONALD JINSKY: Court OKs Deal to Use FNBT's Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Wisconsin approved the stipulation between Ronald Jinsky, LLC and secured creditor, First National Bank & Trust, governing the use of cash collateral. The terms set forth in the stipulation, include, without limitation, the payments by the Debtor to FNBT of $23,668.20 as adequate protection for April to September; and subsequent monthly payments of $3,944.70 to be made on the 15th day of each month. Under the stipulation, failure to make timely payments and conversion of the Debtor's Chapter 11 case to one under Chapter 7 constitute a default. FNBT may enforce its rights as a secured creditor in case of a default. FNBT holds a perfected lien on the Debtor's assets, including cash collateral, via a UCC filing from 2021. This cash collateral includes accounts, inventory, and proceeds used in business operations. About Ronald Jinsky LLC Ronald Jinsky, LLC, doing business as Jinsky Trucking, is a family-owned and operated interstate trucking company based in Beloit, Wisconsin. Established in 1982, the company specializes in transporting general freight, metal sheets, building materials, and paper products. Ronald Jinsky sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10838) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Honorable Judge Catherine J. Furay oversees the case. The Debtor is represented by Daniel J. McGarry, Esq., at Krekeler Law, S.C. First National Bank and Trust Co, as lender, is represented by: David C. Moore, Esq. Anna Eager, Esq. 100 South Main Street Janesville, WI 53545 Tel: 608-755-8100 dmoore@nowlan.com aeager@nowlan.com RUNWAY TOWING: Seeks to Extend Plan Exclusivity to May 22, 2026 --------------------------------------------------------------- Runway Towing Corp. asked the U.S. Bankruptcy Court for the Eastern District of New York to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 22, 2026 and July 21, 2026, respectively. Since the entry of the order for relief in this case, the Debtor has reduce its overhead, is attempting to increase its revenue and is negotiating with NYS Department of Transportation. The Debtor explains that it is current on all of its post-petition obligations, has setup a DIP bank account, has obtained insurance & has paid US Trustee Quarterly Fees. The Debtor will not be able to file a plan or fund the plan until it finalizes negotiations with NYS Department of Transportation. Accordingly, the Debtor will need additional time to file a plan of reorganization and the purpose of this Motion is to extend the Debtor's exclusivity period. Runway Towing Corp. is represented by: James H. Shenwick, Esq. Shenwick & Associates 116 Plymouth Drive Scarsdale, NY 10583 Telephone: (917) 363-3391 Email: jshenwick@gmail.com About Runway Towing Corp. Runway Towing Corp. filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 25-11764) on Feb. 28, 2025, listing under $1 million in both assets and liabilities. James H. Shenwick, Esq., at Shenwick & Associates serves as the Debtor's counsel. S&G LABS: Seeks Chapter 11 Bankruptcy in Colorado ------------------------------------------------- S&G Labs Hawaii LLC filed a voluntary Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the District of Colorado on November 7, 2025. According to the filing, the company listed liabilities ranging from $1 million to $10 million. S&G Labs Hawaii, LLC reported having 1 to 49 creditors. About S&G Labs Hawaii LLC S&G Labs Hawaii LLC is a limited liability company. S&G Labs Hawaii LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-18335) on November 7, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by David Wadsworth, Esq. of Wadsworth Garber Warner Conrardy, P.C. SAMYS OC: Court Extends Cash Collateral Access to Nov. 30 --------------------------------------------------------- Samys OC, LLC received eighth interim approval from the U.S. Bankruptcy Court for the District of Kansas to use cash collateral through November 30. The eighth interim order authorized the Debtor to use cash collateral to pay operating expenses set forth in its budget, with a variance of 10%. As adequate protection for the Debtor's use of their cash collateral, secured creditors Dream First Bank and the U.S. Small Business Administration were granted replacement liens on all post-petition cash collateral and other property of the Debtor, to the same extent and with the same priority as their pre-bankruptcy liens. As additional protection, Dream First Bank will continue to receive a monthly payment of $59,913.90. The interim order provides for a carveout of up to $125,000 for attorney fees and expenses, and up to $25,000 for other professional fees and disbursements. A final hearing is scheduled for November 19. About Samys OC LLC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L Herren presides over the case. Lora J. Smith, Esq., at Hinkle Law Firm is the Debtor's bankruptcy counsel. Dream First Bank, as secured creditor, is represented by: Scott M. Hill, Esq. Hite, Fanning & Honeyman, LLP 100 N. Broadway, Ste. 950 Wichita, KS 67202-2216 Telephone: (316) 265-7741 Facsimile: (316) 267-7803 hill@hitefanning.com SANTA FE: Unsecureds Will Get 10% of Claims over 3 Years -------------------------------------------------------- Santa Fe Specialty Foods, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization for Small Business dated November 3, 2025. The Debtor was formed by Ken McNabb, a restauranteur and developer, located in Plano, Texas, who through a wholly owned Texas corporation owns 66.76% of the Company. Harry Bennett owns 19.74 % of the Company with the remaining 14.18% spread among six other members of the Company. Mr. Ken McNabb and Mr. Harry Bennett manage the operations of the Company and have done so for 25 years. The Debtor contracts with Rico's, Inc. in Arlington, Texas, to produce tortilla chips and with Creative Foodworks, LLC located in San Antonio, Texas, to produce its salsa. The Debtor has secured a post-petition $135,000.00 line of credit from First State Bank Abernathy and is using that line of credit to purchase wholesale tortilla chips from Rico's and Salsa from Creative Foods and in turn sells them to their retail customers such as Affiliated Foods Grocers, Specs and others of its retail customers. These sales produce net profits that will be used to fund the payments contemplated under the Plan. At present management reports that demand for its products are out pacing the ability of its food manufacturers to produce the tortilla chips and salsa. While this has created liquidity problems for its operations. Thus far the Debtor has been able to manage them with the assistants of its cash flow consultant. The cash flow projections attached to this Plan are based on the most historical record of expenses and revenues and uses this data to project into the future. The Plan calls for payment of the secured claim Newtek and a dividend to unsecured creditors of 10 cents on the dollar. The Debtor's Plan provides for the continued operations of the Debtor to make payments to its creditors as set forth in this Plan. The Plan values the secured claim of Newtek at $8,523.00 and provides for the payment in full of that claim with the deficiency to be rolled over into the unsecured creditors classification. Non-priority unsecured creditors holding allowed claims will receive distributions which the proponent of this Plan estimates should total approximately 10 cents on the dollar. Class 4 consists of General Unsecured Creditors. The Debtor shall begin to make quarterly payments over the next three years to Allowed General Unsecured Creditors such that Allowed General Unsecured Creditors will receive approximately 10% of the amount of their Allowed Claim. The total projected to be paid to Allowed General Unsecured Creditors over the three-year period is $35,371.91. Payments shall be distributed by the Debtor directly to the Allowed General Unsecured Creditors. The first quarterly payment is expected to be made on April 1, 2026 and will continue on the 1st day of the next month following the end of each quarter. To assure the Debtor is able to make each quarterly payment, the Debtor will set aside each month from its operations sufficient funds to accumulate sufficient funds each month to make the quarterly payments. For the three-year term of the plan quarterly payments will be in the amount of $2,950.50 each quarter. The allowed unsecured claims total $354,060.25. The Debtor will continue to contract with Rico's, Inc. in Arlington, Texas, to produce tortilla chips and with Creative Foodworks, LLC located in San Antonio, Texas, to produce its salsa and will continue to sell these items under the names of Santa Fe Restaurant Tortilla Chips and Santa Fe Restaurant Salsa to retail grocery outlets and other customers across the State of Texas such as United Supermarkets, Affiliated Foods, Inc., SPEC's liquor stores, Atwood's Farm and Ranch Stores and others. The cash-flow projections demonstrate that Debtor can make the payments called for under the Plan. Further, to the extent the Debtor seeks confirmation of the Plan pursuant to Section 1191(b) of the Bankruptcy Code, the cash flows demonstrate the Debtor will devote its projected net disposable income over the life of the Plan to the payment of General Unsecured Claims. Such payments will be made in accord with the available net disposable income as determined by the applicable statutory provisions of Subchapter V of chapter 11 of the Bankruptcy Code. A full-text copy of the Plan of Reorganization dated November 3, 2025 is available at https://urlcurt.com/u?l=ZEnD4y from PacerMonitor.com at no charge. Counsel to the Debtor: David R. Langston, Esq. Mullin Hoard & Brown, LLP P.O. Box 2585 Lubbock, TX 79408 Telephone: (806) 765-7491 Facsimile: (806) 765-0553 About Santa Fe Specialty Foods Santa Fe Specialty Foods, LLC, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-50214) on August 4, 2025, with up to $50,000 in assets and up to $50,000 in liabilities. David R. Langston, Esq., at Mullin, Hoard & Brown, is the Debtor's counsel, and Ag Management Group as cash flow consultant. SCHAFER FISHERIES: Court Extends Cash Collateral Access to Nov. 30 ------------------------------------------------------------------ Schafer Fisheries, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Western Division, to use the cash collateral of Newtek Small Business Finance, LLC. The court's order authorized the Debtor's interim use of cash collateral through November 30 to pay the expenses listed in its latest budget under previously established terms. As of the petition date, Newtek held a blanket lien on substantially all of the Debtor's assets, including accounts receivable constituting cash collateral. A status hearing is set for November 26. About Schafer Fisheries Schafer Fisheries Inc. is a seafood processor and distributor in Fulton, Ill. Schafer Fisheries filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-80824) on June 20, 2024, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jennifer Schank of Fuhrman & Dodge, S.C. serves as Subchapter V trustee. Judge Thomas M. Lynch oversees the case. Schafer Fisheries tapped The Golding Law Offices PC and Leibowitz, Hiltz & Zanzig, LLC as bankruptcy counsel, and Philip Firrek as consultant. Newtek Small Business Finance, LLC, as secured creditor, is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett, PLLC 10 South Wacker Drive, Suite 2300 Chicago, IL 60606 Tel: 312-876-1700 pgarga@dykema.com SCILEX HOLDING: Signs $2.55B License Agreement with Datavault AI ---------------------------------------------------------------- Scilex Holding Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 3, 2025, it entered into a License Agreement with Datavault AI Inc. Scilex believes there is an opportunity to tokenize approximately $2.0 trillion pharmaceutical drug sales and diagnostic sales. Scilex also believes the potential of using tokenization on the exchange platform might provide an alternative vehicle for companies to raise non-dilutive funding to develop and commercialize diagnostic and therapeutic products. According to the licensing agreement, Scilex shall pay a non-refundable upfront license fee in four equal installments of $2.5 million each on or before December 31, 2025, March 31, 2026, June 30, 2026, and September 30, 2026. DataVault will earn sales milestone payments of up to an aggregate of $2.55 billion upon the achievement of certain applicable sales milestones. Under the License Agreement, among other things, Datavault granted Scilex a worldwide, exclusive, non-transferable license, with the right to sublicense, under the patents and know-how specified therein to among other things, research, develop, make, have made, use, sell, have sold, offer for sale, import, export, register, market, promote, advertise, commercialize and distribute the Proprietary Materials (as defined in the License Agreement, including a suite of patents related to Datavault's data platforms and any products created therefrom within the Target Market). The license centers on Datavault AI's robust portfolio of intellectual property, including the key pending patent for "Platform and Method for Tokenizing DNA Data" (U.S. Patent Application No. 17/941,623), which provides a framework for securely tokenizing and exchanging sensitive genetic information. This technology is supported by a suite of issued and pending patents that collectively enable the Biotech Exchange, such as: * Issued: "Platform for Management of User Data" (U.S. Patent Nos. 11,593,515; 11,960,622; 12,100,025) and continuations, which facilitate secure user data handling and monetization. * Issued: "Portfolio Driven Targeted Advertising Network, System, and Method" (U.S. Patent No. 11,315,150), enabling data-driven targeting in exchange ecosystems. * Pending: "System and Method for Tokenized Minting, Authentication, and Utilization of Assets" (U.S. Patent Application No. 17/842,139), supporting asset tokenization for biotech applications. * Pending: "Platform and Method for Tokenization of Corporate Data" (U.S. Patent Application No. 17/941,550), adaptable for biotech corporate datasets. * Pending: "System and Method for Tokenized Licensing of Content" (U.S. Patent Application No. 17/842,328), for licensing biotech intellectual property. * Pending: "System and Method for Tokenized Affiliate Marketing" (U.S. Patent Application No. 17/842,265), to drive partnerships in biotech data exchanges. * Pending: "System and Method for Funding a Virtual Location" (U.S. Patent Application No. 17/842,220), applicable to virtual biotech marketplaces. * Pending: "System and Method for Tokenized Event Management" (U.S. Patent Application No. 19/248,284), for managing biotech events and collaborations. * Pending: "System and Method for Registering Claims of Ownership Rights" (U.S. Patent Application No. 18/412,128), ensuring ownership verification in data trades. These technologies collectively provide the infrastructure for a secure, efficient Biotech Exchange, allowing for the tokenization, valuation, and seamless trading of biotech data assets while maintaining compliance and privacy standards. With respect to the foregoing, "Target Market" shall mean industries including biotechnology, biopharmaceutical, genetic, diagnostic, and data-related industries, and any markets relating to the generation, use, storage, analysis, tokenization, and exchange of DNA, genetic, diagnostic, and therapeutic data or materials. The License Agreement expires upon the expiry of the patents underlying the Proprietary Materials, at which point the license shall become perpetual, irrevocable, non-exclusive and royalty-free. The License Agreement is subject to earlier termination if, among other things: (i) either party ceases to exist or becomes insolvent, (ii) either party commits a material breach of the License Agreement, (iii) the Company fails to make any required payment to Datavault that is not cured within 15 days, or (iv) the Company does not achieve and maintain annual royalty payments to Datavault of a minimum of $1,000,000 after 24 months following the date of the License Agreement. As consideration for the license under the Agreement, the Company agreed to pay Datavault: (a) a non-refundable license fee of $10,000,000, payable in four equal installments of $2,500,000 on or before the last day of each fiscal quarter, beginning on December 31, 2025, (b) subject to achievement of certain net sales for the Licensed Product, up to an aggregate of $2,550,000,000, and (c) a five-percent royalty on net sales of the Product during the applicable royalty term under the License Agreement. The License Agreement contains customary reciprocal indemnification obligations for Datavault and the Company and customary representations and warranties. A full-text copy of the License Agreement is available at https://tinyurl.com/4v2n77d4 About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Scilex Holding had $83.76 million in total assets, $332.74 million in total liabilities, and a total stockholders' deficit of $248.99 million. SHPS LLC: Gets Final OK to Use Cash Collateral ---------------------------------------------- SHPS PLLC received final approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to fund operations. The final order authorized the Debtor to use the cash collateral of Virtual Radiologic Professionals of Illinois, S.C. (vRAD) to fund the expenditures listed in its budget through December 31, or until a termination event occurs. The cash collateral may only be used for expenses listed in the approved budget. The budget projects total operational expenses of $652,343.55 for the period from October to December. As adequate protection, vRAD was granted senior priority replacement liens on all post-petition accounts, rents, and proceeds, to the same extent and priority as its pre-bankruptcy liens. These liens exclude funds required for U.S. Trustee fees and Chapter 5 avoidance action proceeds. The authority to use cash collateral automatically terminates upon dismissal or conversion of the Debtor's Chapter 11 case to one under Chapter 7; appointment of a bankruptcy trustee or examiner; or other defined termination events, with vRad retaining the right to waive such events. A copy of the final order is available at https://shorturl.at/T005U from PacerMonitor.com. SHPS commenced its bankruptcy case on September 30 and is operating as debtor-in-possession. The bankruptcy filing was prompted by a failed $8 million contract with Ascension Hospital, whose IT systems collapsed shortly after the agreement began, preventing the debtor from billing for services and resulting in $3 million in lost revenue. This shortfall led to vendor defaults, including a lawsuit and a $667,810 judgment from vRad, which subsequently garnished the Debtor's only operating account, effectively paralyzing the business. As of the petition date, the Debtor had approximately $180,000 in cash and $1.6 million in collectible accounts receivable. About SHPS LLC SHPS LLC, doing business as Radiologist.com, provides onsite and teleradiology services from its facility in Frisco, Texas, offering expert imaging interpretations, consultations, and radiology management support. The Company leverages advanced imaging technology and AI to deliver precise diagnostic insights and partners with healthcare providers to enhance patient care. SHPS serves hospitals, clinics, and other healthcare professionals across its operational network. SHPS sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-43740) on September 30, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Joseph Acosta, Esq., at Condon Tobin Sladek Thornton Nerenberg, PLLC. SIGNATURE YHM: Seeks to Extend Exclusivity to January 8, 2026 ------------------------------------------------------------- Signature YHM Land LLC asked the U.S. Bankruptcy Court for the Northern District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 8, 2026 and March 3, 2026, respectively. The Debtor believes the path to reorganization will be achieved through third-party financing that will allow the Debtor to immediately start making payments to Secured Creditors on the allowed portion of their secured claim, as well as a percentage to unsecured creditors. Debtor filed a Second Amended Disclosure Statement and Plan on August 22, 2025, but hopes to work with Secured Creditors to reach mutually agreeable terms and stipulate as to plan treatment. Additionally, Secured Creditors intend to bring in co-counsel to handle discovery and any evidentiary hearings in this case if the Debtor and Secured Parties cannot reach a consensual resolution regarding the Debtor's plan. Co-counsel for the Secured Creditors is still being formally retained, but it is expected that this will be formalized shortly. Without the extension of the exclusivity period, the Debtor may be forced to deal with a competing plan during the plan confirmation process. The Debtor explains that it made substantial progress toward reorganization and has done so in good faith. Since the commencement of the case, the Debtor has taken a number of steps towards reorganization, including negotiations with Secured Creditors, arranging third-party financing for the Debtor, and submitting its Second Amended Disclosure Statement and Plan. Debtor has also already received Court approval for up to $4M of postpetition funding. The Debtor asserts that the company worked with its creditors in a cooperative manner. For any creditors who have requested it, the Debtor has provided and shared information with those creditors. Additionally, the Debtor has continued communicating with counsel for Secured Creditors in the hopes of reaching mutually agreeable payment terms. The Debtor will continue to negotiate with its creditors so that a consensual plan can be reached. The Debtor further asserts that it is not requesting an extension of the Plan Deadlines as a tactical device to force creditors to accept a proposed plan. The Debtor has already proposed what it believes to be fair and equitable terms for payment of creditors' claims. The extension of time is not to pressure any creditor to submit to any reorganization demands; the extension is being requested out of an abundance of caution, so that Secured Creditors have enough time to retain co-counsel, the parties may continue their settlement discussions, and so the Debtor may avoid competing plans. Signature YHM Land LLC is represented by: Jeffrey I. Golden, Esq. GOLDEN GOODRICH, LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Tel: (714) 966-1000 Fax: (714) 966-1002 Email: jgolden@go2.law About Signature YHM Land LLC Signature YHM Land LLC operates in the real estate sector. Signature YHM Land LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No.: 25-50324) on March 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Jeffrey I. Golden, Esq. at GOLDEN GOODRICH LLP. SM ENERGY: Fitch Puts 'BB' LongTerm IDR on Watch Positive --------------------------------------------------------- Fitch Ratings has placed SM Energy Company's (SM) Long-Term Issuer Default Rating (IDR) of 'BB' and unsecured note ratings of 'BB' with a Recovery Rating of 'RR4' on Rating Watch Positive (RWP). Fitch has also affirmed the reserve-based revolving credit facility (RBL) at 'BBB-' with a Recovery Rating of 'RR1'. The RWP follows SM Energy's and Civitas Resources' (CIVI) announced definitive merger agreement in an all-stock transaction valued at approximately $12.8 billion, including both companies' net debt. The deal will materially increase production and proved reserves, be accretive to post-dividend FCF and further diversify production. It is also modestly leveraging, as it will increase pro forma gross debt to around $8 billion. Fitch expects to resolve the RWP at the close of the transaction, which is expected in the first quarter of 2026. Although unlikely, the closing of the transaction and resolution of the RWP could take longer than six months. Key Rating Drivers Modestly Leveraging Transaction: Fitch views the proposed $12.8 billion stock-for-stock exchange between SM and CIVI favorably, given the fixed exchange ratio of 1.45 CIVI shares for each SM share. SM has a fairly conservative balance sheet, but adding CIVI's debt increases forecast proforma leverage to 1.7x. Despite the higher gross debt, Fitch believes the improved FCF profile supports the post-close deleveraging plan, although it increases execution risk in the near term. Scale and FCF Enhancing Transaction: The proposed acquisition will materially enhance SM's size and scale, with pro forma net acres of approximately 823,000 and total production of approximately 526 Mboepd. This transaction adds significant inventory in the Permian basin, which will account for 48% of production and 46% of estimated proved reserves. The transaction also adds inventory in the low-cost, high margin DJ basin, which supports strong FCF generation. Proforma FCF is also expected to be enhanced by annual synergies of approximately $200 million, with the potential for further $100 million upside, by 2027 through reduced overhead and G&A costs, improved operational costs, and reduced cost of capital. Consistently Positive FCF: Fitch expects the combined company to continue to generate consistently positive FCF, despite increased combined capex, supporting credit strength. SM began 2025 with a nine-rig program and has reduced to six-rigs as of the third quarter. Fitch expects capex to support low- to mid-single-digit organic production growth and anticipates SM will use a material portion of expected positive FCF to repay debt over the rating horizon. Strong Operating Performance: Fitch expects SM to extend its strong operating performance to the acquired acreage. The company's existing basins have demonstrated higher cumulative oil production than peers on new wells over the first 20 months of production. Since 2022, SM has increased average drilling footage per day by 19% and average completed footage per day by 64% in the Permian basin and South Texas. Well productivity in the Uinta basin assets is comparable to SM's Midland and South Texas wells. Protection from Hedge Program: Fitch views SM's policy of hedging around 30%-35% of production as supportive of the rating, even though it exposes the company to slightly more cash flow volatility than peers with higher hedge levels. The company has approximately 52% of Fitch-forecast oil production hedged at $63.14 per barrels of oil (bbl) and 42% of Fitch-forecast gas production hedged at $3.81 per thousand cubic feet of natural gas (mcf) for the remainder of 2025. For 2026, approximately 27% of expected oil production is hedged at $61.33/bbl and 37% of expected natural gas production is hedged at $3.77/mcf. Peer Analysis SM's proforma production profile of approximately 526mboepd is significantly larger than peers Permian Resources Corporation (BBB-/Stable; 385.1mboepd), Matador Resources Company (BB/Stable; 209mboepd) and Murphy Oil Corporation (BB+/Stable; 196mboepd). Proforma oil percentage of production is approximately 50%, which is higher than all its peers except for Matador Resources, which had oil percentage at 59% for 2Q25. The company has maintained Fitch-calculated unhedged cash netbacks around the peer average, and Fitch expects netbacks could improve following operational enhancements and execution on synergies. Fitch forecasts proforma leverage of 1.7x, which is on the higher end of the peer group but could improve following accelerated debt reduction. Key Assumptions - West Texas Intermediate oil prices of $65/bbl in 2025, $60/bbl in 2026 and 2027, and $57/bbl thereafter; - Henry Hub natural gas prices of $3.40/mcf in 2025, $3.50/mcf in 2026, $3.00/mcf in 2027, and $2.75 thereafter; - Merger with Civitas completed in 1Q26; - Production growth of 20% in 2025 (from a full year of XCL production); - Civitas merger completed in 1Q26, leading to significant production growth in 2026, followed by stable production through the remainder of the forecast; - Capex in line with management expectations for 2025 and increasing in 2026 following merger with Civitas; - FCF prioritized for debt repayment; - Quarterly dividend of $0.20/share through the forecast; - Base interest rates applicable to the company's outstanding variable rate debt obligations reflects current SOFR forward curve. RATING SENSITIVITIES Factors that Could Lead to Negative Rating Action/Downgrade - A change in financial policy or its hedging program leading to debt-funded shareholder distributions; - Midcycle EBITDA leverage sustained above 2.5x; - Material reduction in liquidity or inability to access debt capital markets. Factors that Could Lead to Positive Rating Action/Upgrade - Fitch expects to resolve the RWP upon completion of the transaction; Factors that Could Lead to a Positive Rating Action for SM Energy Independent of the Transaction Include: - Higher netbacks relative to peers stemming from increased liquid production or lower unit costs; - Increased size and scale with similar production mix; - Midcycle EBITDA leverage sustained below 2.0x. Liquidity and Debt Structure Fitch expects SM's pro forma liquidity profile will remain adequate and is supported by strong FCF. Proforma liquidity is expected to be approximately $4.4 billion. At 3Q25, SM had $162 million of cash on hand and approximately $2 billion in available borrowing capacity on its reserve-based lending credit facility (RBL). The company has a manageable maturity schedule with the next upcoming maturity in 2026. Issuer Profile SM is an independent E&P company that operates in the Midland Basin, South Texas, which includes the Eagle Ford and Austin Chalk, and Uinta basin. SM averaged 213.8 Mboepd of production during 3Q25, including oil, natural gas liquids (NGLs) and gas. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- SM Energy Company LT IDR BB Rating Watch On BB senior unsecured LT BB Rating Watch On RR4 BB senior secured LT BBB- Affirmed RR1 BBB- SMITH MICRO: Reports $4.5MM Net Loss in 2025 Q3 ----------------------------------------------- Smith Micro Software, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $4.54 million and $6.37 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company reported a net loss of $24.77 million and $44.31 million, respectively. Revenue for the three months ended September 30, 2025 and 2024, were $4.35 million and $4.65 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had revenues of $13.39 million and $15.59 million, respectively. As of September 30, 2025, the Company had an accumulated comprehensive deficit of $380.05 million and total cash and cash equivalents of $1.4 million. As of September 30, 2025, the Company had $21.13 million in total assets, $7.24 million in total liabilities, and $19.89 million in total stockholders' equity. "We believe we have taken great strides during and since the third quarter ended, building on key customer opportunities to set the stage for future growth, streamlining our operations for a faster and more agile delivery organization and strengthening our financial foundation. As we continue to advance our discussions around key customer initiatives and identify new opportunities aimed at broadening the reach of our products, I believe the renewed family focus occurring in the carrier market worldwide creates a substantial opportunity for Smith Micro Software," said William W. Smith Jr., president, chief executive officer, and chairman of the board of Smith Micro. Smith continued, "Carriers are focused on attracting and retaining valuable family subscribers and demand solutions that will help them meet that objective. Our "connected life" vision brings what I believe is the most expansive and powerful Family Digital Lifestyle(TM) offering in the market today. Our SafePath(R) ecosystem spans the entire digital safety journey for families, from kids to seniors and every family member between." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bdz7u84u About Smith Micro Smith Micro Software, Inc., headquartered in Pittsburgh, Pennsylvania, provides software solutions designed to enhance the mobile experience for wireless service providers globally. The Company's offerings include family safety software and visual voice messaging, targeting digital lifestyle services, online safety, automotive telematics, and consumer Internet of Things (IoT) applications. It focuses on leveraging technology and data analytics to meet customer needs and support connected lifestyles. In its audit report dated March 12, 2025, SingerLewak LLP issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and has projected future cash flow requirements to meet continuing operations in excess of current available cash. This raises substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $29.58 million in total assets, $7.17 million in total liabilities, and $22.41 million in total stockholders' equity. As of September 30, 2025, the Company had $21.13 million in total assets, $7.24 million in total liabilities, and $19.89 million in total stockholders' equity. SONDER HOLDINGS: Plans Chapter 7 Filing, To Wind-Down Operations ---------------------------------------------------------------- Lara Sanli of Bloomberg Law reports that Sonder Holdings Inc. announced plans to immediately shut down its U.S. operations and file for Chapter 7 liquidation following the termination of its licensing agreement with Marriott International, Inc. The move marks a swift collapse for the short-term rental and hospitality company, which had struggled to regain stability amid changing travel demand. In addition to its U.S. wind-down, Sonder said it intends to begin insolvency proceedings in the foreign markets where it operates. The company’s international liquidation process will seek to manage remaining assets and liabilities as part of an orderly global exit. About Sonder Holdings Inc. Sonder Holdings Inc., provides short and long-term accommodations to travelers in various cities across North America, Europe, and the Middle East. It also operates boutique hotels. SPHERE 3D: Swings to $4.25 Million Net Loss in Fiscal Q3 -------------------------------------------------------- Sphere 3D Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $4.25 million and a net income of $104,000 for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company reported a net loss of $11.37 million and of $2.25 million, respectively. Bitcoin mining revenue for the three months ended September 30, 2025 and 2024, were $2.62 million and $2.36 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had Bitcoin mining revenue of $8.46 million and $13.97 million, respectively. At September 30, 2025 and December 31, 2025, the Company's accumulated deficit amounted to $468.19 million and $456.82 million, respectively. As of September 30, 2025, the Company had working capital of $8.3 million, reflecting a decrease of $5.5 million since December 31, 2024. As of September 30, 2025, the Company had $31.12 million in total assets, $1.6 million in total liabilities, and $29.52 million in total stockholders' equity. The Company stated that, "Management has projected that based on our recurring losses, negative cash flows from operating activities, and our hashing rate at September 30, 2025, cash on hand may not be sufficient to allow the Company to continue operations and there is substantial doubt about the Company's ability to continue as a going concern within 12 months from the date of issuance of our financial statements if we are unable to raise additional funding for operations." "We expect our working capital needs to increase in the future as we continue to expand and enhance our operations. Our ability to raise additional funds for working capital through equity or debt financings or other sources may depend on the financial success of our business and successful implementation of our key strategic initiatives, financial, economic and market conditions and other factors, some of which are beyond our control." "We require additional capital and if we are unsuccessful in raising that capital at a reasonable cost and at the required times, or at all, we may not be able to continue our business operations in the cryptocurrency mining industry, or we may be unable to advance our growth initiatives, either of which could adversely impact our business, financial condition and results of operations. In an effort to mitigate these risks, we expect to take steps to lower our cost of mining and also refresh our mining fleet to increase our mining efficiency." Significant changes from the Company's current forecasts, including but not limited to: (i) shortfalls from projected mining earning levels; (ii) increases in operating costs; (iii) decreases in the value of cryptocurrency; and (iv) if the Company does not maintain compliance with the requirements of The Nasdaq Capital Market and/or it does not maintain its listing with Nasdaq could have a material adverse impact on the Company's ability to access the level of funding necessary to continue its operations at current levels. These factors, among others, should they occur, may result in the Company's inability to continue as a going concern within 12 months from the date of issuance of our financial statements. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2e8jvjmn About Sphere 3D Sphere 3D Corp. (Nasdaq: ANY) -- https://www.Sphere3D.com/ -- is a cryptocurrency miner, growing its industrial-scale digital asset mining operation through the capital-efficient procurement of next-generation mining equipment and partnering with best-in-class data center operators. Sphere 3D is dedicated to increasing shareholder value while honoring its commitment to strict environmental, social, and governance standards. In its report dated March 28, 2025, the Company's auditor MaloneBailey, LLP, issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and does not expect to have sufficient cash on hand to fund its operations that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $34.42 million in total assets, $1.71 million in total liabilities, and $32.71 million in total stockholders' equity. SPIRIT AVIATION: Court Approves $475 Million DIP Loan ----------------------------------------------------- Spirit Aviation Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on in connection with the Chapter 11 Cases, on October 31, 2025, the Bankruptcy Court entered a final order permitting Spirit Airlines, LLC, as borrower, and certain subsidiaries of the Company from time to time party thereto as guarantors, to enter into a Superpriority Priming Debtor-in-Possession Credit Agreement, dated October 14, with the lenders from time to time party thereto and Wilmington Trust, National Association, as administrative agent and collateral agent. In connection with entry of the Final DIP Order, the Bankruptcy Court approved certain amendments to the terms by which holders of Prepetition Notes were eligible to receive Roll-Up Loans, including reducing the maximum amount of Roll-Up Loans eligible to be exchanged in connection with the subsequent funding of New Money Loans under the DIP Credit Agreement.. Pursuant to the DIP Credit Agreement, the DIP Lenders have agreed, upon the terms and conditions set forth therein, to make available to the Company up to $475,000,000 in aggregate principal amount of term loans. Under the DIP Facility: (i) $200,000,00 in new money term loans has been funded under the Interim and Final DIP Orders; and (ii) subject to the terms and conditions set forth in the Final DIP Order and the DIP Credit Agreement, up to $275,000,000 in additional new money term loans will be made available on certain subsequent dates, including up to: * $75,000,000 on November 7, 2025, * $100,000,000 on December 13, 2025, and * $100,000,000 on a subsequent date to be determined as set forth in the Final DIP Order and the DIP Credit Agreement. DIP Lenders that provide New Money DIP Loans shall be entitled to "roll up" a portion of their outstanding PIK Toggle Senior Secured Notes due 2030 in amounts, and on the terms and conditions, set forth in the Final DIP Order and the DIP Credit Agreement. New Money Loans will bear interest at a rate equal to, at the Debtors' option: (i) the Base Rate (subject to a 4% floor) plus 7% per annum; or (ii) Term SOFR (subject to a 3% floor) plus 8% per annum. Roll-Up Loans will not bear interest; provided that if the Prepetition Notes and/or the separate tranche of Roll-Up Loans attributable to subsequent borrowings are determined to be oversecured under section 506(b) of the Bankruptcy Code, interest will accrue on the Roll-Up Loans retroactive to the applicable borrowing date in the manner described in the DIP Credit Agreement. The scheduled maturity date of the DIP Facility is July 14, 2026. A full-text copy of the DIP Credit Agreement and the Final DIP Order is available at https://tinyurl.com/yvr425d3 About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed $8,576,287,000 in assets and $8,096,842,000 in liabilities as of June 30, 2025. Judge Sean H. Lane oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy counsel; PJT Partners LP as investment banker; FTI Consulting, Inc. as restructuring, fleet and communications advisor; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Ernst & Young, LLP as its audit and tax services provider. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel; Alton Aviation Consultancy, LLC as specialized aviation advisor; Jefferies. LLC as investment banker; and AlixPartners, LLP as financial advisor. An Ad Hoc Committee of Secured Noteholders is represented by Akin Gump Strauss Hauer & Feld LLP, as primary counsel, and Watson Farley & Williams LLP, as aviation counsel. Perella Weinberg Partners LP, serves as the group's investment banker, and SkyWorks Capital, LLC, as its financial advisor. Akin Gump Strauss Hauer & Feld LLP, also serves as counsel to the DIP Lenders. Dentons US LLP, serves as legal counsel for Barclays Bank PLC, in its capacity as fronting lender. SSI PRODUCTS: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division entered a final order authorizing SSI Products, LLC to continue using cash collateral. The order authorized the Debtor to use cash collateral in accordance with its one-month operating budget, subject to a 15% variance. The Debtor was ordered to collect all cash funds and account monthly to the secured creditors. The secured creditors include the U.S. Small Business Administration, Origin Bank, PIRS Capital, LLC and Tarrant County, Texas. In case of any diminution in the value of their pre-bankruptcy collateral, the secured creditors will be granted post-petition replacement liens, co-extensive with their existing liens, on all current and future property of the Debtor. The replacement liens do not apply to Chapter 5 causes of action and tax liens and are deemed automatically perfected without the need for UCC filings. A copy of the final order and the Debtor's budget is available at https://shorturl.at/oOePt from PacerMonitor.com. The Debtor believes that the cash it intends to use may be subject to the claims of the secured creditors, all of which may hold liens on the Debtor's personal property, including accounts receivable and inventory. The Debtor's business involves the distribution of primarily foreign-sourced, non-chemical cleaning products to brick-and-mortar big-box and discount retail stores. About SSI Products LLC Based in Fort Worth, Texas, SSI Products, LLC manufactures and distributes laboratory consumables, including various grades of glass microfiber filters, oil and grease filters, cellulose filters, syringe filters, and aluminum weighing pans. Founded in 2008, the company serves environmental laboratories, water treatment plants, and industrial manufacturers across the United States, providing products designed to enhance laboratory performance while reducing operational costs. SSI Products filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-43542) on September 16, 2025, listing $1 million to $10 million in both assets and liabilities. Terry Treacy signed the petition as authorized representative of the Debtor. Judge Edward L Morris presides over the case. Laurance C. Boyd, Esq., at The Law Office of Laurance C. Boyd, PLLC represents the Debtor as bankruptcy counsel. ST. JOSEPH'S UNIVERSITY: Fitch Lowers IDR to 'BB+', Outlook Stable ------------------------------------------------------------------ Fitch Ratings has downgraded the Issuer Default Rating (IDR) and the revenue bond ratings on approximately $28.5 million of series 2020A and series 2021 bonds issued by the Dormitory Authority of the State of New York (DASNY) on behalf of St. Joseph's University (SJNY), formerly St. Joseph's College to 'BB+' from 'BBB-'. Fitch has assigned a Rating Outlook of Stable. Entity/Debt Rating Prior ----------- ------ ----- St. Joseph's University (NY) LT IDR BB+ Downgrade BBB- St. Joseph's University (NY) /General Revenues/1 LT LT BB+ Downgrade BBB- The downgrade to 'BB+' from 'BBB-' reflects SJNY's continued negative operating performance, including an operating loss of approximately $2 million in unaudited fiscal 2025, weaker than budgeted expectations. The losses were driven by declining student fee and associated revenue, reduced gifts and contributions, and lower government grants and contracted services. These were only partially offset by expense reductions, primarily from personnel costs due to staff and faculty buyouts and changes in program support. Management indicated that the university has budgeted another negative operating margin for fiscal 2026, with estimated savings of about $3 million from staff departures and business unit reductions, but notably higher salary, benefit and healthcare costs. Although fall 2025 full-time enrollment declined, graduate enrollment rose by approximately 39%, fueled by demand for new programs—particularly in nursing and education—and adjusted tuition rates for select graduate offerings. This growth helped offset an otherwise declining net tuition and fee revenue trajectory, which decreased YoY due to lower undergraduate enrollment and increased tuition discounting. SJNY launched a new low-residency MFA in creative writing and expanded its MBA curriculum, exceeding prior admission goals, which is expected to further boost graduate enrollment starting in fall 2025. These developments contributed to an improvement in the cash flow margin (as calculated by Fitch) for fiscal 2025 despite the operating loss. Debt service coverage also improved compared to fiscal 2024, though SJNY again breached the 1.2x coverage covenant outlined in its bond documents, making it the third consecutive year of noncompliance. Management noted that DASNY relies on the trustee, to whom the university has provided quarterly financial statements. No acceleration provisions apply to this covenant. SJNY's ongoing expense-reduction initiatives, coupled with increasing revenue from newly launched graduate programs, are expected to help mitigate pressures from its currently constrained operating performance. These developments may enhance the university's ability to generate cash, rebuild operating liquidity, and gradually reduce leverage to levels aligned with its revised rating. While challenges remain, including a narrow local market, limited tuition-pricing flexibility, and modest operating cash flow margins, these factors are appropriately reflected in SJNY's IDR of 'BB+'. The Stable Outlook reflects Fitch's expectation that SJNY's graduate enrollment growth will continue, supported by its new academic programs, resulting in sufficient cash flow generation for a 'BB+' rated university and stabilization in available funds (AF) to adjusted debt. SECURITY The bonds are secured by a revenue pledge (defined as tuition and fees charged to students for academic instruction), as well as a mortgage lien on a portion of SJNY 's Long Island Campus located Patchogue, NY. There is no debt service reserve. KEY RATING DRIVERS Revenue Defensibility - 'bb' Pressured Enrollment in A Narrow Local Market SJNY faces weak demand metrics and pressured undergraduate enrollment. The university primarily serves local markets surrounding its two campuses in Brooklyn and Patchogue (Suffolk County), with a focus on affordability, market-aligned academic programs, and a growing online presence. SJNY relies heavily on student-generated revenue, which accounted for approximately 86% of operating revenues in fiscal 2025. Volatility in transfer and undergraduate enrollment has contributed to a cumulative decline in full-time equivalent (FTE) enrollment from a recent high of 4,594 in fall 2018 to 3,519 in fall 2025. Tuition increases were insufficient to offset undergraduate enrollment pressure in fiscal 2025, resulting in a relatively flat YoY net tuition revenue. Undergraduate enrollment declined by 6%, partially offset by a 25% increase in graduate enrollment (total enrollment relatively flat). Net tuition is expected to rise in the intermediate term due to the introduction of new bachelor's and master's programs and the expansion of the nursing program at both campuses. In fall 2025 (fiscal 2026), first-time freshman applications declined by 3% YoY, and the matriculation rate fell to 12%. However, the acceptance rate of 71% in fall 2025 (fiscal 2026) was slightly lower than in the prior year. The freshman-to-sophomore retention rate improved to 85% compared to 81% in fall 2024 (fiscal 2025). Transfer admissions from local community colleges remain difficult to forecast but continue to represent a significant portion (approximately 40%) of undergraduate matriculations in fall 2025. Graduate programs are beginning to show strong results. In fall 2025, new graduate enrollment increased by 38.8% compared to fall 2024, and total graduate enrollment rose by 25%. SJNY is seeing the benefits of several newly launched programs, including a master's degree in Social Work (2023), Teaching English to Speakers of Other Languages (2023), and a Family Nurse Practitioner program (2024). A new Speech Pathology and Audiology program launched in fall 2025, followed by a low-residency MFA in Creative Writing in fall 2026. Management reported that the university exceeded its graduate admission goals for fall 2025. SJNY's recent tuition and enrollment trends suggest a high level of price sensitivity, which may limit the effectiveness of future tuition increases. The university's endowment remains modest in absolute terms at approximately $63.6 million at fiscal YE 2025, relatively unchanged from fiscal YE 2024. However, it provides some financial flexibility as SJNY executes its strategic plans. Fitch expects supplemental endowment draws will be necessary through fiscal 2026, exceeding the university's historically limited reliance on endowment funds. Operating Risk - 'bb' Variable but Stabilizing Cash Flow Margins The 'bb' assessment of operating risk reflects significant cash flow pressure in fiscal 2025. While there was mild improvement in operating income, financial performance remains constrained. This follows a very weak fiscal 2024, which ended with a deficit of approximately $5 million and resulted in a zero-cash flow margin. In fiscal 2025, SJNY reduced its operating loss by more than 50%, ending the year with an estimated $2 million deficit and a positive cash flow margin of 4%. Thanks to management's cost control efforts, Fitch expects SJNY to continue to improve its operating performance, with budgets reflecting fewer negative margins in the near term. The university could achieve positive cash flow margins near 5% as it better aligns spending with revenue. The university has no plans to issue new debt as it focusses on operating improvements. The current capital plans, which include renovations to a Brooklyn property and the phased implementation of a sewage project, are mitigated by recently completed projects in fiscal 2023 and the financial flexibility provided by the university's predominantly commuter student base. Despite the high average age of plant 26 years post-renovation, SJNY retains some discretion over future capital outlays. Fitch's assessments and ratings incorporate current projections for debt, cash flow, and capex within a forward-looking scenario modeled by Fitch. Financial Profile - 'bb' Moderate Leverage; Vulnerable to Operating Deficits Fitch has revised SJNY's Financial Profile assessment to 'bb' from 'bbb', reflecting increased strain on the university's leverage profile, though it retains sufficient flexibility to meet financial commitments under the base case scenario. SJNY has grown its AF (defined as cash and investments less permanently restricted net assets) since fiscal 2019, supported by investment gains and fundraising. AF remained flat YoY at $48 million at fiscal YE 2025 and has been flat for the past three fiscal years. This trend is partly attributable to operating deficits, including one-time payouts related to voluntary retirement programs and other one-time expenses. SJNY's leverage position remains sensitive to investment market pressures, particularly under Fitch's stress case scenario, which incorporates standard market volatility and considers the university's ongoing deficit-reduction efforts. Fitch's key leverage metric, AF-to-adjusted debt, improved to 130% at FYE 2025 from 123% at FYE 2024. In Fitch's forward-looking scenario, this ratio is constrained by cost management challenges and enrollment pressures, aligning with levels typical of the 'BB+' rating category. Fitch expects SJNY to maintain AF-to-adjusted debt near current levels, supported by the absence of additional debt plans. SJNY's debt portfolio includes approximately $30 million in fixed-rate bonds with level debt service and an additional $6.4 million in long-term lease obligations. Debt service coverage has improved from a low of 0.5x (as calculated by Fitch), but the university remains in violation of its 1.2x coverage covenant under its loan agreement. SJNY was noncompliant in fiscal 2023, fiscal 2024, and fiscal 2025. However, the university has stated that DASNY relies on the trustee, and SJNY has provided the required documentation to the trustee and is not in default. As long as SJNY adheres to the terms of the trustee and recommended actions, SJNY is considered to be in compliance with its covenant requirements. In Fitch's modeled forward-looking scenario, despite management's cost control efforts, the debt service coverage ratio does not show successive improvement. While AF-to-adjusted debt increased to 130% at fiscal YE 2025, Fitch's forward-looking scenario conditions suggest this metric will remain constrained, consistent with the 'BB+' rating category given SJNY's weaker revenue defensibility and operating risk assessments. Asymmetric Additional Risk Considerations The 'bb' financial assessment incorporates weaker liquidity profile as an asymmetric additional risk consideration stemming from SJNYs failure to generate annual debt service coverage (as calculated by Fitch) in fiscal years 2023, 2024, and 2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained decline in enrollment resulting in further revenue pressure through fiscal 2026; - Material deterioration of SJNY's balance sheet metrics with AF-to-adjusted debt sustained below 100%; - Failure to narrow operating deficits and preserve recurring cash flow at levels sufficient to meet debt service coverage covenant. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Enrollment stabilization and net tuition revenue growth in fiscal 2026 and beyond; - Improved cash flow margins at or above 6% on a recurring basis; - Sustained growth in AF bringing leverage (AF/total adjusted debt) of greater than 100% throughout a forward-looking stress scenario. PROFILE Founded in 1916, SJNY is an independent and coeducational university serving approximately 2,630 students at its Long Island campus in Patchogue, NY, and 1,014 students at its Brooklyn, NY, campus, in addition to 406 online students as of fall 2024. The primarily commuter institution has a student base that is largely undergraduate (81% of headcount), with a graduate enrollment of 534 FTEs, offering degrees in more than 54 majors and other programs. SJNY is accredited by the Middle States Commission on Higher Education, which last reaffirmed the accreditation in 2018, with the next self-study evaluation due in 2025-2026. St. Joseph's University is currently in the process of identifying its next CFO, following the retirement of John Roth in June 2025 after more than 38 years of service in the role. In April 2022, the New York State Education Department Board of Regents granted an amendment to St. Joseph's charter, designating it as a university instead of a college. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by information from DIVER by Solve. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. SUAREZ TRACT: Seeks Chapter 7 Bankruptcy in Colorado ---------------------------------------------------- Suarez Tract LLC voluntarily filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Colorado on October 31, 2025. The company reported assets ranging from $100,001 to $1 million, with liabilities also in the $100,001 to $1 million range. Suarez Tract LLC noted that it has between 1 and 49 creditors listed in the filing. About Suarez Tract LLC Suarez Tract LLC is a single asset real estate company. Suarez Tract LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-17145) on October 31, 2025. In its petition, the Debtor reports estimated assets and assets between $100,001 and $1 million each. Honorable Bankruptcy Judge Michael E. Romero handles the case. SWAPSY INC: Seeks to Hire LEA Accountancy LLP as Accountant ----------------------------------------------------------- Swapsy, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire LEA Accountancy, LLP as the estate's accountant. The firm's services include: (a) review the Debtor's prior accounting and tax records, the petition, schedules, judgment and settlement agreements and the estate's documents related to its financial transactions; (b) review and analysis of the estate's financial transactions to determine the appropriate (and most beneficial to the estate) treatment for tax purposes, including capital gains calculations, consideration of tax attributes inherited from the Debtor and other tax considerations; (c) assist the Trustee in the preparation and filing of the estate's Federal and California individual and fiduciary income tax returns to reflect the transactions of the estate and liquidation of its assets. Such delinquent tax returns can be but not limited to income tax, sales tax, city, county or similar tax filings; (d) communicate with taxing authorities on behalf of the estate; (e) prepare, as needed, estate federal and California payroll tax filings including obtaining payroll tax filing numbers; (f) prepare monthly operating reports, as needed; (g) review claims filed including by tax authorities and assist with any claims objections; (h) obtain the required tax clearance for the estate's tax returns; and (i) perform any other financial analysis, investigation, general and/or forensic accounting services and address any other tax matters which may be requested by the Trustee to properly administer the estate and maintain tax compliance. The firm's hourly rates: SAM S. LESLIE $585 Partner MARIANNA FALCO $440 Tax Manager & Bankruptcy Coordinator MICHAEL KWASNOWSKI $440 Tax and Accounting Specialist TERRY R. FUSSELL $395 Senior Tax Specialist IRINA MCDONALD $335 Tax and Accounting Specialist THOMAS G. BALLOU $295 Partner, Business Manager AUSTIN MARTIN $245 Bankruptcy Accountant AARON ROBSON $245 Senior Accountant Sam S. Leslie of LEA Accountancy assured the court that his firm is a "disinterested person" as the term is defined in 11 U.S.C. 101(14). The firm can be reached through: Sam S. Leslie, CPA LEA Accountancy, LLP 1130 S. Flower Street, Suite 312 Los Angeles, CA 90015 Tel: (323) 987-5780 Fax: (323) 987-5763 Email: sleslie@trusteeleslie.com About Swapsy, Inc. Swapsy, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-10699) on April 6, 2023, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Andy C. Warshaw, Esq. at Financial Relief Law Center, APC represents the Debtor as counsel. TABERNACLE CHRISTIAN: Hearing Today on Bid to Use Cash Collateral ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, is set to hold a hearing today to consider another extension of Tabernacle Christian Center Ministries, Inc.'s authority to use cash collateral. The Debtor's authority to utilize cash collateral pursuant to the court's October 30 interim order expires om November 14. The interim order authorized the payment of the Debtor's expenses from cash collateral, which consists of cash, receivables and operating revenues, in accordance with its budget. Moreover, the interim order granted secured creditors, the U.S. Small Business Administration and National Loan Acquisitions Company, first-priority replacement liens on post-petition assets (excluding avoidance action proceeds). About Tabernacle Christian Center Ministries Tabernacle Christian Center Ministries Inc. operates as a religious organization based in Florida, providing Christian worship services, educational programs, and community outreach initiatives. The organization is led by Bishop Jeff Terrelonge and conducts activities including Sunday worship, Bible study, youth services, and volunteer-driven community programs. Tabernacle Christian Center Ministries Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21466) on September 29, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by the Law Office of Mark S. Roher, PA. TAPS RANCH II: Unsecureds to Get Share of Income for 60 Months -------------------------------------------------------------- TAPS Ranch II, LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization under Subchapter V dated November 3, 2025. The Debtor formerly operated a chicken farm in the properties located at 509 FM 3409, San Augustine, TX 75972 and 15433 E State Highway 21, Chireno, TX 75937. Due to the wrongful termination by Pilgrim's Pride of Debtor's contract with Pilgrims Pride, Debtor's chicken farm operations ceased in the summer of 2024. The value of the Debtor's properties as chicken farms was much higher than as real estate. The values of the real properties with operational chicken farms was significant. The wrongful termination of the chicken contracts by Pilgrim's Pride had a material adverse impact on the values of the real properties. The Debtor is planning on using the real properties going forward potentially for farming chicken eggs, raising catfish, day-hab operations, and cattle operations. TAPS Ranch values its assets at approximately $1,068,650 (real estate at approximately $1,030,000, farm and fishing equipment at approximately $30,000 and miscellaneous assets for the remainder). The Debtor has no accounts receivable and no inventory. TAPS Ranch has debts of approximately $2,603,738. This Plan of Reorganization proposes to pay Debtor's creditors from the cash flow generated in the ordinary course of the Debtor's business after confirmation. Class 7 consists of Unsecured Non-Priority Claims. The aggregate amount of Class 7 claims is approximately $1,391,786. The Debtor will pay the projected disposable income in the amount as set forth on the projections for a period of sixty months following the Effective Date to creditors in this class with allowed claims in the amount set forth on the projections with this plan. Debtor may pay these amounts in quarterly distributions. If any recovery is made as against Pilgrim's Pride, after payment of attorneys' fees and expenses of the litigation and this bankruptcy case, the Debtor will pay 5% of the net proceeds to the creditors in Class 7 until the creditors in Class 7 are paid in full. This Class is impaired. Class 8 consists of the equity security holders of the Debtor. The equity security holders will retain the interest in the Debtor. The term "disposable income" means the income that is received by the debtor and that is not reasonably necessary to be expended * for -- the maintenance or support of the debtor or a dependent of the debtor; or -- a domestic support obligation that first becomes payable after the date of the filing of the petition; or * for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the debtor. The Debtor will pay the administrative expenses and the other classes as set forth on the projections. The Debtor may prepay administrative expenses if the Debtor has sufficient funds to make such payments. The Debtor intends to pursue claims against Pilgrim's Pride for the damages incurred by the Debtor in the wrongful termination of the contracts with the Debtor. If any recovery is made as against Pilgrim's Pride, after payment of attorneys' fees and expenses of the litigation (including any amounts advanced by other entities) and this bankruptcy case, the Debtor will pay (i) 70% of the net proceeds to Shelby Savings Bank until Shelby Savings Bank is paid in full, and (ii) 5% of the net proceeds to the unsecured creditors in Class 7 until the unsecured creditors are paid in full. Upon payment of Shelby Savings Bank in full and the unsecured creditors, the Debtor shall retain all remaining funds. The Debtor will be allocated 25% of the net proceeds from the recovery for the time and effort of pursuing the litigation. The Debtor intends to pursue on a contingency fee basis or with an affiliated entity paying any costs. The Debtor does not intend on paying any costs for the litigation. A full-text copy of the Plan of Reorganization dated November 3, 2025 is available at https://urlcurt.com/u?l=wduulo from PacerMonitor.com at no charge. Counsel to the Debtor: Reese W. Baker, Esq. Baker & Associates 950 Echo Lane Suite 300 Houston, TX 77024 Telephone: (713) 979-2251 About TAPS Ranch II LLC TAPS Ranch II, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34509) on August 4, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Jeffrey P Norman presides over the case. Reese W Baker, Esq., at Baker & Associates, is the Debtor's legal counsel. TECH RABBIT: Seeks to Hire David C. Johnston as Legal Counsel ------------------------------------------------------------- Tech Rabbit Inc., fdba Tech Firefly, seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ David Johnston, Esq., an attorney practicing in Modesto, Calif., as legal counsel. The firm's services include: (a) giving the Debtor legal advice about various bankruptcy options, including relief under Chapters 7 and 11, and legal advice about non-bankruptcy alternatives for dealing with the claims against it; (b) giving the Debtor in Possession legal advice about its rights, powers, and obligations in the Chapter 11 case and in the management of the estate; (c) taking necessary action to enforce the automatic stay and to oppose motions for relief from the automatic stay; (d) taking necessary action to recover and avoid any preferential or fraudulent transfers and to exercise the Debtor in Possession's strong-arm powers; (e) appearing with the Debtor's chief executive officer, Jonathan Yee, at the meeting of creditors, initial interview with the U.S. Trustee, status conference, and other hearings held before the Court; (f) reviewing and if necessary, objecting to proofs of claim; and (g) preparing a plan of reorganization and a disclosure statement (if required) and taking all steps necessary to bring the plan to confirmation, if possible. The attorney will be billed at his hourly rate of $400. The attorney received a retainer of $5,000 to cover pre-petition and post-petition fees. Mr. Johnston 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: David C. Johnston, Esq. 1600 G Street, Suite 102 Modesto, CA 95354 Tel: (209) 579-1150 Fax: (209) 900-9199 About Tech Rabbit Inc. Tech Rabbit Inc., formerly doing business as Tech Firefly, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-50353) on March 14, 2025. At the time of the filing, the Debtor reported between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Stephen L. Johnson oversees the case. David C. Johnston, Esq., at the Law Offices of David C. Johnston represents the Debtor as bankruptcy counsel. TERRA LAKE: Court Extends Cash Collateral Access to Dec. 3 ---------------------------------------------------------- Leslie Osborne, Esq., the Chapter 11 trustee for Terra Lake Heights, LLC, received another extension from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral. The court order signed by Judge Scott Grossman authorized the trustee's interim use of cash collateral through December 3 to pay the amounts authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, subject to the monthly line item variances, if any; and additional amounts, subject to approval by secured creditor, Big Real Estate Finance II, LLC. As protection for the use of its cash collateral, the secured creditor will be granted a post-petition security interest in and lien on its pre-bankruptcy collateral, with the same validity, extent and priority as its pre-bankruptcy security interests. In addition, Big Real Estate Finance will be granted an allowed superpriority administrative expense claim, with priority over all administrative expenses and other claims against the Debtor. The Debtor's authority to use cash collateral terminates upon the occurrence of so-called events of default, including its failure to remit to the secured creditor any "adequate protection" payment; dismissal or conversion of its Chapter 11 case; the reversal, revocation, modification, amendment, stay or rescission of the interim order unless consented to by the secured creditor; the distribution of any cash collateral other than in accordance with the terms of the interim order and budget; and upon payment in full of the entire claim of the secured creditor. The next hearing is scheduled for December 3. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/nUHej from PacerMonitor.com. The Debtor, a multi-unit apartment complex in Tallahassee, Fla., filed for Chapter 11 protection on April 23. The Debtor allegedly owes the secured creditor approximately $19.8 million, secured by a first-priority lien on the Debtor's real and personal property, including leases, rents, equipment, and accounts. The bankruptcy trustee believes the rental income constitutes cash collateral and intends to use it for necessary business expenses like utilities, insurance, and property management. About Terra Lake Heights Terra Lake Heights, LLC is a limited liability company in Hollywood, Fla. Terra Lake Heights sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14464) on April 23, 2025, listing up to $50,000 in assets and between $10 million and $50 million in liabilities. Judge Scott M. Grossman handles the case. Chad Van Horn, Esq., at Van Horn Law Group, P.A. serves as the Debtor's legal counsel. Leslie Osborne is the Chapter 11 trustee appointed in the Debtor's case. Big Real Estate Finance II, LLC, as secured creditor, is represented by: Matthew A. Barish, Esq. Cole Schotz, P.C. One Boca Place 2255 Glades Road, Suite 300E Boca Raton, FL 33431 Phone: (646) 563-8958 mbarish@coleschotz.com vfink@coleschotz.com TITAN GROUP: Gets Interim OK to Use Cash Collateral Until Nov. 26 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division issued an order authorizing Titan Group Logistics, Inc.'s interim use of cash collateral through November 26. The Debtor was authorized to use cash collateral only for the budgeted expenses listed in its budget, with a strict prohibition on any insider payments. Payroll disbursements are limited to post-petition wages and payroll taxes for non-insider employees. The court scheduled a continued hearing for November 26, with objections due November 19. The Debtor has identified Crossroads and BMO Harris Bank as the creditors that may have security interest in the cash collateral. About Titan Group Logistics, Inc. Titan Group Logistics, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12027) on October 30, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hon. Victoria S Kaufman oversees the case. The Debtor is represented by: Tamar Terzian, Esq. Terzian Law Group, Apc Tel: 626-826-1271 tamar@terzlaw.com TRUE MADE: Stephen Metz of Offit Kurman Named Subchapter V Trustee ------------------------------------------------------------------ The Acting U.S. Trustee for Region 4 appointed Stephen Metz of Offit Kurman, P.A. as Subchapter V trustee for True Made Foods, Inc. Mr. Metz will be paid an hourly fee of $600 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Metz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen Metz Offit Kurman, P.A. 7501 Wisconsin Avenue, Suite 1000W Bethesda, Maryland 20814 Phone: (240) 507-1723 Email: smetz@offitkurman.com About True Made Foods Inc. True Made Foods, Inc., a company based in Alexandria, Virginia, produces reduced-sugar and sugar-free condiments including ketchup, barbecue sauces, mustard, and hot sauces, using fruits and vegetables as natural sweeteners instead of refined sugar. It collaborates with culinary professionals, such as Pitmaster Ed Mitchell, to develop its barbecue sauces. True Made Foods sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-12269) on October 30, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Abraham Kamarck, chief executive officer of True Made Foods, signed the petition. Steven B. Ramsdell, Esq., at Tyler, Bartl & Ramsdell, PLC represents the Debtor as legal counsel. TURNONGREEN INC: Reports $4.54 Million Net Loss in 2025 Q3 ---------------------------------------------------------- TurnOnGreen, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $4.54 million and $6.37 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company reported a net loss of $24.77 million and $44.31 million, respectively. Revenue for the three months ended September 30, 2025 and 2024, were $1.74 million and $1.29 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had revenues of $5.03 million and $3.75 million, respectively. As of September 30, 2025, the Company had an accumulated deficit of $48.79 million. Management believes that the Company will continue to incur operating and net losses each quarter until at least the time it begins significant deliveries of its products. The Company's inability to continue as a going concern could have a negative impact on the Company, including its ability to obtain needed financing. In view of these matters, there is substantial doubt about the Company's ability to continue as a going concern. The Company intends to finance its future development activities and its working capital needs largely through advances from Hyperscale Data, Inc. until such time as funds provided by operations are sufficient to fund working capital requirements. Although management believes that capital sources will be available, there can be no assurances that Hyperscale will continue providing financing to the Company when needed to allow the Company to continue its operations, or if available, on terms acceptable to the Company. As of September 30, 2025, the Company had $2.74 million in total assets, $10.17 million in total liabilities, and $32.43 million in total shareholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2uv8aez7 About TurnOnGreen Inc. TurnOnGreen, Inc. (formerly known as Imperalis Holding Corp.), a Nevada corporation, through its wholly owned subsidiaries Digital Power Corporation and TOG Technologies Inc., is engaged in the design, development, manufacture, and sale of highly engineered, feature-rich, high-grade power conversion and power system solutions for mission-critical applications and processes. New York, N.Y.-based Marcum LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 23, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $2.58 million in total assets, $9.5 million in total liabilities, and $31.92 million in total equity. As of September 30, 2025, the Company had $2.74 million in total assets, $10.17 million in total liabilities, and $32.43 million in total shareholders' deficit. UBA BROCKTON: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: UBA Brockton, LLC 435 Westgate Drive Brockton, MA 02301 Business Description: UBA Brockton, LLC, doing business as Urban Air Trampoline & Adventure Park, operates an indoor entertainment center at 435 Westgate Drive in Brockton, Massachusetts, featuring trampolines, climbing walls, obstacle and warrior courses, laser tag, and slides. The facility provides recreational and amusement services for families, parties, and group events, with ticketed access and membership options. It is part of the Urban Air Adventure Park franchise network offering active indoor attractions across the United States. Chapter 11 Petition Date: November 7, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-12422 Debtor's Counsel: Rion M. Vaughan, Esq. RUBIN AND RUDMAN LLP 53 State Street Boston, MA 02109 Tel: 617-330-7143 E-mail: rvaughan@rubinrudman.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Thomas Ng as manager. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZPHJSBQ/UBA_Brockton_LLC__mabke-25-12422__0001.0.pdf?mcid=tGE4TAMA UPGRADE SALON: Chris Quinn Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 7 appointed Chris Quinn as Subchapter V trustee for Upgrade Salon, Inc. Mr. Quinn will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Quinn declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Chris Quinn 26414 Cottage Cypress Lane Cypress, TX 77433 Phone: 713-498-8500 Email: chris.quinn2021@outlook.com About Upgrade Salon Inc. Upgrade Salon, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-36429) on October 29, 2025, listing up to $50,000 in assets and between $50,001 and $100,000 in liabilities. Judge Eduardo V. Rodriguez presides over the case. Jason Johnson, Esq., at Jason Johnson Law Firm, PLLC represents the Debtor as bankruptcy counsel. URBAN ONE: Net Loss Narrows to $2.82 Million in Fiscal Q3 --------------------------------------------------------- Urban One, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2.82 million and $31.4 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company reported a net loss of $92.53 million and $68.76 million, respectively. Net revenue for the three months ended September 30, 2025 and 2024, were $92.68 million and $110.39 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had net revenues of $276.54 million and $332.55 million, respectively. As of September 30, 2025, the Company had $723.48 million in total assets, $642.06 million in total liabilities, and $78.83 million in total deficit. Alfred C. Liggins, III, Urban One's CEO and President, stated, "Third quarter results came in slightly softer than expected across the board. Core radio, excluding political, finished down 8.1%, and our Radio segment is currently pacing down 30.2% all-in and 6.4% ex political for the fourth quarter of 2025. Revenues at our Reach Media and Digital segments were down 40.0% and 30.0% respectively, which was on the lower end of expectations. Cable TV advertising was down 5.4% and affiliate revenue was down 9.1% driven by continuing subscriber churn. In light of the soft overall market conditions, we are reducing our full year guidance from $60.0 million of Adjusted EBITDA2 to $56.0 to $58.0 million. Our focus remains on controlling costs, managing debt, leverage and liquidity. During the third quarter of 2025, we repurchased $4.5 million of our 2028 Notes at an average price of approximately 52.0% of par, reducing our outstanding debt balance to $487.8 million." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4w5rnxb7 About Urban One Urban One, Inc., formerly known as Radio One, Inc., headquartered in Silver Spring, Md., is an urban-oriented multimedia company that operates or owns interests in radio broadcasting stations (32% of revenue as of LTM Q4 2022) generated by 66 stations in 13 markets, cable television networks (43% of revenue), an 80% ownership in Reach Media (9% of revenue), and ownership of Interactive One, its digital platform, as well as other internet-based properties (16% of revenue), largely targeting an African-American and urban audience. The Chairperson, Catherine L. Hughes, and President, Alfred C. Liggins III (Chairperson's son), maintain voting control and hold a significant ownership position. The Company reported consolidated revenue of $485 million as of LTM Q4 2022. As of September 30, 2025, the Company had $723.48 million in total assets, $642.06 million in total liabilities, and $78.83 million in total deficit. * * * In May 2025, S&P Global Ratings lowered its Company credit rating on Urban One Inc. to 'SD' (selective default) from 'CCC+'. S&P also lowered the issue-level rating on the company's senior secured notes to 'D'. US MAGNESIUM: Utah Environmental Agency Opposes Asset-Sale Plan --------------------------------------------------------------- Emlyn Cameron of Law360 reports that the Utah environmental agency has filed an objection in the US Magnesium bankruptcy, contending that the asset‐sale plan should be rejected because the buyer would not be required to accept the environmental liabilities of the debtor. By requesting the court's refusal of the deal until the buyer is obligated to stand in the debtor's shoes for environmental responsibilities, Utah is pressing for continuity in cleanup accountability, the report states. About US Magnesium US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. US NUCLEAR: Dismisses Fruci, Hires Simon & Edward as Auditor ------------------------------------------------------------ US Nuclear Corp disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 29, 2025, the Company, through action of the Board of Directors of the Company, dismissed Fruci & Associates II, PLLC as the Company's independent registered public accounting firm, effective as of October 29, 2025. The reports of Fruci & Associates II, PLLC on the Company's consolidated financial statements for the fiscal years ended December 31, 2024 and 2023 did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles. During the fiscal years ended December 31, 2024 and 2023 and the subsequent interim period through the date of dismissal, there were no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) between the Company and Fruci on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to Fruci's satisfaction, would have caused Fruci to make reference to the subject matter of the disagreements in its reports on the Company's consolidated financial statements for such years. During the fiscal years ended December 31, 2024 and 2023 and the subsequent interim period through the date of dismissal, there have been no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K). Following Fruci's dismissal, the Company, through action of the Board of Directors, engaged Simon & Edward, LLP as its independent registered public accounting firm to audit the Company's consolidated financial statements for the fiscal year ending December 31, 2025. This appointment is effective as of October 29, 2025. During the fiscal years ended December 31, 2024 and 2023 and the subsequent interim periods prior to engagement, the Company did not consult with SE regarding: (a) the application of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report was provided to the Company nor oral advice was provided that SE concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or (b) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a reportable event (as defined in Item 304(a)(1)(v) of Regulation S-K). About US Nuclear US Nuclear Corp. is engaged in developing, manufacturing, and selling radiation detection and measuring equipment. The Company markets and sells its products to consumers throughout the world. As of June 30, 2025, the Company had $2.51 million in total assets, $2.26 million in total liabilities, and $750,702 in total stockholders' deficit. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated June 24, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has an accumulated deficit and net losses. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. VERASTEM INC: Widens Net Loss to $98.5MM in Fiscal Q3 ----------------------------------------------------- Verastem, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $98.52 million and $23.97 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company reported net losses of $176.56 million and of $66.09 million, respectively. Total revenues for the three months and six months ended September 30, 2025, were $11.24 million and $13.37 million, respectively. For the three months ended September 30, 2025, the Company recorded no revenues, compared to revenues of $10 million for the nine months ended September 30, 2024, the Company recorded At September 30, 2025 and December 31, 2024, the Company's accumulated deficit amounted to $1.13 billion and $955.53 million, respectively. As of September 30, 2025, the Company had $176.85 million in total assets, $192.38 million in total liabilities, and $15.53 million in total stockholders' equity. "Our performance in Q3, which was the first full quarter since our accelerated approval and launch of AVMAPKI FAKZYNJA CO-PACK, exceeded expectations with net revenue of over $11 million and demonstrated the strength of our growing commercial business and consistent adoption by both academic and community oncologists for the first treatment approved by the FDA specifically for patients with KRAS- mutated recurrent LGSOC," said Dan Paterson, president and chief executive officer of Verastem Oncology. "As we continue to build on this momentum and the fundamentals we have put into place to guide our commercial business, we're simultaneously advancing our broader strategic priorities, and are very pleased with the progress of our clinical pipeline programs. Particularly for our KRAS G12D (ON/OFF) inhibitor, VS-7375, preliminary safety, tolerability, and anti-tumor activity are promising, and we believe in line as a potential best-in-class option for patients with pancreatic, lung, and other KRAS G12D-mutated solid tumor cancers. As we move ahead with opening the combination cohort with VS-7375 and cetuximab, we look forward to several important data readouts in the first half of 2026 that we believe will further demonstrate the breadth of our RAS/MAPK pathway-driven approach." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3j4syb54 About Verastem, Inc. Verastem, Inc. is a biopharmaceutical company committed to the development and commercialization of new medicines to improve the lives of patients diagnosed with ras sarcoma / mitogen activated pathway kinase pathway-driven cancers. The Company's pipeline is focused on novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including RAF/MEK inhibition, FAK inhibition and KRAS G12D inhibition. As of June 30, 2025, the Company had $196.26 million in total assets, $160.21 million in total liabilities, and $36.06 million in total stockholders' equity. As of September 30, 2025, the Company had $176.85 million in total assets, $192.38 million in total liabilities, and $15.53 million in total stockholders' equity. Boston, Mass.-based Ernst & Young LLP, 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 fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, has a working capital deficiency, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. VERITONE INC: Private Management Group's Ownership Drops Below 5% ----------------------------------------------------------------- Private Management Group Inc., disclosed in a Schedule 13 (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of September 30, 2025, it beneficially owns 5,470 shares of Veritone, Inc.'s Common Stock, representing 0.01% of the outstanding Common Stock. Private Management Group Inc. may be reached through: Robert T. Summers, CFA, Co-President 15635 Alton Parkway, Suite 400 Irvine, Calif. 92618 Tel: 949-752-7500 A full-text copy of Private Management Group Inc.'s SEC report is available at: https://tinyurl.com/2as5mft9 About Veritone Veritone, Inc. is a provider of artificial intelligence computing solutions. The Company's proprietary AI operating system, aiWARETM, uses machine learning algorithms, or AI models, together with a unit of powerful applications, to reveal valuable insights from ast amounts of structured and unstructured data. The Company disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. Based on the Company's liquidity position as of June 30, 2025 and current forecast of operating results and cash flows, absent any other action, management determined that there is substantial doubt about the Company's ability to continue as a going concern over the 12 months following the filing of this Quarterly Report on Form 10-Q, principally driven by current debt service obligations, historical negative cash flows and recurring losses. As a result, the Company will require additional liquidity to continue its operations over the next 12 months." As of June 30, 2025, the Company had $186.81 million in total assets, $185.59 million in total liabilities, and $1.22 million in total stockholders' equity. VILLAGE HOMES: Hires Bruner & Bruner as Special Litigation Counsel ------------------------------------------------------------------ Village Homes LP seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Bruner & Bruner, P.C. as special litigation counsel. The firm will represent the Debtor in an adversary proceeding in this Court against Lou Olerio, Adversary No. 25-04130-mxm. The primary counsel at Bruner P.C. who will be working on the adversary proceeding are Bryan D. Bruner and Lynne B. Frank. Mr. Burner's hourly rate is $420. Ms. Frank's hourly rate is $320. Mr. Bruner assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Bryan D. Bruner, Esq. Lynne B. Frank, Esq. Bruner & Bruner, P.C. 550 Bailey Ave # 220 Fort Worth, TX 76107 Phone: (817) 332-6633 Email: bbruner@brunerpc.com lfrank@brunerpc.com About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. VILLAGE HOMES: Hires Vartabedian Hester as Bankruptcy Counsel ------------------------------------------------------------- Village Homes LP seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Vartabedian Hester & Haynes LLP as bankruptcy counsel. The firm's services include: (a) advising the Debtor of its rights, powers and duties as debtor and debtor in possession continuing to manage its assets; (b) advising the Debtor concerning, and assisting in the negotiation and documentation of, agreements, debt restructurings, and related transactions; (c) advising the Debtor concerning the actions that it might take to collect and to recover property for the benefit of the Debtor's estate; (d) preparing on behalf of the Debtor all necessary and appropriate applications, motions, pleadings, proposed orders, notices, schedules, and other documents and reviewing all financial and other reports to be filed in this chapter 11 case; (e) advising the Debtor concerning, and preparing response to, applications, motions, pleadings, notices and other papers that may be filed and served in this chapter 11 case; (f) counseling the Debtor in connection with the formulation, negotiation and promulgation of one or more plans of reorganization and related documents; (g) performing all other legal services on and on behalf of the Debtor that may be necessary or appropriate in the administration of this Chapter 11 case or in the conduct of the bankruptcy case and the Debtor's business; and (h) providing all such other legal services as may be necessary or appropriate in connection with the bankruptcy case. The firm's current hourly rates are: Jeff P. Prostok $975 Emily S. Chou $635 Mary Taylor Stanberry $475 Other Firm Attorneys $475 to $975 Paralegal/Legal Assistant $225 to $275 The firm received a retainer in the amount of $25,000 on Sep. 11, 2025, and a second retainer in the amount of $35,000 on Sep. 30, 2025. Vartabedian Hester & Haynes is a "disinterested person" as defined in § 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Jeff Prostok, Esq. Emily S. Chou, Esq. Mary Taylor Stanberry, Esq. Vartabedian Hester & Haynes LLP 301 Commerce Street, Suite 2200 Fort Worth, TX 76102 Tel: (817) 214-4990 Email: jeff.prostok@vhh.law emily.chou@vhh.law mary.stanberry@vhh.law About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. VILLAGE ROADSHOW: 'Matrix' Producer Wins $18.5MM Sale ----------------------------------------------------- Law360 and Bloomberg Law report that the Delaware bankruptcy court has cleared the $18.5 million sale of assets belonging to a company linked to "The Matrix" producer Joel Silver, despite objections from Warner Bros. The studio argued that the deal could infringe on its franchise-related rights, but the judge ruled that the sale could move forward. The decision gives the debtor permission to complete the sale as part of its Chapter 11 case. Warner Bros. had pushed to delay or block the transaction, citing contractual concerns, but the court found the process transparent and beneficial to creditors, the report states. According to Bloomberg Law, Judge Thomas M. Horan determined that Alcon's bid was conducted in good faith and offered more reliable terms, despite Warner Bros.' attempt to increase its cash offer to $19.5 million. He found that Alcon's proposal better aligned with the debtor's restructuring goals and offered a smoother path to closing. The approved sale gives Alcon control of a portfolio tied to several well-known Village Roadshow productions, including The Matrix and Ocean's Eleven. It represents an important milestone in Village Roadshow's efforts to resolve its bankruptcy and move forward under new ownership, the report relays. 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. WAHEGURU LLC: Section 341(a) Meeting of Creditors on November 24 ---------------------------------------------------------------- On November 11, 2025, Waheguru LLC filed Chapter 11 protection in the District of Colorado. 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 November 24, 2025 at 01:00 PM at Telephonic Chapter 11: Phone 888-330-1716, Access Code 8602461#. About Waheguru LLC Waheguru LLC is a limited liability company. Waheguru LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-17395) on November 11, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Gregory K. Stern, Esq. of Gregory K. Stern, P.C. WANDERLY LLC: Executes Transition Services Agreement; Amends Plan ----------------------------------------------------------------- Wanderly, LLC submitted a Fourth Amended Disclosure Statement describing Plan of Liquidation dated November 3, 2025. During the pendency of this case, the Debtor made a business decision that it was in the best interest of the estate to sell the assets of the Debtor instead of attempting to reorganize. Initially, the Debtor filed a Motion to Sell substantially all of its assets to an entity known as StaffDNA (the "StaffDNA Contract") for $2,000,000.00. That deal fell through and the Debtor then negotiated a deal with an entity known as OnPoint Analytics Capital Partners, LLC which then assigned its contract rights to a special purpose entity Wanderly AV, LLC. The purchase price was $2,100,000.00 (the “Sale Proceeds”). This Court ultimately approved the sale. In its Objection to the previously filed Third Amended Disclosure Statement, HWL takes issue with a Transition Services Agreement that was executed as part of the closing of sale to Wanderly AV, LLC. The Transition Services Agreement was one of many closing documents executed during the closing. The Sale Order provided that “the Debtor and Purchaser are authorized to close on the sale transaction and undertake all necessary actions and execute appropriate documentation to do so [the closing].” Simultaneously, the Debtor, its principal, MBP, and the HWL Defendants entered into a settlement agreement to settle the various claims between them. Per the settlement agreement, the funds to pay the agreed amount due to MBP was to come from three pools of money: (i) the Registry Funds, (ii) the Escrowed Funds and (iii) the Sales Proceeds. The remaining funds were earmarked for the administrative claims, wind down expenses and the unsecured creditors. The Settlement Agreement was approved by this Court on August 4, 2025. The Registry Funds, Escrowed Funds and portion of the Sale Proceeds which were to be paid to MBP have been paid. The remaining funds in the trust account of Kelley, Kaplan & Eller, PLLC are reserved for administrative, Post-closing wind down, Post-Petition Vendors and Employees, and unsecured claims. The funds used to pay the creditors, including the secured claim of MBP, are coming from the (i) the Registry Funds, (ii) the Escrowed Funds and (iii) $1,000,000.00 of the Sales Proceeds per the Settlement Agreement. The $1,000,000.00 has been transmitted to MBP. The remaining Sales Proceeds are held in the trust account of Kelley, Kaplan & Eller, PLLC. The remaining claims shall be satisfied as follows: * All administrative claims shall be paid from the Sales Proceeds, subject to Applications for Compensation filed by the administrative claimants and approved by this Court. * Any outstanding fees due to the Office of the United States Trustee shall also be paid from the Sales Proceeds. * All Debtor wind down expenses shall be paid from the Sales Proceeds, subject to confirmation of this Plan. * Subject to any objections sustained by the Court, all Priority Unsecured Claims, if any, shall be paid in full as set forth in each Creditor's Proof of Claim, ("Allowed Priority Claims"). * Finally, subject to any objections sustained by the Court, all general unsecured creditors ("Allowed General Unsecured Claims") shall receive a pro rata distribution after payment of all other claims set forth above. The pro rata distribution to the General Unsecured Claims shall be determined after any claims objections that may be filed are resolved, the fees due to the U.S. Trustee and administrative claims are determined, the wind down expenses are finalized and it is determined whether, if any priority unsecured claims need to be paid. Like in the prior iteration of the Plan, Class Two General Unsecured claims include all other allowed claims of Unsecured Creditors of the Debtor, subject to any Objections that are filed and sustained by the Court. The general unsecured claims prior to the filing of any objections total the amount of $$2,782,683.90. These claims shall be paid a lump sum distribution on a prorate basis on the Effective Date after payment of administrative expenses and wind down expenses. These claims are impaired. The Debtor has been liquidated and there shall be no continuing operations after the sale. A full-text copy of the Fourth Amended Disclosure Statement dated November 3, 2025 is available at https://urlcurt.com/u?l=FkWcd1 from PacerMonitor.com at no charge. Counsel to the Debtor: Craig I. Kelley, Esq. Kelley Kaplan & Eller, PLLC 1665 Palm Beach Lakes Blvd., Suite 1000 West Palm Beach, FL 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 Email: bankruptcy@kelleylawoffice.com About Wanderly LLC Wanderly, LLC is a technology marketplace platform created for traveling healthcare professionals and healthcare staffing companies. Wanderly filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 24-23477) on Dec. 26, 2024, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Linda Leali, Esq., serves as Subchapter V trustee. Judge Erik P. Kimball handles the case. The Debtor is represented by Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC. WAYFAIR INC: Fitch Rates New $700MM Secured Notes 'BB-' ------------------------------------------------------- Fitch Ratings has assigned Wayfair Inc.'s proposed $700 million of secured notes, to be issued by Wayfair LLC, a 'BB-' rating with a Recovery Rating of 'RR2'. Proceeds will be used to address upcoming maturities, including about $690 million in principal amount of convertible notes due 2027. Fitch has affirmed Wayfair's 'B' Long-Term Issuer Default Rating (IDR) at 'B'. Fitch has also downgraded the existing secured notes to 'BB-'/'RR2' from 'BB'/'RR1' due to higher secured debt levels. The Rating Outlook has been revised to Positive from Stable. Wayfair's rating reflects its position as a leading online retailer of furniture and home furnishings and its recent efforts to structurally improve profitability following a long history of focusing primarily on growth. The Positive Outlook reflects Wayfair's meaningful improvement in revenue and profitability, which has accelerated deleveraging. Key Rating Drivers Online Disruptor: Over the past 15 years, Wayfair has built a unique business model in the furniture and home furnishings space, connecting suppliers and consumers on an e-commerce platform. While resembling an online retailer, Wayfair does not own inventory, which limits markdown risk and working capital needs. Fitch expects Wayfair can generate mid-single-digit revenue growth longer term, predicated on low-single-digit category growth and ongoing e-commerce penetration expansion. As one of a few essentially online-only retailers with meaningful scale and infrastructure and strong relationships with customers and vendors, Wayfair is well positioned to continue gaining share. Management is targeting double-digit medium-term growth through newer initiatives, although these efforts entail some execution risk. Near-term revenue could remain volatile due to softer consumer spending on discretionary goods, particularly furniture. Structural Margin Improvement: Wayfair's margin profile has benefitted from recent efforts to reduce expenses. Prior to 2020, the company generated EBITDA losses as it scaled revenue and infrastructure to drive the top line. Wayfair saw positive EBITDA in 2020/2021 as consumers accelerated spending on the category and online, although these trends reversed in 2022. In 2023, the company reduced $1.4 billion in costs (just over 10% of revenue), yielding EBITDA margins in the high 3% range in 2024 from negative 3.4% in 2022. Fitch projects Wayfair's EBITDA margins could improve toward low-5% in 2025 because of recent cost reduction efforts and the company's heightened focus on expense management. Cost reductions led to EBITDA improving to $450 million in 2024 from about $300 million in 2023, and Fitch projects EBITDA could approach $650 million in 2025. Further margin upside exists toward the company's targeted 10% EBTDA margin over the medium term if the company is successful in driving additional sales growth through its newer initiatives. Challenged Market: Wayfair's near-term prospects will be limited by macro challenges, including moderating consumer health. These challenges and some overhang from strong home-related spending in 2020/2021 have caused declines in the U.S. furniture segment. Near-term results could be further affected by tariffs, which raise costs for Wayfair's vendor partners, impacting pricing decisions and product inflation. Wayfair demonstrated topline growth in 2Q25 and 3Q25 despite a challenged market, suggesting market share gains. Leverage Moderation: Wayfair's leverage could moderate to low-5x beginning 2025 from 8.5x in 2023 and 6.3x in 2024, largely predicated on EBITDA growth. The company has $1.4 billion in principal amount of convertible notes due between 2026 and 2028. Wayfair does not have a publicly articulated financial policy, and Fitch expects the company could refinance its upcoming notes maturities. Given recently strong stock performance, the cost to repay its convertible notes would exceed the current principal amount. Improving Cash Flow: Wayfair's FCF improvement should follow its EBITDA expansion in the medium term. Fitch expects FCF in 2025 to be in the $250 million range, expanding above $300 million in 2026 on EBITDA growth and lower restructuring charges. Fitch expects Wayfair's cash balances to remain at least $1 billion, in line with its history. Wayfair could deploy its internally generated cash toward some debt repayment and investments in growth initiatives. Parent Subsidiary Linkage: Fitch's analysis includes a weak parent/strong subsidiary approach between the parent and its subsidiary, Wayfair LLC. Fitch assesses the quality of the overall linkage as high, which results in an equalization of IDRs across the corporate structure. Peer Analysis Wayfair's ratings balance the company's leading position in the online furniture category and track record of strong growth with its history of limited or negative cash flow generation and high leverage. The ratings embed expectations of EBITDA growth over the medium term, yielding positive FCF and EBITDAR leverage trending in the low-5x in 2025. Wayfair's peers include leading video retail and e-commerce business QVC Group, Inc. QVC's 'CCC+' IDR reflects questions about the company's ability to stabilize market share longer term following recent revenue declines across its business. This risk is somewhat mitigated by financial flexibility from positive FCF generation. Other peers include national department store competitors Macy's Inc. (Macy's; BBB-/Stable), Kohl's Corp (Kohl's; BB-/Negative), and Nordstrom, Inc. (Nordstrom; BB/Stable). Each company contends with secular headwinds affecting the department store industry and are continuously refining strategies to defend market share. Initiatives include investments in omnichannel models, portfolio reshaping to reduce exposure to weaker indoor malls, and efforts to strengthen merchandise assortments and service levels. Fitch expects leverage for these department stores to trend meaningfully below Wayfair's levels. Key Assumptions - Wayfair's revenue could grow around 5% longer term, given low single-digit growth in the furniture and home furnishings category and continued shifts in channel spending toward e-commerce and away from physical retail. Wayfair's near-term prospects are challenged by recent weakness in the furniture category. Revenue in 2025 could grow around 4% (assuming about 4% revenue growth in 4Q) toward $12.4 billion and grow low single digits in 2026 before accelerating to the mid-single digits longer term; - EBITDA, which improved to about $450 million in 2024 from $300 million in 2023, could improve toward $650 million over the next two years despite stagnant revenue as margins benefit from recent cost cuts. Margins could improve to the low 5% range in 2025 from 3.8% in 2024 and approach mid-5% by 2026; - FCF could be near $250 million in 2025 and approach $400 million beginning 2026 on EBITDA growth and lower restructuring charges. This projection assumes generally neutral working capital and capex in the $200 million to $250 million range to support investments in Wayfair's technology platform, logistics infrastructure and physical retail; - Fitch assumes Wayfair will refinance its upcoming maturities, including about $700 million of convertible notes in 2027. Wayfair plans to use proceeds from this issuance to fund this maturity although the make-whole of upcoming convertibles could well exceed principal amounts given recent stock price appreciation and Wayfair could issue additional debt to support repayment; - EBITDAR leverage, which improved to about 6.3x in 2024 from 8.5x in 2023, could moderate to the low-5x in 2025 on EBITDA expansion. EBITDAR leverage in 2026 could be near 5.0x on EBITDA expansion. EBITDAR fixed charge coverage could trend around 2.5x; - Achieving the above projections could result in an upgrade of Wayfair's ratings. - Wayfair's new and existing secured notes and existing convertible debt have fixed interest rate structures. Recovery Analysis Fitch's recovery analysis assumes Wayfair's value is maximized as a going concern in a post-default scenario, given a going concern valuation of approximately $2.7 billion relative to a liquidation value of around $400 million. Fitch's going concern value is derived from a projected EBITDA of around $450 million. The scenario assumes a lower revenue base of around $10 billion, around 20% below LTM September 2025 levels, assuming mis-execution yields customer count declines. EBITDA margins could trend in the mid-4% range, below projected 2025 levels of low-5%, assuming the impact of lost sales on Wayfair's fixed expenses are somewhat offset by cost reductions. The projected EBITDA is higher than the prior level of $400 million given Fitch's updated views of Wayfair's run rate EBITDA. Fitch selected a going concern multiple of 6x, within the 4x-8x range observed for North American corporates, reflecting an assessment of Wayfair's industry dynamics and company-specific factors. This is at the upper end of the 4x-6x range used in Fitch's analysis of retailers given the company's outsized exposure to the faster growing e-commerce channel. Wayfair's secured revolver and existing and proposed secured notes are pari passu. After deducting 10% administrative claims from the going concern valuation, this debt would have superior recovery prospects while the convertible notes would have poor recovery prospects. Fitch assumes the $500 million RCF, which is secured by substantially all of Wayfair's assets, would be fully drawn. Due to the various recovery prospects, Fitch downgraded the secured debt to 'BB-'/'RR2' from 'BB'/'RR1' based on the increased amount of secured debt post offering. Fitch also affirmed the convertible notes at 'CCC+'/'RR6'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A revision of Wayfair's Outlook to Stable could result from EBITDA stagnation, which in combination with capital policy actions could yield EBITDAR leverage above 5.5x; - A downgrade could follow EBITDAR leverage trending toward 7.0x, which could result from capital allocation decisions or stagnant operating performance leading to EBITDA remaining well below $500 million; - EBITDAR fixed charge coverage approaching 1.5x could also yield a downgrade. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued strong operating performance and capital structure actions that causes EBITDAR leverage to sustain below 5.5x; - EBITDAR fixed charge coverage approaching 2.5x. Liquidity and Debt Structure At Sept. 30, 2025, Wayfair had $1.2 billion of cash and approximately $426 million of availability on its $500 million secured revolver due March 2030. Wayfair targets around $1 billion of ongoing cash. Fitch considers Wayfair's liquidity reasonable given limited working capital needs. The company generated negative FCF through most of its history, although Fitch projects positive FCF given EBITDA improvements. As of Sept. 30, 2025, Wayfair's capital structure consisted of convertible notes totaling $1.5 billion, maturing through 2028. About $150 million of notes were repaid upon maturity in October 2025, with Wayfair's upcoming maturities $39 million due 2026 and $690 million due 2027. Given recent stock price appreciation, the make-whole for Wayfair's remaining convertible notes may exceed their principal amounts outstanding. The company is proposing an additional $700 million in notes to address upcoming convertible maturities. These notes are secured by substantially all the company's assets and are pari passu with its revolving credit facility. Fitch expects Wayfair to continue refinancing convertible maturities, although the company could use internally generated cash flow to delever. Issuer Profile Wayfair is a leading online furniture and home furnishings retailer, generating $12 billion in 2024 revenue to over 21 million active customers. Summary of Financial Adjustments - Fitch uses the balance sheet reported lease liability as the capitalized lease value when computing lease-equivalent debt; - EBITDA adjusted to exclude stock-based compensation. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Wayfair LLC LT IDR B Affirmed B senior secured LT BB- New Rating RR2 senior secured LT BB- Downgrade RR2 BB Wayfair Inc. LT IDR B Affirmed B senior unsecured LT CCC+ Affirmed RR6 CCC+ WEST BRAZOS: Taps Jeffrey Shulse of Chart Capital Management as CRO ------------------------------------------------------------------- West Brazos Stewart Food Markets, LLC seeks authority from the U.S. Bankruptcy Court for the Southern District of Texas to expand the scope of services of its current financial advisor, Chart Capital Management LLC and employ Jeffrey Shulse as its chief restructuring officer. The CRO will provide these services: a. oversee the restructuring or reorganization process, develop and supervise execution of the restructuring plan, and coordinate with stakeholders; b. prepare, review, and file operational, financial, and restructuring plans, forecasts, cash flow analysis, budgets, and variance reports; c. open, close, and maintain bank accounts; authorize deposits, disbursements, and transfers of funds consistent with court orders and debtor-in-possession cash control procedures; d. negotiate, amend, modify, enforce, assign, or terminate contracts and leases on behalf of the debtor, subject to court approval as required; e. pursue, settle, or compromise litigation, causes of action, claims or adversary proceedings, subject to court approval when required; f. monitor and manage all restructuring or turnaround professionals and consultants, and coordinate with legal, financial, operational, tax, and other advisors; and g. provide regular reports to the Debtor and to the Court, and attend hearings, creditor meetings, and status conferences as needed. The firm's hourly rates are: Financial and Business Consulting/Analysis $110 Federal, State, or Sales Tax Research $200 Federal, States, or Sales Tax Preparation $85 M&A / Buy or Sell Consulting $300 Chart Capital Management will seek reimbursement for reasonable, necessary, documented out-of-pocket expenses. Mr. Shulse assured the court that Chart Capital Management is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey Shulse Chart Capital Management LLC 2339 Commerce St # 160 Houston, TX 77002-2319 Tel: (713) 213-5301 About West Brazos Stewart Food Markets West Brazos Stewart Food Markets, LLC operates a family-owned grocery store that has served Brazoria, Texas, and the surrounding areas since 1975. The store offers baked goods, meats, housewares, beer and wine, frozen foods, and floral items, and provides both in-store shopping and pick-up services. West Brazos Stewart Food Markets and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-80317) on July 11, 2025. In the petitions signed by Verne Dwain Stewart, president, the Debtors disclosed $10 million to $50 million in estimated assets and $1 million to $10 million in estimated liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the cases. The Debtors tapped Genevieve Graham, Esq., at Graham, PLLC as counsel and Chart Capital Management LLC as financial advisor. X4 PHARMA: Perceptive Advisors and Affiliates Hold 7.6% Stake ------------------------------------------------------------- Perceptive Advisors LLC, Joseph Edelman and Perceptive Life Sciences Master Fund, Ltd. disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of October 27, 2025, they beneficially own 6,064,680 shares of X4 Pharmaceuticals, Inc.'s Common Stock, par value $0.001 per share (consisting of 5,913,165 shares directly held by the Master Fund plus 151,515 shares underlying immediately exercisable warrants subject to a 9.99% Beneficial Ownership Limitation), representing 7.6% of the 79,214,708 shares of outstanding Common Stock. Perceptive Advisors LLC may be reached through: Joseph Edelman, Managing Member 51 Astor Place, 10th Floor New York, N.Y. 10003 Tel: 646-205-5300 A full-text copy of Perceptive Advisors LLC's SEC report is available at: https://tinyurl.com/yn2xs23m About X4 Pharmaceuticals Boston, Mass.-based X4 Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics for the treatment of rare diseases and those with limited treatment options, particularly conditions resulting from immune system dysfunction. Boston, Mass.-based PricewaterhouseCoopers LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 25, 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 operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, X4 Pharmaceuticals had $146.45 million in total assets, $124.23 million in total liabilities, and $22.15 million in total shareholders' equity. As of June 30, 2025, it had $105.17 million in total assets, $101.2 million in total liabilities, and $3.97 million in total shareholders' equity. YOUNGER FUNDING: Case Summary & 17 Unsecured Creditors ------------------------------------------------------ Debtor: Younger Funding & Investments, LLC 6610 Sawmill Road Dallas TX 75252 Business Description: Younger Funding & Investments, LLC is a real estate investment firm that owns properties in Dallas and Plano, Texas, with a combined estimated value of about $2.1 million. Chapter 11 Petition Date: November 4, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-34389 Debtor's Counsel: Robert Newark, Esq. A NEWARK FIRM 1341 W. Mockingbird Lane 600W Dallas TX 75247 Tel: 866-230-7236 E-mail: robert@newarkfirm.com Total Assets: $2,285,805 Total Liabilities: $3,781,530 The petition was signed by Jerome Younger as member. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NFDGP4A/Younger_Funding__Investments__txnbke-25-34389__0001.0.pdf?mcid=tGE4TAMA ZAGACITY TECH: Hires Cobian Roig Law Offices as Special Counsel --------------------------------------------------------------- Zagacity Tech LLC, also known as Era Zagacity Tech LLC, seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Cobian Roig Law Offices as special counsel. The firm will pursue litigation against ATBIZ LLC to prosecute its causes of action not limited to breach of contract and product liability. The firm will charge $200 per hour for its services. The firm received a retainer in the amount of $1,000. Cobian Roig Law Offices is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. The firm can be reached through: Eduardo J. Cobian-Roig, Esq. Cobian Roig Law Offices Post Office Box 9478 San Juan, PR 00908 - 9478 Phone: (787) 247-9448 Email: eduardo@cobianroig.com About Zagacity Tech Zagacity Tech LLC distributes and sells technological products, home appliances, audio and TV, in the home and commercial lines. Zagacity Tech LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 23-03787) on November 17, 2023. The petition was signed by Nestor G. Cardona as president. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. The Debtor tapped Javier Vilarino, Esq., at Vilarino & Associates LLC as counsel and Albert Tamarez Vasquez, CPA, at Tamarez CPA, LLC as accountant. ZOOZ STRATEGY: Authorizes $50M Share Repurchase Over 12 Months -------------------------------------------------------------- ZOOZ Strategy Ltd. announced that its Board of Directors has approved the adoption of a share repurchase program to acquire up to $50 million of the Company's outstanding ordinary shares, subject to meeting applicable regulatory requirements. The share repurchase program is for a 12-month period and will allow the Company to repurchase its shares from time to time using a variety of methods, including open market purchases, negotiated transactions or otherwise, all subject to applicable law. The proposed share repurchase program will not obligate the Company to acquire any particular amount of shares, and the program may be suspended or discontinued at any time at the Company's discretion. The Company will be able to commence share repurchases under the program only after the conclusion of a 30-day period following the Company's publication of notice to its creditors in accordance with the Israeli Companies Regulations (Relief for Public Companies Whose Securities are Traded on Stock Exchanges Outside of Israel), 5760-2000 and the Israeli Companies Regulations (Approval of Distribution), 5761–2001. "In our pursuit of acquiring the largest Bitcoin position in the Middle East, there may be times when the best return of our capital is to acquire our own shares," said Jordan Fried, Chief Executive Officer of ZOOZ Strategy Ltd. As of October, 30, 2025, the Company holds 1,036 Bitcoin worth $116,820,396. About ZOOZ Power Headquartered in Lod, Israel, ZOOZ Strategy Ltd., formerly ZOOZ Power Ltd., develops, produces, and markets energy storage and management systems for electric vehicle charging infrastructure. The Company's solutions use flywheel-based kinetic energy storage and advanced software to optimize power delivery to clusters of ultra-fast EV chargers, providing additional energy when grid capacity is limited and enabling off-peak energy storage. ZOOZ operates internationally, focusing on supporting the deployment and efficiency of robust, cost-effective EV charging networks. In its audit report dated March 7, 2025, Kesselman & Kesselman issued a "going concern" qualification citing that the Company has net losses and has generated negative cash flows from operating activities for the years ended Dec. 31, 2024, 2023 and 2022. Such circumstances raise substantial doubt about the Company's ability to continue as a going concern. The Company noted in its Quarterly Report for the period ended June 30, 2025, that since commercial sales of its products have only recently begun and in light of anticipated cash requirements, its cash balance as of June 30, 2025, and at the time the financial statements were approved, is insufficient to fund operations for at least 12 months from the approval date. In order to continue the Company's operations, including research and development and sales and marketing, the Company is looking to secure financing from various sources, including additional investment funding. There is no assurance that the Company will be successful in obtaining the level of financing necessary to finance its operations. As of June 30, 2025, ZOOZ Power had $6.55 million in total assets, $6.70 million in total liabilities, and a total deficit of $146,000. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. 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