251118.mbx

251118.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, November 18, 2025, Vol. 29, No. 321 Headlines 127-07 SUTTER: Seeks Chapter 7 Bankruptcy in New York 1411 W. NORTH: Seeks to Extend Plan Filing Deadline to Nov. 24 25350 PLEASANT: Court Tosses Appeal in Mainstreet Bank Case 27 CURIOUS: Hires Golden Goodrich LLP as General Counsel 4 POINTS TOWING: Unsecured Creditors to Get Nothing in Plan 431 BEACH: Seeks Chapter 7 Bankruptcy in New York 644 LORIMER: Seeks Chapter 11 Bankruptcy in New York 74 OXFORD STREET: Case Summary & One Unsecured Creditor A.B. INTERNATIONAL: Seeks Chapter 11 Bankruptcy in New York AAC NEW: Capital Southwest Marks $3MM 1L Loan at 55% Off ABUELO’S INTERNATIONAL: Court OKs Restaurant Biz Sale at Auction ACTION FACE: Seeks to Hire SL Biggs as Tax Accountant ADAPTHEALTH CORP: S&P Raises Sr. Unsecured Debt Rating to 'BB-' ADVANCED TRENCHLESS: Unsecureds Will Get 10% over 68 Months ANNE GREGORY: Seeks to Employ Fuchs Law Office LLC as Counsel APPLE ROOFING: Capital Southwest Marks $13.2MM 1L Loan at 20% Off APPLE ROOFING: Capital Southwest Marks $13.2MM 1L Loan at 20% Off B MAC BUFFET: Gets OK to Tap MSTiller LLC as Accountant BALAJIO LLC: Claims to be Paid from Property Sale Proceeds BAYTEX ENERGY: S&P Places 'B+' ICR on CreditWatch Negative BE PLASTICS: Gets Final OK to Use Cash Collateral BESPOKE CONSTRUCTION: Seeks to Extend Exclusivity to Jan. 12, 2026 BIO-KEY INTERNATIONAL: Receives Extension to Meet Bid Price Rule BLONDER TONGUE: Deadline for Panel Questionnaires Set for Nov. 19 BOREN INC: Gets Interim OK to Use Cash Collateral BOSQUE BREWING: Gets Extension to Access Cash Collateral BOXLIGHT CORP: JJ Astor Increases Inventory Financing to $9MM BOY SCOUTS: Judge Questions Authority in Mass Tort Fee Dispute BRANDNER DESIGN: Capital Southwest Marks $8.7MM Loan at 26% Off BUILT SOLID: Seeks to Hire Schafer and Weiner as Counsel CHASE GENERAL: Candy Maker Raises Going Concern Doubt CLINE'S CORNER: Court OKs Bid to Use Cash Collateral COLORADO STATE UNIVERSITY 2025A: S&P Rates Rev Bonds Rating to BB+ COREBRIDGE FINANCIAL: Moody's Rates New Preferred Stock 'Ba1(hyb)' CORONET CERAMICS: Property Sale to West Apex for $2.2M Okayed CORPORATE AIR: Unsecureds Will Get 4.7% to 3.9% of Claims in Plan D.A.S.H. TRANSPORT: Seeks Chapter 7 Bankruptcy in Florida DIGITAL ALLY: Amends Stock Purchase Agreement with Yield Point DIOCESE OF SAN FRANCISCO: Insurers Lose Bid for Stay Relief DM ELECTRICAL: Tom Howley of Howley Law Named Subchapter V Trustee DYNATRONICS CORP: Tanner LLC Raises Going Concern Doubt EKSO BIONICS: Equity Awards OK'd for 3 Executives ELITE PRINTING: Gets Interim OK to Use Kapitus' Cash Collateral EMERALD TECHNOLOGIES: Capital Southwest Marks $3M Loan at 25% Off EVEREST TRANSPORTATION: Capital Southwest Marks $6M Loan at 35% Off FIRST BRANDS: Loses Bid to Extend Freeze of Former CEO's Assets FIRST STUDENT: Moody's Alters Outlook on 'B1' CFR to Positive FIVE RIVERS: Claims to be Paid from Sale Proceeds FLOOIDCX CORP: BCRG Group Raises Going Concern Doubt FOREST MEADOWS: Sale Proceeds, Guarantors Contribution to Fund Plan FOSSIL GROUP: S&P Lowers ICR to 'SD' on Distressed Restructuring FRED RAU: Gets Interim OK to Use Cash Collateral G2 TECHNOLOGIES: Gets Interim OK to Use Cash Collateral GAINS INTERMEDIATE: Capital Southwest Marks $7.3MM 1L Loan at 24% GAINS INTERMEDIATE: Capital Southwest Marks $7M 1L Loan at 30% Off GLENWOOD GFB: Mark Dennis of SL Biggs Named Subchapter V Trustee GOLD RESOURCE: Losses, Lower Production Raise Going Concern Doubt GRIT PRODUCTIONS: Case Summary & 20 Largest Unsecured Creditors HA SUSTAINABLE: Moody's Rates New Jr. Subordinated Notes 'Ba1(hyb)' HA SUSTAINABLE: S&P Rates Proposed Subordinated Notes 'BB' HARRIS INTERNAL: Case Summary & Six Unsecured Creditors HARRIS INTERNAL: Leon Jones Named Subchapter V Trustee HARVARD BIOSCIENCE: Credit Challenges Raise Going Concern Doubt HORSEY DENISON: Creditors to Get Proceeds From Liquidation HYPERSCALE DATA: Amends Closing Date for Series H Preferred Stock IMERYS TALC: Plan Confirmation Hearing Continued for Feb. 2, 2026 INFINITE GROUP: Freed Maxick P.C. Raises Going Concern Doubt INGLE & ASSOCIATES: Case Summary & 20 Largest Unsecured Creditors INSIGHT PHOTONIC: Amends Unsecured Claims Pay Details INTEGRAL LEAPS: Employs Ure Law Firm as General Bankruptcy Counsel INTEGRAL LEAPS: Seeks to Employ Berkshire Hathaway as Broker INTERNATIONAL TOWER HILL: Financial Woes Raise Going Concern Doubt JASS LLC: Mark Dennis of SL Biggs Named Subchapter V Trustee JJTA11 REAL: Gets Extension to Access Cash Collateral JVL COMPANY: Case Summary & 20 Largest Unsecured Creditors KLEOPATRA FINCO: Gets Interim OK to Continue $5B Factoring Program KOSMOS ENERGY: Moody's Cuts CFR to Caa2, Outlook Negative KPOWER GLOBAL: Court Okays Bid to Establish Insider Salaries LAS VEGAS ECONOMIC: Seeks Chapter 7 Bankruptcy in Nevada LIFESCAN GLOBAL: Seeks to Extend Plan Exclusivity to Jan. 12, 2026 LLFLEX LLC: Capital Southwest Marks $10.2MM 1L Loan at 25% Off LMD HOLDINGS: Seeks to Extend Plan Exclusivity to February 12, 2026 LOGIX HOLDING: Capital Southwest Marks $2.3MM 1L Loan at 25% Off LOOK CINEMAS: Unsecured Creditors Will Get 100% over 36 Months LUCA MARIANO: Case Summary & 20 Largest Unsecured Creditors LUGANO DIAMONDS: Case Summary & 30 Largest Unsecured Creditors LUMINAR TECHNOLOGIES: Extends Forbearance Agreements Thru Nov. 24 LUTHERAN HOME: Plan Exclusivity Period Extended to April 30, 2026 M&H ENTERPRISES: Case Summary & Two Unsecured Creditors MASS POWER: Court Extends Cash Collateral Access to Dec. 11 MCPHILLIPS FLYING: Unsecured Creditors to Split $18K over 3 Years MERCURY ACQUISITION: Capital Southwest Marks $11M Loan at 16% Off MORE THAN PLUMBING: Taps Schafer and Weiner as Legal Counsel NEED SPACE: Court Lifts Bankruptcy Stay in Simmons Bank Case NEW AGE FLOORING: Claims to be Paid from Disposable Income NEWAGE INC: Claims Objection Deadline Extended to April 27 NYC AUTO: Seeks Chapter 11 Bankruptcy in New York NYC FASHION: Seeks Chapter 7 Bankruptcy in New York OM SAI MED: Melissa Haselden Named Subchapter V Trustee OMNICARE LLC: TPG/IAM Files Two New Charges Over Layoffs OPUS ESCROW: Case Summary & 20 Largest Unsecured Creditors OUT THE GATE: Deadline for Panel Questionnaires Set for Nov. 20 OUTPATIENT SERVICE: Gets Interim OK to Use Cash Collateral PANTHER ENTERPRISES: Seeks Chapter 7 Bankruptcy in New York PET HOTELS: Files Amendment to Disclosure Statement PHILLIPS TOTAL: Seeks to Extend Plan Exclusivity to March 24, 2026 PHYSICAL INVESTMENTS: Seeks Extension of Plan Filing Deadline PRESENTATION MEDIA: Seeks to Tap Lucove Say & Co. as Accountants PRIME CORE: DAR Loses Bid to Dismiss Adversary Complaint PRIME CORE: GTH-Trade, Melp Lose Bid to Dismiss Adversary Case PROFESSIONAL DIVERSITY: Shaikh Ali Sultan Al Nuaimi Joins Board PURDUE PHARMA: Court to Approve Chapter 11 Reorganization Plan PURDUE PHARMA: Judge Set to Confirm Chapter 11 Plan PURE BIOSCIENCE: Weinberg & Company P.A. Raises Going Concern Doubt RAMATEX INC: Seeks Chapter 7 Bankruptcy in New York RCM EQUIPMENT: Unsecureds Owed $1K+ to Get 100% in 36 Months RIVERSIDE EXPRESS: Unsecureds Will Get 1% over 60 Months RVR DEALERSHIP: Moody's Alters Outlook on 'Caa1' CFR to Positive SECURE WASTE: S&P Rates C$250MM Senior Unsecured Notes 'BB-' SENSEONICS HOLDINGS: Reports $19.5MM Net Loss in 2025 Q3 SERAPHINE USA: Court Orders $4MM Apparel Brand Liquidation Auction SONIM TECHNOLOGIES: Raises Going Concern Amid Pending Asset Sale SPEAR SECURITY: Jerrett McConnell Named Subchapter V Trustee SPECTRUM OF HOPE: Capital Southwest Marks $11.1MM Loan at 35% Off SPIRIT AVIATION: Reaches Deal with Pilot, Flight Attendant Unions STRAVINSKY HOLDINGS: Case Summary & 20 Top Unsecured Creditors STRUNZ MILK: Case Summary & Eight Unsecured Creditors STUDENT RESOURCE: Capital Southwest Marks $6MM 1L Loan at 19% Off STUDENT RESOURCE: Capital Southwest Marks $9.6MM 1L Loan at 61% Off SUMMIT THERAPEUTICS: Continued Losses Raise Going Concern Doubt SUNNOVA ENERGY: Junior Creditors Challenge $4MM Completion Fee SUNNOVA ENERGY: Wins Court Approval of Chapter 11 Plan TEXAS MANAGEMENT: Unsecureds Will Get 12.10% over 4 Years TRINSEO PLC: Says Sufficient Access to Cash Even as Net Loss Widens TURNKEY CONSTRUCTION: Jerrett McConnell Named Subchapter V Trustee U.S. TELEPACIFIC: Capital Southwest Marks $2.6MM 1L Loan at 60% Off U.S. TELEPACIFIC: Capital Southwest Marks $230,000 Loan at 75% Off UNITED AIRLINES: S&P Rates 2025 Special Facilities Rev Bonds 'BB+' UNITED PROPERTY: Unsecureds to Get Share of Income for 3 Years URBAN ONE: Launches Exchange and Tender Offer for Secured Notes US MAGNESIUM: Committee Can Retain Eversheds as Co-Counsel VERITONE INC: Cuts $77.5MM Debt, Trims Yearly Financing Costs VERITONE INC: Repays Term Loan, 50% of Convertible Notes VILLAGE ROADSHOW: Seeks to Extend Exclusivity to March 12, 2026 VIVALDI HOLDINGS: Case Summary & 20 Largest Unsecured Creditors VOLITIONRX LTD: Newbridge Exercises 1.19M Shares + 1.73M Warrants WABASH NATIONAL: S&P Downgrades ICR to 'B', Outlook Negative WAHEGURU LLC: Case Summary & Two Unsecured Creditors WAHEGURU LLC: Mark Dennis of SL Biggs Named Subchapter V Trustee WALKER EDISON: Amends Prepetition Term Loan Claim Details WASH & WAX: Capital Southwest Marks $4.6MM 1L Loan at 15% Off WICKED FRESH: Seeks Chapter 7 Bankruptcy in Florida WOC EVENTS: Wins Approval to Pay Critical Vendors WT REPAIR: Plan Exclusivity Period Extended to Dec. 11 XPLR INFRASTRUCTURE: S&P Rates New $750MM Sr. Unsecured Notes 'BB' XWELL INC: Sets 2025 Annual Meeting for December 18 ZARONOLOGY INC.: Seeks Chapter 7 Bankruptcy in Florida [] U.S. Foreclosures Rise for 8th Straight Month in October ********* 127-07 SUTTER: Seeks Chapter 7 Bankruptcy in New York ----------------------------------------------------- 127-07 Sutter Ave LLC filed a voluntary Chapter 7 bankruptcy in the Eastern District of New York on November 13, 2025. The petition lists liabilities each between $100,001 and $1,000,000, and the company reports having between 1 and 49 creditors. About 127-07 Sutter Ave LLC 127-07 Sutter Ave LLC is a limited liability company. 127-07 Sutter Ave LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45471) on November 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Chuka Steve Okenwa, Esq. 1411 W. NORTH: Seeks to Extend Plan Filing Deadline to Nov. 24 -------------------------------------------------------------- 1411 W. North Ave PA, LLC asked the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend its periods to file a plan of reorganization and disclosure statement to November 24, 2025. The Debtor filed an emergency bankruptcy for protection under Chapter 11 of the U.S. Bankruptcy Code on or about July 17, 2025. The Debtor explains that the Chapter 11 Plan and Disclosure Statement are due on November 14, 2025. The Plan and Disclosure Statement are basically complete, but some additional information needs to be obtained from the Debtor. 1411 W. North Ave PA LLC is represented by: Rodney D. Shepherd, Esq. 2403 Sidney Street Pittsburgh, PA 15203 Telephone: (412) 471-9670 About 1411 W. North Ave PA LLC 1411 W. North Ave PA LLC is a single asset real estate company that owns property at 1411 W. North Avenue in Pittsburgh, Pennsylvania. 1411 W. North Ave PA LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21864) on July 17, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Rodney D. Shepherd, Esq. 25350 PLEASANT: Court Tosses Appeal in Mainstreet Bank Case ----------------------------------------------------------- Judge Leonie M. Brinkema of the United States District Court for the Eastern District of Virginia dismissed the appeal styled ELSHAN BAYRAMOV, Appellant, v. MAINSTREET BANK, Appellee, Case No. 24-cv-02220 (E.D. Va.). On October 16, 2025, the District Court entered an order directing appellant to show cause within 14 days as to why this appeal should not be dismissed for failure to prosecute. Accordingly, appellant's response was due on Thursday, October 30, 2025. However, as of the close of business on Tuesday, November 4, 2025, the District Court has not received either a request for an extension of time or a response to its Order. For these reasons, the District Court tossed ordered the appeal. Appellant has a right to appeal this decision to the United States Court of Appeals for the Fourth Circuit. As reported by Troubled Company Reporter on Oct. 3, 2025, in the appeal styled ELSHAN BAYRAMOV, Appellant, v. 25350 PLEASANT VALLEY LLC, Debtor - Appellee, and MAINSTREET BANK, Creditor - Appellee, and JANET MARIE MEIBURGER, Chapter 7 Trustee, Trustee - Appellee, No. 24-2090 (4th Cir.), Judges Roger L. Gregory, James Andrew Wynn and Henry F. Floyd of the United States Court of Appeals for the Fourth Circuit upheld the order of the United States District Court for the Eastern District of Virginia that affirmed the bankruptcy court's orders denying the motions of Bayramov to reconvert 25350 Pleasant Valley LLC's Chapter 7 bankruptcy case to one under Chapter 11 and for a preliminary injunction. A copy of the Court's Order dated November 12, 2025, is available at https://urlcurt.com/u?l=bEFzGF from PacerMonitor.com. 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 was represented by: John P. Forest, II, Esq. 11350 Random Hills Rd., Suite 700 Fairfax, VA 22030 Telephone: (703) 691-4940 Email: john@forestlawfirm.com The case was converted to Chapter 7 on April 19, 2024. 27 CURIOUS: Hires Golden Goodrich LLP as General Counsel -------------------------------------------------------- 27 Curious Oak LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, to hire Golden Goodrich LLP to serve as general counsel in its Chapter 11 case. Golden Goodrich LLP will provide these services: (a) advise the Debtor with respect to the requirements and provisions of the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and other applicable requirements; (b) assist the Debtor in preparing and filing Schedules and Statements of Financial Affairs, complying with U.S. Trustee requirements, and preparing other pleadings and documents as required; (c) represent the Debtor at the Initial Debtor Interview and Sec. 341(a) meeting of creditors; (d) assist the Debtor in identifying and obtaining Court approval of professionals necessary to complete the bankruptcy case; (e) assist the Debtor in negotiations with creditors and other parties-in-interest; (f) assist the Debtor in the preparation and formulation of a Chapter 11 plan and confirmation thereof; (g) advise the Debtor regarding rights and remedies in adversary proceedings and assist in retaining special counsel as needed; (h) prepare motions, applications, orders, reports, and papers necessary for administration of the case; (i) represent the Debtor in hearings and actions where the rights of the estate may be litigated or affected; and (j) otherwise provide general insolvency counsel services to the Debtor and Debtor-in-Possession. The firm's hourly rates range from $275 to $850, with the majority of work performed by Jeffrey I. Golden at $850 per hour and Sara Tidd at $625 per hour. The firm has not received a retainer and will seek court approval for compensation in accordance with 11 U.S.C. Secs. 330 and 331. Golden Goodrich LLP stated it 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: Jeffrey I. Golden, Esq. Sara Tidd, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Telephone: (714) 966-1000 E-mail: jgolden@go2.law stidd@go2.law About 27 Curious Oak LLC 27 Curious Oak LLC is a single-asset real estate entity under 11 U.S.C. Section 101(51B), holding its primary property at 27 Wellsona Road in Paso Robles, California. 27 Curious Oak LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case. No. 25-11903) on October 15, 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 Victoria S. Kaufman handles the case. The Debtor is represented by Jeffrey I. Golden, Esq. of GOLDEN GOODRICH LLP. 4 POINTS TOWING: Unsecured Creditors to Get Nothing in Plan ----------------------------------------------------------- 4 Points Towing & Roadside Service LLC filed with the U.S. Bankruptcy Court for the District of Delaware a Subchapter V Plan dated November 7, 2025. The Debtor is a family owned and operated local towing company that provides towing service to Kent County and all surrounding areas in Delaware and Maryland, focusing on local and long distance towing for cars and trucks, exotic and classic cars, and low clearance vehicle towing. In order to expand its operations, the Debtor had acquired several additional tow trucks, bringing its fleet to 11 vehicles. Once the Delmar location closed, the Debtor's driver base shrank to only 2 full-time drivers (including Ms. Kope's husband Paul Kope), and one part-time driver. The Debtor's operation at its remaining location remains more-brisk at the moment, but the Debtor needs only 3 of its 11 vehicles. Thus, at the beginning of this bankruptcy case, the Debtor filed a Motion To Abandon Vehicles, Nunc Pro Tunc to the Petition Date and returned the surplus vehicles to Newtek and one other creditor holding a lien on one vehicle. The Debtor believes that this change will make its business more tenable. Not only does this Plan require it to pay for only 3 vehicles, the insurance premiums, the Debtor's largest expense besides payroll, is reduced. Based on these reductions, the Debtor believes that its reorganization will be feasible. This is the Chapter 11, Subchapter V plan for the Debtor which is intended to resolve the Debtor's financial distress by restructuring certain of its prepetition obligations to creditors. Class 4 consists of General Unsecured Claims. The allowed unsecured claims total $2,464,983.64. Class 4 claims will receive no distributions under the Plan. The equity in the Debtor is wholly owned by Janet Kope. Under the Plan, Ms. Kope will continue to own the equity in the Reorganized Debtor after confirmation. Ms. Kope personally guaranteed many of the Debtor's debts. Largely as a result of the overwhelming number of personal guaranties, she and Mr. Kope were forced to file a personal Chapter 13 bankruptcy case (Case No. 25-10721-BLS) in the Delaware Bankruptcy Court). All creditors holding personal guaranties against Ms. Kope and/or Mr. Kope were given notice and the opportunity to file claims in their bankruptcy case as well. Nothing in this Plan will affect their rights arising in their personal bankruptcy case, and any such personal guaranties shall be subject to their bankruptcy discharge. Any amounts paid to any creditors of the Debtor by Ms. Kope and/or Mr. Kope, including but not limited to in their bankruptcy, shall reduce the amount of such creditors' claims on a dollar-for-dollar basis. Each respective Plan Payment shall be made on the first business day of the calendar month, beginning on the first business day of the first calendar month occurring after the Effective Date. To conserve monies for the benefit of creditors, the Debtor shall make such payments directly to creditors instead of through a trustee. The source of these payments shall be ongoing income. A full-text copy of the Subchapter V Plan dated November 7, 2025 is available at https://urlcurt.com/u?l=Tl1rkc from PacerMonitor.com at no charge. The Debtor's Counsel: Adam Hiller, Esq. HILLER LAW LLC 300 Delaware Avenue Suite 210 #227 Wilmington DE 19801 Tel: (302) 442-7677 E-mail: ahiller@adamhillerlaw.com About 4 Points Towing & Roadside Service LLC 4 Points Towing & Roadside Service LLC provides towing and roadside assistance services across Kent County and surrounding areas in Delaware and Maryland, offering local and long-distance transport for cars, trucks, exotic and classic vehicles, and low-clearance automobiles. The Company also handles light equipment hauling in Dover and along US-13 and DE-1 in Harrington, Milford, and Central Delaware. It operates as a family-owned and locally managed business. 4 Points Towing & Roadside Service LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11491) on Aug. 8, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Adam Hiller, Esq., at Hiller Law, LLC. 431 BEACH: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------- 431 Beach 45th Street LLC filed a voluntary Chapter 7 bankruptcy in the Eastern District of New York on November 13, 2025. The petition lists liabilities each between $100,001 and $1,000,000, and the debtor reports having between 1 and 49 creditors. About 431 Beach 45th Street LLC 431 Beach 45th Street LLC is a limited liability company. 431 Beach 45th Street LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.25-45465) on November 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. 644 LORIMER: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- On November 13, 2025, 644 Lorimer Realty LLC sought Chapter 11 bankruptcy in the Eastern District of New York. According to the petition, the business carries liabilities in the $1 million to $10 million range and has 1 to 49 creditors. About 644 Lorimer Realty LLC 644 Lorimer Realty LLC is a single asset real estate company. 644 Lorimer Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45462) on November , 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. 74 OXFORD STREET: Case Summary & One Unsecured Creditor ------------------------------------------------------- Debtor: 74 Oxford Street, LLC One Lewis Wharf Boston, MA 02110 Business Description: 74 Oxford Street, LLC owns a multi-family residential building at 72-74 Oxford Street, Cambridge, MA, valued at $7.75 million. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-12442 Debtor's Counsel: Peter N. Tamposi, Esq. THE TAMPOSI LAW GROUP, P.A. 159 Main St. Nashua, NH 03060 Tel: 603-204-5513 Email: peter@thetamposilawgroup.com Total Assets: $7,750,000 Total Liabilities: $6,464,475 The petition was signed by William Senne as manager. The Debtor identified CCG Fund II, LLC located at 68 Bridge St., Ste. 220, Suffield, CT 06078, as its sole unsecured creditor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QDBCOLI/74_Oxford_Street_LLC__mabke-25-12442__0001.0.pdf?mcid=tGE4TAMA A.B. INTERNATIONAL: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------------- A.B. International Market Inc. filed a voluntary Chapter 11 petition in the Southern District of New York on November 13, 2025. The filing shows the company holds liabilities in the range of $1 million to $10 million. A.B. International Market Inc. reported having between 1 and 49 creditors. About A.B. International Market Inc. A.B. International Market Inc. operates as a grocery and food wholesale company located in the Bronx, New York. A.B. International Market Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12533) on November 13, 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 John P. Mastando III handles the case. The Debtor is represented by Kamini Fox, Esq. of Kamini Fox, PLLC. AAC NEW: Capital Southwest Marks $3MM 1L Loan at 55% Off -------------------------------------------------------- Capital Southwest Corporation has marked its $3,023,000 loan extended to AAC New Holdco Inc. to market at $1,375,000 or 45% of the outstanding amount, according to Capital Southwest's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Term Loan B to AAC New Holdco Inc. The loan accrues interest at a rate of 12% per annum. The loan matures on June 2, 2027. Capital Southwest is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. The company has elected to be regulated as a business development company under the 1940 Act. The company focuses on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Its core business is to target senior debt investments and equity investments in lower middle market companies. Capital Southwest is led by Michael S. Sarner as President and Chief Executive Officer and Chris T. Rehberger as Chief Financial Officer, Treasurer and Secretary. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100 Dallas, TX 75225 Tel. No.: (214) 238-5700 About AAC New Holdco Inc. AAC Technologies is a leading provider of sensory experience solutions with the goal of building the future of interactive sensory technologies. ABUELO’S INTERNATIONAL: Court OKs Restaurant Biz Sale at Auction ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division has approved Abuel's International, L.P. and its affiliates, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. Food Concepts International Holdings, Inc. (FCIH) is the sole member of the general partner of Food Concepts International, L.P., a Texas limited partnership (FCI). FCI is the 99.99% limited partner of the Abuelo's International, L.P., a Texas limited partnership (ABI). The Debtors are headquartered in Lubbock, Texas where they conduct their restaurant operations. The Debtors own and operate a chain of full-service, casual dining Mexican restaurants serving made-from-scratch Mexican food. The Debtors' first restaurant opened in 1989, and on the Petition Date, they operated a total of 16 restaurants located in 7 states throughout the nation. The Debtors' operations have been impacted by a significant drop in sales, rising food and labor costs, continued staffing challenges, and changes in consumer preferences. The Court has authorized the Debtor to sell the Restaurant Business by way of auction conducted by Local Liquidators, upon the terms and conditions proposed by the Debtors in the Motion. The Assets sold at the auction shall be sold without warranty and on an "as is" "where is" subject to all defects basis. The Assets shall be sold free and clear of all liens, claims, interests and encumbrances and all valid liens, claim, interests and encumbrances shall follow and attach to the proceeds of sale in the order established by applicable law. The Debtors' are authorized to satisfy, from the proceeds of sale, the auctioneer fees of Local Liquidators and the 2025 and prior year property taxes assessed against the Assets, with the balance of the proceeds of sale, if any, to be retained by the Debtor to assist in funding future operations. The Debtors be and the same are hereby authorized to execute all documents and take all actions necessary to carry out the purposes and intent of this order. About Abuelo's International L.P. Abuelo's International, L.P. operates the Abuelo's Mexican Restaurant locations, managing day-to-day restaurant operations, customer service, and loyalty programs across the U.S. Food Concepts International, L.P., headquartered in Lubbock, Texas, owns and oversees the brand, providing management, strategic direction, employee training, and menu development. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43339) on September 2, 2025. In the petition signed by Robert L. Lin, President of ABI GP, LLC, the general partner of Abuelo's International, L.P., and as President of FC GPH, LLC LP, the general partner of Food Concepts International, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Edward L. Morris oversees the case. Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP, represents the Debtor as legal counsel. ACTION FACE: Seeks to Hire SL Biggs as Tax Accountant ----------------------------------------------------- Action Face, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, to employ SL Biggs, A Division of SingerLewak LLP, as tax accountant in its Chapter 11 case. SL Biggs will provide these services: (a) analyze whether taxes will be owed by the Debtor or Reorganized Debtor upon the distribution of the Infinite Reality Shares or the cash proceeds from their sale or liquidation under the Plan; (b) estimate the amount of taxes due, if any, to ensure adequate funds are reserved under the Plan to satisfy such liabilities; and (c) perform related tax accounting services necessary to assist the Debtor in its Chapter 11 proceedings. The firm will receive a $10,000 postpetition retainer, to be held in trust as security for fees and costs pending court authorization. According to court filings, SL Biggs and its professionals are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, holding no adverse interests and maintaining no connections with the Debtor, creditors, or other parties in interest. The firm can be reached at: Brian Landau, Partner SL Biggs, A Division of SingerLewak LLP 10960 Wilshire Blvd., Suite 1100 Los Angeles, CA 90024 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 E-mail: rb@lnbyg.com; jyo@lnbyg.com About Action Face Inc. Action Face, Inc., is a developer of customized selfie action figures and avatar videos starring the user, intended to capture memorable events in life. The company is based in Woodlands Hills, Calif. Action Face filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10180) on Feb. 5, 2024, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Kenneth Davis as chief executive officer. Judge Martin R. Barash oversees the case. Levene, Neale, Bender, Yoo & Golubchik, LLP, is the Debtor's legal counsel. ADAPTHEALTH CORP: S&P Raises Sr. Unsecured Debt Rating to 'BB-' --------------------------------------------------------------- S&P Global Ratings raised its issue-level rating on the senior unsecured debt issued by AdaptHealth Corp. subsidiary AdaptHealth LLC to 'BB-' from 'B+' and revised the recovery rating to '4' from '5'. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 35%) recovery in the event of a payment default. The upgrade follows the $225 million prepayment of the company's senior secured term loan A due in 2029 (unrated), leaving $325 million outstanding as of Sept. 30, 2025 (from $550 million as of Dec. 31, 2024). The lower senior secured debt increases recovery prospects for the unsecured notes in S&P's hypothetical default scenario. S&P said, "Our 'BB-' issuer credit rating and stable outlook on AdaptHealth Corp. are unchanged. While we view the debt reduction favorably, it is consistent with our S&P Global Ratings-adjusted leverage forecast of 3x-3.5x for 2025-2026." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- AdaptHealth's capital structure consists of a $300 million revolving credit facility due in 2029 (not rated), $325 million outstanding on the senior secured term loan A due in 2029 (not rated), $350 million of senior unsecured notes due in 2028, $500 million of senior unsecured notes due in 2029, and $600 million of senior unsecured notes due in 2030. S&P also incorporates priority claims of approx. $38 million. -- S&P assumes the revolving credit facility will be 85% drawn at default and some increase in interest margin following a breach of financial covenants. -- S&P said, "Our simulated default scenario considers a default in 2029 from competitive pressures resulting in contract losses with the company's largest customers. Given its substantial market position and the continued demand for its services, we believe AdaptHealth would remain a viable business and reorganize rather than liquidate following a hypothetical payment default." -- S&P values the company on a going-concern basis by applying a 5.5x multiple to our projected EBITDA at default. This is consistent with the multiples it uses for similar companies. -- Estimated debt claims also include about six months of accrued but unpaid interest outstanding at default. Simulated default and valuation assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $238 million -- Implied enterprise valuation multiple: 5.5x -- Gross enterprise value (EV): $1.3 billion Simplified waterfall -- Net EV (after 5% administrative costs): $1.24 billion -- Valuation split (obligors/nonobligors): 100%/0% -- Estimated priority and senior secured debt claims: $705 million -- Estimated value available to unsecured creditors (from collateral and unpledged value): $539 million -- Estimated senior unsecured debt claims: $1.488 billion --Recovery expectation: 30%-50% (rounded estimate: 35%) ADVANCED TRENCHLESS: Unsecureds Will Get 10% over 68 Months ----------------------------------------------------------- Advanced Trenchless, Inc., filed with the U.S. Bankruptcy Court for the Northern District of California a Disclosure Statement to accompany Plan of Reorganization dated November 7, 2025. The Debtor owns and operates a trenchless sewer, plumbing and drain company. The company is located in Martinez, California and has been in business since 1978. The company's core focus is full-service trenchless and drain repair for cost-effective sewer lateral replacements. The purpose of the bankruptcy filing is to allow the company to reorganize its outstanding debt obligations so that it can continue to survive in today's competitive marketplace. In October of 2023 Debtor had to shut down a division of the company Affinity Groundworks laying off 43 employees (65% of total employees) due to lack of work in the market they were working in (Idaho). Attempting to Attempting to Attempting to survive and get back on track, Debtor started another division Advanced Construction Supply ("ACS"), a construction supply business with the hope to grow this division to replace the lost revenue and profitability. When Debtor shut down ACS it was overwhelmed by outstanding vendor payments as well as equipment/vendor payments still outstanding from the previous Affinity shutdown. These combined debts became overwhelming and debtor could not support the cash demands with just running the core business Advanced Trenchless. In addition, Debtor was dealing with multiple breach of contract/collection lawsuits, a labor lawsuit, and a business dispute lawsuit. The Debtor will pay all allowed administrative, secured and priority unsecured creditors in full. Debtor shall pay allowed general unsecured creditors 10% (10 cents on the dollar). The term of the Plan shall be 68 months (5 years, 8 months) and Debtor will use all of its present and projected monthly disposable income to fund the plan. Class 1A, Class 1B, and Class 2 are impaired. Claimants in such classes will be entitled to vote to accept or reject the plan. The remaining classes are unimpaired and will not have the right to vote. The Debtor estimates that allowed general unsecured claims total approximately $5,978,814. These claims will be assigned Class 2 and are impaired. Note that Class 2 also contains certain several claims which were scheduled as disputed or unliquidated as follows: * Manuel Magellon in the amount of $130,000. This claim represents a pending labor law claim. Debtor is not anticipating objecting to the claim considering the costs and expenses of further litigation and will allow the claim as filed. * The Construction Zone, LLC in the amount of $1,500,000. This claim represents a pending business law claim. Debtor is not anticipating objecting to the claim considering the costs and expenses of further litigation and will allow the claim as filed. The Debtor shall pay ten percent of the allowed claims of general unsecured creditors via quarterly pro-rata payments over the life of the Plan starting the 29th month from the Effective Date. The secured claims of Comerica, SBA and the priority claim of California Dept. of Tax and Fee Administration shall be all paid by the 28th month of the Plan term. The total allowed unsecured creditors are approximately $5,978,814. As such, Debtor will be contributing $15,000 per month to satisfy such payout amount over a period of 40 months: payable on a quarterly basis starting the 29th month from the Effective Date. The payout period for the general unsecured class will be from months 29-68 of the Plan term. Payments will be paid out on a quarterly basis. General unsecured creditors will not receive post-petition interest on their claims. The Debtor believes that it will have enough cash on hand on the Effective Date of the Plan to pay all claims and expenses that are entitled to be paid on that date. Debtor will need to be able to pay an estimated $40,000 in administrative claims. Debtor should have at least $100,000 cash in its bank account. The remaining cash will be needed as a cash reserve for operations. The Debtor will use the net income from the operation of the business to fund payments of allowed claims as provided for in the Plan. Owner Ryan M. Charles and his employees will operate the company and fund this reorganization. The Debtor expects its monthly net income to be on average $15,620 for the 68-month Plan term, of which it will contribute $15,000 towards its plan payments. A full-text copy of the Disclosure Statement dated November 7, 2025 is available at https://urlcurt.com/u?l=ih86kl from PacerMonitor.com at no charge. Counsel to the Debtor: David A. Arietta, Esq. Law Offices of David A. Arietta 700 Ygnacio Valley Road, Suite 150 Walnut Creek, CA 94596 Tel: (925) 472-8000 Fax: (925) 472-5925 Email: David@ariettalaw.com About Advanced Trenchless Inc. Advanced Trenchless, Inc. provides trenchless sewer, plumbing, and drain services across Northern California. The company specializes in hydro jetting, sewer and drain repairs, trenchless replacements, and camera inspections. Founded in 1978, it has decades of experience addressing sewer infrastructure issues with a focus on non-commission-based, full-service solutions. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41165) on July 1, 2025. In the petition signed by Ryan Charles, president, the Debtor disclosed $536,960 in assets and $4,644,613 in liabilities. Judge Charles Novack oversees the case. David A. Arietta, Esq., at the Law Offices of David A. Arietta, represents the Debtor as legal counsel. Comerica Bank, as secured creditor, is represented by: Jessica M. Simon, Esq. Hemar, Rousso & Heald, LLP 15910 Ventura Blvd., 12th Floor Encino, CA 91436 Telephone: (818) 501-3800 Facsimile: (818) 501-2985 jsimon@hrhlaw.com ANNE GREGORY: Seeks to Employ Fuchs Law Office LLC as Counsel ------------------------------------------------------------- Anne Gregory Couture, LLC filed an application with the U.S. Bankruptcy Court for the Western District of Pennsylvania seeking approval to employ Fuchs Law Office, LLC to serve as legal counsel in its Chapter 11 case. Fuchs Law Office will provide these services: (a) assist in the administration of the estate and represent the Debtor in all matters arising during the Chapter 11 proceedings; (b) prepare, on behalf of the Debtor, the necessary applications, answers, orders, reports, and other legal papers; (c) review reports for legal sufficiency and furnish advice regarding legal actions and consequences; (d) represent the Debtor in the prosecution and/or defense of any adversary proceedings; and (e) perform all other legal services for the Debtor that may be necessary in connection with the Chapter 11 case. Attorney David L. Fuchs will bill at an hourly rate of $325, and Teresa K. Fuchs at $250. In November 2025, the Debtor paid a $7,000 retainer, of which $1,738 was applied to the filing fee for the case and $5,262 remains held in escrow by the firm. Fuchs Law Office, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, as neither the firm nor its members have any connection with the Debtor, its creditors, or any other party in interest, according to the application filed with the court. The firm can be reached at: David L. Fuchs, Esq. FUCHS LAW OFFICE, LLC 554 Washington Avenue, First Floor Carnegie, PA 15106 Telephone: (412) 223-5404 Facsimile: (412) 223-5406 E-mail: dfuchs@fuchslawoffice.com About Anne Gregory Couture, LLC Anne Gregory Couture, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-23006) on November 5, 2025. At the time of filing, the Debtor reported estimated assets of $0 to $50,000 and liabilities of $100,001 to $500,000. Judge Carlota M. Böhm oversees the case. Fuchs Law Office, LLC is the Debtor’s proposed legal counsel. APPLE ROOFING: Capital Southwest Marks $13.2MM 1L Loan at 20% Off ----------------------------------------------------------------- Capital Southwest Corporation has marked its $13,261,000 loan extended to Apple Roofing Administrative Services (fka Roof Opco LLC) to market at $10,609,000 or 80% of the outstanding amount, according to Capital Southwest's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Term Loan A to Apple Roofing Administrative Services (fka Roof Opco LLC). The loan accrues interest at a rate of 11.55% per annum. The loan matures on August 27, 2026. Capital Southwest is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. The company has elected to be regulated as a business development company under the 1940 Act. The company focuses on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Its core business is to target senior debt investments and equity investments in lower middle market companies. Capital Southwest is led by Michael S. Sarner as President and Chief Executive Officer and Chris T. Rehberger as Chief Financial Officer, Treasurer and Secretary. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100 Dallas, TX 75225 Tel. No.: (214) 238-5700 About Apple Roofing Administrative Services (fka Roof Opco LLC) Apple Roofing Administrative Services, LLC operates as an investment company. APPLE ROOFING: Capital Southwest Marks $13.2MM 1L Loan at 20% Off ----------------------------------------------------------------- Capital Southwest Corporation has marked its $13,261,000 loan extended to Apple Roofing Administrative Services (fka Roof Opco LLC) to market at $10,609,000 or 80% of the outstanding amount, according to Capital Southwest's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Term Loan A to Apple Roofing Administrative Services (fka Roof Opco LLC). The loan accrues interest at a rate of 13.55% per annum. The loan matures on August 27, 2026. Capital Southwest is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. The company has elected to be regulated as a business development company under the 1940 Act. The company focuses on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Its core business is to target senior debt investments and equity investments in lower middle market companies. Capital Southwest is led by Michael S. Sarner as President and Chief Executive Officer and Chris T. Rehberger as Chief Financial Officer, Treasurer and Secretary. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100 Dallas, TX 75225 Tel. No.: (214) 238-5700 About Apple Roofing Administrative Services (fka Roof Opco LLC) Apple Roofing Administrative Services, LLC operates as an investment company. B MAC BUFFET: Gets OK to Tap MSTiller LLC as Accountant ------------------------------------------------------- B Mac Buffet, LLC received approval from the U.S. Bankruptcy Court for the Southern District of Georgia to employ Angela L. Heys, CPA, of MSTiller, LLC as accountant. The firm will provide accounting services for the Debtor, including maintaining the company's books and records, preparing all necessary forms, reports, and returns, and preparing financial statements in accordance with the tax basis of accounting. Under the engagement terms, MSTiller, LLC will charge $900 per month, billed monthly. Invoices not paid within ten days from presentation will accrue interest at the rate of 1½% per month on the unpaid balance. As disclosed in the court filings, Ms. Heys does not hold or represent any interest adverse to the Debtor or the estate and is considered a disinterested professional. The firm can be reached through: Angela L. Heys, CPA MSTiller, LLC 777 Gloucester Street, Suite 201 Brunswick, GA 31502 About B Mac Buffet LLC B Mac Buffet LLC, doing business as B-Mac's Buffet, operates a Southern-style buffet restaurant in Waycross, Georgia. The establishment caters to local residents and visitors, offering a casual dining setting for families and groups. B Mac Buffet sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ga. Case No. 25-50431) on September 15, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michele J. Kim handles the case. The Debtor is represented by Jon Levis, Esq. at Levis Law Firm, LLC. BALAJIO LLC: Claims to be Paid from Property Sale Proceeds ---------------------------------------------------------- Balajio, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Plan of Liquidation dated November 7, 2025. The Debtor is a Florida limited liability company that was formed in 2015. The Debtor was formed to purchase, own, and operate its hotel located at 90 Professional Blvd., Daytona Beach, Florida 32114 (the "Hotel"). The Hotel is within walking distance from the Daytona International Speedway and minutes from the I-4 and I-95 exchange. The Debtor is wholly owned by Sameer M. Patel ("Mr. Patel"), who is the sole managing member of the Debtor. The economic downturn in the hospitality industry in Daytona over the last few years has negatively impacted the Hotel's occupancy and ADR rates, which has led to the Debtor's inability to keep current with its secured lenders and other trade creditors. The Debtor recently filed its Motion to sell its Hotel to Atlantic Ocean Inn of Daytona Beach, LLC which is owned by Mr. Patel's father, Manilal Patel (the "Sale"). The Sale was approved by the Court and expected to close on or before November 20, 2025, with a gross purchase price of $7,823,000.00 (the "Sale"). All Claims against the Debtor shall be classified and treated pursuant to the terms of the Plan. The Plan designates three Classes of Claims. There is one Class of Secured Claims; one Class of Unsecured Claims; and one Class of Equity Interests. The Plan provides the respective Holders of Allowed Administrative Claims, Allowed Priority Claims, and Allowed Priority Tax Claims, if any, will be paid in full on the Effective Date, over time as permitted by the Bankruptcy Code, or in accordance with the treatment specified herein. Class 2 consists of all Allowed General Unsecured Claims against the Debtor. In full satisfaction of the Allowed Class 2 General Unsecured Claims, Holders of Class 2 Claims shall receive the net proceeds from the Sale after Administrative Claims, Priority Claims and Class 1 Claim have been paid in full. Class 2 is Impaired. Class 3 consists of all equity interests in the Debtor. After the closing of the Sale, the Class 3 Interest Holder(s) shall be extinguished and shall have no distribution rights. Class 3 is Impaired. The Plan contemplates that the Debtor will close on the Sale of its Property before the end of the year. The sale proceeds shall be used, along with cash on hand and any accounts receivable at closing shall be used to make payments to creditors under the Plan. A full-text copy of the Disclosure Statement dated November 7, 2025 is available at https://urlcurt.com/u?l=9CEC99 from PacerMonitor.com at no charge. Counsel for the Debtor: Justin M. Luna, Esq. Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, Florida 32801 Email: jluna@lathamluna.com About Balajio LLC Balajio, LLC operates a hotel in Daytona Beach, Florida. Balajio sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03556) on June 10, 2025, listing up to $10 million in both assets and liabilities. Sameer M. Patel, managing member of Balajio, signed the petition. Judge Tiffany P. Geyer oversees the case. Justin M. Luna, at Latham Luna Eden & Beaudine, LLP, is the Debtor's legal counsel. BAYTEX ENERGY: S&P Places 'B+' ICR on CreditWatch Negative ---------------------------------------------------------- S&P Global Ratings placed all of its ratings on Calgary, Alberta-based oil, natural gas liquids (NGLs) and natural gas exploration and production (E&P) company Baytex Energy Corp., including its 'B+' issuer credit rating and 'BB-' issue-level rating on its unsecured notes on CreditWatch with negative implications. S&P expects to resolve the CreditWatch around the time when the sale closes, subject to regulatory approvals and other customary conditions. Baytex announced the sale of all of its Eagle Ford basin assets for approximately $2.305 billion cash to an undisclosed counterparty. Baytex's divestiture of its Eagle Ford assets greatly reduces the company's scale and geographic diversification. The CreditWatch placement follows Baytex's announcement that it has entered into an agreement to sell its Eagle Ford assets. On Nov. 12, 2025, Baytex announced it had entered into an agreement with an undisclosed third party to sell its Eagle Ford assets and fully exit all operations in the U.S. Baytex reported the buyer with pay approximately $2.305 billion in cash upon close. Baytex's Eagle Ford assets compromised approximately 55% of the company's third-quarter production and about 68% of the company's total year-end 2024 reserves. Therefore, this transaction significantly decreases the company's size and scale as well as its geographic diversification. Baytex stated it plans to use proceeds from this transaction for debt reduction (targeting the company's 2030 unsecured notes, which become callable in April 2026), significant share repurchases, as well as potential small bolt-on acquisitions. Additionally, it remains unknown how this transaction will affect the size of the company's credit facility and the specific amount of debt the company plans to repay. S&P Global Ratings will reassess ratings once the sale is completed and we have more clarity about the company's use of proceeds, capital structure, and financial policy. S&P said, "The CreditWatch placement with negative implications reflects our view that we could lower the issuer and issue-level ratings on Baytex around the time the proposed transaction closes and we have a better understanding of the company's pro forma capital structure and financial policy." BE PLASTICS: Gets Final OK to Use Cash Collateral ------------------------------------------------- BE Plastics, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court authorized the Debtor to utilize cash collateral including revenue to fund operations in accordance with its budget. As adequate protection, secured creditors De Lage Landen Financial Services, Inc. and Comerica Bank will be granted replacement liens on cash collateral and other property acquired by the Debtor after the petition date, with the same validity, priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to Chapter 5 causes of action. Meanwhile, creditors with perfected security interests in cash collateral are entitled to equivalent replacement liens on post-petition accounts receivable, contract rights, and deposit accounts. The final order provides for a fee carveout. This carveout will not create any lien or claim against the Debtor's property. The Debtor's authority to use cash collateral automatically terminates upon conversion or dismissal of its Chapter 11 case, trustee appointment, expiration of the order, or material breach of the budget. Creditors retain rights to seek modifications or remedies if defaults occur. The final order is available at https://is.gd/lua95K from PacerMonitor.com. About BE Plastics Inc. BE Plastics Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. D. Texas Case No. 25-35842) on October 3, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Bilal Effendi, director, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. BESPOKE CONSTRUCTION: Seeks to Extend Exclusivity to Jan. 12, 2026 ------------------------------------------------------------------ Bespoke Construction LLC, asked the U.S. bankruptcy Court for the Southern District of Indiana to extend its periods to file a plan of reorganization and disclosure statement to January 12, 2026. The Debtor has an exclusivity period pursuant to Section 1121 of the Bankruptcy Code of 120 days from the Petition Date within which to file a plan, which time period runs through November 13, 2025. The Debtor explains that before the company can put together its plan of reorganization, it needs additional time to discuss feasibility and plan treatment with Lake City Bank. The interests of all parties are best served by allowing Debtor an extension of time for the exclusivity period so as to be able to submit a feasible plan. The Debtor believes that it needs an additional sixty days authorized by Section 1121 of the Bankruptcy Code, or to and including January 12, 2026, to make the necessary changes to its business operations to submit a disclosure statement and plan of reorganization. Bespoke Construction LLC is represented by: Jeffrey M. Hester, Esq. Hester Baker Krebs LLC Suite 1330, One Indiana Square Indianapolis, IN 46204 Email: jhester@hbkfirm.com Telephone: (317) 608-1129 Facsimile: (317) 833-3031 About Bespoke Construction LLC Bespoke Construction LLC is a general contractor based in Indianapolis, Indiana, that provides residential and state-funded construction services, including universal design renovations, custom millwork, ADA-compliant modifications, and project management. It serves clients through tailored design and building solutions with a focus on accessibility, craftsmanship, and functional improvements. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-04181) on July 16, 2025. In the petition signed by Robert Cooper, authorized representative of the Debtor, the Debtor disclosed $1,425,361 in total assets and $5,379,966 in total liabilities. Judge James M. Carr oversees the case. Jeffrey Hester, Esq., at Hester Baker Krebs, LLC, represents the Debtor as legal counsel. BIO-KEY INTERNATIONAL: Receives Extension to Meet Bid Price Rule ---------------------------------------------------------------- On May 9, 2025, BIO-key International, Inc. received notice from the staff of The Nasdaq Stock Market, LLC stating that the Company did not satisfy the continued listing requirement to maintain a minimum bid price of $1.00 per share, as set forth in Nasdaq Listing Rule 5550(a)(2), as the Company's closing bid price was less than $1.00 per share for the 30 consecutive business days prior the date of the Nasdaq notice. On November 6, 2025, the Company received a letter from Nasdaq stating that although the Company had not regained compliance with the Bid Price Rule, Nasdaq determined that the Company is eligible for an additional 180-day period, or until May 4, 2026, to regain compliance with the Bid Price Rule. In the Letter, Nasdaq stated that its determination was based on: (i) the Company meeting the continued listing requirement for market value of its publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market with the exception of the minimum bid price requirement, and (ii) the Company's written notice to Nasdaq of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If at any time during this second 180-day compliance period, the closing bid price of the Company's common stock is at least $1 per share for a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance to the Company, and this matter will be closed. If compliance cannot be demonstrated by May 4, 2026, Nasdaq will provide written notification that the common stock will be delisted. At that time, the Company would have an opportunity to appeal the delisting determination to a Nasdaq Listing Qualifications Panel. The Company intends to monitor the closing bid price of its common stock and if required to maintain the listing of its common stock on Nasdaq Capital Market, effect a reverse stock split during this second 180-day compliance period. About BIO-key Holmdel, N.J.-based BIO-key International, Inc., founded in 1993, is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, 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 year ended December 31, 2024, citing that the Company has suffered substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $10.52 million in total assets, $3.66 million in total liabilities, and $6.85 million in total stockholders' equity. BLONDER TONGUE: Deadline for Panel Questionnaires Set for Nov. 19 ----------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Blonder Tongue Laboratories Inc.. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/y79s5fua and return by email it to Tina L. Oppelt -- Tina.L.Oppelt@usdoj.gov –- at the Office of the United States Trustee so that it is received no later than 5:00 p.m., on Wednesday, Nov. 19, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Blonder Tongue Laboratories Inc. Blonder Tongue Laboratories Inc. develops and produces advanced signal-processing and media-distribution solutions serving TV broadcasters, cable companies, hotel video services, internet networks, and institutional clients. Blonder Tongue Laboratories Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-21863) on November 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Donald W. Clarke, Esq. of Genova Burns LLC. BOREN INC: Gets Interim OK to Use Cash Collateral ------------------------------------------------- Boren, Inc. received interim approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to use cash collateral to fund operations. The interim order authorized the Debtor to use cash collateral until the final hearing on December 3 in accordance with its budget, subject to a 10% variance per line item and in aggregate. As adequate protection, secured creditors that may have interest in the cash collateral will be granted replacement liens on the Debtor's post-petition property and its proceeds, with the same validity and priority as their pre-bankruptcy interests. These replacement liens do not apply to avoidance actions. The interim order provides for a carveout for professional fees, Subchapter V trustee compensation, and court fees. The interim order is available at https://is.gd/YOQ6Mi from PacerMonitor.com. The secured creditors claiming interests on the Debtor's accounts receivable and other assets based on their UCC-1 financing statements are Simmons Bank ($356,071), United Leasing, Inc. ($48,790), and the U.S. Small Business Administration ($96,303). All other creditors that filed UCC-1 financing statements based on the report provided by the Tennessee Secretary of State are merchant cash advance lenders. The Debtor turned to MCA loans in December 2024 to cover short-term funding gaps, expecting a temporary solution, but the aggressive repayment terms quickly worsened its financial strain. About Boren Inc. Boren, Inc., doing business as Fitness 1440, operates multi-level fitness centers in Nashville, Tennessee, offering 24/7 gym access, swimming pools, saunas, personal training, group fitness classes, and other wellness amenities. It provides membership services with access to multiple locations and specialized fitness equipment. Boren filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04621) on October 31, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Glen Watson, Esq., at Watson Law Group, PLLC serves as Subchapter V trustee. Judge Charles M. Walker oversees the case. The Debtor is represented by Michelle L. Spezia, Esq., at Johnson Legal, PLLC. BOSQUE BREWING: Gets Extension to Access Cash Collateral -------------------------------------------------------- Bosque Brewing Co., LLC received another extension from the U.S. Bankruptcy Court for the District of New Mexico to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral from November 5 to December 31 for post-petition expenses up to 110% of budget line items, with taxes and insurance payable at actual amounts. As adequate protection, Live Oak Bank and other creditors with interests in the cash collateral will be granted replacement liens on property acquired by the Debtor after its Chapter 11 filing that is similar to their pre-bankruptcy collateral. Such replacement liens will not improve the creditors' lien position as of the petition date. In addition, Live Oak Bank will receive a monthly payment of $10,000 for November and December. Defaults occur if the Debtor materially fails to comply with the final order and does not cure or contest the issue within seven days of written notice, or if its Chapter 11 case is converted or dismissed. In such cases, the creditors' replacement liens and protections remain binding and continue in any subsequent Chapter 7 case. The court order is available at https://is.gd/kvPBfI from PacerMonitor.com. The creditors with claims to the cash collateral are Live Oak Bank (approximately $4 million); the U.S. Small Business Administration ($1.82 million from an EIDL loan); New Mexico Recovery Fund, L.P. ($3.8 million); First Citizens Bank & Trust through two separate agents ($134,739.68 and $25,107.21); Channel Partners Capital LLC ($172,367.52); and WebBank ($1.28 million). Each of these creditors holds a security interest in the Debtor's accounts, receivables, and other business assets, evidenced by UCC-1 financing statements filed prior to bankruptcy. Additionally, creditors that may claim an interest in the cash collateral but whose liens appear unperfected include Ameris Bank, Hart Design & Construction, Inc., OnDeck, and PAC Western Financial, LLC, with debts ranging from $31,000 to $347,000. The Debtor asserts that these creditors do not hold perfected security interests in accordance with Article 9 of the Uniform Commercial Code. About Bosque Brewing Co. LLC Bosque Brewing Co., LLC doing business as Restoration Pizza and The Drinkery, operates as a craft brewery and hospitality company based in Albuquerque, New Mexico. The Company produces and sells a range of craft beers at its brewery and taproom while also offering dining experiences through Restoration Pizza and a 21+ beverage-focused environment at The Drinkery. It serves the Albuquerque area with a focus on local community engagement and multiple on-site operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.M. Case No. 25-11236 on October 6, 2025, listing between $1 million and $10 million in assets and liabilities. Gabriel Jensen, managing member and chief executive officer, signed the petition. Judge Robert H. Jacobvitz oversees the case. The Debtor is represented by: Chris Gatton, Esq. Gatton & Associates, P.C. 10400 Academy NE Suite 350 Albuquerque, NM 87111 Tel: (505) 271-1053 chris@gattonlaw.com BOXLIGHT CORP: JJ Astor Increases Inventory Financing to $9MM ------------------------------------------------------------- Boxlight Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and J.J. Astor & Co. on November 3, 2025, entered into an amendment and restatement of the Inventory Finance Agreement. Under the Restated Agreement, the Company may finance 80% of the purchase of certain finished goods inventory from one of the Company's manufacturers and suppliers of such inventory up to an aggregate outstanding amount of $9 million, a $3 million increase from the maximum amount under the original Agreement. Each advance under the Restated Agreement remains payable by the Company within 90 days at a rate of $1.0535 per $0.80 advanced. The term of the Restated Agreement is until November 3, 2026, unless mutually extended or earlier terminated by J.J. Astor. Under the Restated Agreement, J.J. Astor may elect from time to time to convert all or a portion of the amounts owed by the Company into shares of the Company's common stock, par value $0.001 per share. J.J. Astor can require the Company to register any such shares for public resale with the Securities & Exchange Commission. A full-text copy of the Restated Agreement will be filed, with any confidential terms redacted, as an exhibit to the Company's next periodic report filed with the Securities & Exchange Commission. About Boxlight Corp Boxlight Corporation, based in Duluth, Georgia, develops, sells, and services interactive technology solutions primarily for the education sector, with additional offerings for corporate and government clients. The Company designs, produces, and distributes interactive and non-interactive flat-panel displays, LED video walls, classroom audio systems, cameras, peripherals, STEM products, and software integrated into a classroom suite for learning, assessment, and collaboration. Boxlight sells its products through over 1,000 global reseller partners, reaching more than 1.5 million classrooms and meeting spaces in over 70 countries. In its audit report dated March 28, 2025, Forvis Mazars, LLP issued a "going concern" qualification citing that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. The Company's Term Loan, which has an outstanding balance of $39.0 million as of June 30, 2025, matures on Dec. 31, 2025. As of June 30, 2025, the Company's short-term debt will mature within the six months. The Company said it is seeking to refinance its debt with new lenders but noted there is no guarantee the effort will succeed before the Term Loan matures, at which point all amounts will be due. As of June 30, 2025, the Company had cash and cash equivalents of $7.6 million, a working capital balance of ($0.5) million, and a current ratio of 0.99. Boxlight reported total assets of $99.20 million, total liabilities of $91.32 million, total mezzanine equity of $28.51 million, and a total stockholders' deficit of $20.63 million. BOY SCOUTS: Judge Questions Authority in Mass Tort Fee Dispute -------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Boy Scouts abuse survivors are attempting to dissolve their contingency fee agreements with Slater Slater Schulman LLP must first convince a Delaware bankruptcy judge that the court has jurisdiction over their objections. The challenge cannot proceed unless the judge determines she has the authority to weigh in. During a hearing on Thursday, November 13, 2025, Judge Laurie Selber Silverstein said she is uncertain whether she can adjudicate claims that the firm misrepresented the status of thousands of clients' submissions in the Boy Scouts settlement process. That uncertainty, she noted, raises a significant threshold issue, the report states. Judge Silverstein emphasized that more briefing on the jurisdictional question is necessary before the court can evaluate the broader accusations against Slater. She characterized the allegations as "an indictment of the way mass tort firms operate," but said she cannot address those concerns until the jurisdiction issue is resolved. 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. BRANDNER DESIGN: Capital Southwest Marks $8.7MM Loan at 26% Off --------------------------------------------------------------- Capital Southwest Corporation has marked its $8,772,000 loan extended to Brandner Design LLC to market at $6,509,000 or 74% of the outstanding amount, according to Capital Southwest's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Capital Southwest is a participant in a Revolving Loan to Brandner Design LLC. The loan accrues interest at a rate of 16.30% per annum. The loan matures on April 13, 2029. Capital Southwest is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. The company has elected to be regulated as a business development company under the 1940 Act. The company focuses on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Its core business is to target senior debt investments and equity investments in lower middle market companies. Capital Southwest is led by Michael S. Sarner as President and Chief Executive Officer and Chris T. Rehberger as Chief Financial Officer, Treasurer and Secretary. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100 Dallas, TX 75225 Tel. No.: (214) 238-5700 About Brandner Design LLC Brandner Design LLC is a design and manufacturing company founded in 1988, specializing in creating custom, high-end furniture, architectural elements, and decorative metalwork for both residential and commercial projects. BUILT SOLID: Seeks to Hire Schafer and Weiner as Counsel -------------------------------------------------------- Built Solid Renovations, LLC filed an application from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Schafer and Weiner, PLLC as bankruptcy counsel. The firm will represent and assist the Debtor and Debtor-in-Possession as its legal counsel in all facets of its Chapter 11 proceeding. The attorneys of the firm will charge at these hourly rates: Daniel J. Weiner $645 Howard M. Borin $490 Joseph K. Grekin $490 John J. Stockdale, Jr. $475 Kim K. Hillary $425 Jeffery J. Sattler $390 Leon N. Mayer $360 Brandi M. Blasses $335 Law Clerk $180 Legal Assistant $180 Michael E. Baum (Of Counsel) $705 As disclosed in the court filings, the firm’s members, partners, and associates were disinterested prior to retention and have had no connection with the Debtor, creditors, or any other party in interest except as set forth in the Hillary Declaration. The firm can be reached through: Kim K. Hillary, Esq. SCHAFER AND WEINER, PLLC 40950 Woodward Avenue, Suite 100 Bloomfield Hills, MI 48304 Telephone: (248) 540-3340 E-mail: khillary@schaferandweiner.com About Built Solid Renovations, LLC Built Solid Renovations, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-51258) on November 5, 2025. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $1,000,001 to $10 million. Judge Mark A. Randon oversees the case. Schafer and Weiner, PLLC is Debtor's legal counsel. CHASE GENERAL: Candy Maker Raises Going Concern Doubt ----------------------------------------------------- Chase General Corporation disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended September 30, 2025, that there is substantial doubt about its ability to continue as a going concern. The Company has incurred significant operating losses since its inception. At September 30, 2025, the Company has an accumulated deficit of $5,808,581 and cash and cash equivalents of $61,868. The Company reported a net loss for the three months ended September 30, 2025 of $40,399, compared to a net loss of $17,613 for the three months ended September 30, 2024. During fiscal year 2026, the Company lost two major customers. Based on historical sales to these customers, management expects a total loss of sales of approximately $575,000. During the three months ended September 30, 2025, sales, net of returns and allowances, decreased $197,884 or 20% as compared to the three months ended September 30, 2024. Sales for Chase Candy increased $37,787 or 12% to $356,867 for the three months ended September 30, 2025, as compared to $319,080 for the three months ended September 30, 2024. Sales for Seasonal Candy decreased $235,671 or 35% to $434,270 for the three months ended September 30, 2025, as compared to $669,941 for the three months ended September 30, 2024. During fiscal year 2026, the Company lost two major customers. Based on historical sales to these customers, management expects a total loss of sales of approximately $575,000 or 17%. The termination of these relationships may negatively impact the Company's financial condition and operating results. The Company continues to assess its customer concentration risk and is implementing strategic initiatives to broaden its customer base. In response, management plans to continue its efforts to expand the present market area and increase sales to its existing customers and seek new customer opportunities. Management also intends to continue tight control over all expenditures and an increased emphasis on inventory and production management. Additionally, due to historical volatility in the regions where raw materials are grown and supplied from, management anticipates the prices of these raw materials to continue to fluctuate primarily based on supply and demand. Management plans to make sales price adjustments in the future as necessary to correspond with changes in raw material prices, and is also pursuing refinancing its debt prior to the maturity date and intends to negotiate an extension of the line of credit agreement with its current lender. Management believes that the successful execution of its business plan and debt refinancing would alleviate the substantial doubt about the Company's ability to continue as a going concern. However, there can be no assurance that these plans will be successful. Because it is unclear whether the Company will be successful in accomplishing these objectives, there is uncertainty about the Company's circumstances, which creates substantial doubt about its ability to continue as a going concern. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3m83sh7j About Chase General Corporation Chase General Corporation (Chase) is a holding company for its wholly owned subsidiary, Dye Candy Company, the main operating entity that is engaged in the manufacture of confectionery products which are sold primarily to wholesale houses, grocery accounts, vendors, and repackers. Dye Candy operates two divisions, Chase Candy division and Seasonal Candy division, which share a common labor force and utilize the same basic equipment and raw materials. Therefore, segment reporting for the two divisions is not maintained by management. The Company's business, like that of many other confectionary product manufacturers, is seasonal. Historically, the Company has realized more of its revenue and earnings in the second fiscal quarter, which includes the majority of the holiday shopping season, than in any other fiscal quarter. As of September 30, 2025, the Company had $1,906,375 in total assets, $1,248,960 in total liabilities, and $657,415 in total stockholders' equity. CLINE'S CORNER: Court OKs Bid to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Missouri granted Cline's Corner Truck Wash's motion to use cash collateral effective October 14. The court authorized the Debtor to use cash collateral up to $4,500 per month to fund a Chapter 11 plan of reorganization that will be filed in its Chapter 11 case. The case is jointly administered with that of Cline's Corner, LLC. Bank of Monticello, the Debtor's sole creditor, consented to the use of its cash collateral. The bank is owed $2,057,356.57 by the Debtor. The court order is available at https://is.gd/e2MYGT from PacerMonitor.com. About Cline's Corner Cline's Corner, LLC is a truck repair shop in Missouri. Cline's Corner sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 24-20062) on April 25, 2024. On October 14, 2025, Virgil and Debbie Cline, doing business as Cline's Corner Truck Wash, filed a Subchapter V case (Bankr. E.D. Mo. Case No. 25-20171). The cases are jointly administered under Case No. 24-20062. At the time of the filing, both Debtors listed between $1 million and $10 million in assets and liabilities. Judge Kathy A. Surratt-States presides over the cases. Steven A. Levy, Esq., at Paulus Law Office, LLC serves as the Debtors' bankruptcy counsel. COLORADO STATE UNIVERSITY 2025A: S&P Rates Rev Bonds Rating to BB+ ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' long-term rating to Colorado State University Research Foundation (CSU Strata)'s anticipated $132.575 million series 2025A (senior) and $7.415 million series 2025B (subordinate) student housing revenue bonds. The outlook is stable. S&P said, "We analyzed CSU Strata's environmental, social, and governance factors and consider them to be neutral in our credit rating analysis. "The stable outlook reflects our expectation that during the one-year outlook period, construction will progress on time and within budget. The stable outlook also incorporates our view that, over the longer-term, the project will perform as forecast, meeting its projected occupancy and coverage requirements. "We could consider a negative rating action if cost overruns or construction delays inhibit the project's ability to open on time and within budget. Beyond the outlook period, we could consider a negative rating action if occupancy is weaker than projected, pressuring the project's ability to meet covenanted coverage. "We do not expect to raise the rating or revise the outlook to positive during the one-year outlook period because the project will be under construction. Beyond the outlook period, an established trend of strong occupancy and DSC sustained above covenants could lead to a positive rating action." COREBRIDGE FINANCIAL: Moody's Rates New Preferred Stock 'Ba1(hyb)' ------------------------------------------------------------------ Moody's Ratings has assigned a Ba1 (hyb) rating to the anticipated issuance of non-cumulative, perpetual preferred stock by Corebridge Financial, Inc. (Corebridge; senior unsecured debt Baa2). Proceeds from the offering will be used for general corporate purposes. In the same action Moody's also assigned the following ratings to Corebridge's shelf registration: (P)Baa2 to the senior unsecured shelf, (P)Baa3 to the subordinated shelf, (P)Baa3 to the junior subordinated shelf and (P)Ba1 to the preferred stock non-cumulative shelf. The outlook on Corebridge and its insurance subsidiaries is unchanged at stable. RATINGS RATIONALE The Baa2 senior unsecured debt rating on Corebridge and the A2 IFS ratings of its insurance company subsidiaries are based on the Corebridge's leading positions in a number of US individual annuity and retirement product markets, their broad distribution network, and solid profitability. Regulatory capital adequacy is also strong as evidenced by a consolidated NAIC company action level risk-based capital (RBC) ratio of 397% as of year-end 2024. These strengths are mitigated by interest rate and disintermediation risks arising from the company's core fixed indexed annuity and fixed annuity businesses; by a significant exposure to equity markets, albeit managed by the company's hedging program; and by a concentration in structured assets holdings. The Ba1 (hyb) rating on the preferred stock and the shelf ratings reflect Moody's typical notching for instruments issued by insurers relative to their insurance financial strength and senior debt ratings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The following factors could result in an upgrade of the Corebridge's ratings: (i) profitable premium growth balanced between life insurance and annuities, (ii) profitability, as measured by return on capital, of over 8% on a consistent basis, (iii) no material degradation of invested asset quality or liquidity, and (iv) total leverage below 25% (excluding AOCI, except for a modco adjustment). The following factors could lead to a downgrade of Corebridge's ratings: (i) a material increase in higher-risk, and/or illiquid assets beyond Moody's expectations; (ii) a deterioration in franchise value and profitability, (iii) a decline in consolidated RBC below 350%, (iv) total leverage above 35% (excluding AOCI, except for a modco adjustment). The principal methodology used in these ratings was Life Insurers published in April 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Corebridge Financial, Inc. is headquartered in Houston, Texas, and focuses on providing retirement and insurance product solutions in the US. As of September 30, 2025, it reported total assets of $411 billion and total equity of $14.3 billion. CORONET CERAMICS: Property Sale to West Apex for $2.2M Okayed ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada has permitted Coronet Ceramics Inc., d/b/a Coronet Energy dba Coronet PPE d/b/a Fortune88 d/b/a Blue Sky Properties, d/b/a Vegas Renewable Diesel, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Nevada corporation, originally incorporated in California in 1974 and registered in Nevada on January 13, 2020. The Debtor has historically operated in the sale of ceramic goods and now engages in the wholesale of energy and petroleum products. Its sole officer, director, and shareholder is Mi Shen Goldberg. The Debtor owns two properties: the vacant Apex Property located in Apex, Nevada that is the subject of the sale motion, and a commercial property located at 2300 Western Avenue, Las Vegas, Nevada. The Court has authorized the Debtor to sell the property located in Apex, near Grand Valley Parkway and US Highway 93, North Las Vegas, Nevada 89124 to West Apex Central, LLC for $2.2 million. The Debtor's real estate agent, Jack M. Woodcock of Berkshire Hathaway, shall be paid from escrow a 4.5% commission and that the Buyer’s agent, Barbara E. Lyle of Marbar Development LLC shall be paid from escrow a 2.5% commission. Upon closing, secured creditor American First National Bank shall be paid in full directly from the proceeds of the sale from escrow at the time of the closing, and that after the payment of all closing costs and other expenses related to the sale, the remainder of the funds shall be paid to the Debtor in Possession, Coronet Ceramics, Inc., and shall be deposited into the Debtor’s Debtor in Possession Account, where it may be used to fund a Plan of Reorganization and to pay approved administrative expenses relating to the Debtor's Chapter 11 case. The Debtor’s President, Mi Goldberg, is authorized to sign all documents necessary to complete the sale, with all net proceeds from the sale to be paid to Coronet Ceramics, Inc. About Coronet Ceramics Coronet Ceramics Inc., doing business as Coronet Energy, Coronet PPE, Fortune88, Blue Sky Properties, and Vegas Renewable Diesel, is engaged in the business of petroleum and coal products manufacturing. Coronet Ceramics Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 24-15153) on October 1, 2024, with total assets of $3,503,259 and total liabilities of $6,213,194. Mi Shen Goldberg, president of Coronet Ceramics, signed the petition. The Debtor is represented by Matthew L. Johnson, Esq., at Johnson & Gubler, P.C. CORPORATE AIR: Unsecureds Will Get 4.7% to 3.9% of Claims in Plan ----------------------------------------------------------------- Corporate Air, LLC and its related debtors submitted a Disclosure Statement describing Amended Joint Chapter 11 Plan dated November 10, 2025. As contemplated by the Plan, the Restructuring Support Agreement and the Settlement Term Sheet, the Debtors and the Committee 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 and, for the avoidance of any doubt, is not an insider of any of the Debtors under section 101(31) of the Bankruptcy Code. 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. The Restructuring Transactions, as implemented through the Plan, will have the additional benefit of satisfying administrative and priority claims in accordance with section 1129(c) of the Bankruptcy Code. Class 1 consists of Secured Tax Claims. Except to the extent that a Holder of an Allowed Secured Tax 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 Secured Tax Claim, each Holder of an Allowed Secured Tax Claim shall receive, at the option of the applicable Reorganized Debtor: (i) payment in full in Cash of such Holder's Allowed Secured Tax Claim; or (ii) such other treatment consistent with the provisions of section 1129(a)(9)(C) of the Bankruptcy Code, subject to the option of the applicable Reorganized Debtor to prepay the entire amount of such Allowed Secured Tax Claim during such time period. 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. The allowed unsecured claims total $10,600,000 to $12,800,000. This Class will receive a distribution of 4.7% to 3.9% of their allowed claims. The Plan will be funded by the Reorganized Debtors, who 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, Settlement Term Sheet, Trust Agreement, and the Restructuring Term Sheet. The Released Parties and the Exculpated Parties have made substantial and valuable contributions to the Debtors' restructuring through efforts to negotiate and implement the Plan (inclusive of the Settlement Term Sheet), which will maximize and preserve the going-concern value of the Debtors for the benefit of all stakeholders. These contributions include, among other things, the agreements and other consideration provided under the Settlement Term Sheet. Accordingly, each of the Released Parties and the Exculpated Parties warrants the benefit of the release and exculpation provisions. A full-text copy of the Disclosure Statement dated November 10, 2025 is available at https://urlcurt.com/u?l=Az1R73 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. D.A.S.H. TRANSPORT: Seeks Chapter 7 Bankruptcy in Florida --------------------------------------------------------- D.A.S.H. Transport LLC filed a voluntary Chapter 7 bankruptcy petition in the Middle District of Florida on November 11, 2025. According to the filing, the company reports liabilities between $0 and $100,000 and estimates having 1 to 49 creditors. About D.A.S.H. Transport LLC D.A.S.H. Transport LLC is a limited liability company. D.A.S.H. Transport LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08441)on November 11, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Kelley M. Petry, Esq. of Law Offices of Robert M. Geller P.A. DIGITAL ALLY: Amends Stock Purchase Agreement with Yield Point -------------------------------------------------------------- Digital Ally, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 7, 2025, the Company, entered into the First Amendment to Common Stock Purchase Agreement, dated as of September 15, 2025, with Yield Point NY LLC, pursuant to which the Company shall cause the Commitment Fee to be paid to the Investor on the date of the Amendment, which will be paid: (i) in shares of Common Stock equal to 19.99% of the shares of Common Stock outstanding on the date of execution of the Purchase Agreement, with the value per share to be based on the 5-day VWAP ending on the 10th Trading Day following the later of: (1) the date of stockholder approval or (2) the date the Resale Registration Statement (as defined in the Purchase Agreement) is declared effective, provided however, the valuation will be capped at the full commitment fee, and subject to the Beneficial Ownership Limitation, and (ii) the balance, in cash using the 30% of the proceeds from any subsequent financings, including the Purchase Agreement. A full-text copy of the Amendment is available at https://tinyurl.com/ncrmpt2j About Digital Ally Digital Ally Inc. operates across three segments: Video Solutions, Revenue Cycle Management, and Entertainment. The Video Solutions unit provides video recording systems, cloud services, and safety products for law enforcement and commercial clients. The Revenue Cycle Management segment offers financial and administrative support services to healthcare providers, helping manage billing and back-office operations. Its Entertainment division manages ticket resale through TicketSmarter and produces live events, including music festivals. In an auditor's report dated May 2, 2025, RBSM LLP, issued a "going concern" qualification, noting that the Company has incurred substantial operating losses and will need additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $25.96 million in total assets, $17.81 million in total liabilities, and a total equity of $8.14 million. DIOCESE OF SAN FRANCISCO: Insurers Lose Bid for Stay Relief ----------------------------------------------------------- In the the case captioned as CENTURY INDEMNITY COMPANY, Plaintiff, v. THE ROMAN CATHOLIC ARCHBISHOP OF SAN FRANCISCO, Defendant, Case No. 25-cv-08563-WHO (N.D. Cal.), Judge William H. Orrick of the United States District Court for the Northern District of California denied the motion of the Roman Catholic Archbishop of San Francisco's insurers to stay the order allowing the survivors of child sexual abuse to file individual demand letters against them. Like many other dioceses in the Roman Catholic Church, the Roman Catholic Archbishop of San Francisco has faced numerous lawsuits filed by survivors of child sexual abuse. In 2023, over 500 of those cases were consolidated into a single judicial proceeding in California state court, the costs of which ultimately led the Diocese of San Francisco to file for Chapter 11 bankruptcy. All ongoing state court cases against the Diocese and its affiliates were stayed as the bankruptcy case proceeded. In August 2025, the non-insurer parties to the bankruptcy case filed a stipulation seeking, among other things, to allow the survivors to file individual demand letters against the Diocese of San Francisco's insurers. They argued that this was the only way the survivors -- many with cases involving sexual abuse that occurred decades ago -- could meaningfully recover. The bankruptcy court ultimately agreed, granting their stipulation. The insurers now appeal that order, arguing that: (1) the bankruptcy court erred by allowing the demand letters to proceed in contravention of bankruptcy law; and (2) an interim stay on the order is necessary. The insurers argue that they will be irreparably harmed by the issuance of the demand letters absent a stay. Specifically, they contend that they could receive more than 500 demand letters designed to impose burden, cost, and risk on the insurers, which they believe is a ploy by the non-insurer parties to manufacture a risk that does not presently exist, rather than to advance resolution of this case. The insurers argue that lifting the stay will allow claimants to manufacture millions of dollars of new extracontractual liability in hundreds of cases, which will cause irreparable harm considering their inability to obtain the requisite information to respond. They conclude that relief is necessary to cure this harm. According to the Court, potential concerns about future extracontractual liability caused by the influx of demand letters are too speculative to warrant relief. Judge Orrick explains, "While I recognize that these proofs of claim may vary with respect to how much information each provides, the insurers are nonetheless able to read through each survivor's claim, determine if it has merit, and decide the proper course of action. If a claim lacks merit or substance, then this should inform how the insurers choose to proceed with the claim. Even if this occurs on a compressed timeline, the insurers have been aware of these claims for at least two years and have sufficient resources to evaluate each claim. If the information provided is incomplete, they can say so." The Court finds the insurers have not articulated a concrete, irreparable injury that would result should relief be denied. Their request for a stay pending appeal fails on this ground. The insurers also maintain that issuing a stay pending appeal will not harm the non-insurer parties in the bankruptcy proceeding, as it will merely reinstate the status quo ante, which consists of an ongoing mediation that the Diocese of San Francisco recently described as making progress towards a global, consensual resolution and efficient and equitable compensation for claimants. According to Judge Orrick, "No one has a crystal ball that would disclose the fastest, most just, and most inexpensive way to reach a global resolution in this case. The perspectives of the survivors, the [Diocese of San Francisco], and the experienced presiding judge in the bankruptcy court in this regard bear far more weight than the concerns of the insurers. I conclude that because both the committee of survivors and the [Diocese of San Francisco] would likely be significantly harmed by a continued stay on filing the demand letters, this factor weighs heavily in favor of denying the insurers' motion." Because the insurers have not met their burden in showing that a stay is necessary, the insurers' motion is denied. A copy of the Court's Order is available at https://urlcurt.com/u?l=oKtOzz About Roman Catholic Archbishop of San Francisco The Roman Catholic Archbishop of San Francisco filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023, with $100 million to $500 million in both assets and liabilities. Judge Dennis Montali oversees the case. The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP and Sheppard, Mullin, Richter & Hampton LLP as counsel. Weintraub Tobin Chediak Coleman & Grodin as special litigation counsel. Weinstein & Numbers, LLP as special insurance counsel. GlassRatner Advisory & Capital Group LLC d/b/a B. Riley Advisory Services as financial advisor. Omni Agent Solutions, Inc., is the administrative agent. DM ELECTRICAL: Tom Howley of Howley Law Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Region 7 appointed Tom Howley, Esq., at Howley Law, PLLC as Subchapter V trustee for DM Electrical and Construction, LLC. Mr. Howley will be paid an hourly fee of $575 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Howley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tom Howley, Esq. Howley Law, PLLC 711 Louisiana Street, Suite 1850 Houston, TX 77002 Telephone: (713) 333-9120 Email: tom@howley-law.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 filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-36621) on November 3, 2025. At the time of the filing, Debtor listed between $1 million and $10 million in assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. The Lane Law Firm, PLLC is Debtor's bankruptcy counsel. DYNATRONICS CORP: Tanner LLC Raises Going Concern Doubt ------------------------------------------------------- Dynatronics Corporation disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended June 30, 2025, that its auditor has expressed substantial doubt about the Company's ability to continue as a going concern. The Company reported a net loss of $10,901,609 for the year ended June 30, 2025, compared to a net loss of $2,697,719 for the year prior. The Company have historically financed operations through cash from operating activities, available cash reserves, draws against the line of credit, and proceeds from the sale of its equity securities. As of June 30, 2025, the Company had an accumulated deficit of $40,512,001 and $326,000 in cash and cash equivalents. Working capital was $718,000 as of June 30, 2025, compared to working capital of $2,853,000 as of June 30, 2024. The current ratio was 1.1 to 1 as of June 30, 2025 and 1.4 to 1 as of June 30, 2024. Current assets were 58% of total assets as of June 30, 2025, and 40.7% of total assets as of June 30, 2024. The increase of 17.3% is largely attributable to non-cash intangible asset and goodwill impairment charges recorded as of June 30, 2025. These factors raised substantial doubt regarding the Company's ability to continue as a going concern as of June 30, 2025. The Company has incurred significant recurring operating losses, primarily driven by a continuous decline in revenues, recurring negative cash flows, and continued reduction in liquidity. The Company reported operating losses of $2,453,000 and $2,273,000 for the years ended June 30, 2025 and June 30, 2024, respectively. Salt Lake City, Utah-based Tanner LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing the Company's present financial situation raises substantial doubt about its ability to continue as a going concern. The Company is in the process of creating a comprehensive plan to address these challenges to improve performance, including cost reduction initiatives, streamlining operational processes, pursuing new revenue streams through product diversification, and transitioning production of the majority of our therapeutic modalities from a contract manufacturer to internal operations. This shift to in-house production aims to reduce costs by eliminating third-party markups, enhance quality control with direct oversight of manufacturing processes, and improve supply chain reliability to mitigate risks of disruptions. The Company is also evaluating the current inventory position and working to reduce the amount of excess inventory exposure by promoting discounted prices to convert the excess inventory to cash. The Company will continue to look to add to its sales efforts to further improve revenue, consider additional options to improve operating efficiency, and enhance liquidity. The Company believes that if it successfully implements the foregoing strategic actions, it has a chance to mitigate the factors giving rise to substantial doubt; however, there is no guarantee that it will successfully implement these strategic actions. As a result, substantial doubt remains regarding the Company's ability to continue as a going concern. The Company hopes to mitigate the conditions or events that raise substantial doubt about its ability to continue as a going concern through its future sales of movie rights and future capital raises. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/2nwrkvkh About Dynatronics Corp. Dynatronics Corporation is a leading medical device company committed to providing high-quality products designed to accelerate optimal health. The Company designs, manufactures, and sells a broad range of products for clinical use in physical therapy, rehabilitation, orthopedics, pain management, and athletic training. Through its distribution channels, Dynatronics markets and sells to orthopedists, physical therapists, chiropractors, athletic trainers, sports medicine practitioners, clinics, and hospitals. The Company's products are marketed under a portfolio of high-quality, well-known industry brands including Bird & Cronin, Solaris, Hausmann, PROTEAM, and Mammoth, among others. As of June 30, 2025, the Company had $15,438,942 in total assets, $12,176,738 in total liabilities, and $3,262,204 in total stockholders' equity. EKSO BIONICS: Equity Awards OK'd for 3 Executives ------------------------------------------------- Ekso Bionics Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 5, 2025, in order to assist in retention and to help motivate each of the executives, Scott Davis, Jerome Wong and Jason Jones, to drive stockholder growth and achieve the Company's strategic goals, the Board of Directors approved: (A) an award of restricted stock units to each of Messrs. Davis, Wong and Jones covering 80,000, 19,500 and 15,000 shares of the Company's Common Stock, respectively, and (B) an award of phantom performance-based RSUs to each of Messrs. Davis, Wong and Jones covering 185,000, 40,000 and 32,000 notional shares of the Company's Common Stock, respectively. Each award of RSUs and Phantom PSUs was granted under and subject to the terms of the Company's Amended and Restated 2014 Equity Incentive Plan and an award agreement thereunder. Each award of RSUs was fully vested as of the date of grant and is subject to the terms of the Company's standard form of RSU award agreement. Each award of Phantom PSUs is scheduled to vest upon achievement of each of the following two performance requirements within the five-year period following the date of grant, in each case subject to the applicable Executive's continued employment through the applicable date of achievement: (i) the occurrence of a Change in Control, and (ii) achievement of a Stock Price of at least $7.50. "Stock Price" means either: (i) the average closing price of a share of Company capital stock as reported on the securities exchange constituting the primary market for the Company's capital stock for any consecutive five trading day period occurring in the three month period immediately preceding the occurrence of a Change in Control, or (ii) the closing price of a share of Company capital stock on the Change in Control date. Upon vesting, the Phantom PSUs will be settled only in cash and not in shares of Company Common Stock. A full-text copy of the Phantom Performance-Based Restricted Stock Unit Agreement is available at https://tinyurl.com/y76aths3 Change in Control and Severance Agreements: On November 5, 2025, the Company also entered into a Change in Control and Severance Agreement with each Executive. Each Severance Agreement supersedes all prior understandings with respect to severance benefits entered into between the Company and the applicable Executive. In the event of a termination of employment by the Company other than for Cause (as defined in each Severance Agreement), but excluding a termination by reason of death or disability, which occurs other than within the period commencing on and ending twelve months following a Change in Control, the Severance Agreements provide for continuing payment of base salary over a period of 6 months (or 9 months with respect to Mr. Davis) in accordance with the Company's normal payroll procedures. In the event of a termination of employment either: (A) by the Company other than for Cause, but excluding a termination by reason of death or disability, or (B) by the Executive's resignation for Good Reason (as defined in each Severance Agreement), in either case within the Change in Control Period, the Severance Agreements provide for the following severance payments or benefits: (i) a single lump sum payment equal to 9 months' base salary (or 18 months' with respect to Mr. Davis), (ii) payment or reimbursement of the cost of premiums for continued medical coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, for the Executive and his eligible dependents for a period of 9 months (or 18 months with respect to Mr. Davis), and (iii) full vesting acceleration and exercisability for all Company equity awards held by an Executive that are subject to time-based vesting requirements. Payment of amounts under the Severance Agreements are subject to the effectiveness and non-revocation of a release of claims by an applicable Executive in favor of the Company. Additionally, any amounts which would be paid pursuant to the Severance Agreements, or otherwise, which would otherwise be subject to the excise tax imposed by Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended, will either: (A) be paid in full, or (B) if such reduction would lead to a better after-tax result, reduced so that no portion of such payments will be subject to such excise tax. Full-text copy of the Severance Agreements are available at https://tinyurl.com/2wtw8uby, https://tinyurl.com/48f9fx28 and https://tinyurl.com/869cvpuj. About Ekso Bionics Holdings San Rafael, Calif.-based Ekso Bionics Holdings, Inc. designs, develops, and markets exoskeleton products to augment human strength, endurance, and mobility. San Francisco, Calif.-based WithumSmith+Brown PC, the Company's auditor since 2010, issued a 'going concern' qualification in its report dated March 3, 2025, citing that the Company has an accumulated deficit on December 31, 2024 and, since inception, has suffered significant operating losses and negative cash flows from operations. The Company expects to generate operating losses and negative operating cash flows in the future and will require additional funding to support the Company's planned operations which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $21.66 million in total assets, $11.98 million in total liabilities, and $9.68 million in total stockholders' equity. ELITE PRINTING: Gets Interim OK to Use Kapitus' Cash Collateral --------------------------------------------------------------- Elite Printing & Packaging Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to use the cash collateral of Kapitus, LLC. The court's interim order authorized the Debtor to use cash collateral from October 6 to November 30, unless superseded by further order, to pay post-petition expenses listed in its budget. The budget shows total operational expenses of $928,237 for October and $920,771 for November. As adequate protection, Kapitus will be granted replacement liens on post-petition collateral (excluding causes of action), with the same validity, priority and extent as kts pre-bankruptcy liens. In case of any diminution in the value of its collateral, Kapitus will be granted an administrative claim, junior only to U.S. Bank, N.A.'s administrative claim and senior to that of Newtek Bank. As additional protection, Kapitus will receive a monthly payment of $1,866.52 and an additional $9,332.60 catch-up payment covering July through October. The interim order provides for a $70,000 carveout for payment of U.S. trustee fees and approved professional fees. The Debtor's authority to use cash collateral terminates upon occurrence of so-called events of default, including failure to make required payments; conversion or dismissal of its Chapter 11 case; and granting of stay relief. Kapitus is owed about $223,981.95, secured by a perfected lien on cash, receivables, and related proceeds, and guaranteed by the Debtor's principal, Michael Sloan. Kapitus, as secured creditor, is represented by: A. Thomas DeWoskin, Esq. Danna McKitrick, P.C. 7701 Forsyth Blvd., Suite 1200 St. Louis, MO 63105-3907 Phone: (314) 726-1000 Fax: (314) 725-6592 tdewoskin@dmfirm.com About Elite Printing & Packaging Inc. Elite Printing & Packaging, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (E.D. Mo. Case No. 25-41743) on May 5, 2025, listing up to $10 million in both assets and liabilities. Michael K. Sloan, president of Elite Printing & Packaging, signed the petition. Judge Kathy A. Surratt-States oversees the case. Spencer Desai, Esq., at The Desai Law Firm, represents the Debtor as bankruptcy counsel. EMERALD TECHNOLOGIES: Capital Southwest Marks $3M Loan at 25% Off ----------------------------------------------------------------- Capital Southwest Corporation has marked its $3,358,000 loan extended to Emerald Technologies (U.S.) AcquisitionCo. Inc. to market at $2,350,000 or 75% of the outstanding amount, according to Capital Southwest's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Term B Loan to Emerald Technologies (U.S.) AcquisitionCo. Inc. The loan accrues interest at a rate of 10.6% per annum. The loan matures on December 29, 2027. Capital Southwest is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. The company has elected to be regulated as a business development company under the 1940 Act. The company focuses on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Its core business is to target senior debt investments and equity investments in lower middle market companies. Capital Southwest is led by Michael S. Sarner as President and Chief Executive Officer and Chris T. Rehberger as Chief Financial Officer, Treasurer and Secretary. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100 Dallas, TX 75225 Tel. No.: (214) 238-5700 About Emerald Technologies (U.S.) AcquisitionCo. Inc. Emerald Technologies (U.S.) AcquisitionCo. Inc. is a high-tech contract manufacturing & design firm with global, high-value electronic manufacturing services & solutions. EVEREST TRANSPORTATION: Capital Southwest Marks $6M Loan at 35% Off ------------------------------------------------------------------- Capital Southwest Corporation has marked its $6,104,000 loan extended to Everest Transportation Systems LLC. to market at $3,968,000 or 65% of the outstanding amount, according to Capital Southwest's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Loan to U.S. Everest Transportation Systems LLC. The loan accrues interest at a rate of 12.26% percent per annum. The loan matures on August 26, 2026. Capital Southwest is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. The company has elected to be regulated as a business development company under the 1940 Act. The company focuses on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Its core business is to target senior debt investments and equity investments in lower middle market companies. Capital Southwest is led by Michael S. Sarner as President and Chief Executive Officer and Chris T. Rehberger as Chief Financial Officer, Treasurer and Secretary. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100 Dallas, TX 75225 Tel. No.: (214) 238-5700 About Everest Transportation Systems LLC Everest Transportation Systems was created with the goal of providing a fair and reliable logistics solution to its customers. FIRST BRANDS: Loses Bid to Extend Freeze of Former CEO's Assets --------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that on Wednesday, November 12, 2025, a Texas bankruptcy court refused to prolong its freeze on the ex-CEO's bank accounts, saying that First Brands' claims of misappropriation, though weighty, did not establish a "clear showing" of imminent injury. Despite alleging serious wrongdoing, the company failed to demonstrate that any harm would be irreparable if the freeze were lifted — prompting the judge to emphasize that such equitable relief demands more than speculation, the report states. About First Brands Group, LLC 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. FIRST STUDENT: Moody's Alters Outlook on 'B1' CFR to Positive ------------------------------------------------------------- Moody's Ratings affirmed the ratings of First Student Bidco Inc. (First Student), including its B1 corporate family rating, B1-PD probability of default rating, and B1 ratings on its senior secured bank credit facilities and senior secured notes. The outlook was changed to positive from stable. The outlook change to positive reflects Moody's expectations that First Student will steadily build upon its improved operating performance over the next 12 months. Notably, Moody's expects the company's strong profitability will translate into sustainable cash flow to fund the company's fleet investments and growth initiatives. Further, gradual earnings growth will support financial leverage remaining below 5.0x debt/EBITDA (inclusive of the company's term loan C debt). RATINGS RATIONALE First Student's ratings reflect the company's strong competitive position as the largest provider of student transportation services in North America. First Student, which is more than twice the size of its nearest competitor, possesses a national footprint that creates economies of scale to effectively deploy its large fleet of buses and driver base. The company benefits from the very stable demand for student busing with high contract renewal rates. The majority of First Student's contracts with school districts are at least three years in length and contain pricing mechanisms to account for driver and insurance cost increases. Moody's believes First Student has secured favorable contract price increases across its portfolio to better manage these costs, which hampered First Student's earnings in prior years. As a result, Moody's expects the company to maintain a solid EBITDA margin in the high-teens. With improving earnings, Moody's expects First Student's debt/EBITDA will trend to around 4.7x during its current fiscal year ending June 2026. Moody's total debt includes the cash collateralized term loan C debt, which contributes about a half-turn to financial leverage. Over the past couple years, First Student has successfully reduced leverage from well in excess of 6.0x through consistent earnings growth and limited acquisitions. Moody's expects First Student to be opportunistic in pursuing tuck in acquisitions over the next twelve months. Moody's expects First Student to maintain adequate liquidity over the next twelve months. The company's liquidity is primarily supported by a solid cash position and full availability under its $505 million revolving credit facility expiring in 2028. The company's need to draw on its revolving credit facility is reduced by the presence of a working capital securitization facility that matures in 2027. The company utilizes this facility to fund the seasonal working capital needs of the business, particularly during the first half of its fiscal year when cash outflows are high. This facility was undrawn as of June 2025. Moody's expects First Student to generate solidly positive free cash flow over the next two years. This is a notable shift from a history of negative free cash flow when earnings were insufficient to cover the company's high capital expenditure needs to maintain and grow its large fleet of relatively young buses. Moody's believes First Student's earnings will self-fund its growth capital investments going forward. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if First Student maintains its market leading position and improves earnings such that debt/EBITDA is sustained below 5.0x and EBITDA less capex-to-interest expense is above 2x. In addition, First Student would need to maintain good liquidity with an expectation for consistently positive free cash flow. The ratings could be downgraded if First Student experiences declining revenue and lower profitability from loss of contracts, higher costs or inadequately priced contracts. Debt/EBITDA approaching 6.0x and EBITDA less capex-to-interest expense below 1.5x could result in a downgrade. Lastly, an inability to generate positive free cash flow or increased reliance on its revolving credit facility could prompt a downgrade of the ratings. The principal methodology used in these ratings was Passenger Railways and Bus Companies published in August 2024. First Student's B1 CFR is two notches below the Ba2 scorecard indicated outcome for the twelve month period ended June 30, 2025. The difference reflects the expectation of high capital investment needs of the business which at times constrains free cash flow. First Student Bidco Inc. is the largest provider of student transportation services in North America through long-term contracts with school districts. The company is owned by EQT Infrastructure. Revenue for the twelve month period ended June 30, 2025 was approximately $4.0 billion. FIVE RIVERS: Claims to be Paid from Sale Proceeds ------------------------------------------------- Scott M. Sackett, the duly appointed Examiner for the estate of Five Rivers Land Company, LLC, filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Chapter 11 Plan dated November 10, 2025. The Debtor was formed and previously owned by Harjinder "Jay" Singh Brar and Ramandip "Ray" Singh Brar (collectively, the "Brars"). Documents obtained by the Examiner indicate that on or about November 22, 2022, the Brars sold 100% of their membership interests in the Debtor to Coast, pursuant to a Membership Interest Purchase Agreement ("MPA"). This sale ostensibly included all of the assets of the Debtor, including its real estate holdings. Parcels of land were listed in the MPA, which the Brars certified were owned by the Debtor. The balance sheet attached to the MPA, which is signed by the Brars, identifies the following parcels of land (collectively, defined herein as the "Properties") as owned by the Debtor. The Debtor's Plan provides for seven classes of Secured Claims; one Class of Priority Claims; one Class of General Unsecured Claims; one Class of Convenience Claims; one Class of Subordinated Claims; and one class of Interest Holders. The Effective Date of the Plan is the first Business Day of the first month after entry of the Confirmation Order. Creditors holding Allowed Secured Claims will receive Distributions, which the Examiner has valued at 100 cents on the dollar plus interest and paid over a period of time. The Class of Allowed Priority Claims will receive Distributions, which the Examiner has valued at 100 cents on the dollar on the initial Distribution Date. The Plan provides for the liquidation of one or more of the Properties. The Examiner shall make all payments due under the Plan to holders of Allowed Claims and Allowed Interests from a combination of the Assets, Available Cash, Refinance Proceeds or Net Sales Proceeds from a refinance or sale of the Properties, and the Avoidance Actions Recoveries, if any. Class 3.1 consists of Holders of Allowed General Unsecured Claims, in the approximate amount of $2,376,856.98. This Class will receive payment on account of all Allowed General Unsecured Claims in one lump sum payment. While all Allowed General Unsecured Claims may be paid from a combination of the Assets, Available Cash, Refinance Proceeds or Net Sales Proceeds from a refinance or sale of the Properties, and the prosecution and liquidation of the Debtor's Avoidance Actions, if any, the Examiner anticipates that the Properties will need to be sold in whole and all Allowed Claims higher in priority to this Class will need to be paid in full prior to Distribution to Holders of all Allowed General Unsecured Claims. To the extent there are insufficient funds available to pay 100% to Holders of Allowed Claims in this Class, such Claimants shall receive their Pro Rata payment from Available Cash, if any, on the later to occur of Allowance of the General Unsecured Claims and liquidation of all Assets. Class 3.1 is impaired. Class 3.2 consists of Holders of Allowed Convenience Claims, in the approximate amount of $0.00. Holders of Allowed Convenience Claims. Holders of Claims in this Class will receive 100% payment on the Effective Date on account of their Allowed Convenience Claims from Available Cash. Allowed Interests will not receive any Distributions under the Plan until Holders of all Allowed Class 3 Claims are paid in full under the Plan. The Examiner does not anticipate any Distributions to Allowed Interests. The Distribution Agent shall make all payments due under the Plan to Holders of Allowed Claims and Allowed Interests from a combination of the Assets, Available Cash, Refinance Proceeds or Net Sales Proceeds from a refinance or sale of the Properties, and the Avoidance Actions Recoveries, if any. While the Examiner reserves the right to pursue a refinancing to fund Plan payments, the Examiner asserts that the Debtor does not presently earn or generate and is not projected to earn or generate in the future income sufficient to service debt payments. Therefore, the Examiner believes it is in the best interest of the Estate to sell the Properties, in whole or part, in order to pay all Allowed Claims that must be paid after the Effective Date and in accordance with the terms of the Plan. Consistent therewith, on or about March 18, 2024, the Properties were listed for sale by Schuil AG Real Estate, the Bankruptcy Court approved real estate broker. A full-text copy of the Disclosure Statement dated November 10, 2025 is available at https://urlcurt.com/u?l=KjBchU from PacerMonitor.com at no charge. General Insolvency Counsel for the Debtor: Garrick A. Hollander, Esq. Richard H. Golubow, Esq. WINTHROP GOLUBOW HOLLANDER, LLP 1301 Dove Street, Suite 500 Newport Beach, California 92660 Telephone: (949) 720-4100/Facsimile: (949) 720-4111 Attorneys for Examiner, Scott M. Sackett: Aaron J. Malo, Esq. Anastasia K. Billy, Esq. SHEPPARD, MULLIN, RICHTER & HAMPTON LLP 650 Town Center Drive, 10th Floor Costa Mesa, California 92626 Telephone: (714) 513-5100/Facsimile: (714) 513-5130 About Five Rivers Land Company Five Rivers Land Company, LLC, is engaged in fruit and tree nut farming in Newport Beach, Calif. Five Rivers Land Company filed Chapter 11 petition (Bankr. C.D. Cal. Case No. 23-11167) on June 6, 2023, listing between $10 million and $50 million in both assets and liabilities. Judge Theodor Albert oversees the case. The Debtor tapped Garrick A. Hollander, Esq., at Winthrop Golubow Hollander, LLP as bankruptcy counsel and Katten Muchin Rosenman, LLP as special litigation counsel. Scott M. Sacket has been appointed as examiner in the case. The examiner is represented by Sheppard, Mullin, Richter & Hampton, LLP. FLOOIDCX CORP: BCRG Group Raises Going Concern Doubt ---------------------------------------------------- flooidCX Corp. dba Quantum Energy Corporation disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2024, that its auditor has expressed substantial doubt about the Company's ability to continue as a going concern. During the fiscal year ended December 31, 2024, it recorded a net loss of $1,779,983 on recorded revenue of $8,000,000. For the fiscal year ended December 31, 2024, the Company recorded a net loss of $793,677 on recorded revenue of $6,500,000. As of December 31, 2024, the Company had no reported cash and cash equivalents and an accumulated deficit of approximately $54.4 million. Irvine, California-based BCRG Group, the Company's auditor since 2025, issued a "going concern" qualification in its report dated October 30, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/xcaxk8c9 About flooidCX Corp. flooidCX Corp. dba Quantum Energy Corporation is a worldwide exclusive licensee, and manufacturer of transformative photonic, photovoltaic, magnetic propulsion, capacitor and battery energy systems for the direct generation and distribution of electrical energy produced and used by the consumer. Direct Energy Systems TM for industrial, institutional, commercial, governmental, remote and residential installations. As of December 31, 2024, the Company had $25,038,376 in total assets, $6,794,675 in total liabilities, and $18,243,701 in total stockholders' equity. FOREST MEADOWS: Sale Proceeds, Guarantors Contribution to Fund Plan ------------------------------------------------------------------- Forest Meadows Holdings, LLC, submitted an Amended Disclosure Statement for the Amended Plan of Liquidation dated November 7, 2025. The Debtor satisfied the terms of the Disclosure Statement Order by filing this Amended Disclosure Statement on November 7, 2025 with the fully executed and binding Purchase and Sale Agreement by and between Debtor and Shtar Holdings, Inc. (the "PSA"). After the Confirmation Hearing through the Effective Date, FMI will remain the sole member of Debtor. On the Effective Date, Debtor will no longer have any assets and will no longer be an operating entity. The Equity Interests will have have de minimis, if any, value. The Amended Plan defines the Effective Date as the sooner of the closing of the sale of the Property as described and defined in the PSA or January 30, 2026. Pursuant to Sections 1123(a)(5)(D) and 1129(b)(2)(A)(ii) of the Bankruptcy Code, Debtor is authorized to sell, transfer, and convey its Property free and clear of all liens, claims, encumbrances, and interests with such to attach to the sale proceeds with the same validity, priority, and extent as existed immediately prior to the same. The sale of Debtor's Property shall be conducted under the Amended Plan in accordance with the terms of the PSA, the Amended Plan, and the Confirmation Order. The Debtor intends to liquidate its Property by selling the Forest Meadows Apartments, along with all personal property, on or before the Effective Date. Newmark marketed the Property and solicited the offer from Shtar Holdings, Inc. in the amount of $16,200,000 with a $300,000 credit for the repairs of the retaining walls on the Property (the "Purchase Price"). The Purchase Price exceeds the total Allowed Secured Claims on the Property. The Property will be sold on or before the Effective Date of the Amended Plan. In the event the proceeds from the sale of the Property are not sufficient to pay all Secured Claims in full under the Amended Plan on the Effective Date, the Guarantors will fund the any deficiencies from their personal funds on the Effective Date (the "Guarantors Contribution"). The Guarantors have presented to Debtor's counsel proof of their financial wherewithal to fund the Guarantors Contribution if necessary. On the Effective Date, the Fannie Mae Allowed Secured Claim will be paid in full from the Sales Proceeds and the Guarantors Contribution, if necessary. Allowed Secured Claims of Vendor Lienholders will be paid in full from the Sales Proceeds and the Guarantors Contribution, if necessary. Fannie Mae and the Vendor Lienholders shall cancel and release all liens and deeds against the Property on the Effective Date when they are paid in full. The Amended Plan provides for one class of unsecured creditors: Class 3 consists of the Allowed Claims of General Unsecured Creditors that will be paid in a lump sum distribution on a pro rata basis from the Sales Proceeds remaining after satisfaction of the Class 1 and Class 2 Allowed Claims on the Effective Date. If there are no remaining Sales Proceeds or if Fannie Mae credit bids for the Property, the Guarantors shall pay $25,000.00 on a pro rata basis to Class 3 Allowed Claims. If Debtor does not sell its Property and Fannie Mae does not credit bid for the Property, Class 3 will not receive any distributions under the Amended Plan. The Class 1 Allowed Secured Claim of Fannie Mae shall be paid from the Sales Proceeds at the Closing of the sale of Debtor's Property and the Guarantors Distribution, if necessary. If Debtor does not sell its Property, Class 1 will not receive any distribution under the Amended Plan. Class 1 shall have immediate relief from the automatic stay to enforce any rights it has under the Loan Documents and applicable non-bankruptcy law without further notice or order of the Court. Or, if Fannie Mae successfully credit bids for the Property, Fannie Mae's Allowed Secured Claim shall be satisfied and extinguished in full under the Amended Plan. The Class 2 Allowed Secured Claims of Vendor Lienholders shall be paid from Sales Proceeds at the Closing of the sale of Debtor's Property and the Guarantors Distribution, if necessary. If Fannie Mae credit bids for the Property, the Guarantors shall pay the Class 2 Allowed Secured Claims of Vendor Lienholders. If Debtor does not sell its Property and Fannie Mae does not credit bid for the Property, Class 2 will not receive any distributions under the Amended Plan. Class 3 consists of Allowed Claims of General Unsecured Creditors (the "GUCs"). Each holder of an Allowed Unsecured Claim shall be entitled to receive such holder's pro rata share of the Sales Proceeds after payment of Allowed Claims described in Sections 4.01, 4.1, and 4.2 of this Amended Plan on the Effective Date. If the Sales Proceeds are not sufficient to provide for a Distribution to Class 3, the Guarantors shall pay the Class 3 Allowed Claims on pro rata basis from a $25,000 contribution. The Distribution will be paid as a one-time lump-sum payment. Notwithstanding anything else in this Amended Plan to the contrary, any holder of an Allowed Unsecured Claim shall be reduced by any payment received by the creditor holding such claim from any third party or other obligor, and Debtor's obligations hereunder shall be reduced accordingly. In the event Debtor does not sell the Property as contemplated under this Amended Plan, Class 3 creditors will not receive any payment under the Amended Plan. If Fannie Mae forecloses on the Property, Class 3 creditors shall not receive any distribution under the Amended Plan. If Debtor does not sell the Property on or before the Effective Date, there shall be on Guarantors Contribution under the Amended Plan. The Claims of the Class 3 Creditors are Impaired by the Amended Plan. The Debtor owns the Forest Meadows Apartments that it values at $20,000,000 based upon an appraisal Debtor commissioned in 2024. Debtor values the personal property, which includes office equipment, resort inventory such as linens, beds, televisions, mini refrigerators, and restaurant equipment, and a used van, car, dump truck, and golf cart used at the Property, at $270,071.00 (the "Personal Property"). The Personal Property is of little to no value outside of its use at the Property in the course of Debtor's Business operations. The total value of Debtor's Property and Personal Property is $20,270,071.00. The Purchase Price of the Property under the PSA is $16,200,000 with a credit of $300,000 for the retaining wall repairs. The Distributions contemplated by the Amended Plan shall be made from the Sales Proceeds and the Guarantors Contributions. Administrative Claims shall be paid from the Sales Proceeds on the Effective Date or from the Guarantors Contribution on the Effective Date. A full-text copy of the Amended Disclosure Statement dated November 7, 2025 is available at https://urlcurt.com/u?l=jpmRUg from PacerMonitor.com at no charge. Counsel to the Debtor: ROUNTREE LEITMAN KLEIN & GEER, LLC Ceci Christy, Esq. Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, Georgia 30329 (404) 584-1238 Telephone Email: cchristy@rlkglaw.com About Forest Meadows Holdings Forest Meadows Holdings, LLC owns and operates a 196 unit residential apartment project located at 746 Garden Walk Boulevard, College Park, Georgia 30349 commonly known as Forest Meadows (the "Property"). The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54944) on May 5, 2025. At the time of the filing, Debtor had estimated assets of between $10,000,001 and $50 million and liabilities of between $10,000,001 and $50 million. Judge Lisa Ritchey Craig oversees the case. Rountree Leitman Klein & Geer, LLC is Debtor's legal counsel. FOSSIL GROUP: S&P Lowers ICR to 'SD' on Distressed Restructuring ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on global consumer fashion accessories company Fossil Group Inc. to 'SD' (selective default) from 'CC' and its issue-level rating on its senior unsecured notes to 'D' from 'CC'. S&P will evaluate the company's revised capital structure, liquidity, and operating prospects over the next few days. At that time, it will likely raise our issuer credit rating on Fossil to the 'CCC' category. Fossil Group Inc. has restructured its 7.0% senior unsecured notes due November 2026 via a U.K. restructuring process for a combination of new 9.5% first-out and 7.5% second-out senior secured notes due 2029. S&P said, "We view this transaction as distressed because we believe there would have been risk of a traditional default had the restructuring not been completed. In addition, we do not believe it provided adequate compensation to its noteholders for the maturity extension. "The downgrade reflects our view that the restructuring is tantamount to a default. On Nov. 13, 2025, Fossil announced it implemented the restructuring of its $150 million 7.0% senior unsecured notes due November 2026 for a combination of new 9.5% first-out and 7.5% second-out senior secured notes due 2029. The transaction also includes $32.5 million of new money. The noteholders that contributed new money exchanged their existing notes for 9.5% first-out senior secured notes due 2029 and received warrants, a consent premium in the form of additional notes, an exit fee, and a fee payable in common stock. Other participants received 7.5% second-out senior secured notes due 2029, as well as warrants and a consent premium in the form of additional notes. "In our view, this transaction is distressed because there is a risk the company would have experienced a traditional default if it had not completed the restructuring. In addition, we believe the additional compensation Fossil provided to its lenders is insufficient for the maturity extension. We do not believe the restructuring adversely affected the lenders of the company's new $150 million asset-based lending facility due August 2030 because it was refinanced prior to the exchange and retains its priority position. "We will review our ratings on Fossil to incorporate its new capital structure, liquidity position, and operating prospects. Although the exchange extended the maturities of the company's debt, we continue to view its capital structure as unsustainable over the long term. The restructuring transaction is part of the turnaround plan management announced in 2024, which includes refocusing on its core business, rightsizing its cost structure, and strengthening its balance sheet. "We intend to review our ratings on Fossil in the coming days and will likely raise them to the 'CCC' category at that time. Our review will focus on the long-term viability of the company's revised capital structure and our forward-looking opinion of its ability to stabilize its performance and generate positive free operating cash flow through the execution of its turnaround plan. FRED RAU: Gets Interim OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of California, Fresno Division, authorized Fred Rau Dairy Inc. to continue using cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with its budget, subject to a 10% variance. The budget shows total operational expenses of $467,717 for November. The previously approved stipulation with AgWest Farm Credit, FLCA and AgWest Farm Credit, PCA continues to govern the use of cash collateral. As adequate protection, creditors holding security interests in the cash collateral will be granted automatically perfected replacement liens on all of the Debtor's property retroactive to the petition date. These replacement liens will have the same validity, priority, and extent as their pre-bankruptcy liens. The next hearing is scheduled for November 25. Based on UCC-1 filings with the California Secretary of State, Agwest Farm Credit, Farm Credit Leasing Services Corporation, Stanislaus Farm Supply Co. and Nutrien Ag Solutions, Inc. may hold interest in cash or proceeds of the Debtor's assets. The Debtor believes it owes $20,495,322.37 to Agwest Farm Credit and $558,126.22 to Stanislaus or its successors. About Fred Rau Dairy Inc. Fred Rau Dairy, Inc. operates a large-scale dairy farm in Fresno, California. The family-owned business utilizes advanced robotic milking systems and automated feeding technologies. It has been part of the regional agricultural sector since 1976. Fred Rau Dairy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-11791) on May 29, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Jennifer E. Niemann handles the case. The Debtor tapped Peter L. Fear, Esq., at Fear Waddell, P.C. as legal counsel and Boos & Associates, P.C. as financial consultant and accountant. G2 TECHNOLOGIES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- G2 Technologies, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral to fund operations. The court's interim order authorized the Debtor to use cash collateral from October 31 to November 30 in accordance with its budget, subject to a 10% variance per line item. Bulldog Capital, LLC, CFG Merchant Solutions, LLC, QFS Capital, LLC, Citibank, N.A., and Jaffe Capital are the secured creditors with potential interests in the Debtor's cash collateral. The Debtor acknowledges the validity, priority or enforceability of the secured creditors' liens, however, it reserves the right to review, dispute and challenge any such liens. Creditors may seek administrative expense claims under Section 507(b) if their interests are not adequately protected by the terms of the interim order. The interim order authorized customers, including Thomas Built Buses, Inc., to remit payments directly to the Debtor. The order remains effective until modified, terminated, or superseded by a later interim or final order, or upon conversion or dismissal of the Debtor's Chapter 11 case. The interim order is available at https://is.gd/hOei5X from PacerMonitor.com. A final hearing is scheduled for December 4. The Debtor's only revenue comes from cash on hand and on deposit in its bank account; proceeds from completed projects and customer shipments; and collections on outstanding accounts receivable. Before filing for bankruptcy, the Debtor incurred business-related debt, with secured creditors taking a security interest in certain property and collateral, which may constitute cash collateral. About G2 Technologies Inc. G2 Technologies, Inc. provides automation for inspection and test systems serving industrial clients in the aerospace, automotive, and manufacturing sectors. The Company develops and integrates customized systems such as aircraft smoke detector testers and precision defect detection tools for automotive components, supported by its proprietary dTRAK data analytics platform. Based in North Carolina's Research Triangle Park, G2 Technologies delivers scalable and cost-efficient automation solutions for clients worldwide. G2 Technologies sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04315) on October 31, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Craig Borsack, president of G2 Technologies, signed the petition. The Debtor is represented by: Joseph Zachary Frost, Esq. Buckmiller & Frost, PLLC 4700 Six Forks Road Suite 150 Raleigh, NC 27609 Tel: 919-296-5040 Fax: 919-977-7101 jfrost@bbflawfirm.com GAINS INTERMEDIATE: Capital Southwest Marks $7.3MM 1L Loan at 24% ----------------------------------------------------------------- Capital Southwest Corporation has marked its $7,341,000 loan extended to Gains Intermediate LLC to market at $5,579,000 or 76% of the outstanding amount, according to Capital Southwest's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Term Loan A to Gains Intermediate LLC. The loan accrues interest at a rate of 11.55% per annum. The loan matures on December 15, 2027. Capital Southwest is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. The company has elected to be regulated as a business development company under the 1940 Act. The company focuses on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Its core business is to target senior debt investments and equity investments in lower middle market companies. Capital Southwest is led by Michael S. Sarner as President and Chief Executive Officer and Chris T. Rehberger as Chief Financial Officer, Treasurer and Secretary. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100 Dallas, TX 75225 Tel. No.: (214) 238-5700 About Gains Intermediate LLC Gains Intermediate LLC is a technology company that provides innovative management solutions, specifically the Gym Owners management system, to help gym owners simplify operations and increase profitability. GAINS INTERMEDIATE: Capital Southwest Marks $7M 1L Loan at 30% Off ------------------------------------------------------------------ Capital Southwest Corporation has marked its $7,413,000 loan extended to Gains Intermediate LLC to market at $5,160,000 or 70% of the outstanding amount, according to Capital Southwest's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Term Loan B to Gains Intermediate LLC. The loan accrues interest at a rate of 13.55% per annum. The loan matures on December 15, 2027. Capital Southwest is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. The company has elected to be regulated as a business development company under the 1940 Act. The company focuses on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Its core business is to target senior debt investments and equity investments in lower middle market companies. Capital Southwest is led by Michael S. Sarner as President and Chief Executive Officer and Chris T. Rehberger as Chief Financial Officer, Treasurer and Secretary. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100 Dallas, TX 75225 Tel. No.: (214) 238-5700 About Gains Intermediate LLC Gains Intermediate LLC is a technology company that provides innovative management solutions, specifically the Gym Owners management system, to help gym owners simplify operations and increase profitability. GLENWOOD GFB: Mark Dennis of SL Biggs Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Mark Dennis, a certified public accountant at SL Biggs, as Subchapter V trustee for Glenwood GFB LLC. Mr. Dennis will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dennis declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark D. Dennis, CPA SL Biggs, A Division of SingerLewak, LLP 2000 S. Colorado Blvd., Tower 2, Ste. 200 Denver, CO 80222 Phone: 303-226-5471 Email: mdennis@slbiggs.com About Glenwood GFB LLC Glenwood GFB LLC operates a gas station on leased property at 1304 Grand Avenue, Glenwood Springs, Colorado. Glenwood GFB sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-17389) on November 11, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Kimberley H. Tyson presides over the case. David Warner, Esq. represents the Debtor as legal counsel. GOLD RESOURCE: Losses, Lower Production Raise Going Concern Doubt ----------------------------------------------------------------- Gold Resource Corporation disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended September 30, 2025, that there is substantial doubt about its ability to continue as a going concern. According to the Company, as of September 30, 2025, working capital was $12.8 million, consisting of current assets of $31.2 million and current liabilities of $18.4 million. This represents a $10.7 million, or a 510%, increase from the working capital balance of $2.1 million as of December 31, 2024. Gold Resource explains the main factors influencing the increase in the Company's working capital is the increase in the cash and cash equivalents balance by $8.2 million, an increase in accounts receivable by $10.8 million, offset by a $4.5 million decrease in prepaid expenses and other current assets and a $3.9 million increase in current liabilities due to higher accounts payable. The increase in cash and cash equivalents is due to the $22.1 million cash inflows from financing activities -- which includes $2.5 million raised through a registered direct offering in January 2025, $8.6 million net proceeds for sales of common shares through the ATM Program, $6.1 million net proceeds for the 18-month loan the Company closed in June, and in September, $5 million net proceeds from a second registered direct offering for the sale of 25,315,954 shares of the Company's common stock at a price of $0.45 per share, after the Company issued 14,204,846 of these shares, for the fair value of approximately $6.4 million, to fully pay off the term loan received in June 2025 as a non-cash equity settlement -- offset by the cash used in investing activities of $11.3 million and the $2.5 million cash outflows from operating activities, as reported in the Condensed Consolidated Interim Statements of Cash Flows. The Company's working capital balance fluctuates as it uses cash to fund its operations, financing, and investing activities, including exploration, mine development, and income taxes. Long-term liabilities assumed with the Aquila acquisition, capital requirements to develop the Back Forty Project, and potential project financing may have an impact on liquidity in the long term. These long-term liabilities are contingent upon the approval of the Back Forty Project by the Company's Board of Directors and securing project financing. Project financing requirements will not be determined until the Company's Board of Directors approves a decision to proceed on the Project. The Company's Board of Directors continues to evaluate options that could lead to the development of the Project. Of the $9.8 million cash and cash equivalents balance as of September 30, 2025, approximately $1.3 million was held in foreign subsidiaries, primarily held in U.S. dollar denominated accounts, with the remainder in foreign currencies readily convertible to U.S. dollars. DDGM's primary source of liquidity is the sale of concentrates. DDGM has historically been self-sustaining and has been a source of cash for U.S. operations and projects. However, as a result of recent challenges encountered in mining and processing at DDGM, the Company is not currently generating positive cash flow from the Company's mining operations. Net cash used in operating activities for the three months ended September 30, 2025, was $2.5 million, compared to the $2 million net cash used by operating activities for the same period in 2024. The 25% increase in net cash used in operating activities is mainly attributable to the lower production and lower net sales in 2025. Net cash used in investing activities was $11.3 million and $5.2 million, respectively, for the nine months ended September 30, 2025 and 2024. The increase in investing activities reflects the Company's commitment to renewing its aging mining equipment and increasing mine development. Net cash provided by financing activities for the nine months ended September 30, 2025 was $22.1 million, compared to the $2.4 million net cash provided by financing activities for the same period in 2024. The 821% increase in net cash provided by financing activities is mainly attributable to the proceeds from the registered direct offerings and the higher ATM sales in 2025. While current macro risk factors, such as economic uncertainties and supply chain interruptions have not had a significant adverse impact on exploration plans, results of operations, financial position, and cash flows during the current fiscal year, future impacts are unknown at this time. Tonnes produced from the mining operations at DDGM year-to-date 2025 remain lower than in the previous year, and except for silver, grades were lower as well. The Company continued to encounter significant issues with equipment availability part way into the third quarter due to the age and condition of some of the critical mining equipment in use at the mine. Due to the challenges with equipment availability, the Company was not able to maintain its projected timeline for mine development to access new production headings. In addition, the mill continued to experience mechanical issues that resulted in lower throughput, and when combined with the lower tonnes mined, resulted in a production shortfall. To minimize the mechanical issues and return the mine to a cash positive position, the Company engaged a third-party contract miner during the third quarter of 2025 and started to upgrade its mining fleet. As a result, by the end of the third quarter, the Company was able to increase production from a number of production headings. The Company believes that the mine has the potential to generate positive cash flow based on the information to date from the new Three Sisters area, as well as other zones that have been discovered near existing headings. The Company is in the process of developing access and drill-defining these new areas. With the improvements mentioned above, the Company is expecting the remaining months of 2025 to result in positive operating income. In 2025, the Company has been focused on improving its cash position through the issuance of debt and equity. The Company raised $2.5 million through a registered direct offering in January 2025. In September 2025, the Company closed on a second registered direct offering of $11.4 million for the sale of 25,315,954 shares of the Company's common stock at a price of $0.45 per share. The Company issued 14,204,846 of these shares, for the fair value of approximately $6.4 million, to fully pay off the term loan received in June 2025 as a non-cash equity settlement. In February 2025, the Company sold its interest in Green Light Metals for $0.9 million in proceeds. On May 7, 2025, the Company received a tax refund of 79.6 million pesos (approximately $4 million) related DDGM taxes paid in 2023. During the nine months ended September 30, 2025, the Company raised approximately $8.6 million through its ATM Program, after deducting the agent's commissions and other expenses. Although the Company has significantly improved its financial position year to date, the lower production and grades from the mine through the third quarter of 2025 raise substantial doubt about the Company's ability to continue as a going concern, as reflected by the year-to-date net losses of $24.5 million and the cash used in operations of $2.5 million. Although the Company believes that there is adequate financing in place to cover the planned underground development and equipment improvements, there can be no assurances that the Company will achieve short-term production targets and therefore may continue with liquidity concerns. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bdd888vb About Gold Resource Corporation Gold Resource Corporation is a mining company focused on the development of precious and base metal projects that have the potential for high returns and limited development capital requirements. DDGM is the Company's cornerstone operating asset, comprised of six contiguous land parcels. The Company's focus is unlocking the significant upside potential of DDGM through optimization of the current operations, growing the existing mineral resource by investing in exploration drilling, and identifying new opportunities near existing infrastructure. The primary mineral production comes from the Arista and Switchback underground mining areas, along with the recently added Three Sisters vein system. The mine and its processing facilities can produce gold and silver dore, as well as concentrates of copper, lead, and zinc. As of September 30, 2025, the Company had $164.3 million in total assets, $138.4 million in total liabilities, and $26 million in total stockholders' deficit. GRIT PRODUCTIONS: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Grit Productions, LLC 25-44447 1100 E. Dallas Road, Suite 310 Grapevine, TX 76051 Grit Expositions, LLC 25-44448 1100 E. Dallas Road, Suite 310 Grapevine, TX 76051 Grit Transportation Services, LLC 25-44449 1100 E. Dallas Road, Suite 310 Grapevine, TX 76051 Grit Holding Company, LLC 25-44451 1100 E. Dallas Road, Suite 310 Grapevine, TX 76051 Business Description: Grit Productions, LLC, Grit Expositions, LLC, Grit Transportation Services, LLC, and Grit Holding Company, LLC operate as an integrated group providing event-industry services that include general services contracting, event production, video production, content development, studio services, logistics support, and event freight transportation. The companies offer single-source solutions for live events, meetings, and expositions across their production, planning, and transportation segments. They also engage in community- focused initiatives related to industry development, sustainability, and local outreach. Chapter 11 Petition Date: November 13, 2025 Court: United States Bankruptcy Court Northern District of Texas Judge: Hon. Mark X Mullin Debtors' General Bankruptcy Counsel: Bryan C. Assink, Esq. BONDS ELLIS EPPICH SCHAFER JONES LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Tel: 817-405-6900 Email: bryan.assink@bondsellis.com Grit Productions' Estimated Assets: $1 million to $10 million Grit Productions' Estimated Liabilities: $10 million to $50 million Grit Expositions's Estimated Assets: $1 million to $10 million Grit Expositions' Estimated Liabilities: $10 million to $50 million Grit Transportation's Estimated Assets: $500,000 to $1 million Grit Transportation's Estimated Liabilities: $1 million to $10 million Grit Holding's Estimated Assets: $0 to $50,000 Grit Holding's Estimated Liabilities: $1 million to $10 million Christopher Kelly Massey signed the petitions as president. Copies of the Debtors' list of 20 largest unsecured creditors are available for free on PacerMonitor at: https://www.pacermonitor.com/view/42DNZLQ/Grit_Productions_LLC__txnbke-25-44447__0002.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/H6MPL7A/Grit_Expositions_LLC__txnbke-25-44448__0002.0.pdf?mcid=tGE4TAMA Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/5KYXT4A/Grit_Productions_LLC__txnbke-25-44447__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/5VENJEI/Grit_Expositions_LLC__txnbke-25-44448__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/5SDZHPY/Grit_Transportation_Services_LLC__txnbke-25-44449__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/5HM6LDY/Grit_Holding_Company_LLC__txnbke-25-44451__0001.0.pdf?mcid=tGE4TAMA HA SUSTAINABLE: Moody's Rates New Jr. Subordinated Notes 'Ba1(hyb)' ------------------------------------------------------------------- Moody's Ratings has assigned a Ba1(hyb) rating to HA Sustainable Infrastructure Capital, Inc.'s (HASI) new junior subordinated notes. Moody's have affirmed HASI's Baa3 long-term issuer rating, Baa3 senior unsecured rating, and P-3 commercial paper rating. Moody's have also affirmed the Baa3 senior unsecured rating of HAT Holdings I LLC, a wholly owned subsidiary of HASI. The issuer outlooks of HASI and HAT Holdings I LLC are stable. RATINGS RATIONALE The rating action follows HASI's announcement that it plans to issue junior subordinated notes due 2056. Moody's assesses 50% equity credit to the notes due to their long-dated final maturity and the ability of the issuer at its option to defer coupon payments for 10 consecutive years, consistent with Moody's cross-sector Hybrid Equity Methodology. The proceeds from the notes will be applied to temporarily repay unsecured borrowings and invest in eligible green projects and will therefore be leverage neutral from an unadjusted perspective at the outset. Adjusting for the equity credit Moody's ascribe to the new notes, the transaction will have a modest de-leveraging effect. HASI has also continued to demonstrate solid financial performance. The company's net income/average managed assets was 4.1% annualized in the first nine months of 2025 compared to 2.7% in the same period last year, reflecting continued solid performance of portfolio assets, portfolio growth and higher asset yields. Moody's expects HASI will maintain its existing disciplines with respect to leverage and liquidity, including maintaining ample availability under its unsecured revolving credit facility to meet debt and funding commitments over the next 12 months. Moody's also expects that the company will maintain an adjusted ratio of tangible common equity/tangible managed assets (TCE/TMA) in excess of 30%. The Ba1(hyb) rating on the new junior subordinated notes reflect its priority within HASI's corporate debt capital structure. HASI's and HAT I's stable outlooks reflect Moody's expectations that HASI will continue to exhibit strong asset quality, solid profitability and capitalization, and maintain ample liquidity over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if HASI is able to reduce investment concentrations, shift its portfolio mix towards senior debt securities without increasing project-level risk, or is expected to operate with TCE/TMA of at least 40%, while maintaining strong asset quality and solid profitability. The ratings could be downgraded if Moody's expects HASI's TCE/TMA to decline to and remain below 30%, the company's ratio of secured debt to gross tangible assets rises significantly, or if the company's asset quality or profitability deteriorate materially. The principal methodology used in these ratings was Finance Companies published in July 2024. HASI's "Assigned Standalone Assessment" score of baa3 is set four notches below the "Financial Profile" initial score of A2, reflecting the niche nature of HASI's assets, along with the company's propensity to invest in more junior parts of the capital structure of underlying projects. HA SUSTAINABLE: S&P Rates Proposed Subordinated Notes 'BB' ---------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue rating to HA Sustainable Infrastructure Capital Inc.'s (HASI's) proposed subordinated notes due 2056. The company will use the proceeds from this issuance to repay outstanding unsecured borrowings and invest in eligible green projects. S&P said, "The subordinated notes will rank senior to the company's common stock, and we classify them as having intermediate equity credit based on the proposed terms. We rate these notes two notches below our 'BBB-' long-term issuer credit rating on HASI--one notch to reflect their subordination and an additional notch to reflect management's ability to defer interest payments on the instruments." The long-term nature of the subordinated notes, along with the company's limited ability and lack of incentives to redeem the issuance for a long-dated period, meets our standards for permanence. The instruments are subordinated to all of HASI's existing and future senior debt obligations, satisfying the condition for subordination. In addition, the interest payments are deferrable for up to 10 consecutive years, which fulfills the deferability element. S&P said, "We include hybrid capital with intermediate equity content in total adjusted capital, up to a limit of 33% of adjusted common equity. As of Sept. 30, 2025, HASI's adjusted common equity was $2.16 billion and debt to adjusted total equity leverage was 2.4x. We expect the transaction will lower the company's leverage, and leverage will remain within our expectations of 2.5x or lower. We would reclassify the instrument as having minimal equity content once its effective maturity is less than 20 years, which would occur in 2036. "The subordinated notes' interest rate resets every five years to the five-year treasury rate plus the initial credit spread, with a floor rate at the initial coupon. While the resets could result in a rate higher than at issuance, our assessment incorporates our expectation for the instrument to be replaced with an equivalent or stronger form of equity ahead of a potential redemption. However, if we thought these notes were likely to be redeemed without being replaced as such, we would likely revise our assessment to reflect minimal equity content." HARRIS INTERNAL: Case Summary & Six Unsecured Creditors ------------------------------------------------------- Debtor: Harris Internal Medicine, LLC 4000 Shakerag Hill Suite 100 Peachtree City, GA 30269 Business Description: Harris Internal Medicine provides primary care and functional medicine services in Peachtree City, Georgia, focusing on chronic conditions such as autoimmune diseases, digestive disorders, thyroid imbalances, diabetes, and fatigue. The practice also offers wellness services including IV hydration therapy, sexual health treatments, and joint mobility therapies. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-11731 Debtor's Counsel: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road Suite 350 Atlanta GA 30329 Tel: 404-584-1238 Email: wrountree@rlkglaw.com Total Assets: $141,457 Total Liabilities: $1,186,915 The petition was signed by Erinn Harris-James, MD, as member/CEO. 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/T7GWGMQ/Harris_Internal_Medicine_LLC__ganbke-25-11731__0001.0.pdf?mcid=tGE4TAMA HARRIS INTERNAL: Leon Jones Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for Harris Internal Medicine, LLC. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 ljones@joneswalden.com About Harris Internal Medicine LLC Harris Internal Medicine, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-11731) on November 12, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. HARVARD BIOSCIENCE: Credit Challenges Raise Going Concern Doubt --------------------------------------------------------------- Harvard Bioscience, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended September 30, 2025, that there is substantial doubt about its ability to continue as a going concern. The Company's primary sources of liquidity are cash and cash equivalents, internally generated cash flow from operations and its shelf registration statement that provides for the issuance of common stock, preferred stock, warrants and units up to an amount equal to $100 million. As of September 30, 2025, outstanding indebtedness was $34 million under the Company's term loan and senior revolving credit facility. The Company stated, "Our expected cash outlays relate primarily to cash payments due under our Credit Agreement as well as salaries, inventory, and capital expenditures. We held cash and cash equivalents of $6.8 million and $4.1 million as of September 30, 2025 and December 31, 2024, respectively. Borrowings outstanding, net of unamortized deferred financing costs, were $34 million and $37 million as of September 30, 2025 and December 31, 2024, respectively. The Coronavirus Aid, Relief, and Economic Security Act of 2020 provided an employee retention tax credit that was a refundable tax credit against certain employer taxes. The Company has received ERTC refunds of $5.4 million as of September 30, 2025. The Company's compliance with the program's qualifications may be subject to audit through May 2029, which is when the statute of limitation expires. "We maintain the Credit Agreement, which originally provided for a term loan of $40 million and a $25 million revolving credit facility with original maturity of December 22, 2025. On March 10, 2025, we entered into an amendment to the Credit Agreement. " "The March 2025 Amendment provided, among other things, that the Lenders' commitment under our revolving credit facility would be capped at $12.65 million, which was the amount outstanding thereunder as of the date thereof, and thus we are unable to make additional borrowings under our revolving credit facility. The March 2025 Amendment also established certain Refinancing Milestones in connection with the refinancing of the Credit Agreement, including receipt of a term sheet or commitment letter from one or more potential lenders, by the dates provided in the March 2025 Amendment, and the Company's consummation of the Refinancing by June 30, 2025." "Pursuant to the March 2025 Amendment, the Lenders also agreed not to assert any breaches of the financial covenants included in the Credit Agreement for the first quarter of fiscal year 2025 provided that we continued to comply with our payment obligations, achieved the Refinancing Milestones, maintained minimum liquidity (defined as the sum of (a) unrestricted cash and cash equivalents and (b) the amount by which the aggregate amount committed under the Company's revolving credit facility exceeds the total amount drawn under the credit facility) of $3.5 million and provided the administrative agent with certain financial reports. In addition, pursuant to the terms of the March 2025 Amendment the applicable interest rate margin was increased such that interest rate was equal to a rate per annum based on the Secured Overnight Financing Rate plus 400 bps and amortization payments were revised so that a proportionate payment must be made on a monthly rather than a quarterly basis." "As of June 30, 2025, we were not in compliance with the Refinancing Milestones and quarterly financial covenants contained in the March 2025 Amendment." "On August 8, 2025, we entered into the August 2025 Amendment Agreement, pursuant to which the Lenders and administrative agent agreed, subject to the terms contained in the August 2025 Amendment, to waive the events of default due to the Company's failure to achieve certain Refinancing Milestones and its failure to comply with the consolidated net leverage ratio covenant and the consolidated fixed charge coverage ratio covenant as of the June 30, 2025 test date. Pursuant to the terms of the August 2025 Amendment, the Lenders also agreed not to test the net leverage ratio financial covenant and the consolidated fixed charge coverage ratio financial covenant for the fiscal quarter ended September 30, 2025, and to reduce the Company's covenant to maintain minimum liquidity (defined as the sum of (a) unrestricted cash and (b) the amount by which the aggregate amount committed under the Company's revolving credit facility exceeds the total amount drawn under the credit facility) of $3 million." "The August 2025 Amendment also added as a mandatory prepayment event the receipt of cash proceeds upon a Refinancing or upon the sale of the equity interests or all or substantially all of the assets of the Company. In addition, pursuant to the terms of the August 2025 Amendment, the applicable interest rate margin was increased such that the interest rate is equal to a rate per annum based on the SOFR plus 700 bps. In connection with the August 2025 Amendment, the Company has also agreed to accomplish steps towards the Refinancing or repayment of the Credit Agreement by no later than December 5, 2025. The Company continues to make progress on these steps, and is working actively to reach a definitive agreement that will accomplish one of these outcomes. The failure to accomplish such steps on the agreed timeline shall constitute an event of default under the Credit Agreement. In such event, in addition to other actions the Lenders may require, the amounts outstanding under the Credit Agreement may become immediately due and payable," the Company concluded. The Company continues to explore alternative sources of capital that would allow it to refinance the outstanding indebtedness under the Credit Agreement, but its ability to access such other sources of capital is uncertain. The Company cautions there is no assurance that such capital will be available, be obtainable on commercially acceptable terms, or provide the Company with sufficient funds to meet its objectives. Based on its anticipated cash flows from operations, unless the Company is able to access other sources of capital or extend the date for repayment under the Credit Agreement, the Company will be unable to pay its debt obligations and fund its operations for at least the next 12 months. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yc6rxjt8 About Harvard Bioscience, Inc. Harvard Bioscience, Inc. is a developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bioproduction and preclinical testing for pharmaceutical and therapy development. The Company's products and services are sold globally to customers ranging from renowned academic institutions and government laboratories to the world's leading pharmaceutical, biotechnology and contract research organizations. With operations in the United States, Europe and China, the Company sells through a combination of direct and distribution channels to customers around the world. As of September 30, 2025, the Company had $78 million in total assets, $63.9 million in total liabilities, and $14.1 million in total stockholders' equity. HORSEY DENISON: Creditors to Get Proceeds From Liquidation ---------------------------------------------------------- Horsey Denison Landscaping LLC and affiliates filed with the U.S. Bankruptcy Court for the District of Maryland a Disclosure Statement for the Jointly Administered Plan of Reorganization and Liquidation dated November 7, 2025. HD Landscaping is a Maryland limited liability company formed in September 2021 with its headquarters located in Fort Washington, Maryland. Robert E. Horsey and David W. Horsey are each 50% members of HD Landscaping. HD Landscaping is the 100% owner of Denison Farms, Denison Landscaping and Denison Nursery. Denison Farms is a Maryland limited liability company formed in April 2010 with its headquarters located in Fort Washington, Maryland. Denison Landscaping is a Maryland corporation formed in February 1990 with its headquarters located in Fort Washington, Maryland. HD Properties is a Delaware limited liability company formed in July 2021 with its headquarters located in Fort Washington, Maryland. HP Properties owns multiple properties throughout Maryland and Delaware. The Sharperville Property consists of real property located at 15800 Sharperville Road & Parcel A Sharperville Road, Waldorf, Maryland 20601. The Sharperville Property is a former golf course and consists of two parcels totaling approximately 281.66 acres +/- of mostly vacant land. The property is currently improved by a former club house used as an office, two storage buildings and a vehicle service building. The Oxon Hill Property consists of two houses located at 8809 and 8901 Oxon Hill Road, Fort Washington, Maryland 20744. The Delaware real property is that certain improved real property located at 35811 Providence Church Road, Delmar, Delaware 19940. Since the Petition Date, the Debtors have concentrated their efforts to sell the Sharperville, Oxon Hill and Delaware properties as well as the sale of surplus assets through several auctions. The Court-approved auction sales were conducted on (a) July 17, 2025 at 50 Imperial Industrial Park Drive, Oakdale, Pennsylvania; (b) July 31, 2025 at 8911 Oxon Hill Road, Fort Washington, Maryland; (c) August 14, 15 and 16, 2025 at 1711 Accokeek Road, Waldorf, Maryland; and (d) August 21, 2025 at 35811 Providence Church Road, Delmar, Delaware (the "Auctions"). The Debtors have entered into a Purchase and Sale Agreement with Total Group LLC for the purchase of the PSA Assets for $17,750,000. In addition, HD Properties has listed for sale 8809 and 8901 Oxon Hill Road with a realtor and has received cash offers for a cumulative sum of over $600,00.00. Upon confirmation of the Plan, the Reorganized Debtors will implement the terms of the Plan, including making Distributions to Holders of Allowed Claims as set forth in the Plan. The Plan provides that all Allowed Claims will be paid in order of their priority, and any sale of the Debtors' Real Property or Property will be free and clear of all liens, claims and encumbrances pursuant to the Confirmation Order. All property of the Debtors' Estates not otherwise specifically treated under the Plan shall become the Reorganized Debtors' property. The Plan provides for payments to Holders of Allowed Claims. Payments made under the Plan on or after the Effective Date will be derived from the proceeds of the Sale of the Debtors' Real Property or Property. All Claims against the Debtors shall be classified and treated pursuant to the terms of the Plan. Class 5 HDL Allowed General Unsecured Claims. After payment in full of HDL Classes 1, 2, 3, and 4, each Holder of an Allowed General Unsecured Claim shall receive payment pro rata from the proceeds of the liquidation of HDL's Real Property Assets and Property. HDL Class 5 is Impaired by this Plan. Class 6 DFarms Allowed General Unsecured Claims. After payment in full of DFarms Class 1, 2, 3, 4, and 5 Claims, each Holder of an Allowed General Unsecured Claim shall receive payment of its Allowed General Unsecured Claim equally with all of the General Unsecured Creditors. The Confirmation Order and any Sale Order(s) shall provide that FNB is paid at Closing and that purchasers are purchasing the Debtors' Property free and clear of any liens, claims and encumbrances. DFarms Class 6 is Impaired by this Plan. Class 6 DLand Allowed General Unsecured Claims. After payment in full of DLand Class 1, 2, 3, 4, and 5, each Holder of an Allowed General Unsecured Claim shall receive payment pro rata with other General Unsecured Claims. The Confirmation Order and any Sale Order(s) shall provide that FNB is paid at Closing and that purchasers are purchasing the Debtors' Property free and clear of any liens, claims and encumbrances. DLand Class 6 is Impaired by this Plan. Class 3 HDP Allowed General Unsecured Claims. After payment in full of HDP Class 1 and 2, each Holder of an Allowed General Unsecured Claim shall receive payment pro rata with other holders of Allowed General Unsecured Claims. The Confirmation Order and any Sale Order(s) shall provide that FNB is paid at Closing and that purchasers are purchasing the Debtors' Property free and clear of any liens, claims and encumbrances. HDP Class 3 is Impaired by this Plan. Class 3 Nursery Allowed General Unsecured Claims. After payment in full of Nursery Classes 1 and 2, each Holder of an Allowed General Unsecured Claim shall receive payment pro rata with other holders of Allowed General Unsecured Claims. The Confirmation Order and any Sale Order(s) shall provide that FNB is paid at Closing and that purchasers are purchasing the Debtors' Property free and clear of any liens, claims and encumbrances. Nursery Class 3 is Impaired by this Plan. A full-text copy of the Disclosure Statement dated November 7, 2025 is available at https://urlcurt.com/u?l=zFq0z4 from PacerMonitor.com at no charge. Counsel to the Debtors: Paul Sweeney, Esq. YVS LAW, LLC 185 Admiral Cochrane Drive, Suite 130 Annapolis, MD 21401 Tel: (443) 569-0788 Fax: (410) 571-2798 E-mail: psweeney@yvslaw.com About Horsey Denison Landscaping Horsey Denison Landscaping LLC is a landscaping company based in Fort Washington, Maryland. It provides design and build services such as landscape installation, hardscaping, low-voltage lighting, and irrigation. Horsey Denison fully owns Denison Farms LLC, also formed in 2021, and Denison Landscaping Inc., a corporation established in 1990. The Company is affiliated with Horsey Denison Properties LLC, a Delaware-based entity co-owned equally by Robert E. Horsey and David W. Horsey. Horsey Denison Landscaping LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No.25-14103) on May 6, 2025. In its petition, Horsey Denison Landscaping reports estimated assets and liabilities between $1 million and $10 million each. Judge Lori S. Simpson oversees the case. The Debtors are represented by Paul Sweeney, Esq., at YVS Law, LLC. First National Bank, as lender, is represented by: David V. Fontana, Esq. Gebhardt & Smith LLP One South Street, Suite 2200 Baltimore, Maryland 21202 Tel: 410-385-5053 Fax: 443-957-1832 dfont@gebsmith.com HYPERSCALE DATA: Amends Closing Date for Series H Preferred Stock ----------------------------------------------------------------- Hyperscale Data, Inc., a Delaware corporation, on August 1, 2025, on July 31, 2025, entered into a Securities Purchase Agreement with Ault & Company, Inc., a Delaware corporation, pursuant to which the Company agreed to sell to the Purchaser up to 100,000 shares of Series H convertible preferred stock, which are convertible into the Company's Class A common stock, par value $0.001 per share for a total purchase price of up to $100,000,000.00. On November 7, 2025, the Company entered into an amendment to the July 2025 SPA with the Purchaser. Pursuant to the Amendment, Section 2.1 of the July 2025 SPA was amended to read, in pertinent part, as follows: Notwithstanding anything herein to the contrary, each Closing Date shall occur on the later to occur of: (i) December 31, 2027, and (ii) the date that shall be one year following the date upon which the Company has completed taking the requisite action(s) to enable it to issue shares of Common Stock to each person holding instruments entitling such person to convert all of such convertible instrument, including but not limited to the Series H Preferred Stock, into shares of Common Stock provided, however, that the Purchaser may extend such Closing Date for an additional 90 days, by notice to the Company. A full-text copy of the Amendment is available at https://tinyurl.com/2u44chv6 About Hyperscale Data Headquartered in Las Vegas, Nevada, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, N.Y.-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $213.50 million in total assets, $205.60 million in total liabilities, and $7.90 million in total stockholders' equity. IMERYS TALC: Plan Confirmation Hearing Continued for Feb. 2, 2026 ----------------------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware ordered that the following dates are established pursuant to the scheduling order with respect to Imerys Talc America, Inc. and affiliates' Plan: * January 14, 2026 is the deadline for Plan Proponents to file responses to supplemental confirmation objections and to brief new legal authorities that did not exist prior to April 15, 2025. * January 21, 2026 is the deadline to exchange (i) objections to supplemental deposition designations, (ii) objections to supplemental trial exhibits (including confidentiality), (iii) deposition counter-designations, and (iv) responses to supplemental proposed stipulated facts. * January 26, 2026 is the deadline for Plan Proponents and objecting parties to meet and confer regarding, and to determine, the order of presentation of witnesses at Continued Confirmation Hearing. * January 29, 2026 is the deadline to file objections to specific statements included in any written declarations. * February 2 to 6, 2026 is scheduled as the continued Confirmation Hearing. A full-text copy of the order dated November 10, 2025 is available at https://urlcurt.com/u?l=VELn3H from Prime Clerk, LLC, claims agent. About Imerys Talc America Imerys Talc America, Inc. and its subsidiaries -- https://www.imerys-performance-additives.com/ -- are in the business of mining, processing, selling and distributing talc. Its talc operations include talc mines, plants and distribution facilities located in Montana (Yellowstone, Sappington, and Three Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also utilizes offices located in San Jose, Calif., and Roswell, Ga. Imerys Talc America and its subsidiaries, Imerys Talc Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. TheDebtors were estimated to have $100 million to $500 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Richards, Layton & Finger, P.A., and Latham & Watkins LLP as their legal counsel, Alvarez & Marsal North America, LLC as financial advisor, and CohnReznick LLP as restructuring advisor. Prime Clerk, LLC, is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of tort claimants in the Debtors' Chapter 11 cases. The tort claimants' committee is represented by Robinson & Cole, LLP. INFINITE GROUP: Freed Maxick P.C. Raises Going Concern Doubt ------------------------------------------------------------ Infinite Group, Inc. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2024, that its auditor has expressed substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, the Company had a working capital deficit of approximately $8.8 million. For the 12 months ended December 31, 2024, it reported a net loss of approximately $1.6 million, compared to approximately $1.9 million in 2023. The Company reported a stockholders' deficiency of $10.2 million as of December 31, 2024, compared to a stockholders' deficiency of $8.6 million in 2023. As of December 31, 2024, the Company had $1,474,872 in total assets and $11,668,360 in total liabilities. Rochester, New York-based Freed Maxick P.C., the Company's auditor since at least 1995, issued a "going concern" qualification in its report dated October 31, 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, has negative working capital, and has total liabilities in excess of its total assets. This raises substantial doubt about the Company's ability to continue as a going concern. During the year ended December 31, 2024, the Company engaged in multiple short term funding arrangements. The Company received proceeds of approximately $2.4 million. The Company is exploring additional sources of financing, including debt and equity, and anticipate significant growth of business. In the future, if the Company is unable to obtain sufficient funding to support its operations, it could be forced to delay, reduce or eliminate all research and development programs, product portfolio expansion or commercialization efforts, and its financial condition and results of operations will be materially and adversely affected, and the Company may be unable to continue as a going concern. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/bdhe3y77 About Infinite Group Headquartered in Pittsford, New York, Infinite Group, Inc. is a developer of cybersecurity software and related cybersecurity consulting, advisory, and managed information security services. The Company principally sells software and services through indirect channels such as Managed Service Providers, Managed Security Services Providers, agents and distributors and government contractors, whom the Company refers to collectively as its channel partners. As of December 31, 2024, the Company had $1.5 million in total assets, $11.7 million in total liabilities, and $10.2 million in total stockholders' deficiency. INGLE & ASSOCIATES: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Ingle & Associates LLC f/d/b/a Ingle & Co., P.C. f/d/b/a Hanover Tax and Accounting, LLC 40 Washington St., Ste. 105 Wellesley Hills, MA 02481 Business Description: Ingle & Associates LLC provides accounting, tax, and financial consulting services to businesses, non-profits, condominium associations, and individuals, operating from offices in Wellesley, Shrewsbury, and Hanover, Massachusetts. The firm, founded in 1983 by Bob Ingle, is managed by two partners and a team of approximately 15 staff members. Chapter 11 Petition Date: November 13, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-12458 Debtor's Counsel: Kate E Nicholson, Esq. NICHOLSON DEVINE LLC P.O. Box 7 Medway, MA 02053 Tel: (857) 600-0508 E-mail: kate@nicholsondevine.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Robert C. Ingle as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5VT3SSY/Ingle__Associates_LLC__mabke-25-12458__0001.0.pdf?mcid=tGE4TAMA INSIGHT PHOTONIC: Amends Unsecured Claims Pay Details ----------------------------------------------------- Insight Photonic Solutions, Inc. and Insight Lidar, Inc. submitted a Modified Disclosure Statement for First Amended Joint Plan of Reorganization dated November 7, 2025. In 2021, Debtors engaged the New York office Houlihan-Lokey, a global investment bank, and their related intellectual property group (now known as Tech and IP Capital, LLC), to assist with the processes necessary to identify candidates for an asset or equity sale. The Debtors also worked with another very large investment bank as part of their merger and acquisition efforts. Debtors' M&A advisors contacted at least thirty different candidate entities, including automobile manufacturers, automobile tier-2 supplier companies, LiDAR SPAC companies, and other industrial technology companies. Although there was significant initial interest from the various parties, Debtors' efforts were unsuccessful and did not result in a sale transaction. This activity was in the background of a substantial delay in the implementation of autonomous vehicles and next-generation passenger car safety systems by the industry as a result of diversion onto disruptive ramp up of electric vehicles. As evidence of the potential opportunity over the next 1-3 years, the public LiDAR company whose technology is most similar to Debtor's has seen their stock price rise from $2.72 per share roughly 6 months ago to $16.34 recently, representing a roughly $800M market capitalization. While these increases are recent, they point to the early re-awakening of the market for automotive LiDAR. Class 7 consists of CD Unsecured Claims. These are Unsecured Claims of the holders of convertible debentures against Insight Photonic and/or Insight Lidar totaling $16,289,687.00, of which $15,996,868.00 are against Insight Photonic and $292,819.00 are against Insight Lidar. Class 7 is impaired. The convertible feature of the loans constituting these Claims shall be cancelled and extinguished. The holders of Allowed Claims in this Class will be paid pro rata, together with the Allowed Claims in Class 8 (General Unsecured Claims), in Cash or in kind, upon the sooner to occur of a Liquidity Event or December 20, 2028, after payment in full of all Administrative Claims, Priority Tax Claims, and Claims in Classes 1, 2, 3 (including the Multiplier portion of these Claims), 4 (to the extent these Claim are not avoided), 5 and 6. Class 8 consist of all Unsecured Claims against either Debtor except for CD Unsecured Claims, and include Claims arising from the rejection of executory contracts and/or unexpired leases, Deficiency Claims (the portion of a Claim that exceeds the value of the holder of the Claim's interest in property subject to a Lien), and any allegedly secured but unperfected Claims that are not otherwise dealt with in the Plan. General Unsecured Claims against Insight Photonic are $26,627,670.32, and Insight Lidar $656,307.00 for a total of $27,283,977.32. This Class includes a Claim filed by Carl Zeiss Meditec, Inc. against Insight Photonic in the amount of $19.5 million (POC #14) arising out of the litigation. Debtors believe this Claim is widely overstated and intend to have this Claim estimated prior to voting on the Plan. If this Claim amount is not included in the total amount of Claims in Class 8, that number is $7,127,670.32. Class 8 is impaired. Unless otherwise agreed, the holders of Allowed Claims in this Class will be paid pro rata, together with the Allowed Claims in Class 7 (CD Unsecured Claims), in Cash or in kind, upon the sooner to occur of a Liquidity Event or December 20, 2028, after payment in full of all Administrative Claims, Priority Tax Claims, and Claims in Classes 1, 2, 3 (including the Multiplier portion of these Claims), 4 (to the extent these Claim are not avoided), 5 and 6. Upon the Effective Date, the Chapter 11 Cases shall be consolidated into the case of Consolidated Insight as a single consolidated case. All property of the estates of each Debtor shall become property of the estate of Consolidated Insight, and all Claims against each Debtor shall become Claims against Consolidated Insight. All intercompany Claims of any Debtor against another Debtor shall be cancelled, and all guarantees by any Debtor in favor of any other Debtor shall be eliminated. The ultimate purpose of the Plan is to create as much value as reasonably feasible for the stakeholders through one or more Liquidity Events. PostConfirmation, management shall, while continuing business operations, seek out and follow-up on possible opportunities for the sale of the assets/businesses. If Consolidated Insight's revenues are sufficient during 2026 or later, the Oversight Board, in consultation with management, may hire a financial advisor to assess marketability and/or market the assets of Consolidated Insight. Further, the Oversight Board may veto a proposed Liquidity Event. A full-text copy of the Modified Disclosure Statement dated November 7, 2025 is available at https://urlcurt.com/u?l=j6ruTv from PacerMonitor.com at no charge. Counsel for the Debtors: J. Brian Fletcher, Esq. Alice A. White, Esq. Onsager | Fletcher | Johnson | Palmer LLC 600 17th Street, Suite 425 North Denver, CO 80202 Telephone: (720) 457-7059 Email: jbfletcher@OFJlaw.com About Insight Photonic Solutions Insight Photonic Solutions, Inc., in Broomfield, CO, filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 24-13141) on June 6, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. Michael Minneman as chief executive officer, signed the petition. Judge Michael E. Romero oversees the case. ONSAGER | FLETCHER | JOHNSON | PALMER LLC serves as the Debtor's legal counsel. INTEGRAL LEAPS: Employs Ure Law Firm as General Bankruptcy Counsel ------------------------------------------------------------------ Integral Leaps Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to employ Thomas B. Ure of Ure Law Firm to serve as general bankruptcy counsel in its Chapter 11 case. Mr. Ure will provide these services: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code and Bankruptcy Rules relating to the administration of this case and the operation of the Debtor's estate as a debtor in possession; (b) represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; (c) assist in compliance with the requirements of the Office of the United States trustee; (d) provide the Debtor legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; (e) assist the Debtor in the administration of the estate's assets and liabilities; (f) prepare necessary applications, answers, motions, orders, reports, and other legal documents on behalf of the Debtor; (g) assist in the collection of all accounts receivable and other claims that the Debtor may have and resolve claims against the Debtor's estate; (h) provide advice concerning the claims of secured and unsecured creditors, prosecution and/or defense of all actions; and (i) prepare, negotiate, prosecute, and attain confirmation of a plan of reorganization. Mr. Ure will receive compensation at hourly rates of $495 for attorney services, $295 for associates, $195 for paralegals, and $95 for law clerks. He received a $10,000 retainer, with $4,995 remaining unexhausted, to be held in trust pending court approval of fees and costs. Ure Law Firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Thomas B. Ure, Esq. Ure Law Firm 8280 Florence Avenue, Suite 200 Downey, CA 90240 Telephone: (213) 202-6070 Facsimile: (213) 202-6075 E-mail: tom@urelawfirm.com About Integral Leaps Inc. Integral Leaps Inc. is a real estate company. Integral Leaps Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17207) on October 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by Thomas B. Ure, Esq., of Ure Law Firm. INTEGRAL LEAPS: Seeks to Employ Berkshire Hathaway as Broker ------------------------------------------------------------ Integral Leaps Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to employ Vanessa H. Payne with Berkshire Hathaway Home Services as a real estate broker in its Chapter 11 case. Ms. Payne will real estate brokerage services with respect to the property located at 643 E. 47th Street, Los Angeles, CA 90011. Ms. Payne seeks compensation consisting of a 2.5% commission of the sales price. According to court filings, Berkshire Hathaway Home Services and Ms. Payne are "disinterested persons" within the meaning of Section 101 of the Bankruptcy Code. The firm can be reached at: Vanessa H. Payne BERKSHIRE HATHAWAY HOME SERVICES 35799 Capri Dr. Winchester, CA 92596 Telephone: (949) 836-2558 E-mail: TEAMVANESSA2015@GMAIL.COM About Integral Leaps Inc. Integral Leaps Inc. is a real estate company. Integral Leaps Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17207) on October 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by Thomas B. Ure, Esq., of Ure Law. INTERNATIONAL TOWER HILL: Financial Woes Raise Going Concern Doubt ------------------------------------------------------------------ International Tower Hill Mines Ltd. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended September 30, 2025, that there is substantial doubt about its ability to continue as a going concern. The Company had a net loss of $732,303 for the three months ended September 30, 2025, compared to a net loss of $667,302 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company had a net loss of $3,326,457 for the nine months ended September 30, 2025, compared to a net loss of $2,644,525 for the nine months ended September 30, 2024. The Company has no revenue generating operations from which it can internally generate funds. To date, the Company has predominantly financed its ongoing operations through the sale of its equity securities by way of public offerings and private placements and the subsequent exercise of share purchase and broker warrants and options issued in connection with such private placements. As at September 30, 2025, the Company had cash and cash equivalents of $2,277,809 compared to $992,487 at December 31, 2024. The increase of approximately $1.3 million resulted mainly from net financing activities of $3.8 million, partially offset by operating activities of $2.3 million and negative foreign exchange impact of $0.2 million. Financing activities during the nine months ended September 30, 2025 consisted of the Private Placement pursuant to which the Company issued 8,192,031 common shares to existing major shareholders to raise gross proceeds of approximately $3.9 million. Financing activities during the nine months ended September 30, 2024 consisted of a private placement that closed in January 2024 pursuant to which the Company issued 3,807,911 common shares to existing major shareholders to raise gross proceeds of approximately $2.5 million. The Company had no cash flows from investing activities during the nine months ended September 30, 2025 and September 30, 2024. As at September 30, 2025, the Company had working capital of $2,176,414 compared to working capital of $959,703 at December 31, 2024. The Company expects that it will operate at a loss for the foreseeable future but believes the current cash and cash equivalents will be sufficient to cover the anticipated 2025 work plan at the Livengood Gold Project. Additional financing will be required to satisfy its currently anticipated general and administrative costs through at least the next 12 months. The Company will require significant additional financing to continue its operations (including general and administrative expenses) in connection with advancing activities at the Livengood Gold Project and the development of any mine that may be built at the Livengood Gold Project. There can be no assurance that the Company will be able to obtain the additional financing required on acceptable terms, if at all. In addition, any significant delays in the issuance of required permits for the ongoing work at the Livengood Gold Project, or unexpected results in connection with the ongoing work, could result in the Company being required to raise additional funds to advance permitting efforts. The Company's review of its financing options includes considering a future strategic alliance to assist in further development, permitting and future construction costs, although there can be no assurance that any such strategic alliance will, in fact, be pursued or realized. Despite the Company's success to date in raising significant equity financing to fund its operations, there is significant uncertainty that the Company will be able to secure any additional financing in the current or future equity markets. The amount of funds to be raised and the terms of any proposed equity financing that may be undertaken will be negotiated by management as opportunities to raise funds arise. Specific plans related to the use of proceeds will be devised once financing has been completed and management knows what funds will be available for these purposes. As at November 6, 2025, management believes that the Company will need to secure additional financing in order to have sufficient financial resources to maintain its operations for the next twelve months. As a result, there is substantial doubt about its ability to continue as a going concern. Other than cash held by its subsidiaries for their immediate operating needs in the United States, all of the Company's cash reserves are on deposit with a major Canadian chartered bank. The Company does not believe that the credit, liquidity or market risks with respect thereto have increased as a result of current market conditions. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/478x2kpt About International Tower Hill Mines International Tower Hill Mines Ltd. consists of ITH and its wholly-owned subsidiaries Tower Hill Mines, Inc. (an Alaska corporation), Tower Hill Mines (US) LLC (a Colorado limited liability company), and Livengood Placers, Inc. (a Nevada corporation). The Company is in the business of acquiring, exploring and evaluating mineral properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. As of September 30, 2025, the Company had $57,859,441 in total assets, $300,438 in total liabilities, and $57,559,003 in total stockholders' equity. JASS LLC: Mark Dennis of SL Biggs Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 19 appointed Mark Dennis, a certified public accountant at SL Biggs, as Subchapter V trustee for Jass LLC. Mr. Dennis will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dennis declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark D. Dennis, CPA SL Biggs, A Division of SingerLewak, LLP 2000 S. Colorado Blvd., Tower 2, Ste. 200 Denver, CO 80222 Phone: 303-226-5471 Email: mdennis@slbiggs.com About Jass LLC Jass LLC operates a gas station and convenience store at the leased premises located at 3851 Highway 119, Longmont, Colorado. Jass sought filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No.25-17392) on November 11, 2025. In its petition, the Debtor reported assets between $100,001 and $500,000 and liabilities between $1 million and $10 million. Judge Kimberley H. Tyson oversees the case. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. JJTA11 REAL: Gets Extension to Access Cash Collateral ----------------------------------------------------- JJTA11 Real Properties, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. At the November 14 hearing, the court authorized the Debtor's interim use of cash collateral through November 25. The Debtor was initially authorized to use cash collateral under the court's November 5 interim order to pay U.S. Trustee fees, budgeted expenses (plus up to 10% per line item), and additional amounts subject to approval by senior secured creditor Wilmington Trust, N.A. The Debtor projects total operational expenses of $11,449.73 for November; $14,878.64 for December; and $4,929.96 for the period from January 1 to 9. The November 5 order granted Wilmington Trust and other secured creditors automatically perfected post-petition replacement liens, with the same validity and priority as their pre-bankruptcy liens. Wilmington Trust serves as trustee for registered holders of J.P. Morgan Chase Commercial Mortgage Securities Corp., Multifamily Mortgage Pass-Through Certificates, Series 2021-SB89. About JJTA11 Real Properties LLC JJTA11 Real Properties, LLC is a single asset real estate company based in Jacksonville, Fla. JJTA11 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03677) on October 10, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Jacob A. Brown handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq., at BransonLaw, PLLC. JVL COMPANY: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: JVL Company Corp. 13 Market St. Palmyra, NJ 08065 Business Description: JVL Company Corp. is a construction contractor based in Palmyra, New Jersey, specializing in rough framing and structural building work for residential and commercial projects across New Jersey, Pennsylvania, and Delaware. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-22024 Debtor's Counsel: Ellen M. McDowell, Esq. MCDOWELL LAW, PC 46 West Main St. Maple Shade, NJ 08052 Tel: 856-482-5544 Fax: 856-482-5511 E-mail: emcdowell@mcdowelllegal.com Total Assets: $349,701 Total Liabilities: $1,123,487 The petition was signed by Chrystien Santos as authorized representative of the Debtor. 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/BE6IMSQ/JVL_Company_Corp__njbke-25-22024__0001.0.pdf?mcid=tGE4TAMA KLEOPATRA FINCO: Gets Interim OK to Continue $5B Factoring Program ------------------------------------------------------------------ Kleopatra Finco S.à r.l. and its affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to continue their long-standing accounts receivable factoring program. In its interim order, the court said that maintaining the Factoring Program is critical to preserve liquidity and business continuity, as terminating it would create a $280 million shortfall. The court recognized the receivables transfers as "true sales," releases pre-petition claims against financial institutions, Coface Finanz GmbH and Factofrance, and upholds their rights to setoff and payment priority. The court authorized the Debtors to continue using pledged accounts and issue payments related to both pre-petition and post-petition obligations. It deemed the arrangements negotiated in good faith, consistent with U.S.C. sections 363 and 364, and essential for stabilizing operations during reorganization. The Debtors on November 5 requested that the court enter both interim and final orders allowing certain affiliates to maintain factoring arrangements with Coface and Factofrance. These arrangements involve the sale of accounts receivable and related rights in exchange for immediate cash, providing critical liquidity. The Factoring Program involves 14 separate agreements with 13 debtor and non-debtor affiliates, each with either Coface or Factofrance, or both. Coface's aggregate factoring limit is approximately $350 million, and Factofrance's is $93 million. On average, Klöckner processes $280 million in receivables through the program at any time. Once receivables are sold, Coface and Factofrance advance the purchase price, which equals the invoice's face value minus a factoring fee and a purchase price reserve held to cover potential nonpayment. Coface and Factofrance assume the risk of nonpayment, confirming the transactions are true sales, not secured loans. The proceeds are deposited into pledged accounts maintained by the participants but controlled by Coface and Factofrance, ensuring their security. Payments from customers for both purchased and non-purchased receivables flow into these accounts. Non-purchased receivables serve as additional collateral for obligations under the factoring arrangements. The Debtors, part of the Klöckner group, generate receivables from global steel and metal distribution operations. Since 2009, Klöckner and its affiliates have used factoring to convert receivables into immediate liquidity. Between January 2022 and June 2025, they factored over $5 billion in receivables, demonstrating the program's central role in financing operations. The Debtors argued that without the Factoring Program, they would experience an immediate liquidity crisis of approximately $280 million, requiring equivalent additional debtor-in-possession financing at much higher cost. The program's termination would severely disrupt operations, limit working capital, and harm stakeholders. By contrast, continuing the program preserves cash flow, reduces collection risk, and maintains operational stability. The Debtors argued that granting limited receivables liens and superpriority claims, only if any sales are recharacterized as loans, is crucial to the continued cooperation of Coface and Factofrance and, therefore, to the success of the Debtors' restructuring. A copy of the motion is available at https://urlcurt.com/u?l=at2dk7 from PacerMonitor.com. A copy of the order is available at https://urlcurt.com/u?l=ZagTfv from PacerMonitor.com. About Kleopatra Finco and Klockner Klockner is a global manufacturer of packaging for companies all around the world. Klockner's trays and films are used to preserve meats, cheese, fish, and other perishable products in grocery stores. Its clear plastic shell packaging is used to protect individually packaged pills. Klockner's durable films are used in the manufacturing of credit cards, and Klockner's labels are on everything from laundry detergent containers to craft beer cans to spice containers. Kleopatra Finco S.a r.l., is a private limited company incorporated under the laws of Luxembourg. Finco is the financing arm of Klockner. Kleopatra Finco S.a r.l. and 24 affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90642) on Nov. 4, 2025, before the Hon. Christopher M. Lopez. The Debtors listed $1 billion to $10 billion in estimated assets and liabilities. The debtors sought Chapter 11 protection after entering into a Restructuring Support Agreement with an ad hoc group of lenders. A Chapter 11 plan was filed together with the petition. Kirkland & Ellis LLP serves as counsel to the Debtors. Porter Hedges LLP serves as local counsel. PJT Partners is the investment banker and Alvarez & Marsal is the restructuring advisor. Stretto, Inc. is the claims and noticing agent and Ernst & Young LLP is the tax advisor. Coface Finanz Gmbh is represented by: Jennifer Joyce Kellner, Esq. Mayer Brown LLP 1221 Avenue of the Americas New York, NY 10020 Tel: (212)506-2500 jkellner@mayerbrown.com FactoFrance is represented by: Robert E. Richards Dentons US LLP 233 S. Wacker Drive, Suite 5900 Chicago. Illinois 60606-6404 Telephone: (312) 876-8000 robert.richards@dentons.com KOSMOS ENERGY: Moody's Cuts CFR to Caa2, Outlook Negative --------------------------------------------------------- Moody's Ratings downgraded Kosmos Energy Ltd.'s (Kosmos Energy) Corporate Family Rating to Caa2 from B3, Probability of Default Rating to Caa2-PD from B3-PD and senior unsecured notes to Caa3 from Caa1. The speculative grade liquidity rating was changed to SGL-4 from SGL-3. The outlook remains negative. "The downgrade of Kosmos Energy's ratings reflect its lower than expected production in Ghana and large capital needs to restore production levels, in a context of limited financial flexibility," said Giancarlo Rubio, Moody's Ratings Vice President. "While the company has been able to address near term maturities, financial leverage remains high and that will be difficult to improve with continued weakness in oil prices." RATINGS RATIONALE Kosmos Energy's Caa2 CFR reflects its high debt levels that point to an unsustainable capital structure, weak liquidity and negative free cash flow generation. While the company benefits from a relatively large and diverse asset base and adequate margins for its oil production, Kosmos Energy and its partners will need to fund and successfully execute on its drilling plans to boost production levels in Ghana. The company's operating cash flow has been negatively impacted by a combination of lower oil prices, declines in production in its Ghana field and weak economics for its Greater Tortue Ahmeyim (GTA) project. The company's production in Ghana declined significantly from around 44 kboed in 1Q24 to 31 kboed in 3Q25 driven by a drilling hiatus of 12 months and the scheduled shutdown of the Jubilee FPSO (Floating Production Storage and Offloading) vessel for maintenance and operational issues. Kosmos expects to bring online 5 new producing wells in the Jubilee field before 2026 end; while this plan can help to recover production levels, it requires sizeable capital expenditures. The elevated leverage of Kosmos' partner operator in Ghana, Tullow Oil plc (Caa2 negative), adds execution risk to the drilling program. Kosmos Energy's senior unsecured notes are rated Caa3, one notch below the Caa2 CFR, given their unsecured claim on the company's assets, and their structurally subordinated position to the secured $1.35 billion RBL facility and to a $250 million loan from Shell Trading, which is secured by its assets in the Gulf of America. The company's liquidity is considered weak, as indicated by its SGL-4 rating. The company's operating liquidity is supported by $225 million of availability under its reserve based committed reserve based lending (RBL) facility and a committed $100 million Delayed Draw Loan, which is part of loan from Shell Trading. The latter will be used to repay the outstanding balance of the 2026 notes. The $1.35 billion RBL facility matures in 2029 and has a 18-month springing maturity to the company's 2028 senior unsecured notes in Fall 2026. In 2Q25 the company obtained a waiver to amend the RBL leverage covenant through September 2026. The headroom for this covenant is tight, creating the potential need to seek further waivers once the suspension ends. The outlook remains negative given the execution risks related to Kosmos' plans to increase production and refinancing risks related to its approaching debt maturities in 2027 and 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Kosmos Energy's ratings could be downgraded if the company's risk of default rises further due to continued operational issues, inability to improve liquidity or Moody's views on recovery for its rated debts decline. The rating on the senior unsecured notes may also be downgraded if the company further increases the share of senior secured debt in its capital structure relative to the senior notes outstanding. An upgrade of Kosmos Energy's ratings will require significant debt reduction to reach a sustainable capital structure, supported by sustained positive free cash flow generation and an improvement in liquidity and refinancing risk profile. Kosmos Energy Ltd. is a Dallas, Texas based publicly traded exploration and production company with the main producing assets offshore West Africa, as well as assets in the US Gulf of America. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. KPOWER GLOBAL: Court Okays Bid to Establish Insider Salaries ------------------------------------------------------------ Judge Jennie D. Latta of the United States Bankruptcy Court for the Western District of Tennessee granted KPower Global Logistics LLC's Motion to Establish and/or Limit Insider Salaries and Compensation. The Debtor and the United States Trustee announced to the Court that an interim resolution had been reached after negotiations. The Court is of the opinion that the interim resolution should be approved. The Debtor is authorized to pay the normal weekly compensation to all of the insiders who have been receiving compensation for the October 31, 2025, through and including the November 21, 2025, pay periods. Mike Kattawar, Jr. is to receive no compensation until further order of the Court. A copy of the Court's Order dated November 10, 2025, is available at https://urlcurt.com/u?l=OAjb6u from PacerMonitor.com. About KPower Global Logistics KPower Global Logistics LLC provides third-party logistics services specializing in customized supply chain solutions across the United States. The Company offers staffing, warehousing, bulk storage, consulting, packaging, and special project services for distribution centers and manufacturing operations. KPower Global Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22294) on May 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Judge Jennie D. Latta handles the case. The Debtor is represented by the Law Offices of Craig M. Geno, PLLC. Craig M. Geno, PLLC/Law Offices of Geno and Steiskal, PLLC and Payne Law Firm were later relieved as counsel in light of the appointment of C. Jerome Teel, Jr. as Chapter 11 Trustee. LAS VEGAS ECONOMIC: Seeks Chapter 7 Bankruptcy in Nevada -------------------------------------------------------- On November 7, 2025, Las Vegas Economic Impact Regional Center LLC submitted a voluntary Chapter 7 bankruptcy petition in the District of Nevada. The filing indicates that the business has $0–$100,000 in assets and an equivalent amount in liabilities. The company stated that it has 200–999 creditors in the case. About Las Vegas Economic Impact Regional Center LLC Las Vegas Economic Impact Regional Center LLC is a limited liability company. Las Vegas Economic Impact Regional Center LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-16770) on November 7, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 each. Honorable Bankruptcy Judge August B. Landis handles the case. The Debtor is represented by Matthew C. Zirzow, Esq. of LARSON AND ZIRZOW, LLC. LIFESCAN GLOBAL: Seeks to Extend Plan Exclusivity to Jan. 12, 2026 ------------------------------------------------------------------ LifeScan Global Corporation, and affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 12, 2026 and March 13, 2026, respectively. The Debtors explain that these chapter 11 cases are extremely complex, and the size of their capital structure means they must navigate a number of complex issues to implement the Plan. There is no question that the Debtors' capital structure, which as of the Petition Date consisted of approximately $1.35 billion in liabilities, is large and complex, and the Debtors have obligations to a tremendous number of stakeholders across the globe. Thus, the size and complexity of these chapter 11 cases alone provides sufficient cause for the Court to extend the Exclusivity Periods. The Debtors claim that extending the Exclusivity Periods benefits all parties in interest by preventing the drain on time and resources that inevitably occurs when multiple parties with potentially diverging interests vie for the consideration of their own respective plans. All stakeholders benefit from continued stability and predictability that a central process provides, which can only occur while the Debtors remain the sole plan proponents. Moreover, even if the Court approves an extension of the Exclusivity Periods, nothing prevents parties in interest from later arguing to the Court that cause supports termination of the Debtors' exclusivity should cause arise. Accordingly, an extension of the Exclusivity Periods is in the best interest of the Debtors' estates, their creditors, and all other parties in interest. The Debtors cite that after engaging in lengthy discussions, certain of their unsecured creditors who did not initially support the Plan have entered into the GUC Settlement and the PBM Settlement and withdrawn their objections to the Plan. Thus, the Debtors are not seeking an extension of the Exclusivity Periods as a negotiation tactic, to artificially delay the conclusion of these chapter 11 cases, or to hold creditors hostage to an unsatisfactory plan proposal. Accordingly, the Debtors are not seeking an extension of the Exclusivity Periods to pressure their creditors or other parties in interest, but to provide sufficient time out of an abundance of caution for the Debtors to implement the transactions contemplated in the Plan and emerge from chapter 11 without the disruption and distraction created by competing plan proposals. Co-Counsel to the Debtors: John F. Higgins, Esq. M. Shane Johnson, Esq. Megan Young-John, Esq. James A. Keefe, Esq. Grecia V. Sarda, Esq. PORTER HEDGES LLP 1000 Main St., 36th Floor Houston, Texas 77002 Tel: (713) 226-6000 Fax: (713) 226-6248 Email: jhiggins@porterhedges.com sjohnson@porterhedges.com myoung-john@porterhedges.com jkeefe@porterhedges.com gsarda@porterhedges.com Co-Counsel to the Debtors: Dennis F. Dunne, Esq. Samuel Khalil, Esq. Jaimie Fedell, Esq. MILBANK LLP 55 Hudson Yards New York, New York 10001 Tel: (212) 530-5000 Fax: (212) 530-5219 Email: ddunne@milbank.com skhalil@milbank.com jfedell@milbank.com and Andrew M. Leblanc, Esq. Melanie Yanez, Esq. MILBANK LLP 1850 K Street, NW Suite 1100 Washington DC 20006 Tel: (202) 835-7500 Fax: (202) 263-7586 Email: aleblanc@milbank.com myanez@milbank.com About LifeScan Global Corporation LifeScan delivers personalized health, wellness, and digital solutions to individuals living with diabetes. Since 1981, LifeScan has advanced glucose care and diabetes management with pioneering technologies and new products, and is actively engaged in designing, developing, manufacturing, and marketing devices, software, and applications. Its comprehensive portfolio of diabetes-related products and services includes blood glucose monitoring devices, blood glucose test strips, lancing devices, and digital applications. LifeScan Global Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90259) on July 15, 2025. As of the Petition Date, the Debtors have approximately $786 million assets and approximately $1.7 billion in liabilities. Judge Alfredo R Perez presides over the case. Porter Hedges LLP is the Debtor's legal counsel, Milbank LLP is co-counsel, and PJT Partners LP is the investment banker. LLFLEX LLC: Capital Southwest Marks $10.2MM 1L Loan at 25% Off -------------------------------------------------------------- Capital Southwest Corporation has marked its $10,201,000 loan extended to LLFLEX LLC to market at $7,651,000 or 75% of the outstanding amount, according to Capital Southwest's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Loan to LLFLEX LLC. The loan accrues interest at a rate of 12.44% per annum. The loan matures on August 14, 2026. Capital Southwest is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. The company has elected to be regulated as a business development company under the 1940 Act. The company focuses on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Its core business is to target senior debt investments and equity investments in lower middle market companies. Capital Southwest is led by Michael S. Sarner as President and Chief Executive Officer and Chris T. Rehberger as Chief Financial Officer, Treasurer and Secretary. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100 Dallas, TX 75225 Tel. No.: (214) 238-5700 About LLFLEX LLC LLFlex is a leader in wire & cable, construction and tobacco materials solutions, particularly aluminum, steel, paperboard and film industrial laminates. LMD HOLDINGS: Seeks to Extend Plan Exclusivity to February 12, 2026 ------------------------------------------------------------------- LMD Holdings, LLC asked the U.S. Bankruptcy Court for the Eastern District of Michigan to extend its exclusivity periods to file a combined disclosure statement and plan to February 12, 2026. The Debtor explains that extending the time for the company to be able to file its chapter 11 plan and extend exclusivity and the deadlines under Section 362(d)(3) is warranted due to, inter alia, the complexity of the issues involved, including the presence of multiple construction lien claimants and a checkerboard of the Debtor's real estate where different entities have priority as to different parcels that Debtor owns. In addition, it appears that there are approximately $33,000,000 in claims against the Debtor, including various secured lenders and construction lien claims, some of which have recourse as to third parties. The sale or liquidation process will need to be coordinated as to Holdings and Distillery to maximize value for all stakeholders, and this coordination requires time to structure properly. The Debtor claims that the requested extension will provide the company with crucial additional time to: a. embark on a consensual liquidating plan or Section 363 sale process; b. coordinate with the Distillery to develop a comprehensive liquidation strategy that maximizes value; c. reach agreement with secured lenders on adequate protection or other arrangements that would obviate the need for stay relief litigation; and d. draft and file a confirmable plan that has the support of major stakeholders. The Debtor submits that the requested extension is in the best interests of the estate and all creditors, as it will enhance the prospects for a consensual resolution that avoids costly litigation and maximizes recoveries through a coordinated liquidation process. The Debtor asserts that it is not seeking this extension for purposes of delay, but rather to facilitate a value-maximizing resolution of this case. The additional 90 days requested represents a reasonable period to embark upon the liquidation process and determine whether further extensions are needed and the length of those extensions. The Debtor further asserts that Distillery and the company will commence making adequate protection or lease payments to Farm Credit Leasing Services Corporation and Farm Credit Mid-America by December 5, 2025, pursuant to the proposed Budget that will be attached to the Postpetition Financing Motion filed in both the Holdings and the Distillery case. Extending the Section 362(d)(3) of the Bankruptcy Code deadline, to the extent applicable, will not materially prejudice any party. LMD Holdings LLC is represented by: Robert N. Bassel, Esq. P.O. Box T Clinton, MI 49236 Telephone: (248) 835-7683 Email: bbassel@gmail.com About LMD Holdings, LLC LMD Holdings LLC operates Luca Mariano Distillery, a beverage manufacturer located at 128 Letton Drive in Danville, Kentucky. LMD Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-47214) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million to $10 million each. Honorable Bankruptcy Judge Paul R. Hage handles the case. The Debtor is represented by Robert Bassel, Esq. at ROBERT N. BASSEL. LOGIX HOLDING: Capital Southwest Marks $2.3MM 1L Loan at 25% Off ---------------------------------------------------------------- Capital Southwest Corporation has marked its $2,323,000 loan extended to Logix Holding Company LLC to market at $1,858,000 or 75% of the outstanding amount, according to Capital Southwest's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Loan to Logix Holding Company LLC. The loan accrues interest at a rate of 11.83% per annum. The loan matures on December 31, 2028. Capital Southwest is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. The company has elected to be regulated as a business development company under the 1940 Act. The company focuses on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Its core business is to target senior debt investments and equity investments in lower middle market companies. Capital Southwest is led by Michael S. Sarner as President and Chief Executive Officer and Chris T. Rehberger as Chief Financial Officer, Treasurer and Secretary. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100 Dallas, Texas 75225 Tel. No.: ((214) 238-5700 About Logix Holding Company LLC Logix Holding Company, LLC operates as a holding company. The Company, through its subsidiaries, provides wireline telecom services. LOOK CINEMAS: Unsecured Creditors Will Get 100% over 36 Months -------------------------------------------------------------- LOOK Cinemas II, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement for the Plan of Reorganization dated November 10, 2025. The Debtor operates three dine-in movie theaters (the "Theaters") near the Hollywood epicenter of the movie industry, in Los Angeles County and San Bernardino County, California. The Theaters do business under the names "LOOK Cinemas" and "LOOK Dine-In Cinemas." The COVID-19 pandemic was a transformative period for the entire movie industry, including exhibitioners. The pandemic led to several notable national theater chains filing for bankruptcy due, in large part, to the sudden and significant decrease in attendance. The Debtor's business operations began their journey in 2021, anticipating to rise with the depressed industry; however, the return to normalcy in the movie industry has been slow. Other key events including a writers strike and an actors strike slowed the progression. Ultimately, Debtor's landlord, Spirit, sought eviction of Debtor from the Theaters for alleged failure to pay rent, through the filing of three separate unlawful detainer actions. The Debtor filed bankruptcy to preserve its ongoing business operations and seek a reorganized path forward. The Plan converts the obligations owed to the Lenders into the New Equity Interests of the Reorganized Debtor and restructures the obligations to Debtor's landlord, Spirit, among others. The Plan eliminates the existing secured indebtedness against Debtor's assets but does not contemplate any reduction in the total amount of indebtedness owed to Spirit. In general, the Plan provides a comprehensive proposal to restructure the debt obligations of the Debtor by assumption and cure of the Master Lease Agreement, conversion of the secured Claims, and provision of repayment terms for the Debtor's other liabilities. In furtherance of these objectives, the Plan provides for New Equity Interest in the Reorganized Debtor to be issued to the Lenders, as such entity as they may designate under the Plan, in return for release of the Debtor's liability under the Loan Agreement. The Reorganized Debtor would continue to operate the Theaters and pay Allowed Claims from the ordinary cashflow of its operations. In sum, the Plan provides Holders of Claims a clear path to repayment from the Reorganized Debtor. Class 4 consists of General Unsecured Claims. Payment in full, including interest at the Plan Rate from the Petition Date through the Plan Effective Date, over thirty-six equal monthly installments with interest on such Allowed General Unsecured Claims after the Plan Effective Date at the Plan Rate. This Class will receive a distribution of 100% of their allowed claims. This Class is impaired. Class 5 consists of Unsecured Insider Claims. Payment in full, including interest at the Plan Rate from the Petition Date through the Plan Effective Date, on the first Business Day of the first month that is not less than forty-eight months after the Plan Effective Date with interest on such Allowed Unsecured Insider Claims after the Plan Effective Date at the Plan Rate. This Class will receive a distribution of 100% of their allowed claims. This Class is impaired. On the Plan Effective Date, all Interest in the Debtor shall be canceled, discharged, released, and extinguished in full as of the Plan Effective Date. To fund all required Plan Payments, the Reorganized Debtor shall make use of a combination of: (i) the Plan Payment, to be funded by the Plan Funder on or before the Plan Effective Date; and (ii) its business income. A full-text copy of the Disclosure Statement dated November 10, 2025 is available at https://urlcurt.com/u?l=aCzHp0 from PacerMonitor.com at no charge. About LOOK Cinemas II LOOK Cinemas II, LLC operates in the motion picture and video industries. LOOK Cinemas II sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33696) on November 14, 2024, with $1 million to $10 million in both assets and liabilities. Brian E. Schultz, chief executive officer of LOOK Cinemas II, signed the petition. Judge Michelle V. Larson handles the case. The Debtor is represented by: Frank Wright, Esq. Law Offices of Frank J. Wright, PLLC 1800 Valley View Lane 250 Farmers Branch TX 75234 Tel: 214-238-4153 Email: frank@fjwright.law LUCA MARIANO: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Luca Mariano Distillery, LLC d/b/a Luca Mariano Distillery 128 Letton Dr Danville, KY 40422 Business Description: Luca Mariano Distillery, based in Danville, Kentucky, produces Kentucky Straight Bourbon and Rye Whiskey. The Company sources its own grains, ages its spirits in charred new oak barrels, and operates on a historic farm site. Luca Mariano Distillery has requested that its Chapter 11 case be jointly administered with the lead case of LMD Holdings, LLC (Bankr. E.D. Mich. Case No. 25-47214), which was filed on July 17, 2025. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 25-51472 Judge: Hon. Mark A Randon Debtor's Bankruptcy Counsel: Charles D. Bullock, Esq. STEVENSON & BULLOCK, P.L.C 26100 American Drive, Suite 500 Southfield, MI 48034 Tel: (248) 354-7906 Fax: (248) 354-7907 Email: cbullock@sbplclaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Francesco S. Viola II as member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/22KLEEI/Luca_Mariano_Distillery_LLC__miebke-25-51472__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. AT&T $12,638 208 S, Akard Street Dallas, TX 75202 Kelsey Matuska Email: km213n@att.com Phone: (877) 222-9556x3624027 2. Brooks Grain $7,655 5130 Port Road Jeffersonville, IN 47130 Erica Fields Email: Erica.Fields@BrooksGrain.com Phone: (812) 280-6668 3. Caverndale Farms, Inc. $3,793 1921 Bluegrass Pike Danville, KY 40422 Email: bwelty@kywimax.com 4. Cintas Fire Protection $3,348 P.O. Box 636525 Cincinnati, OH 45263 Email: neuerr@cintas.com 5. Emerson $3,725 1100 W Louis Henna Blvd Building 1 Round Rock, TX 78681 Email: Lynnette.barrett@emerson.com 6. FCX Performance Inc. $8,662 7601 Innovation Way Mason, OH 45040 Parris Crowder Email: pcrowder@fcxperformance.com Phone: (614) 324-6050x1151 7. Ferm Solutions, Inc. $11,169 445 Roy Arnold Blvd. Danville, KY 40422 Patrick Carrier Email: patrick.carrier@ferm-Solutions.com Phone: (202) 978-3376 8. Flowdesign, Inc. $3,000 200 North Center Street Northville, MI 48167 Email: dan@flow-design.com 9. Hall Environmental $11,310 Consultants, LLC 1376 Danville Loop 1 Road Nicholasville, KY 40356 Randy Shelley Email: rshelley@hallenvironmental.net Phone: (859) 470-1038 10. HSI $4,003 PO Box 809321 Chicago, IL 60680 Email: customercare@hsi.com 11. Kentuckiana Comfort Center $10,661 PO Box 99369 Lousville, KY 40269 Steve Evans Email: sevans@kycomfort.com Phone: (502) 491-9880 12. Malteurop Malting Company $16,228 6737 W. Washington St., Suite 4204 Milwaukee, WI 53214 Christopher Seitz Email: Christopher.seitz@malteurop.com Phone: (414) 671-1166 13. ML Advisory, LLC $38,500 2265 Broadway, Unit 2 San Francisco, CA 94115 Marc Levit Email: marc@marclevitadvisory.com Phone: (818) 825-1263 14. Morris Workshop $2,625 Architects, PLLC 151 N Eagle Creek Dr. Ste 105 Lexington, KY 40509 Email: bmorris@morrisworkshop.com 15. National Water Trade Debt $34,000 Services, LLC 524 NE 3rd St Paoli, IN 47454 Shawn B. Fisher Email: sfisher@national-water.com Phone: (812) 723-2108 16. Pro Refrigeration, Inc. $6,148 PO Box 1528 Auburn, WA 98071 Email: Stacir@prorefrigeration.com 17. Share Corporation $2,786 PO Box 245013 Milwaukee, WI 53224 Email: maria.dixon@sharecorp.com 18. Stoermer-Anderson, Inc $4,335 P.O. Box 706135 Cincinnati, OH 45270 Email: tsd@stoermer-anderson.com 19. Sunbelt Rentals, Inc. $12,840 PO Box 409211 Atlanta , GA 30384 Adam Green Email: a.green@tuckeralbin.com Phone: (877) 455-4572x537 20. Young Basile, PC $9,306 3001 West Big Beaver Road Suite 624 Troy, MI 48084 Molly B. Markley Email: Markley@youngbasile.com Phone: (248) 244-0154 LUGANO DIAMONDS: Case Summary & 30 Largest Unsecured Creditors -------------------------------------------------------------- Lead Debtor: Lugano Diamonds & Jewelry Inc. 620 Newport Center Dr., Suite 100 Newport Beach, California 92660 Business Description: Lugano Diamonds & Jewelry Inc., through its subsidiaries, designs, manufactures, and retails high-end jewelry, offering rings, necklaces, earrings, bracelets, and brooches produced through an in-house workshop and a network of specialized vendors. The Company operates boutiques in affluent and destination markets such as Newport Beach, Aspen, Houston, Palm Beach, Chicago, and Ocala, and also sells through equestrian events and pop-up showrooms. Lugano focuses on serving high-net-worth clients who favor exclusive pieces and a relationship-driven purchasing experience. Chapter 11 Petition Date: November 16, 2025 Court: United States Bankruptcy Court District of Delaware Five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Lugano Diamonds & Jewelry Inc. (Lead) 25-12055 Lugano Buyer, Inc. 25-12052 K.L.D. Jewelry, LLC 25-12053 Lugano Prive, LLC 25-12054 Lugano Holding, Inc. 25-12056 Judge: Hon. Brendan Linehan Shannon Debtors' Bankruptcy Counsel: Edmon L. Morton, Esq. Sean M. Beach, Esq. Timothy R. Powell, Esq. Benjamin C. Carver, Esq. YOUNG CONAWAWY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: emorton@ycst.com sbeach@ycst.com tpowell@ycst.com bcarver@ycst.com Debtors' General Bankruptcy Counsel: Tobias S. Keller, Esq. Traci L. Shafroth, Esq. Scott Friedman, Esq. KELLER BENVENUTTI KIM LLP 101 Montgomery Street, Suite 1950 San Francisco, California 94104 Tel: (415) 496-6723 Fax: (650) 636-9251 Email: tkeller@kbkllp.com tshafroth@kbkllp.com sfriedman@kbkllp.com Debtors' Restructuring Advisor: GLASSRATNER ADVISORY & CAPITAL GROUP, LLC Debtors' Investment Banker: ARMORY SECURITIES, LLC Debtors' Claims, Noticing & Administrative Agent: OMNI AGENT SOLUTIONS INC. Estimated Assets: $100 million to $500 million Estimated Liabilities: $500 million to $1 billion The petitions were signed by J. Michael Issa 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/IGE6C7Q/Lugano_Diamonds__Jewelry_Inc__debke-25-12055__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/LSVP4II/Lugano_Buyer_Inc__debke-25-12052__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Champion Force Industrial Ltd Litigation/Trade $56,393,258 Unit 1, 6/F, Hing Wash Ctr, 82-84 Tokwawan Rd, Tokwawan, Kin, Hong Kong Attn: David Patish Phone: Redacted Email: Redacted 2. Customer 5004 Diamond Claimant $20,011,000 Address Redacted Phone: Redacted Email: Redacted 3. Barry Aronoff/Aronoff Capital, Inc Litigation $13,775,706 151 Kalmus Dr, Ste H-10, Costa Mesa, CA 92626 Phone: Redacted Email: Redacted 4. Avina LLC/Global Innovations, LLC Litigation $12,430,000 22704 Ventura Blvd, Ste 218 Woodland Hills, CA 91364 Attn: Redacted Phone: Redacted Email: Redacted 5. NBS Diamonds Inc. Litigation/Trade $10,500,000 dba Scarselli Diamonds 580 5th Ave, Ste 1518, New York, NY 10036 Attn: Davide Scarselli Phone: Redacted 6. Paradise Plaza Associates LLC Forbearance $10,000,000 3841 NE 2nd Ave, Ste 400 Agreement Miami, FL 33137 Attn: Chad Willard Phone: 786-871-4830 Email: chad@dacra.com 7. Kristoffer Winters Litigation $8,550,000 Address Redacted Phone: Redacted Email: Redacted 8. Customer 5010 Diamond Claimant $7,615,336 c/o Theodora Oringher PC Attn: Todd Theodora 535 Anton Blvd, 9th Fl Costa Mesa, CA 92626-7109 Phone: Redacted Email: Redacted 9. Customer 5056 Diamond Claimant $7,554,000 c/o Cokinos & Young Attn: Gregory M. Cokinos 4 Houston Ctr 1221 Lamar, 16th Fl Houston, TX 77010 Phone: Redacted Email: Redacted 10. Customer 5011 Diamond Claimant $6,830,000 Address Redacted Phone: Redacted Email: Redacted 11. Sydney Holdings Ltd Litigation $6,449,126 Anderson Sq 64 Shedden Rd, 4th Fl, P.O. Box 10324 Grand Cayman, KY1-1003 Cayman Islands Emails: katherine.tathum@fivecontinents.ky bcapitummino@woodsoviatt.com 12. Customer 5013 Diamond Claimant $6,089,911 c/o Theodora Oringher PC Attn: Todd Theodora 535 Anton Blvd, 9th Fl, Costa Mesa, CA 92626-7109 Phone: Redacted Email: Redacted 13. Cassandra Hazen & Paul Hazen Litigation $5,202,265 Address Redacted Phone: Redacted Email: Redacted 14. Kaci Kelsay Litigation $4,895,000 Address Redacted Phone: Redacted Email: Redacted 15. Ponte Gadea Chicago, LLC Lease $3,991,585 200 S Biscayne Blvd, Ste 3250 Miami, FL 33131 Attn: Alina R. Toyos Email: alinar@pontegadea.com 16. White Mountain Capital Inc Litigation $3,953,590 3447 High Ridge Rd Boyton Beach, FL 33426 Attn: Redacted Phone: Redacted Email: Redacted 17. Bank of America Credit Card $3,212,178 520 Newport Center Dr, 10th Fl Newport Beach, CA 92660 Attn: Neshan Charshafjian Phone: 949-287-0556 Email: neshan.charshafjian@bofa.com 18. Customer 5019 Diamond Claimant $2,830,000 Address Redacted Phone: Redacted Email: Redacted 19. Customer 5020 Diamond Claimant $2,750,000 c/o Woods Oviatt Gilman Attn: James Pronti, Brian Capitummino 1900 Bausch & Lomb Pl Rochester, NY 14604 Phone: Redacted Email: Redacted 20. Bulley & Andrews LLC Trade $2,501,966 1755 W Armitage Ave Chicago, IL 60622 Attn: Megan Kirn Phone: 773-235-2433 Email: mkirn@bulley.com 21. Customer 5022 Diamond Claimant $2,315,000 Address Redacted Phone: Redacted Email: Redacted 22. Raymond W. Cohen Litigation $2,200,000 Address Redacted Phone: Redacted Email: Redacted 23. Customer 5024 Diamond Claimant $1,862,249 Address Redacted Phone: Redacted Email: Redacted 24. Customer 5025 Diamond Claimant $1,800,000 Address Redacted Phone: Redacted Email: Redacted 25. Customer 5026 Diamond Claimant $1,780,000 Address Redacted Phone: Redacted Email: Redacted 26. Customer 5027 Diamond Claimant $1,680,000 Address Redacted Phone: Redacted Email: Redacted 27. Customer 5028 Diamond Claimant $1,630,000 Address Redacted Phone: Redacted Email: Redacted 28. Arvielo Family Trust Litigation $1,550,000 c/o Buchalter PC, 1000 Wilshire Blvd, Ste 1500 Los Angeles, CA 90017-1730 Phone: Redacted Email: Redacted 29. Customer 5030 Diamond Claimant $1,500,000 Address Redacted Phone: Redacted Email: Redacted 30. Valley Family Trust Litigation $1,500,000 dtd August 2, 2012 Attn: Kent Valley & Virginia Valley, Trustees Address Redacted LUMINAR TECHNOLOGIES: Extends Forbearance Agreements Thru Nov. 24 ----------------------------------------------------------------- Luminar Technologies, Inc. disclosed in a regulatory filing that on November 12, 2025, the Company entered into new forbearance agreements -- Third Forbearance Agreement -- with: 1. a group of holders or beneficial owners of Floating Rate Senior Secured Notes due 2028; and 2. a group of holders or beneficial owners of 9.0% Convertible Second Lien Senior Secured Notes due 2030 -- Series 1 Notes -- and 11.5% Convertible Second Lien Senior Secured Notes due 2030 -- Series 2 Notes. Both groups agreed to extend the Second Forbearance Period with respect to the first lien notes and second lien notes to November 24, 2025, in exchange for certain ongoing reporting obligations and the Company's entry into confidentiality agreements with the Extending Noteholders. All other material terms of the Initial Forbearance Agreements remain unchanged. GLAS Trust Company LLC, serves as Trustee and Collateral Agent under the First Lien Indenture, dated as of August 8, 2024, and the Second Lien Indenture, dated as of August 8, 2024. The Company, its advisors and the advisors to the Extending Noteholders continue to negotiate longer-term forbearance agreements with respect to the defaults under the indentures, and although there can be no assurances an agreement will be reached, the Company expects to enter into longer-term forbearance agreements prior to the termination of the Third Forbearance Period. As previously reported on Report on Form 8-K filed with Securities and Exchange Commission on October 31, 2025, Luminar entered into forbearance agreements, effective as of October 30, 2025, with an ad hoc group of holders of the Company's Floating Rate Senior Secured Notes due 2028 and 9.0% Convertible Second Lien Senior Secured Notes due 2030 and 11.5% Convertible Second Lien Senior Secured Notes due 2030, as applicable, beneficially owning, collectively, approximately 94.5% of the 1L Notes and approximately 89% of the 2L Notes. Pursuant to each Initial Forbearance Agreement, subject to the terms and conditions set forth therein and described in the October 31 Form 8-K, the Forbearing Noteholders agreed to forbear from exercising any of their rights and remedies under the applicable indentures governing the 1L Notes and 2L Notes and applicable law through November 6, 2025, as a result of any Events of Default arising from the Company's failure to make the October 15 Interest Payments. On November 6, 2025, the Company and certain of the Forbearing Noteholders, which Extending Holders beneficially own, collectively, approximately 91.3% of the 1L Notes and approximately 85.8% of the 2L Notes, entered into new forbearance agreements, effective as of November 6, 2025, in connection with which the Extending Noteholders agreed to extend the Initial Forbearance Period with respect to the 1L Notes and 2L Notes through November 12, 2025, in exchange for agreeing to pay the fees of advisors to the Forbearing Noteholders and continued good-faith negotiations related to certain other fees and expenses payable to the Extending Noteholders in connection with future forbearance agreements. About Luminar Luminar -- https://www.luminartech.com/ -- is a global technology company advancing safety, security and autonomy across automotive, commercial, and defense sectors. Its proprietary LiDAR hardware, software, semiconductor and photonics technologies have been developed in-house to meet the demanding performance and scalability requirements of applications spanning passenger vehicles, trucking, logistics, industrial, security, and more. With series production underway and commercial traction across industries, Luminar is uniquely positioned to deliver the next generation of advanced, mission-critical LiDAR and photonics solutions. As of June 30, 2025, the Company had $265.49 million in total assets, $513.46 million in total liabilities, and $272.18 million in total stockholders' deficit. The Company is exploring a number of potential strategic alternatives with respect to the Company, including the sale of all or part of the Company's business or assets, raising additional capital or restructuring its existing capital structure. Specifically, the Company has engaged Weil, Gotshal & Manges LLP, as legal advisers, Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC, as financial advisors, to assist the Company in analyzing and evaluating potential strategic alternatives and initiatives to improve liquidity. GLAS Trust Company LLC, serves as Trustee and Collateral Agent under the First Lien Indenture and Second Lien Indenture. Ropes & Gray, LLP, serves as legal advisors and Ducera Partners LLC, as investment banker for the ad hoc group of holders of the Company's Floating Rate Senior Secured Notes due 2028 and 9% Convertible Second Lien Senior Secured Notes due 2030 and 11.5% Convertible Second Lien Senior Secured Notes due 2030, as applicable, beneficially owning, collectively, approximately 94.5% of the 1L Notes and approximately 89% of the 2L Notes. LUTHERAN HOME: Plan Exclusivity Period Extended to April 30, 2026 ----------------------------------------------------------------- Judge Michael Slade of the U.S. Bankruptcy Court for the Northern District of Illinois extended Lutheran Home and Services for the Aged, Inc. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 30, 2026 and May 31, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that their operations and debt structure are complicated and both must be addressed in coordination with interested parties for the Debtors to reach a successful conclusion of these cases as has been evident at the various hearings in these Chapter 11 Cases, and as discussed in the First Day Declaration. In short, these Chapter 11 Cases are large and complex. This complexity alone warrants granting the Debtors' request to extend the Exclusivity Periods. The Debtors believe that the Restructuring Transaction pursuant to a plan of reorganization will maximize the value of the Debtors' estates, provide the Debtors' creditors with the highest possible recovery, be in best interests of the Residents and all other creditors, and facilitate a successful resolution to these Chapter 11 Cases. As such, an extension of the Exclusivity Periods will allow the Debtors to continue their efforts to finalize plan documents as contemplated in the Plan Support Agreement and to proceed with the contemplated schedule for filing a plan and soliciting votes thereon. Additionally, the extension will protect against unforeseen delays in the process or the termination of the Plan Support Agreement, which would require the Debtors to revert to a sale process. Accordingly, the Debtors believe it is necessary and appropriate to extend the Exclusivity Periods as requested herein. Counsel to the Debtors: Stephen D. Lerner, Esq. SQUIRE PATTON BOGGS (US) LLP 201 E. Fourth St., Suite 1900 Cincinnati, OH 45202 Tel: (513) 361-1200 Fax: (513) 361-1201 Email: stephen.lerner@squirepb.com - and - Jeffrey R. Rothleder, Esq. 2550 M Street, NW Washington, DC 20037 Tel: (202) 457-6000 Fax: (202) 457-6315 Email: jeffrey.rothleder@squirepb.com - and - Maura P. McIntyre, Esq. 1000 Key Tower 127 Public Square Cleveland, OH 44114 Tel: (216) 479-8715 Fax: (216) 479-8780 Email: maura.mcintyre@squirepb.com -and- David A. Agay, Esq. Marc Carmel, Esq. Nicholas M. Miller, Esq. Maria G. Carr, Esq. Ashley Jericho, Esq. MCDONALD HOPKINS LLC 300 North LaSalle Street, Suite 1400 Chicago, Illinois 60654 Tel: (312) 280-0111 Email: dagay@mcdonaldhopkins.com mcarmel@mcdonaldhopkins.com nmiller@mcdonaldhopkins.com mcarr@mcdonaldhopkins.com ajericho@mcdonaldhopkins.com About Lutheran Home and Services for the Aged Lutheran Home and Services for the Aged, Inc., is a non-profit, mission-driven community offering a range of services including assisted living, memory care, skilled nursing, and short-term rehabilitation, along with extensive outpatient rehabilitation therapy. Lutheran Home and its affiliates filed Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 25-01705). At the time of the filing, Lutheran Home reported between $100 million and $500 million in both assets and liabilities. The Debtors tapped Squire Patton Boggs (US), LLP as bankruptcy counsel; McDonald Hopkins, LLC as Illinois counsel; and one point Partners, LLC as financial advisor. Stretto is the claims, noticing, solicitation, balloting, and tabulation agent. M&H ENTERPRISES: Case Summary & Two Unsecured Creditors ------------------------------------------------------- Debtor: M&H Enterprises LLC and the Estate of Manijeh Vedadi 8229 Washington Boulevard Jessup, MD 20794 Business Description: M&H Enterprises LLC and the Estate of Manijeh Vedadi are associated with real estate holdings in Maryland, owning a commercial rental property at 8229 Washington Boulevard in Jessup, comprising nine structures with seven occupied units, one vacant unit, and one garage. The Estate of Manijeh Vedadi holds additional residential properties in Silver Spring and North Potomac, including 523 Copley Lane, 15500 Quince Orchard, and 9921 Washington Boulevard, some of which are used as collateral for the Jessup property, and others classified as inherited property. Combined, the assets under the LLC and estate are valued at approximately $3 million. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-20625 Debtor's Counsel: Rowena N. Nelson, Esq. LAW OFFICE OF ROWENA N. NELSON, LLC 1801 McCormick Drive Suite 150 Upper Marlboro, MD 20774 Tel: 301-358-3271 Fax: 877-728-7744 Email: information@rnnlawmd.com Total Assets: $3,034,200 Total Liabilities: $665,000 The petition was signed by Khosro Vedadi as personal representative. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R7VD45A/MH_ENTERPRISES_LLC_AND_THE_ESTATE__mdbke-25-20625__0001.0.pdf?mcid=tGE4TAMA MASS POWER: Court Extends Cash Collateral Access to Dec. 11 ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts issued a proceeding memorandum and order extending Mass Power Solutions, LLC's authority to use cash collateral. The order authorized the Debtor to use cash collateral through December 11 to pay up to $500 each to a technician and a licensed electrician, as well as for necessary insurance payments. The Debtor is not allowed to use funds for any other purposes without further court approval. The next hearing is scheduled for December 11. About Mass Power Solutions LLC Mass Power Solutions, LLC is an electrical contracting company specializing in renewable energy solutions, including solar project design, installation, and management, serving both residential and commercial clients. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-40234) on March 5, 2025. In the petition signed by Ryan Lane, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Elizabeth D. Katz oversees the case. John O. Desmond, Esq., represents the Debtor as legal counsel. MCPHILLIPS FLYING: Unsecured Creditors to Split $18K over 3 Years ----------------------------------------------------------------- McPhillips Flying Service, Inc. d/b/a Island Airways filed with the U.S. Bankruptcy Court for the Western District of Michigan a Plan of Reorganization under Subchapter V dated November 7, 2025. McPhillips provides freight and passenger flight services to Beaver Island and Charlevoix. The Debtor is owned by Paul Welke. The President, Secretary, and managing officer of the Debtor is Angela LeFevre-Welke. The Debtor's headquarters are at 111 Airport Drive, Charlevoix, MI 49720. The Debtor leases this location from the City of Charlevoix, and it includes a hangar, freight room, and office space. The Debtor also leases the property at 36155 East Side Drive, Beaver Island MI 49782 from Paul Welke and Angela LeFevre Welke (collectively "Welkes"). This is the address of the main maintenance facility for the Debtor and is one of several addresses that when combined form the entirety of Welke Airport (6Y8 – airport identifier). On April 28, 2022, Robert T. Kendall III and Robert T. Kendall IV, individually and as Co-Personal Representatives of the Estate of Adam Wolford Kendall, Deceased, filed a lawsuit against McPhillips in the 33rd Circuit Court for the County of Charlevoix. The lawsuit arises from an airplane accident that occurred on November 13, 2021, near Welke Airport on Beaver Island. Of the five occupants, four perished including the pilot and three passengers. The Plaintiffs filed the lawsuit alleging negligence against Island Airways. This chapter 11 proceeding was ultimately filed as a direct result. Class 3 consists of Kendall Unsecured Claims. Class 3 claims include any and all claims of Robert J. Kendall III, and Robert T. Kendall IV, Individually and as Co-Personal Representatives of the Estate of Adam Wolford Kendall, Deceased, and Lee Ann Kendall ("Kendall"). For the purposes of this Plan, the Debtor will treat the Kendall Claims 8, 9, 10, and 11 as collectively holding a $10,000,000 general unsecured claim.5 Debtor shall pay the Kendall Unsecured Creditors at a uniform pro-rata distribution in the total shared amount of $18,000.00 to be paid with Class 4 General Unsecured Claims. Payments will be made in the same manner, and from the same funds, as set forth in Section 4.1.4 of this Plan. Nothing in this Plan shall be deemed an admission of liability to Kendall. However, regarding Claim 5 (the Kendall Qui Tam Claim), because the federal government has now intervened in the pending Qui Tam matter, the Debtor will not pay any amounts on Claim 5 to the extent it seeks payment for damages related to the Qui Tam matter. All payments owed by the Debtor pursuant to the Qui Tam action will be paid directly to the SBA pursuant to the SBA Settlement Agreement. Any amounts claimed under Claim 5 regarding Qui Tam action attorney fees will be subject to further negotiation. Class 4 consists of General Unsecured Claims. At the time of filing its bankruptcy petition, Debtor estimates that claims in this class, not including any claims marked as disputed, contingent, or unliquidated, total approximately $88,217.55. The Debtor shall pay the General Unsecured Creditors at a uniform prorata distribution in the total amount of $18,000.00 to be paid as follows: An initial payment of $500.00 to be paid within 30 days of the Effective Date, followed by monthly payments of $500.00, which shall be paid on or before the first month following the Effective Date, and following on the first of each month thereafter or until the balance is paid. This treatment satisfies the requirement that the Debtor pay all its projected disposable income for the three-year period beginning on the date the first payment is due under the Plan. Class 5 consists of all allowed interests in the Debtor and consists of the equity interest of Paul Welke. All interests in the Debtor shall be retained. Class 5 interests are unimpaired and are conclusively deemed to have accepted this plan. Therefore, Class 5 interests are not entitled to vote. Payments required under the Plan will be made from Debtor's net cash provided through operations. A full-text copy of the Plan of Reorganization dated November 7, 2025 is available at https://urlcurt.com/u?l=emBul3 from PacerMonitor.com at no charge. Counsel to the Debtor: Keller & Almassian, PLC A. Todd Almassian, Esq. Greg J. Ekdahl, Esq. Sarah L. LaSata, Esq. 230 East Fulton Street Grand Rapids, MI 49503 Telephone: (616) 364-2100 E-mail: ecf@kalawgr.com About McPhillips Flying Service Inc. McPhillips Flying Service, Inc., doing business as Welke Aviation and operating as Island Airways, provides regional air transportation services. Based in Charlevoix, Michigan, the company offers passenger and cargo flights connecting mainland Michigan to Beaver Island and surrounding areas. McPhillips Flying Service filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-02011) on July 15, 2025. In its petition, the Debtor reported total assets of $2,335,506 and total liabilities of $2,483,706. Honorable Bankruptcy Judge James W. Boyd handles the case. A. Todd Almassian, Esq., at Keller & Almassian, PLC is the Debtor's legal counsel. Charlevoix State Bank, as secured creditor, is represented by: Susan Jill Rice, Esq. 412 S. Union Street Traverse City, MI 49684 Phone: (231) 346-5405 Fax: (231) 941-9679 jrice@nmichlaw.com MERCURY ACQUISITION: Capital Southwest Marks $11M Loan at 16% Off ----------------------------------------------------------------- Capital Southwest Corporation has marked its $11,0858,000 loan extended to Mercury Acquisition 2021 LLC to market at $1,858,000 or 84% of the outstanding amount, according to Capital Southwest's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Loan to Mercury Acquisition 2021 LLC. The loan accrues interest at a rate of 12.55% per annum. The loan matures on December 7, 2026. Capital Southwest is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. The company has elected to be regulated as a business development company under the 1940 Act. The company focuses on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Its core business is to target senior debt investments and equity investments in lower middle market companies. Capital Southwest is led by Michael S. Sarner as President and Chief Executive Officer and Chris T. Rehberger as Chief Financial Officer, Treasurer and Secretary. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100 Dallas, TX 75225 Tel. No.: (214) 238-5700 About Mercury Acquisition 2021 LLC Mercury Acquisition 2021, LLC, doing business as Tele-Town Hall, provides telecommunications equipment. MORE THAN PLUMBING: Taps Schafer and Weiner as Legal Counsel ------------------------------------------------------------ More Than Plumbing, LLC filed an application from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Schafer and Weiner, PLLC as bankruptcy counsel. The firm will represent and assist the Debtor and Debtor-in-Possession as its legal counsel in all facets of its Chapter 11 proceeding. The hourly rates for the firm's professionals are: Daniel J. Weiner $645 Howard M. Borin $490 Joseph K. Grekin $490 John J. Stockdale, Jr. $475 Kim K. Hillary $425 Jeffery J. Sattler $390 Leon N. Mayer $360 Brandi M. Blasses $335 Law Clerk $180 Legal Assistant $180 Michael E. Baum (Of Counsel) $705 As disclosed in the court filings, the firm's members, partners and associates were disinterested prior to retention, have had no connection with the Debtor, creditors, or other parties in interest, and are not employed by any person holding an adverse interest. The firm can be reached through: SCHAFER AND WEINER, PLLC 40950 Woodward Avenue, Suite 100 Bloomfield Hills, MI 48304 Telephone: (248) 540-3340 E-mail: khillary@schaferandweiner.com About More Than Plumbing, LLC More Than Plumbing, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-51252) on November 5, 2025. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1,000,001 to $10 million. Judge Mark A. Randon oversees the case. Schafer and Weiner, PLLC is Debtor's legal counsel. NEED SPACE: Court Lifts Bankruptcy Stay in Simmons Bank Case ------------------------------------------------------------ Chief Judge Sheryl H. Lipman of the United States District Court for the Western District of Tennessee lifted the bankruptcy stay in the case captioned as SIMMONS BANK, Plaintiff, v. WESTBRANCH, LLC; NEED SPACE WESTBRANCH, LLC; NEED SPACE MANAGEMENT, LLC; and MARION U. THREATT, Individually, Defendants, Case No. 2:25-cv-02818-SHL-tmp (W.D. Tenn.). This matter was stayed on September 26, 2025, after Defendants Westbranch, LLC, Need Space Westbranch, LLC, and Need Space Management, LLC, each filed petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Mississippi. On October 24, 2025, Plaintiff Simmons Bank filed a Notice of Termination of the Automatic Stay. The hearing on Simmons' Expedited Motion and Incorporated Memorandum of Law Seeking (I) the Appointment of Receiver, (II) Injunctive Relief, (III) to Set Bond, and (IV) to Set Hearing, will proceed as scheduled at 3:00 p.m. November 13, 2025, in Courtroom 1. A copy of the Court's Order dated November 7, 2025, is available at https://urlcurt.com/u?l=tExzO9 * * * The Nov. 13 hearing was ultimately cancelled. A status conference has been set before Judge Lipman for Dec. 15, 2025 at 12:15 P.M. in Courtroom No. 1, 11th floor of the Federal Building, Memphis, Tennessee. About Need Space Westbranch LLC Need Space Westbranch, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13181) on September 25, 2025. In the petition signed by Marion Threatt, member, the Debtor disclosed up to $10 million in both assets and liabilities. John Keith Perry, Jr., Esq., at Perry Griffin OC, represents the Debtor as legal counsel. Simons Bank, as lender, is represented by: R. Campbell Hillyer, Esq Butler Snow, LLP 6075 Poplar Avenue, Suite 500 Memphis, TN 38119 Tel: (901) 680-7326 Email: cam.hillyer@butlersnow.com NEW AGE FLOORING: Claims to be Paid from Disposable Income ---------------------------------------------------------- New Age Flooring, LLC and M. Brandon Williams filed with the U.S. Bankruptcy Court for the Middle District of Tennessee a Joint Plan of Reorganization dated November 7, 2025. Founded and operated by Michael Brandon Williams, New Age specializes in the sale and installation of luxury vinyl plank flooring for residential and commercial customers across Middle Tennessee. Mr. Williams is the sole member and manager of New Age. In addition to his ownership of the Company, he personally owns a portfolio of thirteen rental properties in Tennessee and Florida. The properties are subject to mortgage obligations and generate modest income. Two Florida properties (2936 Ormond Avenue in Panama City and 517 Rosier Road in Brandon) are leased to Oxford House, Inc., a national nonprofit that provides sober-living housing. While these leases ensure consistent occupancy, the rental income is modest, and the properties have been burdened by significant repair costs, sharply rising insurance premiums, and increased property taxes. These pressures, compounded by limited liquidity and the escalating repayment demands of merchant cash advance lenders, placed severe strain on Mr. Williams's personal finances and his ability to support the business. The resulting financial squeeze ultimately contributed to his decision to seek reorganization relief both personally and for the Company. Through this Subchapter V process, New Age intends to stabilize operations, restructure secured and unsecured obligations and continue serving its customers. The Debtors propose this Plan to preserve the business, protect the interests of legitimate creditors, and ensures that lenders who used exploitative and unconscionable MCA structures are treated according to equitable principles and subordinated as appropriate under Bankruptcy Code Section 510(c). Class 21 consists Allowed General Unsecured Claims of New Age Flooring, LLC. Each Holder shall be paid its Pro Rata portion of Disposable Income in annual Distributions during the Commitment Period. This Class is impaired. Class 22 consists of Allowed General Unsecured Claims of Michael Brandon Williams. Each Holder shall be paid its Pro Rata portion of Disposable Income in annual Distributions during the Commitment Period. This Class is impaired. Class 24 consists of all equity and ownership interests in and of the Debtors. Except for any property to be sold, abandoned, or otherwise relinquished under the Plan, Interests in and ownership of the Debtors shall remain unaltered. Debtor Michael Brandon Williams shall continue to own and operate his flooring business in the ordinary course following the Effective Date. The flooring business is projected to generate positive net income during the Commitment Period, and such net income, together with the Debtor's personal earnings, will be used to fund the payments required under this Plan. All payments required under this Plan shall be funded from: (i) net income generated by the Business; (ii) disposable income of Debtor Michael Brandon Williams (including salary distributions received from the Business); and (iii) net rents from the rental properties to the extent available. The Debtors anticipate that aggregate projected disposable income during the Commitment Period will be sufficient to satisfy the obligations under this Plan. Commitment Period means the 5-year period contemplated and set forth under Bankruptcy Code section 1191(c). A full-text copy of the Joint Plan dated November 7, 2025 is available at https://urlcurt.com/u?l=bIwk0l from PacerMonitor.com at no charge. Counsel to the Debtors: Robert J. Gonzales, Esq. Hannah L. Berny, Esq. EMERGELAW, PLLC 4235 Hillsboro Pike, Suite 350 Nashville, TN 37215 Tel: (615) 815-1535 Email: robert@emerge.law hannah@emerge.law About New Age Flooring, LLC New Age Flooring, LLC provides residential and commercial remodeling services, specializing in flooring installation, fence construction, painting, and whole-home renovations. New Age Flooring, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04056) on September 26, 2025, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Michael Brandon Williams as president. Judge Charles M Walker presides over the case. Robert J. Gonzales, Esq. at EMERGELAW, PLC represents the Debtor as counsel. NEWAGE INC: Claims Objection Deadline Extended to April 27 ---------------------------------------------------------- Judge Laurie Selber Silverstein of the United States Bankruptcy Court for the District of Delaware granted the motion of the Liquidation Trustee in the bankruptcy case of NewAge Inc. for entry of an order pursuant to section 105(a) of the Bankruptcy Code and Bankruptcy Rule 9006(b)(1) extending the claims objection deadline. The Court finds that the relief requested is in the best interests of the Liquidating Debtors, their estates, and all other parties in interest. The claims objection deadline is extended through and including April 27, 2026. The Order is without prejudice to the rights of the Liquidation Trustee or any other party in interest to seek further extensions of the claims objection deadline. A copy of the Court's Order dated November 12, 2025, is available at https://urlcurt.com/u?l=sNJeab from PacerMonitor.com. About NewAge Inc. NewAge Inc. (Nasdaq: NBEV) -- http://www.NewAgeGroup.com/-- a Utah-based company, commercializes a portfolio of organic and healthy products worldwide primarily through a direct-to-consumer (D2C) route to market distribution system across more than 50 countries. The company competes in three major category platforms including health and wellness, inner and outer beauty, and nutritional performance and weight management. NewAge Inc. and certain of its subsidiaries, Ariix LLC, Morinda Holdings, Inc., and Morinda, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10819) on August 30, 2022. NewAge reported total assets of $310,902,000 against total liabilities of $149,447,000 as of the bankruptcy filing. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Greenberg Traurig, LLP as bankruptcy counsel and SierraConstellation Partners, LLC as financial advisor. Houlihan Lokey Capital, Inc. conducted the pre-bankruptcy marketing process for the Debtors. Stretto is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on Sept. 14, 2022. Cole Schotz P.C. and Dundon Advisers LLC serve as the committee's legal counsel and financial advisor, respectively. On Nov. 30, 2022, the Debtors filed a combined disclosure statement and joint Chapter 11 plan of liquidation. The Plan was confirmed on March 1, 2023. NYC AUTO: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------- NYC Auto Service1 Inc. filed for Chapter 11 protection in the Eastern District of New York on November 13, 2025, in a voluntary petition. According to the filing, the company listed liabilities between $100,001 and $1 million. NYC Auto Service1 Inc. also reported having between 1 and 49 creditors. About NYC Auto Service1 Inc. NYC Auto Service1 Inc. is a single asset real estate company. NYC Auto Service1 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45447) on November 13, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. NYC FASHION: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------- NYC Fashion Revival LLC filed a voluntary Chapter 7 bankruptcy in the Eastern District of New York on November 11, 2025. The company reported liabilities between $1 million and $10 million. According to the filing, NYC FASHION REVIVAL LLC has approximately 1 to 49 creditors. About NYC Fashion Revival LLC NYC Fashion Revival LLC is a limited liability company. NYC Fashion Revival LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.25-45397 on November 11, 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 Elizabeth S. Stong handles the case. The Debtor is represented by Edward Wu, Esq. of EDW Firm, LLC. OM SAI MED: Melissa Haselden Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for Om Sai Med Center, LLC. Ms. Haselden will be paid an hourly fee of $595 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About Om Sai Med Center LLC Om Sai Med Center, LLC, owned by Leena Patel, operates a hotel under the name Fairbridge Inn & Suites at 6712 Morningside Dr., Houston, Texas, providing lodging services in the hospitality industry. Om Sai Med Center sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-36622) on November 3, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. OMNICARE LLC: TPG/IAM Files Two New Charges Over Layoffs -------------------------------------------------------- The Pharmacy Guild/IAM (TPG/IAM), a national professional association and union, has filed two new federal charges alleging that CVS Pharmacy and its Omnicare subsidiary have engaged in a pattern of unlawful conduct tied to sudden, sweeping layoffs at its Omnicare Las Vegas long-term care pharmacy. The new Unfair Labor Practice (ULP) charges, which were filed with the National Labor Relations Board (NLRB) come just weeks after CVS Omnicare abruptly announced plans to eliminate more than 15% of its non-managerial pharmacist and pharmacy technician positions at the Sunset Road facility. The cuts followed CVS Health Corporation's early-September decision to eliminate pharmacist and pharmacy technician night shift coverage at the same site. According to TPG/IAM, the cuts are thinly veiled retaliation for pharmacy professionals' organizing for safe patient care and working conditions. The company has publicly posted four pharmacy technician positions with the same qualifications after laying off four pharmacy technicians. CVS executives have stated that the unlawfully laid-off employees may reapply for their jobs through CVS's public job site, but there is no guarantee these qualified employees will be rehired. Pharmacy professionals say these actions potentially risk destabilizing medication access for vulnerable nursing home and hospital patients who depend on Omnicare for time-sensitive and specialty medications. The Guild says the Las Vegas situation reflects a troubling national pattern at CVS of stretching pharmacy teams thin while simultaneously attempting to curtail workers' rights. Dr. Shane Jerominski, PharmD, co-founder of The Pharmacy Guild/IAM emphasized that the company's actions appear designed to avoid accountability rather than address critical staffing shortages and patient care needs. "Across the country, CVS is forcing pharmacy teams to shoulder unmanageable workloads," he said. "In Las Vegas, executives are making reckless decisions that may jeopardize patient care, then attempting to obscure their motives and silence pharmacy professionals. This must end." BACKGROUND INFORMATION ON FEDERAL CHARGES CHARGES RELATED TO NATIONAL REORGANIZATION One of the new federal NLRB charges asserts that CVS Omnicare's leadership denied in writing that any national reorganization was underway, even though management had previously cited a national restructuring effort as the reason the layoffs should not be considered retaliation for union activity. The Guild notes that Omnicare LLC filed for Chapter 11 bankruptcy on September 22, 2025 -- one day before the denial -- strongly indicating that a restructuring was, in fact, underway. According to the filing, this shifting narrative and refusal to provide relevant information to TPG/IAM constitute interference, restraint, and coercion under Section 7 of the NLRA. These actions come when fraudulent behavior, amounting to a nearly 1 billion dollar judgement under the False Claims Act, is the reason for the Chapter 11 Bankruptcy in the first place. "CVS gave stakeholders contradictory explanations, depending on the day," said Dr. Shane Jerominski, PharmD, co-founder of The Pharmacy Guild/IAM. "Front-line pharmacy professionals, CVS creditors, patients and the public deserve transparency and honesty, not corporate doublespeak in the midst of a fraught bankruptcy scheme." On September 16, 2025, Guz, who leads the corporation's Labor Relations Department, had a telephone conversation with representatives of The Pharmacy Guild/IAM. During the course of the conversation, Guz informed TPG/IAM representatives that the company intended to lay off a number of pharmacy professionals at the company's Las Vegas, NV location. When the representatives of The Pharmacy Guild/IAM asserted that the Company's desired layoff plan is a form of retaliation for concerted activity protected under the National Labor Relations Act (NLRA), the executive denied the assertion and insisted that the layoff is part of a national reorganization of Omnicare, LLC. This was a week before Omnicare, LLC's announcement about initiating the Chapter 11 process. Guz subsequently asserted there was no "national reorganization" and that the layoff was unrelated to the bankruptcy, proving the pharmacy professionals' assertion that their layoff was retaliatory. CHARGES RELATED TO BAD-FAITH BARGAINING AND LAYOFFS The second new ULP charge alleges that CVS engaged in bad-faith bargaining over the effects of the layoffs by insisting that the only allowable agreement was a severance package drawn strictly from a CVS corporate policy. CVS management argued that the Omnicare bankruptcy prevented the company from negotiating any additional terms, including non-economic items TPG/IAM is legally entitled to bargain over. The filing also accuses CVS of pressuring laid-off employees to sign agreements and then failing to pay the amounts promised in some of those agreements. "CVS cannot use bankruptcy to avoid all responsibilities to its employees, creditors, and shareholders. They cannot in the same breath say the bankruptcy requires adherence to a fixed agreement, and then refuse to pay employees who have signed that agreement. They cannot say they are negotiating in good faith, and then go around the union to pressure individual employees," Jerominski continued. "These alleged actions represent a new level of bad-faith bargaining and a disregard for the company's debtor responsibilities in the bankruptcy process." Pharmacy professionals inside the Las Vegas facility say they are deeply concerned about how sustained staffing reductions will affect the patients who depend on Omnicare for timely medication review and fulfillment. One pharmacist, who requested anonymity out of fear of retaliation, said the combination of eliminated night shifts and abrupt layoffs could have immediate consequences for vulnerable patients. The employee also reported that General Manager Samirah Furman instructed staff not to inform institutional clients, such as hospitals and long-term care facilities, about the elimination of on-site night coverage, raising serious concerns about transparency and patient safety. "We fill medications for nursing home residents and hospital patients who depend on us," the employee said. "When staffing is slashed this quickly, patient care is at risk." The Pharmacy Guild/IAM is urging community members to support Las Vegas pharmacy professionals and the patients they serve by signing a public petition calling on CVS to invest in safe staffing and stop its anti-worker practices. The Pharmacy Guild/IAM is the premier voice for pharmacy professionals across the United States. Pharmacy professionals are actively organizing with The Pharmacy Guild/IAM in every region of the country, fighting for a voice to be the advocates our patients deserve. We are committed to achieving the highest quality patient care, and ensuring patient care is always placed before corporate profits. The Pharmacy Guild is a project of IAM Healthcare, and affiliated with the International Association of Machinists and Aerospace Workers. Learn more at PharmacyGuild.org About Omnicare, LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. The U.S. Trustee has appointed an official committee of unsecured creditors. JMB Capital Partners, as DIP lender, is represented by: Robert M. Hirsh, Esq. Kristian W. Gluck, Esq. Jamie Copeland, Esq. Norton Rose Fulbright US LLP 1301 Avenue of the Americas New York, NY 10019-6022 E-mail: robert.hirsh@nortonrosefulbright.com kristian.gluck@nortonrosefulbright.com james.copeland@nortonrosefulbright.com OPUS ESCROW: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Opus Escrow Inc. 11440 W. Bernardo Court, Suite 300 San Diego, CA 92127 Business Description: Opus Escrow Inc. provides independent escrow services for real estate transactions, acting as a neutral third party that manages funds and documents for residential, commercial, manufactured home, and other property transfers. The Company handles various transaction types including 1031 exchanges, short sales, probate sales, seller carry-back financing, and real estate owned properties. Opus Escrow Inc. is based in Arroyo Grande, California. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court Southern District of California Case No.: 25-04737 Judge: Hon. Christopher B Latham Debtor's Counsel: Andy Warshaw, Esq. DIMARCO WARSHAW, APLC PO Box 704 San Clemente, CA 92674 Tel: (949) 345-1455 Fax: (949) 417-9412 Email: andy@dimarcowarshaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Albert Meggers as secretary. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UZQNPNY/Opus_Escrow_Inc__casbke-25-04737__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Agile Lending, LLC $250,757 c/o Registered Agents Inc. 8401 Mayland Dr Ste S Henrico, VA 23294 2. Bank of America $70,999 100 N Tryon St Charlotte, NC 28202 3. Blade Funding Corp $437,919 c/o Michael I Bernstein 10800 Biscayne Boulevard, Suite 950 Miami, FL 33180 4. DLP Funding LLC $900,000 c/o New York Secretary of State 101 Lake Shore Drive Monticello, NY 12701 5. DLP Funding LLC $237,557 c/o New York Secretary of State 101 Lake Shore Drive Monticello, NY 12701 6. High Octane Funding LLC $827,778 United States Corporation Agents, Inc. 476 Riverside Avenue Jacksonville, FL 32202 7. High Octane Funding LLC $443,939 United States Corporation Agents, Inc. 476 Riverside Avenue Jacksonville, FL 32202 8. Lendistry SBLC LLC $468,019 c/o The Corporation Trust Company Corporation Trust Center 1209 Orange St. Wilmington, DE 19801 9. Litigation Lending, Inc. Lender $217,500 41775 Elm Street Suite 201 Murrieta, CA 92562 10. Mission Bank $1,650,000 P.O. Box 317 Bakersfield, CA 93302 11. Mission Bank $198,159 P.O. Box 317 Bakersfield, CA 93302 12. NewCo Capital Group LLC $500,000 c/o SPI Agent Solutions, Inc. 3458 Lakeshore Drive Tallahassee, FL 32312 13. RJ Peterson $125,000 8308 New Park Ln. San Diego, CA 92127 14. Rob Talbot $100,000 1301 Dickerson Pike Nashville, TN 37207 15. Rob Talbot $100,000 1301 Dickerson Pike Nashville, TN 37207 16. Ron Blain $732,622 128 N M St. Tulare, CA 93274 17. Sidney Norguard $250,000 188 Valley View Dr. Exeter, CA 93221 18. Transportation $261,455 Alliance Bank Inc. 4185 Harrison Blvd Suite 200 Ogden, UT 84403 19. Webfunder LLC $316,974 c/o Registered Agent Solutions, Inc. 1200 South Pine Island Road Plantation, FL 33324 20. Webfunder LLC $117,542 c/o Registered Agent Solutions, Inc. 1200 South Pine Island Road Plantation, FL 33324 OUT THE GATE: Deadline for Panel Questionnaires Set for Nov. 20 --------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Out The Gate, Inc. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/z52m7w2w and return by email it to Jon Lipshie -- Jon.Lipshie@usdoj.gov –- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Thursday, November 20, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Out The Gate Founded on Feb. 8, 2021, Out The Gate, Inc. is a privately held gaming and entertainment company that offers electronic sports betting services in the United States. It operates licensed sportsbooks in Kentucky, New Jersey, and Ohio, providing wagering platforms under state-regulated gaming frameworks. Out The Gate Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12023) on November 12, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge Karen B Owens handles the case. The Debtor is represented by Marc S. Casarino, Esq., of Kennedys CMK LLP. OUTPATIENT SERVICE: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division issued an interim order authorizing Outpatient Service Providers, LLC to use cash collateral. The interim order authorized the Debtor to use cash collateral to pay the expenses set forth in its budget and those amounts expressly authorized by the court, including payments to the SubChapter V trustee. This authorization will continue until the next hearing scheduled for December 8. The budget projects total operational expenses of $188,267.40 for the period from October 25 to November 24. To protect the interests of lenders, the interim order granted the lenders replacement liens on post-petition cash collateral, maintaining the same validity, extent, and priority as their pre-bankruptcy liens. The order also preserves the rights of the U.S. trustee or any appointed creditors' committee to challenge the validity or extent of such liens and allows for future motions seeking additional protections or restrictions. Outpatient Service Providers has two pre-bankruptcy lenders -- Que Capital, LLC and Gain Servicing, LLC -- that have UCC-1 liens; and four pre-bankruptcy lenders -- the U.S. Small Business Administration ($150,000), TMSL, LLC ($1.6 million), Vystar Credit Union ($100,000) and EPS Financial ($100,000) -- that may have liens on its cash and receivables. Apart from these lenders, the Debtor also has several service providers which it struggles to remain current with, and other unsecured debt which it unable to pay. About Outpatient Service Providers Outpatient Service Providers, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03588) on October 6, 2025, listing between $1 million and $10 million in liabilities. Andrew Layden serves as Subchapter V trustee. Judge Jacob A. Brown presides over the case. PANTHER ENTERPRISES: Seeks Chapter 7 Bankruptcy in New York ----------------------------------------------------------- Panther Enterprises Inc. filed a voluntary Chapter 7 bankruptcy in the Eastern District of New York on November 12, 2025. The petition lists liabilities estimated between $100,001 and $1 million. The company also reports having between 1 and 49 creditors. About Panther Enterprises Inc. Panther Enterprises Inc. is a single asset real estate company. Panther Enterprises Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74375) on November 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Judge Alan S. Trust handles the case. PET HOTELS: Files Amendment to Disclosure Statement --------------------------------------------------- Pet Hotels LLC submitted an Amended Disclosure Statement describing Amended Plan of Reorganization dated November 6, 2025. The Plan Proponent's financial projections show that the Debtor will have projected disposable income after the sale of the Corozal commercial property of $1,960.00. The remaining amount shall stem from the sales of the North Carolina commercial property. The final Plan payment is expected to be paid before 60 months from the filing of the bankruptcy petition, which was June 10, 2025. The Debtor projects that all debts will be paid within 60 months. The Debtor shall place one of the Puerto Rico commercial properties for sale valued at $217,000.00 to allow for the payment of outstanding mortgage payments, in the amount of $130,000.00 as adequate protection, in addition to creating and investment fund for future operations. The Debtor shall sell the North Carolina commercial property and liquidate the remaining secured debt with creditor, Alfie Investors. The sale of the property located in Asheville, North Carolina, will be done within a term of 12 months, by June 12, 2026. The remaining debts shall be paid within the 60-month period from the date of the filing of the petition, statutory liens to be paid in full. This Plan of Reorganization proposes the payment of adequate protection in the amount of $130,000.00 to creditor, Alfie Investors, from the sale of commercial real estate property located in Corozal, Puerto Rico, to pay secured creditor arrears. The Debtor shall liquidate the debt with secured creditor, Alfie Investors, by June 10, 2026. The remaining creditors shall be paid within 60 months from the date of the filing of the bankruptcy petition. There are no non-priority claims. This Plan also provides for the payment of administrative and priority claims. A full-text copy of the Amended Disclosure Statement dated November 6, 2025 is available at https://urlcurt.com/u?l=vMZngO from PacerMonitor.com at no charge. Counsel to the Debtor: Robert Millan, Esq. ROBERT MILLAN Calle San Jose No. 250 San Juan, PR 00901 Tel: (787) 725-0946 Fax: (787) 725-0946 E-mail: rmi3183180@aol.com About Pet Hotels LLC Pet Hotels LLC operates in the area of real estate and investment. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-02627) on June 10, 2025. At the time of filing, the Debtor estimated $1,000,001 to $10 million in both assets and liabilities. Robert Millan, Esq., at Millan Law Offices, serves as the Debtor's bankruptcy counsel. PHILLIPS TOTAL: Seeks to Extend Plan Exclusivity to March 24, 2026 ------------------------------------------------------------------ Phillips Total Care Pharmacy, Inc., asked the U.S. Bankruptcy Court for the Western District of Wisconsin to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 24, 2026 and September 28, 2026, respectively. This is only Debtor's second request for an extension of the exclusive periods and seeks only an additional 120 days. Barring material unforeseen circumstances, Debtor anticipates that this will be the last such request. The Debtor explains that the two most significant chapter 11 plan issues in this case are (a) devoting significant attention to its financial reorganization utilizing professionals in this area, and adjustment in contracts with providers, and (b) preparing for the sale of certain assets in an effort to successfully reorganize. This is important not only to its ability to implement a plan, but to the preparation of projections and a liquidation analysis for a disclosure statement and a plan. The Debtor had also hoped to resolve by settlement or objections certain claims filed by creditors that were significantly higher than expected by Debtor. Debtor requires additional time to assess the claims and file objections or motions to estimate, and to prepare, file, and prosecute such objections or motions. In some cases, unless reduced or disallowed, the claims could be material to the determination of appropriate plan treatment and distributions and therefore need to be addressed in some manner prior to or in conjunction with the proposal of a plan. The Debtor expects to finalize its projected budget, address its various claims and complete negotiations with its creditors, and finalize valuation of sale of assets and additional cost saving methods in time to prepare and propose a plan of and disclosure statement before the end of the extension sought by this Motion. Phillips Total Care Pharmacy Inc. is represented by: Claire Ann Richman, Esq. Michael P. Richman, Esq. Richman & Richman LLC 122 W. Washington Ave., Ste. 850 Madison, WI 53703 Telephone: (608) 889-2322 About Phillips Total Care Pharmacy Phillips Total Care Pharmacy Inc. is a retail pharmacy based in Mauston, Wisconsin. Phillips Total Care Pharmacy Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10699) on March 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Claire Ann Richman, Esq. and Michael P. Richman, Esq. at Richman & Richman LLC. PHYSICAL INVESTMENTS: Seeks Extension of Plan Filing Deadline ------------------------------------------------------------- Physical Investments, Inc. asked the U.S. Bankruptcy Court for the Western District of Virginia to extend its exclusivity periods to file a plan of reorganization and disclosure statement for additional sixty days. The Debtor explains that since the filing of this case, several of its secured creditors have filed motions requesting relief from the stay, which have either been resolved or remain pending with this Court. The Debtor has made proposals to its secured creditors on each of those motions. The Debtor claims that at the time of the filing of this pleading, the creditors have not substantively replied to the company's proposals, and the Debtor anticipates that the hearings scheduled for the motions for relief from stay will be continued beyond their currently scheduled date of November 17, 2025. In addition to negotiating with its secured creditors, the Debtor has been actively engaged with potential outside investors, which the Debtor anticipates will give rise to a substantial capital investment in the Debtor, and give the Debtor an opportunity to work more productively and quickly with its secured and unsecured creditors. The Debtor requests additional time to file its Plan of Reorganization, in order to be able to present a plan that will be attractive and acceptable to its creditors because it is in active negotiations with many of its secured creditors and because the company is in active negotiations with potential investors. Physical Investments Inc. is represented by: Andrew S. Goldstein, Esq. Magee Goldstein Lasky & Sayers, P.C. P.O. Box 404 Roanoke, VA 24003 Telephone: (540) 343-9800 Facsimile: (540) 343-9898 Email: agoldstein@mglspc.com About Physical Investments Inc. Physical Investments Inc. operates as a real estate lessor. Physical Investments Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-70650) on July 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Paul M. Black handles the case. The Debtor is represented by Andrew S. Goldstein, Esq. at MAGEE GOLDSTEIN LASKY & SAYERS, P.C. PRESENTATION MEDIA: Seeks to Tap Lucove Say & Co. as Accountants ---------------------------------------------------------------- Presentation Media, Inc., Debtor-in-Possession, seeks approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to employ Lucove, Say & Co. to serve as certified public accountants in its Chapter 11 case. Lucove, Say & Co. will provide these services: (a) review the Debtor's financial status and determine those accounting and financial changes which are appropriate and necessary; (b) assist the Debtor in determining if post-petition financing is appropriate and, if so, assist the Debtor in obtaining such financing; (c) review the Debtor's financial records and assist counsel in determining what avoidance actions, if any, should be brought against insiders and others for the benefit of the estate; (d) prepare tax returns, handle audits, and take steps necessary to reduce the estate's liabilities; and (e) render other accountancy services for the Debtor for which accounting services may be necessary during the case. Richard Say, C.P.A. will bill at an hourly rate of $300, and Cameron Say, C.P.A. will bill at an hourly rate of $200. Prior to the bankruptcy filing, the Debtor paid Lucove, Say & Co. a $5,000 retainer, of which $1,300 was applied to prepetition services, leaving $3,700 on hand when the case began. The retainer is refundable if charges are less than the amount of the retainer. Lucove, Say & Co. will seek compensation under 11 U.S.C. Sec. 330 and will comply with the U.S. Trustee Guidelines concerning payment of fees and fee statements. According to court filings, Lucove, Say & Co. and its professionals are "disinterested persons" within the meaning of Sections 101(14) and 327 of the Bankruptcy Code and hold no interest adverse to the Debtor, creditors, or the estate. The firm can be reached at: Richard Say, C.P.A. Cameron Say, C.P.A. LUCOVE, SAY & CO. 23901 Calabasas Road, Suite 2085 Calabasas, CA 91302 About Presentation Media Inc. Presentation Media Inc. provides visual presentation solutions and manufacturing services primarily for the aerospace and defense sectors, including clients such as Hughes (now Raytheon), Boeing, Northrop Grumman, and NASA, and has since expanded to newer clients like SpaceX, Tesla, Honda, and Lyft. Operating from its Los Angeles facility, the Company produces large-format graphics, dimensional letters, signs, 3D printing, sculptural art, and trade show or museum exhibits, while offering services including 3D modeling, graphic and interior design, exhibit design, engineering, digital media, and onsite consultation. PMI also works with strategic partners that do not have sufficient production capacity, fulfilling orders on their behalf and maintains its signature "Midnight Express" overnight production service to deliver projects by the start of clients' business days. Presentation Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-17723) on September 2, 2025. In its petition, the Debtor reported total assets of $5,990,852 and total liabilities of $12,204,312. Judge Sheri Bluebond oversees the case. The Debtor is represented by Steven R. Fox, Esq., at The Fox Law Corporation. PRIME CORE: DAR Loses Bid to Dismiss Adversary Complaint -------------------------------------------------------- Judge J. Kate Stickles of the United States Bankruptcy Court for the District of Delaware will deny the motion of Digital Asset Redemption, LLC to dismiss the adversary complaint captioned as PCT LITIGATION TRUST, Plaintiff, v. DIGITAL ASSET REDEMPTION, LLC, Defendant, Adv. Pro. No. 24-50141 (JKS) (Bankr. D. Del.). The Plaintiff PCT Litigation Trust was created, pursuant to the Amended Joint Chapter 11 Plan of Reorganization for Prime Core Technologies Inc. and its Affiliated Debtors, which the Court confirmed on December 21, 2023. The Plan was consummated on January 5, 2024. On the Effective Date, the Trust was established, and the Debtors' Vested Causes of Action (as defined in the Plan) were transferred and assigned to the Trust. The Trust is being administered by the PCT Litigation Trustee, David Dunn. Before the Court is the defendant Digital Asset Redemption, LLC's: (i) Motion to Dismiss' the Complaint filed by PCT Litigation Trust, pursuant to Federal Rule of Civil Procedure 12(b)(7), for failure to join parties under Federal Rule of Civil Procedure 194; and (ii) Motion for Leave to File a Declaration in Support of its Motion to Dismiss, pursuant to Rule 7007-1(b) of the Local Rules of the Bankruptcy Court for the District of Delaware. On October 7, 2024, PCT commenced this adversary proceeding by filing a Complaint, pursuant to 11 U.S.C. Secs. 547 and 550, seeking, among other things, to avoid and recover two transfers, totaling not less than $9,947,500.00 (USD), that the Debtors transferred to DAR during the 90-day period prior to the commencement of the Chapter 11 Cases, plus interest, attorneys' fees, and costs. DAR asserts that the Complaint relates to a series of transactions in June 2024 involving approximately $10 million of funds that included initial and subsequent transfers to parties other than DAR and benefited parties other than DAR that PCT failed to name. DAR denies it received any Transfers from the Debtors but rather acted as an agent and conduit for "Consultant," and Consultant's customer, "Company," in connection with a ransomware attack. DAR maintains that Consultant and Company are required parties pursuant to Rule 19 because they are the actual transferees or beneficiaries of the Transfers. The Trust disagrees. The Trust argues that the transfers were made in cryptocurrency and fiat, and the fiat transfers are the subject of the Complaint. The Trust maintains that Consultant did not specifically instruct DAR to withdraw fiat from Prime to purchase cryptocurrency. Additionally, the Trust maintains that Prime had no relationship, contractual or otherwise, with Company or Consultant. Lastly, the Trust argues that DAR's actions are beyond those of a mere conduit. According to the Court, neither Consultant nor Company possess an interest in the pending litigation that is legally protected. Consequently, DAR has not shown that Company and Consultant are necessary to provide full relief to the Plaintiff. The Court emphasizes that this adversary proceeding is a preference-avoidance action, and only the Debtors, and now the Trustee, may assert avoidance actions. A preference action cannot be asserted by the Defendants against Company and Consultant. As a result, Consultant and Company are not necessary parties to the Trust's action against DAR, the Court concludes. Neither Consultant nor Company have claimed any interest in this adversary proceeding. Nor would a judgment against DAR leave DAR with any risk of incurring multiple or inconsistent obligations. Accordingly, the Court finds neither Consultant nor Company are indispensable parties to this adversary proceeding under Rule 19(a)(1)(B). The Court concludes that neither Consultant nor Company are necessary parties for the Plaintiff to have complete relief, nor are they indispensable. Additionally, the Snyder Declaration does not provide information to change the Court's analysis on the Motion to Dismiss. The Motion for Leave and the Motion to Dismiss will be denied. A copy of the Court's Opinion is available at https://urlcurt.com/u?l=invmbR from PacerMonitor.com. About Prime Core Technologies Inc. Prime Core Technologies, Inc., was founded in 2016 by Scott Purcell as a trust and custodial services company with respect to fiat currency and other more traditional assets, with its primary product being college savings trusts. Following the emergence and exponential growth of the blockchain and cryptocurrency industry, the Company recalibrated its focus away from providing more traditional fiat currency custodial services and towards providing custodial services for cryptocurrency and other digital assets. Eventually, the Company emerged as a market leader, providing a unique bundle of products and services that remain unparalleled in the industry. Prime Core Technologies, Inc., and three of its affiliates sought Chapter 11 bankruptcy protection (Bankr. D.N.J. Lead Case No. 23-11161) on Aug. 16, 2023. The petitions were signed by Jor Law as interim chief executive officer. The Hon. J. Kate Stickle presides over the Debtors' cases. The Debtors listed $50 million to $100 million in estimated assets and $100 million to $500 million estimated liabilities. McDermott Will & Schulte LLP serves as counsel to the Debtors. The Debtors' financial advisor is M3 Advisory Partners, LP; their investment banker is Galaxy Digital Partners LLC; and their claims and noticing agent is Stretto. PRIME CORE: GTH-Trade, Melp Lose Bid to Dismiss Adversary Case -------------------------------------------------------------- Judge J. Kate Stickles of the United States Bankruptcy Court for the District of Delaware denied GIH-Trade Group Kft and Melp Corporation s.a.'s motion to dismiss the adversary complaint captioned as PCT LITIGATION TRUST, Plaintiff, v. GTH-TRADE GROUP KFT and MELP CORPORATION s.a., Defendants, Adv. Pro. No. 24-50236 (JKS) (Bankr. D. Del.). The Plaintiff PCT Litigation Trust was created, pursuant to the Amended Joint Chapter 11 Plan of Reorganization for Prime Core Technologies Inc. and its Affiliated Debtors, which the Court confirmed on December 21, 2023. The Plan was consummated on January 5, 2024. On the Effective Date, the Trust was established, and the Debtors' Vested Causes of Action (as defined in the Plan) were transferred and assigned to the Trust. The Trust is being administered by the PCT Litigation Trustee, David Dunn. On November 21, 2024, PCT commenced this adversary action by filing the Complaint. The Complaint seeks, among other things, to avoid and recover a series of transfers totaling not less than $9,182,533.49 as preferential transfers under sections 547 and 550 of the Bankruptcy Code. GTH is a private trading company specializing in the trade of precious metals for investment purposes, offering clients financial services, including the exchange of cryptocurrencies for fiat via wire transfers. GTH conducted these services using Prime as the on-off ramp provider to process fiat or cryptocurrency funds and hold them until instructed to transfer or convert the funds. GTH asserts it acted effectively as a brokerage account for its clients who were making the buy/sell orders for cryptocurrency or fiat and vice versa. In 2013, GTH began operating its cryptocurrency exchange services through a new name, Melp, and engaged with the Debtors through this new entity in the same manner. In 2022, GTH executed the GTH Order Form so that Prime could provide GTH with payment rails and on-and-off ramp services necessary to assist GTH with its business. In 2023, Melp executed the Melp Order Form to succeed GTH's relationship with Prime. The only patties to these agreements' are Prime and the Defendants. Pursuant to the Agreements, and during the Preference Period, the Defendants transferred $730,550.65 to the Debtors; and the Debtors made outgoing transfers totaling $9,913,104.14 to or on behalf of the Defendants. PCT seeks to avoid the Transfers from Prime to or for the benefit of the Defendants of not less than $9,182,553.49 during the Preference Period.!° PCT asserts that the Defendants directed Prime to make each of the Transfers and that each Transfer was initiated by Jerry Lopez Rodriquez, the Defendants' founder and CEO, who directed the outgoing wires based on the Debtors' Application Program Interface, which identifies the customer's email that initiated each transfer and logs transfer requests information. The Defendants argue that their Clients, who are not identified, are necessary parties to the adversary proceeding and seek to dismiss the Complaint on the basis that PCT failed to join the Clients. PCT argues that the Defendants' Clients are not required parties and that the Court can accord complete relief between the existing parties without naming the Defendants' Clients. It argues that there is no risk of the Defendants incurring double, multiple, or inconsistent obligations. PCT also contends that the contractual agreements between Prime and the Defendants do not reflect a debtor/creditor relationship and denies any contractual relationship between Prime and the Defendants' Clients. As a result, PCT seeks denial of the Motion to Dismiss. According to the Court, the unidentified Clients are purportedly unknown to the Debtors and the Defendants have not alleged any contract or privity between the Debtors and the Defendants' Clients. Complete relief can be afforded without joining the Clients. The Court concludes that the Defendants' Clients are not necessary nor indispensable and, consequently, they need not be joined for the adversary action to continue. The Court emphasizes that Transfers between the Defendants and their Clients, if any, did not arise from the contractual Agreement between Prime and the Defendants. Judge Stickles explains, "The Clients do not possess interests in the pending litigation that is 'legally protected'. Any effect that a decision of the court may have on the absent parties is immaterial. Even the possibility that an already named party might have to defend its rights in a subsequent suit by the party who is claimed to be ‘necessary' does not make that party necessary. Additionally, this adversary proceeding is a preference-avoidance action, and only the Debtors, and now the Trustee, may assert avoidance actions. A preference action cannot be asserted by the Defendants against their Clients." Judge Stickles adds, "The Defendants' Clients have not claimed any interest in this adversary proceeding. Nor would a judgment against the Defendants leave the Defendants with any risk of incurring multiple or inconsistent obligations. Accordingly, the Defendants' Clients are not indispensable." A copy of the Court's Opinion is available at https://urlcurt.com/u?l=91J3Ld from PacerMonitor.com. About Prime Core Technologies Inc. Prime Core Technologies, Inc., was founded in 2016 by Scott Purcell as a trust and custodial services company with respect to fiat currency and other more traditional assets, with its primary product being college savings trusts. Following the emergence and exponential growth of the blockchain and cryptocurrency industry, the Company recalibrated its focus away from providing more traditional fiat currency custodial services and towards providing custodial services for cryptocurrency and other digital assets. Eventually, the Company emerged as a market leader, providing a unique bundle of products and services that remain unparalleled in the industry. Prime Core Technologies, Inc., and three of its affiliates sought Chapter 11 bankruptcy protection (Bankr. D.N.J. Lead Case No. 23-11161) on Aug. 16, 2023. The petitions were signed by Jor Law as interim chief executive officer. The Hon. J. Kate Stickle presides over the Debtors' cases. The Debtors listed $50 million to $100 million in estimated assets and $100 million to $500 million estimated liabilities. McDermott Will & Schulte LLP serves as counsel to the Debtors. The Debtors' financial advisor is M3 Advisory Partners, LP; their investment banker is Galaxy Digital Partners LLC; and their claims and noticing agent is Stretto. PROFESSIONAL DIVERSITY: Shaikh Ali Sultan Al Nuaimi Joins Board --------------------------------------------------------------- Professional Diversity Network, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 5, 2025, the Board of Directors, upon the recommendation of the Company's Nominating and Governance Committee, appointed His Highness Shaikh Ali Sultan Al Nuaimi as a new independent director to fill one of the newly created vacancies, effective immediately. The Board has affirmatively determined that His Highness qualifies as an independent director under the listing standards of The Nasdaq Stock Market LLC. His Highness, age 34, is a distinguished member of the Ajman Royal Family and currently serves as managing director of the Al Nuaimi Group of Companies, a diversified family-owned conglomerate in the United Arab Emirates with business interests in education, hospitality, construction, engineering, real estate, transportation, and sports. His Highness also serves as a director of BOF Acquisition Tech Corporation, a Cayman Islands exempted company. Since 2015, he has overseen the group's strategic direction, investment portfolio, and international expansion, working closely with the Chairman and other senior executives to drive sustainable growth. Prior to this role, Shaikh Ali served as senior manager of government relations and business development at Ajman Bank and as controller at the Ajman Department of Finance. He holds a master of business administration from the Canadian University of Dubai, UAE, and a bachelor of science in finance from Portland State University, Oregon. There is no arrangement or understanding between His Highness and any other person pursuant to which he was selected as a director. There are no family relationships between His Highness and any director or executive officer of the Company. Since the beginning of the Company's last fiscal year, there have been no transactions, and there are no currently proposed transactions, in which the Company was or is to be a participant and in which His Highness or any member of his immediate family had or will have a direct or indirect material interest that would be required to be reported under Item 404(a) of Regulation S-K. In connection with his appointment, on November 5, 2025, His Highness entered into an Independent Director Service Agreement and the Company's standard form of indemnification agreement for its directors. Pursuant to the Company's non-employee director compensation program, as described in the Company's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on May 1, 2025, His Highness will be entitled to receive: (i) a monthly retainer fee of $3,000 and (ii) reimbursement of reasonable expenses documented and incurred by you in connection with the performance of duties Full-text copies of the Director Agreement and the Director and the form Indemnification Agreement are available at https://tinyurl.com/cf8mw3dn and https://tinyurl.com/2sv2nsk3, respectively. Appointment of Chairperson and Members of Committees: On November 5, 2025, the Board also appointed certain independent directors to the Audit Committee and Compensation Committee to fill the recent vacancies of the Audit Committee and the Compensation Committee of the Board as follows, effective immediately: (a) Mr. Hao Zhang as a member of the Audit Committee; (b) Mr. Song Tai as the chairperson of the Compensation Committee; and (c) Ms. Haixia Lu as a member of the Compensation Committee. There is no arrangement or understanding between each of Mr. Zhang, Mr. Tai, and Ms. Lu and any other person pursuant to which he or she was selected as a director. There are no family relationships between each of Mr. Zhang, Mr. Tai, and Ms. Lu and any director or executive officer of the Company. Since the beginning of the Company's last fiscal year, there have been no transactions, and there are no currently proposed transactions, in which the Company was or is to be a participant and in which each of Mr. Zhang, Mr. Tai, and Ms. Lu or any member of his or her immediate family had or will have a direct or indirect material interest that would be required to be reported under Item 404(a) of Regulation S-K. About Professional Diversity Professional Diversity Network, Inc., headquartered in Chicago, Illinois, operates online and in-person professional networks with a focus on diversity, employment, and career development. The Company serves women, ethnic minorities, military professionals, persons with disabilities, LGBTQ+ individuals, and students transitioning into the workforce through its technology platform. It runs three business segments: TalentAlly Network, which provides job-seeking communities and career resources for diverse groups and employers; NAPW Network, a women-only professional networking organization; and RemoteMore, a service connecting global companies with software developers. In its audit report dated March 31, 2025, Sassetti LLC issued a "going concern" qualification citing that the Company has incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company had an accumulated deficit of $103,612,710 at June 30, 2025. During the six months ended June 30, 2025, the Company generated a loss from continuing operations, net of tax, of $1,233,147. During the six months ended June 30, 2025, the Company used cash in continuing operations of 779,651. At June 30, 2025, the Company had a cash balance of $125,081. Total revenues were $3,146,076 and $3,417,302 for the six months ended June 30, 2025 and 2024, respectively. The Company had a working capital deficit from continuing operations of $1,919,261 at June 30, 2025 and a working capital from continuing operations of $270,695 at Dec. 31, 2024. The Company stated it is keeping a close watch on operating expenses and capital needs, noting that management is working to cut costs through staff reductions, renegotiating with certain vendors, and using technology to lessen manual work in routine tasks. It cautioned that if these efforts are not enough, it may have to sell other assets or shut down certain business lines. As of June 30, 2025, the Company reported $7.33 million in total assets, $3.49 million in total liabilities, and $3.84 million in total stockholders' equity. PURDUE PHARMA: Court to Approve Chapter 11 Reorganization Plan -------------------------------------------------------------- The United States Bankruptcy Court for the Southern District of New York indicated on November 14, 2025, that it will approve the Chapter 11 Plan of Reorganization for Purdue Pharma L.P. The Plan, which achieved remarkable consensus with the support of more than 99% of voting creditors, will deliver billions in urgently needed funding for opioid crisis abatement and victim compensation, as well as rescue medicines that will save lives. "Today is a landmark day, representing the culmination of a six-year bankruptcy and mediation process," said Steve Miller, Purdue Board Chairman. "The Plan is the product of intense work with our creditors through a singular, shared focus on delivering as much value as possible to meaningfully address the opioid crisis. We are grateful for the perseverance and herculean efforts of our creditors who worked with us to craft an entirely consensual plan that unlocks billions in recoveries and significant non-monetary benefits." The confirmation hearing involved more than 5,000 pages of testimony from nearly 20 fact and expert witnesses, as well as statements and arguments from more than a dozen individuals affected by the opioid crisis. The Bankruptcy Court ultimately indicated it will rule that the Plan satisfies all applicable requirements under the Bankruptcy Code, and that the settlements are fair, equitable, and in the best interests of the creditors. The Court further recognized that the Plan is consistent with the U.S. Supreme Court's Harrington decision because each creditor can decide whether or not to settle and release any direct claims they hold against the Sacklers. "Today cements the end of a long chapter, and brings us very near to the end of the book for Purdue," said Miller. "Soon, Purdue will cease to exist. Knoa Pharma, a new independent company owned by a foundation, will receive valuable assets and expertise from the old company, and will carry forth as a purpose-driven company with the mission to address the opioid crisis. We will now commence the process of satisfying all outstanding requirements for Purdue to emerge from bankruptcy so that resources from the settlements can flow to communities across America as quickly as possible." Plan Overview: The Plan will deliver billions in value to abate the opioid crisis and compensate individual victims: -- The Plan will deliver approximately $7.4 billion in cash to creditors, with up to an additional $500 million based on the proceeds from the sale of the Sacklers' international pharmaceutical businesses. -- Additional cash recoveries are also expected from insurance and other litigation pursued by the bankruptcy estate. -- Of the total cash recovery, the Sacklers will contribute up to $6.5 - $7 billion, beginning with a $1.5 billion payment on the Plan's effective date. -- Purdue's plan meaningfully compensates individual victims, providing a pool of up to $865 million. -- In addition to providing billions of dollars in cash to creditors, the Plan generates substantial further value by creating a new company with a public-minded mission dedicated to solutions for the opioid crisis. Upon emergence, Purdue will be dissolved, and substantially all of its assets will be transferred to this newly formed company, Knoa Pharma. -- Knoa Pharma will be owned by an independent, newly created foundation. -- It will provide millions of doses of lifesaving opioid use disorder treatments and overdose reversal medicines, with no obligation to maximize profits. To learn more about these public health initiatives, click here. -- Knoa Pharma will be subject to a strict operating injunction with oversight by a monitor to ensure that it provides its medicines in a safe manner that limits the risk of diversion. -- The Sacklers will have no interest in or role with the new company, just as they have had no involvement in Purdue since the end of 2018. The Plan creates a document repository -- larger than the entire tobacco industry repository -- that will make available to the public millions of documents, including privileged documents, related to Purdue's historical sales and marketing practices. Next Steps: Once confirmation of the Plan is secured, Purdue will prepare for its consummation. The Plan and its settlements will deliver the abatement initiative funding and victim compensation that have been the company's goal throughout the bankruptcy process. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the re-imagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals, and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. PURDUE PHARMA: Judge Set to Confirm Chapter 11 Plan --------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that a New York bankruptcy judge announced he would confirm Purdue Pharma's $7.4 billion Chapter 11 plan, and pledged to issue a full bench memorandum next Tuesday outlining his decision. The approval marks a significant milestone in the company's efforts to resolve widespread litigation over its role in the opioid epidemic. In his ruling, the judge will likely analyze key components of the plan, such as how Purdue will meet its payment obligations, the legal releases involved, and the protections afforded to claimants. The formal bench opinion next week will serve as the final green light for the restructuring to proceed, the report states. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the re-imagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals, and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. PURE BIOSCIENCE: Weinberg & Company P.A. Raises Going Concern Doubt ------------------------------------------------------------------- PURE Bioscience, Inc. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended July 31, 2025, that its auditor has expressed substantial doubt about the Company's ability to continue as a going concern. The Company has a history of recurring losses, and as of July 31, 2025, it has a stockholders' deficiency of $5,116,000. During the fiscal year ended July 31, 2025, it recorded a net loss of $2,399,000 on recorded net revenue of $2,202,000. For the fiscal year ended July 31, 2024, the Company recorded a net loss of $3,350,000 on recorded net revenue of $1,963,000. In addition, during the year ended July 31, 2025 the Company used $2,015,000 in operating activities resulting in a cash balance of $334,000 as of July 31, 2025. Los Angeles, California-based Weinberg & Company, P.A., the Company's auditor since 2019, issued a "going concern" qualification in its report dated October 29, 2025, attached to the Company's Annual Report on Form 10-K for the year ended July 31, 2025, citing that the Company has suffered recurring losses from operations and negative cash flows from operating activities, and has a stockholders' deficiency at July 31, 2025. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company's future capital requirements depend on numerous forward-looking factors. These factors may include, but are not limited to, the following: the acceptance of, and demand for, its products; the Company's success and the success of its partners in selling our products; the Company's success and the success of its partners in obtaining regulatory approvals to sell its products; the costs of further developing the Company's existing products and technologies; the extent to which the Company invests in new product and technology development; and the costs associated with the continued operation, and any future growth, of its business. The outcome of these and other forward-looking factors will substantially affect its liquidity and capital resources. Until the Company can continually generate positive cash flow from operations, it will need to continue to fund its operations with the proceeds of offerings of our equity and debt securities. However, the Company cannot ensure that additional financing will be available when needed or that, if available, financing will be obtained on terms favorable to the Company or to its stockholders. If the Company raises additional funds from the issuance of equity securities, substantial dilution to its existing stockholders would likely result. If the Company raises additional funds by incurring debt financing, the terms of the debt may involve significant cash payment obligations as well as covenants and specific financial ratios that may restrict its ability to operate its business. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/52ytrakb About PURE Bioscience Headquartered in El Cajon, California, PURE Bioscience, Inc. -- http://www.purebio.com/-- is dedicated to developing and commercializing proprietary antimicrobial products that address health and environmental challenges related to pathogen and hygienic control. The Company's technology platform is based on patented stabilized ionic silver, and its initial products contain Silver Dihydrogen Citrate, or SDC. This broad-spectrum, non-toxic antimicrobial agent is available in liquid form and various concentrations, distinguished by its superior efficacy, reduced toxicity, non-causticity, and the inability of bacteria to develop resistance. As of June 30, 2025, the Company had $1,058,000 in total assets, $6,174,000 in total liabilities, and $5,116,000 in total stockholders' deficiency. RAMATEX INC: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------- Ramatex Inc. filed a voluntary Chapter 7 bankruptcy petition in the Southern District of New York on November 13, 2025. The company reported liabilities between $0 and $100,000 and listed between 1 and 49 creditors. About Ramatex Inc. Ramatex Inc. specializes in worldwide distribution of raw materials, covering minerals, pulp, recovered paper, synthetic fibers, and various chemical additives. Ramatex Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12542) on November 13, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by Stephen Z. Starr, Esq. of Starr & Starr, PLLC. RCM EQUIPMENT: Unsecureds Owed $1K+ to Get 100% in 36 Months ------------------------------------------------------------ RCM Manufacturing Incorporated and affiliates filed with the U.S. Bankruptcy Court for the District of Minnesota a Disclosure Statement describing Modified Joint Plan of Reorganization dated November 7, 2025. The Debtors are incorporated and organized under the laws of Minnesota and have been in the business of manufacturing and contracting with governmental agencies and other businesses for pavement repair of some sort since incorporation of Specialties in February 1999. This Joint Plan of Reorganization proposes to pay creditors of the Debtors with all of the projected disposable income for a 36-month period. This Plan provides for full payment of Administrative and Priority Claims. The Debtor's projections generate sufficient cash flow to fund the payments due under the Plan and provide payments to unsecured creditors in the total amount of at least $10,000.00 per month over the next 36 months. Class 11A consists of all allowed general unsecured claims with an amount owed by one of the Debtors equal to, or greater than, $1,000.00. All claims under Class 11A will be paid in full. The Debtors will make monthly payments to Class 11A claimants beginning within 30 days after completion of payments to the creditors under Class 11B, and payment will continue monthly until paid in full, not to exceed 36 months. This Class will receive a distribution of 100% of their allowed claims. This Class is impaired. Class 11B consists of all allowed general unsecured claims with an amount owed by one of the Debtors of $999.99 or less. All claims under Class 11B, including those claimants under Class 11A who elect to be reclassified under Class 11B, will receive a one-time payment of its claim, with no post-petition interest, upon the effective date. This Class will receive a distribution of 100% of their allowed claims. On the effective date, all of the Debtors' respective rights, title, and interest in and to all assets shall vest in the reorganized Debtors, and in accordance with Section 1141 of the Bankruptcy Code. A full-text copy of the Disclosure Statement dated November 7, 2025 is available at https://urlcurt.com/u?l=QlNGjU from PacerMonitor.com at no charge. Counsel to the Debtors: DUDLEY AND SMITH, P.A. Brian A. Gravely, Esq. 1295 Northland Drive, Suite 250 Mendota Heights, MN 55120 Telephone: 651-291-1717 Fax: 651-223-5055 Email: bgravely@dudleyandsmith.com About RCM Manufacturing Incorporated RCM Manufacturing Incorporated have been in the business of manufacturing and contracting with governmental agencies and other businesses for pavement repair. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-30979) on April 4, 2025. In the petition signed by Franklin E. Connelly, president, the Debtor disclosed up to $1 million in assets and up to $500,000 in liabilities. Judge Katherine A. Constantine oversees the case. Brian A. Gravely, Esq., at Dudley and Smith PA, is the Debtor's legal counsel. RIVERSIDE EXPRESS: Unsecureds Will Get 1% over 60 Months -------------------------------------------------------- Riverside Express Car Wash, LLC filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Plan of Reorganization dated November 7, 2025. The Debtor operates the Ultra Express Car Wash, across the street from the Riverside Municipal Airport. The Debtor provides car wash services. The Debtor owns and operates the car wash facility located at 6458 Van Buren Blvd., Riverside, CA 92503 (the "Property"). The Property has an estimated market value of $4,670,000.00 based on an appraisal report completed in May 2025. Macroeconomic factors have caused significant revenue losses to Debtor, necessitating the present bankruptcy case. The Debtor has operated its car wash since 2021. The business has a valuable located near the Riverside Municipal Airport, and has good reviews. The Debtor has a good prospect of increasing its cash flow to generate the funds necessary to support a feasible reorganization plan and emerge as a successful reorganized Debtor. Class 2 General Unsecured Claims. In the present case, the Debtor estimates that there are approximately $3,286,926.05 in general unsecured debts. General unsecured claims are classified in Class 2 and will receive a total of approximately 1% of their claims in monthly payments over 60 months, following the plan confirmation. Holders of General Unsecured Claims will receive their pro-rata share of $547.82 per month for a total of $32,869.26 over the 60-month period of the Plan. The payments will start on the first day of the first month following the month within which the effective date occurs. Based on the proposes payments, the unsecured class will receive approximately 1% of their claims. This class is impaired. Class 3 consists of Interest Holders. The Debtor's managing member and 100% equity security holder is Olson Capital Investments, LLC. Mr. Olson Capital Investments, LLC will retain its equity interest in the Debtor. The Debtor will fund the Plan from the continued operation of its car wash. The Debtor will have a reserve account or third-party funding in the event there are not sufficient funds in the estate to cover the deficits reflected in the budget. A full-text copy of the Disclosure Statement dated November 7, 2025 is available at https://urlcurt.com/u?l=9L31qD from PacerMonitor.com at no charge. Counsel to the Debtor: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.berger@bankruptcypower.com About Riverside Express Car Wash LLC Riverside Express Car Wash LLC operates a car wash facility in Riverside, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 6:25-bk-14654-RB) on July 10, 2025. In the petition signed by Amariah Olson, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Magdalena Reyes Bordeaux oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, is the Debtor's legal counsel. RVR DEALERSHIP: Moody's Alters Outlook on 'Caa1' CFR to Positive ---------------------------------------------------------------- Moody's Ratings changed RVR Dealership Holdings, LLC's ("RV Retailer") outlook to positive from stable. At the same time, Moody's affirmed RV Retailer's Caa1 corporate family rating, Caa1-PD probability of default rating and Caa1 senior secured term loan B rating. The positive outlook reflects RV Retailers improved earnings over the first three quarters of 2025 as a result of strong new unit sales growth, improved gross margins as a result of inventory management, positive operating expense leverage and significant cost reduction initiatives. It also reflects an expectation for further gradual improvement with regards to unit sales, margins, costs and inventories. The affirmation reflects RV Retailer's improved operating earnings and liquidity but also factors in its continued very high debt/EBITDA of about 7.8 times as of the LTM period ending September 30, 2025. However, Moody's also recognizes that coverage on an EBIT to interest basis improved to a more reasonable level at around 1.34 times. Going forward, Moody's expects growth in new and used RV units sold as well as margins to continue to gradually improve from current levels, although the pace of improvement will be buffered to a certain extent by a difficult consumer spending environment. Overall, RV Retailer relies on higher-end consumer demand for its sales of higher-priced, premium RVs, but the company has also started to increase its focus on more affordable segments to address a more cost conscious customer. RATINGS RATIONALE RV Retailer's Caa1 CFR reflects the company's very high leverage as well as the highly cyclical nature of RV demand, particularly given its focus on selling more higher-end RVs. Going forward, Moody's expects steady operating performance to result in improved credit metrics, although earnings improvement alone may not be enough to reduce lease-adjusted debt/EBITDA below 7.5x as the overall consumer spending environment remains challenging and even higher-end consumer could become more frugal. The rating is supported by RV Retailer's solid market share as the second largest RV Retailer in a highly fragmented segment and its diversified revenue streams between new and used vehicles, finance & insurance and parts & service. The rating is also supported by the fact that RV Retailer's nearest debt maturity is more than two years away as its $100 million revolving credit facility and $900 million floor plan facility expire in February 2028 and its $800 million senior secured term loan (about $760 million outstanding) comes due in February 2028. However, Moody's also recognizes that the floor plan and revolver spring forward to November 2027 in the event the term loan is not refinanced by this date. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded in the event that earnings performance does not continue to improve as expected or liquidity weakens for any reason, including if the company demonstrates persistent negative free cash flow or if estimated recoveries decline. The ratings could also be downgraded should the likelihood of default increase for any reason. The ratings could be upgraded if operating performance improves such that EBIT/interest expense is sustained above 1.0x, lease-adjusted debt/EBITDA is maintained below 7.5x and positive free cash flow is sustained while maintaining at least adequate liquidity. The principal methodology used in these ratings was Retail and Apparel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Florida, RV Retailer operates 98 dealerships across 31 states with a significant presence in Texas. The company does business under the Blue Compass RV brand and is among the top two RV dealership groups in the US. For the LTM period ending September 30, 2025, revenue was approximately $2.63 billion. The company is majority owned by Redwood Holdings. SECURE WASTE: S&P Rates C$250MM Senior Unsecured Notes 'BB-' ------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' issue-level rating and '2' recovery rating to Calgary, Alberta-based waste management and energy infrastructure company Secure Waste Infrastructure Corp.'s proposed C$250 million unsecured notes due 2032. Consistent with Secure's existing 2029 notes, the proposed notes will be general unsecured obligations of Secure, ranking pari passu in right of payment with all of Secure's existing and future senior indebtedness and senior in right of payment to any subordinated indebtedness of Secure. The '2' recovery rating indicates S&P's expectation for substantial (70%-90%; capped at 85%) recovery of principal by creditors in the event of a payment default. Secure will use the proceeds from the new issuance to pay-down its revolving credit facility and for general corporate purposes. S&P's 'B+' issuer credit rating and positive outlook on Secure Waste Infrastructure Corp. are unchanged. SENSEONICS HOLDINGS: Reports $19.5MM Net Loss in 2025 Q3 -------------------------------------------------------- Senseonics Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting net losses of $19.5 million and $25 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 $48.3 million and $63.1 million, respectively. Net revenues for the three months ended September 30, 2025, and 2024, were $4.2 million and $955,000, respectively. For the nine months ended September 30, 2025 and 2024, the Company had net revenues of $9.2 million and $2.3 million, respectively. The Company had an accumulated deficit of $996.2 million as of September 30, 2025. As of September 30, 2025, the Company had $139.9 million in total assets, $61.8 million in total liabilities, and $78.2 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4h35p4bt About Senseonics Holdings, Inc. Senseonics Holdings, Inc. is a commercial-stage medical technology company focused on the development and manufacturing of glucose monitoring products designed to transform lives in the global diabetes community with differentiated, long-term implantable glucose management technology. As of September 30, 2025, the Company had $139.9 million in total assets, $61.8 million in total liabilities, and $78.2 million in total stockholders' equity. McLean, Virginia-based KPMG LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 3, 2025, citing that the Company's current operating plan, existing unrestricted cash and cash equivalents, and minimum cash and satisfaction of performance milestones to comply with debt covenants under its Loan and Security Agreement raise substantial doubt about its ability to continue as a going concern. SERAPHINE USA: Court Orders $4MM Apparel Brand Liquidation Auction ------------------------------------------------------------------ Heritage Global Partners, a subsidiary of Heritage Global Inc. (NASDAQ: HGBL) and a worldwide leader in asset advisory and auction services, has been appointed by the U.S. Bankruptcy Court for the District of Delaware (Case No. 1:25-bk-11516) to conduct an auction of over $4 million in brand-new and returned inventory from Seraphine USA, Inc., the U.S. operations of the internationally recognized maternity apparel brand. The Seraphine brand has gained global recognition for its contemporary maternity and nursing wear, with designs that have been worn by numerous public figures and widely featured in international media. The brand's visibility and established reputation within the premium maternity segment contribute to the appeal of this inventory across resale and retail channels. Auction Details: -- Auction Date: Tuesday, December 10, 2025 at 11:00 AM ET -- Registration and Catalog: Interested parties can view the catalog, register and bid Here -- Inspection: By appointment Only "This sale represents a great opportunity for resellers, off-price retailers, and online sellers to bid on scores of new inventory in a high-demand category," said David Barkoff, Senior Vice President at Heritage Global Partners. "With Seraphine's established notoriety in the maternity sector and the quantity and quality of inventory up for grabs, we expect a strong turnout from buyers across the apparel and liquidation space." Inventory Highlights -- New and Returned: -- Underwear & Hosiery -- Activewear & Leisurewear -- Dresses & Tops -- Pants & Jumpsuits -- Sweaters & Cardigans -- Coats & Jackets -- Skirts & Shorts -- Accessories and more All inventory is stored in a U.S. distribution center and available for release upon completion of the sale. Heritage Global Partners, Inc. HGP is a subsidiary of Heritage Global Inc. (NASDAQ: HGBL). HGP operates under the Industrial Assets business unit and is a full-service auction, liquidation and asset advisory firm which holds a prominent spot in the industrial sectors including Aerospace, Automotive, Aviation, Biotech, Broadcast & Postproduction, Chemical, Electronics Manufacturing, Energy, Food & Beverage, Heavy Construction, Metalworking, Oil & Gas, Pharmaceutical, Plastics, Printing, Real estate, Semiconductor, Solar, Textile & Woodworking, and others. HGP conducts 150-200 auction projects per year, globally. Heritage Global Inc. HG values and monetizes industrial & financial assets by providing acquisition, disposition, valuation, and lending services for surplus and distressed assets. This aids in facilitating the circular economy by diverting useful industrial assets from landfills and operating an ethical supply chain by overseeing post-sale account activity of financial assets. Specialties consist of acting as an adviser, in addition to acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, real estate, and charged-off account receivable portfolios through its two business units: Industrial Assets and Financial Assets. SONIM TECHNOLOGIES: Raises Going Concern Amid Pending Asset Sale ---------------------------------------------------------------- Sonim Technologies, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended September 30, 2025, that there is substantial doubt about its ability to continue as a going concern. Pending Asset Purchase Agreement with Social Mobile and Company's Strategic Initiatives: On July 17, 2025, the Company entered into an Asset Purchase Agreement by and among the Company, as seller, Pace Car Acquisition LLC, as buyer, the Seller Representative named in the Asset Purchase Agreement, and, Social Mobile Technology Holdings LLC, solely for the purpose of guaranteeing complete payment and performance obligations of the Buyer contained in the Asset Purchase Agreement. Pursuant to the Asset Purchase Agreement, the Buyer agreed to acquire substantially all assets of the Company and its subsidiaries related to the Company's enterprise 5G solutions business, including rugged handsets, smartphones, wireless internet devices, software, services, and accessories for a purchase price of $15 million in cash, subject to: (i) Customary working capital, indebtedness and transaction expense adjustments (referred to in the Asset Purchase Agreement as the "Adjustment Amount," which may be a positive or a negative number); and (ii) up to $5 million in the form of an earn-out payment, if earned. Because the transaction contemplates the sale of substantially all of the Company's assets, the Company is pursuing alternative strategies, in addition to completing the asset sale, with the objective of maximizing stockholder value. There can be no assurance that the Asset Purchase Agreement or any additional transaction will ultimately be consummated timely or at all. Liquidity and Capital Resources: Historically, the Company has funded operations from a combination of public and private equity financings, and through the issuance of debt. During the nine months ended September 30, 2025, it received net proceeds of $13.8 million from the sale of common stock, and received net proceeds of $5.1 million from the issuance of the Notes. During the nine months ended September 30, 2025, the Company reported a net loss of $11.8 million and used $21.5 million in operating cash flow. As of September 30, 2025, the Company's principal source of liquidity consisted of cash and cash equivalents totaling $2.1 million. The Company expects to close the Asset Purchase Agreement at the end of 2025 or the beginning of 2026. Once the Asset Purchase Agreement closes, the Company will have no revenue from the existing business. The Company is investigating strategic alternatives for the remaining assets of the Company following the closure of the Asset Purchase Agreement. The uncertainty regarding the Asset Purchase Agreement and the ability of the Company to implement strategic alternatives after the closing of the Asset Purchase Agreement creates uncertainty regarding the Company's ability to forecast beyond the asset sale date. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yc328mpa About Sonim Technologies Sonim Technologies, Inc. was incorporated in the state of Delaware on August 5, 1999, and is headquartered in San Diego, California. The Company offers a robust portfolio that includes rugged handsets, smartphones, wireless internet devices, software, services, and accessories. These products are engineered to deliver reliable communication in challenging and unpredictable environments, serving sectors such as critical communications, first responders, government, industrial, construction, hospitality, and logistics. The Company distributes its products primarily through major wireless carriers. As of September 30, 2025, the Company had $40.2 million in total assets, $40.9 million in total liabilities, and $701,000 in total stockholders' deficit. SPEAR SECURITY: Jerrett McConnell Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Spear Security Operations, LLC. Mr. McConnell 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. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About Spear Security Operations LLC Spear Security Operations, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04144) on November 11, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Jacob A. Brown presides over the case. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. SPECTRUM OF HOPE: Capital Southwest Marks $11.1MM Loan at 35% Off ----------------------------------------------------------------- Capital Southwest Corporation has marked its $11,120,000 loan extended to Spectrum of Hope LLC to market at $7,217,000 or 65% of the outstanding amount, according to Capital Southwest's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Superpriority Term Loam to Spectrum of Hope LLC. The loan accrues interest at a rate of 6% per annum. The loan matures on December 31, 2029. Capital Southwest is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. The company has elected to be regulated as a business development company under the 1940 Act. The company focuses on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Its core business is to target senior debt investments and equity investments in lower middle market companies. Capital Southwest is led by Michael S. Sarner as President and Chief Executive Officer and Chris T. Rehberger as Chief Financial Officer, Treasurer and Secretary. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100 Dallas, TX 75225 Tel. No.: (214) 238-5700 About Spectrum of Hope LLC Spectrum of Hope providea health, wellness, and community services guided by hearts, experiences, culture, and unity to cultivate hope and wisdom. SPIRIT AVIATION: Reaches Deal with Pilot, Flight Attendant Unions ----------------------------------------------------------------- Spirit Aviation Holdings, Inc., parent company of Spirit Airlines, LLC announced that Spirit has reached an agreement in principle with its Pilots, represented by the Air Line Pilots Association, and an agreement in principle with its Flight Attendants, represented by the Association of Flight Attendants-CWA. Both agreements, which are subject to definitive documentation, ratification, and court approval, represent important steps and additional progress in the Company's ongoing Chapter 11 restructuring to position Spirit for the future. Spirit's senior leadership has committed to taking a salary reduction at a percentage not less than the Pilot group's reduction upon ratification of a tentative agreement with Pilots. "These agreements reflect the shared commitment of our Team Members and principal labor unions in securing a successful future for Spirit, and we thank ALPA and AFA leadership for their partnership and collaboration," said Dave Davis, President and Chief Executive Officer. "We're grateful to our Pilots and Flight Attendants for their professionalism, resilience and unwavering commitment to safety and our Guests as we work to build a stronger airline that Americans can count on for many years to come." The Company estimates that the annual savings from these agreements in principle, if implemented, achieves the target necessary for the Company's next draw under its debtor-in-possession financing. 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. STRAVINSKY HOLDINGS: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Stravinsky Holdings, Inc. 11440 W. Bernardo Court, Suite 300 San Diego, CA 92127 Business Description: Stravinsky Holdings, Inc., doing business as KW Central Coast, operates a real-estate brokerage office in Pismo Beach, California. The Company provides residential and commercial real estate services through its network of licensed agents, offering training, technology, and access to a preferred-vendor network. It is part of Keller Williams Realty, LLC, a global franchise with over 165,000 agents and 1,000+ offices. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court Southern District of California Case No.: 25-04738 Judge: Hon. J Barrett Marum Debtor's Counsel: Andy Warshaw, Esq. DIMARCO WARSHAWSKY, APLC PO Box 704 San Clemente, CA 92674 Tel: (949) 345-1455 Fax: (949) 417-9412 Email: andy@dimarcowarshaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Albert Meggers as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VULYM2Q/Stravinsky_Holdings_Inc__casbke-25-04738__0001.0.pdf?mcid=tGE4TAMA STRUNZ MILK: Case Summary & Eight Unsecured Creditors ----------------------------------------------------- Debtor: Strunz Milk Transport LLC 105 E 9th Avenue Brodhead, WI 53520 Business Description: Strunz Milk Transport LLC, headquartered in Brodhead, Wisconsin, operates as a milk transportation company. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court Western District of Wisconsin Case No.: 25-12481 Debtor's Counsel: Eliza M. Reyes, Esq. RICHMAN & RICHMAN LLC 122 W. Washington Avenue Suite 850 Madison, WI 53703-2732 Tel: 608-630-8990 Email: ereyes@randr.law Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Theodore J. Strunz as sole and managing member. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/T7ZYQKQ/Strunz_Milk_Transport_LLC__wiwbke-25-12481__0001.0.pdf?mcid=tGE4TAMA STUDENT RESOURCE: Capital Southwest Marks $6MM 1L Loan at 19% Off ----------------------------------------------------------------- Capital Southwest Corporation has marked its $6,051,000 loan extended to American Nuts Operations LLC to market at $4,931,000 or 81% of the outstanding amount, according to Capital Southwest's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Term Loan B to American Nuts Operations LLC. The loan accrues interest at a rate of 12.94% per annum. The loan matures on March 28, 2028. Capital Southwest is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. The company has elected to be regulated as a business development company under the 1940 Act. The company focuses on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Its core business is to target senior debt investments and equity investments in lower middle market companies. Capital Southwest is led by Michael S. Sarner as President and Chief Executive Officer and Chris T. Rehberger as Chief Financial Officer, Treasurer and Secretary. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100 Dallas, TX 75225 Tel. No.: (214) 238-5700 About American Nuts Operations LLC American Nuts offers sourcing, packaging, and merchandising of nuts, seeds, and dried fruit, including roasting, and various packaging options. STUDENT RESOURCE: Capital Southwest Marks $9.6MM 1L Loan at 61% Off ------------------------------------------------------------------- Capital Southwest Corporation has marked its $9,644,000 loan extended to Student Resource Center LLC to market at $3,761,000 or 39% of the outstanding amount, according to Capital Southwest's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Term Loan B to Student Resource Center LLC. The loan accrues interest at a rate of 8.5% per annum. The loan matures on December 30, 2027. Capital Southwest is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. The company has elected to be regulated as a business development company under the 1940 Act. The company focuses on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Its core business is to target senior debt investments and equity investments in lower middle market companies. Capital Southwest is led by Michael S. Sarner as President and Chief Executive Officer and Chris T. Rehberger as Chief Financial Officer, Treasurer and Secretary. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100 Dallas, TX 75225 Tel. No.: (214) 238-5700 About Student Resource Center LLC Student Resource Center LLC is a non-profit organization that provides education management services, focusing on offering free or low-cost online and accredited higher education opportunities to workers through partnerships with educational institutions, unions, and other organizations. SUMMIT THERAPEUTICS: Continued Losses Raise Going Concern Doubt --------------------------------------------------------------- Summit Therapeutics Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended September 30, 2025, that there is substantial doubt about its ability to continue as a going concern. During the three and nine months ended September 30, 2025, the Company incurred a net loss of $231.8 million and $860.4 million, respectively, and cash used in operating activities for the nine months ended September 30, 2025 was $221 million. For the three and nine months ended September 30, 2024, the Company incurred a net loss of $56.3 million and $160.1 million, respectively, and cash used in operating activities for the nine months ended September 30, 2025 was $93.4 million. As of September 30, 2025, the Company had an accumulated deficit of $2.1 billion and cash and cash equivalents of $238.6 million. The Company expects to continue to generate operating losses for the foreseeable future. The Company's cash and cash equivalents are not sufficient to fund the Company's planned operations for a period of at least 12 months. Until the Company can generate substantial revenue and achieve profitability, the Company will need to raise additional capital to fund its ongoing operations and capital needs. The Company continues to evaluate options to further finance its operating cash needs for its product candidates through a combination of some, or all, of the following: equity and debt offerings, collaborations, strategic alliances, grants and clinical trial support from government entities, philanthropic, non-government and not-for-profit organizations, and marketing, distribution or licensing arrangements. There is no assurance, however, that additional financing will be available when needed or that management of the Company will be able to obtain financing on terms acceptable to the Company. If the Company is unable to obtain funding when required in the future, the Company could be required to delay or reduce research and development programs, product portfolio expansion, or future commercialization efforts, which could adversely affect its business prospects. These conditions raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yrs25enk About Summit Therapeutics Miami, Fla.-based Summit Therapeutics Inc. is a biopharmaceutical company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs. The Company's pipeline of product candidates is designed with the goal to become the patient-friendly, new-era standard-of-care medicines, in the therapeutic area of oncology. As of September 30, 2025, the Company had $261.7 million in total assets, $69.5 million in total liabilities, and $192.3 million in total stockholders' equity. SUNNOVA ENERGY: Junior Creditors Challenge $4MM Completion Fee -------------------------------------------------------------- Randi Love of Bloomberg Law reports that junior creditors of Sunnova Energy International Inc. have filed an objection to a $4 million completion fee requested by Alvarez & Marsal LLC, arguing that the financial adviser is contractually limited by the terms of its original employment application. According to the committee of unsecured creditors, Alvarez & Marsal's retention order specified that the firm would be compensated through hourly fees and reimbursement of out-of-pocket expenses. The objection states that the firm had agreed that no completion fee would be approved, but is now seeking to modify the court-approved order, which the committee contends is improper, the report states. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. SUNNOVA ENERGY: Wins Court Approval of Chapter 11 Plan ------------------------------------------------------ Sunnova Energy International Inc. announced on November 12, 2025, that the United States Bankruptcy Court for the Southern District of Texas has confirmed the Company's Chapter 11 Plan. This announcement follows the previously approved sale of substantially all of the Company's assets and business operations to Solaris Assets, LLC, through which Sunnova's core operations transitioned to SunStrong Management, LLC, a full-service asset manager for the renewables industry. Under Solaris' ownership, SunStrong's experienced management team continues to lead day-to-day operations, maintaining high-quality service and support for customers and partners. Pursuant to the terms of the Plan, a Creditor Trustee will be appointed to distribute the proceeds of the Sale Transaction to creditors and conduct an orderly wind down of the Company's remaining business operations. Confirmation of the Plan represents the next step in Sunnova's restructuring process, positioning the Company's estate to maximize value for all stakeholders and conclude its chapter 11 proceedings. Additional information regarding the Company's Chapter 11 process is available at https://restructuring.ra.kroll.com/Sunnova. Stakeholders with questions can contact the Company's claims agent, Kroll, by calling (888) 975-5436 (U.S. and Canada toll free) or +1 (646) 930-4686 (International) or emailing SunnovaInfo@ra.kroll.com. Advisors Kirkland & Ellis LLP and Bracewell LLP are serving as legal counsel, Alvarez & Marsal is serving as financial advisor, Moelis & Company LLC is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. TEXAS MANAGEMENT: Unsecureds Will Get 12.10% over 4 Years --------------------------------------------------------- Texas Management Group, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated November 7, 2025. The Debtor started operations in October 2014. Debtor operates an IT services provider business. The Debtor's ownership structure is as follows; both Steven Arenstein and Scott McAuley have a 46.5% interest in the business while Mitchel Arenstein owns the remaining 7%. Ownership interests will remain unchanged following confirmation. The Debtor elected to file a chapter 11 reorganization as the best means to resolve the current liabilities of the company and determine the secured portions of those creditors. The Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into six classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 5 consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next four years according to the projections. Creditors shall receive monthly disbursements based on the projection distributions of each 12-month period with the first monthly payment due 60 days after the Effective Date. Debtor will distribute $56,300.00 to the general allowed unsecured creditor pool over the four-year term of the plan, including the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 12.10% of their allowed claims under this plan. Any potential rejection damage claims from executory contracts that are rejected in this Plan will be added to the Class 5 unsecured creditor pool and will be paid on a pro-rata basis. The allowed unsecured claims total $465,002.97. This Class is impaired. Dell Financial Services will receive $283.55 per month according to the terms of the contract for the remainder of the lease until the term is completed. Class 6 consists of Equity Interest Holders (Current Owners). The current owners will receive no payments under the Plan; however, they will be allowed to retain ownership in the Debtor. Class 6 Claimants are not impaired under the Plan. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated November 7, 2025 is available at https://urlcurt.com/u?l=Sp0Tch from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About Texas Management Group Texas Management Group, LLC, operates an IT services provider business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34650) on Aug. 11, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Robert C. Lane, Esq., at The Lane Law Firm, PLLC as counsel and Jimmy Riggle as bookkeeper. TRINSEO PLC: Says Sufficient Access to Cash Even as Net Loss Widens ------------------------------------------------------------------- Trinseo PLC filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $109.7 million for the three months ended September 30, 2025, from a net loss of $87.3 million for the same period in 2024. For the nine months ended September 30, 2025 and 2024, the Company reported net losses of $294.2 million and $230.6 million, respectively. Net sales for the three months ended September 30, 2025 and 2024, were $743.2 million and $867.7 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had net sales of $2.3 billion and $2.7 billion, respectively. As of September 30, 2025, the Company had an accumulated deficit of $1.1 billion and cash and cash equivalents of $ 112.1 million. As of September 30, 2025, the Company had $2.5 billion in total assets, $3.4 billion in total liabilities, and $861.6 million in total stockholders' deficit. Trinseo says fourth quarter Adjusted EBITDA is expected to be comparable to third quarter 2025 as the Company expects a continuation of the challenging economic and geopolitical conditions through the end of the year. "We expect an improvement in the results of Americas Styrenics, offset by seasonal lower demand in all segments. Free cash flow in the fourth quarter is expected to be sequentially better due to a working capital release from year-end seasonality. The Company remains focused on enhancing free cash flow in both the near and long term through disciplined working capital management, restructuring initiatives, and other actions." The Company also disclosed that under the terms of the 2028 Refinance Credit Agreement, through September 8, 2025, the Company may, at its discretion, make a payment in kind election -- PIK Interest Election -- to convert a portion of the quarterly interest margin payable to principal, and the converted principal is subject to an additional 1.00% margin. Third quarter 2025 is the final period the Company is able to use the PIK Interest Election for the 2028 Refinance Term Loans. Under the terms of the 2L Note Indenture, the Company will make a PIK Interest Election for 2.50% of the annual interest payable for each of its first six semi-annual interest payments starting on August 15, 2025. During the nine months ended September 30, 2025, the Company executed the PIK Elections and deferred $46.3 million of interest payable and capitalized as long-term debt. During the year ended December 31, 2024, the Company deferred payment of $33.9 million of interest payable and capitalized as long-term debt. Trinseo said, "We have recurring net losses and negative operating cash flows. Although our strategic initiatives are focused on achieving sustainable profitability—including the liquidity and cost-reduction measures described above—we expect to continue operating at a net loss for the near future." "Based on our current business forecasts, we believe we have near term access to sufficient liquidity, comprised of cash and cash equivalent balances and borrowings available under our OpCo Super Priority Revolver and Accounts Receivable Securitization Facility, to manage through the ongoing impact of the macroeconomic challenges, lower demand, supply constraints and supplier cash in advance requirements for at least the next twelve months. The Company continues to focus on cost savings measures and disciplined working capital management to position the Company for future economic recovery." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/453khe4d About Trinseo Headquartered in Wayne, Pa., Trinseo (NYSE: TSE) (www.trinseo.com), a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart, and sustainably focused manner by combining its premier expertise, forward-looking innovations, and best-in-class materials to unlock value for companies and consumers. From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers' unique challenges in a wide range of industries, including building and construction, consumer goods, medical, and mobility. As of June 30, 2025, the Company had $2.63 billion in total assets, $3.38 billion in total liabilities, and $750 million in total stockholders' equity. * * * In January 2025, S&P Global Ratings raised the issuer credit rating on Trinseo PLC to 'CCC+' from 'SD' (selected default). All issue-level and recovery ratings on the company's existing debt are unchanged. The outlook is negative and reflects the challenging macroeconomic environment affecting the company's key end markets and S&P's expectation that credit metrics will remain pressured over the next 12 months. TURNKEY CONSTRUCTION: Jerrett McConnell Named Subchapter V Trustee ------------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Turnkey Construction and Maintenance, Inc. and Turnkey Roofing of Florida, Inc. Mr. McConnell 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. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About Turnkey Construction and Maintenance Turnkey Construction and Maintenance, Inc. and Turnkey Roofing of Florida, Inc. are roofing contractors that provide full-service residential and commercial roofing solutions, including installation, repair, replacement, and maintenance. They employ certified roofing professionals and serve property owners, developers, and businesses across Florida. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-04127) on November 10, 2025. Ruben Lavarias, president, signed the petitions. At the time of the filing, Turnkey Construction listed up to $50,000 in assets and $1 million to $10 million in liabilities while Turnkey Roofing of Florida listed $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Thomas Adam, Esq., at Adam Law Group, PA represents the Debtors as bankruptcy counsel. U.S. TELEPACIFIC: Capital Southwest Marks $2.6MM 1L Loan at 60% Off ------------------------------------------------------------------- Capital Southwest Corporation has marked its $2,630,000 loan extended to U.S. Telepacific Corp. to market at $1,063,000 or 40% of the outstanding amount, according to Capital Southwest's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Loan to U.S. Telepacific Corp. The loan accrues interest at a rate of 12.32% per annum. The loan matures on May 2, 2026. Capital Southwest is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. The company has elected to be regulated as a business development company under the 1940 Act. The company focuses on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Its core business is to target senior debt investments and equity investments in lower middle market companies. Capital Southwest is led by Michael S. Sarner as President and Chief Executive Officer and Chris T. Rehberger as Chief Financial Officer, Treasurer and Secretary. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100 Dallas, TX 75225 Tel. No.: (214) 238-5700 About U.S. Telepacific Corp. TPx is a privately held leading national provider of managed services. Founded in 1998, TPx delivers managed IT, unified communications as a service, secure networks and cybersecurity services. U.S. TELEPACIFIC: Capital Southwest Marks $230,000 Loan at 75% Off ------------------------------------------------------------------ Capital Southwest Corporation has marked its $230,000 loan extended to U.S. Telepacific Corp. to market at $58,000 or 25% of the outstanding amount, according to Capital Southwest's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Capital Southwest is a participant in a Third Loan to U.S. Telepacific Corp. The loan accrues interest at a rate of zero percent per annum. The loan matures on May 2, 2027. Capital Southwest is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. The company has elected to be regulated as a business development company under the 1940 Act. The company focuses on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Its core business is to target senior debt investments and equity investments in lower middle market companies. Capital Southwest is led by Michael S. Sarner as President and Chief Executive Officer and Chris T. Rehberger as Chief Financial Officer, Treasurer and Secretary. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100 Dallas, TX 75225 Tel. No.: (214) 238-5700 About U.S. Telepacific Corp. TPx is a privately held leading national provider of managed services. Founded in 1998, TPx delivers managed IT, unified communications as a service, secure networks and cybersecurity services. UNITED AIRLINES: S&P Rates 2025 Special Facilities Rev Bonds 'BB+' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' issue rating to United Airlines Inc.'s proposed special facilities revenue bonds series 2025 issued by the City of Houston. The bonds will comprise three separate issues: a $102.8 million ground services equipment facility project, $145.6 million catering operations facility project, and $273.350 million terminal improvement projects (refunding) bonds. United intends to use proceeds from the first two series of bonds primarily to fund a ground services equipment facility and catering facility at George Bush Intercontinental Airport in Houston. It will use the refunding bonds proceeds to refinance the Series 2011 and 2015B-1 revenue bonds previously issued by Houston on behalf of United. The bonds are secured by rent paid by United to the city for use of leased premises at the airport (which is owned by the city). S&P rates the revenue bonds the same as its issuer credit rating on United (BB+/Stable). While not expected, the bondholder claims would become unsecured if the lease is terminated prior to maturity. However, United unconditionally guarantees the bonds and would remain obligated to continue to service its interest and principal payment obligations. UNITED PROPERTY: Unsecureds to Get Share of Income for 3 Years -------------------------------------------------------------- United Property Maintenance Corporation d/b/a California Construction Superior filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization dated November 7, 2025. CCS provides carpet cleaning, emergency response flood extraction, water damage mitigation, and general construction services to its customers. CCS was founded in 2021 by Mike Speltz, its president and Chief Executive Officer. The Plan is a reorganizing plan. The Plan will be funded from Debtor's projected disposable income. Allowed administrative claims will be paid in full on the Effective Date, unless otherwise agreed to by the administrative claimant. The funds remaining after payment of allowed administrative claims and any priority tax claim will be paid pro rata to holders of allowed general unsecured claims over three years. The Debtor believes the Plan presents the most advantageous outcome for all the Debtor's creditors and, therefore, confirmation of the Plan is in the best interests of the Debtor, its creditors and its bankruptcy estate ("Estate"). Class 2 consists of General Unsecured Claims. Estimated total amount of claims is $2,036,876. Any Allowed Claim in this Class shall be paid pro rata with other Class 2 claims from the general unsecured creditor pool. Distributions to Class 2 claimants will be made in two distributions from the general unsecured creditor pool after administrative claims and priority unsecured claims are paid in full. Based on a projected Effective Date in January 2026, the first distribution to Class 2 claimants will commence on or about July 30, 2028 and the second distribution will be made on or about December 31, 2028, although these dates are subject to change. Upon the Effective Date of the Plan, Mike Speltz will continue serving as the Reorganized Debtor's president and CEO and will continue to do so during the three-year period that the Reorganized Debtor is performing under the Plan. The Debtor's projections demonstrate that through cash on hand and income generated by the Debtor over the life of the Plan, the Debtor will have the ability to make the payments due (1) on the Effective Date, (2) to priority tax claim holders, (3) administrative claim holders, (4) to Class 1 claim holders, and (5) to Class 2 claim holders. These projections are conservative and based upon the historical income and expenses of the Debtor, as well as the actual income and expenses incurred during the course of the Bankruptcy Case. The Debtor anticipates funding the Plan by dedicating all its projected disposable income over three years to pay its creditors under the Plan. A full-text copy of the Plan of Reorganization dated November 7, 2025 is available at https://urlcurt.com/u?l=FzeiHK from PacerMonitor.com at no charge. Counsel to the Debtor: David A. Wood, Esq. Aaron E. De Leest, Esq. Sarah R. Hasselberger, Esq. MARSHACK HAYS WOOD LLP 870 Roosevelt Irvine, CA 92620 Telephone: (949) 333-7777 Facsimile: (949) 333-7778 E-mail: dwood@marshackhays.com adeleest@marshackhays.com shasselberger@marshackhays.com About United Property Maintenance United Property Maintenance Corporation, doing business as California Construction Superior, provides residential and commercial water damage restoration services in San Diego County, California. The Company offers 24/7 emergency flood response, water extraction, drying, mold prevention, and full-service rebuilding of damaged areas including drywall, paint, and cabinetry. Its operations include certified technicians, insurance consultations, and the use of specialized equipment and virtual project tracking technology. United Property Maintenance Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12226) on August 11, 2025. In its petition, the Debtor reports total assets of $470,779 and total liabilities of $2,271,035. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor tapped David A. Wood, Esq., at Marshack Hays Wood LLP as counsel, and Grobstein Teeple LLP as financial advisor. URBAN ONE: Launches Exchange and Tender Offer for Secured Notes --------------------------------------------------------------- Urban One, Inc. announced on Nov. 14, 2025, that it has commenced an offer to exchange any and all of the Company's outstanding 7.375% Senior Secured Notes due 2028 held by Eligible Holders for newly issued 7.625% Senior Secured Notes due 2031, to be issued by the Company and guaranteed by each existing and future subsidiaries of the Company, and cash. In connection with the Exchange Offer, the Company has commenced an offer to purchase up to $185.0 million in aggregate principal amount of the Existing Notes for up to $111.0 million in cash. To the extent Existing Notes in a principal amount greater than $185.0 million are tendered into the Tender Offer, the Tender Offer will be oversubscribed, and Existing Notes accepted in the Tender Offer will be subject to proration. Eligible Holders will only be entitled to participate in the Tender Offer if they elect to exchange all of their Existing Notes in the Exchange Offer other than those Existing Notes, if any, accepted for purchase in the Tender Offer. In connection with the Exchange Offer, the Company is also offering Eligible Holders the right to subscribe to purchase (the "Subscription Offer" and, together with the Exchange Offer and the Tender Offer, collectively, the "Offers") up to $60.6 million in aggregate principal amount of 10.500% first lien senior secured notes due 2030. Eligible Holders will only be entitled to participate in the Subscription Offer if they tender all of their Existing Notes in the Exchange Offer only or in the Exchange Offer and Tender Offer. Furthermore, to be eligible to participate in the Subscription Offer, Eligible Holders must tender their Existing Notes at or prior to the Early Tender Date and deliver in cash an amount equal to the purchase price therefor by the Funding Deadline. In addition, the Company is soliciting consents from Eligible Holders of the Existing Notes to adopt certain proposed amendments to the indenture governing the Existing Notes to eliminate substantially all of the restrictive covenants and certain of the default provisions, modify covenants regarding mergers and consolidations and modify or eliminate certain other provisions, including removing the requirement that the Company make an offer to repurchase the Existing Notes if the Company experiences certain change of control transactions, releasing the guarantees provided by the guarantors of the Existing Notes, and eliminating any requirement to provide guarantees in the future with respect to the Existing Notes, releasing the liens on all of the collateral securing the Existing Notes and eliminating any requirement to provide collateral in the future with respect to the Existing Notes. The Company's obligation to accept for exchange or purchase Existing Notes validly tendered (and not validly withdrawn) and to issue New First Lien Notes pursuant to the Offers and the related Consent Solicitation is subject to the satisfaction or, if permitted, waiver of certain conditions set forth in the confidential offering memorandum and consent solicitation statement, dated November 14, 2025. On November 14, 2025, the Company entered into a Transaction Support Agreement with certain holders of Existing Notes that collectively hold approximately 73% of the outstanding principal amount of Existing Notes as of November 13, 2025. Pursuant to the Transaction Support Agreement, each Supporting Noteholder has agreed to: (i) tender the maximum amount accepted by the Company of its Existing Notes in the Tender Offer and the remaining portion of its Existing Notes in the Exchange Offer and deliver its related Consents in the Consent Solicitation and (ii) collectively with the other Supporting Noteholders, backstop the full Subscription Offer as set forth in the Transaction Support Agreement. In consideration for the Supporting Noteholders' Backstop Commitment, the Company will pay to the Supporting Noteholders a premium in an amount equal to 3.0% of the total aggregate principal amount of New First Lien Notes issued in connection with the Subscription Offer and the Backstop Commitment, as set forth in the Transaction Support Agreement. The Transaction Support Agreement includes representations, warranties, covenants and closing conditions customary for agreements of this type, including the condition that a minimum of 98% of the outstanding aggregate principal amount of Existing Notes shall have been validly tendered (and not validly withdrawn) pursuant to the Exchange Offer and/or Tender Offer. The Offers and the Consent Solicitation will expire at 5:00 P.M., New York City time, on December 15, 2025, unless extended, or earlier terminated. To be eligible to participate in the Subscription Offer, Eligible Holders must tender their Existing Notes at or prior to 5:00 P.M., New York City time, on December 1, 2025, unless extended by the Company and deliver in cash an amount equal to the purchase price therefor by 11:59 P.M., New York City time, on December 3, 2025, unless extended. Rights to withdraw tendered Existing Notes and revoke Consents terminate at 5:00 P.M., New York City time, on December 1, 2025, unless extended, except for certain limited circumstances where additional withdrawal rights are required by law. Each Eligible Holder that tenders Existing Notes into the Exchange Offer and/or Tender Offer will be deemed to have given its Consent to the Proposed Amendments with respect to those tendered Existing Notes. No additional consideration will be paid for Consents. The Early Tender Date, the Funding Deadline or the Expiration Date with respect to the Offers and Consent Solicitation can be extended independently of the Withdrawal Deadline for the Offers and Consent Solicitation. Each participating Eligible Holder must tender all of the Existing Notes it holds for purchase in the Tender Offer and/or exchange in the Exchange Offer. Partial tenders of Existing Notes will not be accepted. The Existing Notes will only be accepted for exchange or purchase by the Company in minimum principal amounts of $2,000 and integral multiples of $1,000 thereafter. No alternative, conditional or contingent tenders will be accepted. The Company will not accept any tender of Existing Notes that would result in the issuance of less than $2,000 principal amount of Exchange Notes. The Exchange Notes will only be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. If, pursuant to the Offers and Consent Solicitation, a tendering Eligible Holder would otherwise be entitled to receive Exchange Notes in a principal amount that is not an integral multiple of $1,000, such principal amount will be rounded down to the nearest integral multiple of $1,000. This rounded amount will be the principal amount of Exchange Notes that Eligible Holders will receive, and no additional cash will be paid in lieu of any principal amount of Exchange Notes not received as a result of rounding down. The New First Lien Notes will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. This summary offering table indicates the treatment to be offered in the Offers per $1,000 principal amount of Existing Notes validly tendered and not validly withdrawn. The term "Exchange Consideration" refers to the Exchange Notes and the cash being offered to Eligible Holders of the Existing Notes pursuant to the Exchange Offer, and the term "Tender Consideration" refers to the cash payment being offered to Eligible Holders of the Existing Notes pursuant to the Tender Offer. Eligible Holders electing to participate in: (a) only the Exchange Offer are referred to herein as "Exchange Offer Only Participants," (b) the Exchange Offer and the Tender Offer are referred to herein as "Exchange Offer and Tender Offer Participants," (c) the Exchange Offer, the Tender Offer and the Subscription Offer are referred to herein as "Exchange Offer, Tender Offer and Subscription Offer Participants," and (d) the Exchange Offer and the Subscription Offer are referred to herein as "Exchange Offer and Subscription Offer Participants." The Exchange Offer and Tender Offer Participants and the Exchange Offer, Tender Offer and Subscription Offer Participants are collectively referred to herein as the "Tender Offer Participants." Each participating Eligible Holder must tender all of the Existing Notes it holds for purchase in the Tender Offer and/or exchange in the Exchange Offer through The Depository Trust Company's Automated Tender Offer Program. Partial tenders of Existing Notes will not be accepted. Within ATOP, each participating Eligible Holder must tender all of the Existing Notes it holds into the appropriate contra-CUSIP corresponding with its decision to participate as: (1) an Exchange Offer Only Participant, (2) an Exchange Offer and Tender Offer Participant, (3) an Exchange Offer, Tender Offer and Subscription Offer Participant or (4) an Exchange Offer and Subscription Offer Participant. In order to be eligible to participate in the Subscription Offer, Subscription Offer Participants are obligated to tender their Existing Notes through DTC's ATOP at or prior to the Early Tender Date and to deliver in cash an amount equal to the applicable purchase price at or prior to the Funding Deadline. Treatment per $1,000 Principal Amount of Existing Notes Validly Tendered and Not Validly Withdrawn: * Aggregate principal amount outstanding: $487,836,000 * Title: 7.375% Senior Secured Notes due 2028 * CUSIP / ISIN: 144A: 91705J AC9 / US91705JAC99 Reg S: U9155T AB3 / USU9155TAB36 Exchange Offer Only: * Tender Offer consideration: none * Exchange Offer consideration: $1,000 principal amount of New First Lien Notes and $3.75 in cash Exchange Offer and Tender Offer: * Tender Offer consideration: $600 in cash (for Existing Notes accepted up to the Tender Cap) * Exchange Offer consideration: $1,000 principal amount of New First Lien Notes and $3.75 in cash Tendering and Exchange Eligible Holder - Subscription Offer: * Tender Offer consideration: subject to the Tender Cap * Exchange Offer consideration: -- $1,000 principal amount of New First Lien Notes -- $3.75 in cash -- Payment of the Purchase Price -- Pro rata portion of New First Lien Notes Subscription Offer Only: * Tender Offer consideration: none * Exchange Offer consideration: -- $1,000 principal amount of New First Lien Notes -- $3.75 in cash -- Payment of the Purchase Price -- Pro rata portion of New First Lien Notes (1) The outstanding principal amount reflects the aggregate principal amount outstanding as of November 13, 2025 but does not include accrued and unpaid interest. (2) No representation is made as to the correctness or accuracy of the CUSIP numbers or ISINs listed in this press release or in the Offering Memorandum or printed on the Existing Notes. Such CUSIP numbers and ISINs are provided solely for the convenience of the holders of the Existing Notes. (3) Any accrued and unpaid interest on the Existing Notes accepted for exchange or purchase, as applicable, in the Exchange Offer and/or Tender Offer to, but not including, the settlement date for the Offers will be paid in cash at settlement. (4) The maximum principal amount of Existing Notes that will be accepted for purchase in the Tender Offer is $185.0 million, and the maximum amount of cash consideration that will be paid for Existing Notes validly tendered (and not validly withdrawn) in the Tender Offer is $111.0 million. If $185.0 million or less in aggregate principal amount of Existing Notes is validly tendered (and not validly withdrawn) by all Subscription Offer Participants together, all such participants will receive $600 per $1,000 principal amount of Existing Notes tendered in respect of all of their tendered Existing Notes. To the extent Existing Notes in a principal amount greater than $185.0 million are tendered into the Tender Offer, the Tender Offer will be oversubscribed, and Existing Notes accepted in the Tender Offer will be subject to proration. In such case, the amount of Existing Notes that will be accepted in the Tender Offer for each Tender Offer Participant will be equal to the product of: (a) the aggregate principal amount of Existing Notes tendered by such Tender Offer Participant and (b) the quotient of $185.0 million divided by the total principal amount of Existing Notes validly tendered (and not validly withdrawn) in the Tender Offer. Eligible Holders who elect to participate in the Tender Offer will receive the Tender Consideration for its Existing Notes tendered up to the Tender Cap, with the remainder of their Existing Notes being exchanged for the Exchange Consideration in the Exchange Offer. The Tender Consideration will be impacted by participation levels in the Tender Offer and will be determined following the Expiration Date in the manner described in the Offering Memorandum. Eligible Holders may not tender their Existing Notes without delivering the related Consents, and Eligible Holders may not deliver Consents without tendering the related Existing Notes. Existing Notes may not be withdrawn from the Offers and the related Consents may not be revoked from the Consent Solicitation after the Withdrawal Deadline, subject to applicable law. The consummation of the Offers and the Consent Solicitation is subject to, and conditioned upon, the satisfaction or, if permitted, waiver by the Company of certain conditions, including the Supporting Noteholders' performance of their obligations under the Transaction Support Agreement, the Company's substantially concurrent refinancing of its existing asset-based lending facility (or, in lieu thereof, the receipt of consent from the required lenders thereunder to the consummation of the Offers) and the General Conditions (as defined in the Offering Memorandum). Subject to applicable law, the Company may amend, extend, terminate or withdraw any of the Offers and/or Consent Solicitation without amending, extending, terminating or withdrawing any of the others, at any time and for any reason, including if any of the conditions set forth under "Conditions to the Offers and Consent Solicitation" in the Offering Memorandum with respect to the Offers are not satisfied as determined by the Company in its sole discretion. 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: Committee Can Retain Eversheds as Co-Counsel ---------------------------------------------------------- Judge Brendan L. Shannon of the United States Bankruptcy Court for the District of Delaware authorized the Official Committee of Unsecured Creditors of US Magnesium LLC to retain and employ Eversheds Sutherland (US) LLP as co-counsel, effective as of September 24, 2025. The Court is satisfied that the attorneys represent no interest adverse to the Committee, that they are disinterested persons as that term is defined under section 101(14) of the Bankruptcy Code, as modified by section 1103(b) of the Bankruptcy Code, and that their employment is necessary and would be in the best interests of the Committee. The firm's services include: a. rendering legal advice regarding the Committee's organization, duties, and powers in this Chapter 11 Case; b. assisting the Committee in investigating the acts, conduct, assets, liabilities, and financial condition of the Debtor; c. participating in the Debtor's proposed sale processes for substantially all of their assets and advising the Committee with respect to the same; d. analyzing any chapter 11 plan and related disclosure statement filed by the Debtor; e. attending meetings of the Committee and meetings with the Debtor, the DIP Lender, Renco, and their attorneys and other professionals, and participating in negotiations with these parties, as requested by the Committee; f. taking all necessary action to protect and preserve the interests of the Committee, including the possible prosecution of actions on its behalf and investigations concerning litigation in which the Debtor or its insiders are involved; g. assisting the Committee with respect to communications with the general unsecured creditor body about significant matters in this Chapter 11 Case; h. reviewing, analyzing, and, where necessary, challenging, claims filed against the Debtor's estate and alleged liens on assets of the bankruptcy estate; i. representing the Committee in hearings before the Court, appellate courts, and other courts in which matters may be heard, and representing the interests of the Committee before those courts; j. assisting the Committee in preparing all necessary motions, applications, responses, reports, and other pleadings in connection with the administration of this Chapter 11 Case; and k. providing such other legal assistance as the Committee may deem necessary and appropriate. The firm will be paid at these hourly rates: Partners $865 to $1,985 Counsel, Of Counsel & Senior Counsel $800 to $1,250 Associates $505 to $935 Other Professionals $75 to $590 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In order to comply with the United States Trustees' Appendix B, as required to be answered in all applications for employment filed under section 327 or 1103 of the Bankruptcy Code, I make the following disclosures: a. Eversheds did not agree to a variation of its standard or customary billing arrangements for this engagement; b. none of the professionals included in this engagement have varied their rate based upon the geographic location of the Chapter 11 Cases; c. the e Committee retained Eversheds on Sep. 24, 2025. The billing rates for the 2025 year prior to this application are the same as indicated in this Application; d. Eversheds anticipates filing a budget at the time it files its interim fee applications. In accordance with the United States Trustee Guidelines, the budget may be amended as necessary to reflect changed circumstances or unanticipated developments. Mr. Meyers 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: Todd C. Meyers, Esq. Eversheds Sutherland (US) LLP 999 Peachtree Street NW, Suite 2300 Atlanta, GA 30309 Telephone: (404) 868 -6645 Email: ToddMeyers@eversheds-sutherland.com A copy of the Court's Order dated November 10, 2025, is available at https://urlcurt.com/u?l=5qlUBH from PacerMonitor.com. 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. VERITONE INC: Cuts $77.5MM Debt, Trims Yearly Financing Costs ------------------------------------------------------------- Chakradhar Adusumilli of Bloomberg News reports that Veritone Inc. announced that it has reduced its total debt by $77.5 million, including the full repayment of a $31.8 million senior secured credit facility and a 50% reduction of its $45.7 million in convertible notes. The company emphasized that the actions eliminate key restrictions tied to its secured debt. The debt restructuring lowers Veritone's annual debt-service burden to just $0.8 million, a more than 90% drop, and creates about $13 million in annual savings. The transaction also unlocked $15 million in cash that had been previously restricted, with all related liens now fully released, the report relays. The company will discuss its strengthened financial position at an analyst and investor forum on December 1, 2025. Following the announcement, shares traded 1.8% higher early in the session, the report states. 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 vast 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. VERITONE INC: Repays Term Loan, 50% of Convertible Notes -------------------------------------------------------- Veritone, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $26.9 million for the three months ended September 30, 2025, from a net loss of $21.7 million for the same period in 2024. For the nine months ended September 30, 2025 and 2024, the Company reported net losses of $73.6 million and $69.2 million, respectively. Revenue for the three months ended September 30, 2025 and 2024, were $29.1 million and $22 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had revenues of $75.6 million and $70.2 million, respectively. As of September 30, 2025, the Company had an accumulated deficit of $540.8 million and cash and cash equivalents of $36.2 million. As of September 30, 2025, the Company had $200.2 million in total assets, $184.2 million in total liabilities, and $16 million in total stockholders' equity. During 2025, Veritone raised aggregate net proceeds of approximately $154.9 million through the issuance and sale of common stock and pre-funded warrants to purchase common stock in multiple equity offerings. As of September 30, 2025, Veritone had $35.4 million aggregate principal amount outstanding under its Term Loan. On November 6, 2025, Veritone provided notice under the Credit Agreement that it intended to repay in full all outstanding amounts under the Term Loan on November 12, 2025 for an aggregate amount of $36.7 million in cash. The repayment amount reflects the outstanding principal amount of loans under the Term Loan of $31.8 million, together with accrued and unpaid interest thereon of $0.5 million, and a prepayment premium equal to 14% of such principal amount. Following such repayment, the Company's obligations under the Term Loan will be terminated. As of September 30, 2025, Veritone had $91.3 million aggregate principal amount outstanding under its Convertible Notes. On November 6, 2025, Veritone entered into separate, privately negotiated transactions with certain holders of the outstanding Convertible Notes to repurchase approximately 50% of the outstanding Convertible Notes or approximately $45.7 million aggregate principal amount of the Convertibles Notes, comprising a combination of (i) approximately $39.0 million in cash and (ii) the issuance of 625,000 shares of Veritone common stock. The Repurchases were expected to close November 12, 2025, subject to certain closing conditions. Following the closing of the Repurchases, Veritone intended to cancel the repurchased Convertible Notes and, after such cancellation of repurchased Convertible Notes, approximately $45.6 million aggregate principal amount of the Convertible Notes will remain outstanding. The Convertible Notes mature on November 15, 2026. "Based on our liquidity position as of the issuance date of these condensed consolidated financial statements and our current forecast of operating results and cash flows, absent any other action, we determined that there is substantial doubt about our ability to continue as a going concern over the twelve months following the filing of this Quarterly Report on Form 10-Q, principally driven by our debt repayment obligations, historical negative cash flows and recurring losses. As a result, we will require additional liquidity to continue our operations over the next twelve months," Veritone said. "We will continue to explore potential financing structures, in addition those we have already completed, which we believe could improve our current liquidity position and balance sheet. We also continue to evaluate additional strategies to obtain funding for future operations, including, but not limited to, obtaining equity financing and/or further restructuring of operations to grow revenues and decrease operating expenses, which include capturing past cost reductions and potential future cost synergies from our past acquisitions." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/y5ww9knm 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 vast 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 ROADSHOW: Seeks to Extend Exclusivity to March 12, 2026 --------------------------------------------------------------- Village Roadshow Entertainment Group USA Inc. and its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 12, 2026 and May 13, 2026, respectively. Since the commencement of these chapter 11 cases and during the First Extension Period, the Debtors have worked diligently to ensure a smooth transition into chapter 11 and to preserve and maximize the value of the Debtors' estates for the benefit of all stakeholders. In addition, the Debtors engaged in extensive and arm's-length negotiations with Warner Bros. to liquidate their asserted claims against the Debtors' estates, including attending a mediation between the parties. In sum, extensive resources have been required of the Debtors and their professionals to achieve the measures reached in these chapter 11 cases to date. In light of these circumstances, the Debtors submit that the requested extensions are both appropriate and necessary to afford the Debtors sufficient time to adequately prepare a viable chapter 11 plan and related disclosure statement. Moreover, maintenance of the Debtors' exclusive right to file a plan safeguards the optimal utilization of estate resources for the benefit of all of the Debtors' stakeholders. The Debtors explain that they continue to work with parties in interest, including the Debtors' prepetition and postpetition lenders, Warner Bros., the Committee, the U.S. Trustee, and others to finalize the Sales and ultimately forge a consensual path towards confirmation. The Debtors submit that the demands of these chapter 11 cases warrant the extension of the Exclusive Periods so that the Debtors can continue to focus their efforts on finalizing the Sales for the remainder of their Assets and efficiently transition to filing a viable chapter 11 plan and related disclosure statement. The Debtors claim that in addition to finalizing the Sales and advancing toward confirmation, the companies and their professionals will continue to focus on maximizing the value of their estates by efficiently managing ongoing chapter 11 administrative tasks for the benefit of their stakeholders. An extension of the Exclusive Periods as requested herein will allow the Debtors to finalize a chapter 11 plan that meets the requirements of the Bankruptcy Code. Accordingly, the Debtors' efforts to date and the tasks that remain to be completed justify the extension of the Exclusive Periods. Importantly, the Debtors are not seeking the extension of the Exclusive Periods to delay administration of these chapter 11 cases or to exert pressure on its creditors, but rather to continue the orderly, efficient, and cost-effective chapter 11 process. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. The Debtors assert that termination of the Exclusive Periods would adversely impact the administration of these chapter 11 cases. If the Court were to deny the Debtors' request for an extension of the Exclusive Periods, upon the expiration of the Exclusive Filing Period, any party in interest would be free to propose a chapter 11 plan for the Debtors and solicit acceptances thereof. Such a ruling could undermine the Debtors' progress in these chapter 11 cases and thwart any meaningful opportunity for the Debtors to emerge from chapter 11 with maximum value for their creditors and other stakeholders. Co-Counsel for the Debtors: Joseph M. Mulvihill, Esq. Benjamin C. Carver, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: jmulvihill@ycst.com bcarver@ycst.com Co-Counsel for the Debtors: Justin R. Bernbrock, Esq. Matthew T. Benz, Esq. SHEPPARD, MULLIN, RICHTER & HAMPTON LLP 321 North Clark Street, 32nd Floor Chicago, Illinois 60654 Tel: (312) 499-6300 Fax: (312) 499-6301 Email: jbernbrock@sheppardmullin.com mbenz@sheppardmullin.com - and - Jennifer L. Nassiri, Esq. 1901 Avenue of the Stars, Suite 1600 Los Angeles, CA 90067 Tel: (310) 228-3700 Fax: (310) 228-3701 Email: jnassiri@sheppardmullin.com - and - Alyssa Paddock, Esq. 30 Rockefeller Plaza, 39th Floor New York, NY 10112 Tel: (212) 653-8700 Fax: (212) 653-8701 Email: apaddock@sheppardmullin.com 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. VIVALDI HOLDINGS: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: The Vivaldi Holdings, Inc. 11440 W. Bernardo Court, Suite 300 San Diego, CA 92127 Business Description: The Vivaldi Holdings, Inc., doing business as Keller Williams West Ventura County, operates a real-estate brokerage office in Oxnard, California. The Company provides residential and commercial real estate services through its network of licensed agents, offering training, technology, and access to a preferred-vendor network. It is part of Keller Williams Realty, LLC, a global franchise with over 165,000 agents and 1,000+ offices. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court Southern District of California Case No.: 25-04739 Judge: Hon. J Barrett Marum Debtor's Counsel: Andy Warshaw, Esq. DIMARCO WARSHAW, APLC PO Box 704 San Clemente, CA 92674 Tel: (949) 345-1455 E-mail: andy@dimarcowarshaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Albert Meggers as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2I6CA6I/The_Vivaldi_Holdings_Inc__casbke-25-04739__0001.0.pdf?mcid=tGE4TAMA VOLITIONRX LTD: Newbridge Exercises 1.19M Shares + 1.73M Warrants ----------------------------------------------------------------- VolitionRx Limited on October 10, 2025, entered into an Underwriting Agreement with Newbridge Securities Corporation, relating to an underwritten public offering of 11,550,000 shares of the Company's common stock, par value $0.001 per share, together with accompanying common stock purchase warrants to purchase up to an aggregate of 11,550,000 shares of Common Stock. Each share of Common Stock was offered and sold together with an accompanying common stock warrant to purchase one share of Common Stock at a combined offering price to the public of $0.52, including $0.01 per common stock warrant, less an underwriting discount of 7%. Pursuant to the terms of the Underwriting Agreement, the Company also granted the Underwriter a 30-day option to purchase up to an additional 1,732,500 shares of Common Stock, as well as accompanying common stock purchase warrants to purchase up to an aggregate of 1,732,500 shares of Common Stock at the same combined offering price to the public. On November 7, 2025, the Company and the Underwriter entered into an amendment to the Underwriting Agreement to modify the terms of the Over-Allotment Option. The Amendment permits the Underwriter, in its sole discretion, to exercise the Over-Allotment Option with respect to solely Option Shares, solely Option Warrants, or any combination thereof, rather than only as a combined exercise for both Option Shares and Option Warrants together. Concurrently with the execution of the Amendment, the Underwriter exercised its Over-Allotment Option to purchase 1,194,000 Option Shares and 1,732,500 Option Warrants at the same price to public as in the Offering, allocated as $0.51 per share and $0.01 per warrant, less an underwriting discount of 7.0%. A full-text copy of the Amendment is available at https://tinyurl.com/2wayc5wb About Volition Henderson, Nev.-based VolitionRx Limited is a multi-national epigenetics company. It has patented technologies that use chromosomal structures, such as nucleosomes, and transcription factors as biomarkers in cancer and other diseases. Draper, Utah.-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 31, 2025, attached in 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, negative cash flows from operations and minimal revenues which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2024, VolitionRx had $13.1 million in total assets, $36 million in total liabilities, and $22.9 million in total stockholders' deficit. WABASH NATIONAL: S&P Downgrades ICR to 'B', Outlook Negative ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Wabash National Corp. to 'B' from 'B+' and its issue-level rating on Wabash's senior unsecured notes to 'B-' from 'B'. The '5' recovery rating is unchanged, indicating its expectation for a modest recovery (10%-30%; rounded estimate: 20%) in the event of a default. The negative outlook reflects uncertainty over the timing of a potential rebound and the possibility that credit metrics could remain weak beyond 2026 if freight demand stays weak. Wabash National Corp.'s credit measures continue to worsen below our expectations for the rating in 2025 as trailer deliveries have declined from freight carriers delaying capital expenditure (capex). S&P said, "The timing for a recovery and the magnitude of a potential rebound is uncertain, and we see significant risk to the forecast; under our base case we assume that trailer deliveries will improve somewhat in 2026, which could improve the company's credit measures. However, we estimate the company free operating cash flow (FOCF) will not turn positive until 2027." The downgrade reflects weaker demand from customers as they continue to delay capital spending. S&P said, "Following weaker than anticipated third quarter earnings, we now expect Wabash will generate negative EBITDA in 2025, substantially deviating S&P Global Ratings adjusted debt to EBITDA from our previous forecast of 8.9x in 2025. Leverage is elevated beyond historical levels, which had been below 4x in five of the last six years (adjusted for the Missouri Litigation Settlement in 2024), and we anticipate it will remain elevated in the 6x-7x in 2026 (previous expectation: 3.8x). We expect demand will return over time, but tariff uncertainty has worsened cyclicality in the industry and prolonged the timing of recovery. As a result, we lowered our ratings with a negative outlook given the continued near-term weakness and uncertainty in the timing of a potential rebound." Wabash appealed the Eileen Williams, Elizabeth Perkins, et al. v. Wabash National Corp., et al lawsuit reducing its obligation. On Oct. 9, 2025, the company announced a settlement of $30 million, which represents a substantial reduction from the previously recorded litigation related liability. S&P previously included a portion of the liability in its debt calculation (reflecting the assumption that Wabash would fund the liability with debt), which was $108 million after the second quarter. As demand from customers improves, leverage should therefore be able to return closer to historical levels more quickly given the lower debt burden as a result of the appeal. Trailer demand was soft as expected but truck body deliveries worsened beyond our previous forecast in the third quarter resulting in further revenue decline and EBITDA margin weakness. S&P said, "As a result, we expect full year revenue decline of 20% to 25%, below our previous forecast for revenue decline of 10%-15%. We forecast trailer deliveries of nearly 27,900 in 2025 and 29,000 in 2026 along with truck body deliveries of approximately 11,200 in 2025 and 2026. We also expect an average sale price of about $37,000 to $38,000 for trailers and $27,000 to $27,500 for truck bodies. Despite cost cutting efforts to right-size headcount, EBITDA was negative in the third quarter, and we expect it will remain negative in the fourth quarter, which is also in line with the company's guidance. We now forecast S&P Global Ratings adjusted EBITDA margin will be negative 0.25%-0.75% in 2025 (which excludes the gain from the reversal of the litigation related liability) with potential for improvement in 2026 to 4%-6%, well beyond historical levels." Wabash's liquidity will offset weaker earnings in the near term. The company had cash of about $92 million on its balance sheet and availability of about $264 million under its asset-based lending (ABL) facility at the end of the third quarter (with about $25 million drawn and around $5 million outstanding letters of credit). The ABL facility matures in September 2027 and the senior unsecured notes are due October 2028. Given the lack of near-term maturities, S&P believes Wabash has sufficient liquidity to withstand some near-term softness and our liquidity assessment remains adequate. S&P said, "Our reported free operating cash flow (FOCF) expectations are slightly better in 2025, benefitting from timing of working capital payments. We now expect incrementally improved reported FOCF of breakeven to positive $10 million (previous estimate: negative $10 million to breakeven) in 2025. However, we expect reported FOCF will be negative in the $10 million to negative $20 million range in 2026 as demand remains weak but the company builds inventory to position for a rebound and despite a reduced capex. As a result, we estimate cash flows will remain depressed, and we consider it is unlikely that the company generate materially positive FOCF over the next few years. "The negative outlook reflects uncertainty that Wabash's credit measures will return in line with the rating in the near term as the timing of a recovery in freight demand remains unclear. We expect debt to EBITDA will be negative in 2025, improving to 6.5x in 2026, along with FOCF to debt of 3.7% in 2025 worsening in 2026." S&P could lower its rating on Wabash if S&P expects debt to EBITDA to be above 7x or if adjusted FOCF to debt remains weak for a sustained period and liquidity becomes pressured. This could occur if: -- S&P does not expect Wabash to improve trailer or truck body deliveries due to continued delays in customer capex; -- EBITDA margins remain weak due to persistently lower customer demand and Wabash is unable to right-size its cost structure to generate positive EBITDA under weak demand conditions in 2026; or -- Limited operating improvement heightens refinancing risk as the 2027 maturity draws closer. S&P could revise the outlook to stable if Wabash's S&P Global Ratings-adjusted debt to EBITDA improves toward 5x and FOCF to debt improves toward 5%. This could occur if: -- Trailer deliveries improve as trucking capacity normalizes and truck body deliveries improve as demand as customers in construction and industrial end markets resume capital spending; -- EBITDA margins trend toward historical levels; and -- Wabash prudently manages capex for its Trailers as a Service (TaaS) offering during the trailer demand rebound. WAHEGURU LLC: Case Summary & Two Unsecured Creditors ---------------------------------------------------- Debtor: Waheguru LLC d/b/a Wendover Travel Center 1 North Bonneville Speedway Road Wendover, UT 84083 Business Description: Waheguru LLC operates a gas station and convenience store on leased property at 1 North Bonneville Speedway Road in Wendover, Utah, with an option to purchase the property. Chapter 11 Petition Date: November 11, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-17395 Judge: Hon. Kimberley H Tyson 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 E-mail: dwarner@wgwc-law.com Total Assets: $122,499 Total Liabilities: $1,173,117 Navkirat Singh signed the petition as manager. A copy of the Debtor's list of two unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NWGS53A/Waheguru_LLC__cobke-25-17395__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NKIT2FY/Waheguru_LLC__cobke-25-17395__0001.0.pdf?mcid=tGE4TAMA WAHEGURU LLC: Mark Dennis of SL Biggs Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Mark Dennis, a certified public accountant at SL Biggs, as Subchapter V trustee for Waheguru LLC. Mr. Dennis will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dennis declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark D. Dennis, CPA SL Biggs, A Division of SingerLewak, LLP 2000 S. Colorado Blvd., Tower 2, Ste. 200 Denver, CO 80222 Phone: 303-226-5471 Email: mdennis@slbiggs.com About Waheguru LLC Waheguru LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17395) on November 11, 2025. In its petition, the Debtor reported estimated assets between $100,001 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Kimberley H. Tyson oversees the case. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. WALKER EDISON: Amends Prepetition Term Loan Claim Details --------------------------------------------------------- Walker Edison Holdco LLC and affiliates submitted a Revised Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated November 6, 2025. After the Petition Date, the Debtors continued to operate their business as debtors and debtors in possession. By order entered September 4, 2025, these chapter 11 cases are jointly administered for procedural purposes only. The Debtors filed these chapter 11 cases to pursue a sale of all or substantially all of their Assets with the goal of maximizing the recovery for their Estates and Creditors. To that end, the Bankruptcy Court entered the Bidding Procedures Order granting certain of the relief sought in the Sale Motion, including, among other things, (a) approving the bidding procedures, which established the key dates and times related to the Sale and auction, (b) approving assumption procedures, and (c) authorizing the Debtors' entry into and performance under the Asset Purchase Agreement. The Bidding Procedures Order also established a bid deadline of September 22, 2025. On October 2, 2025, the Bankruptcy Court entered the Sale Order. The Sale to the Purchaser closed on October 7, 2025. At Closing, the Sale Proceeds were $16,214,369.00, which is subject to adjustment pursuant to the Asset Purchase Agreement. In addition, the Debtors have ordinary course trade and vendor obligations. As of the Petition Date, outstanding trade payables were approximately $22,382,951.57. These obligations consist primarily of amounts owed to third-party vendors and service providers. Class 3 consists of Prepetition Term Loan Claims. Each Holder of an Allowed Prepetition Term Loan Claim shall be entitled to receive its Pro Rata share of the Series A Liquidating Trust Interests. For the avoidance of doubt, Holders of Allowed Claims in Class 3 shall not share in the Series B Liquidating Trust interests. The amount of claim in this Class total $214,097,528.56. This Class will receive a distribution of 0% to 60% of their allowed claims. Like in the prior iteration of the Plan, each Holder of an Allowed Claim in Class 4 shall receive their Pro Rata share of the Series B Liquidating Trust Interests. For the avoidance of doubt, the Prepetition Term Loan Secured Parties shall not receive any portion of the Series B Liquidating Trust Interests. The allowed unsecured claims total $30,000,000 to $34,000,000. This Class will receive a distribution of 0.5% to 60% of their allowed claims. The Plan implements a structure, first approved by the Bankruptcy Court in the Final DIP Order, by which Holders of Allowed General Unsecured Claims will receive a meaningful share of any of the proceeds of Utah Litigation. This structure was set forth in the Global Settlement by and between the Debtors, the Committee, the DIP Secured Parties, the Prepetition ABL Lender and the Prepetition Term Loan Secured Parties. The Liquidating Trust shall be established and shall become effective on the Effective Date. Upon the occurrence of the Effective Date, (a) the members of each Debtor's board of directors or managers, as the case may be, shall be deemed to have resigned; and (b) the Liquidating Trust Assets shall be transferred to the Liquidating Trust in accordance with this Plan. The Liquidating Trust Assets shall vest in the Liquidating Trust free and clear of all Liens, claims, and interests; provided, however, that the Liquidating Trust Assets shall be subject to the DIP Liens as set forth herein if the DIP Facility Claim is not paid in full on the Effective Date. A full-text copy of the Revised Combined Disclosure Statement and Liquidating Plan dated November 6, 2025 is available at https://urlcurt.com/u?l=CPOWij from Epiq Corporate Restructuring, LLC, claims agent. Counsel to the Debtors: MORRIS, NICHOLS, ARSHT & TUNNELL LLP Robert J. Dehney, Sr., Esq. Donna L. Culver, Esq. Daniel B. Butz, Esq. Scott D. Jones, Esq. Jonathan M. Weyand, Esq. 1201 N. Market Street, 16th Floor Wilmington, Delaware 19801 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 Email: rdehney@morrisnichols.com dculver@morrisnichols.com dbutz@morrisnichols.com sjones@morrisnichols.com jweyand@morrisnichols.com About Walker Edison Holdco Walker Edison, a Delaware corporation headquartered in West Jordan, Utah, designs and distributes affordable, ready-to assemble home furnishings, operating primarily through e-commerce channels rather than traditional retail stores. Its business is managed by Walker Edison Intermediate, LLC and Walker Edison Holdco, LLC, and it owns EW Furniture, LLC, a Utah-based subsidiary. The company sources most products from suppliers in Asia and Brazil, distributing them through its Ohio and California centers or directly via major e-commerce platforms including Wayfair, Amazon, Walmart, Target, and Home Depot, with gross sales of roughly $124.6 million in 2024. Walker Edison Holdco, LLC and three affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11602) on August 28, 2025. At the time of the filing, Walker Edison Holdco listed up to $50,000 in assets and between $100 million and $500 million in liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal counsel; Lincoln International, LLC as investment banker; MACCO Restructuring Group, LLC as transformation advisor. Epiq Corporate Restructuring, LLC is the Debtors' notice, claims and administrative agent. WASH & WAX: Capital Southwest Marks $4.6MM 1L Loan at 15% Off ------------------------------------------------------------- Capital Southwest Corporation has marked its $4,616,000 loan extended to Wash & Wax Systems LLC to market at $3,924,000 or 85% of the outstanding amount, according to Capital Southwest's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Term Loan B to Wash & Wax Systems LLC. The loan accrues interest at a rate of 12% per annum. The loan matures on July 30, 2028. Capital Southwest is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. The company has elected to be regulated as a business development company under the 1940 Act. The company focuses on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Its core business is to target senior debt investments and equity investments in lower middle market companies. Capital Southwest is led by Michael S. Sarner as President and Chief Executive Officer and Chris T. Rehberger as Chief Financial Officer, Treasurer and Secretary. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100 Dallas, TX 75225 Tel. No.: (214) 238-5700 About Wash & Wax Systems LLC Wash & Wax Systems LLC is a premier mobile detailing business, dedicated to transforming vehicles into a shining masterpiece. WICKED FRESH: Seeks Chapter 7 Bankruptcy in Florida --------------------------------------------------- Wicked Fresh Seafood Company LLC filed a voluntary Chapter 7 bankruptcy petition in the Middle District of Florida on November 10, 2025. According to the filing, the company lists liabilities ranging from $100,001 to $1 million. The debtor reports having between 1 and 49 creditors. About Wicked Fresh Seafood Company LLC Wicked Fresh Seafood Company LLC is a limited liability company. Wicked Fresh Seafood Company LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02224) on November 10, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Luis Ernesto Rivera II handles the case. The Debtor is represented by Adrian R. Lynn, Esq. of Lynn Law Group. WOC EVENTS: Wins Approval to Pay Critical Vendors ------------------------------------------------- Judge Mark X. Mullin of the United States Bankruptcy Court for the Northern District of Texas granted the motion filed by Laurel Events, LLC, WOC Events Grapevine, LLC, and KellyBain Events, LLC for entry of an order authorizing payment of critical vendors. The Court finds that the relief requested in the motion is lawful, appropriate, and necessary to prevent immediate and irreparable harm, and is in the best interests of the estate. The Debtors are authorized, but not directed, to pay the Critical Vendor Claims to the Critical Vendors, up to the aggregate amount of $4,000. A copy of the Court's Order dated November 10, 2025, is available at https://urlcurt.com/u?l=jAlOWk from PacerMonitor.com. About WOC Events Grapevine, LLC WOC Events Grapevine, LLC operates a wedding venue sitting on six acres of property and located at 2040 Enchanted Way, Grapevine, Texas 76051. WOC Events Grapevine filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44313-mxm11) on November 3, 2025. Judge Mark X. Mullin presides over the case. Jacob J King at Munsch Hardt Kopf & Harr, P.C., represents the Debtor as legal counsel. WT REPAIR: Plan Exclusivity Period Extended to Dec. 11 ------------------------------------------------------ Judge Dale L. Somers of the U.S. Bankruptcy Court for the District of Arkansas extended WT Repair, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 11, 2025 and February 9, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that it requires additional time to file its Plan and Disclosure Statement. The Debtor is attempting to negotiate the terms of the Plan and needs additional time to file a confirmable Plan and Disclosure Statement. The Debtor states that the complication of this case, which includes the Debtor closing businesses and transitioning to a new accountant, is cause to allow an extension. The Debtor claims that the extension of time for the filing of the Plan and Disclosure Statement and the extension of time for the exclusivity periods will not work a hardship on creditors and are in the best interest of all parties. WT Repair LLC is represented by: Colin N. Gotham, Esq. Evans & Mullinix, PA 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 Email: cgotham@emlawkc.com About WT Repair LLC WT Repair, LLC is an independently owned used equipment dealer and service shop based in Beloit, Kansas. It specializes in buying, selling, and servicing farm machinery, including tractors, harvesters, and used trucks. WT Repair is also a full-line dealer for Bush Hog, Farm King, MacDon, Geringhoff, Quicke, Kelly Ryan, and HyGrade. WT Repair sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan.) on May15, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Dale L. Somers presides over the case. Colin N. Gotham, at Evans & Mullinix, P.A., is the Debtor's legal counsel. XPLR INFRASTRUCTURE: S&P Rates New $750MM Sr. Unsecured Notes 'BB' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB' issue-level rating to XPLR Infrastructure Operating Partners L.P.'s (XIFR) proposed $750 million senior unsecured notes due 2034. The '4' recovery rating indicates its expectation of average (30%-50%; rounded estimate: 40%). S&P expects the financing to be marginally leverage favorable but may have some timing differences between debt raise now and commensurate maturities in early 2026. The company expects to use these proceeds to prefund the refinancing of the outstanding $500 million principal amount of 2.50% convertible senior notes due 2026 and the outstanding $500 million principal amount of 3.875% senior notes due 2026. XIFR may temporarily invest in short-term instruments with any proceeds that are not immediately used for these purposes. The company also expects to use its general funds for other business purposes, including repowering capital expenditures. S&P said, "As we have noted before, under a hypothetical default analysis, our recovery estimate for XIFR's unsecured debt is 40%-45%. Were this to decline below 30%, we will rate the unsecured debt one notch below the corporate credit rating. Effectively, this limits the ability of the company to issue senior debt to the unsecured debt, including project-level nonrecourse debt. We note that project-level nonrecourse debt the company will issue for financing its repowering projects in 2025 and 2026 has already been factored into the current ratings." XWELL INC: Sets 2025 Annual Meeting for December 18 --------------------------------------------------- XWELL, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 6, 2025, the Board of Directors determined that the Company's 2025 Annual Meeting of Stockholders will be held on Thursday, December 18, 2025 at 10:00 a.m. (Eastern Time). The location of the 2025 Annual Meeting will be as set forth in the Company's definitive proxy statement for the 2025 Annual Meeting to be filed with the Securities and Exchange Commission. Since the date of the 2025 Annual Meeting has been changed by more than 30 days from the anniversary date of the 2025 Annual Meeting of Stockholders, the Company is providing the due date for submission of any qualified stockholder proposal or qualified stockholder nominations. In accordance with the requirements contained in the Company's Third Amended and Restated Bylaws, stockholders of the Company who wish to have a proposal considered for inclusion in the Company's proxy materials for the 2025 Annual Meeting pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, must ensure that such proposal is received by the Company's Corporate Secretary at 254 West 31st Street, 11th Floor, New York, New York, not later than the close of business on the later of November 17, 2025, which is the 10th calendar date following the date hereof. Any such proposal must also meet the requirements set forth in the rules and regulations of the SEC in order to be eligible for inclusion in the proxy materials for the 2025 Annual Meeting. Additionally, in accordance with the requirements contained in the Bylaws, stockholders of the Company who wish to bring business before the 2025 Annual Meeting outside of Rule 14a-8 of the Exchange Act or to nominate a person for election as a director must ensure that written notice of such proposal (including all information specified in the Company's Bylaws) is received by the Company's Chief Executive Officer at the address specified above no later than the close of business on November 17, 2025, which is the 10th calendar date following the date hereof. Any such proposal must meet the requirements set forth in the Company's Bylaws in order to be brought before the 2025 Annual Meeting. In addition, to comply with the universal proxy rules, stockholders who intend to solicit proxies in support of director nominees other than our nominees must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act by November 17, 2025, which is the 10th calendar date following the date hereof. About XWELL New York, N.Y.-based XWELL, Inc. is a global wellness company operating multiple brands and focused on bringing restorative, regenerative and reinvigorating products and services to travelers. Morristown, N.J.-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred 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 $22.4 million in total assets, $18.3 million in total liabilities, and a total equity of $3.7 million. ZARONOLOGY INC.: Seeks Chapter 7 Bankruptcy in Florida ------------------------------------------------------ Zaronology Inc. filed a voluntary Chapter 7 bankruptcy petition in the Middle District of Florida on November 10, 2025. The filing lists liabilities ranging from $100,001 to $1 million. Zaronology Inc. reports having between 1 and 49 creditors. About Zaronology Inc. Zaronology Inc. is a Florida-based provider of consumer and small-business services, delivering a mix of technology, retail, and support-focused solutions. Its operations include service execution, product sourcing, and customer assistance, giving clients access to practical and cost-effective options for both personal and business needs. Zaronology Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08422) on November 10, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Caryl E. Delano handles the case. The Debtor is represented by Christopher D. Smith, Esq. of SmithLaw Attorneys PA. [] U.S. Foreclosures Rise for 8th Straight Month in October ----------------------------------------------------------- ATTOM, a leading curator of land, property data, and real estate analytics, released its October 2025 U.S. Foreclosure Market Report, which shows there were a total of 36,766 U.S. properties with foreclosure filings -- default notices, scheduled auctions or bank repossessions -- up 3 percent from a month ago and up 19 percent from a year ago. "Foreclosure activity continued its steady upward trend in October, the eighth straight month of year-over-year increases. Starts rose nearly 20 percent, while completed foreclosures were up 32 percent from last year, " said Rob Barber, CEO at ATTOM. "Even with these increases, activity remains well below historic highs. The current trend appears to reflect a gradual normalization in foreclosure volumes as market conditions adjust and some homeowners continue to navigate higher housing and borrowing costs." States with the worst foreclosure rates were Florida, South Carolina, and Illinois. Nationwide, one in every 3,871 housing units had a foreclosure filing in October 2025. States with the worst foreclosure rates were: * Florida (one in every 1,829 housing units with a foreclosure filing) * South Carolina (one in every 1,982 housing units); Illinois (one in every 2,570 housing units) * Delaware (on in every 2,710 housing units); and Nevada (one in every 2,747 housing units). Among metro areas with populations of 1 million or more, Tampa, FL posted the highest foreclosure rate in October 2025, at one in every 1,373 housing units. The increase reflects a temporary spike caused by the resumption of data collection in Hillsborough County, which added backlogged records and is expected to normalize in November. Following Tampa were: * Jacksonville, FL (one in every 1,576 housing units); Orlando, FL (one in every 1,703) * Riverside, CA (one in every 1,983); and * Cleveland, OH (one in every 2,114). Foreclosure starts highest in Florida, Texas, and California Lenders started the foreclosure process on 25,129 U.S. properties in October 2025, up 6 percent from last month and up 20 percent from a year ago. States that had the greatest number of foreclosure starts in October 2025 included: * Florida (4,136 foreclosure starts) * Texas (3,080 foreclosure starts) * California (2,685 foreclosure starts) * Illinois (1,252 foreclosure starts); and * New York (1,165 foreclosure starts). Contrary to the national numbers, those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest year-over-year declines in foreclosure starts in October 2025 included: * Milwaukee, WI (decrease from 33 foreclosure starts in October 2024 to 15 in October 2025) * Indianapolis, IN (decrease from 252 to 142 foreclosure starts) * Louisville, KY (decrease from 59 to 45 foreclosure starts) * Washington, DC (decrease from 308 to 239 foreclosure starts) and * Detroit, MI (decrease from 541 to 428 foreclosure starts). Foreclosure completions increase year over year: Lenders repossessed 3,872 U.S. properties through completed foreclosures (REOs) in October 2025, an increase of 2 percent from last month and an increase of 32 percent from last year. States that had the greatest number of REOs in October 2025, included: * Texas (358 REOs) * California (336 REOs) * Florida (243 REOs) * Pennsylvania (205 REOs); and * Illinois (187 REOs). Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in October 2025 included: * Chicago, IL (122 REOs) * Atlanta, GA (117 REOs) * New York, NY (111 REOs) * Houston, TX (74 REOs); and * Riverside, CA (72 REOs). Conclusion: ATTOM's October 2025 U.S. Foreclosure Market Report shows foreclosure activity rose for the eighth straight month year over year, with 36,766 properties with foreclosure filings. Foreclosure starts were up 20 percent from a year ago and completed foreclosures rose 32 percent, though activity remains below historic highs. Report methodology: The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default -- Notice of Default (NOD) and Lis Pendens (LIS); Auction -- Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month. About ATTOM ATTOM powers innovation across industries with premium property data and analytics covering 158 million U.S. properties--99% of the population. Our multi-sourced real estate data includes property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, neighborhood and geospatial boundary information, all validated through a rigorous 20-step process and linked by a unique ATTOM ID. From flexible delivery solutions--such as Property Data APIs, Bulk File Licenses, Cloud Delivery, Real Estate Market Trends--to AI-Ready datasets, ATTOM fuels smarter decision-making across industries including real estate, mortgage, insurance, government, and more. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***