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251119.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, November 19, 2025, Vol. 29, No. 322 Headlines 1411 W. NORTH: Plan Filing Deadline Extended to Nov. 24, 2025 23ANDME HOLDINGS: Seeks Court Approval for Revised $9MM Settlement 245-249 8TH STREET: U.S. Trustee Unable to Appoint Committee 3000 E. IMPERIAL: Plan Exclusivity Period Extended to Jan. 12, 2026 4X4 COLORADO: Seeks Ch. 7 Bankruptcy, Blames Tariffs for Closure 6 GROUP: Seeks to Hire Green & Sklarz LLC as Legal Counsel 9 CROSBY: Seeks Chapter 11 Bankruptcy in New York 9 CROSBY: To Sell Nomo SoHo Hotel at Auction A.E. SCHLUETER: Plan Exclusivity Period Extended to Feb. 10, 2026 ABC DEMOLITION: Wins Bid to Extinguish Liftforward Lien, Mortgage ADWOA BEAUTY: Gets Interim OK to Use Cash Collateral ALACHUA GOVERNMENT: Plan Exclusivity Extended to February 2, 2026 ALL 4 HIM: Taps Kaplan Johnson Abate & Bird as Legal Counsel AMERIFIRST FINANCIAL: AmeriFirst Unsecureds Will Get 0% to 10% ANTHOLOGY INC.: Court Approves Bid Protocol on Asset Sale ARAVAK ENERGY: Case Summary & Three Unsecured Creditors ARCHDIOCESE OF NEW ORLEANS: Secures OK for $30MM Insurance Deal ARM VENTURES: Hires Joel M. Aresty P.A. as Legal Counsel ASCEND PERFORMANCE: Seeks to Hire Hilco Valuation as Advisor ASHMARK CONSTRUCTION: Amends Unsecured Claims Pay Details ASPEN ELECTRONICS: Hires Taft Stettinius & Hollister as Counsel AVIANCA HOLDINGS: SCOTUS Won't Hear Ch. 11 Lease Obligation Appeal BELLA TUSCANY: Gets Interim OK to Use Cash Collateral Until Dec. 18 BENITEZ & GALLOWAY: Hires Green & Sklarz as Bankruptcy Counsel BOWERS TRUCKING: U.S. Trustee Unable to Appoint Committee BRANDFOX LLC: Quarles & Brady Represents Plating Grace, Wells Fargo BRENMARK INC: Gets Interim OK to Use Cash Collateral BROOKLYN HOSPITAL: Eyes Bankruptcy Filing, Seeks $160MM Aid BUCKINGHAM SENIOR: Files 2nd Chapter 11 Bankruptcy BUENA VIDA: Seeks Chapter 7 Bankruptcy in New York BURGERFI INTL: Court Won't Reverse Judgment on Insurance Proceeds CABINETDNA LLC: Unsecureds to Split $5K in Consensual Plan CAPTAIN BLIGH'S: Case Summary & 14 Unsecured Creditors CENTER FOR SPECIAL: Court OKs Pinellas Property Sale to SicEm Props CLAIRE'S HOLDINGS: Court OKs Rejection of Certain Contracts, Leases CLEVELAND AVENUE: Case Summary & 20 Largest Unsecured Creditors CONSTANT CARE: Jonathan Dickey Named Subchapter V Trustee COUNTRY GARDEN: US Approval of Debt Restructuring Put on Hold CREATIVE KIDS: Seeks Chapter 11 Bankruptcy in New York CREATIVE KIDS: Voluntary Chapter 11 Case Summary CUSHMAN & WAKEFIELD: S&P Alters Outlook to Pos., Affirms 'BB-' ICR DEDICATION & EVERLASTING: Seeks Cash Collateral Access DEENA P. CARVAJAL: L. Todd Budgen Named Subchapter V Trustee DISCOVERY WOODS: Taps Law Offices of Emmett L. Goodman as Counsel DMMJ REALTY: Seeks $700,000 DIP Loan From Titan Capital DORADO PUTT PR: Section 341(a) Meeting of Creditors on December 4 DR. JOSEPH F. POLLACK: S&P Affirms 'BB' ICR, Outlook Negative EAST COAST DESIGNS: Unsecureds Will Get 15.98% Dividend in Plan ECOM AUTHORITY: U.S. Trustee Appoints Creditors' Committee ERC MANUFACTURING: Asked to Supplement for Property Sale Motion EUCLID REALTY: U.S. Trustee Unable to Appoint Committee EXTREME PROFITS: Amends Unsecureds & Bill Me Later Secured Claims EXTREME PROFITS: Paypal Holds First-Priority Lien on Assets FALKY HOLDINGS: To Sell Valdosta Property to Valle Pines for $300K FIRST BRANDS: Judge Intends to Approve Ch. 11 Examiner Appointment FLORIDA ECO: Unsecured Creditors to Split $83,928 over 3 Years FORTUNE CIRCLE LLC: Case Summary & Two Unsecured Creditors FORTUNE CIRCLE: Case Summary & One Unsecured Creditor FREE SPEECH: Trustee Wants to Turnover $4MM Cash to Receiver FULCRUM BIOENERGY: Claim Objection Deadline Extended to May 4 GENESIS GLOBAL: Investors Sue Winklevoss Twins, Gemini GENESIS HEALTHCARE: Cavazos Hendricks Represents Claimants GEORGIA VASCULAR: Seeks to Extend Plan Exclusivity to March 9, 2026 GRACE ROYALS: Mark Dennis of SL Biggs Named Subchapter V Trustee GREG ADAMS TRUCKING: Seeks Chapter 7 Bankruptcy in Alabama HARLING INC: Unsecureds Will Get 6% of Claims over 60 Months HARMONY WELLNESS: Employs Michael Best & Friedrich LLP as Counsel HARVEST MIDSTREAM: S&P Affirms 'BB-' ICR, Outlook Stable HFR HOLDING: Voluntary Chapter 11 Case Summary HOLLEY INC: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable IH 35 Transportation: Taps Law Office of Carl M. Barto as Counsel J4G LLC: Unsecureds Will Get 5.01% of Claims over 3 Years JB GROUP: Seeks to Retain Ordinary Course Professionals KBG TRUCKING: Seeks Chapter 7 Bankruptcy in Florida KIN DEE: Claims to be Paid from Continued Operations KLIMA CONTROL: Ford Wins Bid for Automatic Stay Relief LAKE BENNETT: Florida Regional Wins Bid to Foreclose LANGSTON CARVER: U.S. Trustee Unable to Appoint Committee LAS VEGAS COLOR: Lender Seeks Chapter 11 Trustee Appointment LEFLO 4 CONDOS: U.S. Trustee Unable to Appoint Committee LEGACY DRAYAGE: Hires GlassRatner Advisory as Financial Advisor LEISURE INVESTMENTS: Plan Exclusivity Extended to January 26, 2026 LMD HOLDINGS: Plan Exclusivity Period Extended to Feb. 12, 2026 LUGANO DIAMONDS: Files Chapter 11, Seeks Court OK for $12MM DIP LUGANO DIAMONDS: Seeks to Sell Jewelry Business at Auction M&M CUSTARD: Freddy's Frozen Custard Franchisee Seeks Chapter 11 MADRONE MEMPHIS: S&P Affirms 'BB+' LT Rating on Revenue Bonds MADRONE MTSU: S&P Assigns 'BB+' Rating on 2025A Revenue Bonds MAIN STREET: Unsecureds Will Get 10% of Claims in Plan MARCUM INDUSTRIES: Section 341(a) Meeting of Creditors on Dec. 2 MARTIN MIDSTREAM: S&P Alters Outlook to Negative, Affirms 'B' ICR MG INSURANCE: A.M. Best Assigns B(Fair) Fin. Strength Rating MILLER'S LANDING: Gets Interim OK to Use Cash Collateral MISTER CAR WASH:S&P Affirms 'B' ICR, Outlook Pos on Debt Reduction MYSTICAL STARS: Amends Unsecured Claims Pay Details N & S HOSPITALITY: Seeks Chapter 11 Bankruptcy in Texas NEOGEN CORP: S&P Lowers ICR to 'B+' on Elevated Leverage NEW FORTRESS: Delays Q3 Filing, Seeks Covenant Holidays NEW RITE AID: Landlord Not Entitled to Rent Payments NIBA DESIGNS: Unsecureds Will Get 16.5% of Claims over 60 Months OFFSHORE SAILING: To Sell Mad Skills Sailbot to British Virgin OLAC RESOURCES: Seeks Chapter 7 Bankruptcy in Colorado OLD FASHION: Gerard Luckman Named Subchapter V Trustee OLIN CORP: S&P Alters Outlook to Negative, Affirms 'BB+' ICR OUT THE GATE: Seeks Chapter 11 Bankruptcy w/ $51MM Debt P. JUDGE & SONS: Seeks Chapter 11 Bankruptcy in New Jersey PARKLAND CORP: S&P Upgrades 'BB+' ICR, Then Withdraws Rating PARTY EMPORIUM: Unsecureds to Get 11 Cents on Dollar in Plan PEDIATRIX MEDICAL: S&P Upgrades ICR to 'BB' on Lower Leverage PORT ELIZABETH: Case Summary & 20 Largest Unsecured Creditors PP&G INC: Unsecureds to Split $75K via Quarterly Payments PURDUE PHARMA: Secures Court OK for Chapter 11 Exit, Sackler Deal Q & T PROPERTIES: Case Summary & Four Unsecured Creditors RAMOS ROOFING: Seeks to Hire Allen Stovall Neuman as Counsel REGENCY LLC: Case Summary & 14 Unsecured Creditors RIFLE RFB: Mark Dennis of SL Biggs Named Subchapter V Trustee RITHM CAPITAL: S&P Alters Outlook to Positive, Affirms 'B' ICR ROSS INTERNATIONAL: Case Summary & Eight Unsecured Creditors RUNITONETIME LLC: Court OKs Casino Sale to 101 Gregory for $25MM RUNITONETIME LLC: Plan Exclusivity Period Extended to Feb. 9, 2026 RUTHERFORD ENTERPRISES: To Sell Pizza Biz to Bhaveshkumar Patel S & L TRUCKING: Seeks Chapter 11 Bankruptcy in Mississippi SANTA PAULA: Seeks to Extend Plan Exclusivity to March 13, 2026 SCV GRAPHIC: Seeks to Extend Plan Exclusivity to Feb. 23, 2026 SEELOS THERAPEUTICS: To Sell Biopharmaceutical Assets to Pradaxis SHC EQUITIES: Seeks Chapter 7 Bankruptcy in New York SIEPSER PROPERTIES: Hires Ciardi Ciardi & Astin as Legal Counsel SIEPSER PROPERTIES: Section 341(a) Meeting of Creditors on Dec. 5 SILAC INSURANCE: A.M. Best Affirms B(Fair) Fin. Strength Rating SILVERSTRAND FITNESS: Voluntary Chapter 11 Case Summary SKYLINE TOWER: Case Summary & 16 Unsecured Creditors SONDER HOLDINGS: Seeks Chapter 7 Bankruptcy in Delaware STM CONSTRUCTION: Section 341(a) Meeting of Creditors on Nov. 26 STRUNZ MILK: Seeks Chapter 11 Bankruptcy in Wisconsin SUNOCO LP: Moody's Rates Proposed Sr. Notes 'Ba1', Outlook Stable TABERNACLE CHRISTIAN: U.S. Trustee Unable to Appoint Committee TEAM VETCOR: Seeks to Employ Blanchard Law as Legal Counsel TEXAS HEALTH: Unsecureds Will Get 8.43% of Claims over 5 Years THRILL INTERMEDIATE: Hires Sheppard Mullin as Legal Counsel TOB LLC: Court OKs Commercial Property Sale to 320 Hawley TP BRANDS: Court Consolidates Bankruptcy Cases TPI COMPOSITES: Junior Creditors Back Bid to Sue Oaktree TRUECAR INC: Auto Software Vendor Deal Suit Gets Final Court OK US MAGNESIUM: To Sell Lithium Carbonate Assets to Glencore VETCOR LLC: Seeks to Hire Blanchard Law as Legal Counsel VILLAGE HOMES: To Sell Fort Worth Property to Karin Sommers VILLAGE ROADSHOW: Warner Bros. Appeal Chapter 11 Rights Sale WALKER EDISON: Updates Liquidating Plan Disclosures WARRIOR SPORTS: Seeks Chapter 11 Bankruptcy in New York WHITEEAGLE PROPERTIES: Hires McCurdy Real Estate as Auctioneer WHITEHALL PHARMACY: Seeks to Extend Exclusivity to March 18, 2026 WORK 'N GEAR: Unsecureds to be Paid in Full over 5 Years YELLOW CORP: Gets Court OK for Chapter 11 Wind-Down Plan YOHMAN LANDSCAPING: Unsecureds Will Get 28% of Claims in Plan ZEN JV: Wins Bid for Assumption of Contracts in Bankruptcy ZHL SERVICES: Case Summary & 20 Largest Unsecured Creditors ZUUM TRANSPORTATION: Gets Interim OK to Use Cash Collateral ********* 1411 W. NORTH: Plan Filing Deadline Extended to Nov. 24, 2025 ------------------------------------------------------------- Judge John C. Melaragno of the U.S. Bankruptcy Court for the Western District of Pennsylvania extended 1411 W. North Ave PA, LLC's periods to file a plan of reorganization and disclosure statement to November 24, 2025. In a court filing, 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 listed assets between $100,000 and $500,000 and liabilities between $500,000 and $1 million. The Debtor is represented by Rodney D. Shepherd, Esq. 23ANDME HOLDINGS: Seeks Court Approval for Revised $9MM Settlement ------------------------------------------------------------------ Emlyn Cameron of Law360 reports that 23andMe has asked a Missouri bankruptcy judge to approve a revised settlement with data breach claimants, proposing a ~$9 million payout to cover expanded claims and prevent protracted litigation. The company argues that the agreement would resolve many outstanding cybersecurity lawsuits under its Chapter 11 case. According to court filings, the deal would allow 23andMe to avoid future court battles by compensating affected customers through a structured fund, rather than continuing costly legal fights. The request comes as part of efforts to finalize its reorganization plan and address liabilities stemming from the 2023 breach, the report states. About 23andMe Holding Co. 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 245-249 8TH STREET: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of 245-249 8th Street NE REI, LLC. About 245-249 8th Street NE REI 245-249 8th Street NE REI, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case No. 25-00422) on September 17, 2025. At the time of the filing, the Debtor listed between $1 million and $10 million in assets and liabilities. Judge Elizabeth L. Gunn oversees the case. Hirschler Fleischer, PC is the Debtor's legal counsel. 3000 E. IMPERIAL: Plan Exclusivity Period Extended to Jan. 12, 2026 ------------------------------------------------------------------- Judge Scott C. Clarkson of the U.S. Bankruptcy Court for the Central District of California extended 3000 E. Imperial, LLC and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 12, 2026, and March 13, 2026, respectively. As shared by Troubled Company Reporter, the Debtors claim that they are negotiating with creditors and investors and intend to submit a consolidated plan which will provide for all proceeds derived from the liquidation of real property and recoveries from claims of the estate to be distributed to creditors and then to equity security holders. Once funds satisfy the debts of the Debtor 3000 E. Imperial, then the balance of funds will be paid pro rata to the PMR entities, to creditors and equity security holders. The Debtors explain that they have made progress toward reorganization. The CRO has been engaged in communications with multiple creditors and investors regarding the plan and plan treatment in an effort to achieve a consensual plan. The CRO, on behalf of Debtors, is seeking to move expeditiously in these Cases to filing a plan and plan confirmation. The Debtors cite that they are working cooperatively with their creditors and investors. Since the September 3, 2025 status conference, 3000 E. Imperial has entered into a proposed settlement agreement with claimant Jiaqi Zou and has filed a motion to approve the settlement, which currently is set for hearing on October 22, 2025. In addition, the Debtors have entered into a proposed settlement agreement with the seven plaintiffs in arbitration which, if approved, will resolve the arbitration, and have filed a motion to approve the settlement. Both motions are set for hearing on November 5, 2025. The two proposed settlements will have a large impact on the duration of the plan and the ability for the Debtors to pay creditors. Counsel to the Debtors: Jeffrey I. Golden, Esq. Golden Goodrich LLP 3070 Bristol Street, Suite 640 Costa Mesa, California 92626 Telephone: (714) 966-1000 Facsimile: (714) 966-1002 About 3000 E. Imperial LLC 3000 E. Imperial LLC is a real estate holding company that manages commercial property in Buena Park, California. 3000 E. Imperial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11912) on July 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Jeffrey I. Golden, Esq., at Golden Goodrich LLP. 4X4 COLORADO: Seeks Ch. 7 Bankruptcy, Blames Tariffs for Closure ---------------------------------------------------------------- Max Scheinblum of BusinessDen reports that rooftop tent manufacturer 4×4 Colorado has filed for Chapter 7 bankruptcy, saying steep tariff increases on Chinese imports forced the Lakewood-based company to shut down. The business, launched in 2021 by co-founders Blaine Koker-Tatalovich and Josh Frakes-Belair, announced on social media last month that it would cease operations. Bankruptcy filings show revenue fell to $1.3 million this 2025, down from $3.6 million in 2024 and $2.1 million the year before. The company said a sudden 130% tariff hike hit just as it received one of its largest waves of orders, making fulfillment financially impossible. Sales plunged from more than 100 rooftop tents per month to only a few, according to an October Instagram post. 4×4 Colorado also attempted to sell the business this summer, but the listing was later removed and the co-founders did not respond to inquiries. In its Chapter 7 petition, 4×4 Colorado reported $421,368 in assets against $1.3 million in liabilities. Major creditors include Shopify, owed $500,000, as well as WebBank and Libertas Funding, owed $280,000 and $256,000, respectively. The company listed $225,000 in tent-related inventory and a 36-foot Wells Cargo trailer valued at $98,000. Customer refunds remain a significant question. The company disclosed that it has lost access to its database of customer names and will need Shopify’s assistance to identify individuals still awaiting rooftop tents or reimbursement. It also still holds a Lakewood showroom lease at 1315 N. Lamar St. with two years remaining, the report states. About 4x4 Colorado Tents Ltd. 4x4 Colorado Tents Ltd. is a rooftop tent manufacturer. 4x4 Colorado Tents Ltd. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-17432) on November 12, 2025. In its petition, the Debtor reports $421,368 in assets against $1.3 million in liabilities. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Keri L. Riley, Esq. of Kutner Brinen Dickey Riley, P.C. 6 GROUP: Seeks to Hire Green & Sklarz LLC as Legal Counsel ---------------------------------------------------------- The 6 Group LLC and Benitez & Galloway Real Estate LLC seek approval from the U.S. Bankruptcy Court for the District of Connecticut, Bridgeport Division, to hire Green & Sklarz LLC to serve as general bankruptcy counsel in their Chapter 11 cases. Green & Sklarz LLC will provide these services: (a) advising each Debtor of its rights, powers and duties as debtor and debtor-in-possession; (b) advising and assisting the Debtors with respect to the negotiation and documentation of financing agreements, debt restructuring, cash collateral orders, and related transactions; (c) reviewing the nature and validity of liens asserted against the property of the Debtors and advising the Debtors concerning the enforceability of such liens; (d) advising the Debtors concerning the actions that it might take to collect and to recover property for the benefit of the Debtors' estate; (e) preparing on behalf of the Debtors necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents, and reviewing all financial and other reports to be filed in these Chapter 11 cases; (f) advising the Debtors concerning, and preparing responses to, applications, motions, pleadings, notices, and other papers which may be filed and served in these Chapter 11 cases; (g) counseling the Debtors in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; and (h) performing all other legal services for the Debtors that will be necessary or appropriate in administration of these Chapter 11 cases. Green & Sklarz LLC will charge hourly rates including $600 per hour for Jeffrey M. Sklarz and $425 per hour for Joanna M. Kornafel. Additional hourly rates include: Eric Green $600, Mark Sklarz $625, Jason Marsh $600, Kellianne Baranowsky $575, Kenneth Rosenthal $350, Robert Fleischer $575, Kristen Lynn $550, Lisa Perkins $600, Robert Day $575, Michelle Antao $350, J. David Parducci, EA $350, Amanda Evans, EA $350, Staff Accountant $300, Intern $225, Paralegals $150 to $200, Legal Assistants $75 to $150. According to the application, Green & Sklarz LLC is a "disinterested person" within the meaning of the Bankruptcy Code. The firm can be reached at: Jeffrey M. Sklarz, Esq. GREEN & SKLARZ LLC One Audubon Street, 3rd Floor New Haven, CT 06511 Telephone: (203) 285-8545 Facsimile: (203) 691-5454 E-mail: jsklarz@gs-lawfirm.com About The 6 Group LLC The 6 Group, LLC, a single-asset real estate debtor under 11 U.S.C. Section 101(51B), holds its principal assets at 433 Belden Hill Road, Wilton, Connecticut 06897. The 6 Group LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 25-50763) on October 6, 2025. Prior to this filing, the Debtor entered Chapter 11 petition (Bankr. D. Conn. Case No. 25-50477) on June 9, 2025. The case was closed on July 10, 2025. At the time of the recent filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Julie A. Manning oversees the case. Green & Sklarz LLC is Debtor's legal counsel. 9 CROSBY: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------- On November 17, 2025, 9 Crosby LLC voluntarily filed for Chapter 11 protection in the Southern District of New York. The bankruptcy petition lists liabilities both estimated between $100 million and $500 million, with the company reporting 50 to 99 creditors. About 9 Crosby LLC 9 Crosby LLC is a limited liability company. 9 Crosby LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12559) on November , 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Lisa G. Beckerman handles the case. The Debtor is represented by Kevin J. Nash, Esq. of Goldberg Weprin Finkel Goldstein LLP. 9 CROSBY: To Sell Nomo SoHo Hotel at Auction -------------------------------------------- 9 Crosby, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks to sell substantially all assets relating to the NoMo SoHo Hotel, owned and operated by the Debtor, at 150 Lafayette Street a/k/a 9 Crosby Street, New York, NY, free and clear of all claims, liens and interests; approving the proposed Asset Purchase Agreement with DH 9 Crosby LLC, an affiliate of Dan Hotels Ltd. and related break-up fee (equal to 3% of the purchase price, and expense reimbursement of up to $300,000; (iii) approving procedures for the assumption and assignment of certain executory contracts relating to the operation of the Hotel as designated under the Stalking Horse Contract. The Debtor is the owner and operator of the Nomo SoHo Hotel comprising 264 guest rooms and suites, meeting rooms, event spaces and a restaurant. Contemporaneously, the Debtor has commenced the case as an outgrowth of liquidation proceedings in Israel relating to its 99% equity holder (Sapir Corp. Ltd., an Israeli company). The goal of the Chapter 11 Case is to pursue an additional auction sale process to maximize all possible avenues of recovery for creditors. The Debtor hires Eastdil Secured LLC as real estate broker. Eastdil, which is a highly regarded broker in the hotel market, developed a comprehensive process, resulting in 131 persons signing non-disclosure agreements, 30 persons touring the Hotel and multiple rounds of bidding. Thirteen persons submitted initial round bids and seven persons negotiated second round bids. The Debtor negotiated agreements with multiple potential purchasers and, after lengthy negotiations, finalized the Stalking Horse Contract with Dan Hotels. While the prepetition process was robust and Dan Hotels emerged as the highest and best bid with certainty of closing, the Debtor believes it prudent, in the exercise of its fiduciary responsibility and business judgment, to pursue an alternative sale transaction in bankruptcy. Accordingly, the Debtor gained Dan Hotel’s agreement under the Stalking Horse Contract to remarket the Hotel and conduct another action process pursuant to the attached proposed Bid Procedures. The Debtor is proposing a 20-day remarketing period. While condensed, this 20-day period balances various interests and recognizes that a robust marketing process was already run pre-petition, and any undue delays will only harm the Debtor's estate as hotels in New York City tend to have lower occupancy following the Holiday Season. Thus, the Debtor will likely experience operational losses if the Sale process is extended beyond the timetable under the proposed Bid Procedures. A critical aspect of the Sale Procedures Motion is to designate Dan Hotels as the stalking horse buyer and obtain approval of its Stalking Horse Contract to buy the Hotel for a total purchase price of $125 million, all cash, no contingencies and subject to customary adjustments and prorations. The ability to conduct an additional auction sale is the lynchpin of the Debtor's efforts to maximize recoveries for creditors, while recognizing that there is a significant operating imperative to conclude the Sale process. The Debtor submits that the proposed Bid Procedures strike a proper balance between the Debtor's desire to potentially obtain a better purchase price, and Dan Hotels' desire to achieve finality with respect to its Stalking Horse Contract. The Debtor's debt structure consists of those certain Series 19 debentures issued pursuant to a Deed of Trust dated as of August 10, 2022 between Sapir Corp. Ltd. and Mishmeret Trust Company Ltd., in its capacity as trustee. The Series 19 Bonds are secured by a first priority real property mortgage encumbering the Hotel, as well as an assignment of rents and contracts, and a general security interest to secure a principal balance of $90,100,000, plus certain accrued interest and fees. The Sale of the Hotel is also a critical part of the overall restructuring of Sapir Corp.’s debt, which, in addition to the Series 19 bonds, also includes Series 18 bonds that Sapir issued. Additionally, there are litigation claims against the Debtor plus a disputed claim asserted by Newmark Real Estate Co. which pursued a failed sale process in 2023 before it was replaced by Eastdil. The Bondholders gave preliminary approval to a sale transaction with Dan Hotels predicated upon utilizing the ensuing Chapter 11 bankruptcy to conduct a further auction process in order to solicit any potential higher offers for the Hotel. Dan Hotels, in turn, agreed to become a stalking horse buyer predicated upon the heavily negotiated Bid Procedures that must be approved within 30 days of the commencement of the Chapter 11 Case. The key aspects of the Stalking Horse Contract are: (i) Assets to be Sold: The Property, together with defined personal property used to operate the Hotel, including all furniture, furnishings, appliances, equipment, good will, computer systems, guest data and bookings. (ii) Excluded Assets: The Sale does not include: (i) the Debtor's accounts receivable of less than sixty (60) days, which shall be paid for separately; (ii) the Debtor's financial books and records; (iii) the Hotel's cash on deposit in operating or reserve accounts; and (iv) the Debtor’s claims and causes of action. (iii) Purchase Price: $125,000,000 – all cash, with no contingencies of any kind and on an "as is" basis, with no additional due diligence. (iv) Deposit: Total deposit of $12.0 million, payable in three installments. First, the sum of $2 million upon execution of the Stalking Horse Contract, already received into escrow and held by the title company designated therein (First American); second, the sum of $4 million upon initial approval of the Stalking Horse Contract by the Bondholders also already received into escrow and held by the title company; and third, the sum of $6 million upon entry of the Sale Procedures Order. (v) Closing: The later of ten business days after entry of: (i) an order confirming the Debtor's liquidating plan of reorganization, which confirmation order may function as the Sale Approval Order for purposes of the Local Rules; and (ii) a separate Sale Approval Order, provided in each case that such orders are effective immediately, Dan Hotels qualifies as a good faith purchaser and no stay is in effect. The proposed Stalking Horse Contract contains the Bid Protections in favor of Dan Hotels in the form of the Break-Up Fee equal to 3% of the proposed purchase price and Expense Reimbursement of up to $300,000. Consistent with the Amended Local Rule Guidelines, the following bid requirements shall be used for the solicitation of written, irrevocable competing bids to be received on or before the Bid Deadline: -- Each bidder must fully disclose the identity of each entity or person(s) making the Bid, listing controlling shareholders, partners, and financial backers otherwise participating in connection with such bid, and the complete terms of any such participation, along with sufficient evidence that the potential bidder is legally empowered to complete the transaction. -- Each bidder must set forth the purchase price to be paid of at least $129,250,000 for the Hotel, representing the initial overbid that will be entertained (which clears the break-up fee and expense reimbursement and augments the estate’s recovery by $200,000), with bidding thereafter in increments of $100,000. -- Each bidder must identify the executory contracts which the Bidder seeks to take assumption and assignment of, and provide evidence of the bidder's ability to comply with section 365 of the Bankruptcy Code in terms of adequate assurance of future performance -- Each bidder must tender a cash deposit equal to 10% of the cash consideration of such bid, submitted by wire transfer of immediately available funds to an escrow account to be identified and established by the Debtor. The sale of the Hotel will be closed pursuant to a liquidating plan of reorganization to be filed by the Debtor within 15 days of the commencement of the Chapter 11 Case. As noted, pursuant to the Stalking Horse Contract, the Debtor is allotted 30 days from commencement of the Chapter 11 Case to obtain entry of the Sale Procedures Order and the designation of Dan Hotels as the stalking horse purchaser, with a 3% Break-Up Fee and Expense Reimbursement of up to $300,000, the failure of which provides Dan Hotels with the right to terminate the Stalking Horse Contract. The Sale Notice is reasonably calculated to provide all interested parties with timely and proper notice of the proposed Sale, including the date, time, and place of the Auction. About 9 Crosby LLC 9 Crosby LLC is the owner and operator of the Nomo SoHo Hotel comprising 264 guest rooms and suites, meeting rooms, event spaces and a restaurant. 9 Crosby sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12559-LGB) on November 17, 2025. Judge Lisa G. Beckerman presides over the case. Kevin J. Nash at Goldberg Weprin Finkel Goldstein LLP, represents the Debtor as legal counsel. A.E. SCHLUETER: Plan Exclusivity Period Extended to Feb. 10, 2026 ----------------------------------------------------------------- Judge Paul Baisier of the U.S. Bankruptcy Court for the Northern District of Georgia extended A.E. Schlueter Pipe Organ Sales and Service Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 10, 2026 and April 13, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that it is continuing in the process of negotiating multiple change orders and the corresponding assumption of a subcontract with J.E. Dunn Construction Company ("Dunn") regarding the Cadet Chapel at the United States Air Force Academy. The claims that the outcome of negotiations over these proposed change orders to Debtor's largest executory contract are reasonably projected to significant impact Debtor's formulation of a plan of reorganization. The Debtor shows that extending the exclusivity deadline is appropriate. The Debtor is in the process of negotiating several large contracts to assist with their reorganization. Thus, extending the exclusive period for filing and soliciting of a plan is fair and equitable in this instance. A.E. Schlueter Pipe Organ Sales and Service Inc. is represented by: Thomas T. McClendon, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 Email: TMcClendon@joneswalden.com About A.E. Schlueter Pipe Organ Sales and Service A.E. Schlueter Pipe Organ Sales and Service Inc. designs, builds, restores, and maintains pipe organs primarily in the Southeastern United States. Founded in Lithonia, Georgia, the Company provides custom pipe organ construction, tuning, and repair services. A.E. Schlueter Pipe Organ Sales and Service Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55514) on May 16, 2025. In its petition, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Thomas T. McClendon, Esq. at JONES & WALDEN LLC. ABC DEMOLITION: Wins Bid to Extinguish Liftforward Lien, Mortgage ----------------------------------------------------------------- Judge Lori V. Vaughan of the United States Bankruptcy Court for the Middle District of Florida granted ABC Demolition, Inc.'s amended motion to void and extinguish the lien and mortgage held by Liftforward, Inc. The mortgage held by LiftForward was recorded on April 29, 2019, in the official records of Volusia County Florida as instrument #2019082985 in Book 7686 at Page 3670. On April 23, 2019, ABC executed a Credit Agreement and Promissory Note in favor of LiftForward in the principal sum of $182,000. ABC owned the property located at 875 Lakeview Drive Deland, FL 32720. The amounts due under the Note were secured by a Mortgage and Security Agreement that encumbered the Property. Under ABC's Second Amended Plan of Reorganization, the LiftForward claim is treated as an unsecured claim, because the amount due to the holder of the first mortgage exceeded the value of the Property. The Plan provides, in part, that ABC would file a separate motion to value as to the LiftForward claim. On September 10, 2020, the Court entered its Order Confirming Debtor's Plan of Reorganization Order. Rather than force ABC to file the motion to value, LiftForward and ABC filed a Joint Motion For Approval of Agreed Order Regarding Treatment of Claim in Chapter 11 Plan. On November 12, 2020, the Court entered an Agreed Order granting the Motion. The Agreed Order provides that the LiftForward claim was allowed as an unsecured claim. LiftForward was not required to update its internal records and release the Mortgage until after ABC's discharge. The delay in releasing the lien was agreed to so that LiftForward could preserve its rights if the case was dismissed, or converted, or payments were not made on the unsecured claim. ABC made all payments due under the Plan as reflected in the Trustee's Notice of Final Distribution and the Motion for Entry of Final Decree. On April 4, 2025, the Court entered its Discharge of Debtor in a Chapter 11 Case. Since the Discharge was entered, ABC requested that LiftForward update its internal records pursuant to the Agreed Order and release the Mortgage but was advised that the attorneys who represented LiftForward when the Agreed Order was entered no longer represent LiftForward and no contact information was provided for new counsel. ABC said the Mortgage is due to be released and/or voided and extinguished. A copy of the Court's Order dated November 11, 2025, is available at https://urlcurt.com/u?l=5iTf4a from PacerMonitor.com. About ABC Demolition Based in Deland, Florida, ABC Demolition, Inc. filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-06838) on Oct. 18, 2019, listing under $1 million in both assets and liabilities. Kenneth D Herron, Jr., at Herron Hill Law Group, PLLC, represents the Debtor. On April 16, 2020, ABC filed an Amended Voluntary Petition to elect to proceed under Subchapter V. On July 6, 2020, ABC filed its Second Amended Plan of Reorganization. On September 10, 2020, the Court entered its Order Confirming Debtor's Plan of Reorganization Order. ADWOA BEAUTY: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Adwoa Beauty, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. At the November 14 hearing, the court authorized the Debtor's interim use of cash collateral and scheduled a final hearing for December 4. The Debtor needs immediate use of cash collateral to fund payroll, pay suppliers, maintain operations, and preserve its going-concern value. The Debtor identified two secured lenders -- the U.S. Small Business Administration and Aurous Financial Svcs, LLC -- each holding liens on substantially all of its assets, including equipment, inventory and accounts. To protect lenders, the Debtor offered adequate protection through replacement liens on post-petition assets equivalent to those permitted under Sections 364(c)(2) and (3) of the Bankruptcy Code. About Adwoa Beauty LLC Adwoa Beauty, LLC, doing business as Adwoa Beauty, develops and sells hair-care products for textured hair from Dallas, Texas. It uses natural ingredients designed for curls, coils, and waves. Founded in 2017 and led by Julian Addo, Adwoa Beauty operates in the personal care and cosmetics industry. Adwoa Beauty sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-44261) on October 31, 2025. In the petition signed by Julian Addo, managing member, the Debtor disclosed $2,184,143 in assets and $6,192,343 in liabilities. Judge Mark X. Mullin oversees the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC, represents the Debtor as legal counsel. ALACHUA GOVERNMENT: Plan Exclusivity Extended to February 2, 2026 ----------------------------------------------------------------- Judge J. Kate Stickles of the U.S. Bankruptcy Court for the District of Delaware extended Alachua Government Services, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 2, 2026 and April 2, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that the Chapter 11 Case is complex. Since the Petition Date, the Debtor and its personnel have been focused on winding down the Debtor's operations, including selling its remaining property and transferring certain equipment and materials at the Alachua Site owned by the Government and other commercial counterparties, who, pre-petition, were either in clinical trials or maintained periodic testing or samples/other products previously manufactured by the Debtor. Further, the Debtor engaged in a sale process for the Alachua Site Assets and is currently engaged in the sale of its Royalty Assets. In particular, the Alachua Site Sale process required significant coordination between the Debtor and the Government to address, among other things, the removal of the Government's property that remained at the Alachua, Florida facility subject to the Sale. The Alachua Site Sale that was ultimately achieved required significant planning, documentation, litigation, and negotiation, demonstrating that the complexity of the Chapter 11 Case warrants an extension of the Exclusive Periods. Additionally, the Debtor's prepetition operations were mostly through government contracts. As such, the Chapter 11 Case is a case where the passage of the governmental bar date is necessary for the Debtor to gain an understanding of the magnitude of claims against the Debtor's estate and what the claims reconciliation process will look like. This fact, when combined with the disruption caused by the Government shutdown, serves as an additional basis for granting the requested extension of the Exclusive Periods. The Debtor claims that since the Petition Date, the Debtor's primary focus in the Chapter 11 Case has been providing for an orderly transition of programs and property to third parties, including the Government, and obtaining Court approval of and consummating the sale of its Alachua Site Assets. In pursuit of this goal, the Debtor expended significant time and resources over the past four months, ultimately resulting in a $11,500,000.00 sale of the Alachua Site Assets to the Buyer for the estate's benefit. Alachua Government Services Inc., is represented by: RICHARDS, LAYTON & FINGER, P.A. Mark D. Collins, Esq. Michael J. Merchant, Esq. Amanda R. Steele, Esq. Matthew P. Milana, Esq. One Rodney Square 920 N. King Street Wilmington, Delaware 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 Email: collins@rlf.com merchant@rlf.com steele@rlf.com milana@rlf.com About Alachua Government Services, Inc. Alachua Government Services Inc., is a pharmaceutical and medicine manufacturing company formerly known as Ology Bioservices. The company, based in Alachua, Florida, operates in the pharmaceutical manufacturing sector. Alachua Government Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11289) on July 6, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Judge J. Kate Stickles oversees the case. Richards, Layton & Finger, P.A. is Debtor's legal counsel. ALL 4 HIM: Taps Kaplan Johnson Abate & Bird as Legal Counsel ------------------------------------------------------------ ALL 4 HIM, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky, Louisville Division, to hire Kaplan Johnson Abate & Bird LLP to serve as legal counsel in its Chapter 11 case. KJAB will provide these services: (a) engage in conferences with Client, creditors, the United States Trustee, and court personnel; (b) draft and review pleadings, notices, correspondence, transactional documents, and orders related to the Matter, including, without limitation, applications for compensation filed on behalf of KJAB and any other professionals employed in the chapter 11 case; (c) research points of law relevant to the Matter; (d) prepare for and attend all hearings and meetings scheduled by the Court or the United States Trustee's office; and (e) assist Client in the development of a viable chapter 11 plan or other disposition of assets. Charity S. Bird, Esq. will be paid at an hourly rate of $450 while other KJAB professionals' hourly rates ranges from $225 to $625, and paraprofessionals' hourly rates are $125 to $165. Kaplan Johnson Abate & Bird LLP 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: Charity S. Bird, Esq. Tyler R. Yeager, Esq. J. Gabriel Dennery, Esq. Kaplan Johnson Abate & Bird LLP 710 W. Main St., 4th Floor Louisville, KY 40202 Telephone: (502) 416-1630 E-mail: cbird@kaplanjohnsonlaw.com tyeager@kaplanjohnsonlaw.com gdennery@kaplanjohnsonlaw.com About All 4 Him LLC All 4 Him LLC owns a single-family home at 131 Laurel Dr, Bardstown, KY 40004. All 4 Him LLC sought relief under Subchapter V o Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-32491) on October 14, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Charles R. Merrill handles the case. The Debtor is represented by Charity S. Bird, Esq. of KAPLAN JOHNSON ABATE & BIRD LLP. AMERIFIRST FINANCIAL: AmeriFirst Unsecureds Will Get 0% to 10% -------------------------------------------------------------- AmeriFirst Financial, Inc., and Phoenix 1040 LLC filed with the U.S. Bankruptcy Court for the District of Delaware an Amended Combined Disclosure Statement and Plan of Liquidation dated November 12, 2025. Prepetition, AmeriFirst was a mid-sized independent mortgage company, which was licensed to operate in 44 states and served customers via branches located in over 20 states. In addition to originating and purchasing residential mortgage loans, prepetition, AmeriFirst owned certain loan master servicing rights and fees generated thereby. During the Chapter 11 Cases, the Debtors have sold, liquidated or otherwise disposed of substantially all of their assets. Following a successful mediation, the Debtors, the Committee, and RCP entered into a Settlement Agreement and Release that resolved the various disputes among the Debtors, the Committee and RCP. On August 21, 2025, the Bankruptcy Court approved the Settlement Agreement and entered the Order Approving Settlement Agreement (the "Settlement Agreement Order"). The proposed Plan will implement the terms of the Settlement Agreement to the extent not previously implemented following entry of the Settlement Agreement Order. Pursuant to the proposed Plan, a Plan Administrator, to be selected by the Committee, shall be responsible for administering the Estates after the Effective Date, including, without limitation, reconciling filed Unsecured Claims; objecting to and determining the allowance or disallowance of Unsecured Claims filed against the Estates; and making distributions to Holders of Allowed Unsecured Claims. The Plan Administrator shall also assume prosecution of such UCC Avoidance Actions as may have been commenced by the Committee following the Settlement Effective Date. Pursuant to the Settlement Agreement and the Settlement Agreement Order, the parties to the Settlement Agreement, including RCP, agreed to the funding of the Allowed Claims Fund (totaling $2,230,000) solely for the benefit of Holders of Allowed Unsecured Claims from the Debtors' then-current cash-on-hand, which Allowed Claims Fund has been funded in full and no further amounts are due or payable with respect to the Allowed Claims Fund. The Plan Administrator will administer the Allowed Claims Fund and make distributions to Holders of Allowed Unsecured Claims therefrom. Pursuant to the Settlement Agreement and the Plan, RCP consents to the use of the aggregate amount of $370,000 of its cash collateral from the Debtors' cash-on-hand to fund the Administrative-Priority Claim Reserve for the purpose of paying all Allowed but unpaid Administrative Claims (other than Professional Fee Claims), allowed but unpaid Priority Claims, and all costs and expenses associated with reconciling and/or objecting to any Administrative Claims filed in connection therewith. Pursuant to the Settlement Agreement and Plan, RCP also consents to the use of its cash collateral to pay all U.S. Trustee fees owed through the Effective Date. There will be no distributions to Holders of Interests in AmeriFirst or Phoenix. In a Chapter 7 proceeding, Holders of Administrative Claims, Priority Claims and Unsecured Claims would likely receive no distribution on account of their Claims. Class 4A consists of Unsecured Claims Against AmeriFirst. Holders of Class 4A Claims shall receive one or more Distributions of Cash on a Pro Rata basis from the Allowed Claims Fund, subject to the terms of the Plan and the Plan Administrator Agreement. Unsecured Claims are subject to all statutory, equitable, and contractual subordination claims, rights, and grounds available to the Debtors, the Estates, and pursuant to the Plan, except as may be expressly provided otherwise, the Plan Administrator, which subordination claims, rights, and grounds are fully enforceable prior to, on, and after the Effective Date. This Class will receive a distribution of 0% to 10% of their allowed claims. Class 4B consists of the Unsecured Claims Against Phoenix with an estimated amount of $0. There shall be no Distribution on account of Class 5 Unsecured Claims against Phoenix. Because the Combined Plan and Disclosure Statement proposes a liquidation and wind-down of the Debtors' remaining assets, for purposes of this test, the Debtors have analyzed the ability of the Post-Effective-Date Debtors to meet their obligations under the Combined Plan and Disclosure Statement. Based on the Debtors' analysis including their analysis of potential and asserted Administrative Claims, the Post-Effective-Date Debtors will have sufficient assets to accomplish their tasks and satisfy their obligations under the Combined Plan and Disclosure Statement. Therefore, the Debtors believe that the Combined Plan and Disclosure Statement will meet the feasibility requirements of the Bankruptcy Code. A full-text copy of the Amended Combined Disclosure Statement and Plan of Liquidation dated November 12, 2025 is available at https://urlcurt.com/u?l=MbTXiy from Omni Agent Solutions, Inc., claims agent. Counsel for the Debtors: PACHULSKI STANG ZIEHL & JONES LLP Laura Davis Jones, Esq. David M. Bertenthal, Esq. Timothy P. Cairns, Esq. 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, Delaware 19899-8705 (Courier 19801) Telephone: 302-652-4100 Facsimile: 302-652-4400 Email: ljones@pszjlaw.com dbertenthal@pszjlaw.com tcairns@pszjlaw.com About AmeriFirst Financial AmeriFirst Financial, Inc., is a mid-sized independent mortgage company in Mesa, Ariz. AmeriFirst and its affiliate Phoenix 1040, LLC, filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 23-11240) on Aug. 24, 2023. In the petitions signed by T. Scott Avila, chief restructuring officer, each Debtor disclosed between $50 million and $100 million in both assets and liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP as bankruptcy counsel; and Paladin Management Group, LLC as restructuring advisor. Omni Agent Solutions, Inc., is the claims, noticing and administrative agent. On Sept. 15, 2023, the Office of the United States Trustee appointed an official committee of unsecured creditors. The Committee tapped Morris, Nichols, Arsht & Tunnell LLP as its counsel. ANTHOLOGY INC.: Court Approves Bid Protocol on Asset Sale --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division has permitted Anthology Inc. to sell Assets through auction, free and clear of liens, claims, interests, and encumbrances. The Debtors are a leading provider of education technology, serving academic institutions, businesses, and governments in more than eighty countries. Through a complete suite of innovative "software as a service" products, including products related to admissions and enrollment management, student success and retention, institutional learning and effectiveness, alumni and advancement, and enterprise applications and infrastructure, the Debtors provide their customers with comprehensive and connected education software solutions. The Debtors are headquartered in Boca Raton, Florida and currently employ approximately 1,550 people in the United States in support of their worldwide operations. The Debtors strategically organized their assets into four business verticals: (i) Teaching & Learning; (ii) Enterprise Operations; (iii) Lifecycle Engagement; and (iv) Student Success & Other. The Court has authorized the Debtor to sell Assets through bidding and auction. The Debtors have articulated good and sufficient reasons for authorizing and approving the Bidding Procedures, which are fair, reasonable, and appropriate under the circumstances, are designed to maximize value for the benefit of the Debtors' estates, their creditors, and other parties in interest, and are consistent with the Debtors’ exercise of their respective duties under applicable law. The Notice of Sale and Auction is reasonably calculated to provide interested parties with timely and proper notice of the Auction and proposed Sale Transaction. The following dates and deadlines are approved, subject to the right of the Debtors to modify the following dates without further order of the Court by filing notice of such modification with the Court or otherwise in accordance with the terms of this Order: https://urlcurt.com/u?l=vVWLlf The Debtors may, in their reasonable discretion to the extent necessary to maximize value or as may be required due to Court availability or emergencies, extend the Bid Deadline, the Auction and the scheduled date of the Sale Hearing by not more than five days in consultation with the Consultation Parties. The Debtors shall present the results of the Auction, if any, or otherwise present any Successful Bidders to this Court in advance of the Sale Hearing. The Court will hold a hearing to consider approval of the Sale Transaction(s) contemplated by each Successful Bid. The Sale Hearing will be held on November 21, 2025. The Sale Hearing may be adjourned by announcement in open Court or on the Court’s calendar without any further notice required. Each bidder participating at the Auction, if any, shall be required to confirm that it has not engaged in any collusion with respect to the bidding or any Sale Transaction, as set forth in the Bidding Procedures, and the Auction, if any, shall be transcribed or recorded. The Stalking Horse Bidders shall be permitted to participate in the Auction, as set forth in the Bidding Procedures. If the Debtors receive more than one Qualified Bid or Stalking Horse Bid from Qualified Bidders for the same Asset Package, then the Debtors shall conduct the Auction in accordance with the Bidding Procedures. If one or more Qualified Bid(s) exist for acquiring specific Asset Packages, then the Debtors may, in the exercise of their reasonable business judgment and in consultation with the Consultation Parties, first conduct a sub-Auction for each of the 363 Assets that has at least one Qualified Bid pursuant to the Bidding Procedures. The Notice of Sale and Auction is approved. About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher- education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. The other affiliates are Blackboard Campuswide of Texas, Inc., OrgSync, Inc., Admissions US, LLC, Blackboard LLC, Blackboard Holdings, LLC, Blackboard Super Holdco, LLC, Edcentric Holdings, LLC, Astra Acquisition Corp., Astra Intermediate Holding Corp., Campus Management Acquisition Corp., Academic Management Systems, LLC, Edcentric Midco, Inc., Edcentric, Inc., Anthology Inc. of Missouri, Anthology Inc. of NY, ApplyYourself, Inc., AY Software Services, Inc., BB Acquisition Corp., BB Management LLC, Blackboard Collaborate Inc., Blackboard Student Services Inc., Blackboard Tennessee LLC, Higher One Real Estate SP, LLC, MyEdu Corporation, Blackboard International LLC, and Perceptis, LLC. Judge Alfredo R. Perez presides over the case. The Debtors' Local Bankruptcy & Conflicts Counsel is Charles A. Beckham, Jr., Esq., Arsalan Muhammad, Esq., Kourtney Lyda, Esq., and Re'Necia Sherald, Esq., at HAYNES AND BOONE, LLP, in Houston Texas; and Charles M. Jones II, Esq., at HAYNES AND BOONE, LLP, in Dallas, Texas. The Debtors' Bankruptcy Counsel is Chad J. Husnick, P.C., and Charles B. Sterrett, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in Chicago, Illinois; and Melissa Mertz, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in New York. The Debtors' Investments Banker is PJT PARTNERS LP. The Debtors' Restructuring Advisor is FTI CONSULTING, INC. The Debtors' Claims & Noticing Agent STRETTO INC. ARAVAK ENERGY: Case Summary & Three Unsecured Creditors ------------------------------------------------------- Debtor: Aravak Energy, LLC 7901 4th St N # 16376 St Petersburg, FL 33702-4305 Business Description: Aravak Energy, LLC owns and manages real estate assets in Columbiana and Jefferson counties in Ohio valued at about $72 million. Chapter 11 Petition Date: November 14, 2025 Court: United States Bankruptcy Court Northern District of Ohio Case No.: 25-41396 Judge: Hon. Tiiara Patton Debtor's Counsel: Anthony J. DeGirolamo, Esq. ANTHONY J. DEGIROLAMO, ATTORNEY AT LAW 3930 Fulton Dr., N.W., Ste. 100B Canton OH 44718 Tel: (330) 305-9700 Email: tony@ajdlaw7-11.com Total Assets: $72,000,117 Total Liabilities: $17,210,477 The petition was signed by Kautilya Sharma as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YKFZQ4I/Aravak_Energy_LLC__ohnbke-25-41396__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Four Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Timothy Seibert Litigation $13,000,000 4065 Steeple Chase St. Wooster, OH 44691 2. Baker Hostetler Legal Fees $350,000 127 Public Sq. Ste. 2000 Cleveland, OH 44114 3. Laura Penry $20,000 23 Corporate Plaza Dr. 150 Newport Beach, CA 92660 ARCHDIOCESE OF NEW ORLEANS: Secures OK for $30MM Insurance Deal --------------------------------------------------------------- Randi Love of Bloomberg Law reports that a federal bankruptcy judge has approved a nearly $30 million settlement with insurers in the New Orleans Archdiocese's Chapter 11 case, contingent on the confirmation of the Catholic institution's broader bankruptcy exit plan. The agreement centers on insurance buybacks intended to help fund the archdiocese's restructuring efforts. The US Trustee had initially challenged the settlement terms, raising concerns about the structure of the insurance buybacks. Those objections were ultimately resolved during a Monday, November 17, 2025, hearing in the US Bankruptcy Court for the Eastern District of Louisiana, clearing the way for the judge to sign off on the deal. Judge Meredith S. Grabill emphasized that if the archdiocese's overall Chapter 11 plan fails to win confirmation, the parties would not be obligated to follow through with the insurance buyback provisions, the report states. About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ARM VENTURES: Hires Joel M. Aresty P.A. as Legal Counsel -------------------------------------------------------- Arm Ventures LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Joel M. Aresty of Joel M. Aresty, P.A. to serve as legal counsel in its Chapter 11 case. Mr. Aresty will provide these services: (a) give advice to the debtors with respect to its powers and duties as a debtor in possession and the continued management of its business operations; (b) advise the debtors with respect to its responsibilities in complying with the U.S. trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the debtors in all matters pending before the court; and (e) represent the debtors in negotiation with its creditors in the preparation of a plan. Counsel received $11,000 retainer prepetition and $2,500 cost deposit, against $500 hour plus costs, plus a $5,000 month post filing retainer. Joel M. Aresty, P.A. 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: Joel M. Aresty, Esq. JOEL M. ARESTY, P.A. 309 1st Ave S Tierra Verde, FL 33715 Phone: (305) 904-1903 Fax: (800) 899-1870 E-mail: Aresty@Mac.com About Arm Ventures LLC Arm Ventures LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22944-LMI) on October 31, 2025. The Debtor previously filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 16-23633) on October 4, 2016. This bankruptcy case was closed on May 15, 2017. At the time of the recent filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Laurel M. Isicoff (LMI) oversees the case. Joel M. Aresty, P.A. is Debtor's legal counsel. ASCEND PERFORMANCE: Seeks to Hire Hilco Valuation as Advisor ------------------------------------------------------------ Ascend Performance Materials Holdings Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to expand the scope of employment and retention of Hilco Real Estate, LLC to provide valuation services in these Chapter 11 cases. Hilco Valuation will render these services: (a) collecting fixed asset registers, which will identify the specific assets that are associated with each credit facility as identified by the Debtors; (b) obtaining historic cost and other information as of the acquisition date for those assets where amounts were overwritten as a result of the sale leaseback or other accounting adjustments; (c) understanding the Debtors' related capitalization, depreciation, and related fixed asset accounting policies, impact of prior purchase accounting, and how to reconcile the registers back to the balance sheet as of or near the valuation date; (d) performing a site inspection of the assets located at facilities associated with the subject credit facilities to understand the operations and nature of the assets; (e) reviewing any available secondary equipment lists that include details of equipment specifications, vintage, maintenance history, and future capital requirements; (f) considering all three generally accepted valuation approaches including the cost approach, income approach, and market (sales comparable) approach; (g) utilizing the proposed terms of restructured credit facilities, estimating the implicit discount rate, and utilizing the fair market value of the assets associated with each credit facility; (h) assessing the risk profile of each credit facility, including giving consideration to credit, tenor, and seniority, to determine an appropriate reasonable range of discount rates for each facility; (i) assessing the reasonableness of the implicit discount rate of each facility by comparing this amount to the range of discount rates estimated; and (j) preparing a report detailing the valuation methodology, key assumptions and considerations, and conclusions and opinions. Hilco Valuation will be compensated at these hourly rates: - Executive Director / Senior Managing Director: $1095 - Managing Director: $995 - Director: $700 - Manager: $550 - Senior Associate: $425 - Associate: $350 - Analyst: $250 According to the filings, Hilco Valuation is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Hilco Valuation can be reached at: Hilco Valuation Services, LLC 5 Revere Dr., Suite 206 Northbrook, IL 60062 United States E-mail: media@hilcoglobal.com About Ascend Performance Materials Holdings Inc. Ascend Performance Materials Holdings Inc. is one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets, and tires, as well as new technologies, like electric vehicles and solar energy systems. Ascend's business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 includes heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees, and operates eleven manufacturing facilities that span the United States, Mexico, Europe, and Asia. Ascend Performance Materials Holdings Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90127) on April 21, 2025. In the petitions signed by Robert Del Genio, the chief restructuring officer, the Debtors disclosed $1 billion to $10 billion in both estimated assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Kirkland & Ellis LLP and Bracewell LLP as counsel; PJT Partners, Inc. as investment banker; FTI Consulting, Inc. as restructuring advisor; and Deloitte LLP as tax advisor. Epiq Corporate Restructuring LLC is the Debtors' claims, noticing, and solicitation agent. GA Group Advisory & Valuation Services, LLC serves as a valuation advisor. The official committee of unsecured creditors retained Brown Rudnick LLP as co-counsel; Parkins & Rubio LLP as Texas co-counsel; AlixPartners, LLP as financial advisor; and Ducera Partners LLC and Ducera Securities LLC as investment banker. Gibson, Dunn & Crutcher LLP represents an Ad Hoc Group of Term Loan Lenders. Howley Law PLLC, serves as the group's Texas co-counsel. ASHMARK CONSTRUCTION: Amends Unsecured Claims Pay Details --------------------------------------------------------- Ashmark Construction, LLC, submitted a First Amended Plan of Reorganization under Subchapter V dated November 12, 2025. Ashmark's financial projections show that the it will have projected disposable income in the amount of $142,243. The final Plan payment is expected to be paid on or about Jan. 15, 2029. In addition to contributing Ashmark's projected disposable income for the 3-year post-confirmation period to the Plan, Ashmark or its members will contribute an additional $225,000 in three annual installments of $75,000 to be paid on January 15, 2026, January 15, 2027 and January 15, 2028 (the "Additional Unsecured Creditor Distribution"). This Plan under chapter 11 subchapter V of the Bankruptcy Code proposes to pay creditors of Ashmark from its operating profits over the period of 3 years plus the Additional Unsecured Creditor Distribution. Distributions of the projected disposable income to Class 2 Non Priority Unsecured Creditors will be made on a quarterly basis with the first distribution to be made on April 15, 2026 and with each subsequent distribution to be made on the 15th of each month following each calendar quarter with the final distribution estimated to occur on or before January 15, 2029. Non-priority unsecured creditors holding allowed claims will receive pro rata distributions from a total projected disposable income of $142,243.00 plus the Additional Unsecured Creditor Distribution, or $225,000, to be contributed by Ashmark or its members for a total distribution to unsecured creditors of $367,243.00. If unsecured claims are deemed allowed claims in the amount that Debtor has estimated such claims, the Plan will provide creditors a distribution that amounts to between 57 and 100 cents on the dollar. However, if the Debtor's allowed administrative expense claims exceed $100,000, the Debtor's Plan payments shall first be applied to the satisfaction of its allowed administrative expenses in excess of $100,000 and in such case, distributions to Ashmark's unsecured creditors will be reduced by a corresponding amount (the "Administrative Carve-Out"). Class 2 consists of all non-priority unsecured claims. There are two non-priority unsecured creditors, Pennington and M1, the unsecured creditors' claims will be deemed allowed for Plan voting purposes only. Debtor reserves the right to later object to the validity and the amount of the filed claims. Pennington's State Court Judgment amount is 246,258.06 and M1's claim is $283,583.9310, and is disputed and contingent upon the final result of arbitration and subject to setoff by Ashmark's claim against it of $276,056.38. Distributions are subject to the Administrative Carve Out. If, hypothetically, Ashmark's claim against M1 is reduced to $0.00 and M1 is granted an arbitration award in the face amount of its demand, then the pro rata percentage allocation of Pennington's claim (if allowed) to M1's claim is as follows: 46 percent: Pennington 54 percent: M1 If Pennington's claim is allowed, then Ashmark will make a pro rata distribution to Pennigton on account of his claim and calculated on the hypothetical allowance of the M1 claim in its entire amount without setoff for Ashmark's claim against M1. Ashmark will make a pro rata distribution attributed to M1's claim into an escrow account that will be disbursed based on one of the following outcomes: (a) in full to M1 upon entry of an arbitration award in M1's favor and denying Ashmark's counter-claim in full; (b) in part to M1 based on a re-calculated pro-rata distribution to M1 upon entry of an arbitration award in M1's favor less any arbitration award in favor of Ashmark; or (c) no distribution will be made to M1 provided the arbitration award to Ashmark is greater than the arbitration award, if any, to M1. Plan payments that come due, if at all, after the conclusion of the M1 arbitration, will be paid directly to M1 based on the final pro-rata calculation of M1's claim. If Ashmark receives an arbitration award greater than any amount awarded to M1, upon Ashmark's receipt of payment from M1 of such award, Ashmark will first apply any recovery from M1 to payment of Ashmark's legal expenses attending to its representation in the M1 arbitration proceeding and any subsequent collection costs it may incur, Ashmark will retain at least 50 percent of any net arbitration award receipt and will disburse up to 50 percent of any net arbitration award receipt to Pennington if his claim is deemed allowed but only to the extent that it fully satisfies the allowed amount of his claim. The Debtor will fund the payment of (a) all administrative expense claims; and (b) creditor claims described in this Plan. The source of Debtor's Plan funding will be member contributions, to the extent required and Debtor's disposable income from the ongoing operation of Debtor's business. A full-text copy of the First Amended Plan dated November 12, 2025 is available at https://urlcurt.com/u?l=9MSupr from PacerMonitor.com at no charge. Counsel to the Debtor: Kimberly Ross Clayson, Esq. Anthony Cimini, Esq. TAFT STETTINIUS & HOLLISTER, LLP 27777 Franklin Road, Suite 2500 Southfield, MI 48034 Telephone: (248) 351-3000 Email: kclayson@taftlaw.com About Ashmark Construction LLC Ashmark Construction LLC is a commercial contractor and developer based in West Bloomfield, Michigan. The Company specializes in commercial construction and motorsport garage projects, offering turnkey solutions with a focus on quality control, scheduling, and client service. Ashmark has completed over 50 projects within private luxury garage communities, delivering customized units designed for automotive enthusiasts. Ashmark Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-46693) on June 30, 2025. In its petition, the Debtor reports total assets of $1,367,166 and total liabilities of $510,887. Honorable Bankruptcy Judge Paul R. Hage handles the case. The Debtor is represented by Kimberly Ross Clayson, Esq. at Taft Stettinius & Hollister LLP. ASPEN ELECTRONICS: Hires Taft Stettinius & Hollister as Counsel --------------------------------------------------------------- Aspen Electronics Manufacturing, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Taft Stettinius & Hollister LLP to serve as special counsel in its Chapter 11, Subchapter V case.' Taft will provide these services: (a) prepare documents to correct issues that have arisen related to the Note and Redemption Agreement; (b) provide relevant legal advice; (c) prepare documents to rescind the current Redemption Agreement and Note, prepare revised ESOP agreements, address tax issues, and address other related concerns; (d) assist the Debtor in undoing the ESOP termination transaction and restructuring it through a cash-for-stock exchange; and (e) provide legal services necessary for the Debtor to prepare and file its plan of reorganization. According to court filings, Taft Stettinius & Hollister LLP is a "disinterested person" with respect to the ESOP issues. The firm can be reached at: Taft Stettinius & Hollister LLP730 East Durant Avenue Suite 200 Aspen, CO 81611 Telephone: (970) 925-6300 Facsimile: (970) 925-1181 About Aspen Electronics Aspen Electronics Manufacturing Inc., an electronics manufacturer in Westminster, Colorado, sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 24-16558) on Nov. 1, 2024. In the petition filed by Giao Le, president, the Debtor disclosed total assets of $1,828,289 and total liabilities of $2,710,940. Judge Joseph G. Rosania Jr. oversees the case. The Debtor tapped Jenny M.F. Fujii, at Kutner Brinen Dickey Riley PC and Laurin H. Mills, at Werther & Mills, LLC as special counsel. AVIANCA HOLDINGS: SCOTUS Won't Hear Ch. 11 Lease Obligation Appeal ------------------------------------------------------------------ Clara Geoghegan of Law360 reports that the U.S. Supreme Court on Monday, November 17, 2025, declined to review Avianca's challenge to a Second Circuit ruling that classified aircraft lease broker fees incurred during its Chapter 11 proceeding as administrative expenses. The airline had argued the fees should be treated as general unsecured claims, which would have placed them lower in the payment hierarchy. With the high court's refusal, the Second Circuit's finding stands, confirming that the broker fees arose from post-petition obligations and therefore qualify for priority treatment under bankruptcy law, the report states. About Avianca Holdings SA Avianca -- https://aviancaholdings.com/ -- is the commercial brand for the collection of passenger airlines and cargo airlines under the umbrella company Avianca Holdings S.A. Avianca has been flying uninterrupted for 100 years. With a fleet of 158 aircraft, Avianca serves 76 destinations in 27 countries within the Americas and Europe. Avianca Holdings S.A. and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 20-11133) on May 10, 2020. At the time of the filing, Debtors disclosed $7,273,900,000 in assets and $7,268,700,000 in liabilities. Judge Martin Glenn oversees the cases. The Debtors tapped Milbank LLP as general bankruptcy counsel; Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon Abogados S.A.S. as restructuring counsel; Smith Gambrell and Russell, LLP as aviation counsel; Seabury Securities LLC as financial restructuring advisor and investment banker; FTI Consulting, Inc. as financial restructuring advisor; and Kurtzman Carson Consultants LLC as claims and noticing agent. The U.S. Trustee for Region 2 appointed a committee of unsecured creditors in Debtors' bankruptcy cases on May 22, 2020. The committee is represented by Willkie Farr & Gallagher, LLP. BELLA TUSCANY: Gets Interim OK to Use Cash Collateral Until Dec. 18 ------------------------------------------------------------------- Bella Tuscany Windermere, Inc. got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. At the November 13 hearing, the court granted the Debtor's bid to use cash collateral on an interim basis through the next hearing set for December 18. The Debtor intends to use cash collateral over an eight-week period to cover essential business expenses to maintain daily restaurant operations. As adequate protection, the Debtor offers granting the creditors, WebBank and Grettawood Services, replacement liens on post-petition cash collateral, with the same extent and priority as their pre-bankruptcy liens. The Debtor believes that the business will continue to operate with positive cash flow, ensuring that creditor interests remain protected against any diminution in value. The Debtor is a Florida-based corporation operating the 174-seat Italian-American restaurant Bella Tuscany Ristorante Italiano. It filed for Chapter 11 protection on November 6 to restructure while continuing operations. Prior to filing, the Debtor obtained financing from Grettawood and WebBank, which may hold secured interests in its cash, accounts, and cash equivalents under UCC-1 financing statements. The Debtor's available funds and future operating revenues constitute the cash collateral potentially subject to these liens. About Bella Tuscany Windermere Inc. Bella Tuscany Windermere Inc. operates in the restaurants industry. Bella Tuscany Windermere Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07204) on November 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtor is represented by Daniel A. Velasquez, Esq. of Latham, Luna, Eden & Beaudine, LLP. BENITEZ & GALLOWAY: Hires Green & Sklarz as Bankruptcy Counsel -------------------------------------------------------------- The 6 Group, LLC and Benitez & Galloway Real Estate LLC seek approval from the U.S. Bankruptcy Court for the District of Connecticut, Bridgeport Division, to hire Green & Sklarz LLC to serve as general bankruptcy counsel in their jointly administered Chapter 11 cases. G&S will provide these services: (a) advising each Debtor of its rights, powers and duties as debtor and debtor-in-possession; (b) advising and assisting the Debtors with respect to the negotiation and documentation of financing agreements, debt restructuring, cash collateral orders, and related transactions; (c) reviewing the nature and validity of liens asserted against the property of the Debtors and advising the Debtors concerning the enforceability of such liens; (d) advising the Debtors concerning the actions that it might take to collect and to recover property for the benefit of the Debtors' estate; (e) preparing on behalf of the Debtors necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents, and reviewing all financial and other reports to be filed in these Chapter 11 cases; (f) advising the Debtors concerning, and preparing responses to, applications, motions, pleadings, notices, and other papers which may be filed and served in these Chapter 11 cases; (g) counseling the Debtors in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; and (h) performing all other legal services for the Debtors that will be necessary or appropriate in administration of these Chapter 11 cases. According to the filings, attorneys Jeffrey M. Sklarz will bill at $600/hour and Joanna M. Kornafel will bill at $425/hour. G&S will charge according to its customary hourly rates and maintain detailed records of actual and necessary costs or expenses. The Debtors state that G&S "has no connection with the Debtors, their creditors, or any party in interest" and "does not represent any interest adverse to the Debtors or to their estate," making G&S a disinterested professional under the Bankruptcy Code. The firm can be reached at: Jeffrey M. Sklarz GREEN & SKLARZ LLC One Audubon Street, 3rd Floor New Haven, CT 06511 Telephone: (203) 285-8545 Facsimile: (203) 691-5454 E-mail: jsklarz@gs-lawfirm.com About Benitez & Galloway Real Estate LLC Benitez & Galloway Real Estate LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case Nos. 25-50763 and 25-50764) on October 6, 2025. Prior to this filing, the Debtor entered a Chapter 11 petition (Bankr. D. Conn. Case No. 25-50478) on June 9, 2025. The case was closed on July 10, 2025. At the time of the recent filing, the Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Julie A. Manning oversees the case. Green & Sklarz LLC is Debtors' legal counsel. BOWERS TRUCKING: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 20 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Bowers Trucking, Inc. About Bowers Trucking Inc. Bowers Trucking, Inc. is a commercial transportation company operating in 48 U.S. states and Canada. Bowers Trucking sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12884) on September 18, 2025, listing between $1 million and $10 million in assets and liabilities. Garrett Bowers, chief executive officer, signed the petition. Judge Janice D. Loyd oversees the case. The Debtor tapped Stephen J. Moriarty, Esq., at Fellers Snider, Blankenship, Bailey & Tippens, P.C. as bankruptcy counsel; and Matthew R. McKinlay and Ampleo Turnaround & Restructuring, LLC as accountant and restructuring advisor. BRANDFOX LLC: Quarles & Brady Represents Plating Grace, Wells Fargo ------------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Brandfox LLC, and its debtor-affiliates, Jason D. Curry, a partner at Quarles & Brady LLP, filed with the United States Bankruptcy Court for the District of Arizona a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019. According to the Verified Statement: 1. Quarles & Brady LLP represents Plating Grace LLC and Wells Fargo Bank, N.A., in the Debtor's Chapter 11 bankruptcy case. 2. The Creditors each separately retained the Quarles Firm for representation in this Chapter 11 bankruptcy case. 3. The Quarles Firm has been retained by Plating Grace to represent it in the Debtor's bankruptcy case and any related matters with respect to obligations owing in the amount of at least $90,000 (plus interest, attorneys' fees, and other costs and expenses). 4. The Quarles Firm has been retained by Wells Fargo Bank to represent it in the Debtor's bankruptcy case and any related matters with respect to obligations owing in the amount of at least $108,000.00 (plus interest, attorneys' fees, and other costs and expenses). The firm may be reached at: Jason D. Curry, Esq. Dallin B. Hendricks, Esq. QUARLES & BRADY LLP Renaissance One Two North Central Avenue Phoenix, AZ 85004-2391 Tel: (602)229-5200 jason.curry@quarles.com dallin.hendricks@quarles.com The creditors may be reached at: Plating Grace, LLC c/o Joe Higgins 900 E. Fayette Street P.O. Box 13086 Baltimore, MD 21203 - and - Wells Fargo Bank, N.A. c/o La Neice Brown 801 Walnut Street, MAC F0006-052 Des Moines, IA 50309 About Brandfox LLC BRANDFOX LLC is a third-party logistics (3PL) provider that offers e-commerce fulfillment services for businesses across various industries, specializing in consumer packaged goods (CPG). The company handles tasks such as inventory management, order fulfillment, customer service, and shipping to help clients focus on growing their brand. Brandfox LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-06520) on July 17, 2025. In its petition, the Debtor reported total assets of $2,074,579 and total liabilities of $5,075,243. The Honorable Bankruptcy Judge Eddward P. Ballinger Jr. handles the case. The Debtor's bankruptcy counsel is The Fox Law Corporation. The Debtor's local counsel is Joseph G. Urtuzuastegui III, Esq., at The Real Estate Investors Law Firm, LLC. BRENMARK INC: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Brenmark, Inc. and Taylors Fine Furniture & Mattress, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral to fund operations. The interim order authorized the Debtors to use the cash collateral of the U.S. Small Business Administration, a pre-bankruptcy lender, consistent with their budget. The SBA's cash collateral consists of cash, cash equivalents and the proceeds of all collateral pledged to the lender. As adequate protection, the SBA will be granted automatically perfected replacement liens on the Debtors' property that is similar to its pre-bankruptcy collateral. These replacement liens will have the same validity, priority and extent as the lender's pre-bankruptcy liens. The SBA is also entitled to an administrative claim under Section 507(b) of the Bankruptcy Court. The interim order is available at https://is.gd/QceCAk from PacerMonitor.com. The final hearing is scheduled for December 1. The Debtors' main secured debt totals about $455,000 under two SBA loans, with additional unsecured debts from leases, vendors, and litigation. The Debtors filed for Chapter 11 bankruptcy on November 9 to continue operating their business while reorganizing. The Debtors, operating as Landmark Furniture and Mattresses for Less, have served the Houston area since 1997. Financial distress stemmed from management changes due to illness, sales tax liabilities from a 2017 audit, and a 2024 workplace injury judgment affirmed on appeal in 2025. About Brenmark Inc. Brenmark, Inc., operating as Landmark Furniture and Mattresses for Less, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-36766) on November 9, 2025. In the petition signed by Brad Taylor, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jeffrey P. Norman oversees the case. David Curry, Esq., at Okin Adams Bartlett Curry LLP, represents the Debtor as legal counsel. BROOKLYN HOSPITAL: Eyes Bankruptcy Filing, Seeks $160MM Aid ----------------------------------------------------------- Bernadette Hogan of Spectrum News reports that the elected officials and hospital leaders in downtown Brooklyn are warning that Brooklyn Hospital Center may be forced to shut down by 2025's end unless Gov. Kathy Hochul intervenes with critical financial support. According to the report, the situation is emerging as a potential political liability for the governor as she prepares for her 2026 reelection campaign. Hospital CEO Gary G. Terranoni acknowledged that bankruptcy is under consideration, stressing that the facility is the only major provider serving its surrounding community. Leaders are seeking $160 million to cover payroll, upgrade electronic medical records, and secure essential medical supplies. As a safety-net provider, the hospital primarily treats low-income patients on Medicaid and Medicare, making financial stability difficult. Terranoni said the facility does not ideally want state funding but has reached a point where inadequate reimbursement has undermined its ability to pay bills. Experts warn that the challenges are compounded by broader national trends, including stagnant inpatient demand and growing consolidation among hospitals. The hospital's financial troubles have persisted for years, with federal funding uncertainties adding further strain, according to Spectrum News. Local lawmakers, including Assemblywoman Phara Souffrant-Forrest, have raised concerns for years about Brooklyn Hospital's trajectory. During the pandemic, the facility served as a temporary morgue, highlighting its essential role in communities such as Clinton Hill and Bedford-Stuyvesant. Although the state has provided $413 million since 2022, including $74 million this year, officials say statewide funding needs far exceed available resources. The Department of Health says it continues working with safety-net hospitals toward sustainability, but gaps remain, the report states. Souffrant-Forrest argues the state has stepped in before, pointing to the recent rescue of SUNY Downstate Hospital. She warned that Hochul could face political consequences if Brooklyn Hospital closes, noting voters care deeply about protecting community resources. The facility also sits in the district of City Councilwoman and Council Speaker contender Crystal Hudson, who called its possible closure a severe blow to vulnerable residents. Hudson urged state and city officials to collaborate on a long-term financial plan to keep the hospital open. About Brooklyn Hospital Center Headquartered in Brooklyn, New York, The Brooklyn Hospital Center -- http://www.tbh.org/-- provides a variety of inpatient and outpatient services and education programs to improve the well being of its community. The Debtor, together with Caledonian Health Center, Inc., filed for chapter 11 protection on Sept. 30, 2005 (Bankr. E.D.N.Y. Case No. 05-26990). Lawrence M. Handelsman, Esq., and Eric M. Kay, Esq., at Stroock & Stroock & Lavan LLP represent the Debtors in their restructuring efforts. Glenn B. Rice, Esq., at Otterbourg, Steindler, Houston & Rosen, P.C., represents the Official Committee of Unsecured Creditors. Mark Dominick Alvarez at Alvarez & Marsal, LLC, serves as the Committee's financial advisor. When the Debtors filed for protection from their creditors, they listed $233,000,000 in total assets and $337,000,000 in total debts. BUCKINGHAM SENIOR: Files 2nd Chapter 11 Bankruptcy -------------------------------------------------- Martin Z. Braun of Bloomberg News reports that The Buckingham Senior Living Community, a Houston-based continuing care retirement community, filed for bankruptcy on Monday, November 17, 2025, its second Chapter 11 filing in four years. The community listed assets and liabilities between $100 million and $500 million in its bankruptcy documents. In its petition, Buckingham said that individual residents have unsecured claims as high as $1.9 million. The nonprofit also carries approximately $170 million in outstanding municipal bond debt. UMB Bank, NA, the bond trustee, is backing the restructuring with $4 million in debtor-in-possession financing, while bondholders have provided both DIP financing and cash collateral support. About Buckingham Senior Living Community The Buckingham Senior Living Community, Inc., a Houston-based continuing care retirement community (CCRC), filed a voluntary petition for Chapter 11 protection (Bankr. S.D. Texas Case No. 21-32155) on June 25, 2021, disclosing between $100 million and $500 million in both assets and liabilities. Michael Wyse, chair of the board, signed the petition. The case is handled by Judge Marvin Isgur. The Debtor tapped McGuireWoods LLP as its lead bankruptcy counsel, Thompson & Knight, LLP as special counsel, and B. Riley Advisory Services as financial advisor. Stretto is the claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtor's Chapter 11 case on July 12, 2021. The committee is represented by Hunton Andrews Kurth, LLP. Daniel S. Bleck, Esq., at Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., represents UMB Bank, N.A., in its capacity as Bond Trustee and DIP lender. 2nd Attempt The Buckingham Senior Living Community, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80595) on November 17, 2025. In its petition, the Debtor reports assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtor is represented by Marcus Alan Helt, Esq. of Mcdermott Will & Schulte LLP. BUENA VIDA: Seeks Chapter 7 Bankruptcy in New York -------------------------------------------------- Buena Vida Latina Inc. filed for Chapter 7 bankruptcy in the Eastern District of New York on November 13, 2025. According to the petition, the company lists liabilities between $100,001 and $1,000,000. It estimates having 1 to 49 creditors. About Buena Vida Latina Inc. Buena Vida Latina Inc. operates as a small New York–based business focused on providing services and products designed for the local Latino community. Buena Vida Latina Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45467) 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 Jill Mazer-Marino handles the case. The Debtor is represented by BURGERFI INTL: Court Won't Reverse Judgment on Insurance Proceeds ----------------------------------------------------------------- Judge Craig T. Goldblatt of the United States Bankruptcy Court for the District of Delaware denied TREW's motion for reconsideration of the decision issued by the Court that its right to receive insurance proceeds in the bankruptcy case of BurgerFi International, Inc. was subordinated to the liquidating trust's administrative expenses. In early October, the Court issued a decision that resolved a dispute between the trust and TREW over the meaning of the plan. TREW was both the debtors' secured creditor and the buyer of the debtors' assets in a sale approved under Sec. 363. The debtors had been expecting a rebate for unearned insurance premiums. At the time the plan was drafted, the expectation was that the funds would arrive before the plan became effective. As the motion explained the circumstances, those funds had not yet been received by the effective date but were expected shortly. Everyone agrees that if those funds had come in before the plan's effective date, the cash would have gone (like all of the debtors' cash, save for the $250,000 that TREW agreed to leave behind to fund the trust's operating expenses) to TREW. But because it did not, ownership of those assets shifted from the debtors to the trust, meaning that the refund became a "Liquidating Trust Asset" as that term was defined in the plan. As such, the Court concluded that TREW's right to those funds under Sec. 6.4(b)(i) remained subject to the requirement of Sec. 9.1(f) of the plan that nothing would be paid out of Liquidating Trust Assets until the trust's costs were covered. TREW argues that, contrary to the Court's reading, the language of Sec. 6.4(b)(i) is not subject to the requirement of Sec. 9.1(f). TREW points out that Sec. 8.1(a) of the plan provides that Liquidating Trust Assets "shall automatically vest in the Liquidating Trust free and clear of all Claims, Liens, and Interests other than the TREW Interests." TREW's claim is that it is counterintuitive for the provision of the plan stating that "the Liquidating Trust shall pay or reserve for all Liquidating Trust Expenses before a Distribution may be made from Liquidating Trust Assets" to apply to assets that are owned by the trust but are still subject to TREW's lien. However, the Court finds that the language of Sec. 8.1(a) is insufficient to overcome the clarity of Sec. 9.1(f)(i). Judge Goldblatt explains, "The fact that, under Sec. 8.1(a) the Liquidating Trust Assets remain subject to TREW's lien (rather than being 'free and clear') does not change the fact that they nevertheless are Liquidating Trust Assets. TREW is thus entitled to the protections, but subject to the requirements, imposed by the plan. To that end, Sec. 9.1(f) is unambiguous that all creditors' rights to recover out of such assets are subordinated to the expenses of the trust." A copy of the Court's Letter Ruling dated November 10, 2025, is available at https://urlcurt.com/u?l=7VVEpD from PacerMonitor.com. About BurgerFi Int'l BurgerFi International, Inc. (NASDAQ:BFI) is a multi-brand restaurant company that develops, markets, and acquires fast casual and premium-casual dining restaurant concepts around the world, including corporate-owned stores and franchises. BurgerFi International, Inc. is the owner and franchisor of two brands with a combined 144 locations: (i) Anthony's, a premium pizza and wing brand with 51 restaurants (50 corporate-owned casual restaurant locations and one dual brand franchise location), as of Sept. 10, 2024, and (ii) BurgerFi, among the nation's fast-casual better burger concepts with 93 BurgerFi restaurants (76 franchised and 17 corporate-owned) as of Sept. 10, 2024. BurgerFi International, Inc., and 114 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code on Sept. 11, 2024 (Bankr. D. Del. Lead Case No. 24-12017). The Honorable Judge Craig T. Goldblatt presided over the cases. Raines Feldman Littrell LLP served as the Debtors' counsel. Force Ten Partners' Jeremy Rosenthal served as the Company's Chief Restructuring Officer. Sitrick and Company served as strategic communications advisor to the Company. Stretto served as the claims agent. * * * TREW, the DIP Lender, was declared the successful bidder for the BurgerFi business and the Anthony's Coal Fired Pizza business. TREW acquired the BurgerFi assets for a credit bid of $10 million and the Anthony's Coal Fired Pizza business for a credit bid of $44 million. Both sales were approved by the Court and closed in November 2024. The Court confirmed a plan in March 2025. The Plan established a liquidating trust. CABINETDNA LLC: Unsecureds to Split $5K in Consensual Plan ---------------------------------------------------------- CabinetDNA LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated November 12, 2025. The Debtor is a Florida limited liability company created by Articles of Organization filed with the Florida Secretary of State on or around February 5, 2024. The Debtor is a cabinet wholesaler, importing ready-to-assemble cabinets for resale. The Debtor's customers primarily consist of multi-family home builders, cabinet dealers, and showrooms. The Debtor's principal place of business is located at 400 Maguire Road, Ocoee, Florida 34761 ("Premises"), which the Debtor leases from Merrimont Holdings, LLC, an affiliate owning a 48%-member interest in Debtor (hereinafter, "Merrimont"). The Debtor's projected disposable income is $4,363.00. The Plan provides for: 1 class of unsecured claims and 1 class of equity security (i.e., membership interest) holders. Class 1 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $5,000.00 to be funded by the Capital Contribution. Within thirty days of the Effective Date, the Reorganized Debtor shall pay said amount, pro rata, to the holders of the Allowed General Unsecured Claims. Pursuant to Section 1191 of the Bankruptcy Code, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. * Nonconsensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, Debtor proposes to pay unsecured creditors a pro rata portion of its projected Disposable Income, $4,363.00. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate. Plan Payments shall commence on the first month following the Effective Date, and shall continue quarterly for eleven additional quarters. The quarterly payment for the first four quarters shall be $278.00. The quarterly payments for the second four quarters shall be $38.50. The quarterly payments for the final four quarters shall be $774.25. Class 2 consists of any and all equity interests and warrants currently issued or authorized in the Debtor as of the Effective Date. This Class is Impaired. All equity interests and warrants currently issued or authorized in the Debtor shall be extinguished effective on the Effective Date. To fund the Reorganized Debtor, new equity interests in the Reorganized Debtor shall be issued to Merrimont in exchange for Merrimont's Capital Contribution of $75,000.00. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the Plan of Reorganization dated November 12, 2025 is available at https://urlcurt.com/u?l=us9MJ9 from PacerMonitor.com at no charge. Attorneys for the Debtor: Jeffrey S. Ainsworth, Esq. Jennifer L. Morando, Esq. BransonLaw, PLLC 1501 E. Concord Street Orlando, Florida 32803 Telephone (407) 894-6834 Fax (407) 894-8559 E-mail: jeff@bransonlaw.com E-mail: jennifer@bransonlaw.com About CabinetDNA LLC CabinetDNA LLC is a wood kitchen cabinet and countertop manufacturer based in Clermont, Florida. It specializes in manufacturing wood kitchen cabinets and countertops. CabinetDNA LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05127) on August 13, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq. at Bransonlaw PLLC. CAPTAIN BLIGH'S: Case Summary & 14 Unsecured Creditors ------------------------------------------------------ Debtor: Captain Bligh's Landing, Inc. 630 S. Gulfview Blvd. Clearwater Beach, FL 33767 Business Description: Captain Bligh's Landing, Inc. operates an 18-hole themed miniature golf course featuring caves, waterfalls, and a pirate- ship structure on Clearwater Beach, Florida. The Company provides family-oriented recreational and arcade entertainment at its facility on South Gulfview Boulevard, serving local residents and tourists. Chapter 11 Petition Date: November 14, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-08562 Judge: Hon. Catherine Peek Mcewen Debtor's Counsel: Jake C. Blanchard, Esq. BLANCHARD LAW, P.A. 8221 49th Street N. Pinellas Park, FL 33781 Tel: 727-531-7068 E-mail: jake@jakeblanchardlaw.com Total Assets: $2,011,893 Total Liabilities: $317,736 The petition was signed by Anastasios Anastasopoulos as president. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YKCBPRA/Captain_Blighs_Landing_Inc__flmbke-25-08562__0001.0.pdf?mcid=tGE4TAMA CENTER FOR SPECIAL: Court OKs Pinellas Property Sale to SicEm Props ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has granted Michael Goldberg, the Chapter 11 Trustee of The Center for Special Needs Trust Administration Inc., to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a 501(c)(3) non-profit Florida corporation that administers pooled trusts and special needs trusts. The Debtor in the trustee or co-trustee of numerous special needs trusts, including both stand-alone trusts and pooled trusts for approximately 2,000 beneficiaries who suffer from various levels of disability. The Debtor's primary service as trustee of the Trusts is to manage the Trusts, maintain records for assets managed by third party investment managers, respond to request for distributions from Beneficiaries, and make distributions in a manner that still ensures that the applicable beneficiary meets the income and asset thresholds to qualify for certain public assistance benefits, such as Medicaid, Social Security, or Supplemental Security Income. The Debtor's services help to ensure that Beneficiaries maintain their qualification for these critical public assistance benefits. The Court has authorized the Trustee to sell the real property located at 13851 Lake Point Dr. Pinellas County, Florida 33762 to SicEm Props LLC for a total purchase price of $310,000. The proposed sale was the result of arm's-length, good-faith negotiations and the Trustee and the Purchaser are proceeding in good faith. The Purchaser is unrelated to the Trustee, the Debtor, or Leo Govoni. The Purchase Price is fair and reasonable. The Chapter 11 Trustee has authority to sell the Real Property because he is now the sole member of Artspace Properties, LLC. William A. Long, Jr., on behalf of Artspace Properties LLC, pursuant to this role as Chief Restructuring Officer, is allowed to execute sale documents and any other required documentation in order to complete the sale of the Real Property. The provisions of the Order shall be binding upon and inure to the benefit of the Purchaser and the Trustee and their respective successors and assigns. No third parties are intended to be or shall be deemed to be third party beneficiaries of the Order. About The Center for Special Needs Trust Administration The Center for Special Needs Trust Administration, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-00676) on Feb. 9, 2024, with $100 million to $500 million in both assets and liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, PA is the Debtor's legal counsel. On March 4, 2024, the U.S. Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Underwood Murray, PA as bankruptcy counsel and Gilbert Garcia Group, PA as special counsel. CLAIRE'S HOLDINGS: Court OKs Rejection of Certain Contracts, Leases ------------------------------------------------------------------- Judge Brendan L. Shannon of the United States Bankruptcy Court for the District of Delaware entered an order approving the rejection of certain executory contracts and and/or unexpired leases and the abandonment of certain personal property, if any in the bankruptcy case of Claire's Holdings LLC. The Court finds that the relief requested is in the best interests of the Debtors' estates, their creditors, and other parties in interest. The Contracts listed on the Rejection Schedule are rejected under section 365 of the Bankruptcy Code effective as of the applicable Rejection Date or such other date as the Debtors and the applicable Rejection Counterparty agree in writing. The Debtors are authorized, but not directed, at any time on or before the applicable Rejection Date with the prior written consent of the Directing Cash Collateral Agent, to remove or abandon any of the Debtors' personal property that may be located on the Debtors' leased premises that are subject to a rejected Contract. The personal property will be deemed abandoned pursuant to section 554 of the Bankruptcy Code, as is, effective as of the Rejection Date. The rights of the counterparties to each Contract to assert claims for the disposition of the Abandoned Property are reserved, as are all parties' rights to object to such claims. A copy of the Court's Order dated November 12, 2025, is available at https://urlcurt.com/u?l=6KIdcv from PacerMonitor.com. About Claire's Holdings LLC Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web: http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. Ankura Trust Company, LLC, as Prepetition Priority Term Loan Agent and Prepetition Existing Term Loan Agent, is represented by: Joel Moss, Esq. Amit Trehan. Esq. Sean Tierney, Esq. Cahill Gordon & Reindell LLP Email: JMoss@cahill.com ATrehan@cahill.com STierney@cahill.com JPMorgan Chase Bank, N.A., as Prepetition ABL Agent, is represented by: Elisha D. Graff, Esq. Zachary J. Weiner, Esq. Sean Lee, Esq. Simpson Thacher & Bartlett LLP Email: egraff@stblaw.com zachary.weiner@stblaw.com sean.lee@stblaw.com - and - L. Katherine Good, Esq. Jeremy Ryan, Esq. Potter Anderson & Corroon LLP Email: lkgood@potteranderson.com jryan@potteranderson.com CLEVELAND AVENUE: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Cleveland Avenue Cafe, Inc. dba Sirens Cleveland Avenue Restaurant Inc. Cleveland Avenue Cafe The Strip Sports Club (advertising only) 6190 Cleveland Ave. Columbus OH 43231 Business Description: Cleveland Avenue Cafe, Inc., doing business as Sirens, operates an adult-entertainment nightclub and bar at 6190 Cleveland Avenue in Columbus, Ohio, offering exotic dancing, alcoholic beverages, and food service. The venue also functions as a sports-oriented bar with multiple in-venue televisions for major sporting events. Chapter 11 Petition Date: November 13, 2025 Court: United States Bankruptcy Court Southern District of Ohio Case No.: 25-55028 Debtor's Counsel: William Fecher, Esq. STATMAN HARRIS 35 East 7th Street Suite 315 Cincinnati OH 45419 Tel: 513-587-4446 Email: wbfecher@statmanharris.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Lame Michael Sharrak as authorized representative of the Debtor. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YODJTUY/Cleveland_Avenue_Cafe_Inc__ohsbke-25-55028__0006.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VLTZ5XQ/Cleveland_Avenue_Cafe_Inc__ohsbke-25-55028__0001.0.pdf?mcid=tGE4TAMA CONSTANT CARE: Jonathan Dickey Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Jonathan Dickey as Subchapter V trustee for Constant Care of Colorado Springs, Inc. Mr. Dickey will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dickey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jonathan M. Dickey, Esq. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 303-832-2400 Email: jmd@kutnerlaw.com About Constant Care of Colorado Springs Inc. Constant Care of Colorado Springs Inc. operates in the health care industry. Constant Care of Colorado Springs sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case 25-17336) on November 7, 2025. In its petition, the Debtor listed between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by David Warner, Esq. COUNTRY GARDEN: US Approval of Debt Restructuring Put on Hold ------------------------------------------------------------- James Nani of Bloomberg Law reports that a U.S. bankruptcy judge has postponed recognition of Country Garden Holdings Co.'s Hong Kong restructuring plan, which seeks to eliminate at least $10 billion in debt, due to concerns about the company's true base of operations. Judge Philip Bentley of the Southern District of New York said Monday, November 17, 2025, that the developer must demonstrate that its real corporate "nerve center" is located in Hong Kong before the court can grant recognition. The delay comes as Country Garden navigates one of the largest restructurings in China's real estate sector amid an industry downturn marked by unprecedented defaults. The company's filings, the judge said, offered only conclusory assertions about its operational headquarters, falling short of the factual showing needed for recognition under Chapter 15. About Country Garden Holdings Company Limited Country Garden Holdings Company Limited is a holding company that has issued, borrowed, or guaranteed secured and unsecured debt as part of a restructuring scheme. It serves as the ultimate parent of the Country Garden Group, a major property developer in Hong Kong and mainland China engaged in property development, construction, interior decoration, and property investment. The group also develops, operates, and manages hotels across its markets. Country Garden Holdings sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12175) on October 1, 2025. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtor is represented by Christopher J. Hunker, Esq., of Linklaters LLP. CREATIVE KIDS: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------ Creative Kids Enterprises LLC filed a voluntary Chapter 11 bankruptcy on November 14, 2025, in the Southern District of New York. The petition lists liabilities ranging from $1 million to $10 million. The company estimates having between 1 and 49 creditors. About Creative Kids Enterprises LLC Creative Kids Enterprises LLC is a limited liability company. Creative Kids Enterprises LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-23105) on November 14, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Solomon Rosengarten, Esq. CREATIVE KIDS: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Creative Kids Enterprises LLC 750 Chestnut Ridge Road Chestnut Ridge NY 10977 Business Description: Creative Kids Enterprises LLC is a privately held toy company that produces and markets children's construction and creative learning toys, including interlocking plastic discs. Chapter 11 Petition Date: November 14, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-23105 Debtor's Counsel: Solomon Rosengarten, Esq. SOLOMON ROSENGARTEN 2329 Nostrand Avenue, Suite 100 Brooklyn NY 11210 Tel: 718-627-4460 E-mail: vokma@aol.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Samuel Lapa as authorized signatory. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6BH2J5Y/CREATIVE_KIDS_ENTERPRISES_LLC__nysbke-25-23105__0001.0.pdf?mcid=tGE4TAMA CUSHMAN & WAKEFIELD: S&P Alters Outlook to Pos., Affirms 'BB-' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook on Cushman & Wakefield to positive from stable and affirmed its issuer credit rating at 'BB-'. At the same time, S&P affirmed its issue level ratings at 'BB-', reflecting an average recovery of around 55%. S&P's positive outlook reflects its expectation that Cushman & Wakefield will sustain leverage of 3x-4x because of improved CRE leasing and capital markets activity. The outlook also reflects the company's top-three market position in CRE services, sufficient liquidity to meet ongoing operational needs, and no near-term refinancing risk due to the company's capital management efforts. The outlook revision reflects S&P's view that Cushman & Wakefield will continue to improve its credit metrics driven by the rebound in CRE transaction activity. Due to a broader recovery in CRE property values and institutional investors deploying capital that has largely been sidelined during the high-rate period, Cushman & Wakefield's credit metrics have meaningfully improved since 2023. For the rolling 12 months ended Sept. 30, 2025, the company's adjusted net debt to EBITDA dropped to 3.6x from 4.2x at the end of 2024 and 5.3x at the end of 2023. This deleveraging reflects stronger operating performance, with S&P-adjusted EBITDA rising to $722 million for the rolling 12 months ended Sept. 30, 2025, from $569 million in the prior-year period. EBITDA margins expanded by nearly 200 basis points (bps) year over year, reaching 10.5% compared with 8.7%, underscoring the company's improved profitability and credit profile. A sustained pickup in leasing and capital markets transaction activity supported EBITDA growth. In the Americas, industrial and office leasing drove growth, while office leasing remained resilient across Europe, the Middle East, and Africa (EMEA). Cushman & Wakefield's capital markets business also benefited from stronger transaction volumes, particularly in office and multifamily properties. In Q3 2025, leasing and capital markets fee revenue rose 9% and 20% year over year, respectively, compared with growth of 13% and a 4% decline in the prior-year period. S&P thinks the company is well positioned to continue capitalizing on transaction activity, particularly following its hiring of 45 additional advisers, which it expects will accelerate growth in 2026. Cushman & Wakefield also delivered mid-single digit growth in its Services business, supported by a focus on cash conversion in 2024 and 2025. The growth reflects an investment in project management, considered as higher margin than the company's more standard offerings. S&P also expects margins to increase in this business, given management's focus on expanding the more technical services it offers, including mechanical and engineering. The company has focused on deleveraging, reflected in its capital management efforts in the past three years. This past quarter, Cushman & Wakefield repriced its tranche-2 term loan due 2030 by reducing the applicable rate by 50 bps to SOFR+275, while also prepaying $150 million in principal outstanding under its tranche-1 term loan due 2030. Prior to quarter-end, Cushman & Wakefield also repriced its tranche-1 term loan by reducing the applicable rate by 25 bps to SOFR+250 and paid down an additional $100 million under its tranche-2 term loan, which brought this year's total prepayments to $300 million. S&P thinks the company could continue to prepay the term loans and reprice terms if an opportunity to do so arrive, which should support further increases in the company's EBITDA interest coverage ratio, which in its view, is an additional credit positive. S&P's base-case forecast assumes: -- Cushman & Wakefield's fee revenue to increase by 7.5% in 2025 and 7.0% in 2026, led by the leasing and capital markets businesses, which we expect to grow 8% and 18%, respectively, in 2025, and 8% and 15%, respectively, in 2026. -- The Services business to grow 5% in 2025 and 2026. -- Adjusted EBITDA margin of 9%-10% in 2025 and 2026, reflecting a weighted average debt to adjusted EBITDA of 3.48x. S&P said, "The positive outlook reflects our expectation that Cushman & Wakefield will sustain leverage of 3x-4x because of improved CRE leasing and capital markets activity. The outlook also reflects the company's top-three market position in CRE services, sufficient liquidity to meet ongoing operational needs, and no near-term refinancing risk due to the company's capital management efforts. "We could revise the outlook to stable in the next 12 months if operating performance weakens to such a degree that leverage exceeds 4.0x on a sustained basis." This could occur if: -- CRE market conditions erode, leading to a deterioration of earnings; or -- The company deviates from its financial policy to such a degree that it engages in large debt-financed acquisitions. S&P could upgrade Cushman & Wakefield in the next 12 months if it operates with leverage well below 4x on a sustained basis. DEDICATION & EVERLASTING: Seeks Cash Collateral Access ------------------------------------------------------ Todd Frealy, the Chapter 11 trustee for Dedication & Everlasting Love To Animals (D.E.L.T.A. Rescue), asks for approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to continue using the organization's cash collateral from January 1 to March 31, 2026, under an approved budget. The trustee also requests authorization to provide adequate protection to secured creditors, particularly the judgment creditor, through replacement liens; and confirmation that the judgment creditor's interests will remain fully protected through replacement liens and continued operational stability. The trustee asserts that ongoing use of cash collateral is essential to maintain critical operations including payroll, insurance, utilities, veterinary care, and supplies for over 1,000 rescued animals, and to preserve the organization's ability to continue receiving donor funding. The Debtor's assets include approximately $547,000 in cash, over $14 million in Merrill Lynch investment accounts, and multiple unencumbered real properties. The judgment creditor holds liens on the Debtor's cash and investments but remains adequately protected given the estate's significant equity cushion exceeding $12 million. During the interim period, the trustee aims to pursue mediation with the judgment creditor, the Debtor's insurance carrier, and the City of El Monte to address pending disputes and the potential abandonment of certain property. The trustee expects these efforts to advance case resolution in 2026. D.E.L.T.A. Rescue, a large "no-kill, care-for-life" animal sanctuary based in Acton, California, filed for Chapter 11 protection on May 9 following a nearly $2.9 million judgment obtained by a former employee, Adriana Duarte Valentines. A court hearing is scheduled for December 2. A copy of the motion is available at https://urlcurt.com/u?l=l2X3nM from PacerMonitor.com. About Dedication & Everlasting Love To Animals Dedication & Everlasting Love To Animals (D.E.L.T.A. Rescue) operates a no-kill, care-for-life animal sanctuary in Acton, Calif. Founded in 1979, the organization rescues abandoned dogs and cats, providing lifelong shelter and medical care across a 115-acre facility. It is privately funded and not open to the public. Dedication & Everlasting Love To Animals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-13881) on May 9, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Judge Neil W. Bason handles the case. The Debtor is represented by William R. Hess, Esq., at the Law Offices of William R. Hess. Todd A. Frealy is the Chapter 11 trustee appointed in the Debtor's case. DEENA P. CARVAJAL: L. Todd Budgen Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Deena P. Carvajal, Inc. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Deena P. Carvajal Inc. Deena P. Carvajal, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07326) on November 12, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Grace E. Robson presides over the case. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. DISCOVERY WOODS: Taps Law Offices of Emmett L. Goodman as Counsel ----------------------------------------------------------------- Discovery Woods Farms LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Georgia, Dublin Division, to hire Daniel L. Wilder and the Law Offices of Emmett L. Goodman, Jr., LLC as counsel for the Debtor-in-Possession in its Chapter 11 case. Mr. Wilder will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; (b) prepare on behalf of the Debtor-in-Possession necessary applications, answers, reports, and other legal papers; (c) prepare motions, pleadings and applications, and conduct examinations incidental to the administration of the estate; (d) take any and all necessary action instant to the proper preservation and administration of the estate; (e) assist the Debtor-in-Possession with the preparation and filing of supplemental schedules and lists as are appropriate; (f) take whatever action is necessary with reference to the use by the Debtor of its property pledged as collateral, including cash collateral, to preserve the same for the benefit of Debtor; (g) assert, as directed by the Debtor, all claims the Debtor has against others; and (h) perform all other legal services for the Debtor-in-Possession as may be necessary. The firm shall receive $350 per hour, subject to periodic adjustments. The Debtor paid a $3,000 prepetition sum, of which $1,738 covered the filing fee and the remainder serves as a retainer. According to the application, the firm represents no other entity in connection with the case and holds no adverse interest to the estate. The firm can be reached at: Daniel L. Wilder, Esq. LAW OFFICES OF EMMETT L. GOODMAN, JR., LLC 544 Mulberry Street, Suite 800 Macon, GA 31201-2776 Telephone: (478) 745-5415 E-mail: dwilder@goodmanlaw.org About Discovery Woods Farms LLC Discovery Woods Farms LLC is an agricultural business based in Georgia. Discovery Woods Farms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ga. Case No. 25-30138) on October 6, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities up to $100,000. Honorable Bankruptcy Judge Susan D. Barrett handles the case. The Debtor is represented by Daniel L. Wilder, Esq. of Emmett L. Goodman, Jr., LLC. DMMJ REALTY: Seeks $700,000 DIP Loan From Titan Capital ------------------------------------------------------- DMMJ Realty Corp. asks the U.S. Bankruptcy Court for the Southern District of New York to obtain post-petition financing of $700,000 from Titan Capital, LLC. The Debtor needs financing to pay post-petition costs for maintaining and preparing its property in Port Chester, N.Y., for sale; settle claims and obligations (including property taxes, settlements with prior owners, and New York State Department of Labor claims) that must be cleared before the sale closes; and ensure the sale proceeds can repay the DIP loan and other creditors in full pursuant to the Debtor's Subchapter V plan of reorganization. The financing will be secured, superpriority, and subject to the terms of the DIP commitment letter and the budget. The DIP loan will have super priority administrative expense status and will be secured by a perfected security interest in the Port Chester property and other assets related to the property. The DIP loan will provide that no additional senior or secondary financing will be permitted during the term of the loan, either secured or unsecured. As adequate protection, the DIP lender will receive superpriority administrative expense status and secured liens on the property. The Debtor's appraisal values the property at $2.5 million, sufficient to repay the DIP loan and other obligations. A copy of the motion is available at https://urlcurt.com/u?l=rRxIPY from PacerMonitor.com. A hearing on the matter is set for November 24, at 10 a.m. About DMMJ Realty Corp. DMMJ Realty Corp. is a single asset real estate debtor as defined in 11 U.S.C. Section 101(51B). DMMJ Realty sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22157) on February 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Sean H. Lane handles the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP is the Debtor's legal counsel. Titan Capital LLC, as DIP lender, is represented by: Erica R. Aisner, Esq. Kirby Aisner & Curley LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 (914) 401-9500 eaisner@kacllp.com DORADO PUTT PR: Section 341(a) Meeting of Creditors on December 4 ----------------------------------------------------------------- A 341(a) Meeting of Creditors is set for December 4, 2025, at 10:00 AM and will be held by phone for AUST and trial attorneys. The last day to challenge discharge or dischargeability is February 2, 2026. Creditors must file proofs of claim by March 4, 2026, while government entities have until April 28, 2026. On October 29, 2025, Dorado Putt PR LLC filed Chapter 11 protection in the District of Puerto Rico. According to court filing, the Debtor reports $22,389,444 in debt owed to 1 and 49 creditors. About Dorado Putt PR LLC Dorado Putt PR LLC operates as an investment company engaged in financial and investment activities, based in San Juan, Puerto Rico, serving the local financial services industry. Dorado Putt PR LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-04894) on October 29, 2025. In its petition, the Debtor reports total assets of $39,696,936 and total liabilities of $22,389,444. The Debtor is represented by Alexis Fuentes Hernandez, Esq. of Fuentes Law Offices, LLC. DR. JOSEPH F. POLLACK: S&P Affirms 'BB' ICR, Outlook Negative ------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term rating on the Michigan Public Educational Facilities Authority's series 2020 limited-obligation refunding bonds, issued for Dr. Joseph F. Pollack Academic Center of Excellence (PACE). The outlook is negative. PACE continues to face elevated social capital risk due to the impact of demographic factors on the school's enrollment trends, with the outmigration of population in the greater Detroit metropolitan statistical area and an aging population base leading to a smaller school-age cohort from which to draw students. Volatile enrollment trends stemming from these risks could materially affect financial operations if negative trends are sustained. However, management has pursued strategic investments in marketing and recruitment to stabilize and improve enrollment. S&P analyzed PACE's environmental and governance risks and consider them neutral in S&P's credit rating analysis. S&P said, "The negative outlook reflects our view that there is at least a one-in-three chance that we could lower the rating within the outlook period. "We could lower the rating if PACE's enrollment does not stabilize, leading to operating deficits and weakened MADS coverage. We could also lower the rating if the school's liquidity decreases to levels no longer commensurate with the current rating. "We could revise the outlook to stable if the school demonstrates stabilization in enrollment trends, coupled with maintenance of recently improved MADS coverage, all while sustaining stable liquidity." EAST COAST DESIGNS: Unsecureds Will Get 15.98% Dividend in Plan --------------------------------------------------------------- East Coast Designs, Inc. filed with the U.S. Bankruptcy Court for the District of Massachusetts a Plan of Reorganization and Disclosure Statement dated November 12, 2025. The Debtor is a full-service interior design firm and retail boutique. The Debtor was formed by Diana James in 2001. Ms. James is the Debtor's sole shareholder and its only designer. The majority of the Debtor's clientele is located in and around Marblehead, MA. The Debtor's boutique is located at 154-156 Washington St., Marblehead, MA. The Debtor also has a small second location at 57 Park St. Lee, MA. The Debtor's Plan is a three-year bootstrap plan. The Debtor will continue operating its business and repay creditors from future income. The Debtor will continue to pay Bank of America according to the terms of its contract. The claim of Eastern Bank will be restructured to reduce the interest rate and pay the claim in full within the term of the Plan. The remaining Allowed Claims will be treated as General Unsecured Claims. Each Claimant will receive its pro rata share of $70,000 over three years, which represents an estimated 15.98% dividend. The Debtor will distribute $7,000 quarterly with the last payment occurring on or around November 2028. This Plan constitutes the Debtor's best efforts to repay creditors. As shown by the attached liquidation analysis, if the Debtor were forced to liquidate General Unsecured Creditors would receive no more than $53,063.15. Under the Plan, General Unsecured Creditors will receive $70,000. The Debtor is confident the Plan is feasible. The Plan is funded through the Debtor's future net income based on reasonable assumptions. The Debtor's projections assume ECD's design revenue will remain relatively stable during the Plan period while the Debtor transitions away from Marblehead. As the projections show, the Debtor will be able to make the payments contemplated by the Plan. Class Five consists of the Allowed General Unsecured Claims. In full and complete satisfaction, settlement, release and discharge of all Class 5 claims, each holder of an Allowed Class 5 Claim shall receive a pro rata distribution of $70,000, paid in 10 quarterly payments of $7,000.00 commencing on the Effective Date. The Debtor estimates that each holder of a Class 5 Claim will receive approximately 15.98% of its Claim through the Plan. The claims of the General Unsecured Creditors are impaired under the Plan. In addition to the payments described in subparagraph c above, if the Debtor or Reorganized Debtor pursues any Claims, demands, rights or Causes of Action and receives a recovery thereon, any amounts received in excess of $16,000 (after payment of attorney's fees and other costs of litigation) will be distributed pro rata to the Class 5 Claimants. The Plan will be funded from the Debtor's net income. Upon the Effective Date, the Debtor is authorized to take all action permitted by law, including, without limitation, to use its cash and other Assets for all purposes provided for in the Plan and in its operations, to borrow funds, to transfer funds between itself and any other entity for any legitimate purpose, including but not limited to cash management, to refinance its obligations under the Plan or to sell its existing Assets. A full-text copy of the Plan of Reorganization dated November 12, 2025 is available at https://urlcurt.com/u?l=ains5v from PacerMonitor.com at no charge. Counsel to the Debtor: Kate E. Nicholson, Esq. Angelina M. Savoia, Esq. NICHOLSON DEVINE LLC 21 Bishop Allen Dr. Cambridge, MA 02139 Telephone: (857) 600-0508 E-mail: kate@nicholsondevine.com angelina@nicholsondevine.com About East Coast Designs Inc. East Coast Designs Inc. is a specialized design services company based in Marblehead, Massachusetts. It provides professional design services in the interior and home design sector, with operations along the East Coast. East Coast Designs Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11692) on August 13, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge handles the case. The Debtor is represented by Nicholson Devine LLC. ECOM AUTHORITY: U.S. Trustee Appoints Creditors' Committee ---------------------------------------------------------- Guy Van Baalen, Acting U.S. Trustee for Region 21, appointed an official committee to represent unsecured creditors in the Chapter 11 case of Ecom Authority, LLC. The committee members are: 1. Brett Johnston Limitless Consulting Services, LLC 2701 Toledo Ave. S. Minneapolis, MN 55416 (612) 607-9680 Brettandrewjohnston@gmail.com 2. Po-Yu Paul Chen P Chen Consulting, LLC 2803 Richmar Ave. Henderson, NV 89074 (770) 833-7115 Paulchen221@gmail.com 3. Victoria Harker Philips VHP Product and Services, LLC 18500 Wayne Road Odessa, FL 33556 (612) 963-3658 V2Philips@gmail.com 4. Jackie Nanney Product-9, LLC 101 E. Vineyard Ave. 119-306 Livermore, CA 94550 (925) 989-0646 Jnanney128@gmail.com 5. David Schmid Jamanota Advisors LLC 97 Injun Hollow Road East Hampton, CT 06424 (860) 899-8093 Dschmid@davidkschmid.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. Ecom Authority LLC Ecom Authority, LLC is a wholesaler doing business in Texas. On July 9, 2025, Austin Collins and four other creditors filed Chapter 7 involuntary petition against Ecom Authority (Bankr. S.D. Fla. Case No. 25-17808). The creditors are represented by Patricia A. Redmond, Esq., at Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. On October 6, 2025, the Chapter 7 case was converted to one under Chapter 11. Judge Laurel M. Isicoff presides over the case. The Debtor tapped Michael S. Hoffman, Esq., at Lesse Hoffman, PLLC as bankruptcy counsel; and Bast Amron, LLP and Phang & Feldman, PA as special litigation counsel. ERC MANUFACTURING: Asked to Supplement for Property Sale Motion --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico has orderd ERC Manufacturing Inc. to supplement its motion to sell Property to comply with with LBR 6004-1 (b) within seven days. Order due by November 24, 2025. The Debtor's Property is located at Carr 814 Km 0.8 Cedro Abajo, Naranjito, Puerto Rico, which is comprised of productive assets which includes the real estate holdings associated with the operational facilities, the equipment and machinery used in production and distribution and the vehicles registered under ERC Manufacturing, Inc. and used for business operations. The Debtor intends to sell the Property to Mr. Nelson B. Elias, President of BA Professional Services, LLC in the amount of $425,000.00. About ERC Manufacturing, Inc. ERC Manufacturing Inc. owns the property located at Carr 814 Km 0.8 Cedro Abajo, Naranjito, Puerto Rico, spanning 6,977.84 square meters. It includes a two-story commercial office building, two metal concrete industrial buildings, 28 parking spaces, two offices, two terraces, two workshops, two mezzanines, and two bathrooms. The appraised value is $213,000, as of July 27, 2016. ERC Manufacturing Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-00475) on February 4, 2025. In its petition, the Debtor reports total assets of $785,322 and total liabilities of $1,599,734. The Debtor is represented by Juan C. Bigas, Esq., in Ponce, Puerto Rico. EUCLID REALTY: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Euclid Realty Capital V, LLC. About Euclid Realty Capital V LLC Euclid Realty Capital V LLC is a single asset real estate company. Euclid sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00518) on November 11, 2025. In its petition, the Debtor listed between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Jeffery T. Martin, Esq., at Martin Law Group, P.C. EXTREME PROFITS: Amends Unsecureds & Bill Me Later Secured Claims ----------------------------------------------------------------- Extreme Profits, Inc., a Florida corporation, d/b/a X-Stream Power submitted a First Amendment to Plan of Reorganization for Small Business dated November 12, 2025. The Plan of Reorganization is unchanged except for: the changed treatment of Bill Me Later in Class 5, and the deletion of Class 6 due to the entry of the Court's Memorandum; the clarified treatment of claims in Class 7 due to the addition of the former members of Class 6; and a disclosure of the Debtor's management and compensation of managers. Class 5 Bill Me Later, Inc. aka Pay Pal Bill Me Later, Inc. aka Pay Pal filed Claim # 15, asserting a fully secured claim in the amount of $135,871.70, which has been contested in Adv Pro 25-1267-CLC, in which the relief granted has allowed the claim in the secured amount of $82,500.00, with the balance classified as unsecured. This claim is unimpaired and not entitled to vote. The secured portion of this claim will be paid, with interest at the rate determined by the Court or by agreement between the Debtor and the claimant. Payments will commence with the first quarterly payment to the extent funds are available after payment of Priority Claims, and payment will continue with the full amount of funds available on each successive quarterly payment until the secured claim is paid in full. To the extent that the Court determines that this secured claim is either greater than, or less than the amount reflected herein, payments will be adjusted accordingly. Class 7 General Unsecured Creditors The following creditors are referred to as general unsecured creditors: American Express National Bank and all related entities referred to as AMEX; Wells Fargo Bank, N.A.; and all claimants formerly listed in Class 6 - Legend Advance Funding, II, LLC; MNR Capital Group, LLC; ODK Capital, LLC; Orange Advance, LLC; Palm Beach Funding, LLC; Bill Me Later aka Pay Pal (as to its unsecured claim). Claims in this Class shall be paid, pro rata, without interest, beginning with the first quarterly payment following full payment of: Priority Claims and secured Claim in Class 5. Mr. Scepka will continue to be the sole officer and Director of the Debtor. Mr. Scepka's salary shall be $5,500 bi-weekly. A full-text copy of the First Amended Plan dated November 12, 2025 is available at https://urlcurt.com/u?l=O0iFUx from PacerMonitor.com at no charge. Counsel to the Debtor: Kevin C. Gleason, Esq. FLORIDA BANKRUPTCY GROUP, LLC 4121 N. 31st Ave. Hollywood, FL 33021-2011 Tel: (954) 893-7670 Fax: (954) 252-2540 Email: BankruptcyLawyer@aol.com Email: KGPAECMF@aol.com About Extreme Profits, Inc. d/b/a X-Stream Power Washing Extreme Profits Inc., operating as X-Stream Power Washing and Cleaning Services, is a pressure washing and cleaning company based in Key West, Florida. Extreme Profits Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15709) on May 21, 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 Corali Lopez-Castro handles the case. The Debtors are represented by Kevin C Gleason, Esq. EXTREME PROFITS: Paypal Holds First-Priority Lien on Assets ----------------------------------------------------------- In the adversary proceeding captioned as Extreme Profits, Inc., a Florida Corporation, Plaintiff v. Bill Me Later, Inc. d/b/a PayPal, et al., Defendants, Adv. Pro No.: 25-01267-CLC (Bankr. S.D. Fla.), Judge Corali Lopez-Castro of the United States Bankruptcy Court for the Southern District of Florida granted the motion of Extreme Profits, Inc. for partial summary judgment on Counts 1, 2, 3, 4, 5, 7, 8, 9, 11, 12, and 14 to determine the priority and nature of purported "purchasers", and for accounting, without prejudice to objections to the amount of the defendants' claims. The Debtor commenced this adversary proceeding on August 5, 2025 by the filing of a Complaint against Defendants Bill Me Later, Inc., aka Paypal, ODK Capital, LLC ondeck [sic], Legend Advance Funding II, LLC, d/b/a Legend Funding, Orange Advance, LLC, MNR Capital Group, LLC, Palm Beach Funding, LLC, Unknown Creditor UCC-1 Filing # 202500705240, and OKD Capital, LLC d/b/a OnDeck. According to the Debtor's Schedules, as of the Petition Date, the Debtor's unencumbered tangible personal property was valued at $22,500.00 and its unencumbered accounts receivable were valued at $60,000.00. According to PayPal's proof of claim, PayPal was owed $135,871.70 as of the Petition Date. The Court finds that the Plaintiff has shown that there is no genuine dispute as to any material fact and the Plaintiff is entitled to judgment as a matter of law on Counts 1, 2, 3, 4, 5, 7, 8, 9, 11, 12, and 14. According to the Court, because PayPal was the first creditor to file its UCC-1 financing statement against the Debtor, it holds a first-priority lien on all tangible and intangible assets of the Debtor to the extent of the full value of the Debtor's assets as of the Petition Date. The balance of PayPal's claim, which exceeds the value of the Debtor's assets, is a general unsecured claim. The Court determines that the liens of the remaining Defendants are inferior to that of PayPal, so all of their claims are unsecured. A copy of the Court's Memorandum Decision and Order dated November 12, 2025, is available at https://urlcurt.com/u?l=ocnMBE from PacerMonitor.com. About Extreme Profits Inc. Extreme Profits, Inc., operating as X-Stream Power Washing and Cleaning Services, is a pressure washing and cleaning company based in Key West, Florida. Extreme Profits sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15709) on May 21, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtor is represented by: Kevin C. Gleason, Esq. FALKY HOLDINGS: To Sell Valdosta Property to Valle Pines for $300K ------------------------------------------------------------------ Falky Holdings Inc. seeks permission from the U.S. Bankruptcy Court for the Northern District of Florida, Tallahassee, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns five acres of vacant land in Valdosta, Georgia (Property), which is encumbered by a first mortgage held by Renasant Bank in the amount of approximately $1,866,458.54. After marketing the Property, the Debtor has obtained an offer to purchase for $300,000.00 from Valle Pines Land Corporation. Renasant will receive the net sale proceeds to apply toward the total amount owed after carving out the ordinary and necessary costs required to be paid at sale's closing. The offer by Buyer is the highest viable offer presented to the estate at this time, and one which the Debtor and its restaurant broker believe is fair. The proposed closing date is on or before December 12, 2025. The Debtor submits that the "value" of the assets being sold is at most $300,000.00 because that is the amount of the highest and best offer that was received. The Buyer is not an insider, nor is the Buyer otherwise related to the Debtor. About Falky Holdings, Inc. Falky Holdings Inc. is a corporation based in Florida with operations in both Clearwater and Tallahassee. Falky Holdings sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40378) on August 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, P.A. FIRST BRANDS: Judge Intends to Approve Ch. 11 Examiner Appointment ------------------------------------------------------------------ Clara Geoghegan of Law360 reports that a Texas bankruptcy judge said on Monday, November 17, 2025, that he intends to approve the appointment of an examiner in First Brands' Chapter 11 case. However, he paused on entering the order to give the parties time to reach agreement on the scope and direction of the proposed investigation. The judge emphasized that the examiner's mandate must be clearly defined before the appointment becomes official, noting that the boundaries of the probe will shape how the case proceeds, the report states. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Wilmington Savings Fund Society, FSB, as DIP agent, is represented by Jeffery R. Gleit, Esq., and Matthew R. Bentley, Esq., at ArentFox Schiff, LLP, in New York; and Eric J. Fromme, Esq., in Los Angeles, California. FLORIDA ECO: Unsecured Creditors to Split $83,928 over 3 Years -------------------------------------------------------------- Florida Eco Electric, LLC d/b/a Kenkay Solar filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated November 10, 2025. The Debtor is a Florida limited liability company created by Articles of Organization filed with the Florida Secretary of State on or around January 30, 2020. The Debtor installs solar systems for residential and commercial applications. The Debtor was, for the majority of its tenure, an exclusive installer of solar systems manufactured by Sunnova. Commencing in 2024, the solar industry began facing a serious downturn. That led to Sunnova failing to make significant payments to the Debtor. Indeed, as of the date of this filing, Sunnova owes over $400,000 to the Debtor on account of work performed and for which the Debtor is under contract to perform. Sunnova's failure to timely pay has had a ripple effect on the Debtor's financial condition. The Debtor was left without the steady flow of cash needed to pay installers and agents. Sunnova then commenced its own bankruptcy case in the Southern District of Texas. As such, the likelihood that the Debtor would collect on this receivable is small. The Debtor's projected disposable income is $83,928. This Plan provides for 1 class of secured claims, 1 class of unsecured claims; and 1 class of equity security holders. Class 2 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $83,928. The Reorganized Debtor shall pay said amount (i) in equal quarterly payments of $301 in the first plan year, (ii) in equal quarterly payments of $9,882 in the second plan year, and (iii) equal quarterly payments of $10,800 in the third plan year and shall be disbursed pro rata to the holders of Allowed General Unsecured Claims. Payments shall commence on the fifteenth day of the month, on the first month that begins more than fourteen days after the Effective Date and shall continue quarterly for eleven additional quarters. Pursuant to Section 1191 of the Bankruptcy Code, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. * Nonconsensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, Debtor proposes to pay unsecured creditors a pro rata portion of its projected Disposable Income, $83,928. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate. Plan Payments shall commence on the first month following the Effective Date, and shall continue quarterly for eleven additional quarters. Disposable income shall be paid (i) in equal quarterly payments of $301 in the first plan year, (ii) in equal quarterly payments of $9,882 in the second plan year, and (iii) equal quarterly payments of $10,800. Holders of Class 2 claims shall be paid directly by the Debtor. Class 3 consists of any and all equity interests and warrants currently issued or authorized in the Debtor. This Class is Unimpaired. Holders of Class 3 interests shall retain their full equity interest in the same amounts, percentages, manner and structure as existed on the Petition Date. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the Plan of Reorganization dated November 10, 2025 is available at https://urlcurt.com/u?l=wQT1Ca from PacerMonitor.com at no charge. Counsel for the Debtor: Robert K. Dakis, Esq. Ian T. Johnson, Esq. Losey PLLC 1420 Edgewater Dr Orlando, FL 32804 Telephone: (440) 714-4966 Primary: rdakis@losey.law Primary: ijohnson@losey.law About Florida Eco Electric Florida Eco Electric, LLC installs solar systems for residential and commercial applications. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05075) on August 11, 2025, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Lori V. Vaughan presides over the case. Ian Johnson, Esq., at Losey PLLC represents the Debtor as legal counsel. FORTUNE CIRCLE LLC: Case Summary & Two Unsecured Creditors ---------------------------------------------------------- Debtor: Fortune Circle LLC 1603 Central Parkway Glenview, IL 60025 Business Description: Fortune Circle LLC is a real estate company whose primary asset is a hotel property at 239 St. Robert Boulevard in Saint Robert, Missouri. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-17508 Judge: Hon. Timothy A Barnes Debtor's Counsel: William Factor, Esq. THE LAW OFFICE OF WILLIAM J. FACTOR, LTD. 105 W. Madison St., Suite 2300 Chicago, IL 60602 E-mail: wfactor@wfactorlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Syed Hussain signed the petition as sole member. A copy of the Debtor's list of two unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KEQ7KGY/Fortune_Circle_LLC__ilnbke-25-17508__0001.1.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FZFXC2A/Fortune_Circle_LLC__ilnbke-25-17508__0001.0.pdf?mcid=tGE4TAMA FORTUNE CIRCLE: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: Fortune Circle Hotels LLC 1603 Central Parkway Glenview, IL 60025 Business Description: Fortune Circle Hotels LLC manages a single lodging property at 239 Saint Robert Blvd in Saint Robert, Missouri. Chapter 11 Petition Date: November 13, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-17564 Debtor's Counsel: William J. Factor, Esq. THE LAW OFFICES OF WILLIAM J. FACTOR, LTD. 105 W. Madison St., Suite 2300 Chicago, IL 60602 Email: wfactor@wfactorlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Syed Hussain as member. The Debtor listed Wasing Damer at 1401 S. Brentwood Blvd., Suite 875, Saint Louis, MO 63144 as its only unsecured creditor related to legal services. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BCFF6UY/Fortune_Circle_Hotels_LLC__ilnbke-25-17564__0001.0.pdf?mcid=tGE4TAMA FREE SPEECH: Trustee Wants to Turnover $4MM Cash to Receiver ------------------------------------------------------------ Alex Wolf of Bankruptcy Law reports that the trustee managing Alex Jones' Chapter 7 case is seeking court approval to hand over $4 million in cash to a state court receiver overseeing the liquidation of Infowars' parent company. The move aims to align the bankruptcy process with a parallel state action involving Jones’ media operations. In a November 14, 2025 court filing, trustee Christopher Murray said two bank accounts owned by Free Speech Systems LLC must be transferred out of Jones' estate and into the receivership set up for the benefit of the Sandy Hook families. The receiver has been charged with gathering and distributing assets tied to the company. Murray's request stems from a recent ruling by Judge Christopher Lopez, who found that Free Speech's assets are not part of Jones' personal bankruptcy estate. With that determination, authority over the company's funds shifted to the state court receiver rather than the Chapter 7 trustee. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. FULCRUM BIOENERGY: Claim Objection Deadline Extended to May 4 ------------------------------------------------------------- Judge Thomas M. Horan of the United States Bankruptcy Court for the District of Delaware granted the motion of the Fulcrum Liquidation Trust for an order extending the claim objection deadline through and including May 4, 2026. The Court finds that the relief sought in the motion is in the best interests of the Liquidation Trust, its beneficiaries, the Debtors' estates, and all parties in interest. The Order is without prejudice to the right of the Creditor Trust to seek further extensions of such deadline. A copy of the Court's Order dated November 10, 2025, is available at https://urlcurt.com/u?l=dSCGNv from PacerMonitor.com. About Fulcrum Bioenergy Fulcrum Bioenergy Inc. operates as a clean energy company described as a pioneer in sustainable aviation fuel (SAF) production. Fulcrum Bioenergy Inc. and its affiliates sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12008) on Sept. 9, 2024. In the petition filed by Mark J. Smith, as chief restructuring officer, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100 million and $500 million. The Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtors tapped MORRIS, NICHOLS, ARSHT & TUNNELL LLP as counsel; and DEVELOPMENT SPECIALISTS, INC., as investment banker. KURTZMAN CARSON CONSULTANTS, LLC, d/b/a VERITA GLOBAL, is the claims agent. GENESIS GLOBAL: Investors Sue Winklevoss Twins, Gemini ------------------------------------------------------ Martina Barash of Bloomberg Law reports that Cameron and Tyler Winklevoss, co-founders of Gemini Trust Co., are facing allegations that they are responsible for investor losses connected to the collapse of Genesis Global Capital. Investors contend the exchange and its leaders failed to protect account holders. The complaint, filed by BAO Family Holdings LLC and an individual investor, claims that Gemini marketed "Gemini Earn" crypto accounts as interest-bearing products without registering them as securities, allegedly misleading participants. The class action was filed November 15, 2025 in the U.S. District Court for the Southern District of Florida. About Genesis Global Genesis Global Holdco, LLC, through its subsidiaries, and Global Trading, Inc., provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE. LTD. (GAP) provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Holdco, LLC owns 100% of GGC and GAP. Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are pending before the Honorable Sean H. Lane. At the time of the filing, Genesis Holdco reported $100 million to $500 million in both assets and liabilities. Genesis Holdco is a sister company of Genesis Global Trading, Inc. ("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG"). GGT, DCG and certain of the Holdco subsidiaries are not included in the Chapter 11 filings. The non-debtor subsidiaries include Genesis UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody Limited ("GCL"), GGC International Limited ("GGCI"), GGA International Limited, Genesis Global markets Limited, GSB 2022 II LLC, GSB 2022 III LLC and GSB 2022 I LLC. The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez & Marsal Holdings, LLC as financial advisor; and Moelis & Company, LLC as investment banker. Kroll Restructuring Administration, LLC, is the Debtors' claims and noticing agent and administrative advisor. The ad hoc group of creditors is represented by Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP. The ad hoc group of Genesis lenders is represented by Proskauer Rose, LLP. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped White & Case, LLP as bankruptcy counsel; Houlihan Lokey Capital, Inc., as investment banker; Berkeley Research Group, LLC as financial advisor; and Kroll as information agent. GENESIS HEALTHCARE: Cavazos Hendricks Represents Claimants ---------------------------------------------------------- In the Chapter 11 bankruptcy cases of Genesis Healthcare Inc. and its debtor-affiliates, law firm Cavazos Hendricks Poirot, P.C., filed with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court that it represents Samuel Carroll, as executor of the Estate of Theresa Carroll (deceased), and Patricia A. Howard and Dennis J. Puls, as co-administrators of the Estate of Richard M. Puls (deceased), Ronald D'Augustine on behalf of the Estate of Muriel D'Augustine, (deceased), and Marlene Rossi on behalf of the Estate of Nicholas Rossi, (deceased). According to the Verified Statement: 1. Cavazos Hendricks was contacted by John Kantner and James Amato of the law firm Fanelli, Evans & Patel, PC to represent their clients, Carroll, Puls, D'Augustine, and Rosi as bankruptcy counsel in the Genesis Healthcare bankruptcy proceeding. 2. Carroll had a lawsuit filed in the Court of Common Pleas, Schuylkill County, Pennsylvania, against one or more of the Debtors. The lawsuit was pending as of July 9, 2025. Carroll had finalized a settlement prior to the Petition Date. 3. Puls had a lawsuit filed in the Court of Common Pleas, Schuylkill County, Pennsylvania, against one or more of the Debtors, that was pending as of the Petition Date. As of the Petition Date, Puls had received one of five settlement payments. 4. D'Augustine entered into a settlement agreement almost a year prior to the Petition Date. As of the Petition Date, D'Augustine had received none of the seven settlement payments. 5. Rossi entered into a settlement agreement approximately eight months prior to the Petition Date. As of the Petition Date, Rossi had received none of the five settlement payments. 6. Fee engagement agreements for each client are available upon request. The creditors and the general nature of their claims are: 1. Samuel Carroll c/o John Kantner Fanelli, Evans & Patel, PC No. 1 Mahantongo Street Pottsville, PA 17901 Personal claims/wrongful death 2. Patricia A. Howard and Dennis J. Puls c/o James J. Amato Fanelli, Evans & Patel, PC No. 1 Mahantongo Street Pottsville, PA 17901 Survival/wrongful death 3. Ronald D'Augustine c/o Kenneth Millman Fanelli, Evans & Patel, PC 867 Berkshire Blvd., Ste. 103 Wyomissing, PA 17901 Personal injury claims/wrongful death 4. Marlene Rossi c/o Kenneth Millman Fanelli, Evans & Patel, PC 867 Berkshire Blvd., Ste. 103 Wyomissing, PA 17901 Personal injury claims The firm may be reached at: Anne Elizabeth Burns, Esq. CAVAZOS HENDRICKS POIROT, P.C. Suite 570, Founders Square 900 Jackson Street Dallas, TX 75202 Direct Dial: (214) 573-7343 Email: aburns@chfirm.com About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. The U.S. Trustee also appointed: -- Melanie Cyganowski of Otterbourg, PC as patient care ombudsman for the healthcare facilities listed at https://is.gd/uSxEBx She tapped Otterbourg as her counsel. -- Susan Goodman of Pivot Health Law as PCO for the healthcare facilities listed at https://is.gd/M5zlls. She is represented by Kane Russell Coleman Logan PC as counsel. -- Suzanne Koenig of SAK Healthcare as PCO for the healthcare facilities listed at https://is.gd/qv5SwV. She is represented by Greenberg Traurig, LLP, as counsel. SAK Management Services, LLC d/b/a SAK Healthcare serves as her medical operations advisor. Brown Rudnick LLP and Stutzman, Bromberg, Esserman, & Plifka, PC represent an ad hoc group of holders of personal injury and wrongful death claims. Whitaker Chalk Swindle & Schwartz represents a personal injury claimant and six wrongful death claimants. GEORGIA VASCULAR: Seeks to Extend Plan Exclusivity to March 9, 2026 ------------------------------------------------------------------- Georgia Vascular Specialists, P.C. asked the U.S. Bankruptcy Court for the Northern District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 9, 2026, and May 8, 2026, respectively. The Debtor anticipates filing a plan in the coming months and seeks an extension to the Exclusivity Periods to preclude the costly disruption and instability that would occur if competing plans were proposed either before the Debtor's plan is confirmed, or, if the Debtor's plan is not confirmed, before the Debtor has a meaningful opportunity to work with its key constituencies to put forth an amended proposal. This Motion is the Debtor's first request for an extension of the Exclusivity Periods, and the request will not unfairly prejudice or pressure the Debtor's creditor constituencies or grant the Debtor any unfair bargaining leverage. The Debtor explains that it needs creditor support to confirm any plan, so the Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor seeks an extension of the Exclusivity Periods to advance the case and continue good faith negotiations with its stakeholders. The Debtor asserts that premature termination of the Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to the Debtor's creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. The Debtor further asserts that given the consequences for its estate if the relief requested herein is not granted and the substantial progress made to date, the requested extension of the Exclusivity Periods will not prejudice the legitimate interests of any party in interest in this case. Rather, the extension will further the Debtor's efforts to preserve value and avoid unnecessary and wasteful litigation. Georgia Vascular Specialists, P.C., is represented by: Benjamin Keck, Esq. Jonathan Clements, Esq. Keck Legal, LLC 2801 Buford Highway NE, Suite 115 Atlanta, GA 30329 Tel: (470) 826-6020 Email: bkeck@kecklegal.com About Georgia Vascular Specialists P.C. Georgia Vascular Specialists P.C. provides vascular medicine and surgical services, including minimally invasive and traditional procedures for arterial, venous, and lymphatic conditions. The practice operates an accredited vascular ultrasound lab, ambulatory wound care services, and vein treatments, and offers inpatient care at Piedmont Hospital and Atlanta Medical Center. Founded in 1989, Georgia Vascular Specialists is based in Georgia. Georgia Vascular Specialists sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55352) on May 13, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Paul W. Bonapfel oversees the case. Benjamin R. Keck, Esq., at Keck Legal, LLC is the Debtor's bankruptcy counsel. JPMorgan Chase Bank, N.A., as lender, is represented by: Eric Smith, Esq. Aldridge Pite, LLP Six Piedmont Center 3525 Piedmont Road, N.E., Suite 700 Atlanta, GA 30305 Phone: (404) 994-7400 Fax: (888) 873-6147 esmith@aldridgepite.com GRACE ROYALS: 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 Grace Royals, Inc. 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 Grace Royals Inc. Grace Royals, Inc., doing business as Evans Fast Break and Kersey Supermarket, is a Colorado-based company that operates convenience stores and gas stations at leased properties in Evans and Kersey, Colorado. It holds leasehold interests in these locations and conducts retail fuel and grocery sales to local customers. Grace Royals filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17391) on November 11, 2025, listing between $100,001 and $500,000 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. GREG ADAMS TRUCKING: Seeks Chapter 7 Bankruptcy in Alabama ---------------------------------------------------------- On November 17, 2025, Greg Adams Trucking LLC filed for Chapter 7 bankruptcy in the Southern District of Alabama. The petition indicated liabilities between $1 million and 10 million, with the number of creditors estimated at 1–49. About Greg Adams Trucking LLC Greg Adams Trucking LLC provides services within the freight and transport sector. Greg Adams Trucking LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 25-13220) on November 17, 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 Henry A. Callaway handles the case. The Debtor is represented by Allyson C. Pearce, Esq. of Pearce Law Firm. HARLING INC: Unsecureds Will Get 6% of Claims over 60 Months ------------------------------------------------------------ Harling, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Illinois an Amended Plan of Reorganization for Small Business dated November 11, 2025. The Debtor is an Illinois corporation that provides masonry restoration services for its clientele. This Plan proposes to pay creditors of the Debtor from cash on hand, cash flow projections and future income. The Plan provides for: one class of secured claims; three classes of general unsecured claims; one class of priority claims; one class of unclassified claims; and one class of shareholder interests. Class 4 consists of allowed, general unsecured claims. According to the Debtor's schedules and the proofs of claim filed herein, the Debtor believes that the total amount of unsecured claims in this class is $2,263,934.80. This class includes the unsecured portions of Byline's claims, the claim of Kapitus, the unsecured portion of the IRS claim and all other general, unsecured claims scheduled by the Debtor or filed claims. General unsecured claims will be paid pro rata, without interest, a dividend in the amount of six percent of the allowed claims in monthly payments over a period of sixty months commencing thirty days after the effective date of the Plan. The monthly payment to be share by this class, pro rata, is $1,887, for 51 months and $4,536.22 for nine months. Once the priority claim of IRS in Class 3 is paid in full, the Debtor will increase the monthly payments to Class 4 creditors. The Debtor will continue operating its business affairs to generate the disposable income necessary to fund the Plan. The Plan will be implemented and funded by existing cash on hand at the effective date of the Plan and by future income earned by the Debtor. A full-text copy of the Amended Plan dated November 11, 2025 is available at https://urlcurt.com/u?l=nPs4mQ from PacerMonitor.com at no charge. Counsel to the Debtor: Joel A. Schechter, Esq. Law Offices of Joel A. Schechter 53 W. Jackson Blvd., Suite 1522 Chicago, IL 60604 Telephone: (312) 332-0267 Email: joel@jasbklaw.com About Harling Inc. Harling Inc. specializes in masonry facade repair, restoration, and building waterproofing services for commercial, industrial, and institutional buildings. It is based in Broadview, Ill. Harling sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-04324) on March 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Jacqueline P. Cox handles the case. Joel Schechter, Esq., at the Law Offices of Joel A. Schechter, is the Debtor's legal counsel. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com HARMONY WELLNESS: Employs Michael Best & Friedrich LLP as Counsel ----------------------------------------------------------------- Harmony Wellness, Inc. seeks authorization from the U.S. Bankruptcy Court for the District of Colorado for the continued employment of Michael Best & Friedrich LLP as counsel in its Chapter 11 case, following the combination of Allen Vellone Wolf Helfrich & Factor P.C. with Michael Best & Friedrich LLP effective October 1, 2025. Michael Best & Friedrich LLP will provide these services: (a) all matters concerning the administration of the estate; (b) preparing Debtor's statements and schedules; (c) preparation of a plan of reorganization and disclosure statement; (d) all contested and litigation matters in the case; (e) providing legal advice and representation in connection with the general administration of the Estate; (f) confirmation of any proposed plan of reorganization; (g) all other contested and adversary matters that arise in this case; (h) investigation and litigation of any avoidance or other action the Estate may have; and (i) other legal services for Debtor related to or arising out of contested matters in this bankruptcy case. As of the date of the application, hourly rates are: - Jeffrey A. Weinman: $650 - Bailey C. Pompea: $425 - Partners: $475-725 - Associates: $350-450 - Paralegals: $120–225 According to the filings, Michael Best & Friedrich LLP is a "disinterested person" within the meaning of 11 U.S.C. Section 101(14). The firm can be reached at: Jeffrey A. Weinman, Esq. Bailey C. Pompea, Esq. MICHAEL BEST & FRIEDRICH LLP 675 15th Street, Suite 2000 Denver, CO 80202 Telephone: (720) 240-9515 E-mail: jeffrey.weinman@michaelbest.com bailey.pompea@michaelbest.com About Harmony Wellness Harmony Wellness, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-15682) on September 4, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Kimberley H. Tyson presides over the case. Jeffrey Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor P.C. represents the Debtor as legal counsel. HARVEST MIDSTREAM: S&P Affirms 'BB-' ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issuer credit rating on Harvest Midstream I L.P. (Harvest) and its 'BB-' issue-level ratings on its senior unsecured notes. The recovery rating remains '3', indicating its expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. S&P said, "The stable outlook reflects our expectation that Harvest will successfully integrate the newly acquired assets into its core operations. We also expect its S&P Global Ratings-adjusted debt to EBITDA will be 4.0x-4.25x in 2026." Harvest recently closed its $1.0 billion acquisition of MPLX's Rockies assets, which was funded using a combination of its revolving credit facility (RCF) and a new $600 million senior secured term loan A (unrated) due 2029. The transaction meaningfully increases Harvests' scale and geographic diversification. The acquisition of MPLX's assets is expected to increase Harvests' 2026 EBITDA generation by over 35% to above $600 million from the current mid-$400 million area. S&P said, "We view this a positive that helps align Harvest with a peer group of larger, multi-basin gathering and processing and transportation companies. We see the transaction as laying a runway for Harvest to generate significantly higher free operating cash flow (FOCF) in the coming years, which can be used to help fund additional growth initiatives and address upcoming debt maturities. The newly acquired assets are underpinned by a contract profile consisting of mainly fixed-fee and life-of-lease agreements, consistent with the company's existing agreements. The anchor counterparties associated with these contracts are with third parties not associated with Hilcorp. We believe this acquisition helps somewhat increase Harvest's overall competitive position." S&P said, "We expect Harvest's long-term financial leverage to remain below 4.0x. Harvest's 2025 S&P Global Ratings-adjusted leverage is expected to be elevated in the upper 5.0x area, which doesn't include any pro forma benefit for a full-year contribution of EBITDA from the acquisition. We expect this elevated leverage to be temporary and a function of the timing of cash flows to be received as the Rockies assets are integrated. In our base-case scenario, we don't expect Harvest will fund additional growth initiatives through incremental debt or debt-like instruments that would further deteriorate its credit metrics. We project its S&P Global Ratings-adjusted leverage will remain below 4x over the next several years as new cash flows are realized and that the company will remain disciplined with its capital spending. "The stable outlook reflects our expectation that Harvest will successfully integrate the newly acquired assets, maintain stable volumes across its systems, and remain disciplined with its capital spending. We expect its S&P Global Ratings-adjusted debt to EBITDA to be about 4.0x in 2026 and 3.5x-3.75x in 2027." S&P could consider a negative rating action on Harvest if it anticipates its S&P Global Ratings-adjusted debt to EBITDA will remain above 4.5x. This could occur if: -- Harvest generates lower-than-expected EBITDA linked to lower volumes and the impacts of commodity exposure; -- Harvest pursues a more aggressive financial policy than our current expectations, such that it funds growth initiatives through incremental debt or debt-like instruments; or -- Hilcorp Energy I L.P. is materially downgraded, given Harvest's high exposure to its volumes. S&P said, "We could raise our rating on Harvest if we anticipate it will maintain adjusted debt to EBITDA well below 3.5x in a weak commodity price environment. This could happen if the company was to meaningfully diversify into lower break-even basins." HFR HOLDING: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: HFR Holding LLC 13470 FM 1602 Hico, TX 76457 Business Description: HFR Holding LLC owns and manages two commercial real estate parcels in Hamilton, Texas -- 415 E Highway 36 and 413 E Highway 36 -- together appraised at about $833,940. The Company operates as a real estate holding entity overseeing these assets. Chapter 11 Petition Date: November 14, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-60835 Judge: Hon. Michael M Parker Debtor's Counsel: Stephen W. Sather, Esq. BARRON & NEWBURGER, P.C. 7320 N. MoPac Expressway 400 Austin TX 78731 Tel: (512) 653-1009 Email: ssather@bn-lawyers.com Total Assets: $833,940 Total Liabilities: $2,567,257 The petition was signed by Mark Sellers as president and manager. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UVJLGTQ/HFR_Holding_LLC__txwbke-25-60835__0001.0.pdf?mcid=tGE4TAMA HOLLEY INC: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable ---------------------------------------------------------------- S&P Global Ratings affirmed all of its ratings on Holley Inc., including the 'B' issuer credit rating on the company and the 'B' issue-level rating on the senior secured facilities. The '3' recovery rating on the company's senior secured facilities is also unchanged, indicating S&P's expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. S&P said, "The stable outlook reflects our expectation that despite slower sales growth, Holley will maintain EBITDA margins around 20%, which will likely allow the company to maintain debt to EBITDA below 6.5x and free operating cash flow (FOCF) to debt above 3%. "We believe private equity sponsor Sentinel Capital Partners' reduced ownership alleviates financial policy risk. Sentinel, which held over 40% of Holley until June 2024, has gradually reduced its ownership over subsequent months with the most significant reduction occurring through a secondary market offering in September 2025, which decreased its shareholding to about 20.5%. In line with this reduction in ownership, Sentinel also opted to partially forgo board representation, thereby diminishing its influence on the company's strategic decision-making. We expect the reduced stake will result in the financial sponsor having less influence on the company's strategy and capital deployment, including previously assumed aggressive financial strategy aimed at maximizing returns over a finite holding period, consistent with our view of a typical private-equity ownership. Although we expect no material change to the company's long-term leverage target of 3x (about 4x on S&P Global Ratings-adjusted basis), we believe reduced influence of the company's former sponsor could facilitate in achieving this leverage target. "We believe organic revenue growth will remain muted for 2025 and 2026, reflecting a slowdown in macroeconomic activity. Holley's reported revenue for the first nine months of fiscal 2025 declined by 1.0% year over year, despite low- to mid-single-digit percent growth in its core business, as the company continued to execute its strategic product rationalization initiatives and divestitures. We now forecast full-year 2025 revenue will remain nearly flat, as the moderating impact of rationalization-related declines (which are nearing completion) and modest growth in the core business during the second half of the year are expected to offset the contraction in the first half. Holley undertook some pricing actions that became effective in June 2025 and are contributing to its second half revenue growth. However, we believe these price increases could temper demand, leading to some volume moderation. For 2026, we forecast low-single-digit percent revenue growth as a slowing economy, weakened consumer sentiment, and increasing U.S. unemployment will weigh on demand for Holley's products which we view as discretionary in nature. "We believe Holley's tariff mitigation actions will enable margin retention. The company imports approximately half of its raw materials or finished goods, which have been subject to higher U.S. tariffs since the early months of fiscal 2025. Left unaddressed, these tariffs could have materially increased the company's cost of goods sold and adversely affected profitability. However, we forecast Holley's S&P Global Ratings-adjusted EBITDA margins for fiscal 2025 will improve to about 20% (from 19% in fiscal 2024) and stay at these levels for fiscal 2026. While strategic cost saving initiatives have contributed to margin expansion in the first half of fiscal 2025, we expect the company will also generate about $15 million in annualized cost savings from targeted tariff mitigation initiatives, which include supplier negotiations, relocation with existing suppliers, and sourcing from new suppliers in countries subject to lower tariffs. We believe these savings will enable Holley to sustain S&P Global Ratings-adjusted EBITDA margins in the 20% level. "We expect profitability will modestly improve supporting some improvement in credit metrics. Holley has prioritized deleveraging by allocating the majority of its excess free cash flows towards debt prepayment, leading to strengthened credit metrics. Through recent repayments of $15 million in August 2025 and $10 million in October 2025, the company has repaid $100 million since September 2023. Combined with an improvement in its 2025 profitability, we forecast Holley's leverage will decline to about 5x for 2025 (from 5.7x for 2024) and FOCF to debt will improve to around 8% (from 7.6% for 2024). In fiscal 2026, we expect modest growth in its absolute EBITDA will support a slight decline in leverage of 0.1x-0.2x into the high 4x range. We forecast FOCF to debt will improve slightly, remaining in the high-single-digit percent range. "Going forward, we expect Holley will prioritize the use of excess free cash flow toward debt reduction, supporting ongoing deleveraging and strengthening credit metrics. At the same time, we think the company may raise additional debt if required, to pursue strategic acquisitions, which could increase leverage and exert some pressure on credit metrics. Nonetheless, we do not anticipate any meaningful deterioration in leverage or credit metrics because we expect Holley will take a measured approach and avoid raising debt beyond prudent levels. "The stable outlook reflects our expectation that despite slower sales growth, Holley will maintain EBITDA margins of about 20%, which will likely allow the company to maintain debt to EBITDA below 6.5x and FOCF to debt above 3%." S&P could lower its rating on Holley if: -- Debt to EBITDA remains above 6.5x on a sustained basis; or -- FOCF to debt remains below 3% for consistent quarters. This could occur if demand for Holley's products fall further than expected, which also reduces its margins. S&P could also consider a downgrade if Holley were to pursue debt-financed M&A or similar activities that lead to substantially higher leverage. S&P could raise the ratings of Holley if: -- Debt to EBITDA approaches 4x and remains at this level on a sustained basis; and -- FOCF to debt approaches 10%. This could occur if demand for Holley's products grows more than forecast, margins are maintained at recent levels or better, and the company continues its expansion into new product categories. Similarly, S&P would also evaluate Holley's tolerance for increasing leverage with acquisitions. IH 35 Transportation: Taps Law Office of Carl M. Barto as Counsel ----------------------------------------------------------------- IH 35 Transportation, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Laredo Division to hire the Law Office of Carl M. Barto to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) analyze the financial situation and render advice and assistance to the Debtor; (b) advise the Debtor with respect to its duties as Debtor; (c) prepare and file all appropriate petitions, schedules of assets and liabilities, statements of affairs, answers, motions and other legal papers; (d) represent the Debtor at the first meeting of creditors and provide other services required during the course of the bankruptcy proceedings; (e) represent the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding where the rights of the Debtor may be litigated or otherwise affected; (f) prepare and file a Disclosure Statement (if required) and Chapter 11 Plan of Reorganization; and (g) assist the Debtor in any matters relating to or arising out of the captioned case. Carl M. Barto, Esq. will receive an hourly rate of $400, and paralegals will receive an hourly rate of $90. The Law Office of Carl M. Barto 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: Carl M. Barto, Esq. LAW OFFICE OF CARL M. BARTO 817 Guadalupe Laredo, TX 78040 Telephone: (956) 725-7500 Facsimile: (956) 722-7639 E-mail: emblaw@netscorp.net About IH 35 Transportation, LLC IH 35 Transportation, LLC provides trucking and logistics services, specializing in international freight, and is based in Laredo, Texas, operating a fleet of vehicles and employing drivers within the U.S. transportation industry. IH 35 Transportation sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex., Laredo Div. Case No. 25-50103) on October 2, 2025. At the time of the filing, Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1,000,001 and $10 million. Judge Jeffrey P. Norman oversees the case. Law Office of Carl M. Barto serves as Debtor's legal counsel. J4G LLC: Unsecureds Will Get 5.01% of Claims over 3 Years --------------------------------------------------------- J4G, LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a First Amended Plan of Reorganization dated November 12, 2025. The Debtor started operations in June 2014. The Debtor operates a service restaurant café and landscaping company. Debtor's assets include its cash on hand, inventory, and equipment. The Debtor is currently owned 90.00% by Jean Ann Robinson and 10.00% by Gary Robinson. The Debtor filed this case on July 30, 2025. 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 4 consists of Allowed Unsecured Claims. This Class is impaired. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next three 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 30 days after the Effective Date. The Debtor will distribute $53,000.00 to the general allowed unsecured creditor pool over the 3-year term of the plan, including the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 5.01% 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 4 unsecured creditor pool and will be paid on a pro rata basis. The allowed unsecured claims total $1,061,776.75. 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 First Amended Plan dated November 12, 2025 is available at https://urlcurt.com/u?l=PYCbca from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, Esq. A. Zachary Casas, Esq. THE LANE LAW FIRM, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 E-mail: zach.casas@lanelaw.com About J4G LLC J4G, LLC, doing business as Landscape Depot, operates as a construction and landscaping materials supplier in Texas. It offers landscape equipment and tool rentals for residential and commercial clients. J4G also associated with food service operations under the names City Hall Cafe & Pie Bar, City Hall Cafe & Grocery, Jalepenos and with utility and construction services under the name Mercer Contracting. J4G sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-34347) on July 30, 2025, listing $220,827 in total assets and $1,264,037 in total debts. Jean Ann Robinson, company owner, signed the petition. Judge Jeffrey P. Norman oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, is the Debtor's bankruptcy counsel. JB GROUP: Seeks to Retain Ordinary Course Professionals ------------------------------------------------------- JB Group of LA, LLC d/b/a Infrastructure Solutions Group, seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ certain professionals used in the ordinary course of business. The Debtor intends to retain: Dunlap Fiore, LLC -- Litigation attorneys The firm will provide these services: (a) represent the Debtor in matters arising in the ordinary course of its business, unrelated to the Chapter 11 case; (b) provide services in connection with the Debtor’s operations; (c) provide services ordinarily provided by in-house counsel to a corporation; and (d) perform litigation-related work as customarily required by the Debtor. The firm will be paid at these fees: a. authority for the Debtor to pay one hundred percent of fees and expenses upon submission of detailed billing statements; and b. a maximum cap of $25,000 per month on average over a rolling four-month period, unless otherwise authorized by the Court. According to court filings, the Debtor does not believe that the Ordinary Course Professionals have an interest materially adverse to the Debtor or its estate. The firm can be reached at: DUNLAP FIORE, LLC 6700 Jefferson Highway Building #2 Baton Rouge, LA 70806 Telephone: (225) 282-0660 About JB Group of LA, LLC d/b/a Infrastructure Solutions Group JB Group of LA LLC, doing business as ISG Infrastructure Group, provides electrical, instrumentation, communications, and renewable energy solutions to public and private sector clients, including the U.S. Army Corps of Engineers, military installations, state departments of transportation, and industrial customers in data, energy, and manufacturing sectors. JB Group of LA LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-10807) on September 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Paul Douglas Stewart, Jr., Esq. at Stewart Robbins Brown & Altazan, LLC. KBG TRUCKING: Seeks Chapter 7 Bankruptcy in Florida --------------------------------------------------- KBG Trucking LLC filed for Chapter 7 bankruptcy in the Middle District of Florida on November 14, 2025. This voluntary case was assigned bankruptcy number #25-07430. The company reported liabilities ranging from $100,001 to $1,000,000. The number of creditors has not been specified. About KBG Trucking LLC KBG Trucking LLC is a limited liability company. KBG Trucking LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07430) on November 14, 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 Lori V. Vaughan handles the case. KIN DEE: Claims to be Paid from Continued Operations ---------------------------------------------------- Kin Dee, LLC and Makiin, LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a First Amended Plan of Reorganization dated November 11, 2025. The Debtors started operations in May 2019. Debtors' operations are two separate Thai restaurants. The Debtors is currently owned 100% by Warattayar Srasrisuwan. Ownership interests will remain unchanged following confirmation. The Debtors propose to pay allowed unsecured based on the liquidation analysis and cash available. Debtors anticipate 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 Debtors will continue in business. Based upon the projections, the Debtors believes it can service the debt to the creditors. The Debtors will continue operating its business. The Debtors' 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 6 consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years. Creditors shall receive monthly disbursements based on the projection distributions of each 12-month period. Debtors will distribute $86,000 from Kin Dee and $84,500 from MaKiin to their general allowed unsecured creditor pool over the 5-year term of the plan, including the under-secured claim portions. Kin Dee's General Allowed Unsecured Claimants will receive 8.91% of their allowed claims under this plan. MaKiin's General Allowed Unsecured Claimants will receive 10.38% 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 6 unsecured creditor pool and will be paid on a pro rata basis. The allowed unsecured claims against Makiin total $814,089.56. The allowed unsecured claims against Kin Dee total $964,871.93. Class 8 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 Debtors. Class 7 Claimant is not impaired under the Plan. The Debtors anticipate the continued operations of the business to fund the Plan. A full-text copy of the First Amended Plan dated Nov. 11, 2025 is available at https://urlcurt.com/u?l=pt1evy from PacerMonitor.com at no charge. Counsel to the Debtors: Robert "Chip" Lane, Esq. The Lane Law Firm 6200 Savoy Drive Suite 1150 Houston, Texas 77036-3300 About Kin Dee LLC Kin Dee, LLC manages and operates Thai restaurants at two leased locations. Kin Dee sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-32199) on April 23, 2025. In its petition, the Debtor reported assets of $30,301 and liabilities of $1,168,956. Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Robert C. Lane, Esq., and A. Zachary Casas, Esq., at The Lane Law Firm, PLLC. KLIMA CONTROL: Ford Wins Bid for Automatic Stay Relief ------------------------------------------------------ Judge Scott M. Grossman of the United States Bankruptcy Court for the Southern District of Florida granted the motion filed by Ford Motor Credit Company, LLC for an order confirming that the automatic stay in the bankruptcy case of Klima Control Air Conditioning & Heating, LLC is not in effect pursuant to 11 U.S.C. §365(p)(1) as to its interest in a 2024 Ford Commercial Transit Commercial Vans 250 Van Medium Roof 130"; VIN: 1FTBR1C88RKA49115 (the "Collateral"). Ford Motor Credit has in rem relief to take any and all steps necessary to exercise any and all rights it may have in the Collateral, to gain possession of the Collateral, to have such other and further in rem relief as is just. Ford Motor Credit shall not obtain in personam relief against the Debtor. A copy of the Court's Order dated November 10, 2025, is available at https://urlcurt.com/u?l=VyEZqA from PacerMonitor.com. About Klima Control Air Conditioning & Heating Klima Control Air Conditioning & Heating, LLC is an air conditioning and heating services provider operating as Super Cool in Florida. It specializes in HVAC installation, maintenance, and repair services with locations in Pompano Beach and West Palm Beach. Klima Control Air Conditioning & Heating sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17717) on July 7, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Scott M. Grossman handles the case. Shirley Palumbo, Esq., is the Debtor's legal counsel. Gemaire Distributors, LLC, as secured creditor, is represented by: Scott S. Sheffler, Esq. Worman & Sheffler, P.A. 2600 Lake Lucien Drive, Suite 405 Maitland, FL 32751 Tel: (407) 843-5353 Fax: (407) 841-9516 ssheffler@wormanlaw.com LAKE BENNETT: Florida Regional Wins Bid to Foreclose ---------------------------------------------------- Judge Grace E. Robson of the United States Bankruptcy Court for the Middle District of Florida granted the motion of Florida Regional Center, LP 1 for relief from the automatic stay in the bankruptcy case of Lake Bennett Village-Ocoee LLC. The automatic stay imposed by 11 U.S.C. Sec. 362 is lifted as to the Movant, and the Movant may foreclose its lien on the real property at issue. The automatic stay is modified for the sole purpose of allowing Movant to complete in rem relief, to take any and all steps necessary to foreclose its mortgage on the real property, and to have in rem relief in accordance with non-bankruptcy law. Movant shall not have in personam relief against the Debtors. The foreclosure sale date shall not be set until after December 10. The next hearing on the motion is scheduled for December 10. A copy of the Court's Order dated November 7, 2025, is available at https://urlcurt.com/u?l=5hDgKP from PacerMonitor.com. About Lake Bennett Village-Ocoee LLC Lake Bennett Village-Ocoee LLC owns five parcels of undeveloped vacant commercial property in Ocoee, Fla. Lake Bennett Village-Ocoee sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02001) on April 7, 2025. In its petition, the Debtor reported total assets of $32,750,000 and total liabilities $27,422,21. Judge Lori V. Vaughan handles the case. The Debtor is represented by Jonathan M. Sykes, Esq., at Nardella & Nardella, PLLC. LANGSTON CARVER: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Langston Carver, LLC. About Langston Carver LLC Langston Carver, LLC is a real estate company that owns and manages a residential property at 1223 18th Place NE in Washington, D.C. It operates as a single-asset entity from its base in Ashburn, Virginia. Langston Carver sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00495) on October 27, 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 Elizabeth L. Gunn handles the case. The Debtor is represented by Kristen E. Burgers, Esq., at Hirschler Fleischer, PC. LAS VEGAS COLOR: Lender Seeks Chapter 11 Trustee Appointment ------------------------------------------------------------ Aequum Capital Financial II, LLC is seeking the appointment of an independent trustee to take over the Chapter 11 cases of Las Vegas Color Graphics, Inc. and ColorArt, LLC. In a motion filed with the U.S. Bankruptcy Court for the District of Nevada, Aequum's counsel, Samuel Schwartz, Esq., argued that a neutral Chapter 11 trustee is needed not only to protect the lender's collateral but also the "broader interests of all creditors." Aequum is the companies' senior secured lender and is owed more than $26 million on a defaulted loan. Mr. Schwartz alleged that the companies inflated the value of the collateral for the asset-based loan, prevented the lender from verifying that value, and diverted funds to other businesses owned by the companies' principal, Eran Salu, to evade repayment of the loan. The attorney cited the companies' undisclosed bank accounts used to divert millions of dollars beyond the lender's oversight. "This misconduct not only jeopardizes lender's collateral but also threatens the value of the bankruptcy estates as whole, to the detriment of all creditors," Mr. Schwartz said in the court filing. Aequum previously opposed the companies' bid to use its cash collateral, arguing that the supporting budget was "wholly unreliable." "To date, no verified supporting information for the budget has been produced in response to lender's requests that would substantiate the alleged funding needs and sources identified in [the companies'] proposed budget," Mr. Schwartz said. A court hearing is scheduled for December 4. Aequum may be reached through: Samuel A. Schwartz, Esq. Gabrielle A. Hamm, Esq. Athanasios Agelakopoulos, Esq. Schwartz Law, PLLC 601 East Bridger Avenue Las Vegas, NV 89101 Telephone: (702) 385-5544 Facsimile: (702) 442-9887 legalinfo@nvfirm.com -and- Kenneth J. Ottaviano, Esq. William J. Dorsey, Esq. Stephanie K. Hor-Chen, Esq. Blank Rome, LLP 444 West Lake Street, Suite 1650 Chicago, IL 60606 Telephone: (312) 776-2514 ken.ottaviano@blankrome.com william.dorsey@blankrome.com stephanie.horchen@blankrome.com About Las Vegas Color Graphics Inc. Las Vegas Color Graphics, Inc. offers a full suite of graphic communication solutions, including offset and digital printing, finishing, mailing, signage, and large-format display services. Las Vegas Color Graphics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-16697) on November 5, 2025. In its petition, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Natalie M. Cox handles the case. The Debtor is represented by Teresa M. Pilatowicz, Esq., at Garman Turner Gordon. LEFLO 4 CONDOS: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Leflo 4 Condos, Inc., according to court dockets. About Leflo 4 Condos Inc. Leflo 4 Condos Inc. is a single asset real estate company. Leflo 4 Condos sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22032) on October 13, 2025. In its petition, the Debtor reported between $100,001 and $1 million in assets and liabilities. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Mark S. Roher, Esq., at the Law Office of Mark S. Roher, P.A. LEGACY DRAYAGE: Hires GlassRatner Advisory as Financial Advisor --------------------------------------------------------------- Legacy Drayage, Inc. seeks approval from the U.S. Bankruptcy Court for the District of California to hire GlassRatner Advisory & Capital Group LLC to serve as financial advisor for the Subchapter V Trustee in its Chapter 11 case. GlassRatner Advisory & Capital Group LLC will provide these services: (a) investigate the acts, conduct, assets, liabilities, and financial condition of the Debtor, the operation of the Debtor’s business, the desirability of its continuance, and any other matter the Subchapter V Trustee deems relevant to the formulation and evaluation of any plan in this case; (b) file a statement of the results of the investigation, including any facts ascertained pertaining to fraud, dishonesty, incompetence, misconduct, mismanagement, or irregularity in the management of the affairs of the Debtor, with such report to be filed at least one week prior to any deadline for creditors and interested parties to object to the confirmation of any plan. GlassRatner Advisory & Capital Group LLC will receive compensation at its ordinary and customary hourly rates: J. Michael Issa $750 Wen Tan $495 The firm will receive reimbursement for actual, reasonable, and necessary out-of-pocket expenses. According to court filings, GlassRatner Advisory & Capital Group LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: J. Michael Issa GlassRatner Advisory & Capital Group LLC Irvine, CA Telephone: (949) 407−6620 Facsimile: (949) 279−4244 E-mail: missa@glassratner.com About Legacy Drayage Inc. Legacy Drayage, Inc provides trucking, freight logistics, and transportation services, offering solutions such as drayage, transloading, hazardous materials handling, overweight cargo transport, and over-the-road trucking. The Company serves customers with route planning, warehousing, and logistics management, and emphasizes technology-driven operations to improve service levels and delivery efficiency. It also engages in zero-emissions trucking and logistics initiatives as part of its operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17226) on August 20, 2025. In the petition signed by Walter Umana, president and chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Barry Russell oversees the case. Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP, represents the Debtor as legal counsel. LEISURE INVESTMENTS: Plan Exclusivity Extended to January 26, 2026 ------------------------------------------------------------------ Judge Laurie Selber Silvestein of the U.S. Bankruptcy Court for the District of Delaware extended Leisure Investments Holdings LLC, and certain of its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 26, 2026, and March 30, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that the requested extension of the Exclusive Periods is reasonable given the current status of the Chapter 11 Cases and the progress achieved to date. The Debtors have made significant progress in the months that the Chapter 11 Cases have been pending, demonstrated most recently by the successful auction conducted regarding many of the Debtors' Florida assets. As the Debtors move toward confirmation and the eventual wind down of their estates, the demands on their attention and resources will remain. The Debtors claim that in addition to finalizing the Sales and advancing toward confirmation, the Debtors 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. The Debtors note that throughout the chapter 11 process, they have endeavored to establish and maintain cooperative working relationships with their primary creditor constituencies. Importantly, the Debtors are not seeking the extension of the Exclusive Periods to delay administration of the Chapter 11 Cases or to exert pressure on their 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 Debtors' efforts to preserve and maximize the value of the estates and the progress of the Chapter 11 Cases. If the Court were to deny the Debtors' request for an extension of the Exclusive Periods, any party in interest would be permitted to propose an alternative chapter 11 plan for the Debtors, which would only foster a chaotic environment and cause opportunistic parties to engage in counterproductive behavior in pursuit of alternatives that are neither value-maximizing nor feasible under the circumstances of the Chapter 11 Cases. Counsel to the Debtors: Robert Brady, Esq. Sean T. Greecher, Esq. Allison S. Mielke, Esq. Jared W. Kochenash, Esq. Young Conaway Stargatt & Taylor LLP Rodney Square 100 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: rbrady@ycst.com sgreecher@ycst.com amielke@ycst.com jkochenash@ycst.com About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. LMD HOLDINGS: Plan Exclusivity Period Extended to Feb. 12, 2026 --------------------------------------------------------------- Judge Paul R. Hage of the U.S. Bankruptcy Court for the Eastern District of Michigan extended LMD Holdings, LLC's exclusive periods to file a combined disclosure statement and plan to February 12, 2026. As shared by Troubled Company Reporter, 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. 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. LUGANO DIAMONDS: Files Chapter 11, Seeks Court OK for $12MM DIP --------------------------------------------------------------- Rieka Rahadiana of Bloomberg News reports that Lugano Diamonds & Jewelry Inc. and several affiliated entities have voluntarily sought Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware, according to a recent announcement. The filing aims to stabilize operations while the company pursues strategic options to address its financial challenges. As part of the case, Lugano has requested court authorization to launch a sale process for substantially all of its assets. The company has also secured support from Enhanced Retail Funding, which has agreed to back the proposed sale framework. This support is intended to facilitate a more orderly and efficient marketing process, according to Bloomberg News. Lugano is also seeking approval for a $12 million debtor-in-possession financing package, which would provide up to $10 million in new funding to support operations during the Chapter 11 proceedings. A Delaware court filing indicates that the company has listed estimated assets in its petition, the report states. About Lugano Diamonds & Jewelry Inc. Lugano Diamonds & Jewelry Inc. designs jewelry. The Company offers rings, bracelets, earrings, and chain. Lugano Diamonds & Jewelry serves customers in the State of California. Lugano Diamonds & Jewelry Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12055) on November 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. The affiliates that filed for Chapter 11 separately include Lugano Buyer Inc. (Case No. 25-12052),K.L.D. Jewelry LLC (Case No. 25-12053),Lugano Prive LLC (Case No. 25-12054), and Lugano Prive LLC (Case No. 25-12056). The Debtor is represented by Timothy R. Powell, Esq. and Edmon L. Morton, Esq. of Young Conaway Stargatt & Taylor, LLP. LUGANO DIAMONDS: Seeks to Sell Jewelry Business at Auction ---------------------------------------------------------- Lugano Diamonds & Jewelry Inc. and its affiliates, seek permission from the U.S. Bankruptcy Court for the District of Delaware, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors commenced the Chapter 11 Cases to preserve and maximize the value of the Debtors' estates for the benefit of all stakeholders. The Agency Agreement between the Debtor and Enhanced Retail Funding, LLC contemplates two time periods and is designed to maximize the Debtors' retail opportunities during this holiday season. During the Tier 1 Period, which begins upon the Court's entry of the Interim Approval Order, Agent will serve as the Debtors’ exclusive agent and consultant to sell the Agency Assets. Agent will be entitled to a commission of 3% of gross sales of Merchandise, plus a commission of 20% on the sale of the Debtors' owned furniture, fixtures, and equipment. During the Tier 1 Period, the Debtors will be responsible for reimbursing Agent for all of its all costs and related expenses, including the costs of employees and Agent's Supervisors. Details of the Agency Agreement can be found at https://urlcurt.com/u?l=esWneK. During the Tier 1 Period, the Debtors will be seeking higher or better offers than the proposed structure in the Tier 2 Period (i.e., an Alternative Transaction), including going concern bids. Accordingly, the Agency Agreement (specifically the Tier 2 Period) serves as a de facto stalking horse bid, permits the Debtors to terminate the Agency Agreement without being in breach if there is an Alternative Transaction, and provides for a breakup fee and expense reimbursement to Agent. If the Debtors do not seek approval of an Alternative Transaction, the Tier 2 Period will commence. Under the Agency Agreement, the Tier 2 Period Commencement Date occurs on the first calendar day after entry of the Final Approval Order, but the Tier 2 Period is deemed to have commenced on the first calendar day after the entry of the Interim Approval Order in accordance with the Agency Agreement. The Tier 2 Period shall continue through the termination of the Agency Agreement in accordance with the terms of the Agency Agreement. If the Tier 2 Period occurs, the Debtors will implement the terms of the Agency Agreement on an equity (guaranteed) basis and will not be required to pay commissions earned during the Tier 1 Period, or reimburse Agent for expenses incurred during the Tier 1 Period. Any previously paid commissions or reimbursements will be reconciled and reimbursed to the Debtors. Thus, if there is no Alternative Transaction and the Tier 2 Period becomes effective, the economics under the Agency Agreement will be as if the Agency Agreement was entered into on an equity basis from day one. The Debtors will be entitled to the Guaranteed Amount and Agent will be entitled to all proceeds (subject to the sharing provisions of the Agency Agreement) and be responsible for certain expenses, on a retroactive basis from the entry of the Interim Approval Order. The Agency Agreement's hybrid-track structure provides significant benefits to the Debtors' estates and requires an expedited process. In consideration of Agent's commitment of resources and finances to support the transactions contemplated by the Agency Agreement, as well as Agent's willingness to accommodate the Debtors’ desire to maintain maximum flexibility to solicit Alternative Transactions, the Debtors have agreed to provide Agent with the Agent Protections, approval of which the Debtors will seek at the Agent Protections Hearing, if necessary, and any issues related to the conduct of any subsequent Auction, if any, would be heard at the Final Approval Hearing. This hybrid-track structure approach allows the Debtors to maximize the value of the guaranteed amount and net recoveries to the estates, thus setting a floor for other potential bidders. At the same time, the formal Bidding Process enables the Debtors to entertain higher or better offers, thus providing potential upside for their estates. The Debtors design, manufacture, and sell high-end jewelry through unique positioning and its business model. Until early spring 2025, the Debtors appeared to be a highly profitable and rapidly growing business. Unfortunately, the Debtors' performance appears to have been overstated. On May 7, 2025, the Debtors' majority owner filed a Form 8-K disclosing an investigation into the "financing, accounting, and inventory practices of" Lugano Holding, Inc. and the resignation of Mr. Mordechai Haim Ferder as the Chief Executive Officer of Lugano Holding and from his other offices and directorships with the Debtors. On June 24, 2025, Lugano Diamonds commenced an action against Mr. Ferder and a related trust for which he is a trustee. The complaint included claims for fraud, concealment, constructive fraud, and breach of fiduciary duty. By letter dated May 22, 2025, Lugano Diamonds engaged Armory Securities, LLC on an exclusive basis to be its financial advisor and investment banker in connection with a possible restructuring, sale, or financing. The Debtors and their professionals identified over 100 parties who might be interested in a purchase or financing transaction with the Debtors. Over 50 parties signed nondisclosure agreements and received a confidential information memorandum. More than five parties submitted indications of interest. The Debtors provided those parties with due diligence materials, including access to a virtual data room and meetings with management. The Debtors subsequently received six letters of intent, that proposed to acquire a controlling interest in Lugano Diamonds or substantially all of its assets. The proposals included "going concern" and liquidation proposals, certain of which the Special Committee of the Board of Directors of Lugano Diamonds (in consultation with the full Board), have instructed Armory and the Debtors' counsel to further negotiate. Following those discussions, the Debtors determined that the proposed transaction with the Agent, subject to higher or better offers, is the path that would maximize the value to its stakeholders. The Debtors believe, in the exercise of their sound business judgment, that the tradeoffs of the dual-track approach – a guaranteed amount plus the option to seek higher or better alternatives – outweigh the alternatives and justify an expedited sale process. The Agency Agreement contemplates two time periods. During the Tier 1 Period, which runs from the entry of the Interim Approval Order through the entry of the Final Approval Order or Sale Order, as applicable, Agent will serve as the Debtors' consultant and exclusive agent to sell the Debtors' Merchandise and certain of the Debtors' owned furniture, fixtures, and equipment. Agent will be entitled to a commission of 3% of gross sales of Merchandise, plus a commission of 20% on the sale of furniture, fixtures, and equipment. During the Tier 1 Period, the Debtors will be responsible for reimbursing Agent for all of Agent's costs and related expenses, including the costs of Agent’s Supervisors. Under the Agency Agreement's payment structure, the Debtors are entitled to a guaranteed amount equal to 40% of the aggregate Cost Value of Merchandise. Agent will post a letter of credit to secure its guarantee obligations. After sale proceeds repay Agent for the Guaranteed Amount and its expenses, excess proceeds are shared between Agent and the Debtors as specified in the Agency Agreement. A summary of the material terms of the Agency Agreement is provided. The Debtors request approval of the Bidding Procedures, which reflect the Debtors' objective of conducting the Bidding Process in a controlled, but fair and open, manner while ensuring that the highest or otherwise best Bid is generated for the Assets. The Bidding Procedures contemplate two bidding routes: First, Potential Bidders may submit Bids to acquire any, or all of the Assets, on a going concern or other basis. Second, Potential Bidders may submit Bids to acquire the Agency Assets on a guaranteed equity basis, similar to the Tier 2 portion of the Agency Agreement. The Debtors will not accept Bids on a pure agency basis without a guaranteed amount. The Debtors will also cause the Sale Notice to be published in The New York Times, or another publication with similar national circulation, and the Orange County Business Journal, as well as post the Sale Notice and the Interim Approval Order on the website of the Debtors' claims and noticing agent, Omni Agent Solutions, LLC: https://omniagentsolutions.com/Lugano. The Sale Notice will include, among other things, the date, time, and place of the Auction, if any, the Agent Protections Hearing, and the Final Approval Hearing and the deadline for filing any objections to the relief requested in this Motion. As soon as possible following the Auction, if any, but no later than 24 hours following the conclusion of the Auction, the Debtors will file a notice on the Court's docket identifying the Successful Bidder for some, or all, of the Assets and the Next-Highest Bidder, if any. The Debtors have determined, in the exercise of their reasonable business judgment and in consultation with their advisors, that the Sale Guidelines will provide the best and most efficient means of selling the Agency Assets to maximize the value of their estates. About Lugano Diamonds & Jewelry Inc. 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. Lugano Diamonds sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.D.Del.) on November 16, 2025. In the petition signed by signed by J. Michael Issa as chief restructuring officer, the Debtor disclosed estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. 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 Brendan Linehan Shannon presides over the case. 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. M&M CUSTARD: Freddy's Frozen Custard Franchisee Seeks Chapter 11 ---------------------------------------------------------------- Laura Michaels of Franchise Times reports that M&M Custard, a longtime franchisee of Freddy's Frozen Custard & Steakburgers, filed for Chapter 11 bankruptcy on November 14, 2025. The Overland Park, Kansas–based company operates 31 Freddy’s locations across Illinois, Indiana, Kansas, Kentucky, Missouri, and Tennessee. In its petition, the company listed $5.2 million in assets against $27.7 million in liabilities owed to more than 100 creditors. Court documents cite the company's 11 Chicago-area restaurants as a "toxic asset," noting they generated sustained negative EBITDA and weighed heavily on the overall portfolio. Founder and CEO Eric Cole launched M&M Custard in 2010 and opened its first Freddy's in Missouri in 2012. At its peak, the group oversaw 42 units and expanded aggressively, including securing rights in 2022 to develop 13 new stores in Lake and McHenry counties in Illinois. M&M Custard's troubles deepened after it purchased six underperforming Chicago stores from Freddy's corporate in 2021, investing $1 million to complete the deal and obtain exclusive development rights for the market. By March 2024, the company began shuttering its Chicago units, citing persistent losses, limited buyer interest, and what it described as a burdensome regulatory and tax climate in Illinois. The company said the market failed to gain traction despite years of investment and operational improvements, according to report. The remaining 31 locations generate $48.4 million in annual revenue, and the company plans to continue operating during restructuring. Freddy's, which recently changed ownership and now has about 560 units, said the bankruptcy does not reflect broader systemwide performance. The filing comes as franchise operators across the quick-service and fast-casual sectors face rising costs and weaker consumer spending, leading several major multi-unit operators to seek Chapter 11 protection this 2025, the report relays. About M&M Custard LLC M&M Custard LLC, doing business as Freddy's Frozen Custard & Steakburgers, operates 30+ franchise locations across six Midwestern and Southern U.S. states. Headquartered in Overland Park, Kansas, M&M Custard was founded in 2010, opened its first location in Jefferson City, Missouri in 2012, and has expanded into Missouri, Kansas, Illinois, southern Indiana, Kentucky, and Tennessee. The Company operates fast-casual restaurants specializing in steakburgers, hot dogs, and frozen custard, and manages its stores through individual subsidiary LLCs, collectively holding 41 store franchise license agreements with Freddy's. M&M Custard LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Lead Case No. 25-21650) on November 14, 2025. In its petition, the Debtors report estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The affiliates that file for Chapter 11 bankruptcy separately are as follows: Debtor Case No. ------ -------- M&M Gardner, LLC 25-21649 M&M Bloomington, LLC 25-21651 M&M Carbondale, LLC 25-21652 M&M Cave Springs, LLC 25-21653 M&M Columbia Restaurant, LLC 25-21654 M&M Columbia South, LLC 25-21655 M&M Columbus, LLC 25-21656 M&M Cottleville, LLC 25-21657 M&M Ellisville, LLC 25-21658 M&M Evansville West, LLC 25-21659 M&M Evansville, LLC 25-21660 M&M Florissant, LLC 25-21661 M&M Franklin, LLC 25-21662 M&M Hopkinsville, LLC 25-21664 M&M Jackson, LLC 25-21665 M&M Jefferson City Restaurant, LLC 25-21666 M&M Lake St. Louis, LLC 25-21667 M&M Lexington, LLC 25-21668 M&M Marion, LLC 25-21669 M&M Martin City, LLC 25-21671 M&M Nicholasville, LLC 25-21672 M&M O'Fallon, LLC 25-21673 M&M Owensboro, LLC 25-21674 M&M Paducah, LLC 25-21675 M&M Richmond, LLC 25-21676 M&M Sedalia Restaurant, LLC 25-21677 M&M Seymour, LLC 25-21678 M&M St. Peters Restaurants, LLC 25-21679 M&M St. Robert, LLC 25-21680 M&M Valley Park, LLC 25-21681 M&M Wentzville, LLC 25-21682 The Debtors are represented by Colin N. Gotham, Esq. of EVANS & MULLINIX, P.A. MADRONE MEMPHIS: S&P Affirms 'BB+' LT Rating on Revenue Bonds ------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term rating on the Health, Educational and Housing Facility Board of the County of Shelby, Tenn.'s series 2024A-1 (tax-exempt) and series 2024A-2 (taxable) student housing revenue bonds, issued for Madrone Memphis Student Housing I LLC (Madrone Memphis), the sole member of which is Madrone CDF. The outlook is stable. S&P said, "We analyzed the project's environmental, social, and governance factors related to its market position and financial performance. We view these factors as 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, and occupancy projections will be met for the fall 2026 semester. "We could consider a negative rating action during the outlook period if there are cost overruns or construction delays that inhibit the project's ability to open on time. Beyond the outlook period, we could consider a negative rating action if occupancy is materially 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 outlook period, as the project will be under construction. Beyond the outlook period, an established trend of strong occupancy and DSC over 1.2x on all debt obligations could lead to a positive rating action." MADRONE MTSU: S&P Assigns 'BB+' Rating on 2025A Revenue Bonds ------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' long-term rating to the Health and Educational Facilities Board of Rutherford County, Tenn.'s $51.4 million tax-exempt series 2025A-1 and $480,000 taxable series 2025A-2 student housing revenue bonds, issued for Madrone-MTSU Student Housing I LLC (Madrone-MTSU), the sole member of which is Madrone Community Development Foundation. The outlook is stable. S&P said, "We analyzed the project's environmental, social, and governance credit factors pertaining to its market position, management and governance, and financial performance. All factors are 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. Over the longer term, the stable outlook incorporates our view that the project will perform as forecast, meeting its projected occupancy and coverage requirements. "We could consider a negative rating action during the outlook period if cost overruns or construction delays inhibit the project's ability to open on time. 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 outlook period, as the project will be under construction. Beyond the outlook period, an established trend of strong occupancy and DSC over 1.20x on all debt obligations could lead to a positive rating action." MAIN STREET: Unsecureds Will Get 10% of Claims in Plan ------------------------------------------------------ Main Street at Tuttle Royale, LLC and TLH-26 Giles, filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement for Joint Plan of Reorganization dated November 10, 2025. The Debtors are each limited liability companies that own real property located in Palm Beach County, Florida. More specifically, Main Street owns the Main Street Properties and TLH owns the TLH Properties. As of the Petition Date, the Debtors were each owned 98% by NEM, LLC, and 2% by De Bella Land Consulting, LLC. The Debtors are working to develop the Main Street Properties and TLH Properties as part of the Project. The Main Street Properties and TLH Properties constitute undeveloped land. The Debtors do not otherwise have any assets or operations. The Debtors' largest creditor is Fuse. Fuse holds a foreclosure judgment against the Debtors in the principal amount of $47,388,806.00, entered on July 25, 2024. The Debtors believe that confirmation of the Plan provides the best opportunity for maximizing recoveries for the Debtors' creditors and equity interest holders. Through the Plan, the Debtors will be able to restructure their debt and provide a meaningful distribution to the holders of Allowed Claims and Allowed Equity Interests. Through the Plan, the Debtors propose to substantively consolidate TLH into Main Street. The Debtors have generally operated as a single unit in connection with the Project and, accordingly, have substantially similar creditors. Many of those creditors dealt with the Debtors as a single Project. Additionally, the Debtors share the same senior secured lender. Without substantive consolidation, the Debtors would end up in the perverse position where Fuse held a large unsecured deficiency claim in the TLH estate, secured by the assets of the Main Street estate. Class 4 consists of the Allowed General Unsecured Claims. Each holder of an Allowed Claim in Class 4 shall receive, in full satisfaction, settlement, release, extinguishment and discharge of such Claim, distributions equal to 0.25% of each Allowed Claim in quarterly installments beginning on the Effective Date and subsequently on the first calendar day of each quarter thereafter until the Debtors complete the building of the Real Properties, sell the Real Properties, or refinance in full the Real Properties, at which time the Debtors shall pay the amount necessary such that each holder of an Allowed Claim in Class 4 receives 10% of each holder's Allowed Claim. The Debtors are permitted to prepay without any prepayment penalty. Class 4 is impaired. The allowed unsecured claims total $27,105,699.00. The holders of Class 5 Equity Interests shall retain their Equity Interests in the Reorganized Debtor. Upon the Effective Date, Ardent shall receive 100% of new preferred equity interests in the Reorganized Debtors in exchange for funding the payments required by the Plan and the continued development of the property pursuant to the documentation. Funds to be used to make cash payments under the Plan shall derive from the Debtors' cash on hand, the operation of the Reorganized Debtor's business in the ordinary course prior to and after the Effective Date, the pursuit of Actions and Avoidance Actions. A full-text copy of the Disclosure Statement dated November 10, 2025 is available at https://urlcurt.com/u?l=ySYU1F from PacerMonitor.com at no charge. Attorneys for the Debtors: Bradley S. Shraiberg, Esq. Samuel W. Hess, Esq. SHRAIBERG PAGE P.A. 2385 NW Executive Center Drive, #300 Boca Raton, FL 33431 Telephone: (561) 443-0800 Facsimile: (561) 998-0047 E-mail: bss@slp.law shess@slp.law About Main Street at Tuttle Royale LLC Main Street at Tuttle Royale LLC is a single asset real estate company. Main Street at Tuttle Royale LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21129) on September 23, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq. at Shraiberg Page PA. MARCUM INDUSTRIES: Section 341(a) Meeting of Creditors on Dec. 2 ---------------------------------------------------------------- A telephonic 341 Meeting of Creditors will occur on December 2, 2025, at 10:00 AM Eastern. Call 888-330-1716 and use passcode 6790688 to participate. On October 29, 2025, Marcum Industries LLC filed Chapter 11 protection in the Southern District of Indiana. According to court filing, the Debtor reports $3,883,909 in debt owed to 1 and 49 creditors. About Marcum Industries LLC Marcum Industries LLC operates a Jack's Donuts location at 2410 S. 14th Street in New Castle, Indiana, serving freshly made donuts and coffee to the local community. Marcum Industries LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06611) on October 29, 2025. In its petition, the Debtor reports total assets of $98,471 and total liabilities of $3,883,909, Honorable Bankruptcy Judge Jeffrey J. Graham handles the case. The Debtor is represented by Jeffrey Hester, Esq. of HESTER BAKER KREBS LLC MARTIN MIDSTREAM: S&P Alters Outlook to Negative, Affirms 'B' ICR ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on Martin Midstream Partners L.P. (MMLP or the partnership) and revised the outlook to negative from stable. At the same time, S&P affirmed its 'B+' issue-level rating on the partnership's senior secured notes. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 80%) in the event of a default. The negative outlook on MMLP reflects its recent weaker-than-expected operational performance and tight financial covenants on its revolver. It also reflects its relatively short weighted-average maturity of its capital structure, including its senior secured notes that mature in February 2028 and its revolving credit facility that matures in November 2027. The partnership's recent results have been below our expectations. MMLP recently reported weaker-than-expected third quarter 2025 results and withdrew its 2025 guidance amid current demand softness that decreased inland barge utilization. The partnership's transportation segment includes its land transportation business and marine transportation business. S&P said, "While the land transportation segment's results were solid, the marine transportation business were well below our expectation because demand for barge utilization declined significantly as heavy crude imports from Venezuela declined dramatically, lessening the need for barges. However, we expect the marine transportation business will improve in the fourth quarter of 2025 and into 2026." S&P said, "The negative outlook reflects the limited covenant headroom on the partnership's revolving credit facility. In September 2025, MMLP amended its covenants, including a maximum total leverage ratio of 4.75x and a minimum interest coverage covenant of 1.75x. As of Sept. 30, 2025, the actual levels on the maximum total leverage ratio and minimum interest coverage ratio were 4.63x and 1.85x, respectively. While we expect the partnership will be in compliance with its covenants, we note that any further weakness in performance could result in the partnership needing to amend its covenants further. "The partnership's 11.5% senior secured notes mature in February 2028. The partnership also has a $130 million revolving credit facility that matures in November 2027, of which $53 million was outstanding as of Sept. 30, 2025. We expect the partnership will extend or refinance its debt in a timely manner. "The negative outlook reflects the partnership's recent weaker-than-expected operational performance and tight financial covenants on its revolver. It also reflects its relatively short weighted-average maturity of its capital structure including its senior secured notes that mature in February 2028 and its revolving credit facility that matures in November 2027. We expect the partnership will maintain leverage of about 4.1x in 2025, improving to about 3.7x in 2026. We also expect the partnership's marine transportation business will improve from third-quarter 2025 levels." S&P could consider a negative rating action if: -- S&P expects the partnership's liquidity to weaken further due to weaker-than-expected operational performance such as sustained weakness in the marine transportation business; or -- The partnership is unable to refinance its senior secured notes by the middle of 2026; -- Leverage is sustained above 5x; or -- S&P believes the partnership will break a financial covenant. S&P could revise the outlook to stable if: -- Operational performance improves such that S&P believes the partnership will have more headroom under its financial covenants on its revolver; and -- The partnership is able to extend the weighted average maturity of its outstanding debt. MG INSURANCE: A.M. Best Assigns B(Fair) Fin. Strength Rating ------------------------------------------------------------ AM Best has assigned a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of "bb+" (Fair) to MG Insurance Company (MGIC) (Scottsdale, AZ). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect MGIC's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). MGIC's risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), is at the strongest level, which reflects the company's ability to support its insurance and investment risks. MGIC also currently holds a very liquid and conservative investment portfolio that is solely held in cash and a short-term investment allocation. The organization's capital is anticipated to largely grow organically as the company grows its operations in the stop-loss and Medicare Part D segments; however, AM Best notes that the company's absolute capital is considered modest. While capital levels are adequate for MGIC's present risks, the company's financial flexibility is somewhat limited. The organization's premium development is dependent on its ability to market its new core stop-loss and Medicare Part D offerings. Operational services are utilized from a third-party administrator, and expense controls are leveraged through its relationship with its parent, MedImpact Holdings, Inc. (MedImpact), and its affiliate, Verdegard. The operating performance of MGIC reflects its startup status, and AM Best expects that operating results could be challenged as it ramps up new sales. MGIC is starting its operations with a limited product portfolio, targeting the stop-loss and Medicare Part D market segments, which are highly competitive. MGIC has developed a business plan that stages the rollout of its products systematically along with state approvals. AM Best believes that the organization will be initially concentrated by product offering and geographic footprint as it expands. The organization's distribution channels and partnerships are evolving, and MGIC is expected to bring future growth to the organization through strengthening distribution with its partners and brokers. MGIC leverages a multilayered ERM program managed by its parent, MedImpact, and is subject to various provisions of its policies and procedures, such as ethics and business conduct, as well as its corporate compliance programs. MGIC also focuses on traditional insurance risk management strategies, which are appropriate given the current size and scale of its operations. These include compliance, information technology, cyber risk and business continuity procedures. MGIC is viewed as strategically important to and integrated with its parent company, MedImpact, and plans to bring innovative products and service solutions to the stop-loss and Medicare Part D markets. The organization's business plan includes the implicit capital support of MedImpact, and the implicit resources, support and commitment of the parent as needed for meeting future sales targets and for support in maintaining a minimum internally set risk-adjusted capital level. However, AM Best believes that the financial leverage and level of goodwill and intangibles to capital at the parent limit its future financial flexibility, and therefore, its ability to support substantive growth of MGIC's products in the near term. MILLER'S LANDING: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Miller's Landing at the Lake, Inc. got the green light from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to use cash collateral. At the November 13 hearing, the court granted the Debtor's bid to use cash collateral in order to continue operations and support a viable Chapter 11 reorganization plan. The Debtor operates a wedding and event venue in Lake Arrowhead, California, and requires immediate access to funds to pay vendors and expenses for a scheduled wedding on November 14, 2025. These payments include catering, utilities, rent, and taxes necessary to maintain business operations and avoid disruption. Miller's Landing filed for Chapter 11 Subchapter V bankruptcy on November 9. Its real property has an estimated market value of $850,000, while its personal property totals about $294,917. The total secured debt is approximately $2.05 million, with BayFirst Financial holding the senior lien. The Debtor offered granting BayFirst a replacement lien and making monthly adequate protection payments of $10,000, while offering other secured creditors replacement liens only. About Miller's Landing at the Lake, Inc. Miller's Landing at the Lake, Inc. operates a wedding and event venue in Lake Arrowhead, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 6:25-bk-18091-RB) on November 9, 2025. In the petition signed by Terri R. Miller, president, 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, represents the Debtor as legal counsel. MISTER CAR WASH:S&P Affirms 'B' ICR, Outlook Pos on Debt Reduction ------------------------------------------------------------------ S&P Global Ratings revised its outlook on U.S.-based conveyor car wash operator Mister Car Wash Holdings Inc. (MCW) to positive from stable. S&P also affirmed its 'B' issuer rating on MCW. At the same time, S&P affirmed its 'B' rating on the company's first-lien debt. S&P's '3' recovery rating is unchanged. The positive outlook reflects S&P's view that MCW will increase revenue and EBITDA generation, leading to S&P Global Ratings-adjusted leverage below 4x over the next year. MCW has made discretionary payments on its term loan while growing its revenue and EBITDA base. S&P said, "The positive outlook reflects our expectations for deleveraging over the next year from EBITDA growth and discretionary debt paydowns. MCW generated $441.3 million in EBITDA on a trailing-12-month basis in the third quarter ended Sept. 30, 2025, due to improved profitability (compared with $401.6 million a year ago). Our base case projects $448.2 million in EBITDA generation this year, increasing to $470.4 million next year. Furthermore, the company has year-to-date repaid approximately $89 million on its term loan, bringing the outstanding balance to $831.1 million at the end of the third quarter. "As a result, S&P Global Ratings-adjusted leverage declined to 4x at the end of the third quarter, compared with 4.6x last year. Based on our expectations for EBITDA and modest debt paydown in the fourth quarter, we project 3.9x leverage this year, declining to 3.8 next year from further EBITDA growth. "We project revenue growth around 6% as MCW expands its store base while focusing on cost optimization. Our base case projects about 30 new store openings annually as the company pursues its long-term target for at least 1,000 stores. In addition, we expect price increases and membership growth will result in revenue growth near 6.5% next year. Growth in membership will be somewhat offset by pressure in non-membership revenue, which is more susceptible to lower consumer spending." Efforts to optimize labor and chemical costs have helped to offset higher operating expenses this year. This has enabled S&P Global Ratings-adjusted EBITDA margin expansion to 42.4% in the third quarter of 2025, an increase of 120 basis points from last year. Our base case projects EBITDA margins expanding to 42.6% in 2025 before stabilizing around 42.0% in 2026. S&P expects profitability will benefit from higher membership penetration, somewhat offset by targeted promotions in the near term. MCW will deploy its cash flow on growth initiatives and debt reduction. Sale leaseback transactions are an integral part of MCW's growth strategy. The company typically operates a new site for 12 months before executing a sale leaseback. Proceeds from sale leasebacks primarily fund initiatives, and S&P expects any excess will be used to pay down debt. S&P said, "We expect the company will continue to prioritize its growth initiatives while making modest discretionary debt paydowns with excess cash flow. We forecast $280 million in capital spending this year and $320 million next year, with the majority spent on growth initiatives such as new store builds and investments in acquired stores. This leads us to forecast modestly negative to flat free operating cash flow (FOCF). In our view, MCW's growth capex will remain high to fund its store expansion, but the company could generate meaningfully positive FOCF in the absence of growth capex. That said, the company has made close to $89 million in discretionary debt repayment on its term loan this year. "The positive outlook reflects our expectation for reduced S&P Global Ratings-adjusted leverage amid ongoing sales and EBITDA growth. We expect MCW will reduce leverage to high-3x as it pursues an aggressive growth strategy requiring significant capital investment while remaining a niche automotive services provider with relatively small geographic scope." S&P could revise the outlook to stable if: -- S&P believes the company's competitive position has weakened, likely corresponding with a decline in same-store sales and a sustained contraction in the S&P Global Ratings-adjusted EBITDA margin relative to its base case; or -- FOCF generation weakens relative to our base case; -- S&P forecasts significant volatility in cash generation; or -- S&P Global Ratings-adjusted leverage approaches 4.5x. S&P could raise the rating if the company lengthens its track record of lower leverage while pursuing its growth strategy. This could occur if: -- S&P Global Ratings-adjusted leverage sustains below 4.5x; -- FOCF generation improves in line with S&P's base case, and -- The company expands its operating scale and comparable sales while maintaining current profitability levels, indicating a better competitive position. MYSTICAL STARS: Amends Unsecured Claims Pay Details --------------------------------------------------- Mystical Stars, LLC, f/k/a ARYA International Inc., and Rupal Patel submitted a First Amended Jointly Administered Disclosure Statement describing Plan of Reorganization dated November 12, 2025. The Plan addresses the Debtors' reorganization funded through Mystical's business and through the sale of real properties. As set forth more fully in the Plan, the Debtors seek to accomplish payments under the Plan by: (i) either satisfying their Allowed Administrative Expense Claims in full on the Effective Date or as otherwise agreed by holders of such Allowed Administrative Expense Claims; and (ii) satisfying all priority tax claims over regular installments paid over a period not exceeding five years, or through other agreement, (iii) satisfying the Claims of Secured Creditors which shall be satisfied in accordance with the prepetition loan documents by the Debtors making regular monthly payments or through other agreement, and (iv) paying the General Unsecured Class pursuant to a quarterly dividend via a pro rata distribution for twenty-eight quarters plus a percentage of profits. The Debtors project to have enough cash through Mystical's projected business revenues through 2032 to fund the Plan. The Debtors will fund the Plan through Mystical's operating income/ revenues and by liquidating certain properties. The Debtors seek to turnover to the General Unsecured Creditors Committee ("Committee") the following properties: (i) 26 Glenwood Road, Denville, NJ, (ii) 24 Glenwood Road, Denville, NJ, (iii) 90 Crown Point Road, Parsippany, NJ, (iv) 315 Old Bloomfield Ave, Parsippany, NJ, (v) 1461-1511 Blakeslee Blvd., Lehighton, PA, and (vi) 5620 Ogeechee Road, Savannah, Georgia (collectively, the "Liquidating Properties"). The Committee shall designate a Liquidating Trustee (the "Liquidating Trustee"), pursuant to a Liquidating Trust (the "Liquidating Trust") in accordance with the Liquidating Trust Agreement ("Liquidating Trust Agreement"), to sell the Liquidating Properties, in which at the time of sale the Liquidating Trustee will satisfy any mortgages and tax liens, with any remaining funds to be used for administrative claims and general unsecured claims. Regarding (a) 315 Old Bloomfield Ave, Parsippany, NJ 07054; (iii) 1461-1511 Blakeslee Blvd, Lehighton, PA; and (iv) 5620 Ogeechee Road, Savannah, GA, which properties are subject to a first position secured mortgage by F&M, F&M shall receive 80% of the net proceeds of the sales and 20% of the net proceeds of the sales shall be given to the Liquidating Trustee to satisfy administrative claims and for distribution to general unsecured creditors. Class 21 consists of General Unsecured Claims. The allowed unsecured claims total $17,963,793. The Debtors propose to pay Class 21 Creditors (General Unsecured Creditors) quarterly dividends over eighty-four months, 28 quarterly payments. The Debtors will make total payments to general unsecured creditors of approximately $5,061,641.10 in their Plan. The quarterly payment shall be a pro rata distribution. Class 21 payments shall commence in the fiscal quarter that begins after the Effective Date, where the Effective Date is 90 days following entry of the Order confirming the Plan. Class 21 creditors shall additionally receive a distribution of 50% of the Mystical's annual net Disposable Income as that term is defined in Section 1191(d) of the Bankruptcy Code. This distribution takes into account that all administrative, priority, and allowed secured claims have been paid in full on or before the Effective Date or as otherwise agreed by the creditors. At the end of each year that the Plan provides for distributions, once Mystical has determined its annual net Disposable Income, an additional residual distribution may be made to general unsecured creditors to ensure that at least 50% of Mystical's annual Disposable Income is allocated to general unsecured creditors yearly. Specifically, Mystical will determine its total annual Disposable Income for the preceding year by February 28 of the following calendar year. Moreover, Mystical will also submit a report to the Committee detailing its annual net Disposable Income and submitting an additional residual distribution, if any, by March 31 of the same year it completes its net Disposable Income calculation. For example, for the year 2025, the Reorganized Debtor will determine its annual net Disposable Income by February 28, 2026 and will submit a report to the Committee regarding net Disposable Income and make an additional distribution to general unsecured creditors, if any, by March 31, 2026. The Debtors will fund the Plan through Mystical's revenues and through sale of the Liquidating Properties by the Liquidating Trustee. A full-text copy of the First Amended Disclosure Statement dated November 12, 2025 is available at https://urlcurt.com/u?l=fQdkI8 from PacerMonitor.com at no charge. Mystical Stars, LLC is represented by: Anthony Sodono, III, Esq. Sari B. Placona, Esq. McManimon Scotland & Baumann, LLC 75 Livingston Avenue, Suite 201 Roseland, NJ 07068 Tel: (973) 622-1800 Email: asodono@msbnj.com About Mystical Stars Mystical Stars, LLC, f/k/a Arya International, Inc. is a dance academy that teaches Indian dance styles throughout the country. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-18290) on August 21, 2024, listing $1,000,001 to $10 million in assets and $10,000,001 to $50 million in liabilities. Anthony Sodono, III, Esq, at Mcmanimon, Scotland & Baumann, LLC represents the Debtor as counsel. N & S HOSPITALITY: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------- On November 17, 2025, N & S Hospitality Group Inc. initiated a voluntary Chapter 11 case in the Western District of Texas, receiving bankruptcy case number 25-52793. According to its petition, the company holds $1 million to $10 million in liabilities. It estimates having between 1 and 49 creditors. About N & S Hospitality Group Inc. N & S Hospitality Group Inc. is a Texas-based enterprise that owns, manages, and operates businesses within the hospitality sector. Its portfolio generally spans hotels, lodging facilities, restaurants, and related service offerings designed to accommodate both business and leisure travelers. N & S Hospitality Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52793) on November 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michael M. Parker handles the case. The Debtor is represented by Paul S. Hacker, Esq. of Hacker Law Firm. NEOGEN CORP: S&P Lowers ICR to 'B+' on Elevated Leverage -------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Michigan-based Neogen Corp. to 'B+' from 'BB-'. S&P also lowered its issue-level rating on the company's senior secured debt to 'BB-' from 'BB' and its rating on the senior unsecured debt to 'B' from 'B+'. S&P said, "The stable outlook reflects our expectation that EBITDA margin will improve over the next 12 months as transaction and integration-related costs begin to taper off. It also reflects our expectation for further debt paydown funded by divestitures, supporting adjusted leverage sustained between 4x and 5x." Neogen continues to face operational and macroeconomic headwinds, worsening credit metrics. S&P Global Ratings-adjusted leverage remains very high at 6.6x for the last 12 months ended Aug. 31, 2025, and we expect it will remain above 4x for the next 12-24 months. S&P said, "Adjusted leverage is high for the rating from continued operational headwinds. S&P Global Ratings-adjusted leverage (for which we no longer net cash) was 6.6x as of Aug. 31, well above our previous downgrade trigger of 4x. Neogen's acquisition of 3M's food safety business continues to strain operating performance, with significant integration and stand-up costs to date. The company incurred more than $50 million of transaction, integration, restructuring, and other one-time costs during the fiscal year ended May 31, 2025, that we do not add back to adjusted EBITDA. This significantly weakened EBITDA margin to 15.8% versus our previous expectation of 18.1%. Additionally, while we assumed that most of these costs would taper off in fiscal 2026, they totaled $18 million in the first quarter, leading us to revise downward our base-case assumption for significant EBITDA margin improvement this year. We now expect these costs will materially step down in fiscal 2027, particularly as transaction costs related to divestitures, sample collection transition and ramp-up expenses, and Petrifilm duplicative startup costs wane. "Our new base case assumes that EBITDA margin will improve minimally to about 16% in 2026 and to about 20% in 2027. Neogen expects its recently announced headcount reduction will save an additional $20 million in run rate labor costs." Macroeconomic headwinds compound the operational challenges. Neogen faces lower food production volumes, economic uncertainty-driven destocking, inflationary freight and distribution cost pressure, tariffs, and a soft agricultural end-market (with conditions at or near cyclical lows in recent quarters, particularly in the U.S.). Theses factors constrain revenue and margins, contributing to underperformance in recent quarters and worsening credit measures. Neogen is also exposed to the risk of federal government spending cuts and deregulation in the U.S., which could lead to cautious customer spending and affect government-mandated testing volumes. S&P said, "We now expect Neogen will sustain adjusted leverage above 4x. This comes despite Neogen divesting its cleaners and disinfectants business in the first quarter of 2026 for about $120 million of net proceeds, of which it used $100 million to repay debt. The company is also in discussions to sell its Genomics business and use those proceeds (which we estimate will be at least $100 million) to further pay down debt. We estimate that the divested businesses generate about $150 million of revenue, combined with lower EBITDA margins than Neogen's remaining operations. As a result of the debt paydown, we expect adjusted leverage to improve to about 5.6x by fiscal year-end and to 4.4x in 2027. "We expect cash flow generation to be positive. Our base-case scenario assumes that Neogen will generate positive free operating cash flow (FOCF) in 2026, following two years of material outflow driven by elevated capital spending as the company constructed a new facility to bring Petrifilm production in house. Capital expenditure (capex) was about $105 million during 2025, and we expect it to step down to $50 million in 2026 and $35 million in 2027 as that project completes. We thus expect FOCF of about $25 million in 2026 and $50 million in 2027. While we expect cash to gradually accumulate on the balance sheet, we do not assume additional debt paydown beyond the divestitures. "Our stable outlook on Neogen reflects our expectation for low-single-digit percent[core revenue growth and improving EBITDA margins despite continuing macroeconomic pressures, resulting in adjusted debt to EBITDA sustained between 4x and 5x. "We could lower our ratings on Neogen if operating performance does not improve and we expect it to sustain debt to EBITDA above 5x and FOCF to debt below 5%." This could occur if: -- Sales do not recover as expected following past supply issues; -- There are further ongoing expenses related to the integration of 3M's food safety business; -- The company faces more permanent macroeconomic headwinds, such as government spending cuts; or -- Proceeds from planned divestitures are less than S&P expects. S&P could consider a higher rating if Neogen reduces operational expenses and returns to core revenue growth, sustaining: -- Debt to EBITDA below 4x; and -- FOCF to debt above 10%. NEW FORTRESS: Delays Q3 Filing, Seeks Covenant Holidays ------------------------------------------------------- New Fortress Energy Inc. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it is working diligently and plans to file its Quarterly Report on Form 10-Q for the three months ended September 30, 2025 as soon as practicable. The Company believes it is necessary to file for an extension of the filing of the Quarterly Report to accurately reflect the outcome of significant ongoing negotiations related to amendments to institute covenant holidays with respect to financial covenants in certain debt agreements and a forbearance with respect to a scheduled payment of interest due November 17, 2025, on its New 2029 Notes that, if not granted, would require the Company to consider the impact of events of defaults in such debt agreements on the Company's liquidity, which is likely to be material and adverse. The outcome of these agreements would also require the Company to consider the impact on the disclosures contained in the interim unaudited financial statements for the interim period ended September 30, 2025. As a result, the Company has determined that it is unable, without unreasonable effort or expense, to file its Quarterly Report within the prescribed time period. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. For the fiscal year ended December 31, 2024, the Company had $12.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $2 billion. * * * In July 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'CCC' from 'B-' . . . The negative outlook reflects heightened refinancing risk on the company's notes due September 2026 and an increased possibility that a payment default or distressed exchange may occur within the next 12 months. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NEW RITE AID: Landlord Not Entitled to Rent Payments ---------------------------------------------------- The Honorable Michael B. Kaplan of the United States Bankruptcy Court for the District of New Jersey denied in their entirety the following motions filed by Shmuel Klein on behalf of HVP2 LLC in the bankruptcy case of New Rite Aid, LLC: 1. Motion to Compel Payment of Administrative Expenses ("Admin Expense Motion"), 2. Motion for Adequate Protection (the "First Adequate Protection Motion"), and 3. Motion for Adequate Protection In Addition to Motion to Compel Payment of Administrative Expenses (the "Second Adequate Protection Motion"). HVP2 as landlord and the Debtors' predecessor entered into a lease in 2017, which lease was amended in 2018. The Debtors filed for bankruptcy on May 5, 2025, and, ultimately, sought to reject the Lease. The Motions were filed both before and after rejection. The Admin Expense Motion requests rent for the month of May. It also seeks rent for the month of June -- which counsel for HVP2 concedes had not yet become due at the time of the filing -- and late fees. HVP2's First Adequate Protection Motion (again seeks payment of May rent, as well as June rent -- which had not yet become due at the time of the motion's filing. HVP2's Second Adequate Protection Motion seeks May rent, immediate payment of August 2025 rent, post-petition late fees in an amount greater than those sought in the initial motions, attorney's fees, and conversion of the case to Chapter 7. In this motion, HVP2 explains that despite the Debtors having rejected the Lease as of July 31, 2025, the Debtor has failed to surrender the premises by tendering the keys and alarm codes, despite demand for the same. As the Debtors point out in their opposition(s), much of the relief sought by HVP2 is moot. Indeed, the Debtors paid June 2025 rent in a timely manner. Accordingly, that issue is resolved. As to HVP2's relief sought involving the May 2025 rent, like the June 2025 rent, this payment has been made, and the Debtors' obligation has been satisfied, the Court finds. In this pleading, HVP2 first requests Common Area Maintenance ("CAM") charges. As to HVP2's requests for CAM charges, the Court reiterates that such relief was not requested in any of the pending motions. Accordingly, this request will not be addressed. In any event, HVP2 has not adequately demonstrated entitlement to same in its pleadings. Likewise, HVP2 has not demonstrated that it is entitled to any post-petition late fees. The Court determines that the Lease was properly surrendered, effective July 31, 2025, late fees are inappropriate and HVP2's request is denied. The Court summarily denies counsel's request for attorneys' fees. According to the Court, while there is a provision in the Lease that allows for attorney's fees, it does not provide a basis for payment of any attorneys' fees to HVP2. A copy of the Court's Opinion is available at https://urlcurt.com/u?l=4Xfsmb from PacerMonitor.com. About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. NIBA DESIGNS: Unsecureds Will Get 16.5% of Claims over 60 Months ---------------------------------------------------------------- NIBA Designs Inc. filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization under Subchapter V dated November 11, 2025. The Debtor is for profit corporation formed in Florida on March 7, 2006, as NIBA Home Rugs, Inc. In November 2016, it changed its name to NIBA Designs, Inc. Beth Arrowood owns 97% of the stock and, Giselle Kovac owns 3% of the stock. The Debtor is in the business of manufacturing luxury custom rugs (average retail price is $15,000.00) for designers and architects and is located at 3609 North 29th Avenue, Hollywood, Florida 33020. The Plan provides for 2 classes: one secured class (Class 1), consisting of the secured loan of the SBA, and one class of non-priority general unsecured creditors holding allowed claims that will receive distributions, which the Plan Proponent values at 16.5 cents on the dollar *16.5%0 (Class 2). The Plan also provides for the payment of 5 priority tax claims. Class 2, the unsecured class has 13 claims, totaling $2,087,089.61. As set forth previously, five members of the class are lenders with total unsecured claims of $2,047,206.24, constituting 98% of the class. They will be paid 16.5% of their claims over 60 months in 20 quarterly payments of $17,218.49. The proposed plan shows substantial distributions to the creditors, totaling $435,547.23 over five years, including estimated administrative fees for the Debtor's counsel ($45,000.00) and the Subchapter V Trustee $7,500.00). The addition of the 300 monthly payments to be made to the SBA beyond the first five years of the plan term, adds an additional $218,775.00 to the total disbursements. Payments and distributions under the Plan will be funded by income generated from the revenues received from the operation of the Debtor's business. A full-text copy of the Plan of Reorganization dated November 11, 2025 is available at https://urlcurt.com/u?l=MPaqSg from PacerMonitor.com at no charge. Counsel to the Debtor: Chad T. Van Horn, Esq. Van Horn Law Group, PA 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Tel: (561) 621-1360 Email: info@cvhlawgroup.com About NIBA Designs Inc. NIBA Designs Inc. designs and manufactures custom luxury rugs for interior designers and architects, offering fully bespoke pieces handmade by artisans in India, Nepal, and Peru. The Company provides thousands of customizable rug designs in various styles and offers consultation services including custom renderings, color consulting, and product sampling for residential and commercial projects. Based in the United States, NIBA Designs works exclusively with GoodWeave-certified factories and is recognized in the design community for its craftsmanship, originality, and socially responsible production practices. NIBA Designs sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19316) on Aug. 13, 2025. In its petition, the Debtor reported total assets of $157,574 and total liabilities of $2,728,104. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Chad Van Horn, Esq., at Van Horn Law Group, P.A. OFFSHORE SAILING: To Sell Mad Skills Sailbot to British Virgin -------------------------------------------------------------- Offshore Sailing School Ltd. Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Ft. Myers Division, to sell Property free and clear of liens, claims, interests, and encumbrances. The Debtor is a Florida limited liability company which previously owned and operated a sailing school. The School is no longer operating, and the Debtor has filed a liquidating plan. The Debtor who's aggregate noncontingent liquidated debts are less than $3,424,000.00 and which has chosen to proceed under Subchapter V of Chapter 11 of the Bankruptcy Code. The Debtor intends to liquidate the Debtor’s assets, which consist in large of sailboats, including a 2017 Colgate 26 Sailboat-Mad Skills - BVI Official Number 752911, together with all sails and other accessories associated with the Sailboat (Mad Skills). The Debtor has entered into a certain Agreement for Sale of Sailboat with of Folkert Jongkind, a former employee of the Debtor in the British Virgin Islands (Buyer) for sale and purchase of the Mad Skills. The Agreement provides for a purchase price of $22,000.00. The Agreement provides that the Buyer will pay $15,000.00 of the Purchase Price to the Seller by wire transfer to the Seller's debtor-in-possession account at Wells Fargo Bank, N.A. The balance of the Purchase Price shall be paid by Purchaser’s waiver of any administrative expense claim in this case. The Purchaser has been solely responsible for oversight of the Debtor's assets in the British Virgin Islands since the filing of this case in May of this year. Purchaser was also responsible for securing a purchaser for the other Colgate 26 sailboat located in the British Virgin Islands, which enabled the Debtor to avoid payment of a commission on that sale. The Debtor estimates that Purchaser would be entitled to an allowed administrative claim of at least $7,000.00, and possibly as much as $10,000.00 for services provided to the Debtor post-petition. Mad Skills is unencumbered. The Debtor believes that the sale of Mad Skills as is fair and reasonable. In the business judgment of the Debtor, it is unlikely that a significantly higher Purchase Price for the Debtor would be achieved through further marketing, and any potential increase in the sale price would be likely exceeded by the additional costs associated with housing, maintaining and insuring Mad Skills during such additional marketing period. Also, Mad Skills is not in nearly the condition as the Colgate 26 in BVI recently sold by Debtor for $25,000.00. Specifically, the engine is inoperable, and the Buyer is willing to accept Mad Skills “AS-IS”. The Debtor proposes that after payment of governmental charges or taxes associated with the sale to hold the net proceeds from the sale in the Special Account for eventual distribution to the Debtor's creditors pursuant to a confirmed liquidating plan. The Debtor requests that the order approving the sale of Mad Skills also contain a finding that the Buyer is acquiring Mad Skills in good faith. About Offshore Sailing School Offshore Sailing School Ltd. Inc. is a provider of sailing and powerboating instruction in the U.S., offering certification courses in cruising, passage making, and racing. It also conducts team-building sailing activities and organizes flotilla vacations for certified sailors. With over 60 years of experience, the school operates in Florida and the British Virgin Islands under the leadership of Steve and Doris Colgate. Offshore Sailing School Ltd. Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00921) on May 21, 2025. In its petition, the Debtor reports total assets as of Feb. 28, 2025 amounting to $611,760 and total liabilities as of Feb. 28, 2025 totaling $2,277,797. The Debtor is represented by Leon Williamson, Esq. at Williamson Law Firm. OLAC RESOURCES: Seeks Chapter 7 Bankruptcy in Colorado ------------------------------------------------------ OLAC Resources LLC voluntarily filed for Chapter 7 bankruptcy in the District of Colorado on November 14, 2025. The company reported liabilities ranging from $1 million to $10 million, with 1 to 49 creditors listed. About OLAC Resources LLC OLAC Resources LLC is a limited liability company. OLAC Resources LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-17467) on November 14, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by Theodore J. Hartl, Esq. of Ballard Spahr LLP. OLD FASHION: Gerard Luckman Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for Old Fashion Butcher Shop Inc. Mr. Luckman will be paid an hourly fee of $695 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About Old Fashion Butcher Shop Inc. Old Fashion Butcher Shop, Inc. operates a butcher shop in Astoria, New York, providing a range of fresh and dry-aged meats as well as Greek and Italian specialty products such as souvlaki and kebabs. It serves both retail and wholesale customers, focusing on all-natural, hormone-free meat offerings. The company conducts its operations from a single location on Steinway Street in Queens. Old Fashion Butcher Shop filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45384) on November 10, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Yanni Kukularis, president of Old Fashion Butcher Shop, signed the petition. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP represents the Debtor as legal counsel. OLIN CORP: S&P Alters Outlook to Negative, Affirms 'BB+' ICR ------------------------------------------------------------ S&P Global Ratings revised its outlook on Olin Corp. to negative from stable. At the same time, S&P affirmed its 'BB+' issuer credit rating on the company, as well as its 'BB+' issue-level ratings on the company's unsecured notes, term loan, and revolving credit facility (RCF). S&P said, "The revised outlook reflects our expectation that Olin's credit metrics will remain below our downgrade threshold over the next 12 months. We now expect Olin will end the year with FFO to debt well under 20% and debt to EBITDA in excess of 4x. All three of the company's business segments face a challenging demand environment, and we do not expect market conditions to improve materially in coming quarters. "We forecast Olin Corp.'s credit metrics will end the year below our downside trigger and remain there for at least the next few quarters due to poor downstream vinyls demand, weak supply and demand fundamentals in epoxy, and a deterioration in Winchester's commercial business. "We expect funds from operations (FFO) to debt will be about 12% at the end of 2025, below our 20% downgrade threshold, before improving in 2026 closer to our expectation at the rating. However, we anticipate the company will continue to generate positive free cash flow of about $200 million. "EBITDA in the company's largest segment, chlor alkali products and vinyls (CAPV), is down about 9% year to date (excluding one-time items) due to lower pricing ($98 million) and higher raw material costs ($67 million), offset by higher volumes ($66 million) from improved operating rates. While Olin has substantial operating leverage in this segment and higher capacity utilization (10% or more) could result in a material improvement in EBITDA, we believe operating rates are unlikely to rise in the near term given our assumptions for a continued slowdown in housing starts and our expectation for weak demand in key end markets such as vinyls, TiO2, and urethanes. "Epoxy EBITDA will remain negative for a second straight year in 2025 as the segment manages through weaker coatings demand and Asian overcapacity. However, we expect EBITDA will improve year over year in 2026 from contractual cost savings at Stade ($40 million), potential benefits from supply rationalization by competitors in Europe, and incremental tariffs and duties (the removal of epoxy from annex II, for example)." Olin's Winchester segment has seen the most dramatic deterioration thus far in 2025 (EBITDA down 58%). The sector has faced weak consumer demand and high channel inventory, making it difficult for ammunition producers to pass on the rising cost of copper and propellant. While Olin's military ammunition sales have remained strong and it continues to benefit from military project revenue, these are both much lower margin than commercial ammunition sales. EBITDA margins in the segment have declined to the mid-single-digit percent area from over 20%, and S&P expects them to stay at this level at least into 2027 due to negative mix and higher copper costs (Olin hedges its commodity copper cost so higher costs flow through cost of goods sold with a lag). S&P said, "Overall, we expect S&P Global Ratings-adjusted EBITDA of about $775 million in 2025 and just over $800 million in 2026. We assume electro chemical (ECU) profitability remains relatively stable year over year with weakness in chlorine and derivatives offset by solid caustic soda pricing. Our forecast for marginal EBITDA growth is underpinned by improved epoxy profitability (cost reductions and higher pricing) and continued strength in Winchester's military business." Olin has prioritized share repurchases over debt reduction even as credit metrics weakened materially. Over the past three years, Olin has generated about $1.3 billion of cumulative free cash flow and returned about $1.4 billion to shareholders. S&P said, "During that same time, gross debt increased $400 million and debt to EBITDA steadily deteriorated from 1.3x to our forecast of about 4.3x at year-end 2025. Management has publicly stated their desire to achieve and defend investment-grade credit metrics while also setting a target to maintain conservative credit metrics throughout the cycle, even at trough earnings. However, credit metrics are currently well below the level needed to achieve these goals. Additionally, given our muted demand forecast, we do not expect credit metrics to materially improve barring future debt repayment." S&P said, "Olin's ability to generate free cash flow throughout the cycle could support metrics consistent with our 'BB+' rating, but the future ratings trajectory depends upon management's financial policies. Despite the trough conditions facing the company's chemicals and ammunition businesses, Olin continues to generate free cash flow." Additionally, the company expects to pay about $175 million in cash taxes in 2025, partially due to an international tax payment deferred from prior years. This is a material drag on free cash flow generation (and FFO to debt) in 2025. S&P said, "We expect cash taxes to be materially lower in 2026, mechanically improving free cash flow and FFO to debt even without an improvement in earnings. We expect the company's capital expenditure (capex) will remain around a maintenance level ($200 million-$275 million) over the next few years, and we do not expect Olin will allocate capital to large-scale, capital-intensive investments to expand its existing asset base. However, the company could make smaller bolt-on acquisitions similar in size to White Flyer and AMMO Inc. We anticipate Olin will maintain its dividend (about $90 million annually) while continuing to return discretionary cash to shareholders via share repurchases. This should leave a moderate amount of cash for potential debt reduction, although significant debt repayment is not considered in our base case." The negative outlook reflects the macroeconomic challenges currently facing the chlor alkali, epoxy, and commercial ammunition markets. These include weaker end-market demand for vinyls, TiO2, urethanes, and epoxy due to a slowdown in global building and construction activity, as well as an inventory overhang, pressure on consumer budgets, and rising input costs, which have reduced Winchester profitability. S&P said, "We anticipate end-market demand in CAPV and epoxy will remain depressed in coming quarters, which will constrain upside to both pricing and operating rates. We expect Olin will end the year with FFO to debt below 20% but expect metrics will improve toward 20% in 2026 due to cost reduction measures and materially lower cash taxes. "We could take a negative rating action within the next 12 months if chlor alkali demand weakens further, resulting in weighted-average FFO to debt falling and remaining below 20%. This could occur if global economic growth is weaker than our current expectations, interest rates remain elevated for longer than we currently assume, or U.S. housing starts fall in 2026. A downgrade is also possible if Olin is unable to execute on its cost reduction measures, which we expect will be the primary driver of EBITDA improvement in 2026, or the company continues to pursue more aggressive financial policies that prioritize share repurchases over debt reduction. "We could consider stabilizing our outlook if end-market demand for chlorine derivatives such as vinyls/PVC, TiO2, and urethanes improves materially in the coming quarters, while Winchester's commercial business does not deteriorate further. In this scenario, FFO to debt would also need to remain above 20% on a weighted-average basis. Given our forecast of the company's balance sheet at year end, FFO to debt of 20% corresponds to S&P Global Ratings-adjusted EBITDA of over $800 million." Any outlook stabilization would also be contingent on the company's continued commitment to maintaining financial policies that support the 'BB+' rating. OUT THE GATE: Seeks Chapter 11 Bankruptcy w/ $51MM Debt ------------------------------------------------------- Bondoro reports that Out the Gate Inc., which operates as Prime Sportsbook from its base in Cherry Hill, New Jersey, filed for Chapter 11 protection on November 12, 2025 in the U.S. Bankruptcy Court for the District of Delaware. The online sports-betting company is seeking court supervision as it works to stabilize its financial position. The debtor attributes the filing to sustained losses tied to fierce competition in the sports wagering market and significant expenses associated with gaming licenses in New Jersey, Ohio, and Kentucky. According to court papers, these challenges prevented the company from reaching profitability despite ongoing efforts to scale. Out the Gate enters Chapter 11 with approximately $51 million in secured obligations held by two lenders. Plannatech (USA) Corporation holds about $4 million in first-lien debt, while Neapeg Investment LP is owed roughly $47 million in second-lien debt. Neapeg agreed to subordinate its lien position to accommodate a prepetition bridge loan from Plannatech, according to Bondoro. To support the restructuring, Plannatech has committed up to $6.5 million in debtor-in-possession financing. The new-money facility is intended to fund operations during the Chapter 11 case and facilitate either a sale or reorganization transaction, the report states. The filing lists assets between $1 million and $10 million and liabilities between $50 million and $100 million. Out the Gate also disclosed that unsecured creditors are unlikely to receive recoveries once administrative expenses are paid, the report relays. 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. P. JUDGE & SONS: Seeks Chapter 11 Bankruptcy in New Jersey ---------------------------------------------------------- On November 14, 2025, P. Judge & Sons Inc. initiated a voluntary Chapter 11 bankruptcy filing in the District of New Jersey. The petition shows the company holds liabilities between $1 million and $10 million. The number of creditors is reported to be between 1 and 49. About P. Judge & Sons Inc. P. Judge & Sons, Inc., headquartered in New Jersey, is a trucking and logistics company that operates under The Judge Organization. The firm focuses on long-distance and interstate freight hauling, along with container management and transloading operations. P. Judge & Sons Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-22127) on November 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge John K. Sherwood handles the case. The Debtor is represented by Turner Falk, Esq. of Saul Ewing LLP. PARKLAND CORP: S&P Upgrades 'BB+' ICR, Then Withdraws Rating ------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on Parkland Corp. to 'BB+', in line with Sunoco. Subsequently, S&P withdrew its Issuer credit rating on Parkland. The ratings upgrade and subsequent withdrawal reflect Sunoco's completed acquisition of Parkland. Sunoco completed the acquisition of Parkland on Oct. 31, 2025. S&P now views Parkland as core to Sunoco. Therefore, S&P Global Ratings raised its issuer credit rating on Parkland Corp to 'BB+', equal to that of the ratings of Sunoco LP Following the acquisition, Sunoco conducted an exchange of Parkland's existing notes for new unsecured notes. S&P said, "We expect Sunoco LP to be the obligor of new notes, and the new notes will be pari-passu to Sunoco's existing notes. Therefore, we also raised the recovery rating and issue-level rating on the unsecured notes to '3' and 'BB+', respectively, based on the recovery analysis for Sunoco's consolidated capital structure post acquisition." Subsequently, S&P withdrew its issuer credit rating on Parkland Corp. PARTY EMPORIUM: Unsecureds to Get 11 Cents on Dollar in Plan ------------------------------------------------------------ Party Emporium, LLC submitted a First Amended Small Business Plan of Reorganization under Subchapter V dated November 12, 2025. Since filing bankruptcy, the Debtor has further streamlined its operations by closing its Conway location to reduce overhead and to enable the Debtor's manager, Melody Sanford, to focus on growing the sales for the flagship store in Fort Smith. This Plan of Reorganization proposes to pay creditors of the Debtor from the operation of the Debtor's business. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 11 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 8 consists of Unsecured Non-priority Claims. The claims of this class are unsecured or are the unsecured portions of secured claims. This class of claims is impaired. The claims of this class will receive $85,537.08 in total under this plan, or 11 cents on the dollar. The Liquidation Analysis found in the Appendix indicates that after payment of all administrative and secured claims there would be no dividend available to any unsecured creditor in a Chapter 7 liquidation, therefore the proposed plan produces a greater dividend to the unsecured creditors than they would receive if the case was converted to Chapter 7. Class 9 consists of Interests of the Equity Security Holders of the Debtor. The Debtor has two equity security holders, Melody & Edward Sanford. Melody and Edward Sanford shall continue to manage the Debtor's business and Melody shall be paid a salary, but in no event will any equity security holder receive any dividend or capital distribution on account of their equity. At the time of the proposal of this Plan Melody Sanford is paid a gross wage of $78,000 per year. The Debtor will continue to engage in the retail party supply business. Despite the Debtor's financial struggles over the past 3 years, the Debtor maintains solid and consistent sales at its flagship Fort Smith store. The Debtor is working hard to continue reducing overhead and costs to ensure it can make its proposed plan payments. A full-text copy of the First Amended Plan dated November 12, 2025 is available at https://urlcurt.com/u?l=1a5zMn from PacerMonitor.com at no charge. Counsel to the Debtor: BOND LAW OFFICE Stanley V Bond, Esq. PO Box 1893, Fayetteville, AR 72702-1893 (V)479.444.0255 (F)479.444.7141 E-mail: attybond@me.com About Party Emporium, LLC Party Emporium, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 24-72049) on Dec. 7, 2024. In the petition filed by Melody Sanford, managing member, the Debtor disclosed $390,191 in assets and $1,259,574 in liabilities. Judge Bianca M. Rucker oversees the case. Stanley V. Bond, Esq., at Bond Law Office, serves as the Debtor's counsel. PEDIATRIX MEDICAL: S&P Upgrades ICR to 'BB' on Lower Leverage ------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Pediatrix Medical Group Inc. to 'BB' from 'BB-'. S&P said, "At the same time, we raised our issue-level rating on its senior unsecured notes due in 2030 to 'BB' from 'BB-'. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. "The stable outlook reflects Pediatrix's strong contract retention rates and leading market share in this specialized, essential service. We expect steady volume and EBITDA growth and good cash flow will result in S&P Global Ratings-adjusted leverage of about 2x. "We believe lower leverage and increased free operating cash flow (FOCF) support an improved financial risk profile for Pediatrix Medical Group Inc. "We expect S&P Global Ratings-adjusted leverage below 3x and FOCF to debt above 20%. Our upgrade of Pediatrix reflects that recent financial performance significantly exceeded our previous forecasts. As of the rolling-12-months period ending Sept. 30, 2025, S&P Global Ratings-adjusted leverage declined to 1.1x compared with our prior expectation of 2.7x for the full year 2025. Reported FOCF increased to $147 million, approximately 25% of debt, also surpassing our projections. We attribute lower leverage to stronger EBITDA and a higher cash balance, which we net against debt in our calculation. We believe Pediatrix has good capacity at the 'BB' rating, including a more aggressive shareholder friendly financial policy. We anticipate continued robust financial performance. "Revenue will decline 5.2% in 2025, followed by growth of 3.5% in 2026. We expect a 2025 decline because of portfolio restructuring, specifically the divestiture of nearly all affiliated office-based practices. Excluding this impact, we estimate revenue will increase approximately 5.3%. Despite a 6% year-to-date revenue decline, a same-unit revenue increase of 6.9% suggests the company will outperform our expectation of a 7.7% full-year revenue decline for 2025. Key drivers include improved collection activity and increased patient acuity. The transition to a hybrid revenue cycle management model (internal and outsourced) has proven successful, surpassing pre-2019 performance and continuing strength. While we do not anticipate significant changes to the model, we expect incremental improvements will support revenue improvement in 2026. "We forecast low-single-digit percent volume expansion and modest reimbursement rate increases. Revenue growth will benefit from targeted, small acquisitions that focus on neonatal intensive care units, maternal-fetal medicine, and obstetric hospitalist operations. We expect S&P Global Ratings-adjusted EBITDA margin to expand to 15.7% in 2025 (from 12.3%) and remain stable in 2026. "We expect no rating impact from the federal tax and spending legislation. While the law is projected to generate $911 billion in federal Medicaid savings over 10 years, most of it will not materialize until after 2029. A key risk is the scheduled 0.5% annual reduction in provider taxes beginning in 2026. Work requirements, a significant portion of the projected savings, are set to begin in 2027, potentially subject to a one-year delay. Health care service companies, including Pediatrix, have time to adjust their operations through staffing, service, and geographic modifications. Furthermore, health care policy revisions following the 2028 election could alter the long-term effects. We believe Pediatrix's strong financial profile and its position as a provider of critical high-risk obstetrical and neonatology services provide resilience to manage potential Medicaid revenue declines. "The stable outlook reflects our view of Pediatrix's strong contract retention rates and leading market share. We expect steady volume and EBITDA increases will result in S&P Global Ratings-adjusted leverage of about 2x." S&P could lower the rating on Pediatrix if S&P Global Ratings-adjusted debt to EBITDA increases above 3x. This could occur if: -- Volume trends are unfavorable; -- The company loses significant contracts or market share; -- Reimbursement or regulatory events constrain performance; and -- The company adopts more aggressive financial policies than we envision. S&P said, "We could raise our ratings on Pediatrix if we believe the company will maintain and commit to S&P Global Ratings-adjusted leverage below 2x. We believe this is possible if it funds its growth strategy with internally generated cash flow without pursuing overly aggressive shareholder rewards and/or acquisitions." PORT ELIZABETH: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Lead Debtor: Port Elizabeth Terminal & Warehouse Corp. 13 Manor Road East Rutherford, NJ 07073 Business Description: The Debtors provide transportation, logistics, and warehousing services in the U.S., including rail boxcar and container handling, multi-modal shipping, specialized material handling, cross-docking, packing, specialized handling of beverages -- including alcoholic products -- and product care and protection. Chapter 11 Petition Date: November 14, 2025 Court: United States Bankruptcy Court District of New Jersey Six affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Port Elizabeth Terminal & Warehouse Corp. (Lead) 25-22123 P. Judge & Sons, Inc. 25-22127 Amex Shipping Agent, Inc. 25-22129 The Judge Organization, LLC 25-22130 P. Judge & Sons Trucking, LLC 25-22131 Judge Warehousing, LLC 25-22132 Judge: Hon. John K Sherwood Debtors' General Bankruptcy Counsel: Turner N. Falk, Esq. Stephen B. Ravin, Esq. SAUL EWING LLP 1037 Raymond Blvd. Suite 1520 Newark, NJ 07102 Tel: (973) 286-6700 E-mail: turner.falk@saul.com E-mail: stephen.ravin@saul.com Port Elizabeth's Estimated Assets: $50 million to $100 million Port Elizabeth's Estimated Liabilities: $50 million to $100 million Patrick Wynne signed the petitions as president. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2F7P4UQ/Port_Elizabeth_Terminal__Warehouse__njbke-25-22123__0001.0.pdf?mcid=tGE4TAMA List of Port Elizabeth's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Hartz Elizabeth, Inc. Warehouse Lease $3,567,050 500 Plaza Drive - P.O. Box 1515 Secaucus, NJ 07096-1515 2. GLC Jersey City LLC Yard Lease $888,200 C/O Good Man North America Management LL 3333 Michelson Drive, Suite 1050 Irvine, CA 92612 3. RREEF America Warehouse Lease $686,826 REIT Corp YYY 3333 Michelson Drive, Suite 1050 Irvine, CA 92612 4. Milestone Equipment Company Trade Debt $666,308 Po Box 205589 Dallas, TX 75320 5. Prologis Logistics Warehouse Lease $550,305 Real Estate 1800 Wazee Street Suite 500 Denver, CO 80202 6. F. Greek Bristol Warehouse Lease $393,177 Properties, L.P. 1 Kimbrely Road Suite 105 East Brunswick, NJ 08816 7. Schneider National Inc Trade Debt $391,187 2567 Paysphere Circle Chicago, IL 60674 8. Seagis East Warehouse Debt $337,782 Rutherford LLC One Meadowlands Plz. Suite 800 East Rutherford, NJ 07073 9. Masis Staffing Trade Debt $276,927 Po Box 823473 Philadelphia, PA 19182 10. Warehouse Rentals Warehouse $259,637 Po Box 127 Rentals Valdosta, GA 31603 11. NJ Pension Plan Health $220,081 Local 1518 Insurance Retirement Fund Haledon, NJ 07508 12. Murphy Schiller Professional $131,175 & Wilkes LLP Services 24 Commerce Street 12th Floor Newark, NJ 07102 13. J.R. Truck Stop, Inc. $103,624 Po Box 185 Thorofare, NJ 08086 14. Milestone Equipment Company Trade Debt $93,801 Po Box 205589 Dallas, TX 75320 15. Century Finance, LLC Trade Debt $83,200 Po Box 589 Memphis, TN 38101 16. Express Services, Inc Trade Debt $80,793 P.O. Box 945434 Atlanta, GA 30394-5434 17. American Express Credit Card $71,141 P.O. Box 1270 Newark, NJ 07101-1270 18. Waste Management Of Trade Debt $62,699 N.J. Inc 100 Avenue A Newark, NJ 07114 19. Direct Chassislink Trade Debt $60,000 Po Box 603061 Charlotte, NC 28260-3061 20. AIG Home-Bristol Lease Rent $52,000 2 Pierce PL Suite 2100 Itasca, IL 60143 PP&G INC: Unsecureds to Split $75K via Quarterly Payments --------------------------------------------------------- PP&G, Inc. filed with the U.S. Bankruptcy Court for the District of Maryland a Disclosure Statement in support of Chapter 11 Plan dated November 12, 2025. The Debtor was formed in 1997 to offer adult entertainment at its leased location of 10 Custom House Avenue, Baltimore, Maryland. Lisa Ireland, the Debtor's largest shareholder, is a 61-year-old Maryland resident. She graduated from Arlington Baptist School in 1981. In 1981, she began her career first working as a secretary. Mrs. Ireland worked at numerous clubs in the Baltimore area and in 1997 decided to open Norma Jeans with her husband, Peter Ireland, Sr. As a result of the COVID-19 pandemic, Baltimore City imposed significant operating restrictions on the Debtor, including the complete closure of the establishment for several months, followed by numerous capacity restrictions and limited operating hours. During the periods of closure, the Debtor was still responsible for rent, utilities, and property taxes despite the lack of any revenue. These restrictions severely constrained cash flow. Additionally, due to the nature of the Debtor's business, it was ineligible for PPP or EIDL funding. During this time, a key executive at the corporation and Mrs. Ireland's spouse, Peter Ireland, Sr., suffered from debilitating health issues that ultimately caused him to pass away in May of 2023. During his illness, Mrs. Ireland was his round-the-clock caregiver and spent much of her time away from the establishment. Facing the inability to service its debt and to avoid the loss of its place of business, PP&G consulted with counsel about the possible filing of a Chapter 11 case. The Plan provides for payment of administrative expenses, priority claims, and secured claims in full or in part, either in cash or in deferred cash payments, and provides for payments on allowed general unsecured claims in an amount equal to or greater than they would receive in the event of a Chapter 7 liquidation. Funds for implementation of the Plan will be derived from the Debtor's income from its business operations. Class C consists of all allowed general unsecured claims against the Debtor. Holders of Class C claims shall be paid a total of $75,000.00, pro rata, as follows: $6,250.00 per quarter, for 12 quarters, beginning on the first day of the first month following the Effective Date. The pro rata share of the claimed amount of any claims which are then subject to objections as to which a Final Order has not been entered shall be deposited in an interest-bearing bank account until a Final Order is entered. When Final Orders are entered disallowing or allowing and liquidating all Class C claims, the remaining funds in the bank account shall be distributed to the holders of all Class C claims pro rata. Payments on Class C claims shall be mailed to the address of the creditor on the proof of claim (or, if allowed pursuant to the schedules, to the address on the schedules), unless the creditor files a change of address notice with the Court. Any check mailed to the proper address and returned by the post office as undeliverable, or not deposited within 180 days, shall be void and the funds may be retained by the Debtor. This class is impaired. PP&G shall fund this Plan with income from its business operations, from capital contributions (if necessary) from Lisa Ireland, and from the new value contribution. Counsel to the Debtor: Brett Weiss, Esq. Weiss Law Group, LLC 8843 Greenbelt Road, Suite 299, Greenbelt, Maryland 20770 Tel: (301) 924-4400 Fax: (240) 627-4186 Email: brett@BankruptcyLawMaryland.com About PP&G Inc. On May 24, 2024 PP&G Inc. doing business as Norma Jean's Gentleman's Club, was founded in 1998. The company's line of business includes Commercial printing and the lithographic process. PP&G Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 24-14430) on May 24, 2024. In the petition signed by Lisa Ireland, as president, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Michelle M. Harner oversees the case. The Debtor tapped Brett Weiss, Esq., at The Weiss Law Group, LLC as bankruptcy counsel and Andrew B. Saller, Esq., at The Law Offices of Andrew B. Saller, PC as special counsel. PURDUE PHARMA: Secures Court OK for Chapter 11 Exit, Sackler Deal ----------------------------------------------------------------- Alex Wolf of Bloomberg Law reports thatPurdue Pharma LP won approval to exit Chapter 11, bringing to a close a long-running legal and financial battle centered on opioid liability and a multibillion-dollar nationwide settlement. According to Bloomberg, during the November 14 hearing, US Bankruptcy Judge Sean H. Lane confirmed the company's reorganization plan and said a detailed ruling would be issued next week. The approved plan provides roughly $7.4 billion for opioid abatement programs and compensation efforts tied to the company's role in the nationwide addiction crisis. This outcome follows years of litigation, including extensive negotiations after the US Supreme Court’s 2024 decision rejecting Purdue's prior plan because it granted impermissible legal releases to the Sackler family. In response to that ruling, the parties renegotiated a new settlement structure. The Sackler family will contribute about $6.5 billion over the next 15 years, with creditor opt-outs permitted in accordance with the Supreme Court's prohibition on non-consensual third-party releases. Approximately $850 million of the total settlement will go to individuals affected by addiction, while the rest will fund public health initiatives. Purdue will also transfer its assets to a new nonprofit-aligned entity, Knoa Pharma, tasked with developing addiction-treatment drugs and overdose-reversal medications, according to report. The plan received overwhelming support—over 99% of creditors voted in favor—including all US states and numerous public and private institutions. Only a handful of pro se objectors pressed their concerns in court, raising issues about the fairness of the Sackler family's settlement contributions. Judge Lane responded by noting that the plan does not force anyone to release claims and that criminal liability is outside the scope of bankruptcy proceedings, Bloomberg Law relays. Purdue's lawyer, Marshall Huebner of Davis Polk & Wardwell LLP, acknowledged the limits of the agreement but said it offers the best possible resolution after years of litigation. Purdue entered bankruptcy in 2019 amid more than 2,600 lawsuits tied to OxyContin and faced claims exceeding $40 trillion before reaching this final restructuring outcome, 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. Q & T PROPERTIES: Case Summary & Four Unsecured Creditors --------------------------------------------------------- Debtor: Q & T Properties LA, LLC 800 Dauphine St New Orleans, LA 70116 Business Description: Q & T Properties LA, LLC, based in New Orleans, Louisiana, operates in the restaurant industry. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court Eastern District of Louisiana Case No.: 25-12649 Debtor's Counsel: William G. Cherbonnier, Jr., Esq. THE CALUDA GROUP, LLC 2550 Belle Chasse Hwy, Ste 215 Gretna, LA 70053 Tel: (504) 309-3304 Fax: (504) 309-3306 E-mail: wgc@billcherbonnier.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Thaithanh Thi Vu as manager. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FZGGOFA/Q__T_Properties_LA_LLC__laebke-25-12649__0001.0.pdf?mcid=tGE4TAMA RAMOS ROOFING: Seeks to Hire Allen Stovall Neuman as Counsel ------------------------------------------------------------ Ramos Roofing & Remodeling Co. seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, to hire Allen Stovall Neuman & Ashton LLP to serve as its bankruptcy counsel. ASNA will provide these services: (a) advising the Debtor of its rights, powers, and duties as a debtor in possession in the continued operation of its business; (b) advising and consulting on the conduct of the Case, including all legal and administrative requirements of a debtor in such a case; (c) attending meetings and negotiating with the United States Trustee, representatives of the Debtor's creditors, and other parties in interest; (d) taking all necessary actions to protect and preserve the bankruptcy estate; (e) preparing official forms, pleadings, and other documents in connection with the case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the bankruptcy estate; (f) appearing before the Court and any appellate courts to represent the interests of the bankruptcy estate; and (g) performing all other necessary legal services for the Debtor in connection with the prosecution of this Case. ASNA will bill at these hourly rates: - Thomas R. Allen, Partner: $400 - Richard K. Stovall, Partner: $400 - Jim Coutinho, Partner: $400 - David Whittaker, Of Counsel: $400 - Andrew D. Rebholz, Associate: $275 - Other Attorneys: Up to $275 - Lindsey Corl (Legal Assistant): $100 - Hannah Kittle (Legal Assistant): $100 The Debtor has paid a retainer of $15,000.00. According to court filings, ASNA is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: David M. Whittaker Andrew D. Rebholz ALLEN STOVALL NEUMAN & ASHTON LLP 10 W. Broad St., Ste. 2400 Columbus, OH 43215 Telephone: (614) 221-8500 Facsimile: (614) 221-5988 Email: whittaker@asnalaw.com; rebholz@asnalaw.com About Ramos Roofing & Remodeling Co. Ramos Roofing & Remodeling Co. provides residential and commercial roofing, storm damage repairs, gutter installation, and siding services across Central Ohio, including Columbus, Bexley, Dublin, Gahanna, Hilliard, Westerville, and surrounding communities. It serves homeowners and businesses seeking exterior home improvement and roofing solutions. Ramos Roofing & Remodeling sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-54299) on September 30, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtor is represented by David Whittaker, Esq., at Allen Stovall Neuman & Ashton, LLP. REGENCY LLC: Case Summary & 14 Unsecured Creditors -------------------------------------------------- Debtor: Regency LLC 720 E. Charleston Blvd. #145 Las Vegas, NV 89104 Business Description: Regency LLC, based in Las Vegas, Nevada, holds a non-publicly traded interest in a business entity that owns property at 917 N. Las Vegas Blvd., Las Vegas, NV 89101. Its operations are limited to managing this interest. Chapter 11 Petition Date: November 13, 2025 Court: United States Bankruptcy Court District of Nevada Case No.: 25-16828 Judge: Hon. Natalie M Cox Debtor's Counsel: David J. Winterton, Esq. DAVID WINTERTON & ASSOCIATES, LTD 7881 W. Charleston Blvd. Suite 220 Las Vegas, NV 89117 Tel: 702-363-0317 Fax: 702-363-1630 Email: autumn@davidwinterton.com Total Assets: $2,567,150 Total Liabilities: $83,939 The petition was signed by Douglas DaSilva as authorized representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6VOCE2A/REGENCY_LLC__nvbke-25-16828__0001.0.pdf?mcid=tGE4TAMA RIFLE RFB: 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 Rifle RFB, 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 Rifle RFB LLC Rifle RFB, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17394) on November 11, 2025. In its petition, the Debtor reported estimated assets between $50,001 and $100,000 and estimated liabilities between $500,001 and $1 million. Judge Kimberley H. Tyson oversees the case. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. RITHM CAPITAL: S&P Alters Outlook to Positive, Affirms 'B' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on Rithm Capital Corp. to positive from stable and affirmed its 'B' issuer credit rating on the company. S&P also affirmed its 'B-' issue rating on the company's senior unsecured notes. The positive outlook reflects S&P's view that it could raise its rating on Rithm over the next 12 months if it continues to execute on its strategy and smoothly integrate its recent acquisitions--all while maintaining stable earnings, leverage within its base-case expectation of 4.5x-6x, and sufficient liquidity without shifting into riskier assets. Rithm has increased its scale and business diversity through organic growth and acquisitions in recent years while maintaining relatively stable financial performance. S&P believes the company's earnings profile over the next few years will benefit from it operating a larger and more diverse business. Rithm Capital Corp.'s scale and business diversity have improved in recent years, driven by organic growth and targeted acquisitions. Over the last few years, the company has pursued an acquisitive strategy with a focus on accelerating growth in its asset management and mortgage banking segments. Key recent transactions include the proposed acquisitions of Paramount Group Inc. and Crestline Management L.P. (announced in September 2025) and the acquisitions of Sculptor Capital Management and Specialized Loan Servicing LLC in 2023 and 2024, respectively. As of Sept. 30, 2025, Rithm had about $47.2 billion in total assets and $8.6 billion in total equity, meaningful increases from $34.6 billion and $7.0 billion, respectively, at year-end 2022. Additionally, amid the growth, the company reported steady earnings, with net income of $941 million in 2024, $631 million in 2023, and $983 million in 2022. While the majority of the company's earnings still comes from its mortgage banking platform (Newrez), about 25% of its revenue in the first nine months of this year came from its investment portfolio, asset management segment, and residential transitional loan portfolio. As Rithm executes on its strategy to transition to an alternative asset manager over the next few years, S&P believes it will continue to pursue an acquisitive strategy, and it expects a gradual increase in the earnings contribution from the asset management platform's management and incentive fees. While the company's funding relies on repurchase agreements, margin call risk is partially offset by the high quality of the collateral and its hedging program. As of Sept. 30, 2025, Rithm had $16.5 billion outstanding on its secured financing agreements, most of which is recourse with daily mark-to-market exposure. Nevertheless, most of the assets funded by these borrowings are agency residential mortgage-backed securities (RMBS), Treasury securities, and originated agency-qualifying loans that are generally expected to be sold within a short period. In S&P's view, these assets are high quality and are less exposed to liquidity risks during periods of market dislocation. Additionally, the company hedges interest rate risk through portfolio positioning and hedging instruments. For example, Rithm's agency RMBS and Treasury securities are largely used to hedge its mortgage servicing rights (MSR) portfolio. Rithm's investments in these securities also help it maintain its REIT status. S&P said, "We expect the company's leverage, measured by debt to adjusted total equity (ATE), to remain 4.5x-6.0x on a sustained basis. The company's leverage declined to 5.0x as of Sept. 30, 2025, from 5.5x at year-end 2024, reflecting lower secured debt and higher equity retention. Pro forma for the Crestline and Paramount acquisitions and some planned balance sheet optimization, we expect leverage to be around 5.7x (although the company's plan to bring in third-party capital to co-invest in Paramount could modestly benefit leverage). Therefore, we expect debt to ATE will remain in the 4.5x-6.0x range over the next 12 months. "Our measure of total debt as of Sept. 30, 2025, includes $16.5 billion of secured financing agreements, $9.5 billion of secured notes and bonds payable, $1.3 billion of senior unsecured notes, $1.7 billion of preferred stock (including redeemable noncontrolling interests), $4.8 billion of notes payable of consolidated collateralized financing entities, $159 million of lease liabilities, and $160 million of tax receivable agreements (TRA) liability. "Rithm's investment portfolio and operating companies remain exposed to credit and market risks, in our view." Rithm's $47.2 billion in total assets as of Sept. 30, 2025 include $10.4 billion of MSR, $8.6 billion of agency RMBS and Treasury securities (primarily used to hedge the MSR portfolio), $5.9 billion of residential mortgage loans held for sale, $2.6 billion of residential transitional loans (RTL), $2.7 billion of Ginnie Mae buyout loans (with an offsetting liability), $1.0 billion of single-family rental properties, $721 billion of non-agency mortgage-backed securities (MBS), and $598 million of consumer loans. While the MSR and agency RMBS portfolios have limited credit risk, the fair value of these investments could be volatile, driven by interest rate movements. However, the company hedges the interest rate exposure through the portfolio positioning (pairing MSR with RMBS and Treasury securities), interest rate derivatives, and its recapture program of its mortgage origination platform. Based on Rithm's portfolio as of Sept. 30, 2025, the company anticipates that a hypothetical 10% parallel increase of the prepayment rate (driven by lower mortgage rates) would lower the fair value on its agency MSR receivables by about $155 million and the fair value on its non-agency MBS receivables by $21 million. However, a hypothetical 10% parallel decline in the discount rate (driven by lower benchmark rates) would increase the estimated fair value by approximately $263 million for agency MBS and $39 million for non-agency MBS. The company's RTL portfolio (originated through the Genesis platform) increased to $2.6 billion as of Sept. 30, 2025, from $2.2 billion at year-end 2024. Asset quality experienced some deterioration but remains manageable, as loans past due accounted for 3.9% of the total unpaid principal balance, up from 2.5% at year-end 2024. While there's higher risk in the company's non-agency mortgage assets (including non-qualified residential mortgages, RTL, and re-performing loans), the company had about $52 million of net unrealized gains from its non-agency RMBS portfolio as of Sept. 30, 2025. S&P expects the company to maintain adequate liquidity over the next 12 months. As of Sept. 30, 2025, the company had about $1.6 billion in unrestricted cash on its balance sheet and about $600 million available under its committed funding lines (total unused committed borrowing capacity of $9 billion without considering collateral requirements). The company expects to finance total outflows of about $1.5 billion associated with the acquisitions of Paramount and Crestline using cash on hand and draws of its financing facilities. Rithm was in compliance with all of its covenant metrics as well as the regulatory liquidity and net worth requirements with adequate cushions. S&P said, "We rate the company's unsecured notes one notch below the issuer credit rating. This is because we expect Rithm's priority debt to remain above 30% of adjusted assets and its unencumbered assets-to-unsecured debt ratio to remain above 1.0x. We expect that the company will continue to rely on secured funding to grow, which would leave its balance sheet largely encumbered. "The positive outlook reflects our expectation that Rithm will continue to increase its scale and business diversity while generating stable earnings and maintaining adequate liquidity. We expect Rithm to operate with debt to ATE of 4.5x-6.0x. "We could revise the outlook to stable over the next 12 months if the company has trouble renewing any of its funding facilities or if margin calls stress liquidity, in our view. We could also revise the outlook to stable if debt to ATE approaches 6.5x, the company shifts into riskier assets, it significantly increases its use of repurchase agreements to fund assets other than agency RMBS and mortgage originations, or there's elevated integration risk given its acquisitive strategy. "We could raise our rating on Rithm over the next 12 months if it continues to execute on its strategy and smoothly integrate its recent acquisitions while maintaining stable earnings, leverage within our base-case expectation, and sufficient liquidity without shifting into riskier assets." ROSS INTERNATIONAL: Case Summary & Eight Unsecured Creditors ------------------------------------------------------------ Debtor: Ross International 207 S. Poinsettia Ave. Manhattan Beach, CA 90266 Business Description: Ross International holds an equitable interest in 207 S. Poinsettia Ave, Manhattan Beach, CA 90266, with the current value of its stake estimated at $6 million. Chapter 11 Petition Date: November 14, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-20184 Judge: Hon. Mindy A Mora Debtor's Counsel: Stella Havkin, Esq. STELLA HAVIN 21650 Oxnard Street, Suite 1540 Woodland Hills, CA 91367 Email: shavkinesq@gmail.com Total Assets: $6,020,000 Total Liabilities: $5,001,466 The petition was signed by Joseph D. Ross as CEO. 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/TXISW7A/Ross_International__cacbke-25-20184__0001.0.pdf?mcid=tGE4TAMA RUNITONETIME LLC: Court OKs Casino Sale to 101 Gregory for $25MM ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has granted RunItOneTime LLC and its affiliates to sell Casino Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors are a privately held gaming and entertainment company focused on acquiring undervalued gaming assets and implementing operational changes to improve profitability. The Debtors own and operate a portfolio of casinos, card rooms, hotels, and other gaming- and hospitality-related assets across Washington State, Nevada, and Colorado, including 17 card rooms in Washington State and several casinos and hotels in Nevada and Colorado, reflecting a total of approximately 2,500 slot machines, 320 table games, 1,200 hotel rooms, and 30 restaurants. The Debtors' operating businesses also include the EGads! fabrication and installation business, a gaming and hospitality industry leader in the design, fabrication, assembly and installation of casino interiors, custom signage, lighting, and architectural treatments, and the Utah Trailways charter company, which facilitates customer gaming excursions from Salt Lake City, Utah, to the Debtors' operating properties in Wendover, Nevada. The Court has authorized the Debtors to sell the Property to 101 Gregory Street LLC, a Colorado limited liability company, as the Successful Bidder for the sale of Z Casino, the Mobil Gas Station, and Related Assets. The sale of the Acquired Assets and the Asset Purchase Agreement (APA) was negotiated by the Debtors and Buyer, without collusion, in good faith, and from arm’s length bargaining positions. The aggregate consideration for the purchase and sale of the Acquired Assets will be equal to an amount calculated as follow: (1) cash payment of $ 25,500,000.00; (2) plus payment of the Cure Costs; (3) plus, the Estimated Working Capital Adjustment Amount; (4) plus the assumption by Buyer of the Assumed Liabilities. The Buyer has not acted in a collusive manner with any person and the consideration and purchase price under the APA was not controlled by any agreement among bidders. The Debtors may sell the Acquired Assets to Buyer free and clear of all Interests, except for any Permitted Liens or Assumed Liabilities or as otherwise expressly contemplated by the APA. Buyer is not an alter-ego of, or a successor to, or a mere continuation of or substantial continuation of any Debtor or its estate, and there is no continuity of enterprise between Buyer and the Debtors as a result of the consummation of the Sale Transaction. The Sale Transaction must be approved and consummated promptly in order to preserve the viability of the Debtors’ businesses as a going concern and to maximize the value of the Debtors' estates. About RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. RunItOneTime LLC and 67 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14, 2025. In its petition, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. RUNITONETIME LLC: Plan Exclusivity Period Extended to Feb. 9, 2026 ------------------------------------------------------------------ Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas extended RunItOneTime LLC and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 9, 2026 and April 10, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that the application of factors to the facts and circumstances of the Chapter 11 Cases demonstrates that the requested extension of the Exclusive Periods is both appropriate and necessary. First, the size and complexity of the issues attendant to these cases warrants approval of the requested relief. The Debtors comprise 68 affiliated entities operating in multiple jurisdictions, with significant funded indebtedness and a complex capital structure. The cases have involved numerous first day motions, employment of a broad slate of professionals, and the administration of assets and claims across a substantial number of subsidiaries. Second, termination of the Exclusive Periods at this juncture would adversely impact the Debtors' efforts to preserve and maximize the value of their estates and advance these Chapter 11 Cases. The Debtors are presently engaged in a robust sale process and have proposed procedures for the sale of certain assets. If exclusivity were terminated, the Debtors could face the prospect of competing plans, which would introduce uncertainty and potentially delay or derail the progress made toward a value-maximizing resolution. Third, the Debtors have obtained critical first day relief, secured postpetition financing, retained necessary professionals, completed their schedules and statements, and implemented procedures for claims and professional compensation. The Debtors have also advanced their sale and restructuring efforts, demonstrating meaningful progress toward a successful reorganization and satisfaction of the third and fourth factors. The Debtors' Co-Counsel: Timothy A. ("Tad") Davidson II, Esq. Ashley L. Harper, Esq. Philip M. Guffy, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Tel: (713) 220-4200 Email: taddavidson@hunton.com ashleyharper@hunton.com pguffy@hunton.com - and - Jeffrey E. Bjork, Esq. Helena G. Tseregounis, Esq. Nicholas J. Messana, Esq. LATHAM & WATKINS LLP 355 South Grand Avenue, Suite 100 Los Angeles, California 90071-1560 Tel: (213) 485-1234 E-mail: jeff.bjork@lw.com helena.tseregounis@lw.com nicholas.messana@lw.com and Ray C. Schrock, Esq. Andrew Sorkin, Esq. 1271 Avenue of the Americas New York, NY 10020 Tel: (212) 906-1200 E-mail: ray.schrock@lw.com andrew.sorkin@lw.com About RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. RunItOneTime LLC and 67 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14, 2025. In its petition, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. RUTHERFORD ENTERPRISES: To Sell Pizza Biz to Bhaveshkumar Patel --------------------------------------------------------------- Rutherford Enterprises 1, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida, Tallahassee Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns the Marco’s Pizza business and assets located at 14949 US Highway 19 South, Suite C, Thomasville, GA 31792 (Assets), which are encumbered by a UCC-1 Financing Statement held by Customers Bank in the amount of approximately $414,179.13 less payments made since the case was filed. After marketing the Property, the Debtor has obtained an offer to purchase for $200,000.00 from Bhaveshkumar Patel (Buyer). Customers will receive the net sale proceeds to apply toward the total amount owed after carving out the following expenses: 1) ordinary and necessary costs required to be paid at sale's closing; and 2) the restaurant broker's commission. The offer by Buyer is the highest viable offer presented to the estate at this time, and one which the Debtor and its restaurant broker believe is fair. The proposed closing date is on or before January 21, 2026. Customers' claim is secured by a UCC-1 Financing Statement and security interest in the Debtor’s assets, and Customers is owed less than $414,179.13. Customers is due to a sufficient portion of the net sale proceeds to satisfy its lien, after the payment of closing costs. The Debtor submits that the "value" of the assets being sold is at most $200,000.00 because that is the amount of the highest and best offer that was received. About Rutherford Enterprises 1, LLC d/b/a Marco's Pizza Rutherford Enterprises 1, LLC, a company in Tallahassee, Fla., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 23-40217) on June 16, 2023, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Charles M Rutherford, Sr., manager, signed the petition. Judge Karen K. Specie oversees the case. Byron W. Wright III, Esq., at Bruner Wright, P.A. is the Debtor's legal counsel. S & L TRUCKING: Seeks Chapter 11 Bankruptcy in Mississippi ---------------------------------------------------------- On November 12, 2025, S & L Trucking LLC filed for Chapter 11 protection in the Northern District of Mississippi. The bankruptcy petition lists liabilities between $100,001 and $1 million and notes 1–49 creditors. About S & L Trucking LLC S & L Trucking LLC is a Mississippi-based trucking firm specializing in general freight services. S & L Trucking LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13876) on November 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Jason D. Woodard handles the case. The Debtor is represented by Craig M. Geno, Esq. of Law Offices of Craig M. Geno, PLLC. SANTA PAULA: Seeks to Extend Plan Exclusivity to March 13, 2026 --------------------------------------------------------------- Santa Paula Hay & Grain and Ranches asked the U.S. Bankruptcy Court for the Central District of California to extend its exclusivity period to file a plan of reorganization to March 13, 2026. The Debtor claims that its Bankruptcy Case presents complex issues related to its Real Properties. Based on the assets, which have values that are estimated at $100,000,000, and liabilities, which are estimated at $45,000,000, this is a large case with many moving parts and items to resolve. Further, due to complex issues related to joint liability of the Partners, the Debtor needs time to allow the Motion to Consolidate to be heard so that the Partners can be brought into this Bankruptcy Case to resolve all of the debts in an orderly manner. The Debtor explains that it needs time to negotiate with the secured creditors to resolve their claims. Further, the Debtor needs additional time to analyze the proofs of claim that have been and/or will be filed to determine whether Debtor has objections to the proofs of claim. Additionally, enough time needs to pass to allow the Debtor to sell its Real Properties and other specific assets such as the Ferrari, which will allow the Debtor to recover funds with which it can fund a plan. The Debtor asserts that it is seeking an extension of the exclusivity deadline to allow the company sufficient time to sell its assets, work with its creditors, and resolve any objections Debtor may have to proofs of claim. In addition, the Debtor needs time to bring the Partners in to this Bankruptcy Case through the Motion to Consolidate and resolve all of the debts in an orderly fashion. The Debtor further asserts that there are certainly several unresolved contingencies because it must market and sell select Real Properties and other unique assets such as the Ferrari, determine the value of other vehicles and how to sell them if appropriate, determine the universe of assets that Debtor must sell, and analyze profitability. Further, the bar date has not been set and thus has not yet passed. Counsel to the Debtor: David R. Haberbush, Esq. Vanessa M. Haberbush, Esq. Lane K. Bogard, Esq. Haberbush LLP 444 West Ocean Boulevard, Suite 1400 Long Beach, CA 90802 Telephone: (562) 435-3456 Facsimile: (562) 435-6335 Email: dhaberbush@lbinsolvency.com About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Reed Olmstead, Esq. SCV GRAPHIC: Seeks to Extend Plan Exclusivity to Feb. 23, 2026 -------------------------------------------------------------- SCV Graphic Productions Inc. asked the U.S. Bankruptcy Court for the Northern District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 23, 2026, and April 21, 2026, respectively. The Debtor explains that the facts and circumstances of this Chapter 11 case warrants the requested extension of the Exclusivity Periods. The Debtor has acted diligently during the initial months of this Chapter 11 case, and will continue to do so for the remainder of the case. The Debtor anticipates filing a plan in the coming months and seeks an extension to the Exclusivity Periods to preclude the costly disruption and instability that would occur if competing plans were proposed either before the Debtor's plan is confirmed, or, if the Debtor's plan is not confirmed, before the Debtor has a meaningful opportunity to work with its key constituencies to put forth an amended proposal. This Motion is the Debtor's second request for an extension of the Exclusivity Periods, and the request will not unfairly prejudice or pressure the Debtor's creditor constituencies or grant the Debtor any unfair bargaining leverage. The Debtor claims that it needs creditor support to confirm any plan, so the Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor seeks an extension of the Exclusivity Periods to advance the case and continue good faith negotiations with its stakeholders. The Debtor asserts that premature termination of the Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to the Debtor's creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. The Debtor further asserts that given the consequences for its estate if the relief requested herein is not granted and the substantial progress made to date, the requested extension of the Exclusivity Periods will not prejudice the legitimate interests of any party in interest in this case. Rather, the extension will further the Debtor's efforts to preserve value and avoid unnecessary and wasteful litigation. SCV Graphic Productions Inc. is represented by: Benjamin Keck, Esq. Jonathan Clements, Esq. Keck Legal, LLC 2801 Buford Highway NE, Suite 115 Atlanta, GA 30329 Tel: (470) 826-6020 Email: bkeck@kecklegal.com About SCV Graphic Productions Inc. SCV Graphic Productions Inc., operating as Dangling Carrot Creative, is a custom graphics and display manufacturing company that specializes in manufacturing custom displays, signage, and creative installations using materials such as composites, plastics, and foams, alongside printing and imaging technology. The company maintains operations in both Fayetteville, Georgia and Valencia, California, with its principal place of business located in Georgia. SCV Graphic Productions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-10613) on April 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Benjamin R. Keck, Esq. at Keck Legal, LLC. SEELOS THERAPEUTICS: To Sell Biopharmaceutical Assets to Pradaxis ----------------------------------------------------------------- Seelos Therapeutics, Inc. seeks permission from the U.S. Bankruptcy Court for the Southern District of New York, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a clinical-stage biopharmaceutical company focused on achieving efficient development of products that address significant unmet needs in Central Nervous System disorders and other rare disorders. The Debtor's business model was to advance multiple late-stage therapeutic candidates with proven mechanisms of action that address large markets with unmet medical needs and for which there is a strong economic and scientific rationale for development. Debtor is a publicly traded company. Prior to the Petition Date, the Debtor's common equity was listed on NASDAQ. At present, the Debtor’s common equity is traded on the OTC Markets. Debtor’s focus on growth exceeded its ability to sustainably fund that growth and found itself unable to keep pace with its working capital requirements. Historically, Debtor relied on the public securities markets to raise capital -- either through sales of its stock or the issuance of convertible promissory notes. Recent changes in market appetite for biotech companies have rendered the Debtor unable to raise new funds from the public securities markets. Additionally, private markets for capital have also turned away from biotech offerings. As a result of its inability to raise fresh capital, Debtor has had to seek bankruptcy protection to find a sustainable path forward. Before the GLD Sale, the Debtor and GLD conferred, and agreed that GLD would "carve out" that is, exclude, certain assets (Excluded Assets) from the GLD Sale; which agreement was motivated by Debtor’s acknowledgement of its continuing fiduciary obligation to unsecured creditors. The instant sale to Pradaxis, Inc. (Pradaxis) thus furthers implementation of such obligation by bringing $175,000.00 into the chapter 11 estate. The Debtor's management continues to believe that it is in the best interests of its creditors to simplify its organizational structure and strategy. To do so, the Debtor has decided that it should sell the Excluded Assets. The Debtor considered a number of proposals for Excluded Assets. After careful consideration of these proposals, the Debtor determined Pradaxis' proposal to be the best. To ensure the Debtor’s estate realizes the maximum value for its Excluded Assets, the Debtor intends to test the marketplace and will continue to make contact with potential buyers to solicit bids. The proposed transaction with Pradaxis has been negotiated by the parties at arm's length and in good faith. Neither Pradaxis nor any of its officers or directors have ever been an officer or director of the Debtor. The Assigned Contracts are valuable assets of the Debtor's business, and the Debtor has determined, in the exercise of its business judgment, that the assumption and assignment of such executory contracts and unexpired leases in connection with a sale of the Assets is appropriate to yield significant value and benefit to the Debtor and its estate from the sale. Further, Pradaxis, is an entity with financial resources adequate to perform under the Assigned Contracts. Additionally, the Debtor respectfully submits that the proposed cure procedures for the identification and payment of Cure Amounts are appropriate and reasonably tailored to provide non-Debtor counterparties to potential Assigned Contracts with adequate notice of the proposed assumption and assignment of their applicable contract, as well as the proposed Cure Amounts related. About Seelos Therapeutics Inc. Seelos Therapeutics Inc., a publicly traded biopharmaceutical company in New York. Seelos Therapeutics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11987) on November 16, 2024. In its petition, the Debtor reports estimated liabilities between $10 million and $50 million. The Debtor is represented by Gabriel Del Virginia, Esq. at Law Offices of Gabriel Del Virginia. SHC EQUITIES: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------- SHC Equities LLC filed for Chapter 7 bankruptcy in the Eastern District of New York on November 14, 2025. According to the filing, the company listed liabilities between $100,001 and $1,000,000. SHC EQUITIES LLC also disclosed having between 1 and 49 creditors. About SHC Equities LLC SHC Equities LLC is a single asset real estate company. SHC Equities LLC relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45476) on November 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Elizabeth S. Stong the case. The Debtor is represented by Chuka Steve Okenwa, Esq. SIEPSER PROPERTIES: Hires Ciardi Ciardi & Astin as Legal Counsel ---------------------------------------------------------------- Siepser Properties LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Ciardi Ciardi & Astin to serve as legal counsel in its Chapter 11 case. Ciardi Ciardi & Astin will provide these services: (a) to give the Debtor legal advice with respect to its powers and duties as a Debtor (b) to prepare on behalf of the Debtor any necessary applications, answers, orders, reports, and other legal papers; (c) to perform all other legal services for the Debtor which may be necessary Herein; and (d) to prepare and file a Plan of Reorganization. The firm's professionals will receive these hourly rates: Albert A. Ciardi, III $625 Daniel S. Siedman $450 Dorene Torres, Paralegal $100 Ciardi Ciardi & Astin is a "disinterested person" within the meaning of the Bankruptcy Code, according to court filings. The firm conducted a conflict check and does not hold or represent any adverse interest to the Debtor, the estate, parties in interest, or the United States Trustee. The firm can be reached at: Albert A. Ciardi, III, Esq. Daniel S. Siedman, Esq. CIARDI CIARDI & ASTIN 1905 Spruce Street Philadelphia, PA 19103 Telephone: (215) 557-3550 Facsimile: (215) 557-3551 E-mail: aciardi@ciardilaw.com dsiedman@ciardilaw.com About Siepser Properties LLC Siepser Properties, LLC is a single-asset real estate company as defined under 11 U.S.C. Section 101(51B). Siepser Properties LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Pa. E.D. Case No. 25-14363) on October 28, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Derek J. Baker oversees the case. Ciardi Ciardi & Astin is Debtor's legal counsel. SIEPSER PROPERTIES: Section 341(a) Meeting of Creditors on Dec. 5 ----------------------------------------------------------------- The Section 341(a) Meeting of Creditors is scheduled for December 5, 2025, at 11:00 AM and will be conducted via an alternate telephonic conference. To participate, dial 888-330-1716 and enter access code 3684976. On October 29, 2025, Siepser Properties LLC filed Chapter 11 protection in the Eastern District of Pennsylvania. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. About Siepser Properties, LLC Siepser Properties LLC is a single-asset real estate company as defined under 11 U.S.C. Section 101(51B). Siepser Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14363) on October 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Derek J. Baker handles the case. The Debtor is represented by Albert A. Ciardi, III, Esq. of CIARDI CIARDI & ASTIN. SILAC INSURANCE: A.M. Best Affirms B(Fair) Fin. Strength Rating --------------------------------------------------------------- AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICR of "bb+" (Fair) of SILAC Insurance Company (SILAC) (Salt Lake City, UT). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect SILAC's balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management. The revised Long-Term ICR outlook to stable from negative reflects SILAC's improvement in risk-adjusted capitalization, which is assessed at the strong level, as measured by Best's Capital Adequacy Ratio (BCAR). The company has had consistent operating performance, which has delivered positive results historically. The company has enhanced its overall capital position with the expectation it will remain well capitalized as it continues to grow premiums with the support of its reinsurance partners. SILVERSTRAND FITNESS: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: Silverstrand fitness 1, LLC 434 North Main Street East Longmeadow MA 01028 Chapter 11 Petition Date: November 14, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-30675 Debtor's Counsel: Ilham Soffan, Esq. SOFFAN LAW PC 288 Grove Street, Suite 180 Braintree MA 02184 Tel: 413-237-4678 E-mail: ilham@soffanlaw.com Estimated Assets: Unknown Estimated Liabilities: $1 million to $10 million The petition was signed by Brian Burke as manager. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BFJ3KPQ/Silverstrand_fitness_1_LLC__mabke-25-30675__0001.0.pdf?mcid=tGE4TAMA SKYLINE TOWER: Case Summary & 16 Unsecured Creditors ---------------------------------------------------- Debtor: Skyline Tower Resort Vacation Condominium Association Inc. d/b/a The Boardwalk Brew 100 S. North Carolina Avenue Atlantic City, NJ 08401 Business Description: The Debtor is a not-for-profit corporation organized in New Jersey to manage the Fairfield Atlantic City - Skyline Tower condominium in Atlantic City, New Jersey, overseeing a 32-story high-rise built in 1982 that includes 296 residential units ranging from one- to four-bedroom apartments and 20 commercial units. Chapter 11 Petition Date: November 15, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-22156 Judge: Hon. Andrew B Altenburg Jr Debtor's Counsel: Michael Holt, Esq. Charles M. Forman, Esq. FORMAN HOLT 365 West Passaic Street Suite 400 Rochelle Park, NJ 07662 Tel: (201) 845-1000 Fax: (201) 665-6650 Email: mholt@formanlaw.com cforman@formanlaw.com Debtor's Special Counsel: Daniel M. Eliades, Esq. David S. Catuogno, Esq. Peter J. D'Auria, Esq. K&L GATES LLP One Newark Center 1085 Raymond Boulevard, 10th Floor Newark, NJ 07102 Tel: (973) 848-4000 Fax: (973) 848-4001 Email: daniel.eliades@klgates.com david.catuogno@klgates.com peter.dauria@klgates.com Debtors' Real Estate Broker: HILCO REAL ESTATE, LLC Debtor's Notice, Claims & Solicitation Agent: OMNI AGENT SOLUTIONS, INC. Estimated Assets: $10 million to $50 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Sheama Holmes-Walker as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MFSFWEQ/Skyline_Tower_Resort_Vacation__njbke-25-22156__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 16 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Allied Universal Security Services $27,927 161 Washington Street, Suite 600 Conshohocken, PA 19428 2. Atlantic City Electric Utility - $7,666 P.O. Box 13610 Electric Philadelphia, PA 19101 3. Club Wyndham Plus Service Fees $68,638 10750 W. Charleston Blvd Suite 150 Las Vegas, NV 89135 Amy Bornmann Email: amy.bornmann@travelandleisure.com Phone: (407) 626-4429 4. Comcast Utility-Internet $1,136 P.O. Box 70219 Philadelohia, PA 5. Constellation New Utility-Electric $32,639 Energy, Inc. P.O. Box 4640 Carol Stream, IL 60197-4640 6. Ecolab Pest Elimination Pest Control $3,332 26252 Network Place Chicago, IL 60673-1262 7. MasterCorp Cleaning Services $84,156 P.O. Box 4027, 3505 N. Main Street Crossville, TN 38557 8. Mitsubishi HC Capital Trade Vendor $2,268 SoftBank Robotics P.O. Box 1880 Minneapolis, MN 55480-1880 9. Parker Interior Horticulture $1,011 Plantscape, Inc. Services 629 North Avenue Plainfield, NJ 07060-1418 10. R. Palmieri Electrician $2,611 P.O. Box 490 Buena, NJ 08310 11. ScentAir Technologies, LLC Trade Vendor $292 P.O. Box 978754 Dallas, TX 75397-8754 12. Siemens Fire Fire Prevention $822 P.O. Box 2134 System Carol Stream, IL 60132-2134 13. Siemens Security Security System $599 P.O. Box 2134 Carol Stream, IL 60132-2134 14. Sonifi Solutions Inc. Utility $5,425 P.O. Box 739332 Dallas, TX 75373-9332 15. TK Elevator Corporation Elevator Repair $37,458 P.O. Box 3796 Carol Stream, IL 3013-3796 16. Waste Management Waste Removal $5,385 P.O. Box 740023 Atlanta, GA 30374-0023 SONDER HOLDINGS: Seeks Chapter 7 Bankruptcy in Delaware ------------------------------------------------------- Jim Silver of Bloomberg News reports that Sonder Holdings has filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Delaware, marking a formal step in its restructuring process. The filing comes as the company seeks to stabilize operations and address financial challenges. The move follows Marriott International's November 7, 2025 notice terminating its license agreement with Sonder, a development that has drawn scrutiny amid guest complaints tied to the company's ongoing liquidation efforts. About Sonder Holdings Inc. Sonder Holdings Inc. operates as a hospitality company. The Company provides tech-enabled services to offers accommodation options from spacious rooms to fully-equipped suites and apartments. Sonder Holdings serves customers worldwide. Sonder Holdings sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12044) on November 14, 2025. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Laura Davis Jones, Esq. of Pachulski, Stang, Ziehl & Jones LLP. STM CONSTRUCTION: Section 341(a) Meeting of Creditors on Nov. 26 ---------------------------------------------------------------- Creditors are scheduled to attend a 341(a) Meeting on November 26, 2025, at 2:30 PM, which will be conducted via teleconference. All non-government proofs of claim are due by January 6, 2026. Proofs of claim from government entities are due by April 27, 2026. On October 28, 2025, STM Construction LLC filed Chapter 11 protection in the Eastern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. About STM Construction LLC STM Construction LLC provides general contracting services, including new construction, repairs, restorations, and build-outs, for commercial and residential projects. STM Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-4323) on October 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Brandon John Tittle, Esq. of Tittle Law Firm, PLLC. STRUNZ MILK: Seeks Chapter 11 Bankruptcy in Wisconsin ----------------------------------------------------- Strunz Milk Transport LLC voluntarily filed for Chapter 11 bankruptcy in the Western District of Wisconsin on November 12, 2025. The company reported liabilities each ranging from $1 million to $10 million, with 1 to 49 creditors. About Strunz Milk Transport LLC Strunz Milk Transport LLC is a limited liability company. Strunz Milk Transport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-12481) on November 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Thomas M. Lynch handles the case. The Debtor is represented by Eliza M. Reyes, Esq. of Richman & Richman LLC. SUNOCO LP: Moody's Rates Proposed Sr. Notes 'Ba1', Outlook Stable ----------------------------------------------------------------- Moody's Ratings assigned Ba1 ratings to Sunoco LP's (Sunoco) three proposed Canadian dollar-denominated senior unsecured notes issues totaling CAD1.6 billion and to its four proposed US dollar-denominated senior unsecured notes issues totaling $2.6 billion. The proposed notes have maturities ranging between 2026 and 2032. Sunoco's existing ratings are unchanged. The rating outlook remains stable. The proposed notes are being issued in exchange for seven series of notes issued by Parkland Corporation (Parkland, Ba2 RUR) of matching amounts, currencies, and maturities. The transactions will simplify Sunoco's capital structure following its recently completed acquisition of Parkland. RATINGS RATIONALE The proposed senior unsecured notes are rated Ba1, the same as Sunoco's other senior unsecured notes, and will rank pari passu with its existing notes. Sunoco's senior unsecured rating is the same as its Corporate Family Rating (CFR), reflecting the entirely unsecured nature of its capital structure. Sunoco's Ba1 CFR benefits from its investment grade scale, a large operating footprint, and a strong measure of contracted pipeline and storage earnings that bring important diversification and margin stability to its legacy wholesale fuel distribution business. The acquisition of Calgary, Alberta-based Parkland expands Sunoco's wholesale distribution operations into Canada and the Caribbean and adds considerable scale. Post-acquisition, Sunoco will be one of the largest distributors of motor fuels in North America, benefitting from the geographic reach and revenue stability of this business and the strength of its Sunoco retail brand in the US. The rating is constrained by Sunoco's elevated debt leverage and its exposure to fuel volume risk which leaves it vulnerable to shifts in market demand and the long-term secular decline in fuel consumption tied to efforts to decarbonize the global economy. The Parkland acquisition shifts Sunoco's business mix back toward wholesale fuel distribution, which heightens its business risk. Sunoco's debt/EBITDA of 4.7x, including Moody's standard debt adjustments and pro forma for the closing of the acquisition, will exceed Moody's 4.5x downgrade threshold. The company has identified substantial synergies it expects to realize post-acquisition through a mix of cost reductions and commercial opportunities that will allow Sunoco to reduce leverage to 4.4x by year-end 2026 under mid-cycle fuel margin assumptions, with additional deleveraging likely in 2027. The company has a good track record of delivering acquisition-related synergies, most notably its 2024 $7.3 billion acquisition of NuStar Energy L.P. in which it was able to execute its cost reduction and commercial plans in a manner that allowed it to return its financial leverage to pre-acquisition levels well ahead of schedule. Moody's expects that Sunoco will continue to be acquisitive, with an appetite for logistics assets such as terminals and storage tanks that support the distribution business in the company's more attractive markets. Moody's also expects that Sunoco will adhere to its stated long-term leverage target of 4x (about 4.3x including Moody's standard operating lease adjustments) and that acquisitions will be paced and funded in a way that doesn't cause adjusted leverage to be sustained above 4.5x. Moody's regard Sunoco as having good liquidity as indicated by its SGL-2 Speculative Grade Liquidity rating, principally a function of its undrawn $1.5 billion unsecured revolving credit facility, at September 30, 2025. The facility size was increased to $2.5 billion following completion of the Parkland acquisition and is primarily used to fund small and medium-sized acquisitions. Sunoco periodically issues notes to term out borrowings. Moody's don't expect the company to rely on its revolver in any material way to fund operations (other than temporary working capital swings) or its capital program as Moody's forecasts Sunoco to generate positive free cash flow. The credit facility requires Sunoco to maintain a net leverage ratio of not more than 5.5x and interest coverage of not less than 2.25x, both of which Moody's expects the company to comfortably comply. Sunoco's next debt maturities are NuStar Logistics, L.P.'s $500 million notes issue in June 2026 and a CAD 600 million issue also in June 2026, as well as a $600 million notes maturity in 2027. Moody's expects Sunoco to address each of these in the normal course. The revolver expires in 2030. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Sunoco's growth and acquisition activity resumes a midstream bias, and its adjusted debt/EBITDA approaches 3.75x while maintaining strong distribution coverage. The ratings could be downgraded if adjusted leverage is consistently above 4.5x and distribution coverage is maintained below 1.2x. Sunoco is a diversified midstream master limited partnership with a large motor fuel distribution network and crude oil, refined products, renewable fuels, and ammonia pipeline, storage and terminalling operations. Sunoco's general partner is owned by Energy Transfer LP (ET). ET also owns 15% of SUN's common units. Sunoco is headquartered in Dallas, Texas. The principal methodology used in these ratings was Midstream Energy published in October 2025. TABERNACLE CHRISTIAN: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Tabernacle Christian Center Ministries, Inc., according to court dockets. About Tabernacle Christian Center Ministries Tabernacle Christian Center Ministries Inc. operates as a religious organization based in Florida, providing Christian worship services, educational programs, and community outreach initiatives. The organization is led by Bishop Jeff Terrelonge and conducts activities including Sunday worship, Bible study, youth services, and volunteer-driven community programs. Tabernacle Christian Center Ministries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21466) on September 29, 2025. In its petition, the Debtor listed up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Scott M. Grossman oversees the case. The Debtor is represented by the Law Office of Mark S. Roher, PA. TEAM VETCOR: Seeks to Employ Blanchard Law as Legal Counsel ----------------------------------------------------------- Team Vector, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Blanchard Law, P.A. to serve as legal counsel to its Chapter 11 case. Blanchard Law, P.A. will provide these services: (a) to give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in-Possession in the continued operation of its business and management of its property; (b) to prepare on behalf of the Debtor all necessary applications, answers, orders, reports, and other legal papers; to prosecute and defend adversary proceedings and contested matters; and to appear at hearings and other proceedings in this case; and (c) to perform all other legal services for the Debtor as Debtor-in-Possession which may be necessary herein. The firm seeks employment under a general retainer totaling $8,369, consisting of a $6,631 general retainer and $1,738 for filing fees. Blanchard Law, P.A. will charge $400 per hour for Attorney Jake Blanchard, $350 per hour for associate attorneys, and $100 per hour for paralegal time. According to the application and accompanying affidavit, Blanchard Law, P.A. "has no connection with the Debtor, the creditors, or any other party in interest," represents no adverse interest, and is a disinterested person within the meaning of the Bankruptcy Code. The firm can be reached at: Jake C. Blanchard, Esquire BLANCHARD LAW, P.A. 8221 49" Street North Pinellas Park, FL 33781 Telephone: (727) 531-7068 Facsimile: (727) 535-2086 E-mail: jake@jakeblanchardlaw.com About Team VetCor LLC Team VetCor, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07692) on October 17, 2025, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Jake C. Blanchard, Esq. at Blanchard Law, P.A. represents the Debtor as legal counsel. TEXAS HEALTH: Unsecureds Will Get 8.43% of Claims over 5 Years -------------------------------------------------------------- Texas Health Foundation, Inc., submitted a Second Amended Plan of Reorganization dated November 10, 2025. This Plan proposes to pay creditors from future income of the quick service restaurant by continuing operations and reorganizing its current debts. The Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into five classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 3 consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years according to the projections. Creditors shall receive monthly disbursements based on the projection distributions of each 12-month period. Debtor will distribute $250,500.00 to the general allowed unsecured creditor pool over the 5-year term of the plan, including the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 8.43% of their allowed claims under this plan. Any potential rejection damage claims from executory contracts that are rejected in this Plan will be added to the Class 3 unsecured creditor pool and will be paid on a pro-rata basis. The allowed unsecured claims total $2,970,064.61. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Second Amended Plan dated November 10, 2025 is available at https://urlcurt.com/u?l=FX0Yvj from PacerMonitor.com at no charge. About Texas Health Foundation Inc. Texas Health Foundation Inc., operating as Texas Center for Health, provides a wide range of healthcare services with a focus on both women's and men's health. The center specializes in areas such as obstetrics, gynecology, hormone replacement therapy, infertility treatments, weight loss programs, and aesthetic services like injectables and skincare. With a commitment to patient-centered care, the practice strives to offer tailored healthcare in a comfortable and efficient setting, including the convenience of telehealth options. Texas Health Foundation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-10143) on April 3, 2025. In its petition, the Debtor reported total assets of $649,918 and total liabilities of $3,245,968. Judge Joshua P. Searcy oversees the case. The Debtor is represented by: Robert C. Lane, Esq. The Lane Law Firm, PLLC Tel: 713-595-8200 Email: chip.lane@lanelaw.com THRILL INTERMEDIATE: Hires Sheppard Mullin as Legal Counsel ----------------------------------------------------------- Thrill Intermediate LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Nevada to hire Sheppard, Mullin, Richter & Hampton LLP as special entertainment counsel in their Chapter 11 cases. Sheppard Mullin will provide these services: a. review and advise on Debtors' production, licensing and entertainment agreements; b. advise Debtors regarding negotiations with key constituents in connection with such production, licensing and entertainment agreements; c. provide guidance regarding ongoing production and intellectual-property compliance obligations and other related matters unrelated to the Chapter 11 Cases as requested by Debtors from time to time; and d. assist with the evaluation of Debtors' production, licensing and entertainment agreements and other entertainment-related rights or interests, or executory contracts pursuant to Sections 363 and 365 of the Bankruptcy Code, as may be appropriate under the circumstances. Sheppard Mullin's compensation structure includes: -- pre-petition payments of $225,575.05 for services rendered; and -- a retainer currently held in the amount of $75,000. The firm will be paid at these rates: Shaun Clark: $1,345 Joe Ireland: $1,175 Sheppard Mullin is a "disinterested person" within the meaning of Sections 101(14) and 327 of the Bankruptcy Code, according to court filings. The firm can be reached at: Shaun Clark, Esq. Sheppard, Mullin, Richter & Hampton LLP 1901 Avenue of the Stars, Suite 1600 Los Angeles, CA 90067-6055 Telephone: (310) 228-3700 Facsimile: (310) 228-3701 E-mail: sclark@sheppardmullin.com About Thrill Intermediate LLC Thrill Intermediate, LLC, a Las Vegas-based holding company, through its direct and indirect wholly owned subsidiaries, creates and produces television content and has at times produced live entertainment events, most notably the MTV show Ridiculousness, a 30-minute studio clip show where host Rob Dyrdek and co-hosts comment on viral videos featuring stunts, mishaps, and everyday chaos, which constitutes roughly half of MTV's programming. The Company also manages subsidiaries involved in media production, digital marketing, event management, and intellectual property. Thrill Intermediate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-15714) on September 28, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mike K. Nakagawa handles the case. The Debtor tapped Gregory E. Garman, Esq., at Garman Turner Gordon, LLP as counsel and Stretto, Inc. as claims, noticing, and solicitation agent. TOB LLC: Court OKs Commercial Property Sale to 320 Hawley --------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois has granted Tob LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is a commercial property in Libertyville, Illinois. Pen I, Inc., which operates a bar under a lease of the Building. The Bar is owned by the Debtor's sole Member and Manager, Brian Carman. The Court has authorized the Debtor to sell the Property to 320 Hawley Street LLC for the sum of $325,000, except rent due it from Pen I, Inc., the tenant of its single asset real estate , and to shorten notice of such Motion. For good cause, the notice period applicable to the Motion is reduced to that given by the Debtor. The Debtor is granted leave to sell its assets to 320 Hawley Street LLC. If the sale is not closed on or before November 26, 2025, then pursuant to the Motion of Hurd Road, LLC, the automatic stay will be terminated without further order of Court as to the Premises and in favor of Hurd Road, LLC per Hurd Road, LLC's Motion to Modify the Automatic Stay. The closing of the sale shall take place at a title company. From the sale proceeds, the title company is authorized to pay the amount due Hurd Road LLC, which holds a first mortgage on the Premises, all general real estate taxes due on the Premises, and the Receiver for the Premises appointed by the Circuit Court of Cook County, Illinois. The Title Company shall continue to hold the remaining sale proceeds in escrow pending further order of Court concerning the payment of fees owed by the Debtor to the United States Trustee, any fees due the Debtor's employed Chapter 11 counsel, and any final disbursement(s). About TOB LLC TOB LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D.Ill. Case No. 25-10667) September 30, 2025. Judge Deborah L. Thorne presides over the case. Keevan D. Morgan at Morgan & Bley, Ltd., represents the Debtor as legal counsel. TP BRANDS: Court Consolidates Bankruptcy Cases ---------------------------------------------- Judge Caryl E. Delano of the United States Bankruptcy Court for the Middle District of Florida granted the motion of TP Brands Worldwide Inc. (Case No. 8:25-bk-08424), TP Brands International Inc. (Case No. 8:25-bk-08425) and Premfloor, Inc. (Case No. 8:25-bk-08427) for the joint administration of the bankruptcy cases of the Debtors. The Court finds that: (i) it has jurisdiction over the matters raised in the motion pursuant to 28 U.S.C. Secs. 157 and 1334; (ii) this is a core proceeding pursuant to 28 U.S.C. Sec. 157(b)(2); (iii) venue is proper pursuant to 28 U.S.C. Secs. 1408 and 1409; (iv) the relief requested in the motion is in the best interests of the Debtors, their estates, their creditors and other parties in interest. The case of TP Brands Worldwide Inc., Case No. 8:25-bk08424 is designated as the lead case. A copy of the Court's Order dated November 12, 2025, is available at https://urlcurt.com/u?l=drJSzS from PacerMonitor.com. About TP Brands Palmetto, Fla.-based TP Brands manufactures and imports flooring products, door components, ready-to-assemble kitchen cabinets, and bathroom vanities, offering a full domestic inventory and services across North America. Its products are distributed through networks of distributors and dealers in North and South America. It also provides private label programs and OEM services, as well as product development, sourcing, and oversight. TP Brands Worldwide Inc. and affiliates TP Brands International Inc. and Premfloor, Inc., filed separate Chapter 11 bankruptcy petitions (Bankr. M.D. Fla. Lead Case No. 25-08424) on Nov. 10, 2025, before the Hon. Caryl E Delano. Worldwide and Premfloor, Inc. listed $0 to $50,000 in estimated assets and $1 million to $10 million in estimated liabilities. International listed $500,000 to $1 million in estimated assets and $10 million to $50 million in estimated liabilities. The petitions were signed by Thomas J. Winter as president. Edward J. Peterson, Esq., and Clay B. Roberts, Esq., at BERGER SINGERMAN LLP, serve as the Debtors' counsel. TPI COMPOSITES: Junior Creditors Back Bid to Sue Oaktree -------------------------------------------------------- Randi Love of Bloomberg Law reports that the junior creditors of wind turbine blade maker TPI Composites Inc. asked a bankruptcy court to reject Oaktree Capital Management's bid to dismiss their challenge to a nearly $400 million uptier transaction. They argued the deal improperly reshuffled repayment priorities to their detriment. In a November 14, 2025, objection filed in the US Bankruptcy Court for the Southern District of Texas, the unsecured creditors committee said Oaktree's October motion seeks to "misconstrue" key allegations and sidestep the transaction's economic reality. The committee said the facts clearly show Oaktree converted significant debt into secured obligations, vaulting ahead of junior lenders. The creditors urged the court to recharacterize Oaktree's claim, asserting the transaction was designed to leapfrog existing creditors in violation of their rights. They said efforts to reframe the December deal as legitimate financing ignore the harm it imposed on the estate and other stakeholders, the report states. About TPI Composites, Inc. TPI Composites -- https://tpicomposites.com/ -- is a leading wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. TPI Composites Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34655) on August 11, 2025. The company listed $500 million to $1 billion in estimated assets, along with $1 billion to $10 billion in estimated liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel Adam Morgan, Esq. at Weil, Gotshal & Manges LLP. Oaktree Capital Management L.P., as DIP agent, is represented by William A. (Trey) Wood III, Esq. at Bracewell, LLP. TRUECAR INC: Auto Software Vendor Deal Suit Gets Final Court OK --------------------------------------------------------------- Truecar, Inc., disclosed in a Form 10-Q Report for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission that the settlement agreement in the Automotive Software Vendor Class Action has received final court approval. In July 2024, a federal court certified a damages class of approximately 250 automotive software application vendors that had purchased certain data integration services from CDK Global, LLC ("CDK") or The Reynolds and Reynolds Company ("Reynolds") since October 2013 (the "Vendor Class"). The Company belongs to this class based on claims that CDK and Reynolds violated antitrust laws by conspiring to coordinate their data access policies and eliminate competition. In January 2025, CDK and the Vendor Class entered into a settlement agreement (the "Settlement Agreement") that provided for monetary consideration to be paid by CDK to the Vendor Class. The Settlement Agreement received final court approval in September 2025. Pursuant to the terms of the Settlement Agreement, the Company will receive a total payment of $11.4 million, disaggregated into four payments. The first payment of $8.1 million was received on September 24, 2025, and the remaining amount will be paid in three annual installments of $1.1 million over the next three years in the month of September. The Company fully recognized the gain of $11.4 million within Other income for the three and nine months ended September 30, 2025. As of September 30, 2025, the Company recorded the remaining installment amounts of $1.1 million and $2.2 million within Other current assets and Other assets, respectively, due to the short and long-term nature of the receivable. US MAGNESIUM: To Sell Lithium Carbonate Assets to Glencore ---------------------------------------------------------- US Magnesium LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware, to sell Property, free and clear of liens, claims, interests, and encumbrances. Since the Petition Date, the Debtor has been actively seeking a buyer for certain inventory currently in its possession, including its inventory of lithium carbonate, whether in the ordinary course of business or in a bulk sale. As a result of that process, the Debtor has received the Letter of Intent from Buyer, Glencore Ltd., which provides that the Buyer will purchase up to 1,100 metric tons of lithium carbonate at a purchase price of $7,500 per metric ton. The Debtor believes that a strong business justification exists for the private sale of the Purchased Assets. The Debtor is in the business of manufacturing and selling lithium carbonate, and the current inventory of lithium carbonate is sitting at the Debtor's facilities. Until it is sold, the lithium carbonate is an ongoing cost to the estate, and the Debtor has determined, in the exercise of its business judgment, that the sale of the lithium carbonate, less certain warehousing costs and royalty payments, is in the best interest of the Debtor's estate and that the purchase price contemplated is the highest and best price that could be achieved for the Purchased Assets under the circumstances. To date, the Debtor has not received a better offer for its inventory of lithium carbonate, and the Debtor believes that a private sale of the Purchased Assets to Buyer, pursuant to the terms and conditions of the Purchase Documents is both appropriate and in the best interests of the Debtor, its estate, and its creditors. To be sure, if it not for the fact that this was a bulk sale of lithium carbonate, the Debtor believes this would have been a sale in the ordinary course of business. Additionally, the Letter of Intent was negotiated at arm’s length and reflect customary and reasonable market terms. The forthcoming Bill of Sale will simply be a formal version of those terms. A private sale of the Purchased Assets under the terms and conditions of the Purchase Documents will allow the Debtor to avoid incurring operating expenses associated with the Purchased Assets, a large portion of which currently is held at a third-party warehouse, thereby preserving value for the Debtor’s estate and stakeholders. The Debtor asserts that, conducting a further auction of the Purchased Assets would only result in additional costs to the Debtor’s estate, which in the Debtor's business judgment, is unlikely to result in an increased recovery to the estate. The Debtor submits that the Purchased Assets should be sold free and clear of any and all liens, claims, interests and other encumbrances. About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. VETCOR LLC: Seeks to Hire Blanchard Law as Legal Counsel -------------------------------------------------------- VetCor, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Blanchard Law, P.A. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in-Possession in the continued operation of its business and management of its property; (b) prepare on behalf of the Debtor all necessary applications, answers, orders, reports, and other legal papers, prosecute and defend adversary proceedings and contested matters, and appear at hearings and other proceedings; (c) perform all other legal services for the Debtor as Debtor-in-Possession which may be necessary herein; (d) analyze the financial situation and render advice regarding whether to file a petition under Title 11; (e) prepare and file the petition, schedules, statement of affairs, and other documents required by the Court; (f) represent the Debtor at the meeting of creditors; and (g) prepare necessary applications, answers, orders, reports, complaints, plans, disclosure statements, and other legal papers and appear at hearings thereon. Blanchard Law will receive an initial retainer of $8,369, consisting of $6,631 as a general retainer and $1,738 for filing fees, and will bill at hourly rates of $400 for Attorney Jake Blanchard, $350 for associate attorneys, and $100 for paralegals. According to the filings, the firm represents no interest adverse to the Debtor or the estate and has no connections with the Debtor, creditors, or parties in interest other than those disclosed. The firm can be reached at: Jake C. Blanchard, Esq. BLANCHARD LAW, P.A. 8221 49th Street North Pinellas Park, FL 33781 Telephone: (727) 531-7068 Facsimile: (727) 535-2086 E-mail: jake@jakeblanchardlaw.com About VetCor LLC Based in Tampa, Florida, VetCor, LLC is a veteran-owned restoration services company founded in 2013, providing water and mold damage restoration for residential and commercial properties. It operates from 5898 Jet Port Industrial Blvd and offers fire and smoke mitigation, emergency board-up and roof tarping, and related cleanup services. The company is IICRC-certified and emphasizes rapid response and adherence to industry restoration standards. VetCor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07690) on October 17, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Jake C. Blanchard, Esq., at Blanchard Law, P.A. represents the Debtor as bankruptcy counsel. VILLAGE HOMES: To Sell Fort Worth Property to Karin Sommers ----------------------------------------------------------- Village Homes, L.P., seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Texas limited partnership formed in 1996. The Debtor's general partner is DH Management, Inc., a Texas corporation, which holds a 1% general partner interest. The Debtor has two limited partners: Michael Dike and James R. Harris. The Debtor is engaged in the construction of single-family homes, acquisition of lots and options to acquire lots, and in the marketing and sale of completed homes. The Debtor's properties (Lots) are located in various subdivisions in Tarrant and Parker Counties, Texas. To finance its homebuilding operations, the Debtor maintains various credit and borrowing facilities with several financial institutions including Huntington Bank, f/k/a Veritex Community Bank. The Lenders are granted liens in the Lots for which they make advances for the acquisition thereof and for construction of homes thereon. The Existing Credit Facilities presently in place ensure that no two Lenders’ advance funds are secured by the same Lots. Thus, as between the Lenders, there are no concerns of competing liens on each Lender's collateral. In October 2024, the Debtor entered into a Real Estate Sales Contract with VilHom FW Holdings LLC, f/k/a/ Olerio Development, LLC. Pursuant to the terms of the Contract, VilHom was required to close by the end of February 2025, but VilHom failed to close. A dispute between the parties subsequently arose and the Debtor initiated a lawsuit in the District Court of Tarrant County, Texas, seeking declaratory relief related to VilHom's default under the Contract for failing to close the transaction. Post-petition, in the ordinary course of business, the Debtor entered into a Village Homes Purchase Agreement for the sale of an already completed spec home with an address of 2150 Village Walk Place, Fort Worth, Texas 76008 (VWP Property) to Karin Sommers in the purchase price of $405,000. The VWP Property is not subject to the Lis Pendens. The closing date for the sale of the VWP Property is scheduled for December 3, 2025. The Debtor proposes to sell the VWP Property free and clear of the lien asserted by Huntington. Each loan agreement between the Debtor and Huntington contains an agreed upon release price formula for ascertaining the release price to be paid to Huntington at the closing of a sale of a property subject to a Huntington lien in exchange for Huntington releasing its lien on such property sold. Huntington holds a first priority lien on the VWP Property, subject only to the liens securing property taxes. The Debtor also seeks leave for the title company to distribute the sale proceeds to pay the ordinary and necessary cost of sale, including commissions, tax prorations, make-ready costs, and homeowners’ warranty premium costs. By consent of Huntington, the remainder of the sale proceeds, after payment of the Release Price and closing costs, shall be distributed to and for the use by the Debtor as provided under the loan agreements between the Debtor and Huntington. About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. VILLAGE ROADSHOW: Warner Bros. Appeal Chapter 11 Rights Sale ------------------------------------------------------------ Clara Geoghegan of Law360 reports that Warner Brothers requested a Delaware bankruptcy court on Tuesday to temporarily halt the $18.5 million sale of derivative film rights belonging to its bankrupt former partner, Village Roadshow. The studio is challenging the transaction, arguing that the sale could affect its financial and contractual interests in co-produced films. The deal, part of Village Roadshow's ongoing Chapter 11 proceedings, has already been approved by the court. Warner seeks a pause to ensure it can protect its stake in future sequels and derivative projects tied to the company's most valuable intellectual property, the report states. 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. WALKER EDISON: Updates Liquidating Plan Disclosures --------------------------------------------------- WEH Liquidating, LLC f/k/a Walker Edison Holdco LLC and Its Debtor Affiliates submitted a Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated November 11, 2025. 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. The Debtors did not receive any bids for their Assets other than the Stalking Horse Bid prior to the bid deadline. As a result, the Debtors cancelled the auction. At the Sale Hearing, the Debtors were able to resolve the GXO Limited Objection through the GXO Stipulation. The Bankruptcy Court scheduled the Kenco Limited Objection for hearing on October 8, 2025. The Debtors and Kenco engaged in good faith negotiations and as a result, the Debtors were able to resolve the Kenco Limited Objection. On October 7, 2025, the Bankruptcy Court entered an order approving the Kenco Stipulation. 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. Additionally, after the Closing of the Sale, the corporate names of the Debtors were changed to WEH Liquidating, LLC, WEI Liquidating, LLC, WEFC Liquidating, LLC, and EWF Liquidating, LLC. Like in the prior iteration of the Plan, except to the extent that the Holder of an Allowed Claim in Class 4 agrees to less favorable treatment (or such other treatment which the Debtors or the Liquidating Trustee, as applicable, and the Holder of such Allowed Class 4 Claim have agreed upon in writing), each Holder of an Allowed Claim in Class 4 shall receive their Pro Rata share 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. On the Effective Date, all Interests shall be transferred to the Liquidating Trust, and each Holder of an Interest in the Debtors shall receive no Distribution pursuant to the Plan. 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 Assets include: (i) all Cash held by the Debtors as of the Effective Date, excluding amounts held in trust with respect to the Professional Fee Account but including the Initial Estate Payment, (ii) the Utah Litigation Assets, (iii) Litigation DIP Loan Proceeds, (iv) Other Litigation Assets, and (v) Other Assets, all of which are being transferred pursuant to this Plan to the Liquidating Trust upon the Effective Date. A full-text copy of the Combined Disclosure Statement and Liquidating Plan dated November 11, 2025 is available at https://urlcurt.com/u?l=0hKaCE 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. WARRIOR SPORTS: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------- Warriors Sports Club Inc. filed a voluntary Chapter 11 bankruptcy on November 17, 2025, in the Southern District of New York, assigned case number 25-12549.The petition lists liabilities ranging from $100,001 to $1 million. The company reports having 1–49 creditors. About Warriors Sports Club Inc. Warriors Sports Club Inc. , headquartered in New York, specializes in the sports and fitness industry. It delivers a range of programs for both youth and adults, including recreational activities, athletic training, and organized sports leagues. The company also offers fitness classes, personal coaching, and community sports events. Warriors Sports Club Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12549) on November 17, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by Manuel D. Gomez, Esq. of Manuel D. Gomez & Associates, P. C. WHITEEAGLE PROPERTIES: Hires McCurdy Real Estate as Auctioneer -------------------------------------------------------------- WhiteEagle Properties 22 Corp. seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ McCurdy Real Estate & Auction, LLC as Realtor/Auctioneer in its Chapter 11 case. McCurdy will provide these services: (a) assist in the auction and sale, pursuant to 11 U.S.C. § 363, of Debtor’s personal property and real estate located at 115 N. Main St., Lindsborg, Kansas 67456; (b) make auction the Debtor's personal property as set forth on Exhibit A; and (c) perform services in accordance with the separate listing agreements. According to court filings, McCurdy holds no interest or claim adverse to the above–captioned bankruptcy estate and is a "disinterested person" as that term is defined and used in the Bankruptcy Code. The firm can be reached at: MCCURDY REAL ESTATE & AUCTION, LLC 12041 E. 13th St. N. Wichita, KS 67206 Office: (316) 867-3600 Fax: (316) 683-8822 About Whiteeagle Properties 22 Corp. Whiteeagle Properties 22 Corp. is a property company based in Lindsborg, Kansas that operates in the real estate sector. Whiteeagle Properties 22 Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-10770) on July 28, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mitchell L. Herren handles the case. The Debtor is represented by Mark J. Lazzo, Esq. at Landmark Office Park. WHITEHALL PHARMACY: Seeks to Extend Exclusivity to March 18, 2026 ----------------------------------------------------------------- Whitehall Pharmacy LLC, asked the U.S. Bankruptcy Court for the Eastern District of Arkansas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 18, 2026 and May 17, 2026, respectively. The Debtor explains that the size and complexity of the case supports an extension of the Exclusive Periods. Debtor operates a network of pharmacies across Arkansas and is involved in multiple complicated prescription drug reimbursement programs. Debtor has negotiated multiple cash collateral budgets and orders with Stone Bank and other stakeholders, implemented a consent cash-management regime and assumed at critical executory contracts. The Debtor and its advisors are validating claim pools, finalizing normalized run-rate budgets under the amended cash-collateral framework, and preparing multi-scenario projections, with the claims bar date's expiration. The requested extension will allow Debtor to complete these interdependent steps and use them to negotiate plan terms with creditors. The Debtor claims that it continues to operate in the ordinary course under Court-approved budgets, regarding the company's postpetition obligations. The Debtor asserts that it does not file this Motion for any improper purposes. No prejudice or improper leverage will be gained by entry of an order pursuant to this Motion. Debtor seeks this extension to marshal information and build consensus, not to delay recoveries or pressure creditors. Extending exclusivity will preserve a stable environment for plan negotiations while avoiding the distraction and expense of competing plans. Whitehall Pharmacy, LLC is represented by: Charles Darwin Davidson, Sr., Esq. Deven K. Harvison, Esq. Davidson Law Firm 724 Garland Street Little Rock, AR 72201 Telephone: (501) 374-9977 Email: deven.harvison@dlf-ar.com About Whitehall Pharmacy LLC Whitehall Pharmacy, LLC operates pharmacies in multiple locations in Arkansas. Whitehall Pharmacy sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-12406) on July 21, 2025, listing between $1 million and $10 million in assets and liabilities. Floyd Lelan Stice, company owner, signed the petition. Judge Phyllis M. Jones oversees the case. The Debtor tapped Charles Darwin Davidson, Sr., Esq., at Davidson Law Firm, as bankruptcy counsel and Sykes & Company, P.A. as accountant. WORK 'N GEAR: Unsecureds to be Paid in Full over 5 Years -------------------------------------------------------- Work 'N Gear, LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Plan of Reorganization dated November 12, 2025. On March 7, 2002, the Debtor was formed as a limited liability company in the State of New York. The Debtor is a retail seller of workplace apparel and footwear, as well as healthcare scrubs and attire utilized by first responders and healthcare professionals. The Debtor is a privately owned company, with 100% of its membership interests held by WNG Inc. WNG Inc. is wholly owned by its sole shareholder, Anthony DiPaolo. The Debtor currently operates 26 brick and mortar retail stores located in 8 different states, primarily in the Northeastern and Midwestern United States; operates an online internet retail store; and operates a 14,000 square foot distribution facility in Avon, Massachusetts, which serves in-store and online customers. The Plan produces a distribution to the DIP Lender via exit financing which the Debtor continues to shop. The DIP Lender has a right of first refusal with regard to the provision of exit financing. With regard to the Debtor's unsecured Creditors, the Plan provides for a distribution via profits generated by the Reorganized Debtor post confirmation over the course of five years. Additionally, post-confirmation, the Debtor retains the right to sell equity or assets to satisfy the Class 3 Creditors. Under the Plan, the Allowed Claims of the Debtor's Creditors will be paid as follows: * DIP Claim to be paid in full upon the Effective Date. * Unsecured Creditors will be paid in full, without interest, in five annual installments, as follows: (i) ten percent in ninety days after the Effective Date; (ii) fifteen percent on the first anniversary of the Effective Date; (iii) twenty percent on the second anniversary of the Effective Date; (iv) thirty percent on the third anniversary of the Effective Date; and (v) twenty-five percent on the fourth anniversary of the Effective Date. * Holders of the Debtor's Interests shall retain their interest in the Debtor; provided however, that twenty percent of the Interests shall be pledged to secure payment to Class 3. Class 3 consists of all Allowed Unsecured Claims. Allowed Class 3 Unsecured Claims in the aggregate maximum amount of $3,500,000 shall be paid in full, without interest, in five annual installments, as follows: (i) ten percent in ninety days after the Effective Date; (ii) fifteen percent on the first anniversary of the Effective Date; (iii) twenty percent on the second anniversary of the Effective Date; (iv) thirty percent on the third anniversary of the Effective Date; and (v) twenty-five percent on the fourth anniversary of the Effective Date. Class 3 is Impaired. Class 4 consists of all Interest in the Debtor. Class 4 Interests Holder shall retain its interests in the Debtor; provided however, if the Reorganized Debtor determines to sell its assets and/or equity post-confirmation. Class 4 is an Unimpaired Class. The Debtor will fund distributions under the Plan over the course of five years from profits generated from the operation of the Debtor's business operations. Indeed, under the Plan, Class 3 Claims in the aggregate maximum amount of $3,500,000 shall be paid in full, without interest, in five annual installments, as follows: (i) ten percent in ninety days after the Effective Date; (ii) fifteen percent on the first anniversary of the Effective Date; (iii) twenty percent on the second anniversary of the Effective Date; (iv) thirty percent on the third anniversary of the Effective Date; and (v) twenty-five percent on the fourth anniversary of the Effective Date. A full-text copy of the Disclosure Statement dated November 12, 2025 is available at https://urlcurt.com/u?l=gIrIuf from PacerMonitor.com at no charge. Counsel to the Debtor: Eric H. Horn, Esq. David S. Salhanick, Esq. A.Y. STRAUSS LLC 290 West Mount Pleasant Avenue, Suite 3260 Livingston, NJ 07039 Telephone: (973) 287-5006 Facsimile: (973) 533-0127 About Work 'N Gear LLC Work 'N Gear, LLC is a retail seller of workplace apparel and footwear, as well as healthcare scrubs and attire utilized by first responders and healthcare professionals. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-17472) on July 16, 2025, with up to $10 million in both assets and liabilities. Larry Nusbaum, interim president of Work 'N Gear, signed the petition. Judge Mark Edward Hall oversees the case. Eric H. Horn, Esq., at A.Y. Strauss, LLC, represents the Debtor as legal counsel. YELLOW CORP: Gets Court OK for Chapter 11 Wind-Down Plan -------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Yellow Corp., once a dominant force in US trucking, secured court approval for its Chapter 11 wind-down plan after two years of litigation and pension disputes. Judge Craig T. Goldblatt of the Delaware bankruptcy court said Monday he would confirm the plan despite objections from major shareholder MFN Partners LP, which pushed for a conversion to Chapter 7. The decision marks a significant step for Yellow, which has spent more than a year selling assets and confronting billions in pension-related claims since its August 2023 bankruptcy filing. According to a declaration from Alvarez & Marsal, the company holds over $600 million in cash along with additional proceeds to fund the plan, pay claims, and support a liquidating trust, according to Bloomberg Law. MFN argued that a Chapter 7 trustee would reduce costs and bring independent oversight, but Goldblatt rejected that view, noting that extensive litigation has already drained value from the estate. He said a trustee-led process would likely extend costly disputes and further erode creditor recoveries. "I don't think creditors would be better off with a conversion to Chapter 7," the judge said. The case has been marked by challenges stemming from Yellow's pandemic-era $737 million federal loan and its subsequent default, which led to 30,000 layoffs and years of disputes with unions, regulators, and creditors. Despite objections from MFN and government agencies, Goldblatt found the plan offered better recoveries than liquidation and contained sufficient governance protections to proceed in good faith, the report states. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and internationalshipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. YOHMAN LANDSCAPING: Unsecureds Will Get 28% of Claims in Plan ------------------------------------------------------------- Yohman Landscaping & Concrete LLC filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Plan of Reorganization for Small Business dated November 11, 2025. The Debtor owns and operates a residential and commercial construction business. The Debtor is a Pennsylvania LLC that is owned 100% by Paul Yohman. The Debtor's business evolved from landscaping and concrete work to almost entirely residential and commercial construction. The Debtor has increased business, reduced labor costs, and become more efficient in operations. Halting the merchant cash advance loan payments upon filing also drastically increased profitability. As a result, the Debtor has become profitable on a monthly, ongoing basis with the ability to fund this Plan. The Debtor expanded operations too quickly and took on merchant cash advance debt as a result. The Debtor was forced to file this case as it could not keep up with ongoing equipment and loan payments as a result. The Plan proposes to pay the Debtor's creditors from cash flow from operations. The Plan proposes to pay administrative claims in full unless otherwise agreed. The Debtor estimates approximately 28% dividend will be paid on account of general unsecured claims pursuant to the Plan. Class 4 consists of General Unsecured Claims. Undisputed, known Class 4 General unsecured Claims total $334,590.70. The Debtor shall make distribution of $4,800.00 per quarter that shall be divided and paid pro-rata to all allowed Class 4 claims. Payments shall begin on or before the last day of the third month following the effective date of the Plan. Subsequent payments shall be made by the Debtor on a quarterly basis on or before the last day of the month every third month thereafter for a total of 20 quarterly payments. Total payment to Class 4 creditors shall be $96,000.00, which will pay all allowed and currently known General Unsecured Creditors approximately 28% of their allowed claims. Disputed Class 4 claims will not receive any distributions pursuant to the Plan. Any Class 4 creditor who has an outstanding UCC filing against the Debtor, shall have 30 days after the Effective Date to satisfy, remove, and/or extinguish any liens against the assets of the Debtor supported by a UCC filing. The creditor shall file said satisfaction/termination with the appropriate state office. Paul Yohman will continue to be the 100% member of the Debtor. The Plan will be funded through the ongoing revenue of the Debtor's construction business. A full-text copy of the Plan of Reorganization dated November 11, 2025 is available at https://urlcurt.com/u?l=Nw4bhX from PacerMonitor.com at no charge. Counsel to the Debtor: Christopher M. Frye, Esq. Steidl & Steinberg, P.C. Koppers Building, Suite 322 436 Seventh Avenue Pittsburgh, PA 15219 Telephone: (412) 391-8000 Email: chris.frye@steidl-steinberg.com About Yohman Landscaping & Concrete LLC Yohman Landscaping & Concrete, LLC, owns and operates a residential and commercial construction business. The Debtor filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 25-20975) on April 16, 2025, listing up to $500,000 in both assets and liabilities. Paul M. Yohman II, a member of Yohman Landscaping & Concrete, signed the petition. Christopher M. Frye, Esq., at Steidl & Steinberg, P.C., is the Debtor's legal counsel. ZEN JV: Wins Bid for Assumption of Contracts in Bankruptcy ---------------------------------------------------------- Judge J. Kate Stickles of the United States Bankruptcy Court for the District of Delaware granted the motion of Zen JV, LLC for entry of an order: (i) authorizing assumption and assignment of certain executory contracts with the counterparties, and (ii) granting related relief. All objections to the entry of this Order, to the extent not withdrawn or settled, are overruled. The Assumed Contracts shall constitute Assumed Agreements under the Job Board APA. The Assumed Contracts are assumed and assigned to BOLD Holdings, LLC in their entirety pursuant to sections 105(a), 363 and 365 of the Bankruptcy Code, on the terms and conditions therein, effective as of the Closing. The Debtors have provided adequate assurance of future performance and have satisfied the requirements set forth in section 365(b)(1) of the Bankruptcy Code. BOLD shall promptly cure existing defaults under the Assumed Contracts as required by section 365(b)(1)(A). A copy of the Court's Order dated November 10, 2025, is available at https://urlcurt.com/u?l=auoBXI from PacerMonitor.com. About Zen JV LLC Zen JV, LLC, operates online employment platforms and related digital media services through brands such as CareerBuilder, Monster, Fastweb, and Military.com. The Company also provides human capital software solutions to government agencies via Monster Government Services. On June 24, 2025, Zen JV, LLC and 9 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 25-11195) with deals to sell key assets to three parties. Zen JV, LLC listed up to $100 million in assets and up to $500,000 in liabilities. Jeff Furman, chief executive officer of Zen JV, signed the petition. Judge Kate Sickles oversees the cases. Latham & Watkins LLP and Richards, Layton & Finger, P.A., are counsel to the Debtors. AlixPartners, LLP, is the Debtors' financial advisor, and PJT Partners LP is the investment banker. Omni Agent Solutions is the claims agent. Forvis Mazars, LLP serves as tax services provider. Duane Morris LLP advised the buyer JobGet. Stoel Rives LLP advised the purchaser Valnet. Proskauer Rose LLP advised the purchaser Valsoft. JMB Capital Partners Lending, LLC, as DIP lender, is represented by Matthew B. Lunn, Esq., and Robert F. Poppiti, Jr., Esq. of Young Conaway Stargatt & Taylor, LLP, and Robert M. Hirsh, Esq., and James A. Copeland, Esq. of Norton Rose Fulbright US LLP. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Zen JV, LLC and its affiliates. The committee tapped M3 Advisory Partners, LP as financial advisor and Cole Schotz P.C. as counsel. ZHL SERVICES: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: ZHL Services, LLC 2107 New Berlin Road Jacksonville, FL 32218 Business Description: ZHL Services, LLC provides land-clearing, demolition, excavation, utility, and septic services for industrial, commercial, and residential projects in North Florida. The Company operates as a locally owned contractor that has expanded from grade-work origins to a broader range of site- development services. It is recognized as a Jacksonville Small and Emerging Business. Chapter 11 Petition Date: November 13, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-04182 Judge: Hon. Jacob A Brown Debtor's Counsel: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP 5452 Arlington Expy. Jacksonville, FL 32211 Phone: (904) 725-0822 E-mail: bkmickler@planlaw.com Total Assets: $2,264,846 Total Liabilities: $3,965,913 The petition was signed by Haley Lundy 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/ABVGBPA/ZHL_Services_LLC__flmbke-25-04182__0001.0.pdf?mcid=tGE4TAMA ZUUM TRANSPORTATION: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Zuum Transportation Inc. received interim approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to use cash collateral. The Debtor intends to use funds held in three pre-bankruptcy bank accounts -- Western Alliance Account Nos. 2976, 6913, and 8553 -- in accordance with a 12-week budget; and offers to grant adequate protection to its two secured lenders, Wex Bank and Trinity Capital, Inc., in the form of replacement liens on estate assets and post-petition proceeds. The Debtor believes that Wex and Trinity are adequately protected given their substantial equity cushions -- estimated at 82% for Wex and 45% for Trinity -- well above the 20% threshold generally recognized by courts as sufficient adequate protection. Additional protection will be provided through replacement liens and the preservation of collateral value via continued business operations. Zuum projects it will use approximately $1.04 million in cash collateral during the budget period but anticipates closing new software licensing contracts worth $1.289 million in annualized revenue, generating $1.039 million in upfront cash by March 2026. Although most of this revenue will be realized after the budget period, the Debtor forecasts a cash increase from $710,578 to $2,232,206 during that time—an improvement of roughly $1.52 million. The Debtor filed for Chapter 11 protection to stabilize operations and preserve value amid financial distress primarily caused by its underperforming digital freight brokerage business. Founded in 2016, Zuum operated as both a digital freight broker—connecting large shippers like General Motors and Hyundai Glovis with carriers—and a technology company offering a proprietary Transportation Management Software (TMS) platform. The brokerage business, which once managed thousands of freight loads per month for more than 235 customers, suffered from declining freight rates, delayed payments, increased carrier costs, and chargebacks from customers. These issues caused liquidity shortages that hindered investment in the company's more successful Software Business. In contrast, Zuum's TMS platform, sold on a Software-as-a-Service model, achieved over 100% sales growth from 2024 to 2025 and serves major enterprise clients including FedEx Custom Critical. Despite workforce reductions and cost-cutting efforts, persistent losses from the brokerage division forced Zuum to cease most brokerage operations and seek bankruptcy protection. The Debtor's Chapter 11 strategy centers on preserving and expanding its profitable software operations while restructuring debts. As of the petition date, Zuum's assets included approximately $710,578 in cash, $22,850 in equipment and furnishings, $7.44 million in accounts receivable, and intellectual property valued between $23 million and $30 million. Its secured debts include approximately $4.5 million owed to Wex under a revolving credit facility (with senior liens on cash and receivables) and $4.68 million owed to Trinity (with second-position liens on those assets but priority on intellectual property). The next hearing is set for December 16. About Zuum Transportation Inc. Zuum Transportation Inc. based in Irvine, California, operates a digital logistics platform connecting shippers, brokers, carriers, and drivers across the U.S. and globally. The Company provides technology-driven freight and supply-chain solutions aimed at improving efficiency and cost-effectiveness for shippers while enhancing profitability for carriers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13127) on November 6, 2025. In the petition signed by Matt Tabatabai, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Mark D. Houle oversees the case. Eve H. Karasik, Esq., at LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P., represents the Debtor as legal counsel. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. 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