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251120.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, November 20, 2025, Vol. 29, No. 323 Headlines 23ANDME HOLDING: Seeks to Extend Plan Exclusivity to Jan. 20, 2026 35 WELLSONA: Seeks to Hire Golden Goodrich as Legal Counsel 407 SMILEY: Case Summary & 13 Unsecured Creditors 51319 W US HIGHWAY: Hearing Today on Bid to Use Cash Collateral 66FGP LLC: Seeks to Hire Julio E. Portilla P.C. as Legal Counsel 740 SCHNEIDER DRIVE: Jan. 29 Real Estate Auction 781-783 MAIN STREET: Lender Seeks Nov. 19 Auction A.B. INTERNATIONAL: Case Summary & Seven Unsecured Creditors A.B. INTERNATIONAL: Yann Geron Named Subchapter V Trustee ABIDE VENTURES: Intagent, et al. Win Bid for Automatic Stay Relief ACCURADIO LLC: Gets Extension to Access Cash Collateral ADIENT GLOBAL: Moody's Affirms 'B1' CFR, Outlook Remains Stable ADVENT TECHNOLOGIES: Fully Repays $235K Convertible Note to Hudson ADWOA BEAUTY: Hires DeMarco-Mitchell PLLC as Bankruptcy Counsel AGREETA SOLUTIONS: Gets Extension to Access Cash Collateral ALL STAR: Seeks to Tap Dickson Commercial Group as Estate Broker AMERICAN 24: Seeks to Hire Gentry Real Estate as Broker AMERICAN AUTO: S&P Affirms 'B-' ICR on Dividend Recapitalization AMERICAN PAVING: Case Summary & 20 Largest Unsecured Creditors ANDERSON UNIVERSITY: Fitch Affirms 'B-' IDR, Outlook Negative APPLIED DNA: Appoints Joshua Kruger as 'Non-Independent' Chairman ARIZONA STATE: Gets OK to Use Cash Collateral Until Dec. 31 ARTIFICIAL INTELLIGENCE: Lands $2.5MM Deal to Roll Out SARA Project ASHLEY STEWART: Lender Seeks Nov. 20 Auction ATHERTON TRAIL: Gina Klump Named Subchapter V Trustee ATLANTIC OVERSEAS: Seeks to Hire Bilu Law PA as Bankruptcy Counsel AUTOMATED TRUCKING: Seeks to Hire Andrea P. Bauman as Accountant AUXILIARY OPERATIONS: Seeks to Extend Exclusivity to Jan. 23, 2026 AVALONE HOSPITALITY: Wins Final Decree Closing Chapter 11 Case AYA SERVICE: Secured Party Seeks Dec. 15 Auction BAHRAM BENARESH: Secured Party Seeks Dec. 3 Auction BANNERS OF ABINGDON: Court Orders Joint Administration of Cases BEELINE HOLDINGS: Raises $7.39M in Registered Common Stock Offering BEST CUPPA: Seeks Approval to Tap Nguyen Law as Bankruptcy Counsel BETTER IS BETTER: Seeks to Extend Plan Filing Deadline to Dec. 1 BLACKROCK ELBERT V: S&P Places 'BB-' E-R Debt Rating on Watch Neg. BLACKSTONE MORTGAGE: S&P Rates Proposed $500MM Term Loan B 'B+' BLUE BANK: Richard Preston Cook Named Subchapter V Trustee BOOTLEGGER'S BREWERY: Hires Bisom Law Group as Legal Counsel BOREN INC: Seeks to Hire Johnson Legal PLLC as Legal Counsel BP RETAIL: Seeks to Extend Plan Exclusivity to April 21, 2026 BRANDHOOT LLC: Seeks to Sell Bicycle Inventory at Auction BUCKINGHAM SENIOR LIVING: Case Summary & 30 Top Unsec. Creditors BUILDING COMPANY: Taps Dunham Hildebrand Payne Waldron as Counsel BYJU'S ALPHA: Ex-Founder Concealed $506MM Using UK Company CACHCOPA LLC: Gets OK to Hire All American Financial as Accountant CARRIAGE SERVICES: S&P Upgrades ICR to 'B+' on Improved Leverage CASPER INC: Seeks Subchapter V Bankruptcy in Illinois CEDAR VALLEY: Court Directs U.S. Trustee to Appoint PCO CELANESE CORP: S&P Cuts ICR to 'BB' On Elevated Debt, Outlook Neg. CEMTREX INC: Secures $7MM Note from Streeterville Capital CENTRAL FLORIDA FIREARMS: BransonLaw Approved as Debtor's Counsel CHATEAU CREOLE: Trustee Taps Lugenbuhl Wheaton Peck as Counsel CHEER ATHLETICS-PLANO: Hires Mitchell Law Firm as Legal Counsel CHICAGO SOUTH: Hires Goldstein & McClintock LLLP as Legal Counsel CHISHOLM OIL: Wins Bid to Enforce Plan Confirmation Order CHRISTENSON EQUITIES: Court Issues CCAA Initial Order CIBUS INC: Appoints Craig Wichner to Board, Strategy Committee COASTAL CANTINA: Seeks to Tap David W. Steen as Bankruptcy Counsel COMPANION CARE: Files Amended Plan; Confirmation Hearing Dec. 2 COMPOSECURE HOLDINGS: S&P Assigns 'B+' ICR on Acquisition of Husky COMTECH TELECOM: $155.3MM Loss in FY25; Lifts Going Concern Doubt CONSTANT CARE: Taps Wadsworth Garber Warner as Bankruptcy Counsel CONSTRUCTION PARTNERS: S&P Hikes ICR to 'BB-' on Expanding Margins CORPORATE AIR: Committee Taps Raines Feldman Littrell as Counsel CORPORATE AIR: Seeks to Hire Ordinary Course Professionals CRS SERVICES: Case Summary & 13 Unsecured Creditors CYANOTECH CORP: Reports $1,000 Net Income in 2025 Q2 CYPRIUM HOLDINGS: S&P Assigns 'BB' ICR, Outlook Stable D SAN JOSE: Gets Interim OK to Use Cash Collateral D.R. PATEL: Seeks to Hire Belvedere Legal as Bankruptcy Counsel DATAVAULT AI: Files Defamation Suit vs Wolfpack Research DAVIS DIESEL: Seeks to Hire Cooper Law Firm as Bankruptcy Counsel DEL MONTE: Taps SyCip Gorres Velayo & Co. as Independent Auditor DESTINY VOICE: Hires DeMarco-Mitchell PLLC as Bankruptcy Counsel DIAMOND COMIC: Plan Exclusivity Period Extended to January 13, 2026 DKC ENTERPRISES: Monique Almy Named Subchapter V Trustee DUCHESS EQUESTRIAN: Salvatore LaMonica Named Subchapter V Trustee ECUBE LABS: Seeks to Hire Vartabedian Hester as Bankruptcy Counsel ELEMENT SOLUTIONS: Moody's Rates New $500MM Revolver Loan 'Ba1' ELETSON HOLDINGS: Reed Smith Can't Represent Former Owners ELNUNU MEDICAL: PCO Reports No Change in Patient Care Quality ENERFLEX LTD: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable ENERFORE DIGITAL: Secured Party Seeks Nov. 24 Auction ERIC JON CROSS: U.S. Trustee Wins Bid to Dismiss Bankruptcy Case F.L. SIMS: Seeks to Hire Paul Reece Marr as Bankruptcy Counsel FIRST BRANDS: Gets Court OK for Examiner Appointment to Probe Fraud FITNESS NGO: Aleida Martinez Molina Named Subchapter V Trustee GAROFALO REAL ESTATE: Files Amendment to Disclosure Statement GENTAL DENTAL: Gets Interim OK to Use Cash Collateral Until Jan. 12 GLOBAL ATLANTIC: S&P Rates Junior Subordinated Debentures 'BB+' GLUTALITY GLOBAL: Seeks to Hire Wernick Law as Bankruptcy Counsel GOHAR INC: Seeks to Hire David Freydin PC as Bankruptcy Counsel GROFF TRACTOR: Hires Bonds Ellis Eppich as Bankruptcy Counsel GROFF TRACTOR: Hires Epiq Corporate as Claims and Noticing Agent GROFF TRACTOR: Seeks to Hire TM Capital as Investment Banker GROFF TRACTOR: Taps Michael Juniper of CR3 Partners as CRO HANSEN-MUELLER CO: Case Summary & 20 Largest Unsecured Creditors HARVEST SHERWOOD: Court Tosses Litigation Funders' Adversary Case HUSKY TECHNOLOGIES: S&P Rates Proposed Delayed Draw Term Loan 'B-' IR4C INC: Lakeland Property Sale to Gregory Madden for $3.6MM OK'd JAMES MILLER: Gets Interim OK to Use Cash Collateral Until Dec. 8 JDM PROPERTIES: Joe Supple Named Subchapter V Trustee JUNE PURCHASER: S&P Alters Outlook to Positive, Affirms 'B' LT ICR JUST DO: Seeks Court Approval to Hire RE/MAX Diversity as Realtor KAHN PROPERTY: Taps Pollack Pollack Isaac as Appellate Counsel KEIRAN INVESTMENTS: Seeks to Hire Villa & White as Legal Counsel KIEL JOSEPH GREEN: Court Reopens Bankruptcy Case to Issue Discharge KIN DEE: Hires Quadros Migl & Crosby as Special Litigation Counsel KX 84 LLC: Seeks Approval to Tap Paul Reece Marr as Legal Counsel LARCO POOLS: Creditors to Get Proceeds From Liquidation LASEN INC: Affiliate Taps Benjamin T. Koeller CPA as Accountant LEGENCE HOLDINGS: Bowers Transaction No Impact on Moody's 'B1' CFR LITHION TECHNOLOGIES: Court Issues CCAA Initial Court LUGANO DIAMONDS: Gets Interim Court OK for $12MM Financing M&K ACTIVE: Gets Final OK to Use Cash Collateral MARCEL CONTRABAND: Unsecureds Have 2 Options in Liquidating Plan MEAT U ANYWHERE: Gets Final OK to Use Cash Collateral MEDICAL PROPERTIES: State Street Corp Holds 4.5% Stake MERA CANNABIS: Court Issues CCAA Initial Order, E&Y Named Monitor MERCURITY FINTECH: Rebrands as Chaince Digital Holdings Inc. MERCURITY FINTECH: Signs Non-Binding MOU with M2M Capital & Chaince MODIVCARE INC: Director David Mounts Gonzales Resigns MOLINA HEALTHCARE: S&P Rates New Senior Unsecured Notes 'BB' MRC GLOBAL: S&P Withdraws 'B' Long-Term Issuer Credit Rating N-ABLE INTERNATIONAL: S&P Rates Senior Secured Facilities 'B+' NABORS INDUSTRIES: Closes $700 Million 7.625% Senior Notes Offering NEW FORTRESS: S&P Downgrades ICR to 'SD' on Forbearance Agreement NOAH ASHER: Gets Interim OK to Use Cash Collateral Until Dec. 4 NORCOLD LLC: Seeks to Hire Stretto as Claims and Noticing Agent NOVELIS INC: S&P Affirms 'BB' Issuer Credit Rating, Outlook Neg. NSG HOLDINGS: S&P Withdraws 'BB+' Issuer Credit Rating ONDAS HOLDINGS: Appoints Yoav Har-Even to OAS Advisory Board OUTER AISLE: Seeks to Sell Bread-Making Equipment at Auction PALATIN TECHNOLOGIES: Closes $18.2M Public Offering of 2.8M Shares PAULAZ ENTERPRISES: Court Amends Final Cash Collateral Order PERSEVERANCE 3: Seeks Chapter 7 Bankruptcy in Florida PIKE CORP: S&P Places 'B+' ICR on Watch Neg. on Acquisition by TPG PINEAPPLE PROPERTIES: Denied to Sell Augustine Property to Szolgyem PRIMALEND CAPITAL: Hires Houlihan Lokey as Investment Banker PRIMALEND CAPITAL: Hires Willkie Farr & Gallagher as Co-Counsel PRIMALEND CAPITAL: Taps Katten Muchin Rosenman as Special Counsel PRIMALEND CAPITAL: Taps Ordinary Course Professionals PRIMALEND CAPITAL: Taps Tanya Meerovich of FTI Consulting as CRO PURDUE PHARMA: Judge Explains Chapter 11 Confirmation Decision PUREATY MED: Nathan Smith Named Subchapter V Trustee Q & T PROPERTIES: Seeks Subchapter V Bankruptcy in Louisiana QUALITY FIRST: Seeks Approval to Tap Fishman Haygood as Counsel RAISTONE: Intends to Sell Itself After Collapse of First Brands RIVERDALE ASSEMBLY: Hires Fear Waddell as Bankruptcy Counsel RIVERVIEW LAND: Taps Cunningham Chernicoff & Warshawsky as Counsel ROBRAD TOOL: Hires Legion Financial LLC as Financial Analyst ROLLING HILLS: Hires DeMarco-Mitchell PLLC as Bankruptcy Counsel RUNITONETIME LLC: Gets Court Ok to Sell Colorado Casino for $25.5MM S & L TRUCKING: Christopher Meredith Named Subchapter V Trustee SALT LAKE: Seeks Approval to Tap Big Mountain CPA as Accountant SEA LATCH INN: Foreclosure Auction Set for Dec. 2 SHAW SERVICES: Seeks to Hire Butler Snow LLP as Special Counsel SIERRA NEVADA: Unsecureds to Split $180K over 60 Months SK MOHAWK: S&P Downgrades ICR to 'SD' on Selective Default SMITH MICRO: Raises $2.65MM via RDO, CEO Private Placement SOLUNA HOLDINGS: Stockholders OK Increase in Authorized Shares SRX HEALTH: Sammy Dorf Joins Board of Directors STEWARD HEALTH: Judge to Scrutinize $304MM Fee Requests SUMMIT HARD: Unsecureds Will Get 1.35% of Claims in Plan SUNSET PALM: Plan Exclusivity Period Extended to January 13, 2026 SUPRA NATIONAL: Hires Levene Neale Bender as Bankruptcy Counsel TALPHERA INC: Orin Hirschman, AIGH Capital Hold 9.7% Stake THERMOPRO INC: Court Extends Cash Collateral Access to Dec. 16 THRILL INTERMEDIATE: Hires Garman Turner Gordon as Legal Counsel THRILL INTERMEDIATE: Seeks to Hire Force Ten Partners as Advisor TJ TRUCKING: Court Denies Bid to Use Cash Collateral TRUE LOUNGE: Unsecured Creditors Will Get 10% of Claims in Plan TRUE MADE: Seeks to Hire Tyler Bartl & Ramsdell as Legal Counsel TURQUOISE LLC: Seeks to Hire CliftonLarsonAllen LLP as Accountant UNIFIED SCIENCE: Seeks to Sell Pharmaceutical Equipment UNIFIED SCIENCE: Seeks to Tap Brookshire Co as Real Estate Broker UNIQUE THIRD: Unsecured Creditors Will Get 2% of Claims in Plan US MAGNESIUM: HireS InterNet Properties as Real Estate Broker US MAGNESIUM: Taps Blank Rome as Special Insurance Recovery Counsel VALLEY JUICE: Seeks to Hire eXp Commercial as Business Broker VENETIAN NAIL: Unsecured Creditors to Split $15K over 60 Months VERNA ERICA: Brian Shapiro Named Subchapter V Trustee VIC ON ROW PARK: Secured Party Seeks Dec. 2 Auction VIEWBIX INC: Sells 100% of Cortex Media to Pro Sportority VILLA CHARDONNAY: Hires Totaro & Shanahan as Insolvency Counsel VIVAKOR INC: Appoints Kimberly Hawley as Company Secretary VIVAKOR INC: Former EVP Knapp Exits With $200K Cash and $100K Stock VIVAKOR INC: JJ Astor Converts $300,000 Note into 3.87MM Shares VIVAKOR INC: Settles Ex-CFO Nelson's Wage Lawsuit for $2MM VOLKE GROUP: Seeks to Hire Zalutsky and Pinski as Attorney VON ROHR: Seeks to Hire McManimon Scotland & Baumann as Counsel VP DIRECT: Neema Varghese Named Subchapter V Trustee WEATHERMASTER ROOFING: Gets Interim OK to Use Cash Collateral WELCOME GROUP: Court OKs Examiner's Scope of Work WELLPATH HOLDINGS: H.I.G. Wins Bid to Enforce Release Orders [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 23ANDME HOLDING: Seeks to Extend Plan Exclusivity to Jan. 20, 2026 ------------------------------------------------------------------ Chrome Holding Co. f/k/a 23andMe Holding Co. and affiliates asked the U.S. Bankruptcy Court for the Eastern District of Missouri to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 20, 2026 and March 23, 2026, respectively. The Debtors explain that facts of these chapter 11 cases demonstrate that ample cause exists to grant the requested extension of the Exclusive Periods: * The Debtors' Chapter 11 Cases are Large and Complex. The Debtors consist of 12 entities that, until the closing of the sale transaction on July 14, 2025, operated three complex business lines and employed hundreds of employees. After an extensive marketing process, three-day auction, final round of incremental post-auction bidding, contested sale hearing, and successful resolution of multiple appeals, the Debtors closed the sale transaction with Purchaser for an aggregate purchase price of $305 million. * The Debtors Have Made Significant Progress in Negotiating in Good Faith With Their Creditors and Administering These Chapter 11 Cases. The Debtors have made significant progress in administering these chapter 11 cases. Since the Petition Date, the Debtors have achieved key milestones, including securing final approval of their postpetition financing facility (which is now repaid in full with the proceeds of the sale to Purchaser), filing their schedules and statements, establishing claims bar dates, and obtaining other critical financial and operational relief. Following negotiations with key stakeholders, the Debtors filed the Plan and Disclosure Statement, obtained approval of the Disclosure Statement, and completed solicitation of votes on the Plan. * The Debtors Require Additional Time to Negotiate and Resolve Open Issues with Stakeholders and Implement the Plan. While the Plan, the Non-Arbitration Settlement Agreements, and the U.S. Data Breach Arbitration Settlement Agreement resolve a substantial number of issues, the Debtors require additional time to resolve open issues and prosecute confirmation of the Plan. The Debtors are actively engaged in ongoing discussions with certain of their stakeholders regarding, among other things, the Plan Supplement documents and mechanics of the Plan Administration Trust. * An Extension of the Exclusivity Periods Will Not Prejudice Creditors. Continued exclusivity will permit the Debtors to focus on obtaining confirmation (and ultimately implementing) the Plan without the distraction of competing plans. Accordingly, extending the Exclusive Periods will ultimately benefit the Debtors' estates, their stakeholders, and other parties in interest by allowing the Debtors time to run a centralized process and continue to build consensus on a confirmable plan while not prejudicing creditors in any way. * The Debtors Have Filed a Viable Plan. The Debtors filed the Plan on August 15, 2025, obtained approval of the Disclosure Statement, and completed solicitation of votes on the Plan in advance of the November 19, 2025 Confirmation Hearing. The Plan (including as subsequently amended) is the culmination of tremendous efforts by the Debtors and their stakeholders both before and during these chapter 11 cases, and is the best option available to maximize the value of the estates. * The Debtors Are Not Pressuring Creditors By Requesting an Extension of the Exclusive Periods. The Debtors are not seeking an extension of the Exclusive Periods to pressure or prejudice any of their stakeholders. Rather, the Debtors seek to preserve and build upon progress made to date by securing adequate time to obtain confirmation of the Plan. The Debtors' efforts toward finalizing a confirmable plan will benefit, not prejudice, their creditors. Counsel to the Debtors: Thomas H. Riske, Esq. Nathan R. Wallace, Esq. Jackson J. Gilkey, Esq. CARMODY MACDONALD P.C. 120 S. Central Avenue, Suite 1800 St. Louis, Missouri 63105 Tel: (314) 854-8600 Fax: (314) 854-8660 Email: thr@carmodymacdonald.com nrw@carmodymacdonald.com jjg@carmodymacdonald.com Counsel to the Debtors: Paul M. Basta, Esq. Christopher Hopkins, Esq. Jessica I. Choi, Esq. Grace C. Hotz, Esq. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, New York 10019 Tel: (212) 373-3000 Fax: (212) 757-3990 Email: pbasta@paulweiss.com chopkins@paulweiss.com jchoi@paulweiss.com ghotz@paulweiss.com 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. 35 WELLSONA: Seeks to Hire Golden Goodrich as Legal Counsel ----------------------------------------------------------- 35 Wellsona Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division to hire Golden Goodrich LLP to serve as its general counsel. Golden Goodrich LLP will provide these services: (a) advise the Debtor and Debtor-in-Possession with respect to the requirements and provisions of the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and other applicable requirements; (b) assist the Debtor in preparing and filing Schedules and Statement of Financial Affairs, and other pleadings and documents required in a Chapter 11 case; (c) represent the Debtor at the Initial Debtor Interview and the § 341(a) meeting of creditors, and any continuances thereof; (d) assist the Debtor in identifying and obtaining court approval for the employment of other necessary professionals; (e) assist in negotiations with creditors and other parties-in-interest; (f) assist in the preparation and formulation of a Chapter 11 plan and confirmation of such plan; (g) advise concerning rights and remedies of the estate and the Debtor regarding adversary proceedings and, if appropriate, assist in retaining special counsel; (h) prepare all motions, applications, answers, orders, reports, and papers necessary for case administration; (i) represent the Debtor in any proceeding or hearing in the Bankruptcy Court where the rights of the estate or Debtor may be litigated or affected; and (j) provide other general insolvency counsel services as necessary in a Chapter 11 case. Golden Goodrich LLP will be compensated at hourly rates ranging from $275 to $850, depending on the experience and expertise of the attorney or paralegal performing the work. Paralegals and law clerks bill at rates of $275 and $250, respectively. The Firm has received a pre-petition retainer of $25,000, of which $17,235.47 was applied to pre-petition services, leaving a balance of $7,764.53. Golden Goodrich LLP is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14) and has no interest adverse to the Debtor's estate, according to court filings. The firm can be reached at: Jeffrey I. Golden, Esq. Sara Tidd, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Telephone: (714) 966-1000 Facsimile: (714) 966-1002 E-mail: jgolden@go2.law stidd@go2.law About 35 Wellsona Holdings LLC 35 Wellsona Holdings LLC is a single asset real estate company. 35 Wellsona Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No 25-11900) on October 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Jeffrey I Golden, Esq. of Golden Goodrich LLP. 407 SMILEY: Case Summary & 13 Unsecured Creditors ------------------------------------------------- Debtor: 407 Smiley Crossing LLC 80 Ridgewood Rd Attleboro MA 02703 Business Description: 407 Smiley Crossing LLC, a single-asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)), owns property at 407-411 Washington Street, Boston, MA. Chapter 11 Petition Date: November 17, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-16917 Judge: Hon. Christopher J Panos Debtor's Counsel: Stephen F. Gordon, Esq. THE GORDON LAW FIRM LLP 57 River Street, Suite 200 Wellesley MA 02481 Tel: 617-456-1270 E-mail: sgordon@gordinfirm.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Manager Jan Hendrik Steenbrugge on behalf of 407 Smiley Crossing LLC. The Company is managed by AM Project 407 Washington LLC, which is in turn managed by Jiam Development, LLC. 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/URQHQCQ/407_Smiley_Crossing_LLC__mabke-25-12486__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 13 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. CRE Boston LLC $18,453 60 State St Boston, MA 02109 Tel: 617-725-0200 2. Kone Inc. $4,245 1 New Boston Dr. Canton, MA 02021 Tel: 877-276-8691 3. Greater NY Mutual Ins. Co. $2,090 199 Water St. New York, NY 10038 Tel: 617-847-5200 4. Butterfly, Inc. $1,378 44 W 28th St 4th Fl New York, NY 10001 Tel: 800-398-4416 Ext 3 5. S&K Waste Services $770 126 Newmarket Sq. Roxbury, MA 02118 Tel: 617-787-8049 6. CSRE Management Inc. $300 1451 Tremonth St. Boston, MA 02120 Tel: 617-725-0200 7. Alarmex Inc. $135 243 Boston St. Topsfield, MA 01983 Tel: 978-887-2999 8. Verizon $59 500 Technology Drive, Suite 500 Weldon Springs, MO 63304 Tel: 800-922-0204 9. Core Technologies $47 699 Boylston St 10th Fl Boston, MA 02116 Tel: 617-784-6727 10. Boston Water and Sewer Unknown 980 Harrison Ave Roxbury, MA 02119 Tel: 617-989-7000 11. Eversoure Unknown 1165 Massachusetts Ave Boston, MA 02125 Tel: 800-340-9822 12. Eversoure Unknown 1165 Massachusetts Ave Boston, MA 02125 Tel: 800-340-9822 13. Jiam Developement LLC Unknown 80 Ridgewood Rd Attleboro, MA 02703 Tel: 617-909-8789 51319 W US HIGHWAY: Hearing Today on Bid to Use Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, is set to hold a hearing today to consider another extension of 51319 W US Highway 60, LLC's authority to use cash collateral. The Debtor's authority to utilize cash collateral pursuant to the court's third interim order expires on November 21. The third interim order entered on November 10 approved the payment of the Debtor's expenses from the cash collateral and granted its lender, Judy Zobel, adequate protection in the form of a monthly payment of $1,636 and an administrative priority claim. The lender's cash collateral includes rents from the trailer park located in Aguila, Arizona, which is being operated by the Debtor. The business generates income through rental of trailers and lots, including space rentals. Ms. Zobel claims an interest in the trailer park and associated rents under a series of loan documents. About 51319 W US Highway 60 51319 W US Highway 60, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21357) on September 24, 2025, listing up to $500,000 in both assets and liabilities. Cameron McCord, Esq., at Jones & Walden, LLC, serves as Subchapter V trustee. Judge James R. Sacca oversees the case. Charles N. Kelley, Jr., Esq., at Kelley Law LLC, represents the Debtor as bankruptcy counsel. 66FGP LLC: Seeks to Hire Julio E. Portilla P.C. as Legal Counsel ---------------------------------------------------------------- 66FGP LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire the Law Office of Julio E. Portilla, P.C., as counsel. The firm's services include: a. providing legal advice with respect to the Debtor's powers and duties as a debtor in possession under the Bankruptcy Code in the continued operation of its business and the management of its property; b. negotiating, drafting, and pursuing all documentation necessary in this Chapter 11 case, including, without limitation, any debtor in possession financing arrangements and the disposition of the Debtor's assets, by sale or otherwise; c. preparing, on behalf of the Debtor, applications, motions, answers, orders, reports, and other legal papers necessary to the administration of the Debtor's estate; d. negotiating with creditors of the Debtor, preparing a plan of reorganization, and taking the necessary legal steps to consummate a plan, including, if necessary, negotiations with respect to financing a plan; e. appearing in Court and protecting the interests of the Debtor before the Court; f. attending meetings and negotiating with representatives of creditors, the United States Trustee, and other parties in interest; g. providing legal advice to the Debtor regarding bankruptcy law, corporate law, corporate governance, tax, litigation, and other issues attendant to the Debtor's business operations; h. taking all necessary actions to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf, defending any action commenced against the Debtor, and representing the Debtor in negotiations concerning litigation in which the Debtor is involved, including objections to claims filed against the Debtor's estate; and i. performing other legal services for, and providing other necessary legal advice to, the Debtor, which may be necessary and proper in the Chapter 11 case or otherwise requested by the Debtor and reasonably acceptable to JEP LAW. The firm's hourly rates are: Attorneys $475 to $575 Paralegals $125 JEP LAW received an advanced payment retainer in the amount of $10,000, of which $1,738 was used to pay the filing fee. As disclosed in the court filings, JEP LAW is a "disinterested person," as that term is defined in section 101(14) of the Bankruptcy Code as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached through: Julio E. Portilla, Esq. LAW OFFICE OF JULIO E. PORTILLA, P.C. 380 Lexington Avenue, Suite 446 New York, NY 10168 Tel: (212) 365-0292 Fax: (212) 365-4417 About 66FGP LLC 66FGP LLC is the sole owner of the property located at 25 Mountain Avenue, West Orange, NJ 07052, which is worth an estimated $1.8 million. 66FGP LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41257) on March 18, 2025. In its petition, the Debtor reports total assets of $1,800,600 and total liabilities of $1,757,130. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Julio E. Portilla, Esq. at JULIO E. PORTILLA. 740 SCHNEIDER DRIVE: Jan. 29 Real Estate Auction ------------------------------------------------ A court-ordered real estate auction will be conducted on January 29, 2026, of a substantially completed cannabis/craft grow facility at 740 Schneider Drive, in South Elgin, Illinois. The property is a 40,000-square foot industrial/manufacturing one-story building with 19'6" ceilings, three loading docks, all on a 2.42 acre site, zoned M-2, South Elgin-zoned for a craft grow facility by the village of South Elgin. The property is ideal location for distribution to local dispensaries or other possible uses. Previously valued well over $10,000,000. Suggested opening bid is $5,500,000. On-site inspections from noon to 2 p.m. on Dec. 17, Jan. 13, 21, and 27, and by appointment. For information, contact: Rick Levin & Associates, Inc. ricklevin.com 312.440.2000 781-783 MAIN STREET: Lender Seeks Nov. 19 Auction ------------------------------------------------- Sullivan & Sullivan Auctioneers LLC will conduct an on-site foreclosure auction at 781-783 Main Street, Cambridge, Massachusetts, on November 19, 2025, at 10:00 A.M. The property is located in Central Square, Overlay District Redevelopment. The property is currently two storefronts located on a corner lot totaling 1,942 square feet, plus parking. A deposit of $75,000 is required. Auctioneer may be reached at 617-350-7700. Attorney for mortgagor is Giangrasso Law, LLC, 60 Walnut St., Suite 301, Wellesley, Massachusetts. A.B. INTERNATIONAL: Case Summary & Seven Unsecured Creditors ------------------------------------------------------------ Debtor: A.B. International Market Inc. d/b/a A B 2235 Jerome Ave. Bronx, NY 10453 Business Description: A.B. International Market Inc. operates a retail grocery store at 2235 Jerome Avenue in the Bronx, New York, specializing in African and Caribbean food products, including imported dry goods and halal meat. Chapter 11 Petition Date: November 13, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12533 Judge: Hon. John P. Mastando III Debtor's Counsel: Kamini Fox, Esq. KAMINI FOX PLLC 825 East Gate Blvd Suite 308 Garden City, NY 11530 Tel: (516) 496-9920 Email: kamini@kfoxlaw.com Total Assets: $360,552 Total Liabilities: $1,208,600 The petition was signed by Bonsu Afriyie as president. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CFZS4VI/AB_International_Market_Inc_dba__nysbke-25-12533__0001.0.pdf?mcid=tGE4TAMA A.B. INTERNATIONAL: Yann Geron Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 2 appointed Yann Geron, Esq., at Geron Legal Advisors, LLC as Subchapter V trustee for A.B. International Market Inc. Mr. Geron will be paid an hourly fee of $890 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Geron declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Yann Geron, Esq. Geron Legal Advisors, LLC 370 Lexington Avenue, Suite 1101 New York, NY 10017 Phone: (646) 560-3224 Email: ygeron@geronlegaladvisors.com About A.B. International Market Inc. A.B. International Market Inc., doing business as A B, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12533) on November 13, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge John P. Mastando, III presides over the case. Kamini Fox, Esq., at Kamini Fox, PLLC represents the Debtor as legal counsel. ABIDE VENTURES: Intagent, et al. Win Bid for Automatic Stay Relief ------------------------------------------------------------------ Judge Grace E. Robson of the United States Bankruptcy Court for the Middle District of Florida granted the motion of Intagent, LLC and Greg Parker for relief from the automatic stay in the bankruptcy case of Abide Ventures LLC. The automatic stay imposed pursuant to 11 U.S.C. Sec. 362 is modified and terminated so that Movants may immediately continue to prosecute the action pending before the Ninth Judicial Circuit, Orange County, Florida pending as 2024-CA-011311-O; and to exercise all in rem rights with respect to all intellectual property, assets, customers, and goodwill of Debtor including, but not limited to, the software and customers of Intagent and any variations of the product that are created from it (the "Collateral"). These in rem rights include, but are not limited to, taking any steps necessary to exercise any contractual and statutory rights Movants may have in the Collateral, to gain possession of the Collateral, and to sell the Collateral. A copy of the Court's Order dated November 7, 2025, is available at https://urlcurt.com/u?l=1o28kD from PacerMonitor.com. About Abide Ventures LLC Abide Ventures, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05693) on September 9, 2025, listing up to $50,000 in both assets and liabilities. Jared Schneider, president of Abide Ventures, signed the petition. Judge Grace E. Robson oversees the case. Chad Van Horn, Esq., at Van Horn Law Group, P.A., represents the Debtor as bankruptcy counsel. Intagent, LLC and Greg Parker, as creditors, are represented by: Daniel E. Etlinger, Esq. Melissa J. Sydow, Esq. Underwood Murray, P.A. 100 N. Tampa Street, Suite 2325 Tampa, FL 33602 Tel: (813) 540-8401 Fax: (813) 553-5345 E-mail: detlinger@underwoodmurray.com detlinger@ecf.courtdrive.com msydow@underwoodmurray.com ACCURADIO LLC: Gets Extension to Access Cash Collateral ------------------------------------------------------- AccuRadio, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The Debtor was authorized to use cash collateral to pay ordinary and necessary business expenses for the period from June to December, as set forth in its budget, subject to a 10% variance. The budget projects monthly operational expenses of $478,500. As adequate protection, Sound Exchange, Inc. was granted replacement liens on the Debtor's property, including the secured creditor's cash collateral and pre-bankruptcy collateral. In addition, Sound Exchange will continue to receive monthly royalty payments of $210,000, subject to adjustment. The order will remain effective until the earlier of December 10 or entry of a final order. A status hearing is set for December 1. About AccuRadio Inc. AccuRadio Inc. is a Chicago-based company that offers streaming radio service. Accuradio sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07366) on May 14, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Judge Michael B. Slade handles the case. The Debtor is represented by Derek D. Samz, Esq., at Golan Christie Taglia, LLP. ADIENT GLOBAL: Moody's Affirms 'B1' CFR, Outlook Remains Stable --------------------------------------------------------------- Moody's Ratings affirmed Adient Global Holdings Ltd's (Adient) B1 corporate family rating, B1-PD probability of default rating, Ba2 senior secured notes rating and B2 senior unsecured notes rating. Concurrently, Moody's affirmed the Ba2 senior secured first lien term loan B2 rating at Adient's wholly owned subsidiary, Adient US LLC. The outlooks at both Adient and Adient US LLC are stable. Adient's Speculative Grade Liquidity rating was unchanged at SGL-1. The rating affirmations reflect resilient margins and free cash flow despite challenging macroeconomic conditions that include tariffs and lower light vehicle production volumes from key customers. Good launch execution and operational improvements have been instrumental in supporting stable returns, along with new business wins with domestic Chinese automakers where a higher level of vertical integration is captured. Moody's expects automotive seating trends to remain positive, highlighted by enhanced safety and comfort features – driver assist systems, occupant out-of-position protection, deep recline mechanical massage, interior configuration – to accelerate in upcoming years, providing higher return growth opportunities. For Adient's fiscal 2026, Moody's anticipates an EBIT margin in the mid-3% range, debt-to-EBITDA remaining flat near 3x and free cash flow solidly positive but weaker than prior years due to several non-recurring items identified by the company, including a potential tax settlement and higher capital investment and restructuring spend. RATINGS RATIONALE Adient's B1 CFR reflects its position as the global leader in automotive seating with strong geographic and customer diversification highlighted by long-standing relationships with all major automobile manufacturers. The company's steady innovation is capturing the industry's accelerated deployment of light vehicle seating comfort features providing higher return opportunities. The roll-off of lower margin legacy contracts through 2026 will provide additional margin tailwinds to help offset the potential for flat-to-lower light vehicle production volumes in 2026. More consistent profitability stems from tighter cost controls, improving platform launch execution and innovation and automation efforts (e.g. optimizing plant layouts) that should enable Adient to withstand industry cyclicality while largely preserving margins. Nonetheless, as a pure-play seating provider, margins remain modest relative to industry peers and as a result are more vulnerable to industry downturns and disruptions. Adient had a company-calculated net leverage ratio of 1.6x at September 30, 2025, near the bottom end of its target range of 1.5x – 2x. Moody's adjusted debt-to-EBITDA (inclusive of Moody's standard adjustments) is approximately 3x and expected to remain around this level through at least 2026. The stable outlook reflects Moody's expectations for a modest decline in the EBIT margin due to lower global light vehicle production volumes in 2026. Margins will be supported by strong operational execution, benefits from prior restructuring actions and continued growth in innovation and automation. Moody's expects annual free cash flow (cash flow from operations less capital expenditures less dividends) of at least $50 million in fiscal 2026, constrained by several non-recurring items and growth investments. Moody's also expects potential share repurchases will be managed prudently without impairing financial flexibility. The SGL-1 Speculative Grade Liquidity Rating reflects Moody's expectations that Adient will maintain cash of at least $700 million ($958 billion at September 30, 2025) and substantial borrowing availability (pro forma nearly $900 million at September 30, 2025) under Adient US LLC's recently amended, unrated and undrawn $1 billion asset-based lending (ABL) facility set to expire October 2030. Free cash flow will be lower in 2026, albeit solidly positive, before rebounding in 2027 with the absence of the previously mentioned one-time items. Adient enters into supply chain financing programs to sell accounts receivable without recourse to third-party financial institutions. There was $185 million outstanding at September 30, 2025. While not Moody's base line expectation, if Adient becomes unable to extend these receivables programs, borrowings under the ABL facility would potentially be required to meet working capital needs. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with an EBIT margin greater than 4%, even during periods of more subdued global light vehicle production. EBITDA-to-interest approaching 6x and debt-to-EBITDA maintained below 4x would also be key considerations for an upgrade. The ability to manage volatile raw material inputs and continued good execution of platform launches and ongoing restructuring actions that support sustainable margin expansion would also be viewed favorably. The ratings could be downgraded if margins meaningfully weaken, free cash flow falls towards breakeven or debt-to-EBITDA approaches 5x. EBITDA-to-interest remaining below 4x could also create negative rating pressure. Deteriorating liquidity, including extended reliance on the ABL facility for working capital needs or cash falling significantly below $700 million could also result in a negative rating action. The principal methodology used in these ratings was Automotive Suppliers published in December 2024. Adient's B1 CFR is two notches below the Ba2 scorecard indicated outcome for the projected periods September 2026 and September 2027. The differential reflects Adient's modest margins that provide limited cushion to absorb a potentially more significant automotive sector downturn or unexpected disruption. Adient plc, the parent company of Adient Global Holdings Ltd, is one of the world's largest automotive seating manufacturers with long-standing relationships with many, including the largest, global automotive OEMs. Automotive seating solutions include complete seating systems, frames, mechanisms, foam, head restraints, armrests, trim covers and fabrics. Adient operates in the Chinese automotive seating market through several joint ventures. Revenue for the fiscal year ended September 30, 2025 was approximately $14.5 billion. ADVENT TECHNOLOGIES: Fully Repays $235K Convertible Note to Hudson ------------------------------------------------------------------ Advent Technologies Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company repaid all amounts owed pursuant to the Convertible Promissory Note and satisfied all conditions of the Promissory Note. As previously disclosed on August 1, 2025, the Company entered into a Securities Purchase Agreement with Hudson Global Ventures LLC, pursuant to which Hudson made a loan to the Company, evidenced by a Convertible Promissory Note in the aggregate principal amount of $235,000.00, including an original issue discount of $25,000, with interest accruing at an annual rate of 12% to be computed on the basis of a 360-day year, in addition to a pre-funded warrant to purchase 130,000 shares of the Company's common stock, par value $0.0001 per share. As a result of such satisfaction, the Promissory Note is satisfied in full and terminated upon repayment and satisfaction. About Advent Technologies Headquartered in Livermore, Calif., Advent Technologies Holdings, Inc. is an advanced materials and technology development company operating in the fuel cell and hydrogen technology space. Advent develops, manufactures and assembles the critical components that determine the performance of hydrogen fuel cells and other energy systems. To date, Advent's principal operations have been to develop and manufacture Membrane Electrode Assembly (MEA), and fuel cell stacks and complete fuel cell systems for a range of customers in the stationary power, portable power, automotive, aviation, energy storage and sensor markets. As of June 30, 2025, the Company had $6.7 million in total assets, against $36.1 million in total liabilities. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 6, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations all of which raises substantial doubt about its ability to continue as a going concern. ADWOA BEAUTY: Hires DeMarco-Mitchell PLLC as Bankruptcy Counsel --------------------------------------------------------------- Adwoa Beauty LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire DeMarco-Mitchell, PLLC as counsel. The firm will render these services: a. take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; c. formulate, negotiate, and propose a plan of reorganization; and d. perform all other necessary legal services in connection with these proceedings. The firm's hourly rates are as follows: Robert DeMarco, Attorney $400 Michael Mitchell, Attorney $300 Barbara Drake, Paralegal $125 In addition, the firm will seek reimbursement for expenses incurred. The firm has been paid a retainer of $12,000 (inclusive of the filing fee of $1,738) for legal services to be rendered on or after the Petition Date. The firm had requested an initial retainer of $16,000 to represent the Debtor in this chapter 11 case. Robert DeMarco, Esq., a member of DeMarco-Mitchell, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert T. DeMarco, Esq. DeMarco-Mitchell PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 346-6791 Email: robert@demarcomitchell.com 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-44261) on October 31, 2025, with $2,184,143 in assets and $6,192,343 in liabilities. Julian Addo, managing member, signed the petition. Judge Mark X. Mullin presides over the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC represents the Debtor as legal counsel. AGREETA SOLUTIONS: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Agreeta Solutions USA, LLC received third interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral and provide adequate protection. The interim order authorized the Debtor to use cash collateral from November 3 until the final hearing on December 11 according to a nine-week operating budget, subject to a 10% variance per line item. The Debtor projects total operational expenses of $373,471. Income from South Louisiana Rail Facility leases requires court approval to be spent while attorneys' fees must be held in escrow pending further court order. As adequate protection, lenders with a valid pre-bankruptcy lien will be granted a replacement lien on property acquired by the Debtor after its Chapter 11 filing that is similar to their pre-bankruptcy collateral. The replacement liens do not apply to Chapter 5 avoidance actions. The Debtor has identified three primary creditors -- Nutrien AG Solutions, Inc. (approximately $20 million claim); Buhler, Inc. (approximately $587,000 claim); and Commercial Funding Partners, LLC (approximately $2.7 million claim) -- as holding potential secured interests in its cash and assets. These creditors are believed to have liens on the Debtor's cash collateral via multiple UCC-1 filings. A final hearing is scheduled for December 11. About Agreeta Solutions USA LLC Agreeta Solutions USA, LLC develops digital solutions for the agriculture technology sector, offering platforms that integrate smart farming, traceability, and agri-commerce tools. It operates in Peachtree Corners, Georgia, and focuses on improving farm productivity, supply chain transparency, and market connectivity. Its services include precision agriculture analytics, end-to-end food product traceability, and support for farmer networks. Agreeta Solutions USA sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-59677) on August 25, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by: Theodore N. Stapleton, Esq. Theodore N. Stapleton, P.C. Tel: 770-436-3334 Email: tstaple@tstaple.com ALL STAR: Seeks to Tap Dickson Commercial Group as Estate Broker ---------------------------------------------------------------- All Star Transportation Group LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Dickson Commercial Group, Inc. as real estate broker. The Debtor needs a broker to market and sell its property located at E. 4th St., Reno, Nevada. The broker will receive a commission of 5 percent of the property's total sales price. Gerrit Hillebrand, a real estate agent at Dickson Commercial Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gerrit Hillebrand Dickson Commercial Group, Inc. 333 Holcomb Ave. Reno, NV 89502 Telephone: (775) 850-3100 About All Star Transportation Group All Star Transportation Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 24-51229) on December 10, 2024, with $917,504 in assets and $1,303,069 in liabilities. Tim Ledesma, manager, signed the petition. Judge Hilary L. Barnes oversees the case. Kevin A. Darby, Esq., at Darby Law Practice, represents the Debtor as bankruptcy counsel. AMERICAN 24: Seeks to Hire Gentry Real Estate as Broker ------------------------------------------------------- American 24, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ John Conover and Gentry Real Estate as real estate broker. The firm will market and sell the Debtor's property located at 3473 E. Crocus Drive, Phoenix, Arizona 85032. Gentry Real Estate will receive $400 for the sale of the Crocus Property. As disclosed in the court filing, Gentry Real Estate disclosed in a court filing that he and his firm neither hold nor represent any interest adverse to the interest of the Debtor's estate. The firm can be reached through: John Conover Gentry Real Estate 3303 E Baseline Rd #119 Gilbert, AZ 85234 Office number: (480) 750-9910 Fax number: (480) 284-5626 Email: john.azhomes@gmail.com About American 24, LLC American 24 LLC is a limited liability company. American 24 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04328) on May 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Daniel P. Collins handles the case. The Debtors are represented by Joseph G. Urtuzuastegui III, Esq. at REI LAW FIRM. AMERICAN AUTO: S&P Affirms 'B-' ICR on Dividend Recapitalization ---------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on American Auto Auction Group LLC (AAAG). S&P also affirmed its 'B-' issue credit rating on the first-lien term loan and revised its recovery rating down to '4' from '3' (rounded estimate: 45%), reflecting the increase in senior secured debt. The stable outlook reflects S&P's view that AAAG's auction volumes will gradually improve over the next 12 months and support its ability to generate free operating cash flow (FOCF) and maintain adequate liquidity. AAAG plans to pay a dividend to its financial sponsor, Brightstar Capital Partners, funded with new debt. The company announced a $300 million fungible add-on to its $885 million first-lien term loan due 2032 with proceeds targeted to fund the $240 million dividend and $54 million of cash to the balance sheet and transaction fees. It is also upsizing its currently unutilized $100 million revolving credit facility to $150 million. The transaction increases leverage above our prior expectations but remains within the parameters of the rating. AAAG's dividend recap will increase leverage above our prior expectations, but credit metrics remain aligned to the rating and the company's sponsor-owned financial policy. As of the second quarter of 2025, its S&P Global Ratings-adjusted leverage declined to 7.2x (versus 8.9x as of second-quarter 2024) and, based on S&P's earlier assumptions, it expected leverage for fiscal 2025 to decline further to about 6.9x. Incremental EBITDA from cash-funded tuck-in acquisitions (including a few more to be completed in November 2025) during the second half of 2025 has further supported modest deleveraging of about 0.6x, moving 2025 expected leverage into the low 6x area. S&P said, "However, the proposed debt issuance will increase AAAG's leverage by about 1.5x, and we now estimate its pro forma closing leverage, including planned acquisitions, will be approximately 7.7x. Nonetheless, we anticipate modestly improving business performance--underpinned by ongoing tailwinds in the used-car auction market--will help reduce AAAG's S&P Global Ratings-adjusted leverage to about 7.1x in 2026 and 6.6x in 2027. "We also believe AAAG will maintain healthy FOCF and liquidity even with increased leverage. Despite the proposed $300 million increase in debt to fund the dividend, we still expect AAAG's S&P Global Ratings-adjusted FOCF to debt will be 4%-5% and EBITDA interest coverage will be about 2.1x for 2026, which support its current 'B-' rating. "The company recently lowered its interest cost burden through the retirement of its more expensive second-lien debt during refinancing of its entire debt structure earlier this year. It is also benefiting from a modest decline in benchmark interest rates, which lowered the interest expense on its largely floating-rate debt facilities. We expect AAAG's reported FOCF to remain healthy at about $45 million for 2026, despite the additional interest expense from the proposed add-on debt, and to continue strengthening modestly in 2027 as profits increase. "We also believe retaining $54 million of additional cash on the balance sheet from debt issuance, along with a $50 million upsizing of the revolving credit facility, has strengthened the company's liquidity position. "We expect AAAG's S&P Global Ratings-adjusted debt to EBITDA to remain over 6.5x due to its financial-sponsor ownership, potential further debt-financed dividends, and focus on further acquisitions. AAAG has a history of being acquisitive and using incremental debt to fund acquisitions, leading to its leverage sustained over 7x. While the company can reduce leverage through organic profitability growth, we believe its acquisition strategy and financial-sponsor ownership may prevent S&P Global Ratings-adjusted leverage from declining below 6.5x over the longer term. "There is a risk that AAAG overpays for an underperforming asset that leads to a decline in margins and FOCF. We expect AAAG and its financial sponsor to pursue incremental debt-funded tuck-in acquisitions to expand its operations and geographic presence through opportunistic acquisitions, while distributing surplus free cash as a dividend to its sponsors after servicing its obligations. "The stable outlook reflects our view that AAAG's auction volumes will gradually improve over the next 12 months and support its ability to generate FOCF and maintain adequate liquidity. "We could lower our rating on AAAG in the next 12 months if used-vehicle auction volumes are constrained by competitive pressures, weaker macroeconomic conditions, or digital e-commerce platforms meaningfully disrupting the company's core used-vehicle market position. These factors could result in lower revenues and weaker profitability, keeping debt to EBITDA unsustainably high and FOCF negative for multiple quarters such that it reduces the company's liquidity. Similarly, higher working capital intensity could accelerate cash burn and strain its sources of liquidity. "We would also monitor AAAG's financial policy and the impact transaction fees could have on its profitability and cash flow. "We could raise our rating on AAAG if it sustains leverage of less than 6.5x and FOCF to debt of at least 3%. The company could improve its credit metrics if it outperforms our expectations, integrates recent tuck-ins, and executes on cost-saving initiatives. "We would also evaluate the financial sponsor's financial policy plans, including material debt-financed acquisitions or incremental shareholder distributions." AMERICAN PAVING: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: American Paving Services, Inc. 4400 W. 61st Ave. Hobart, IN 46342 Business Description: American Paving Services, Inc. delivers asphalt paving and related services to residential, commercial, and municipal customers, including commercial and industrial paving, sealcoating, excavating, crackfilling, asphalt milling, sweeping, and maintenance on roads and private lanes. Chapter 11 Petition Date: November 16, 2025 Court: United States Bankruptcy Court Northern District of Indiana Case No.: 25-22370 Judge: Hon. James R Ahler Debtor's Counsel: Ben Schneider, Esq. THE LAW OFFICES OF SCHNEIDER AND STONE 8424 Skokie Blvd Suite 200 Skokie, IL 60077 Tel: (847) 933-0300 E-mail: ben@windycitylawgroup.com Total Assets: $372,300 Total Liabilities: $1,700,788 The petition was signed by Andrew Spiewak as authorized representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GFRLM6Y/American_Paving_Services_Inc__innbke-25-22370__0001.0.pdf?mcid=tGE4TAMA ANDERSON UNIVERSITY: Fitch Affirms 'B-' IDR, Outlook Negative ------------------------------------------------------------- Fitch Ratings has affirmed Anderson University's (IN) Issuer Default Rating (IDR) at 'B-'. Fitch has also affirmed the 'B-' rating on approximately $28.3 million outstanding par at FYE 2025 for City of Anderson, Indiana Economic Development Revenue Refunding Bonds, series 2017, issued on behalf of Anderson University (Anderson). The Rating Outlook remains Negative. Entity/Debt Rating Prior ----------- ------ ----- Anderson University (IN) LT IDR B- Affirmed B- Anderson University (IN) /General Revenues/1 LT LT B- Affirmed B- The 'B-' affirmation reflects Anderson's very small, fluctuating enrollment in a competitive Midwest market and its specialized Christian niche; a history of structural operating deficits with significant improvement forecast for fiscal 2026; and weak liquidity and leverage at FYE 2025 that deteriorated year over year. Fitch's forward-looking scenarios indicate that, consistent with Fitch's 'B' rating category definition, material default risk is present, but a limited margin of safety remains; financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment. The Outlook remains Negative, but its rationale, which highlighted risks of continued structural deficits at Fitch's prior review, has shifted. Management forecasts meaningful progress towards closing the deficit in fiscal 2026, and the Outlook now primarily reflects elevated execution risk around the three-year turnaround plan initiated under Anderson's new president as of July 2025, in light of declines in first-time matriculants and total enrollment for fall 2025, scaled-back asset monetization plans, and a thinner liquidity cushion at FYE 2025. Even modest underperformance versus plan could lead to downgrades to 'CCC' or below. Previously, the Negative Outlook also reflected the risk of an Event of Default (EOD) on the series 2017 bonds due to insufficient performance against the 1.1x debt service coverage ratio (DSCR) covenant. Bondholders granted preemptive waivers for the expected FY 2025 breach and, subject to certain conditions, potential FY 2026 noncompliance. Execution of the agreement, and projections indicating both FY 2026 covenant compliance and satisfaction of waiver conditions, reduces immediate covenant-related EOD risk. However, any EOD with acceleration would likely result in downgrades below 'CCC'. SECURITY The series 2017 bonds are general obligations of the obligated group, of which Anderson University, Inc. (excluding consolidated subsidiaries) is the sole member. At FYE 2025, the obligated group represented approximately 94% of total assets, 99% of financial assets, and 99% of operating revenues of the consolidated entity. Fitch's analysis is based upon consolidated financials. The bonds are additionally secured by pledged revenues (effectively all unrestricted funds and revenues), a mortgage on the core campus, and a cash-funded debt service reserve at maximum annual debt service. Separately, approximately $1.6 million of cash and investments was posted as collateral against a $7.5 million bank line of credit at FYE 2025 (up from $0.4 million at FYE 2024). The cash collateral serves as replacement security for the bank's prior mortgage on Anderson's Wellness Center after the university sold and leased back the center in FY 2024. KEY RATING DRIVERS Revenue Defensibility - 'bb' Small, Niche Student Base in Unfavorable Midwest Market; Some Grant, Endowment, and Non-Recurring Revenue Anderson's small enrollment base contracted in fall 2025 to 1,184 headcount and 985 FTEs, down 4% and 8%, respectively, versus fall 2024, amid intense competition in an unfavorable demographic market, and a narrow Christian university niche. First-time matriculants have fluctuated in recent years, and, together with the low admitted-freshmen matriculation rate of approximately 8%, reflects Anderson's weak student demand profile. Offsetting factors include Anderson's designation as one of four federal cyber defense centers of excellence in Indiana; state-funded private tuition scholarships up to in-state public rates for eligible students; and new partnerships with regional community colleges, local employers, and high schools with students interested in Christian college education. About half of undergraduates participate in National Collegiate Athletics Association (NCAA) Division III athletics, including football. Management believes focusing on recruiting student-athletes with greater retention capacity and intensifying retention efforts across all students will help stabilize enrollment. First-to-second year retention is low at about 60%, which management largely attributes to student-athlete transfers following recent loosening of NCAA transfer rules. In FY 2025, net student revenue was approximately 65% of Fitch-calculated operating revenue; the remainder was largely fundraising and endowment distributions. Members of The Church of God (also headquartered in Anderson, IN), who hold a controlling board position and represent about one-fifth of the university's students, have provided limited, but consistent donations. The current $25 million campaign is roughly two-thirds committed. Anderson's sizable $33 million endowment at FYE 2025 supports operations through elevated 8% board-approved spending rates in fiscal years 2024-2026. Anderson has also pursued sales of small non-core real estate parcels. Operating Risk - 'bb' Expense Cuts Materializing in Fiscal 2026; Limited Capex Spending Against Growing Needs The Fitch-calculated cash flow margin was negative 7.5% in FY 2025, which was very weak versus FY 2024 and Fitch's expected yoy improvement. Underperformance was most notable in expenses, which increased yoy instead of decreasing, partly due to one-time restructuring costs. Management expects restructuring benefits of the restructuring actions to be evident in FY 2026, with expenses forecast at around $37 million, about 19% below FY 2025's about $45 million, and revenues down about 3% due to enrollment shortfalls to roughly $36 million. Fitch expects margins to normalize to 5%-10% beginning in FY 2026. Anderson forecasts a FY 2026 DSCR of 1.14x, narrowly above the 1.10x covenant on the series 2017 bonds; the projection excludes anticipated collection of ~$1.9 million federal Employee Retention Credit receivables and interest but includes the board-approved 8% endowment spending rate. Fitch believes several qualitative factors support improved performance, including new leadership with turnaround experience, increased monitoring and disclosure of interim operating performance, and conditions of a bondholder waiver executed in May 2025 that require tight alignment with operating budgets. Average age of plant of about 20 years at FYE 2025 is high, but capex will be limited to essential or donor-funded projects. Management's assessment of high deferred maintenance needs is partially offset by reduced footprint and a now-smaller student population, and sale of older non-core assets (age of plant was higher at 25 years at FYE 2023). Anderson executed a sale-leaseback transaction of their Wellness Center in FY 2024, taking a mortgage for the building as sale proceeds. The university planned to convert the mortgage to a cash sale in FY 2025, but did not generate a feasible level of market interest and will maintain the current financing arrangement. Other non-core parcels were sold, some below book value, in FY 2025. Financial Profile - 'bb' Meager Available Funds to Support Debt, but Sufficient to Meet Near-Term Commitments in Fitch Scenarios Anderson's leverage at FYE 2025, represented by Available Funds (AF; cash and investments less permanently restricted assets) relative to Adjusted Debt (debt plus debt-equivalent pension and lease obligations) were approximately 26%, down from 29% at FYE 2024. Including roughly $4.6 million in debt service reserve funds, AF was about $14.9 million versus adjusted debt of approximately $39.8 million, or roughly 37%. (Fitch has not adjusted FYE 2025 AF for cash collateral requirements on the bank line of credit, which have been increasing.) Fitch's forward-looking scenario analysis, incorporating future bank collateral expectations, plausible market returns and Anderson's projections for revenues, expenses, capex, and some non-recurring items, indicates a slightly improving leverage profile consistent with the current rating, with capacity to meet near-term commitments over the next several years. However, the credit profile remains contingent on continued operating improvement and covenant compliance; Anderson lacks resources to repay the series 2017 bonds upon acceleration. Anderson's endowment was approximately $33 million at FYE 2025, largely donor-restricted and thus excluded from AF. Elevated spending rates have supported operations but constrain future endowment growth. Endowment assets are reported net of underwater endowment of approximately $8.9 million, which has not been treated as debt or a contingent liability in Fitch's analysis. Asymmetric Additional Risk Considerations Fitch views Anderson's Revenue Defensibility as 'Weaker,' reflecting asymmetric downside risks. Enrollment instability and weak demand metrics pose Asymmetric Risk to Revenue Defensibility due to Anderson's already very small enrollment that must support fixed expense burdens including debt service. Fitch also assesses Anderson's liquidity position as 'Weaker,' reflecting asymmetric downside risks. Fitch's primary leverage metric, AF-to-Operating Expenses, was a low 22.7% at FYE 2025. In addition, financial assets available for general expenditures within one year, as reported in audited financial statements, fell to roughly $4.8 million (about 11% of expenses), down from approximately $8.1 million at FYE 2024 and approximately $22 million at FYE 2023. Highlighting constraints on Anderson's operating liquidity, the university fully utilizes its $7.5 million bank line of credit—particularly at the May 31 FYE—to bridge seasonal cash needs and comply with a 75 days' cash on hand (DCOH) covenant of the series 2017 bonds. With the line fully drawn, Anderson's reported FYE 2025 cash of $14.3 million represented 96 DCOH. Cash collateral posted for the line increased to roughly $1.6 million at FYE 2025 from roughly $0.4 million at FYE 2024. Fitch has not adjusted current ratios to account for the bank collateral; however, it is factored into Fitch's forward-looking scenarios. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Underperformance versus FY 2026 operating and cash flow expectations or lack of further progress toward balanced operations by FY 2027. - Further reduction of liquid resources below FYE 2025 levels. - Any covenant breach that triggers an EOD with acceleration under the series 2017 bonds. - Failure to renew or replace the bank line of credit on reasonable terms. - Enrollment or net tuition revenue declines in fall 2026, or contraction in fundraising or endowment income. - Additional debt or deterioration in AF such that AF (including DSRF)-to-Adjusted Debt falls below approximately 30%. - Failure to meet current financial commitments when due. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Executed asset monetization, approved supplemental endowment draws, and expense reductions result in sustained positive cash flow of at least 5% beginning in FY 2026, with balanced operations in FY 2027. - Constructive bondholder engagement that supports covenant compliance and operational restructuring. - Supplemental fundraising, completion of material non-core asset sales, or other extraordinary external support. - Improved leverage with AF (including DSRF)-to-Adjusted Debt around approximately 50%. - Growth in operating liquidity and reduced reliance on bank lines to meet liquidity covenants. PROFILE Founded in 1917, Anderson University is a private, coeducational Christian university on a 166-acre campus in Anderson, Indiana, approximately 35 miles northeast of Indianapolis. It is affiliated with Church of God Ministries (Anderson, IN). Per bylaws, most trustees are ratified by Church of God, and at least 11 trustees must be ordained Church of God ministers. Dr. Scott Moats became Anderson's sixth president in July 2025, with over 30 years in higher education including at several faith-based institutions. A new vice president for finance and administration assumed his role on Nov. 1, 2025 after serving as controller. Undergraduate programs comprise about 95% of FTE enrollment. Graduate offerings include business, theology, and music education. Anderson also offers certificate programs, associate and bachelor's degrees to nontraditional adult students. On a consolidated basis, Anderson has two affiliates: Anderson University Properties, LLC (owner of a student housing complex slated for sale) and Center for Security Studies and Cyber Defense, LLC. The obligated group consists solely of the university and represented 94% of assets, 99% of financial assets, and 100% of revenues of the consolidated entity. In 2019 the Higher Learning Commission affirmed Anderson's continued accreditation, with the next reaffirmation review occurring in 2028-2029. An interim financial report is requested by Oct. 31, 2026. Anderson also maintains program-specific accreditations from the relevant accreditation bodies. The Department of Education (DOE) composite score for Anderson University for fiscal year 2025 is calculated at 2.2, a level considered financially responsible by DOE. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. APPLIED DNA: Appoints Joshua Kruger as 'Non-Independent' Chairman ----------------------------------------------------------------- Applied DNA Sciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors, upon recommendation of the Nominating Committee of the Board, appointed Joshua Kruger to serve as its Chairman and as a director. At the time of Mr. Kruger's appointment, the Board had a vacancy as the result of the previously disclosed resignation on September 29, 2025 of Sanford R. Simon. Mr. Kruger replaced Judith Murrah as Chairman, who voluntarily resigned from her position as Chairperson of the Board effective November 6, 2025. Ms. Murrah will continue to serve as a director of the Company. Ms. Murrah's resignation as Chairperson is not the result of any dispute or disagreement with the Company or the Board on any matter relating to the Company's operations, policies or practices. The Board has determined that Mr. Kruger does not satisfy the independence criteria set forth in the Nasdaq rules and is not "independent" for purposes of serving on the Board. For his services as Chairman, Mr. Kruger is expected to receive the same annual compensation as the Company's other non-employee directors, if any. In connection with Mr. Kruger's appointment to the Board, the Company will enter into its standard form of indemnification agreement for directors and officers with Mr. Kruger. Pursuant to the terms of the Indemnification Agreement, the Company may be required, among other things, to indemnify Mr. Kruger for certain expenses, including reasonable attorneys' fees, retainers, court costs, transcripts, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses incurred by him in any action, proceeding or appeal arising out of his service on the Board or in connection with establishing or enforcing a right to indemnification. Mr. Kruger is an affiliate of Cypress Management LLC, a Puerto Rico limited liability company, and of Cypress LLC, a Puerto Rico limited liability company. Mr. Kruger has an approximately 33% economic interest in each of the Strategic Advisor and the Services Provider. As previously disclosed, on September 29, 2025, the Company entered into a Strategic Advisor Agreement with the Strategic Advisor, pursuant to which the Company engaged the Strategic Advisor to provide strategic advice, guidance and technical advisory services relating to the Company's business, operations, growth initiatives and industry trends in the crypto technology sector. Pursuant to the terms of the Strategic Advisor Agreement, the Company pays a monthly fee of $60,000 to the Strategic Advisor and, in connection with the private placement offerings of the Company's common stock, par value $0.001 per share, which closed on October 3, 2025 and October 22, 2025, issued to the Strategic Advisor five year warrants to purchase 1,986,634 shares of Common Stock. In the Offering, Mr. Kruger also individually purchased 75,302 shares of Common Stock and warrants to purchase 75,302 shares of Common Stock for an aggregate purchase price of $250,002.64. Also as previously disclosed, on September 29, 2025, the Company entered into a Strategic Digital Assets Services Agreement with the Services Provider, pursuant to which the Company appointed the Services Provider to provide discretionary asset management services: (i) in compliance with the Company's BNB-focused treasury strategy and (ii) with respect to any other cryptocurrency or digital asset strategies subject to the Company's approval, in each case, solely with respect to the Account Assets (as defined in the Strategic DAS Agreement) in the accounts or cryptocurrency "wallets" identified by the Company after consultation with the Services Provider. Pursuant to the Strategic DAS Agreement, the Company pays to the Services Provider a fixed-rate management fee accrued and payable monthly (prorated for partial months) in arrears, equal to 1/12 of 1.25% per annum multiplied by the net asset value of the Account as of the last day of each month, before taking into account the estimated accrued incentive fee (as described below), if any. The management fee is payable within fifteen days of the Company's receipt of an invoice from the Services Provider after the end of each month. In addition, the Company pays to the Services Provider an incentive fee for each Incentive Period (as defined in the Strategic DAS Agreement) relating to the Account equal to 10% on net returns, multiplied by the amount, if any, by which the increase in net asset value of the Account during such Incentive Period (excluding any amounts contributed to or withdrawn from the Account during such Incentive Period) exceeds the sum of (x) net asset value for the Account as of the later of the effective date of September 29, 2025 and the last time an incentive fee was paid in respect of the Account and (y) the aggregate management fees, to the extent not included in the calculation of net asset value, to Services Provider during such Incentive Period. About Applied DNA Sciences Applied DNA Sciences -- https://adnas.com/ -- is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid ("DNA"). Using the polymerase chain reaction ("PCR") to enable both the production and detection of DNA, the Company currently operates in three primary business markets: (i) the enzymatic manufacture of synthetic DNA for use in the production of nucleic acid-based therapeutics and the development and sale of a proprietary RNA polymerase ("RNAP") for use in the production of mRNA therapeutics; (ii) the detection of DNA and RNA in molecular diagnostics and genetic testing services; and (iii) the manufacture and detection of DNA for industrial supply chain security services. Melville, NY-based Marcum LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 17, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, Applied DNA Sciences had $9.93 million in total assets, $2.95 million in total liabilities, and $6.99 million in total equity. ARIZONA STATE: Gets OK to Use Cash Collateral Until Dec. 31 ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona issued a stipulated order granting Arizona State Masonry, LLC another extension to use cash collateral. The Debtor was authorized to use cash, including potential cash collateral, for expenses outlined in its budget, subject to a 10% variance. This authorization remains valid until December 31, unless modified by further court order. A copy of the stipulated order and the Debtor's budget is available at https://shorturl.at/5kP7I from PacerMonitor.com. The secured creditors include the U.S. Small Business Administration, Corporation Service Company, CT Corporation System, MCA Funding Group, PIRS Capital, LLC and First Western Trust Bank, which holds the largest claim at over $4.5 million. First Western Trust Bank is represented by: Christopher C. Simpson, Esq. Warren J. Stapleton, Esq. Andrew B. Haynes, Esq. Osborn Maledon, P.A. 2929 North Central Avenue, 20th Floor Phoenix, AZ 85012-2793 (602) 640-9000 csimpson@omlaw.com wstapleton@omlaw.com ahaynes@omlaw.com About Arizona State Masonry LLC Arizona State Masonry LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:25-bk-08405-DPC) on September 5, 2025. In the petition signed by Shannon Dean, member, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Daniel P. Collins oversees the case. Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC, represents the Debtor as legal counsel. ARTIFICIAL INTELLIGENCE: Lands $2.5MM Deal to Roll Out SARA Project ------------------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc. along with its wholly owned subsidiary, Robotic Assistance Devices Group (RAD-G), has executed a three-year agreement with a U.S.-based RVM (Remote Video Monitoring) Company. The project, which is expected to exceed $2.5 million in total contract value, will deploy SARA(TM) (Speaking Autonomous Responsive Agent), the Company's multiple award-winning agentic AI platform, across the RVM's growing portfolio of monitored accounts. Under the terms of the agreement, RAD-G will begin the process of deploying a range of SARA solutions with an initial annual value of approximately $855,000. The rollout will occur in phases over the next several months, with full implementation expected to take up to six months as both companies determine the optimal mix of SARA configurations and integrations. Once fully implemented, annual recurring revenue is expected to approach $1 million as the RVM expands its customer base and adds monitored accounts. The project is anticipated to replace three legacy system providers and transition more than 1,000 video monitoring accounts currently managed overseas. "This agreement demonstrates how rapidly SARA is redefining what's possible in video monitoring," said Steve Reinharz, CEO/CTO and founder of AITX and RAD-G. "This RVM's decision to build around our platform validates the strength of our technology, our roadmap, and our vision for autonomous, intelligent monitoring at scale. We're not following industry trends, we're setting them." The project adds to RAD-G's growing portfolio of enterprise software engagements and contributes to the Company's expanding base of recurring monthly revenue. SARA is designed to autonomously monitor live video streams, identify relevant events, and respond in real time through voice-interactive deterrence and notifications. The platform continues to gain traction as monitoring companies and security providers seek reliable, intelligent, and scalable alternatives to traditional human and offshore monitoring. With each new deployment, RAD-G further advances its mission to modernize security operations through AI-driven automation and actionable intelligence. The Company invites Remote Video Monitoring, GSOC, and SOC operators interested in learning how SARA can transform their monitoring operations to connect with RAD-G at www.saramonitoring.ai. About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. provides artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. As of August 31, 2025, the Company had $9.53 million in total assets, $56.41 million in total liabilities, and a total stockholders' deficit of $47 million. Deer Park, Ill.-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. ASHLEY STEWART: Lender Seeks Nov. 20 Auction -------------------------------------------- Wingspire Capital LLC, as administrative agent under an amended and restated credit agreement dated as of March 28, 2024, by and among Ashley Stewart, Inc., will offer for sale in whole or in part all right, title, and interest related to the collateral of Ashley Stewart, Kinbow LLC, as AS IP Brands LLC, and Butterly Giftcard, Inc., at a public auction on November 20, 2025, at 9:00 a.m. at the offices of Greenberg Traurig, LLP, at 500 Campus Drive, Florham Park, in New Jersey. Interested parties should contact Michael Westermann -- mwestermann@winspirecapital.com -- for more information. ATHERTON TRAIL: Gina Klump Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the Law Office of Gina R. Klump, as Subchapter V trustee for Atherton Trail, LLC. Ms. Klump will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Klump declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gina Klump, Esq. Law Office of Gina R. Klump 11 5th Street, Suite 102 Petaluma, CA 94952 Phone: (707) 778-0111 Email: gklump@klumplaw.net About Atherton Trail LLC Atherton Trail, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30927) on November 12, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Hannah L. Blumenstiel presides over the case. Marc Voisenat, Esq., at the Law Offices of Marc Voisenat represents the Debtor as bankruptcy counsel. ATLANTIC OVERSEAS: Seeks to Hire Bilu Law PA as Bankruptcy Counsel ------------------------------------------------------------------ Atlantic Overseas Express, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Bilu Law, P.A. as bankruptcy counsel. The firm will render these services: a. give advice to the Debtor with respect to its powers and duties as a Debtor in Possession and the continued management of its business operations; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of the Debtor in all matters pending before the court; and e. represent the debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at these rates: Partner $500 per hour Associate Attorney $425 per hour Paralegal/Legal Assistant $250 per hour The Debtor agrees to deposit an initial retainer of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Nicholas Rossoletti, Esq., an attorney at Bilu Law, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Nicholas G. Rossoletti, Esq. Bilu Law, PA 2760 W. Atlantic Blvd. Pompano Beach, FL 33069 Telephone: (954) 596-0669 Facsimile: (954) 427-1518 Email: nrossoletti@bilulaw.com About Atlantic Overseas Express Inc. Atlantic Overseas Express, Inc. provides freight forwarding and logistics services from its headquarters in Doral, Florida, specializing in project cargo and complex shipments. The company operates domestically and internationally, offering air, ocean, truckload, rail, and air, ocean, truckload, rail, and distribution services, and maintains a Customs-bonded warehouse as a licensed Non-Vessel Operating Common Carrier (NVOCC). Atlantic Overseas Express filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22574) on October 24, 2025, with $699,334 in assets and $1,301,998 in liabilities. Maria L. Leon-Roosevelt, president of Atlantic Overseas Express, signed the petition. Judge Robert A. Mark presides over the case. Nicholas Rossoletti, Esq., at Ron S. Bilu, PA represents the Debtor as legal counsel. AUTOMATED TRUCKING: Seeks to Hire Andrea P. Bauman as Accountant ---------------------------------------------------------------- Automated Trucking, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Andrea P. Bauman, a certified public accountant practicing in Saint Petersburg, Fla., as forensic accountant. The Debtor needs an accountant to conduct a forensic accounting of its pre-petition transactions and financial affairs. Ms. Bauman will be paid at an hourly rate of $400. Ms. Bauman disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Andrea P. Bauman, CPA 1001 7th Street North Saint Petersburg, FL 33701 About Automated Trucking LLC Automated Trucking LLC provides managed trucking services, allowing investors to lease trucks while the Company handles operations including driver management, maintenance, insurance, and dispatch. It is based in Lakeland, Florida. Automated Trucking LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03886) on June 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor tapped Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP as counsel and Andrea P. Bauman, CPA, as forensic accountant. AUXILIARY OPERATIONS: Seeks to Extend Exclusivity to Jan. 23, 2026 ------------------------------------------------------------------ Auxiliary Operations Resource, Inc., asked the U.S. Bankruptcy Court for the Southern District of Indiana to extend its exclusivity periods to file a plan of reorganization and disclosure statement to January 23, 2026. The Debtor explains that the interests of all parties are best served by allowing the company an extension of time for the exclusivity period so as to be able to submit a feasible plan of reorganization. The Debtor believes that it needs an additional sixty days authorized by Section 1121 of the Bankruptcy Code, or to and including January 23, 2026, to review the Internal Revenue Service and Indiana Department of Revenue claims (secured and priority) to determine how they should be treated in a plan in order to submit a disclosure statement and plan of reorganization. The Debtor submits the complex interplay between the liens filed by both entities, and the issue of whether those liens secured penalties creates a more complex analysis than normal that requires more time than a normal plan. Thus the Debtor seeks an extension, albeit only a short one of 60 days. The Debtor claims that the Internal Revenue Service is one of its largest creditors and with the recent government shut down, any discussions with the Internal Revenue Service have not been possible. This motion is not being made for the purpose of delay and is being submitted in good faith. Auxiliary Operations Resource Inc. is represented by: Jeffrey H. Hester, Esq. Hester Baker Krebs LLC Suite 1330 One Indiana Square Indianapolis, IN 46204 Tel: (317) 608-1129 Fax: (317) 833-3031 Email: jhester@hbkfirm.com About Auxiliary Operations Resource Inc. Auxiliary Operations Resource Inc., also known as Aux-Ops, is a warehousing and logistics services provider based in Plainfield, Indiana. It operates in the transportation and warehousing industry, primarily providing general warehousing and storage services as indicated by its NAICS code 493110. The company has multiple facilities in Indiana and works with various staffing agencies to support its operations. Auxiliary Operations Resource sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-03727) on June 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge James M. Carr handles the case. The Debtor is represented by Jeffrey M. Hester, Esq., at Hester Baker Krebs, LLC. AVALONE HOSPITALITY: Wins Final Decree Closing Chapter 11 Case -------------------------------------------------------------- Chief Judge Craig A. Gargotta of the United States Bankruptcy Court for the Western District of Texas granted the application of Avalone Hospitality, LLC for a final decree in its bankruptcy case containing provisions in conformity with Federal Rule of Bankruptcy Rule 3022. The Debtor's Plan of Reorganization for Small Business under Chapter 11 has been substantially consummated. Michael G. Colvard is discharged as Subchapter V Trustee of the estate in this case. The bankruptcy proceeding captioned as Avalone Hospitality, LLC, Debtor, Case No. 20-51161-CAG, (Bankr. W.D. Tex.), is closed effective upon the date of the entry of this Final Decree. A copy of the Court's Final Decree dated November 13, 2025, is available at https://urlcurt.com/u?l=niukc5 from PacerMonitor.com. About Avalone Hospitality Avalone Hospitality, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 20-51161) on June 23, 2020. At the time of the filing, the Debtor was estimated to have assets of between $100,001 and $500,000 and liabilities of the same range. Judge Craig A. Gargotta oversees the case. The Debtor has tapped the Law Office of H. Anthony Hervol as its legal counsel. AYA SERVICE: Secured Party Seeks Dec. 15 Auction ------------------------------------------------ By virtue of a default under a pledge agreement dated November 27, 2024, executed by AYA Service 1 LLC, as pledgor, and 47 West LLC, as secured party, the Secured Party will offer for sale, at public auction, the right, title, and interest of the Pledgor in and to 100% of the membership interests and other equity interests in and to 321-323-325 West 42nd Street LLC, which owns the real property known as 321, 323, and 325 West 42nd Street, in New York. The rights secured by the Secured Party are subject to a senior loan and first-priority mortgage on the Property. In order to satisfy the amounts due to the Secured Party in the amount of $3,468,288.92, plus interest at the right of 24% per annum from September 1, 2025, reasonable fees, costs, and disbursements permitted, less any credits due, the public auction will be held on December 15, 2025, at 1:00 p.m. (EST), and will be conducted by Matthew D. Mannion of Mannion Auctions, LLC, via the Zoom meeting link: https://us02web.zoom.us/j/83284585036?pwd=e9PsVSSacEba9cUi8msbbKCDVwEZ7S.1 Meeting ID; 832 8458 5036, Passcode: 333541 or by phone at +1 (646) 931-3860 Interested parties must contact Matthew D. Mannion at mdmannion@jandr.com or by phone at +1 (212) 267-6698 Attorneys for Secured Party: Evan M. Newman, Esq. JACOBOWITZ NEWMAN TVERSKY LLP 377 Pearsall Ave., Suite C Cedarhurst, NY 11516 Tel: (516) 545-0996 Fax: (212) 671-1883 BAHRAM BENARESH: Secured Party Seeks Dec. 3 Auction --------------------------------------------------- Newmark, on behalf of DC Franklin Lender LLC, as assignee of G4 18228, LLC, will offer for sale at public auction 100% of the limited liability company membership interests held by Bahram Benaresh in Franklin 175 LLC. The sale will take place on December 3, 2025, at 3:00 p.m. Eastern Time (i) in person at the offices of Moritt Hock & Hamroff LLP, 1407 Broadway, 39th Floor, in New York, and (ii) virtually via online video conference. The sale is being made in connection with the foreclosure on a pledge of the Collateral to the Secured Party by Pledgor under the Pledge Agreement, pursuant to which Pledgor has granted to Secured Party a first priority lien on the Collateral as collateral for the loan in the original principal amount of $11,200,000.00 from the Secured Party to the Pledged Entity. Questions may be directed to Brock Cannon at +1 212-372-2066 or Brock.Cannon@nmrk.com About Bahram Benaresh Bahram Benaresh (Bankr. S.D.N.Y. Case No. 24-12341) filed a Chapter 11 petition on Dec. 16, 2024. He is represented by Scott Markowitz, Esq. BANNERS OF ABINGDON: Court Orders Joint Administration of Cases --------------------------------------------------------------- Judge Elizabeth L. Gunn of the United States Bankruptcy Court for the District of Columbia granted the motion of Banners of Abingdon, LLC and certain of its debtor affiliates to jointly administer their Chapter 11 cases and substantively consolidate the bankruptcy estates for all purposes. The Debtors in these cases are: Banners of Abingdon, LLC; Banners of Reston, Inc.; Banner's of Dulles Town, Inc.; Banner's of Fair Oaks, LLC; Banner's Of Ashburn, LLC; Banner's of Gainesville, LLC; Banner's of Warrenton, LLC; Banner's of South Riding, LLC; Banner's of Stafford, LLC; Banner's of Oakton, LLC; Banner's of Bradlee Center, LLC; Banners of Fair Lakes, LLC; Banners of Woodbridge LLC; Banners of Williamsburg LLC; Banners of Newport News LLC; Banners of Commonwealth Midlothian LLC; Banners of Village Market Place Midlothian LLC; Banners of Fairfield Virginia Beach LLC; Banners of Hilltop Virginia Beach LLC; Banners of Central Park Fredericksburg LLC; Banners of Cosner's Corner Fredericksburg LLC; Banners of York River LLC; Banners of Lynchburg, LLC; Banners of Harrisonburg VA LLC; Banners of Winchester LLC; Banners of Christiansburg VA LLC; Banners of Chesapeake VA LLC; Banners of Columbus Village VA Beach LLC; Banner's of Burke, LLC; Banner's of Kamp Washington, LLC; Banners of Suffolk II LLC; Banners of Suffolk LLC; Banners of Henrico LLC; Banners Of Waynesboro LLC; Banners of Roanoke LLC; Banners of Rocky Mount VA, LLC; Banners of Manassas II LLC; Banners of Charlottesville LLC; Banners of Kingstowne LLC; Banners of Leesburg, LLC; and LBPO Management, LLC. A copy of the Court's Order dated November 12, 2025, is available at https://urlcurt.com/u?l=ElHXkd from PacerMonitor.com. About Banners of Abingdon, LLC Banners of Abingdon, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 25-00378-ELG) on September 14, 2025. In the petition signed by Michael Postal, authorized agent, the Debtor disclosed up to $50 million in assets and liabilities. Judge Elizabeth L. Gunn oversees the case. Maurice Verstandig, Esq., at The Belmont Firm, represents the Debtor as legal counsel. BEELINE HOLDINGS: Raises $7.39M in Registered Common Stock Offering ------------------------------------------------------------------- Beeline Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company on November 11, 2025, entered into a Securities Purchase Agreement with certain accredited investors, pursuant to which the Company sold to the Investors in a registered offering, a total of 4,620,000 shares of the Company's common stock, at a price of $1.60 per share, raising gross proceeds of $7,392,000, before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the Offering for general corporate purposes and the redemption of outstanding shares of Series E Convertible Preferred Stock. The closing occurred on November 12, 2025. The Shares were offered and sold pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-284723) under the Securities Act of 1933. A Prospectus Supplement in relation to the Offering was filed by the Company with the Securities and Exchange Commission on November 12, 2025. Pursuant to the terms of the Purchase Agreement, and subject to certain exceptions as set forth therein, we agreed not to: (i) enter into variable rate financings for a period of six months following the closing of the Offering; and (ii) for 60 days from the closing of the offering issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of common stock or common stock equivalents (including by means of any exchange or cancellation of existing securities, pursuant to Section 3(a)(9) of the Securities Act or otherwise), (iii) reduce the conversion ratio of any outstanding indebtedness or (iv) for 60 days from the closing of the Offering, file any registration statement or any amendment or supplement thereto. In addition, each of the Company's directors and executive officers have entered into lock-up agreements pursuant to which each of them has agreed not to, for a period of 90 days, from the closing of the Offering, offer, sell, transfer or otherwise dispose of the Company's securities, subject to certain exceptions. Ladenburg, Thalmann & Co., Inc. acted as the Company's placement agent in connection with the Offering. On November 11, 2025, the Company entered into a placement agency agreement with Ladenburg, pursuant to which the Placement Agent agreed to act on a reasonable "best efforts" basis, in connection with the Offering. The Company paid Ladenburg consideration consisting of: (i) a cash fee equal to 8% of the aggregate gross proceeds in the Offering, (ii) a management fee equal to 1% of the aggregate gross proceeds received in the Offering, (iii) warrants to purchase 277,200 shares of common stock, and (iv) reimbursement of certain expenses. The Placement Agent Warrants are exercisable for a five-year period at an exercise price of $2.48 per share. The Placement Agent Warrant may be exercisable via "cashless exercise" in certain circumstances. The Company has agreed to file a registration statement providing for the resale of the shares underlying the Placement Agent Warrants as soon as reasonably practicable and to use commercially reasonable efforts to keep such registration statement effective at all times until the Placement Agent does not own the Placement Agent Warrant or any Placement Agent Warrant Shares. The Placement Agent has agreed not to resell or distribute the Placement Agent Warrants or the Placement Agent Warrant Shares to the public except pursuant to an effective registration statement under the Securities Act or an exemption therefrom. Full-text copies of the Purchase Agreement, the Placement Agent Warrants and the Placement Agency Agreement, are available at https://tinyurl.com/5ert3zrf and https://tinyurl.com/2mrehkfa, and https://tinyurl.com/bp8n2pjv, respectively. A full-text copy of the legal opinion of Nason, Yeager, Gerson, Harris & Fumero, P.A. is available at https://tinyurl.com/nnuuebff About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The Company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, against $17.5 million in total liabilities. As of June 30, 2025, the Company had $68.57 million in total assets, against $13.02 million in total liabilities. BEST CUPPA: Seeks Approval to Tap Nguyen Law as Bankruptcy Counsel ------------------------------------------------------------------ Best Cuppa Austin, Inc., doing business as Cuppa Austin Coffee Shop, seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Nguyen Law, PLLC as counsel. The firm's services include: (a) assist the Debtor in carrying out its duties under the Bankruptcy Code; (b) prepare and file schedules, statements of financial affairs, and a plan; (c) consult with the United States Trustee, the Subchapter V trustee, creditors, and other parties-in-interest regarding administration of the bankruptcy case; (d) represent the Debtor at United States Trustee interviews, meetings of creditors, confirmation hearings, adversary proceedings, and other contested bankruptcy matters; (e) assist the Debtor in analyzing and appropriately treating any creditors' claims; and (f) perform other legal services and provide other legal advice to the Debtor as may be necessary. An Nguyen, Esq., the primary attorney in this representation, will be billed at an hourly rate of $400 plus reimbursement. Prior to the petition date, the firm received a retainer of $6,738 for its representation of the Debtor. Mr. Nguyen disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: An Nguyen, Esq. Nguyen Law, PLLC P.O. Box 150146 Austin, TX 78715 Telephone: (512) 712-3484 Email: bankruptcy@anwinlaw.com. About Best Cuppa Austin Inc. Best Cuppa Austin Inc. operates in the restaurant industry. Best Cuppa Austin Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11703) on October 30, 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 Shad Robinson handles the case. The Debtor is represented by An Nguyen, Esq., at Nguyen Law, PLLC. BETTER IS BETTER: Seeks to Extend Plan Filing Deadline to Dec. 1 ---------------------------------------------------------------- Better is Better, LLC asked the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend its period to file a chapter 11 small business plan of reorganization to December 1, 2025. The deadline for the Debtor to file a Chapter 11 Small Business Plan of Reorganization expires on November 17, 2025. The Debtor's counsel has prepared a draft Plan that needs to be finalized with the Debtor's future revenue and expense projections. The Debtor explains that it has diligently been working on the revenue and expenses projections to be provided with the Plan but needs a small amount of additional time to finalize the same. The Debtor's counsel will then be able to fully complete the proposed Plan and believes it prudent to share the same with the Subchapter V Trustee prior to filing for comment and any suggested changes. The Debtor asserts that it does not wish to have a prolonged confirmation process with multiple Amended Chapter 11 Plans but is attempting to file a feasible Plan that makes sense right off the bat. An extension of time for fourteen days to finalize projections and share the Plan with the Subchapter V Trustee should go a long way to achieving that goal. The Debtor further asserts that it has not been delinquent in tracking the Chapter 11 Plan deadline or delayed development of a Chapter 11 Plan. Rather, the Debtor believes that it is in the best interest of the Debtor, creditors, the estate, and even the Court to allow the Debtor a short fourteen-day extension of the Chapter 11 Plan deadline in order to file a Chapter 11 Plan that is in the best interests of all parties in interest. Better is Better, LLC is represented by: 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 Better is Better, LLC Better is Better, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22163) on August 19, 2025. In the petition signed by Joel Phifer, member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Christopher M. Frye, Esq., at Steidl & Steinberg, P.C., represents the Debtor as legal counsel. BLACKROCK ELBERT V: S&P Places 'BB-' E-R Debt Rating on Watch Neg. ------------------------------------------------------------------ S&P Global Ratings placed its 'BB-(sf)' rating on the class E-R debt from Blackrock Elbert CLO V LLC on CreditWatch with negative implications. The transaction is a $406.60 million middle market CLO managed by BlackRock Capital Investment Advisors LLC. It was originally issued in 2020 and refinanced in May 2022. The reinvestment period is scheduled to end in June 2026. The junior overcollateralization (O/C) ratio tests were reported as failing since the August 2025 monthly trustee report. Subsequently, in the September 2025 report, the interest on the class E-R was deferred. As a result, the CLO paid down approximately 1% of its senior note balance as of the October payment date, and interest on the class E-R debt was deferred. The placement primarily reflects the decline in its O/C levels, which is likely due to a combination of par losses and increases in defaults. S&P also considered other factors, such as indicative cash flow runs, current exposure to 'CCC' and lower collateral, and the O/C levels in relation to the overall market average. S&P intends to resolve these CreditWatch placements within 90 days, following a committee review. S&P will continue to monitor the transaction's performance and take rating actions, including CreditWatch placements, as it deems appropriate. BLACKSTONE MORTGAGE: S&P Rates Proposed $500MM Term Loan B 'B+' --------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue rating to Blackstone Mortgage Trust Inc.'s (BXMT's; B+/Negative/--) proposed $500 million term loan B due 2032. S&P said, "We expect the company will use the proceeds from the proposed term loan to refinance its existing term loan maturing in April 2026, with an outstanding balance of $309 million as of Sept. 30, 2025. The remaining proceeds are expected to be used to repay $150 million of the term loan B-6 due in 2030, and other secured debt. This transaction is expected to be leverage neutral. We view the company addressing the 2026 maturity favorably, as it mitigates refinancing risk while BXMT continues to address its portfolio of troubled loans." As of Sept. 30, 2025, BXMT's loan portfolio had a book value of $17.4 billion net of current expected credit loss reserves, distributed across 137 loans. This is down slightly from the $18.3 billion portfolio consisting of 130 loans as of Dec. 31, 2024. The company continues to reduce its exposure to the office sector. BXMT's portfolio allocation as of the latest reporting date includes 29% in office properties, a decrease from 35% as of Sept. 30, 2024. Within this allocation, U.S. office properties represent 22% of the total portfolio. The portfolio also includes multifamily (25%) and industrial properties (21%). BXMT's leverage, measured by debt to adjusted total equity (ATE), increased to 4.08x as of Sept. 30, 2025. While this is up from 3.96x at year-end 2024, it's a decrease from 4.33x as of June 30, 2025. S&P said, "Despite the challenges BXMT's loan portfolio has had over the past year, we do not expect the same degree of systemic pressure on commercial real estate (CRE) portfolios that has been prevalent in recent years. BXMT had approximately $1.2 billion in loans on nonaccrual as of Sept. 30, 2025, representing 31% of ATE, a decrease from $1.5 billion (39% of ATE) as of March 31, 2025. However, BXMT's exposure to real estate owned has risen notably to 25% of ATE, up from just 16% of ATE during the same period. We will continue to closely monitor the company's asset quality and resolution processes. "The negative outlook on BXMT reflects our expectation that over the next six to 12 months, residual stress in CRE markets may continue to pressure its asset quality, potentially leading to an increase in loan loss reserves and leverage rising above 4.5x on a sustained basis. Our outlook also considers the existing strain in BXMT's loan portfolio, covenant cushion to its funding lines, and adequate liquidity to meet its ongoing operational needs." BLUE BANK: Richard Preston Cook Named Subchapter V Trustee ---------------------------------------------------------- Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina, appointed Richard Preston Cook as Subchapter V trustee for Blue Bank Music, LLC. The Subchapter V trustee's hourly rate for this engagement is $375. Mr. Cook declared that he does not have an interest materially adverse to the interest of JHRG Manufacturing's estate, creditors or equity security holders. About Blue Bank Music LLC Blue Bank Music, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04559) on November 14, 2025, listing between $100,001 and $500,000 in assets and liabilities. Judge Pamela W. Mcafee presides over the case. Jennifer K. Bennington, Esq,. at Stephen L. Beaman, PLLC represents the Debtor as legal counsel. BOOTLEGGER'S BREWERY: Hires Bisom Law Group as Legal Counsel ------------------------------------------------------------ Bootlegger's Brewery, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ The Bisom Law Group to handle its Chapter 11 case. Andrew Bisom, Esq., the primary attorney in this representation, will be paid at his hourly rate of $600 plus reimbursement. The firm received a retainer of $29,738 from the Debtor. Mr. Bisom disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrew S. Bisom, Esq. The Bisom Law Group 300 Spectrum Center Drive, Suite 1575 Irvine, CA 92618 Telephone: (714) 643-8900 Facsimile: (714) 643-8901 Email: abisom@bisomlaw.com About Bootlegger's Brewery LLC Bootlegger's Brewery, LLC, a company in Fullerton, Calif., produces a range of craft beers, including year-round and seasonal varieties. Founded in 2008, it serves both on-site visitors and local consumers in North Orange County. Its operations focus on brewing, tastings, and community engagement within the alcoholic beverages industry. Bootlegger's Brewery filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12907) on October 15, 2025, with $156,358 in assets and $1,865,389 in liabilities. Mark Sharf, Esq., a practicing attorney in Los Angeles, serves as Subchapter V trustee. Judge Mark D. Houle presides over the case. Andrew Bisom, Esq., at the Law Office of Andrew S. Bisom represents the Debtor as bankruptcy counsel. BOREN INC: Seeks to Hire Johnson Legal PLLC as Legal Counsel ------------------------------------------------------------ Boren, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire Johnson Legal, PLLC to serve as legal counsel in its Chapter 11 case. Johnson Legal, PLLC will provide these services: (a) rendering legal advice with respect to the rights, power, and duties of the Debtor in the management of its property; (b) investigating and, if necessary, instituting legal action on behalf of the Debtor to collect and recover assets of the estate; (c) preparing all necessary pleadings, orders, and reports with respect to this proceeding and rendering all other necessary or proper legal services; (d) assisting and counseling Debtor in the preparation, presentation, and confirmation of a plan of reorganization; (e) representing Debtor as may be necessary to protect its interests; and (f) performing all other legal services that may be necessary and appropriate in the general administration of Debtor’s estate. The Firm will charge an hourly rate of $500 for attorneys and $150 to $250 for paralegals. Johnson Legal, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Michelle L. Spezia, Esq. Jennifer L. Johnson, Esq. JOHNSON LEGAL, PLLC 302 42nd Avenue North Nashville, TN 37209 Telephone: (615) 386-0075 Facsimile: (615) 864-8419 E-mail: ecfmail@tennessee-bankruptcy.com About Boren Inc. Boren, Inc., doing business as Fitness 1440, operates multi-level fitness centers in Nashville, Tennessee, offering 24/7 gym access, swimming pools, saunas, personal training, group fitness classes, and other wellness amenities. It provides membership services with access to multiple locations and specialized fitness equipment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04621) on October 31, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Nelson Boren, Jr., regional manager, signed the petition. Judge Charles M. Walker presides over the case. Michelle L. Spezia, Esq., at Johnson Legal, PLLC represents the Debtor as bankruptcy counsel. BP RETAIL: Seeks to Extend Plan Exclusivity to April 21, 2026 ------------------------------------------------------------- BP Retail Partners Inc. and affiliates asked the U.S. Bankruptcy Court for the Middle District of Tennessee to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 21, 2026 and June 19, 2026, respectively. The Debtors have filed a consolidated declaration of Corey E. Robinson, Chief Executive Officer of BP Retail Partners Inc., BP Retail TX, LLC, and R&R Tenn Real Estate Holdings LLC, in support of the Chapter 11 petitions and first day pleadings (the "First Day Declaration"). Since the Petition Date, the Debtors have focused on stabilizing operations, maintaining ordinary-course relationships with vendors and employees, and gathering the financial and operational information necessary to formulate a viable plan. The Debtors explain that they have begun discussions with key stakeholders regarding potential restructuring paths and are evaluating plan alternatives in light of claims asserted and lease obligations. Although significant work remains, the Debtors are proceeding in good faith and within the ordinary timeframe for a case of this scope and complexity. The Debtors claim that an extension of the Exclusivity Periods will allow them to continue evaluating their business footprint, advance plan discussions with creditor constituencies, and pursue a value-maximizing restructuring without the disruption, expense, and potential creditor misalignment that competing plans would create at this stage. The Debtors assert that the requested extensions are their first and comply with the statutory caps of 18 months (plan filing) and 20 months (solicitation) under Section 1121(d)(2) of the Bankruptcy Code. Counsel for the Debtors: Robert J. Gonzales, Esq. Hannah L. Berny, Esq. EMERGELAW, PLLC 4235 Hillsboro Pike, Suite 350 Nashville, TN 37215 Tel: (615) 815-1535 Email: robert@emerge.law hannah@emerge.law About BP Retail Partners Inc. BP Retail Partners, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-03476) on August 21, 2025, listing up to $10 million in both assets and liabilities. Corey E. Robinson, president of BP Retail Partners, signed the petition. Judge Randal S. Mashburn oversees the case. Robert J. Gonzales, Esq., at EmergeLaw, PLC, represents the Debtor as bankruptcy counsel. BRANDHOOT LLC: Seeks to Sell Bicycle Inventory at Auction --------------------------------------------------------- BrandHoot, LLC, seeks permission from the U.S. Bankruptcy Court for the District of Minnesota, to sell Bicycle inventory, free and clear of liens, claims, interests, and encumbrances. The Owner of the Debtor is Nathanael Nordstrom. BrandHoot, LLC, is a Minnesota limited liability company headquartered in Rochester, Minnesota. The Debtor previously operated New Spin Bicycle Shop in Rochester, Minnesota. It has ceased traditional retail operations and will focus its postpetition business on software development. The Debtor currently owns a quantity of new and used bicycles, parts, and related retail equipment (Inventory). To facilitate an orderly liquidation of the Inventory, the Debtor negotiated an agreement with Grafe Auction Co., located at 261 Yeadon Lane NW, Stewartville, Minnesota 55976, a licensed Minnesota auctioneer with substantial experience conducting retail liquidations. The Debtor's secured creditor, the U.S. Small Business Administration, holds a blanket security interest in the Debtor's business assets, including the Inventory. The Debtor seeks authority to sell the Inventory free and clear of such liens, with liens attaching to the sale proceeds in the same validity, priority, and extent as they existed prepetition. Under the proposed agreement, attached as Exhibit A: https://urlcurt.com/u?l=PrlOD4, Grafe will conduct an absolute, online-only public auction of the Inventory located at 261 Yeadon Lane NW, Stewartville, Minnesota. Grafe will handle all advertising, marketing, removal, and settlement functions customary for its business; and Grafe will receive: -- a 17 percent commission on gross sale proceeds; -- an 18 percent buyer’s premium (retained by Grafe); and -- reimbursement of out-of-pocket expenses, capped as follows: * advertising – $3,500; * pre-auction setup – $1,500; * post-auction removal/rigging – $4,000; * warehouse rent – $2,500 per month, maximum 2 months; and * dumpster/clean-up costs at actual cost. Grafe will remit net proceeds to the Debtor within twelve banking days after the auction. The Debtor believes these terms are fair, reasonable, and consistent with industry standards and with compensation approved for other auctioneers in similar cases. The Debtor requests authority to pay Grafe its commission and reimbursable expenses directly from the sale proceeds at closing, without further application, subject to the limits stated above. The Debtor believes this Motion, the Auction Contract, and the transactions contemplated hereby are in the best interests of the bankruptcy estate and in the best interests of all interested parties. About Brandhoot LLC BrandHoot, LLC is a Rochester, Minnesota-based web design and mobile app development firm that provides digital strategy, UI/UX design, and custom software solutions. It develops and operates technology products, including Easy Board, a board management software platform. BrandHoot also maintains affiliated retail operations through New Spin Bicycle Shop, which sells bicycles and related goods under a separate trade name. Brandhoot, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Minn. Case No. 25-33565) on November 7, 2025, listing between $500,001 and $1 million in assets and between $500,001 and $1 million in liabilities. Judge Mychal A. Bruggeman presides over the case. Jeffrey H. Butwinick, Esq., represents the Debtor as legal counsel. BUCKINGHAM SENIOR LIVING: Case Summary & 30 Top Unsec. Creditors ---------------------------------------------------------------- Debtor: Buckingham Senior Living Community, Inc. d/b/a The Buckingham 8580 Woodway Drive Houston, TX 77063 Business Description: Buckingham Senior Living Community, Inc., doing business as The Buckingham, operates a not-for-profit continuing care retirement community (CCRC) in Houston, Texas, offering independent living, assisted living, memory care, skilled nursing, rehabilitation, and respite care. The community spans 23 acres near the Memorial neighborhood and features walking trails, courtyards, gardens, 24-hour security, dining, wellness programs, and other amenities designed to support resident lifestyle and relationships. Established over 20 years ago, The Buckingham provides comprehensive senior living services, allowing residents to transition across care levels as needs evolve. Chapter 11 Petition Date: November 17, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-80595 Judge: Hon. Michelle V Larson Debtor's General Bankruptcy Counsel: Marcus A. Helt, Esq. MCDERMOTT WILL AND SCHULTE LLP 2801 North Harwood Street Suite 2600 Dallas, TX 75201 Tel: 214-295-8000 Fax: 972-232-3098 Email: mhelt@mwe.com AND Daniel M. Simon, Esq. MCDERMOTT WILL & SCHULTE LLP 1180 Peachtree St. NE, Suite 3350 Atlanta, Georgia 30309 Tel: (404) 260-8535 Fax: (404) 393-5260 Email: dsimon@mwe.com AND Darren Azman, Esq. Natalie Rowles, Esq. MCDERMOTT WILL & SCHULTE LLP One Vanderbilt Avenue New York, New York 10017 Tel: (212) 547-5400 Fax: (212) 547-5444 Email: dazman@mwe.com nrowles@mwe.com Debtor's Financial Advisor: IMPLEX ADVISORS, LLC Debtor's Investment Banker: RAYMOND JAMES & ASSOCIATES, INC. Debtor's Claims, Noticing, Solicitation & Administrative Agent: EPIQ CORPORATE RESTRUCTURING, LLC Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petition was signed by Michael Wyse as Chair of the Board of Directors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LRBP2CI/Buckingham_Senior_Living_Community__txnbke-25-80595__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Resident Refund $1,896,105 Address Intentionally Omitted 2. Resident Refund $1,706,105 Address Intentionally Omitted 3. Resident Refund $1,706,105 Address Intentionally Omitted 4. Resident Refund $1,705,500 Address Intentionally Omitted 5. Resident Refund $1,682,355 Address Intentionally Omitted 6. Resident Refund $1,188,355 Address Intentionally Omitted 7. Resident Refund $1,188,355 Address Intentionally Omitted 8. Resident Refund $1,188,355 Address Intentionally Omitted 9. Resident Refund $1,188,355 Address Intentionally Omitted 10. Resident Refund $1,188,355 Address Intentionally Omitted 11. Resident Refund $1,155,436 Address Intentionally Omitted 12. Resident Refund $1,155,436 Address Intentionally Omitted 13. Resident Refund $1,155,436 Address Intentionally Omitted 14. Resident Refund $1,082,700 Address Intentionally Omitted 15. Resident Refund $1,070,235 Address Intentionally Omitted 16. Resident Refund $1,017,665 Address Intentionally Omitted 17. Resident Refund $974,605 Address Intentionally Omitted 18. Resident Refund $974,605 Address Intentionally Omitted 19. Resident Refund $946,105 Address Intentionally Omitted 20. Resident Refund $946,105 Address Intentionally Omitted 21. Resident Refund $946,105 Address Intentionally Omitted 22. Resident Refund $917,605 Address Intentionally Omitted 23. Resident Refund $917,605 Address Intentionally Omitted 24. Resident Refund $917,605 Address Intentionally Omitted 25. Resident Refund $892,186 Address Intentionally Omitted 26. Resident Refund $892,186 Address Intentionally Omitted 27. Resident Refund $879,605 Address Intentionally Omitted 28. Resident Refund $864,476 Address Intentionally Omitted 29. Resident Refund $864,476 Address Intentionally Omitted 30. Resident Refund $851,105 Address Intentionally Omitted BUILDING COMPANY: Taps Dunham Hildebrand Payne Waldron as Counsel ----------------------------------------------------------------- Building Company Number 7, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Dunham Hildebrand Payne Waldron, PLLC as counsel. The firm's services include: (a) render legal advice with respect to the rights, power, and duties of the Debtor in the management of its assets and operations; (b) investigate and, if necessary, institute legal action on behalf of the Debtor to collect and recover assets of its estate; (c) prepare all necessary pleadings, orders and reports with respect to this proceeding and to render all other necessary or proper legal services; (d) assist and counsel the Debtor in the preparation, presentation, and confirmation of a plan of reorganization; (e) represent the Debtor as may be necessary to protect its interests; and (f) perform all other legal services that may be necessary and appropriate in the general administration of the Debtor's estate. The firm will be paid at these hourly rates: Attorneys $500 - $550 Paralegals $200 - $225 In addition, the firm will seek reimbursement for expenses incurred. Prior to filing, the firm received a retainer of $26,738 from the Debtor. Griffin Dunham, Esq., an attorney at Dunham Hildebrand Payne Waldron, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Griffin S. Dunham, Esq. Dunham Hildebrand Payne Waldron, PLLC 9020 Overlook Blvd., Ste. 316 Brentwood, TN 37027 Telephone: (615) 933-5850 Email: griffin@dhnashville.com About Building Company Number 7 Inc. Building Company Number 7, Inc. is a general contracting company based in Nashville, Tennessee. It provides residential construction services, including custom homes, remodels, historic renovations, and home additions, serving neighborhoods such as Belle Meade, Oak Hill, West Meade, and Germantown. Building Company Number 7 filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04589) on October 30, 2025, with $350,263 in assets and $2,278,836 in liabilities. Matt Millsap, president of Building Company Number 7, signed the petition. Judge Randal S. Mashburn presides over the case. Griffin S. Dunham, Esq., at Dunham Hildebrand Payne Waldron, PLLC represents the Debtor as legal counsel. BYJU'S ALPHA: Ex-Founder Concealed $506MM Using UK Company ---------------------------------------------------------- Steven Church of Bloomberg News reports that bankrupt Indian ed-tech firm Byju's allegedly hid $505.9 million in cash from its U.S. lenders by routing the funds through a London-based logistics company, court records show. According to a court filing, OCI Limited, the UK firm, was used as an intermediary to mask the origin and ultimate destination of the money. OCI founder Oliver Chapman claims that a former adviser arranged the series of transfers as part of a scheme orchestrated by Byju's CEO, Byju Raveendran, to shield assets from creditors. Chapman outlined the alleged transactions in a proposed settlement filed alongside a lawsuit accusing OCI of facilitating the concealment, the report states. About BYJU's Alpha BYJU's Alpha, Inc., designs and develops education software solutions. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Judge John T. Dorsey oversees the case. Young Conaway Stargatt & Taylor, LLP, and Quinn Emanuel Urquhart & Sullivan, LLP serve as the Debtor's legal counsel. GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski Stang Ziehl & Jones, and Reed Smith. CACHCOPA LLC: Gets OK to Hire All American Financial as Accountant ------------------------------------------------------------------ Judge Caryl E. Delano of the United States Bankruptcy Court for the Middle District of Florida approved Cachcopa, LLC's application to employ All American Financial Services, LLC as accountant for the debtor-in-possession. The application is approved retroactive to the petition date pursuant to Section 327(a) of the Bankruptcy Code. The accountant's monthly flat fee in the amount of $3,645.00 per month for the months of September and October 2025, and $2,000.00 per month for the month of November 2025, and each succeeding month after that, as well as $25.00 per IRS Form 1099 prepared and filed, is approved. The Debtor is authorized and directed to pay the balance of the flat fee for the months of September and October, and to timely pay the monthly flat fee moving forward, beginning with the month of November, to the accountant as an authorized expenditure of cash collateral. A copy of the Court's Order dated November 7, 2025, is available at https://urlcurt.com/u?l=dOnp2O from PacerMonitor.com. About Cachcopa LLC Cachcopa, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01657) on August 26, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Caryl E. Delano presides over the case. Erik Johanson PLLC represents the Debtor as bankruptcy counsel. CARRIAGE SERVICES: S&P Upgrades ICR to 'B+' on Improved Leverage ---------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Houston-based death care company Carriage Services Inc. (CSV) to 'B+' from 'B' and its issue-level rating on the company's senior unsecured debt to 'B+' from 'B'. The '4' recovery rating on the unsecured debt is unchanged, indicating its expectation for average (30%-50%: rounded estimate: 30%) recovery in the event of a default. The stable outlook reflects S&P's expectation for CSV to generate consistent top-line growth and maintain a stable margin profile such that S&P Global Ratings-adjusted leverage remains in the mid- to low-4.0x area in 2025 and 2026. The upgrade reflects continued operational improvement and our expectation for leverage to be sustained in the mid- to low-4.0x. CSV has sustained leverage below our upside trigger of 5x for the last five quarters. S&P said, "In our opinion, this supports a sufficient track record of operating the business at a more conservative leverage threshold. At the same time, its relatively new management team has proven a willingness to deleverage through EBITDA growth and debt reduction. We anticipate this will continue despite a focus on M&A and believe the company will continue to operate within its long-term leverage target of 3.5x-4.0x (translates to roughly 4.x-4.5x on an S&P Global Ratings-adjusted basis). As such, we expect CSVs S&P Global Ratings-adjusted leverage will be in the mid- to low-4.0x range over the next few years." This year, CSV leaned more into an M&A growth strategy after a period of organic growth initiatives, including the purchase of Osceola and Faith Chapel assets announced in September. S&P said, "We believe the industry's low-single-digit percent organic growth rate supports this strategic shift. Given CSV's scale, we believe the company could engage in a relatively large debt-funded transaction that could temporarily increase leverage. However, we would expect the company to deleverage toward its stated target in a timely manner consistent with the current rating. In that situation, we would also consider the risks related to execution and the company's ability to successfully integrate a larger target." S&P said, "We believe there are solid prospects given pre-need offerings, pricing, and favorable demographics. Through nine months of fiscal year 2025, total revenue increased by 1.8% compared to the same period in 2024. This was largely due to an increase in cemetery pre-need internment rights sold of about 8.4% and funeral contract pricing increased 1.9%, partially offset by softer funeral contract volume down 1.8%. We believe the recent softening in funeral volumes has largely reverted to historical trends following a period of pandemic-related volume acceleration. "Our near-term growth expectations are further bolstered by ongoing efforts to enhance pricing consistency across the company's decentralized platform and anticipated mid-single-digit percent growth in cemetery revenue, fueled by continued demand for pre-need offerings. Looking further out, we expect sustained revenue growth given broader population growth and an aging demographic in the U.S. While the industry-wide trend toward cremation presents a potential headwind, CSV is proactively mitigating this negative effect through product bundling and service enhancements. We anticipate this transition will continue at a gradual pace and remain manageable. "We anticipate CSV will manage a relatively stable margin profile. Over the trailing 12 months ended September 30th, 2025, S&P Global Ratings-adjusted EBITDA margins reached 32.3%, representing a 250-basis point improvement compared to the prior year. This expansion reflects the positive effect of pricing initiatives across both funeral and cemetery services, enhanced operational efficiency through disciplined promotional spending, and the absence of prior-year burdens related to severance and external consulting fees. We believe CSV will maintain a stable margin profile, as incremental benefits from pricing initiatives are somewhat offset by ramp-up of tuck-in acquisitions and the likely expansion of corporate expenses as the company grows in scale. "The stable outlook reflects our expectation for CSV to generate consistent top-line growth and maintain a stable margin profile such that S&P Global Ratings-adjusted leverage remains in the mid-to low-4.0x area in 2025 and 2026." S&P could lower the rating on CSV if its S&P Global Ratings-adjusted leverage rises above 5x on a sustained basis, which could occur if: -- Sustained operating challenges from increased competition or prolonged pressure on discretionary spending limits its ability to grow in the pre-need cemetery space; or -- CSV prioritizes growth through debt-funded acquisitions and investments, leading S&P to view its financial policy as more aggressive. Although unlikely over the next 12 months, S&P could raise its rating on CSV if: -- The company is able to maintain healthy top-line growth and stable EBITDA margins such that S&P Global Ratings-adjusted debt to EBITDA is sustained below 4.0x, and -- S&P has high confidence that the company will be able to continue executing on its growth strategy including an increased size and pace of M&A, while sustaining a more conservative financial policy. CASPER INC: Seeks Subchapter V Bankruptcy in Illinois ----------------------------------------------------- Casper Inc. filed a voluntary Chapter 11 bankruptcy on November 12, 2025, in the Northern District of Illinois. The company's petition lists liabilities ranging from $100,001 to $1 million. Casper Inc. also reports having between 1 and 49 creditors. About Casper Inc. Casper Inc. operates in the restaurants industry. Casper Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-17514) on November 12, 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 Timothy A. Barnes handles the case. The Debtor is represented by David Freydin, Esq. of Law Offices of David Freydin Ltd. CEDAR VALLEY: Court Directs U.S. Trustee to Appoint PCO ------------------------------------------------------- Judge Stacey Jernigan of the U.S. Bankruptcy Court for the Northern District of Texas directed the U.S. Trustee for Region 6 to appoint a patient care ombudsman for Cedar Valley Cypress TX, LLC and affiliates. Judge Jernigan further ordered as follows: * The PCO appointed in these Chapter 11 cases shall perform the duties required of a patient care ombudsman pursuant to Bankruptcy Code sections 333(b) and until (i) the effective date of a Chapter 11 plan, or (ii) dismissal of these Chapter 11 cases, or (iii) the Debtors' facility is closed or it is no longer property of the bankruptcy estates, at which point the PCO's duties shall terminate. * The PCO shall be compensated in accordance with Bankruptcy Code sections 330 and 331, to the extent necessary. * The PCO shall monitor the quality of care provided to patients or residents to the extent necessary under the circumstances, including interviewing patients, physicians, and health care providers. * Not later than 60 days after the date of the appointment, and not less frequently than 60-day intervals thereafter, the PCO shall file a report with the court regarding the quality of resident or patient care at the Debtors' facility. * The PCO shall immediately notify the court, the U.S. trustee, and parties in interest by motion or written report, if they determine that the quality of patient or resident care provided by Debtors is declining significantly or is otherwise materially compromised. About Cedar Valley Cypress TX LLC Cedar Valley Cypress TX, LLC and affiliates form a network of for-profit healthcare companies that own and manage skilled nursing and rehabilitation centers. The group oversees facilities such as Cedar Valley Nursing & Rehabilitation Center in Cedartown, Georgia, and operates through related entities providing administrative and clinical support. The companies share common ownership under the Cypress structure, which manages nursing home operations in Texas, New York, and Georgia. Cedar sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34017) on October 13, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $50,000 and $100,000. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Jason S. Brookner, Esq., at Gray Reed. CELANESE CORP: S&P Cuts ICR to 'BB' On Elevated Debt, Outlook Neg. ------------------------------------------------------------------ S&P Global Ratings lowered its ratings, including its issuer credit rating, on engineered nylons and polymers and acetyl products company Celanese Corp. by one notch to 'BB'. The negative outlook reflects the 1-in-3 potential for lower ratings within the next 12-18 months if Celanese's pace of deleveraging continues to be delayed or disrupted. S&P said, "The pace of deleveraging has shifted out yet again. Because of top-line contraction in 2025 and the timing of receipt of divestiture proceeds, Celanese is not likely to reduce leverage to the extent we anticipated at the beginning of the year. In our view, it may take until 2027 to improve to the mid-4x area, something we thought it could do so two years sooner. We now see adjusted debt to EBITDA ending 2025 at 6.2x and weighted-average debt to EBITDA exceeding 5x with funds from operations (FFO) to debt just over 10%. "We don't think Celanese can improve credit measures meaningfully until 2027. Despite management's confidence in its ability to increase earnings even if flat demand persists into next year, demand-related challenges are meaningful. A substantial portion of its sales depend on the automotive, housing/construction, and industrial markets, which will likely remain weak for some time. This is meaningful enough to offset progress on cost reductions and price/mix. We recognize that the footprint rationalization in Belgium will save some costs in the acetate tow business." The company targets increasing earnings per share by $1-$2 in 2026. Through a combination of cost take-outs and savings on interest expense, this would correspond to a roughly $175 million increase in EBIT, at the midpoint of the target range. The in-year realization of cost and productivity savings in 2025 is $120 million, with additional savings identified for next year. This has helped keep adjusted EBITDA margins north of 21% and in line with what S&P would expect for a majority-specialty-chemicals company. Celanese has a good chance to meet its guidance of $700 million-$800 million free cash flow in 2026, but less than it considered earlier this year. The divestiture proceeds are only halfway completed. Celanese agreed to divest its Micromax business for $500 million of gross proceeds, similar to what it received for the food ingredients divestiture in 2023. S&P said, "When the deal closes in the first quarter of 2026, we expect management to use net proceeds for debt reduction. We believe it has a variety of opportunities to enhance cash flow through divesting noncore business lines or its share of certain joint ventures. We expect Celanese to achieve its target of $1 billion of divestiture proceeds by year-end 2027." S&P said, "Financial policies remain sound. We believe management remains committed to deleveraging the balance sheet. It repaid $200 million on its five-year term loan in the fourth quarter following a $150 million payment made in the third quarter. We anticipate the remaining $130 million balance will also be repaid soon. The Micromax proceeds will also contribute in the first quarter of 2026. We do not anticipate difficulties in refinancing its debt maturities because its market positions, cash flow generation ability, and manageable debt towers should provide for sufficient demand for it to issue financing instruments at acceptable terms." A variety of attributes still support the company's business. Celanese's strong operational scale, end-market diversity, and execution abilities are all considerable strengths. It still maintains a solid market position and structural efficiencies that can help it withstand the macroeconomic-driven demand headwinds constraining many chemicals companies. However, it is unlikely Celanese can maintain credit quality if demand weakness persists indefinitely. The negative outlook reflects the 1-in-3 potential for lower ratings on Celanese over the next 12-18 months if its pace of deleveraging continues to be delayed or disrupted. This could occur because of ongoing uncertainty in global economic conditions dampening demand for Celanese's products in the automotive and industrial markets, unexpected challenges related to operational execution, or delays in receiving additional divestiture proceeds. To a lesser extent, this could also occur if management's financial policies toward debt repayment become more lax. These risks could result in failure to reach weighted-average credit measures appropriate for the ratings. Our base-case forecast assumes the company reduces S&P Global Ratings-adjusted leverage to 4.5x by the end of 2027. Global trade tensions and weakness and overcapacity in the Asia-Pacific and Chinese markets weigh on customer demand for many chemicals companies. However, Celanese is curtailing production and cutting costs and will be well-positioned when demand in its key end markets pick up. However, if it cannot generate a strong enough operational performance to surmount challenges, credit measures could become too weak for it to reduce leverage to a more appropriate level, let alone its goal of 3x. S&P views weighted-average FFO to total debt of 10%-12% or weighted-average S&P Global Ratings-adjusted debt to EBITDA below 5.5x during 2025-2027 as appropriate. S&P could lower the ratings if: -- Celanese's operating performance stagnates; and -- Weighted-average S&P Global Ratings-adjusted debt to EBITDA approaches 6x or FFO to total debt stays below 10% without prospects for a quick recovery. Weak macroeconomic conditions globally persisting for longer than S&P expects, trade tension flare-ups depressing global demand, and failure to capture cost savings and synergies are all risks to the ratings. If Celanese's key end markets stay weak and management cannot offset them with pricing/mix/execution capabilities, then the likelihood of management deleveraging its balance sheet within a reasonable time could become more remote. Another key risk is the company falling short of its targeted additional divestiture proceeds for deleveraging in a timely fashion. Other less likely risks include another large, debt-funded acquisition or more shareholder-friendly financial policies instead of strengthening credit quality. S&P could revise its outlook to stable if macroeconomic conditions and Celanese's performance keep its credit measures from deteriorating further and allow for steady and consistent deleveraging, indicated by S&P Global Ratings-adjusted debt to EBITDA at the low end of 5x-6x with the potential for additional improvement. This depends on: -- Achieving cost reductions and capturing synergies as anticipated; -- Realizing an appropriate proceeds from asset dispositions; -- Improving operating profit margins through pricing, mix, and market share capture; and -- Applying cash flow toward debt reduction. While less likely in the near term, S&P could raise the ratings if it believes Celanese's credit measures will improve to appropriate levels and stay there, with: -- Weighted-average S&P Global Ratings-adjusted debt to EBITDA below 4.5x; or -- FFO to debt over 15%. CEMTREX INC: Secures $7MM Note from Streeterville Capital --------------------------------------------------------- Cemtrex, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 7, 2025, the Company issued a Promissory Note with Streeterville Capital, LLC in the original principal amount of $7,025,000. From November 7, 2025, until December 31, 2025, interest will accrue on the outstanding balance of this Note at a per annum rate of interest equal to the daily Secured Overnight Financing Rate (SOFR) as quoted by the Federal Reserve Bank of New York. From January 1, 2026, until this Note is paid in full, interest will accrue at the rate of 8% per annum. After original issuance fees of $25,000, the Company received cash of $7,000,000 for this agreement. If this Note is outstanding on January 1, 2026, a one-time additional interest fee of $1,050,000.00 will automatically be added to the outstanding balance. This Note matures 18 months from the issuance date with redemptions beginning at six months from the issuance date. The Company intends to use the cash proceeds to complete potential acquisitions. About Cemtrex Cemtrex, Inc. was incorporated in 1998 in the state of Delaware and has evolved through strategic acquisitions and internal growth into a multi-industry Company. Jericho, New York-based Grassi & Co, CPAs, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated Dec. 30, 2024, citing that the Company has sustained net losses and has significant short-term debt obligations, which raise substantial doubt about its ability to continue as a going concern. As of Jun. 30, 2025, the Company had $46,960,823 in total assets against $43,108,827 in total liabilities. CENTRAL FLORIDA FIREARMS: BransonLaw Approved as Debtor's Counsel ----------------------------------------------------------------- Judge Grace E. Robson of the United States Bankruptcy Court for the Middle District of Florida approved the application of Central Florida Firearms LLC to employ BransonLaw, PLLC as counsel for the Debtor, effective as of the petition date. The Court finds that BransonLaw does not hold or represent any interest materially adverse to the Debtor's estate and is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code and as required by section 327 of the Bankruptcy Code. The Debtor is authorized to pay post-petition payments of $5,000.00 per week payable to BransonLaw trust account. A copy of the Court's Order dated November 7, 2025, is available at https://urlcurt.com/u?l=pCRUoU from PacerMonitor.com. About Central Florida Firearms LLC Central Florida Firearms, LLC, doing business as Live Free Armory, specializes in the production of slides, barrels, and other firearm parts, offering next-day shipping on available inventory for orders received before the daily cutoff. Central Florida Firearms sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case. No. 25-06150) on September 26, 2025. In its petition, the Debtor reported estimated assets of $5.2 million and estimated liabilities of $12.7 million. Judge Grace E. Robson oversees the case. The Debtor is represented by Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC. CHATEAU CREOLE: Trustee Taps Lugenbuhl Wheaton Peck as Counsel -------------------------------------------------------------- Dwayne Murray, the Trustee appointed in the Chapter 11 case of Chateau Creole Apartments, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Lugenbuhl, Wheaton, Peck, Rankin & Hubbard as counsel. The firm's services include: (a) assist, advise, and represent the trustee in his consultations with estate constituents regarding the administration of this Chapter 11 case; (b) assist, advise, and represent the trustee in any manner relevant to the estate's financing needs, asset dispositions, and leases and other contractual obligations; (c) assist, advise, and represent the trustee in any issues associated with the acts, conduct, assets, liabilities, and financial condition of the estate; (d) assist, advise, and represent the trustee in the negotiation, formulation, and drafting of any plan of reorganization and disclosure statement; (e) assist, advise, and represent the trustee in the performance of his duties and the exercise of his powers under the Bankruptcy Code, the Bankruptcy Rules, and any applicable local rules and guidelines; (f) advise the trustee with respect to the continued operation and management of the Debtor's business and properties; (g) investigate the nature and validity of claims and liens asserted against the property of the Debtor, and represent the trustee within pending litigation on behalf of the estate concerning claims and liens against the estate and properties of the estate; (h) assist the trustee in employing and retaining other professionals necessary for or advantageous to his completion of his duties; (i) work behalf of the trustee regarding all necessary legal documents, and review all financial and other reports to be filed; (j) advise the trustee concerning and preparing response to applications, motions, pleadings, notices, and other documents which may be filed by other parties herein; (k) appear in court to protect the interests of the estate; (l) investigate and advise the trustee concerning, and take such action as may be necessary to collect, income and assets, and the recovery of property to benefit the Debtor's estate; (m) advise the trustee concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring, and characterizations of the Debtor's estate's property interests; (n) assist the trustee in reviewing, estimating, objecting to, litigating and resolving claims asserted against the Debtor's estate; (o) assist the trustee with respect to any referrals as may be appropriate upon investigations done within his duties; (p) commence, continue and conduct litigation necessary to and appropriate to assert rights held by the Debtor's estate, protect assets of its estate or otherwise further the goal of completing a successful reorganization of its estate other than the prosecution of the Insurer Litigation; (q) provide corporate transaction services with respect to transitioning from the Debtor's control of various affiliated entities to the trustee, modifying entity charter documents as necessary operating agreements and/or by-laws; and (r) perform all other legal services for the trustee. The firm will be paid at these hourly rates: Shareholders $350 - $700 Counsel $225 - $500 Associates $225 - $500 Paraprofessionals $120 In addition, the firm will seek reimbursement for expenses incurred. Benjamin Kadden, a shareholder at Lugenbuhl, Wheaton, Peck, Rankin & Hubbard, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin W. Kadden Lugenbuhl, Wheaton, Peck, Rankin & Hubbard 601 Poydras St., Suite 2775 New Orleans, LA 70130 Telephone: (504) 568-1990 About Chateau Creole Apartments Chateau Creole Apartments is primarily engaged in renting and leasing real estate properties. Chateau Creole Apartments, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 24-10608) on March 29, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Damon J. Baldone as manager. Judge Meredith S. Grabill presides over the case. Ryan J. Richmond, Esq. at Sternberg, Naccari & White, LLC represents the Debtor as counsel. CHEER ATHLETICS-PLANO: Hires Mitchell Law Firm as Legal Counsel --------------------------------------------------------------- Cheer Athletics-Plano, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire The Mitchell Law Firm, LP as its legal counsel. The firm will assist the Debtor in the preparation of a plan of reorganization and will provide other legal services in connection with its Chapter 11 case. The firm will be paid at these rates: Gregory Mitchell, Attorney $585 Associates $365 Paralegal $250 Paraprofessionals $165 Legal Assistants $150 In addition, the firm will seek reimbursement for expenses incurred. Mitchell Law Firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Gregory W. Mitchell, Esq. The Mitchell Law Firm, LP 1100 W. Campbell Road, Suite 200 Richardson, TX 75080 Telephone: (972) 463-8417 Facsimile: (972) 432-7540 Email: greg@mitchellps.com About Cheer Athletics-Plano, Inc. Cheer Athletics-Plano, Inc. operates a competitive cheerleading and tumbling training facility in Plano, Texas. Cheer Athletics-Plano, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43320) on November 2, 2025, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Brenda T Rhoades presides over the case. Gregory W. Mitchell, Esq. at The Mitchell Law Firm, L.P. represents the Debtor as counsel. CHICAGO SOUTH: Hires Goldstein & McClintock LLLP as Legal Counsel ----------------------------------------------------------------- Chicago South Loop Hotel Owner LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Goldstein & McClintock LLLP to serve as legal counsel in its Chapter 11 case. Goldstein & McClintock LLLP will provide these services: (a) advise the Debtor and Debtor-in-Possession with respect to its powers and duties in the continued management and operation of its business; (b) attend meetings and negotiate with representatives of creditors and other parties in interest; (c) take all necessary action to protect and preserve the Debtor’s estate, including prosecuting actions on the Debtor's behalf, defending any action commenced against the Debtor, and representing the Debtor's interests in negotiations concerning all litigation in which the Debtor is involved, including objections to claims filed against its estate; (d) prepare all motions, applications, answers, orders, reports, and papers necessary to the administration of the Debtor's estate and its Chapter 11 Case; (e) take any necessary action on behalf of the Debtor to obtain approval of a disclosure statement and confirmation of the Debtor's plan of reorganization; (f) represent the Debtor in connection with obtaining use of cash collateral and post-petition financing (to the extent necessary); (g) advise the Debtor in connection with any potential sale of assets; (h) appear before the Court, any appellate courts, and the United States Trustee and protect the interests of the Debtor's estate before those courts and the United States Trustee; and (i) perform all other necessary legal services to the Debtor in connection with the Chapter 11 Case, including analysis of executory contracts, liens, corporate, litigation, and other matters. Goldstein & McClintock LLLP will charge hourly rates ranging from $375 to $925 for attorneys and $170 to $235 for legal assistants and law clerks, subject to Court approval. Jeffrey C. Dan, a partner, is expected to be primarily responsible for providing services with an hourly rate of $605. Goldstein & McClintock LLLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jeffrey C. Dan, Esq. GOLDSTEIN & MCCLINTOCK LLLP 111 W. Washington Street, Suite 1221 Chicago, IL 60602 Telephone: (312) 337-7700 Facsimile: (312) 277-3315 E-mail: jeffd@goldmclaw.com About Chicago South Loop Hotel Owner Chicago South Loop Hotel Owner, LLC operates public hotels and motels. Chicago South Loop Hotel Owner, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-02595) on Feb. 27, 2023. The petition was signed by Todd Hansen as manager. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge Lashonda A. Hunt presides over the case. Penelope N. Bach, Esq., at Bach Law Offices, Inc., represents the Debtor as counsel. CHISHOLM OIL: Wins Bid to Enforce Plan Confirmation Order --------------------------------------------------------- In the case captioned as GOLD STAR ENERGY, LLC, TEXAS RAW OIL & GAS, INC., and OLJEINVEST, LLC, Appellants, v. CHISHOLM OIL AND GAS OPERATING, LLC, Appellee, Civ. No. 24-670-CFC (D. Del.), Chief Judge Colm F. Connolly of the United States District Court for the District of Delaware affirmed the order issued by the United States Bankruptcy Court for the District of Delaware on May 21, 2024, granting the motion of Chisholm Oil & Gas LLC to enforce the confirmation order and plan against Goldstar Energy, LLC, et al. The Clerk of the Court is directed to close Civ. Nos. 24-670-CFC. As reported by the Troubled Company Reporter on Oct. 1, 2020, Chisholm Oil and Gas Operating won bankruptcy court approval of its reorganization plan, wiping about $482 million of funded debt from its ledger. A copy of the Court's Order dated November 17, 2025, is available at https://urlcurt.com/u?l=w1Km6z from PacerMonitor.com. About Chisholm Oil & Gas LLC Chisholm Oil and Gas Operating, LLC, is an exploration and production company focused on acquiring, developing, and producing oil and natural gas assets in the Anarkado Basin in Oklahoma in an area commonly referred to as the Sooner Trend Anadarko Basin Canadian and Kingfisher County. Chisholm Oil and Gas Operating and its affiliates sought Chapter 11 protection (Bankr. Lead Case No. 20-11593) on June 17, 2020. In the petition signed by CFO Michael Rigg, the Debtors were estimated to have $1 billion to $10 billion in assets and $500 million to $1 billion in liabilities. The Hon. Brendan Linehan Shannon presides over the cases. The Debtors have tapped Weil, Gotshal & Manges, LLP and Young Conaway Stargatt & Taylor, LLP as legal counsel; Evercore Group, LLC as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and Omni Agent Solutions as claims and noticing agent. CHRISTENSON EQUITIES: Court Issues CCAA Initial Order ----------------------------------------------------- Pursuant to the CCAA Initial Order granted by the Court of King's Bench Alberta, Ernst & Young Inc. was appointed monitor to Christenson Equities Ltd. -- http://www.cdlhomes.com The Monitor's web page for the proceedings is http://www.ey.com/ca/Christenson The Monitor's Representative is: Matthew Victor B. McCulloch 10423 101 Street, Suite 1400 EPCOR Tower, PO Box 44, Edmonton, Alberta, Canada, T5H 0E7 Tel: 780-423-5811 Email: matt.mcculloch@ca.ey.com Christenson Group of Companies: Duncan Craig LLP 2800, 10060 Jasper Avenue Edmonton, AB T5J 3V9 Attn: Darren R. Bieganek, KC Zachary Soprovich Email: dbieganek@dcllp.com zsoprovich@dcllp.com ABCU Credit Union Ltd.: NRHM Law 100, 7712-104 Street NW Edmonton, AB T6E 4C5 Attn: Ryan O’Connor Email: roconnor@nrhmlaw.com Ernst & Young Inc. (Monitor): Ernst & Young Inc. 10423-101 Street NW, Suite 1400 Edmonton, AB T5H 0E7 Attn: Matt McCulloch Evan MacKinnon Email: matt.mcculloch@parthenon.ey.com evan.mackinnon@parthenon.ey.co -- and -- DLA Piper (Canada) LLP 10220-103 Avenue NW, Suite 2700 Edmonton, AB T5J 0K4 Attn: Jerritt Pawlyk Isaac Belland Email: Jerritt.pawlyk@ca.dlapiper.com Isaac.belland@ca.dlapiper.com Representative Counsel (Proposed)(Timberstone, Westmount, Royal Oak & Devonshire): MLT Aikins LLP 10235 – 101 Street NW, Suite 2200 Edmonton, AB T5J 3G1 Attn: Dana Nowak Andrew Sawyers Email: dnowak@mltaikins.com asawyers@mltaikins.com aquazi@mltaikins.com Representative Counsel(Proposed)(Glastonbury, Bedford, Southwoods, Ravines at Park Avenue, Citadel): Witten LLP 10303 Jasper Avenue, Sute 2500 Edmonton, AB T5J 3N6 Attn: Andrea Steen & Bren Cargill asteen@wittenlaw.com bcargill@wittenlaw.com National Bank of Canada Pillar Capital Corp.: McLennan Ross LLP 600 McLennan Ross Building 12220 Stony Plain Road Edmonton, AB T5N 3Y4 Attn: Ryan Trainer & Kevin Hoy Ryan.trainer@mross.com Kevin.hoy@mross.com Pillar Capital Corp.: Parkside Place 620 12th Avenue SW, Suite 920 Calgary, AB T2R 1J3 Attn: Steve Dizep -- and -- Cassels Brock & Blackwell LLP Suite 3700, Bankers Hall West 888 3rd Street SW Calgary, AB T2P 5C5 Attn: Jeffrey Oliver Email: sdizep@pillarcapitalcorp.com joliver@cassels.com CIBUS INC: Appoints Craig Wichner to Board, Strategy Committee -------------------------------------------------------------- Cibus, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors appointed Craig Wichner to serve as a member of the Board, effective as of November 5, 2025. Mr. Wichner will also serve as a member of the Board's standing Strategy Committee, effective as of such date. Mr. Wichner, 56, is the Founder and Managing Partner of Farmland LP, a leading U.S. farmland investment management firm with more than $350 million in assets and over 19,000 acres under management. He founded Farmland in 2009 to demonstrate that organic and regenerative farmland management can enhance both soil health and long-term investment performance. Prior to founding Farmland, Mr. Wichner founded and managed several technology and investment companies focused on data-driven business models and sustainable growth. He previously served on the Board of Directors of BN Ranch, the successor company to Niman Ranch, which was acquired by Blue Apron Holdings, Inc. (NYSE: APRN). He also manages private family real estate holdings. Mr. Wichner holds a Bachelor of Science degree in Biochemistry and Molecular Biology with a minor in Economics from the University of California, San Diego. There are no arrangements or understandings between Mr. Wichner and any other persons pursuant to which Mr. Wichner was named as a director of the Board. Mr. Wichner has no direct or indirect material interest in any transaction or proposed transaction required to be reported under Item 404(a) of Regulation S-K. In accordance with the Company's customary practice, the Company entered into its standard form of indemnification agreement for directors and executive officers with Mr. Wichner in connection with his election to the Board. Pursuant to the Company's Non-Employee Director Compensation Policy, the Board agreed to provide Mr. Wichner with annual compensation comprising: (i) a cash retainer equal to $60,000, payable semi-annually, and (ii) subject to Board approval and granting pursuant to the terms and provisions of the Cibus, Inc. 2017 Omnibus Incentive Plan, as amended, equity compensation with a grant date value equal to $90,000. Such annual compensation will be prorated for Mr. Wichner's service for the remainder of the 2025 fiscal year. About Cibus Cibus Inc. is an agricultural biotechnology company based in San Diego, California. It develops genetic traits for major food crops using its proprietary gene-editing platform, the Rapid Trait Development System. The Company's technology aims to improve crop productivity and resilience by addressing challenges such as pests, diseases, and environmental stressors. San Diego, Calif.-based BDO USA, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The report highlights that the Company has suffered recurring losses from operations and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $346.20 million in total assets, $271.72 million in total liabilities, and a total stockholders' equity of $74.48 million. COASTAL CANTINA: Seeks to Tap David W. Steen as Bankruptcy Counsel ------------------------------------------------------------------ Coastal Cantina, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ David W. Steen, P.A. to handle its Chapter 11 case. The firm received $8,750 of the agreed $12,750 retainer from the Debtor. David Steen, Esq., an attorney at the firm, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David W. Steen, Esq. David W. Steen, P.A. P.O. Box 270394 Tampa, FL 33688 Telephone: (813) 251-3000 Email: dwsteen@dsteenpa.com About Coastal Cantina LLC Coastal Cantina, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07005) on September 24, 2025, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Roberta A. Colton presides over the case. David W. Steen, Esq., at David W Steen, PA represented the Debtor as counsel. COMPANION CARE: Files Amended Plan; Confirmation Hearing Dec. 2 --------------------------------------------------------------- Companion Care Partners, LLC submitted a Third Amended Plan of Reorganization dated November 13, 2025. The Debtor has approximately $1,163,111.61 in total debts. Of that amount, $549,242.63 is an EIDL loan from the Small Business Administration secured by the Debtor's vehicles and/or future receivables. Of the total owed, $71,402.91 is secured. The Debtor is current on all pre-petition wages owed to its employees. The Debtor has approximately $1,086,241.65 in general unsecured debt. Classes of General Unsecured Claims. * Class 4 American Express National Bank. The Debtor will pay $150,000 in 60 months. Creditors will be paid according to their share of the total debt. This Class is impaired. * Class 5 Capital One, N.A. The Debtor will pay $150,000 in 60 months. Creditors will be paid according to their share of the total debt. This Class is impaired. * Class 6 Verizon. The Debtor will pay $150,000 in 60 months. Creditors will be paid according to their share of the total debt. This Class is impaired. * Class 7 Change Healthcare Operations, LLC. The Debtor will pay $150,000 in 60 months. Creditors will be paid according to their share of the total debt. This Class is impaired. * Class 8 Headway Capital, LLC. The Debtor will pay $150,000.00 in 60 months. Creditors will be paid according to their share of the total debt. This Class is impaired. The Pa. Dept. of Human Service had a claim amount of $6,661.17. Throughout the duration of the Plan, Chapter 11 Plan payments shall be disbursed concurrently. Claims in the same category shall be paid pro-rata. The Debtor must submit all or such portion of the future earnings or other future income of the Debtor to the supervision and control of the Trustee as is necessary for the execution of the Plan. The hearing to be held to consider confirmation of the Plan is scheduled for December 2, 2025 at 1:00 p.m. A full-text copy of the Third Amended Plan dated November 13, 2025 is available at https://urlcurt.com/u?l=bajCwa from PacerMonitor.com at no charge. Counsel for the Debtor: Demetrius J. Parrish Jr., Esq. 7715 Crittenden Street, #360 Philadelphia, PA 19118 Telephone: (215) 735-3377 Facsimile: (215) 827-5420 Email: DJPESQ@gmail.com About Companion Care Partners Companion Care Partners, LLC provides in-home care services for elderly and disabled individuals and has operated since 2014. The Debtor filed a Chapter 11 petition (Bankr. E.D. Pa. Case No. 25-11859) on May 9, 2025, listing under $1 million in both assets and liabilities. Judge Derek J. Baker oversees the case. Demetrius J. Parrish Jr., Esq., is the Debtor's legal counsel. COMPOSECURE HOLDINGS: S&P Assigns 'B+' ICR on Acquisition of Husky ------------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issuer credit rating to CompoSecure Holdings LLC (Holdings). Our stable outlook reflects our expectation that adjusted leverage could be above 4x if operating performance weakens or financial policy is more aggressive than S&P anticipates, but will likely remain below 5x, inclusive of all acquisition activity and shareholder rewards. On Nov. 3, 2025, CompoSecure Inc., direct parent of Holdings, announced its proposed acquisition of Husky Technologies Ltd. Husky, along with operating company CompoSecure LLC (CompoSecure), will be direct, wholly owned subsidiaries of Holdings. S&P said, "We believe Holdings will have a good position in two niche applications--manufacturing metal cards and injection molding equipment--with S&P Global Ratings-adjusted debt to EBITDA of about 4x as of Sept. 30, 2025, pro forma for the transaction, which we believe will close in the first quarter of 2026. "Our 'B+' rating on Holdings reflects its focus on two niche manufacturing applications, a likely appetite for acquisitions, and a novel management structure. Operating and financing activities are dictated by management agreement with a third party, Resolute Holdings Management Inc. Our rating also incorporates our view that, as a newly combined company, it has yet to establish a financial policy track record. Good market position partially mitigates these factors--supported by solid operating performance and brand recognition--which results in S&P Global Ratings-adjusted EBITDA margin in the mid-20% area. "Husky has a good position within the competitive injection molding systems niche. Though we view the global plastics technology industry as highly competitive, the company has a leading share and good brand recognition in polyethylene terephthalate (PET) beverage packaging applications, which represent most of the company's revenue." Husky benefits from customer and geographic diversity through its global network of production facilities and sales and service offices. That said, the company has limited product diversity, with all revenue derived from plastics injection molding equipment and servicing. CompoSecure's niche metal financial payment cards business has high customer concentration. About 54% of CompoSecure's total net revenue comes from its top two clients. While these long-tenured clients are highly rated financial institutions that have renewed their contracts multiple times, the loss of one of one would hurt Holdings' credit metrics. That said, the company's expertise in proprietary manufacturing methods and over 75% share of the metal card market entrench its position in the payment card market. S&P said, "We estimate Holdings' S&P Global Ratings-adjusted leverage at about 4x, pro forma for the combination. Husky's S&P Global Ratings-adjusted EBITDA was about $400 million in the 12 months to Sept. 30, 2025. CompoSecure generated $127 million on a reported basis (operating income plus depreciation and amortization) over the same period. We adjust for operating leases and share-based compensation and estimate its EBITDA for the period would have been $151 million. We will also add about $269 million tax receivable agreement liability to debt to about $2 billion of S&P Global Ratings-adjusted debt. "We treat the management fee as an operating expense. Under a management agreement the two companies signed in February, Holdings pays a management fee to Resolute equal to 2.5% of last-12-months EBITDA less stock compensation per quarter, amounting to 10% annually. Resolute employs a full acquisitions team and bears many of the costs of managing Holdings. Resolute has a financial incentive to grow absolute EBITDA at Holdings because it captures a stream of cash flow out of Holdings' operating costs, while operating and financial costs remain at Holdings or its subsidiaries. Because Holdings benefits from these services and would face increased costs in the absence of its management agreement with Resolute, we include them as an operating expense in our calculation of S&P Global Ratings-adjusted EBITDA. "We forecast leverage will fall below 4x in 2026. We believe Holdings revenue will grow mid-single-digit percent in 2026. We assume S&P Global Ratings-adjusted margin is flat next year. Although Husky will be paying a management fee to Resolute once it is acquired by Holdings, this should reduce certain costs that Husky bears. Thus, the net impact on Husky's profitability should be modest, though we do assume it is slightly negative because we think some functions will be more robust than Husky has. However, continued margin expansion at CompoSecure as manufacturing efficiency improves should offset this headwind. Meanwhile, cash generation will reduce adjusted debt. Though Holdings will likely be acquisitive, our forecast does not include any transactions in 2026 because the likelihood and funding sources are uncertain. "We believe Holdings' performance will depend on its relationship with Resolute, a separate public company. Under the management agreement, Resolute will control important strategic functions at Holdings. These include establishing and monitoring Holdings' objectives, financing activities, and operating performance. To do this, Resolute will draw on the deep experience of its executives David Cote and Tom Knott. However, as separate publicly traded companies, the two will have different owners. Resolute and Holdings have a limited track record of operating under this management agreement and demonstrating an alignment of interests. "Board overlap is a moderately negative consideration in our analysis. The respective 12-member boards of directors of CompoSecure Inc. and Resolute Holdings Management Inc. share nine directors, including Executive Chairman Mr. Cote. We believe this overlap could challenge the CompoSecure Inc. board's ability to appropriately balance the interests of various stakeholders or impair its ability to oversee the management agreement between Holdings and Resolute. There are significant cross shareholdings--currently 40%-50%--between CompoSecure Inc. and Resolute. Additionally, upon close of the acquisition of Husky, CompoSecure Inc. will be capitalized by an existing over $1 billion equity investment by Mr. Cote, Platinum Equity's $1 billion of rollover equity in Husky, and almost $2 billion of new private investment in public equity (PIPE). However, we do not view these equity holdings as fully mitigating the board overlap. "Our stable outlook reflects our expectation that S&P Global Ratings-adjusted debt to EBITDA could be above 4x if operating performance is weaker or financial policy more aggressive than we anticipate, but it will likely remain below 5x, inclusive of all acquisition activity and shareholder rewards. "We could lower our ratings on Holdings if we believe adjusted debt to EBITDA will rise and remain above 5x. This could occur if its financial policy is more aggressive than we anticipate or if it experiences operating challenges." Although unlikely over the near term, considering the novel structure and Holdings' lack of a track record, S&P could raise its ratings on Holdings over the longer term if S&P believes: -- Adjusted debt to EBITDA will remain below 4x, inclusive of acquisitions and shareholder rewards, and the company develops a robust track record of managing its constituent companies well; or -- The board structure has appropriately balanced the interests of various stakeholders. COMTECH TELECOM: $155.3MM Loss in FY25; Lifts Going Concern Doubt ----------------------------------------------------------------- Comtech Telecommunications Corp. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $155.3 million and $99.99 million for the fiscal year ended July 31, 2025 and 2024, respectively. Net sale for the fiscal year ended July 31, 2025, was $499.5 million, compared to a net sale of $540.4 million for the year prior. The Company reported an accumulated deficit of $6.9 million as of July 31, 2025. As of July 31, 2025, the Company had $740.8 million in total assets, $446.9 million in total liabilities, and $104.4 million in total stockholders' equity. The Company reported that the transformation plan that it announced in January 2025 has contributed to its improved operational and financial performance, as evidenced by several meaningful developments which have occurred in its business. Most notably, the Company removed the substantial doubt regarding its ability to continue as a going concern, which had been disclosed in its SEC filings for the previous seven fiscal quarters. Such positive development occurred, in substantial part, due to the following achievements in the business and operations: (i) positive operating cash flows of $2.3 million in the third quarter of fiscal 2025, which was the first quarter of positive operating cash flows in eight quarters, followed by operating cash flows of $11.4 million in the fourth quarter of fiscal 2025; (ii) liquidity of $47 million at July 31, 2025, which improved from approximately $18 million in December 2023; (iii) accounts payable have been paid down to $26 million as of July 31, 2025, a reduction from $66.5 million in October 2023; (iv) the Company's Credit Facility was further amended, in March 2025 (to cure covenant breaches that occurred for the period ended January 31, 2025 and provide a covenant holiday for two quarters) and then again in July 2025 (when the Company was not in breach of any covenants, to provide a covenant holiday through January 31, 2027), thereby reducing total outstanding senior debt related to the Company's Credit Facility from $202.9 million as of January 31, 2025 to $133.9 million as of July 31, 2025; (v) a 12.6% increase in net sales from the first quarter to the fourth quarter of fiscal 2025, despite the phasing out of low margin legacy contracts; (vi) gross profit, as a percentage of consolidated net sales, improved sequentially throughout fiscal 2025 from 12.5% in the first quarter, to 26.7% in the second quarter, to 30.7% in the third quarter and 31.2% in the fourth quarter; (vii) Adjusted EBITDA improved sequentially throughout fiscal 2025 from negative $30.8 million in the first quarter, to positive $2.9 million in the second quarter, to $12.6 million in the third quarter and $13.3 million in the fourth quarter; and (viii) secured long-term customer commitments, including a multi-year contract extension with a top tier mobile network operator in the U.S., valued in excess of $130 million. Ken Traub, Chairman, President and CEO, commented: "I am proud to report how much stronger Comtech is today – financially, operationally and strategically. This is the result of the ongoing successful execution of the transformation initiatives that we announced when I started as CEO in January 2025. As a testament to our improving financial health, the disclosure regarding the Company's ability to continue as a going concern, that was previously in the Company's quarterly SEC filings for the past seven quarters, has been removed as we no longer have those concerns. We have executed a successful turnaround of our Satellite & Space Communications business, which is now revitalized, and our Allerium business, formerly known as Terrestrial & Wireless Networks, has continued to deepen our presence in the public safety market while securing long-term customer partnerships. We expect the Company's significantly improved financial health to be reassuring to our current and prospective customers, vendors, employees, investors and partners. While we are just getting started – and recognize there are remaining legacy challenges still to be addressed as well as inevitable quarterly fluctuations – we are energized by what we have accomplished so far. These accomplishments were enabled by new disciplines that align accountability throughout the organization, enhanced operational efficiency, reduced cost structures, a focus on cash flow optimization, improved working capital management and improved corporate governance. These initiatives have not only helped to drive Comtech's significantly improved operating and financial performance, but have also enabled us to improve relationships with current and prospective customers, vendors and creditors. This leads to a flywheel effect in which improved relationships create a healthier dynamic for the business going forward and ultimately further improvements in performance. Finally, we have been reinvigorating the corporate culture by emphasizing transparency, empowerment and accountability. On a personal note, it is particularly gratifying for me to see how our employees are increasingly taking pride in contributing to our success, which has also enhanced morale, retention and performance." A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/2yywu8rw About Comtech Telecommunications Corp. Headquartered in Chandler, Ariz., Comtech Telecommunications Corp. -- https://www.comtech.com -- is a global provider of next-generation 911 emergency systems and secure wireless and satellite communications technologies. This includes the critical communications infrastructure that people, businesses, and governments rely on when durable, trusted connectivity is required, no matter where they are -- on land, at sea, or in the air -- and no matter what the circumstances from armed conflict to a natural disaster. The Company's solutions are designed to fulfill its customers' needs for secure wireless communications in the most demanding environments, including those where traditional communications are unavailable or cost-prohibitive, and in mission-critical and other scenarios where performance is crucial. As of July 31, 2025, the Company had $740.8 million in total assets, $446.9 million in total liabilities, and $104.4 million in total stockholders' equity. * * * This concludes the Troubled Company Reporter's coverage of Comtech Telecommunications Corp. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. CONSTANT CARE: Taps Wadsworth Garber Warner as Bankruptcy Counsel ----------------------------------------------------------------- Constant Care of Colorado Springs Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wadsworth Garber Warner Conrardy, P.C. as counsel. The firm's services include: a. preparation on behalf of Debtor of all necessary reports, orders and other legal papers required in this chapter 11 proceeding; b. performance of all legal services for Debtor as debtor-in-possession which may become necessary; and c. representation of Debtor in any litigation which Debtor determines is in the best interest of the estate whether in state or federal court(s). The firm is holding a retainer in the amount of $21,738 and seeks court approval for the same. The professionals' hourly rates are: David V. Wadsworth $500 Aaron A. Garber $500 David J. Warner $425 Aaron J. Conrardy $425 Lindsay S. Riley $325 Hallie Cooper $225 Paralegals $125 Wadsworth Garber Warner Conrardy, P.C. 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: David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Telecopy: (303) 296-7600 E-mail: dwarner@wgwc-law.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 Inc sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case 25-17336) on November 7, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by David Warner, Esq. CONSTRUCTION PARTNERS: S&P Hikes ICR to 'BB-' on Expanding Margins ------------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on civil infrastructure company Construction Partners Inc. (CPI) to 'BB-' from 'B+'. In addition, S&P raised its issue-level rating on the company's term loan B to 'BB-' from 'B+'. The recovery rating remains '3' (50%-70%; rounded estimate: 60%). The stable outlook reflects S&P's view that Construction Partners leading market position in the Sunbelt region will allow it to continue to benefit from demand for its asphalt paving services in both the public and private sectors driven by sustained government funding, population growth in the region, and reshoring. Construction Partners' S&P Global Ratings-adjusted EBITDA margins will improve to the mid-14% range in 2025, a more than 2% improvement compared with 12.2% margins reported in 2024 and exceeding S&P's prior expectation of 13.9% for 2025 from when S&P begans rating the company in October 2024. This comes after the company successfully executed its acquisition of Lone Star Paving and four other subsequent acquisitions during fiscal 2025. These acquisitions, Lone Star Paving being its largest to date, exhibited higher margin profiles than the legacy business, and their efficient integration contributed to a material increase in the company's overall margin profile. Its vertical integration also improved due to acquisitions, alongside organic greenfield investments (most visibly demonstrated by a 33% expansion of the company's hot mix asphalt plant base), supporting operational improvements and further boosting margins. Enhanced vertical integration provides a growing competitive advantage for CPI within the Sunbelt region, facilitating continued success in securing new projects, profitably. As such, S&P expects incremental expansion of the company's S&P Global Ratings-adjusted EBITDA margins to the low-15% area in fiscal 2026. S&P said, "We anticipate continued steady organic growth in Construction Partners' asphalt paving services in the Sunbelt region, supplemented by incremental revenue gains from acquisitions. We expect CPI's revenue will grow approximately 54% in fiscal 2025, mainly driven by contributions from recent acquisitions, coupled with mid- to high-single-digit organic growth. In fiscal 2026, we expect revenue growth in the 27% to 29% range inclusive of low- to mid-single-digit organic growth and acquisitions. "We expect continued demand for paving-related services in the public and private sectors in the Sunbelt region (due to steady government funding, population growth, and reshoring initiatives) will drive organic growth. We forecast the company will spend approximately $500 million on acquisitions in fiscal 2026 with $264 million completed in October, to further expand its geographic footprint and vertical integration. This revenue growth expectation coupled with our margin expectations results in S&P Global Ratings-adjusted debt to EBITDA forecasted in the high-3x area in fiscal 2025 and mid-3x area in fiscal 2026. "We expect Construction Partners will continue generating healthy free operating cash flow (FOCF) in fiscal 2025 and fiscal 2026 which will support further acquisitions. We forecast CPI will generate S&P Global Ratings-adjusted FOCF of $145 million to $155 million in fiscal 2025, expanding to $200 million to $220 million in fiscal 2026, as earnings continue to expand, and capital expenditures (capex) remain relatively stable at 5.25% of revenue, with low annual working capital requirements. As such, we expect S&P Global Ratings-adjusted FOCF to debt in the 9% to 11% range in both 2025 and 2026. We expect the company will prioritize acquisition spend with its excess free cash flows, with some appetite for share repurchases in the $20 million to $30 million range annually and would likely supplement any additional cash needs for acquisitions through its revolving credit facility, which it upsized to $500 million from $400 million during the third quarter. "The stable outlook reflects our view that CPI's leading market position in the Sunbelt region will allow it to continue benefitting from demand for its asphalt paving services in both the public and private sectors driven by sustained government funding, population growth in the region, and reshoring. We expect the company to modestly expand margins to the mid-15% range over the next 12 months and expect the company's S&P Global Ratings-adjusted debt to EBITDA to remain the in the mid- to high-3x range with S&P Global Ratings-adjusted FOCF to debt in the high-single-digit to low-double-digit range. "We could lower our ratings on CPI over the next 12 months if its operating performance unexpectedly weakens such that its S&P Global Ratings-adjusted debt to EBITDA approaches 5x or its S&P Global Ratings-adjusted FOCF to debt approaches 5%." This could result from: -- A more aggressive than anticipated financial policy with acquisitions or share repurchases well beyond our base case; or -- Substantial deterioration of S&P Global Ratings-adjusted EBITDA margins towards the 11% range. Although highly unlikely over the next year, S&P could raise its ratings on CPI over the next 12 months if: -- The company maintains leverage in the low 3x range with FOCF to debt sustained in the mid-teen percent range, and S&P views it as sustainable through most market conditions; and -- S&P believes its financial policy is committed to maintaining such credit measures. CORPORATE AIR: Committee Taps Raines Feldman Littrell as Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of Corporate Air, LLC, and its affiliates seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Raines Feldman Littrell LLP as its counsel. The firm will render these services: a. advise the Committee regarding its rights, powers and duties as a committee elected pursuant to Bankruptcy Code Section 1103; b. advise and consult with the Committee on the conduct of these Chapter 11 Cases, including all legal and administrative requirements under chapter 11; c. attend meetings and negotiate with representatives of the Debtors, secured and unsecured creditors, lessors, governmental agencies, equity holders, employees and other parties in interest; d. advise the Committee regarding any contemplated sale of assets or business combinations including the negotiation of asset sales, stock purchases, mergers or joint ventures, formulation and implementation of bidding procedures, evaluation of competing offers, drafting of appropriate documents regarding proposed sales and counseling regarding the closing of such sales; e. advise the Committee regarding prepetition and post-petition financing and cash collateral arrangements and negotiate documents relating thereto; f. advise the Committee on matters relating to Debtors' assumption, assumption and assignment and rejection of executory contracts and unexpired leases; g. advise the Committee on matters relating to the ordinary course of business including employment, tax, environmental, banking, insurance, securities, corporate, business operation, contracts, joint ventures, real and personal property, press and public relations matters and regulatory matters; h. advise and counsel on actions to protect and preserve the Debtors' estate including actions and proceedings by the Debtors or other designated parties to recover assets, defense of actions and proceedings brought against the estates, negotiations regarding all litigation in which the Committee may be involved and objections to claims filed against the estates; i. prepare and file necessary motions, applications, answers, orders, reports and papers; j. review all pleadings, financial and other reports filed by the Debtors in these Chapter 11 Cases and advise the Committee about the implications thereof; k. review the nature and validity of any liens asserted against the Debtors' property and advise the Committee concerning the enforceability of such liens; l. investigate the acts, conduct, assets, liabilities, and financial condition of the Debtors, the operation of the Debtors' businesses and the desirability of the continuance of such businesses, and any other matter relevant to the cases or to the formulation of a plan; m. commence and conduct any and all ligation necessary or appropriate to assert rights held by the Committee and/or protect assets of the chapter 11 estates; n. negotiate and participate in the preparation of the Debtors' plan(s) of reorganization, related disclosure statement(s) and other related documents and agreements and advise and participate in the confirmation of such plan(s); o. attend meetings with third parties and participate in negotiations with respect to the above matters; p. appear before this Court, other courts, and the U.S. Trustee to protect and represent the interests of the Committee and the Committee's constituents; q. meet and coordinate with other counsel and other professionals representing the Debtors and other parties in interest; r. perform all other necessary legal services and provide all necessary legal advice to the Committee in connection with these Chapter 11 Cases; and s. handle such other matters as may be requested by the Committee and to which Raines agrees. The firm will be paid at these rates: Attorneys $425 to $875 per hour paraprofessionals $315 to $375 per hour Raines Feldman Littrell, 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 through: Michael J. Roeschenthaler, Jr. Raines Feldman Littrell, LLP 824 North Market Street, Suite 805 Wilmington, DE 19801 Tel: (302) 772-5803 Email: mroeschenthaler@raineslaw.com About Corporate Air LLC Corporate Air, LLC provide flight training, aircraft rental (including charter services), maintenance, and fixed-base Operator services in Pennsylvania and Colorado, operating facilities that support charter flights, pilot training, and related airport operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Court (Bankr. W.D. Pa. Lead Case No. 25-22602) on September 29, 2025. In the petition signed by David Nolletti, chief restructuring officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge John C. Melaragno oversees the case. The Debtors tapped Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg, LLP as general bankruptcy counsel; Kevin Douglass, Esq., at Babst, Calland, Clements and Zomnir, P.C., as co-bankruptcy counsel; Riveron Management Services, LLC as financial advisor; and Omni Agent Solutions, Inc. as noticing, claims, and solicitation agent. CORPORATE AIR: Seeks to Hire Ordinary Course Professionals ---------------------------------------------------------- Corporate Air LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: Grossman Yanak & Ford LLP 444 Liberty Ave., Suite 500 Pittsburgh, PA 15222 -- Tax compliance Donnelly- Bolland and Associates 2801 Custer Ave., Suite G Pittsburgh, PA 15227 -- Bookkeeping About Corporate Air LLC Corporate Air, LLC provide flight training, aircraft rental (including charter services), maintenance, and fixed-base Operator services in Pennsylvania and Colorado, operating facilities that support charter flights, pilot training, and related airport operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Court (Bankr. W.D. Pa. Lead Case No. 25-22602) on September 29, 2025. In the petition signed by David Nolletti, chief restructuring officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge John C. Melaragno oversees the case. The Debtors tapped Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg, LLP as general bankruptcy counsel; Kevin Douglass, Esq., at Babst, Calland, Clements and Zomnir, P.C., as co-bankruptcy counsel; Riveron Management Services, LLC as financial advisor; and Omni Agent Solutions, Inc. as noticing, claims, and solicitation agent. CRS SERVICES: Case Summary & 13 Unsecured Creditors --------------------------------------------------- Debtor: CRS Services, Limited d/b/a CRS Home Services FDBA Pure Solar 2501 Green Valley Pkwy., #130 Henderson, NV 89014 Business Description: CRS Services, Limited provides home security systems, alarm systems, UL-listed monitoring, and video surveillance services for residential and commercial clients across Nevada through its CRS Home Services division, and it also offers smart home automation systems that integrate with Brinks Home Security monitoring. The Company additionally provides solar panel and battery backup solutions along with water filtration systems and operates from Henderson, Nevada. Chapter 11 Petition Date: November 17, 2025 Court: United States Bankruptcy Court District of Nevada Case No.: 25-16917 Judge: Hon. August B. Landis Debtor's Counsel: Matthew C. Zirzow, Esq. LARSON & ZIRZOW, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: 702-382-1170 E-mail: mzirzow@lzlawnv.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Steven D. Boyer as managing member. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4X5ZQAY/CRS_SERVICES_LIMITED__nvbke-25-16917__0001.0.pdf?mcid=tGE4TAMA CYANOTECH CORP: Reports $1,000 Net Income in 2025 Q2 ---------------------------------------------------- Cyanotech Corporation filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $1,000 for the three months ended September 30, 2025, compared to a net loss of $1,150,000 for the three months ended September 30, 2024. For the six months ended September 30, 2025 and 2024, the Company reported net losses of $925,000 and $2,352,000, respectively. Net sales for the three months ended September 30, 2025 and 2024, were $6,976,000 and $5,845,000, respectively. For the six months ended September 30, 2025 and 2024, the Company had net sales of $12,797,000 and $11,743,000, respectively. The Company had an accumulated deficit of $27,029,000 as of September 30, 2025. As of September 30, 2025, the Company had $24,027,000 in total assets, $15,962,000 in total liabilities, and $8,065,000 in total stockholders' equity. Going Concern: The Company was not in compliance with two debt covenant requirements as of March 31, 2025 and 2024. In June 2023, First Foundation Bank instituted a freeze on additional advances from the Revolving Credit Agreement. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had cash of $649,000 and working capital of $39,000 compared to $257,000 and $302,000, respectively, as of March 31, 2025. The Company had the Line of Credit with the Bank that provided for borrowings up to $2,000,000 on a revolving basis, however, as part of the covenant waiver as of March 31, 2023, the borrowings under the Line of Credit were frozen. On October 13, 2023, the Bank converted the Line of Credit to a term loan in the amount of $1,480,000 with an original maturity date of August 30, 2024. As of September 30, 2025 and March 31, 2025, the Company had $370,000 and $760,000, respectively, outstanding on the 2023 Loan, with a maturity date extended to March 31, 2026. The Company also has a loan facility with a related party that allows the Company to borrow up to $4,600,000 on a revolving basis. As of September 30, 2025 and March 31, 2025, the Company had $4,200,000 and $3,000,000, respectively, of outstanding borrowings on the Revolver, which was included in line of credit – related party on the Condensed Consolidated Balance Sheets. The Revolver expires on April 12, 2027 (see Notes 5 and 12). Additionally, the Company had $2,809,000 outstanding debt payable to the Bank that requires the payment of principal and interest monthly through August 2032. Pursuant to the 2012 Loan and the 2023 Loan, the Company is subject to annual financial covenants, customary affirmative and negative covenants, and certain subjective acceleration clauses. As of March 31, 2025, the Company's debt service coverage ratio and current ratio fell short of the Bank's annual requirement. On June 4, 2025, the Bank provided the Company with a letter waiving the covenant violations as of March 31, 2025, but noting that the Bank reserves its right to declare a default in the future if any covenants remain out of compliance at applicable measurement dates. In April 2019, the Company obtained a loan in the amount of $1,500,000 from a related party. The proceeds were used to pay down accounts payable and for general operating capital purposes. On April 12, 2021, December 14, 2022, August 14, 2023, August 9, 2024, and May 2, 2025, the Company amended this loan. As of both September 30, 2025 and March 31, 2025, the Company had $1,000,000 outstanding on the related party note. The loan matures on April 12, 2027. The Company has historically incurred losses from operations and continues to rely on its funding sources to provide liquidity. To address the resulting continued cash flow challenges, the Company continues to monitor cost savings initiatives implemented in fiscal year 2023. This includes stopping or slowing production of inventory in alignment with current customer demand, maintaining a reduced headcount and compensation, primarily through attrition and furloughs, respectively, and eliminating certain discretionary selling, general and administrative expenses. Funds generated by operating activities and available cash are the Company's most significant sources of liquidity for working capital requirements, debt service, and funding of maintenance levels of capital expenditures. The Company has developed its operating plan to generate a significant portion of the cash flows necessary to meet all financing requirements, with the remaining need for capital raising. Although the Company has a history of either being in compliance with debt covenants, or obtaining the necessary waivers, execution of its operating plan is dependent on many factors, some of which are not within the control of the Company. However, no assurances can be provided that the Company will achieve its operating plan and cash flow projections for the next fiscal year or its projected consolidated financial position as of September 30, 2026. Such estimates are subject to change based on future results, and such change could cause future results to vary significantly from expected results. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/y5uxbjrr About Cyanotech Corp. Cyanotech Corporation, located in Kailua-Kona, Hawaii, was incorporated in the state of Nevada on March 3, 1983, and is listed on the NASDAQ Capital Market under the symbol "CYAN." The Company is engaged in the production of natural products derived from microalgae for the nutritional supplements market. Walnut Creek, Calif.-based BPM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows from operations, including for the fiscal year ended March 31, 2025. Further, the Company was not in compliance with two debt covenant requirements as of March 31, 2025. These conditions, along with other matters raise substantial doubt about the Company's ability to continue as a going concern. CYPRIUM HOLDINGS: S&P Assigns 'BB' ICR, Outlook Stable ------------------------------------------------------ S&P Global Ratings assigned its 'BB' issuer credit rating to Cyprium Holdings Ltd. S&P said, "We also assigned a 'BB-' issue level rating and '5' recovery rating to the company's proposed $1,350 million in other unsecured debt, indicating our expectations for modest recovery (10%-30%; rounded estimate: 25%) in the event of a payment default. "Our stable outlook reflects our expectation that the company will continue maintaining debt to EBITDA of under 3x and free operating cash flow (FOCF) to debt of above 10% over the next 12 months." Cyprium Holdings Ltd. will be spun out of its parent company, Aptiv PLC, into a separate publicly traded company. It will consist of assets from Aptiv's electrical distribution systems businesses. The proposed capitalization of the company will be a new $850 million cash flow revolver (undrawn at close), a $500 million term loan A, and $1,350 million in other unsecured debt in various tranches not less than $500 million. Cyprium will be spun out of its parent company, Aptiv PLC, into a separate publicly traded company. It will consist of assets from Aptiv's electrical distribution systems businesses. The proposed capitalization of the company will be a new $850 million cash flow revolver (undrawn at close), a $500 million term loan A, and $1,350 million in other unsecured debt in various tranches not less than $500 million. Cyprium has strong scale and geographic market diversification and modest customer concentration. The company has leading market position as a supplier of low- and high-voltage signal, power, and data distribution systems to original equipment manufacturers (OEMs), generating $8.3 billion of revenues in 2024. It has modest customer concentration, with its largest customer representing 18% of 2024 sales and its top ten customers representing 83% of sales. The company does business with 10 of the top 10 OEMs, and one out of six new light-vehicles produced globally include its content. Its revenue is well-diversified across the Americas (43%), Asia-Pacific (32%), and Europe (24%), mitigating regional cyclicality. Cyprium is increasingly focused on domestic Chinese OEMs. S&P expects increasing emphasis on domestic Chinese OEMs to drive future growth. The company's manufacturing is regionalized, which mitigates tariff risks. Cyprium has the high product concentration within wire harnesses and competes against larger, more diversified, and better-capitalized peers like Sumitomo, Yazaki, and Lear. Despite this, the company has industry-leading wire harness margins of 9%-10% due to a higher proportion of full-service business encompassing design, manufacturing, and supply. However, within the broader rated auto supplier universe, its margins are at the lower end of the average (9%-15%) range due to the labor-intensive nature of wire harness manufacturing. S&P said, "We forecast sustained longer-term growth and margin expansion, though Cyprium will be undergoing significant restructuring and lacks a stand-alone operating track record. We expect sales to increase 1.5% in 2026, representing outgrowth against our forecast for global vehicle production to be relatively flat in in 2026 (-1% to 1%). We anticipate stronger revenue growth of 3% in 2027, fueled by our forecast for global light-vehicle production expansion of 0%-2%. "We project outgrowth will be driven by new program launches, increased wins with domestic Chinese OEMs, and expansion with nonautomotive customers. As a smaller spin-off of a larger parent, there could be a risk of revenue or procurement dyssynergies. However, given Cyprium's long, steady customer relationships and leading scale, we expect it to adequately navigate these challenges without major disruptions." The company will also be undergoing significant restructuring to optimize its cost footprint and increasing capital expenditure (capex) to fund automation projects and move manufacturing sites. These actions are substantial and carry a degree of operating risk but, if successful, would enhance its longer-term margin profile. In addition, Cyprium lacks a stand-alone operating track record and will be burdened by incremental, stand-alone operating costs. S&P said, "We forecast S&P Global Ratings-adjusted EBITDA margins of 9.5%-10% in 2026. This reflects increased operating leverage due to above-market growth and efficiency gains offset by restructuring, integration, and operating costs. We anticipate margins will expand to 10.0%-10.5% in 2027 as industry volume production improves, driving stronger operating leverage, and the company benefits from some of its cost and productivity initiatives." Cyprium's product portfolio positions it well for long-term industry tailwinds and growth beyond the light-vehicle market. Cyprium's products are powertrain agnostic and battery electric vehicles (BEVs), and hybrids represent an upside in content per vehicle and longer-term profitability growth. The company's scale, strong product portfolio, and capabilities position it well for longer-term electrification, particularly in China and Europe. Furthermore, the growing prevalence of software-defined vehicles and advanced driver-assistance systems (ADAS) is expected to create incremental opportunities for specialized applications within electrical distribution systems. A shift towards zonal architectures could potentially simplify wiring and partially offset some of these longer-term content opportunities, but zonal systems should support greater harness manufacturing automation. Cyprium is also looking to expand beyond the light-vehicle market with growth into commercial vehicles, construction and agriculture vehicles, power and grid, and robotics. Currently, the company only generates 9% of its revenue from these adjacent end markets. Increasing its exposure to non-light-vehicle automotives could mitigate volatility in the highly cyclical light-vehicle OEM supplier market. S&P said, "We believe Cyprium will remain acquisitive and return capital to shareholders, though maintaining stronger credit metrics could result in ratings upside. We estimate its S&P Global Ratings-adjusted leverage will be approximately 2.2x at the end 2025 pro forma for the transaction close and 2.1x at the end of 2026. We believe the company will maintain leverage of below 3x over the longer term and FOCF to debt of above 10%. "We expect higher initial integration and restructuring costs to burden earnings initially. Furthermore, we believe higher working capital investment for growth in the first few years will also pressure its FOCF to debt, which we project will be 14.4% in 2026 and 11.4% in 2027. If the company can maintain leverage of near 2x, improve FOCF to debt to above 15%, and demonstrate a track record of maintaining metrics at this threshold, we could revise our view of its credit profile upwards. "Our base case assumes the company will make tuck-in acquisitions to further expand its scale and diversify into faster-growing adjacent end markets. We also believe it will return cash to shareholders through dividends and could engage in share repurchases if it doesn't find accretive acquisition opportunities. If Cyprium does issue debt to fund acquisitions or shareholder returns, we would continue to expect it to maintain leverage below 3x and FOCF to debt above 10% over the longer term. "The stable outlook reflects our expectation that the company will maintain debt to EBITDA of below 3x over the next 12 months and FOCF to debt of above 10%. Continued new customer wins, cost and productivity improvements through restructuring, and capex investments should support continued profitability." S&P would likely lower our rating on Cyprium if it expects its debt to EBITDA to start approaching 4x or its FOCF to debt remains well below 10% on a sustained basis. This could occur if: -- Demand significantly falls because of unexpected economic weakness or major operational problems at Cyprium; or -- The company adopts a more aggressive financial policy to fund acquisitions or shareholder returns. S&P could raise its ratings on Cyprium if it comes to believe it will maintain debt to EBITDA approaching 2x and FOCF to debt of more than 15%. This could happen if: -- The company successfully executes on its restructuring and automation initiatives. As a tier-1 auto supplier, this would provide it with an adequate cushion for underperformance over the next downturn and lead to an improved cash flow adequacy assessment; and -- S&P is confident the company is committed to maintaining these metrics. D SAN JOSE: Gets Interim OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, issued an interim order authorizing D San Jose LLC to use the cash collateral of its secured lenders. The Debtor was authorized to use cash collateral in accordance with its monthly budget. Total and individual line-item spending must not exceed 5% of the budget without written consent of Choice Hotels International or further court approval. The Debtor projects total operational expenses of $167,135 for November. Choice Hotels International, Inc., DM Funding, LLC, GreenLake Asset Management, LLC, Greystone Servicing Company, LLC, Sky Unlimited, LLC, and Itria Ventures, LLC are the lenders that may have interests in the cash collateral. As adequate protection for any diminution in collateral value, the secured lenders will be granted replacement liens that mirror their pre-bankruptcy liens, automatically perfected under Section 361, 363, 364(c)(2), 364(e), and 552 of the Bankruptcy Code. These liens extend to all of the Debtor's property except Chapter 5 avoidance actions and taxing authority liens. Additionally, the Debtor must make monthly payments of at least $80,000 to Choice, plus any excess net operating income, beginning December 10. In the event of default, Choice will be granted a superpriority administrative expense claim under Section 507(b) of the Bankruptcy Code for any unpaid amounts, which would take precedence over all other administrative expenses, except those related to avoidance action proceeds. All post-petition cash receipts must be deposited into a segregated debtor-in-possession account at JPMorgan Chase Bank. A final hearing is scheduled for December 2. Objections are due by November 25. The interim order is available at https://is.gd/aTYqZO from PacerMonitor.com. About D San Jose LLC D San Jose LLC operates in the hospitality industry and is associated with Cosmo Hotels Management and D Tur Hotel, LLC. D San Jose sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 25-43157) on October 22, 2025. In its petition, the Debtor listed between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. D.R. PATEL: Seeks to Hire Belvedere Legal as Bankruptcy Counsel --------------------------------------------------------------- D.R. Patel Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Belvedere Legal as counsel. The firm will render these services: (a) advise and represent the Debtor to all matters and proceedings within this Chapter 11 case, other than those particular areas that may be assigned to special counsel; (b) assist, advise and represent the Debtor in any manner relevant to a review of its debts, obligations, maximization of its assets and where appropriate, disposition thereof; (c) assist, advise and represent the Debtor in the operation, reorganization, and/or liquidation of its business, if appropriate; (d) assist, advise and represent the Debtor in the performance of all of its duties and powers under the Bankruptcy Code and Bankruptcy Rules, and in the performance of such other services as are in the interests of the estate; and (e) assist, advise and represent the Debtor in dealing with its creditors and other constituencies, analyze the claims in this case and formulate and seek approval of a Plan of Reorganization. Matthew Metzger, Esq., the main attorney in this representation, will be paid at his hourly rate of $695 plus reimbursement. On October 23, 2025, the firm received a retainer of $50,000 from Prativkumar Patel, son-in-law of Vijay Patel, the managing member of the Debtor. Mr. Metzger disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew D. Metzger, Esq. Beldevere Legal, PC San Mateo, CA 94402 Telephone: (415) 513-5980 Facsimile: (415) 513-5985 About D.R. Patel Investments LLC D.R. Patel Investments, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30866) on Oct. 23, 2025, listing up to $10 million in both assets and liabilities. Matthew D. Metzger, Esq., at Beldevere Legal, PC serves as the Debtor's counsel. DATAVAULT AI: Files Defamation Suit vs Wolfpack Research -------------------------------------------------------- Datavault AI, Inc. announced that it has filed a complaint against Wolfpack Research and its founder Dan David for the malicious and defamatory short report the defendants released on October 31st, 2025. Paul Hastings LLP is representing Datavault in this action. The report contained false and misleading accusations and defamatory statements about Datavault and its personnel. The defendants' clear disregard for Datavault's public filings, ignorance of verifiable facts, and blatant omission of critical context caused direct harm to Datavault and its shareholders. "The Company, our shareholders, and I have been harmed by Wolfpack's malicious and self-serving attack. We will pursue all options at our disposal to hold Wolfpack and Dan David accountable in court," said Nathaniel Bradley, CEO of Datavault AI. "While this attack has been an unfortunate distraction, we remain focused on generating revenue and driving value for our shareholders." About Datavault AI Datavault AI Inc., headquartered in Beaverton, Ore., develops and licenses patented platforms for AI-driven data management, valuation, and monetization. The Company offers cloud-based Web 3.0 solutions incorporating high-performance computing, generative AI agents, and secure data utilities. Datavault AI operates in the data technology and software licensing industry, providing tools for enterprise-grade data solutions focused on privacy and cybersecurity. BPM LLP's audit report dated March 31, 2025, included a "going concern" qualification, noting that the Company's ongoing operational losses, net capital deficiency, and cash flow situation cast significant doubt on its ability to continue operating. Management of the Company intends to raise additional funds through the issuance of equity securities or debt. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company's ability to achieve its intended business objectives. As of June 30, 2025, the Company had $120.69 million in total assets, $46.62 million in total liabilities, and $74.07 million in total stockholders' equity. Cash and cash equivalents as of June 30, 2025 were $0.7 million compared to $3.3 million, as of Dec. 31, 2024. The Company recorded a net loss of $37.1 million and $46.7 million for the three and six months ended June 30, 2025 and used net cash in operating activities of $12.8 million for the six months ended June 30, 2025 vs $9.0 million for the six months ended June 30, 2024. Excluding non-cash adjustments, the primary reasons for the increase in the use of net cash from operating activities during the six months ended June 30, 2025, was related to an increase in the net loss. DAVIS DIESEL: Seeks to Hire Cooper Law Firm as Bankruptcy Counsel ----------------------------------------------------------------- Davis Diesel Service, LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ The Cooper Law Firm as legal counsel. The firm will render these services: (a) provide the Debtor legal advice with respect to its powers and duties in the continued management and control of its assets, and responsibilities regarding its liabilities to its creditors; (b) provide legal advice to the Debtor regarding its responsibility to provide insurance and bank account information, to file monthly operating reports with this court, to pay quarterly fee to the U.S. Trustee's Office, to seek and receive through its attorney consent of this court to incur debt or sell property, to file a Plan of Reorganization and Disclosure Statement within 180 days of filing of the petition, and to file a Final Report, Accounting and Request for Final Decree as soon after Confirmation of the Plan as is feasible, but no later than 120 days after confirmation of the plan; and (c) prepare the petition, schedules, statement of financial affair, plan of reorganization disclosure statement, final report, final accounting, final decree, as well as any of the necessary applications, answers, orders, reports, or legal documents relative to the Chapter 11 case. The firm will be paid at these hourly rates: Robert Cooper, Attorney $395 Associate Lawyers $295 The firm received a retainer of $18,000 plus the $1,738 filing fee from the Debtor. Mr. Cooper disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert H. Cooper, Esq. The Cooper Law Firm 1610 Gowdeysville Road Gaffney, SC 29340 Telephone: (864) 271-9911 Email: rhcooper@thecooperlawfirm.com About Davis Diesel Service, LLC Davis Diesel Service, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. S.C. Case No. 25-03778) on September 29, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Elisabetta Gm Gasparini presides over the case. Robert H. Cooper, Esq. at The Cooper Law Firm represents the Debtor as counsel. DEL MONTE: Taps SyCip Gorres Velayo & Co. as Independent Auditor ---------------------------------------------------------------- Del Monte Foods Corporation II Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ SyCip Gorres Velayo & Co. as independent auditor. The firm will render these services: (a) audit and report on the consolidated financial statements of Del Monte Foods Holdings Limited and its subsidiaries (collectively, the "Company") as of and for the year ended April 27, 2025 (the "FY2025 Audit"); (b) conduct the audit in accordance with (i) International Standards on Auditing ("ISAs") as promulgated by the Auditing and Assurance Standards Council of the Philippines (the "Philippine ISA Audit"); and (ii) the generally accepted auditing standards ("US GAAS") and the generally accepted accounting principles (the US GAAP") in the United States as established by the American Institute of Certified Public Accountants ("AICPA") (the "U.S. GAAS/GAAP Audit"); (c) deliver a report with respect to each of the Philippine ISA Audit and the U.S. GAAS/GAAP Audit (collectively, the "FY2025 Audit Report"); (d) evaluate the Company's consolidated financial statements for conformity with US GAAP; (e) report on supplementary schedules required for compliance with applicable agricultural and regulatory reporting obligations (including Wisconsin Agriculture Producer Statute 126 and Department of Agriculture, Trade and Consumer Protection Chapter 101); (f) evaluate the appropriateness of management's going-concern assumption and disclose any material uncertainties regarding the Company's ability to continue as a going concern; (g) coordinate with component auditors and obtain sufficient appropriate audit evidence regarding the financial information of the Company's subsidiaries and business units; (h) provide audit-related support and analysis in connection with the Debtors' Chapter 11 proceedings, including preparation of reports or financial data necessary for court filings and stakeholder disclosures; and (i) assist in conversion and review of financial reporting impacts arising from US GAAP adjustments (including EY Mexico's review of the GAAP conversion at ICMOSA). The firm will receive a fixed fee for an estimated aggregate amount of $1,130,000, broken out as follows: (i) $740,000 for the Philippine ISA Audit; and (ii) $390,000 for the U.S. GAAP/GAAS Audit. Editha V. Estacio, partner of SGV, disclosed in the court filings that SGV does not hold or represent an interest adverse to the Debtors' estates, and is a "disinterested person," as such term is defined in section 101(14) of the Bankruptcy Code, as required under section 327(a) of the Bankruptcy Code. The firm can be reached through: Editha V. Estacio, CPA SyCip Gorres Velayo & Co. 6760 Ayala Avenue, Makati City, Metro Manila, 1226 Tel: (632) 8891-0307 Fax: (632) 8818-1377 About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. DESTINY VOICE: Hires DeMarco-Mitchell PLLC as Bankruptcy Counsel ---------------------------------------------------------------- Destiny Voice & Music Studio, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire DeMarco-Mitchell, PLLC as counsel. The firm will render these services: a. take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; c. formulate, negotiate, and propose a plan of reorganization; and d. perform all other necessary legal services in connection with these proceedings. The firm's hourly rates are as follows: Robert DeMarco, Attorney $400 Michael Mitchell, Attorney $300 Barbara Drake, Paralegal $125 In addition, the firm will seek reimbursement for expenses incurred. The firm has been paid a retainer of $12,000. Robert DeMarco, Esq., a member of DeMarco-Mitchell, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert T. DeMarco, Esq. DeMarco-Mitchell PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 346-6791 Email: robert@demarcomitchell.com About Destiny Voice & Music Studio Inc. Destiny Voice & Music Studio, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-44314) on November 3, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Mark X. Mullin presides over the case. Robert Thomas DeMarco, Esq. represents the Debtor as legal counsel. DIAMOND COMIC: Plan Exclusivity Period Extended to January 13, 2026 ------------------------------------------------------------------- Judge David E. Rice of the U.S. Bankruptcy Court for the District of Maryland extended Diamond Comic Distributors, Inc. and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 13, 2026 and March 16, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that the extension request is reasonable and consistent with the prosecution of these chapter 11 cases because it will provide the Debtors with additional time to consider important issues, negotiate, draft and finalize a plan, and solicit acceptances. Allowing the Exclusive Periods to lapse now would defeat the purpose of section 1121 and deprive the Debtors and their creditors of the benefit of a meaningful and reasonable opportunity to negotiate the liquidation of certain assets and a consensual plan. The Debtors assert that their progress in achieving their goals of obtaining Court approval of the Sale Orders, and the subsequent closing of the sales to Universal and Sparkle Pop demonstrate that the Debtors will be able to approach the plan formulation in an effective manner. An extension of the Exclusive Periods will allow the Debtors adequate time to monetize their remaining assets and then negotiate a chapter 11 plan with the key stakeholders, file the plan, and solicit votes on the plan. The Debtors further assert that they need additional time to focus on litigating or otherwise resolving their claims against their consignment vendors, the prosecution of the Debtors' claims against AENT, and to analyze claims in these cases. The requested extensions of the Exclusive Periods will provide the Debtors with the time needed to address these issues and allow the Debtors to focus on monetizing the estates' remaining assets in a manner that best serves the estates and the Debtors' creditors and establishing a framework for a chapter 11 plan, if appropriate. The Debtors cite that they require additional time to administer these cases and monetize their remaining assets in a manner that maximizes value for the Debtors' estates and creditors while formulating a plan, if appropriate, to distribute those assets. As such, the Debtors submit that creditors will not be prejudiced by an extension of the Exclusive Periods. The Debtors' Counsel: Jordan D. Rosenfeld, Esq. SAUL EWING LLP 1001 Fleet Street, 9th Floor Baltimore, MD 21202 Tel: (410) 332-8600 Email: jordan.rosenfeld@saul.com - and - Jeffrey C. Hampton, Esq. Adam H. Isenberg, Esq. Turner N. Falk, Esq. 1500 Market Street, 38th Floor Philadelphia, PA 19102 Tel: (215) 972-7777 Email: jeffrey.hampton@saul.com adam.isenberg@saul.com turner.falk@saul.com - and - Mark Minuti, Esq. Paige N. Topper, Esq. Nicholas Smargiassi, Esq. 1201 N. Market Street, Suite 2300 Wilmington, DE 19801 Tel: (302) 421-6800 Email: mark.minuti@saul.com paige.topper@saul.com nicholas.smargiassi@saul.com About Diamond Comic Distributors Founded in 1982, Diamond Comic Distributors Inc. offers a multi-channel platform of publishing, marketing and fulfillment services, coupled with an unparalleled global distribution Network for its retailers, publishers and vendors. Diamond Comic Distributors and its affiliates filed Chapter 11 petitions (Bankr. D. Md. Case No. 25-10308) on Jan. 14, 2025. At the time of the filing, Diamond Comic Distributors reported between $50 million and $100 million in both assets and liabilities. Judge David E. Rice handles the case. The Debtors tapped Saul Ewing, LLP as legal counsel; Getzler Henrich & Associates, LLC as financial advisor; Raymond James & Associates, Inc., as investment banker; and Stephenson Harwood, LLP as U.K. counsel. Omni Agent Solutions is the Debtors' claims and noticing agent and administrative agent. DKC ENTERPRISES: Monique Almy Named Subchapter V Trustee -------------------------------------------------------- Matthew Cheney, the Acting U.S. Trustee for Region 4, appointed Monique Almy, Esq., as Subchapter V trustee for DKC Enterprises, LLC. Ms. Almy, a partner at Crowell & Moring, LLP, will be paid an hourly fee of $800 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Almy declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Monique D. Almy, Esq. Crowell & Moring, LLP 1001 Pennsylvania Avenue, NW Washington, DC 20004 Phone: (202) 624-2935 malmy@crowell.com About DKC Enterprises LLC DKC Enterprises, LLC, doing business as Henceforth DC, operates a brewery and wine bar located at 1335 H Street NE in Washington, DC. It serves handcrafted beers, wines, and other beverages in a community-oriented venue that also hosts private events and social gatherings. DKC Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00500) on October 30, 2025, with $3,073,243 in assets and $3,208,735 in liabilities as of September 30, 2025. Michael Spinello, managing member, signed the petition. Judge Elizabeth L. Gunn presides over the case. Lawrence A. Katz, Esq., at Hirschler Fleischer, PC represents the Debtor as legal counsel. DUCHESS EQUESTRIAN: Salvatore LaMonica Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Salvatore LaMonica, Esq., at LaMonica Herbst & Maniscalco, LLP, as Subchapter V trustee for Duchess Equestrian Community, LLC. Mr. LaMonica will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMonica declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Salvatore LaMonica, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Phone: (516) 826-6500 Email: sl@lhmlawfirm.com About Duchess Equestrian Community LLC Duchess Equestrian Community, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-36179) on November 11, 2025, listing between $1 million and $10 million in assets and between $50,001 and $100,000 in liabilities. Raymond Ragues, Esq., at Ragues, PLLC represents the Debtor as legal counsel. ECUBE LABS: Seeks to Hire Vartabedian Hester as Bankruptcy Counsel ------------------------------------------------------------------ Ecube Labs Co. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Vartabedian Hester & Haynes LLP as bankruptcy counsel. The firm's services include: (a) advising the Debtor of its rights, powers and duties as debtor and debtor in possession continuing to manage its assets; (b) advising the Debtor concerning, and assisting in the negotiation and documentation of, agreements, debt restructurings, and related transactions; (c) advising the Debtor concerning the actions that it might take to collect and to recover property for the benefit of the Debtor's estate; (d) preparing on behalf of the Debtor all necessary and appropriate applications, motions, pleadings, proposed orders, notices, schedules, and other documents and reviewing all financial and other reports to be filed in this chapter 11 case; (e) advising the Debtor concerning, and preparing response to, applications, motions, pleadings, notices and other papers that may be filed and served in this chapter 11 case; (f) counseling the Debtor in connection with the formulation, negotiation and promulgation of one or more plans of reorganization and related documents; (g) performing all other legal services on and on behalf of the Debtor that may be necessary or appropriate in the administration of this Chapter 11 case or in the conduct of the bankruptcy case and the Debtor's business; and (h) providing all such other legal services as may be necessary or appropriate in connection with the bankruptcy case. The firm's current hourly rates are: Jeff P. Prostok $890 Emily S. Chou $635 J. Blake Glatstein $495 Mary Taylor Stanberry $475 Other Firm Attorneys $475 to $890 Paralegal/Legal Assistant $225 to $275 The firm received a retainer in the amount of $50,000 on Oct. 9, 2025. Vartabedian Hester & Haynes is a "disinterested person" as defined in Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Emily S. Chou, Esq. J. Blake Glatstein, Esq. Mary Taylor Stanberry, Esq. VARTABEDIAN HESTER & HAYNES LLP 301 Commerce Street, Suite 2200 Fort Worth, Texas 76102 Tel: (817) 214-4990 Emails: emily.chou@vhh.law blake.glatstein@vhh.law mary.stanberry@vhh.law About Ecube Labs Co. Ecube Labs Co., doing business as Haulla, arranges waste collection, junk removal, and dumpster rental services for commercial customers by connecting them with local haulers. The Company manages and coordinates disposal services to help businesses reduce costs and improve efficiency. Founded in 2017 and based in Alhambra, California, Haulla serves clients including restaurants, retail stores, offices, auto shops, and other commercial establishments in markets such as Los Angeles, Dallas, Houston, Austin, and Baltimore. Ecube Labs Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43950) on October 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Emily S. Chou, Esq. of VARTABEDIAN HESTER & HAYNES LLP. ELEMENT SOLUTIONS: Moody's Rates New $500MM Revolver Loan 'Ba1' --------------------------------------------------------------- Moody's Ratings affirmed Element Solutions Inc's ("Element Solutions") Ba2 corporate family rating, Ba2-PD probability of default rating, the Ba1 ratings on its backed senior secured revolving credit facility and its senior secured first lien term loan B3, and the B1 rating on its senior unsecured notes. The Speculative Grade Liquidity (SGL) rating of SGL-1 remains unchanged. Moody's also assigned a Ba1 rating to the proposed $500 million backed senior secured revolving credit facility due 2031. The rating outlook remains stable. RATINGS RATIONALE Element Solutions recently announced two acquisitions – Micromax, a supplier of highly-engineered electronics pastes and inks for $500 million in cash, and EFC Gases & Advanced Materials, a provider of high-purity specialty gases and other advanced materials for $368 million in cash. The company plans to raise $450 million of incremental debt, as an add-on to its existing first lien term loan B3, to partially fund the acquisitions which are expected to close in 1Q 2026, along with cash on hand. The company also plans to amend and extend its senior secured revolving credit facility alongside these transactions, increasing the capacity to $500 million with a 2031 maturity from $375 million currently. The affirmation of Element Solutions' ratings reflects Moody's views that the acquisitions are a strategic positive. The products are adjacent to Element Solutions' existing offerings, thereby improving product breadth, with an overlap of the customer base. Both businesses have strong growth profile and attractive margins, along with minimal capex requirements, which should result in healthy free cash flow conversion. That said, Moody's expects Element Solutions' Moody's adjusted leverage to be slightly above 4.0x, proforma for the two acquisitions and the contemplated debt issuance. While this breaches Moody's downgrade threshold of 4.0x, the affirmation of the ratings reflects Moody's views that the company will de-lever to a level below 4.0x over the next 12-15 months, aided by EBITDA improvement as well as prioritization of free cash flow for gross debt reduction. Element Solutions' Ba2 CFR is supported by its strong liquidity, attractive margins, variable cost structure and asset-light business model that enables the company to consistently generate healthy free cash flow. The company also benefits from high barriers to entry given its technical expertise and extensive qualification testing required by its customers. The credit profile further incorporates its solid, globally diversified business with leading positions in niche segments and exposure to favorable long-term trends in artificial intelligence technologies, 5G technology, semiconductors, increased electronic content in automobiles, electric vehicles and the Internet of Things (IoT). The rating is constrained by Element Solutions' significant exposure to the cyclical automotive and electronics industries, and expectations for share repurchases and additional debt-funded bolt-on M&A. While the company has demonstrated a commitment to deleveraging following recent acquisitions, Moody's adjusted leverage has consistently been closer to the upper end of the range for the Ba rating category, thereby constraining the rating. The SGL-1 rating reflects Element Solutions' very good liquidity profile, which Moody's expects the company to maintain over the next 12 months. As of September 30, 2025, the company had $594 million of cash, and $368 million of availability under its $375 million revolving credit facility, net of outstanding letters of credit. Proforma for the acquisitions and debt issuance, cash balance is expected to be around $300 million, with nearly $500 million of availability under its upsized revolving credit facility. Moody's expects the company to continue to generate positive free cash flow in 2026. The Ba1 ratings on the revolver and term loan reflect their priority ranking in the capital structure. The first lien term loan is secured by a first lien on the assets of the borrower and guarantors, which include domestic subsidiaries. The term loan does not have any additional financial maintenance covenants beyond the cross protection of the revolver covenant. The revolver has a springing maximum first lien net leverage ratio covenant of 5.0x if it is more than 30% drawn, which Moody's expects the company to remain in compliance with over the next 12 months given the significant cushion. The B1 rating on the senior unsecured debt, two notches below the CFR, reflects their effective subordination to the secured debt in the capital structure and relatively sizable amount of secured debt, which would limit recovery in a default scenario. The stable outlook reflects Moody's expectations that the company will continue to maintain strong margins and generate positive free cash flow. Additionally, it also incorporates Moody's expectations that the company's Moody's adjusted leverage will come down below 4.0x over the next 12-15 months through EBITDA growth as well as prioritization of free cash flow for gross debt reduction. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would be contingent on financial leverage, including Moody's standard adjustments, sustained below 2.5x, maintaining retained cash flow-to-debt (RCF/Debt) above 25%, continued adherence to financial policies that balance the interests of shareholders and creditors and the demonstrated ability to generate a sustained growth trend in sales and earnings through a combination of bolt-on acquisitions and organic growth without the need for a larger transaction. Moody's would likely consider a downgrade if leverage is sustained above 4.0x, free cash flow is negative for a sustained period, or the company makes a large debt-financed acquisition or extraordinary dividend payment. Headquartered in Miami, FL, Element Solutions Inc produces a wide array of specialty chemicals and materials primarily sold into the automotive, electronics and industrial markets with leading positions in a number of niche markets. The company operates in two business segments: Electronics and Specialties. Element Solutions had sales of approximately $2.5 billion for the last twelve months ended September 30, 2025. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ELETSON HOLDINGS: Reed Smith Can't Represent Former Owners ---------------------------------------------------------- Dorothy Atkins of Law360 reports that a New York federal judge on November 18 denied Reed Smith LLP's renewed bid to intervene on behalf of the purported former owners of Eletson Holdings in the company's $102 million breach-of-contract dispute with competitor Levona. The court found the firm’s arguments insufficient to justify entering the case at this stage. According to the judge, Reed Smith cannot represent the post-bankruptcy holding company simply "by repeated incantation," noting that the firm failed to establish any legal basis to act on Eletson's behalf. The ruling leaves the litigation moving forward without the firm's involvement, the report states. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Lawyers at Reed Smith represent the Debtors as bankruptcy counsel. Riveron RTS served as the Debtors' Domestic Financial Advisor; Harold Furchtgott-Roth as Economic Expert; and Kurtzman Carson as Voting Agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel and FTI Consulting as the Committee's financial advisors. ELNUNU MEDICAL: PCO Reports No Change in Patient Care Quality ------------------------------------------------------------- Eric Huebscher, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of New York his second report regarding the quality of patient care provided by Elnunu Medical P.C. In his second report which covers the period from June 6 to October 31, the PCO noted that Elnunu has been transparent and cooperative with him and allowed him to engage in an efficient discharge of stated responsibilities. The PCO believes that the patient care has not been impacted from the onset of the bankruptcy, with the exception of the issues identified in the ongoing dispute related to the 2022 Limited Liability Operating Agreement between Health Plys MC, LLC and Dr. Salim Souid, the medical director and sole owner of Elnunu. The PCO visited each of the two service sites and met with providers and personnel. All providers and personnel were cooperative in answering questions from the PCO. The PCO found both service sites in satisfactory condition and consistent in the services provided. Mr. Huebscher claimed that he had maintained regular contact with Dr. Souid and his business manager. During these interactions, the PCO inquired about continuing operations and potential impact from the pending bankruptcy. As stated, Elnunu has maintained a transparent and cooperative working relationship with the PCO. The PCO observed that the bankruptcy, notwithstanding the issues identified with the agreement, has not had a material impact on the delivery of healthcare services. The continuing lack of closure regarding the agreement poses a risk, including the disengagement of key personnel. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=OyKRCo from PacerMonitor.com. The ombudsman may be reached at: Eric Huebscher, MBA, CPA, CFE, CPCO President Huebscher & Co. 301 East 87th Street-20E New York, NY 10128 Phone: 646.584.3141 ehuebscher@huebscherconsulting.com About Elnunu Medical P.C. Elnunu Medical P.C. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-04732) on February 14, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Elizabeth S Stong presides over the case. The Debtor tapped Btzalel Hirschborn, Esq., at Shiryak Bowman Anderson Gill & Kadochnikov, LLP as bankruptcy counsel; Bochner, PLLC as special litigation counsel; and Vestcorp, LLC as accountant. Eric M. Huebscher is the patient care ombudsman appointed in the Debtor's case. ENERFLEX LTD: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable -------------------------------------------------------------- Fitch Ratings has upgraded Enerflex Ltd.'s (Enerflex) Long-Term Issuer Default Rating (IDR) to 'BB' from 'BB-' and has upgraded the senior secured notes to 'BB+' with a Recovery Rating of 'RR2' from 'BB'/'RR3'. The Rating Outlook is Stable. The upgrade of Enerflex's IDR and Recovery Rating is driven by its deleveraging, improved liquidity profile, and sustained utilization rates and backlog. Enerflex's ratings reflect the company's stable, recurring revenue from its energy infrastructure (EI) and aftermarket services (AMS) segments, conservative financial policy, a strong engineered systems (ES) backlog, and supportive customer and geographic diversification. The Stable Outlook assumes the company maintains a conservative financial policy, with FCF allocated to modest shareholder returns and growth capex. It also reflects expectations for continued strong utilization across the U.S. compression fleet and stable backlog in the EI and ES segments. Key Rating Drivers Stable, Predictable Cash Flow: Fitch believes Enerflex has strong revenue visibility compared to similarly rated peers in the oilfield services industry. Approximately 65% of the company's gross margin is generated through stable, recurring revenue streams that help reduce commodity-price-linked fluctuations. Its contracted asset cash flows are secured by take-or-pay contracts, ranging from one to three years in North America and between three and over 10 years in Latin America and the Eastern Hemisphere. The company also has a good track record of extending contracts. Enerflex's energy infrastructure and aftermarket services segments have historically maintained stable revenue and margins through commodity price downturns, helping stabilize financial performance against the more cyclical manufacturing segment. Conservative Financial Policy: Fitch views the company's financial policy as conservative, with a leverage target of between 1.5x and 2.0x, and modest shareholder returns through the annual dividend and announced normal course issuer bid. Fitch expects FCF to be allocated through a combination of growth capex, increased dividends, and share repurchases. The company has not indicated a desire for further M&A activity and has been proactive in repaying debt since 2023. Increased Growth Investment: Fitch expects capex to rise in 2026 and over the forecast period as the company uses cash flow to expand its U.S. compression fleet and pursue projects in Gulf Cooperation Council (GCC) member countries. Current market dynamics and customer commitments support this growth investment. U.S. fleet expansion reflects a strong outlook for higher natural gas production, underpinned by LNG facilities and increasing demand for electrical power, with upfront commitment from customers. Projects in GCC member countries are supported by long-term contracts with large, investment-grade counterparties, including national oil companies. Strong Engineered Systems Backlog: The company's engineered systems segment is exposed to new global natural gas infrastructure projects and has experienced volatility during commodity price downturns. Despite this exposure, the company has a strong backlog of $1.1 billion as of 3Q25, providing visibility into future revenue generation for this segment. Fitch expects the company to maintain a stable backlog, driven by supportive natural gas prices and investments in energy transition solutions. Strong Geographic Diversification: The Exterran transaction bolstered customer and geographic diversification, enabling the pursuit of a larger, more diverse set of projects. Enerflex operates in 17 countries, maintaining a balanced geographic presence across North America, the Eastern Hemisphere, and Latin America. Despite this diversification, the company remains exposed to countries with significant transfer and convertibility risks such as Argentina. Fitch anticipates future EBITDA growth will largely come from North America and GCC member countries, as the company has scaled back operations in higher-risk countries. Supportive Customer Diversification: Enerflex's top 10 customers are primarily national oil companies and large, publicly traded exploration and production (E&P) companies with high credit quality. These customers are expected to contribute approximately 35% of total revenue and have longstanding relationships with the company, averaging over 15 years. The nature of Enerflex's products also helps prevent customers from switching providers, stabilizing cash flows due to the high-switching costs and costly downtime associated with interrupting the natural gas stream. Peer Analysis Enerflex is uniquely positioned between midstream and oilfield services (OFS) peers. It compares closely to compression peers USA Compression Partners, LP (USAC; BB/Stable), Archrock, Inc. (BB/Stable), and Kodiak Gas Services, LLC (BB/Stable), with cash flows supported by long-term, take-or-pay contracts that reduce volumetric and commodity risk. Enerflex's gross revenue scale is larger than these midstream-oriented peers, but their EBITDA margins are higher at 50%-60% versus Enerflex in the mid-teens. Enerflex is also more diversified by geography and services than pure-play compression peers. Relative to OFS issuers, Enerflex compares favorably to Precision Drilling Corporation (Precision; BB-/Stable) and Nabors Industries, Ltd. (Nabors; B/Stable), which run drilling fleets and face greater commodity exposure. Enerflex also compares with Weatherford International Ltd. (Weatherford; BB/Stable), which has long-term contracts on a substantial share of revenue but higher exposure to cyclical OFS, and with Helix Energy Solutions Group, Inc. (Helix; BB-/Stable), which earns about half its revenue from global offshore decommissioning. Enerflex and Helix have lower volatility than many OFS peers due to product-line mix. Enerflex's gross revenue is larger than Precision and Helix, but smaller than Weatherford and Nabors. Enerflex has the lowest EBITDA margins within OFS peers at mid-teens, versus peers in the 20%-30% range. Leverage sits mid-range within peers. Fitch forecasts 2025 leverage of 1.4x, which compares favorably to USAC (4.2x), Archrock (3.4x), Kodiak (4.0x), and Nabors (2.4x), and is comparable to Precision (1.4x), Weatherford (1.4x), and Helix (1.3x). Key Assumptions - West Texas Intermediate (WTI) oil price of $65 per barrel (bbl) in 2025, $60 per bbl in 2026 and 2027, and $57 per bbl thereafter; - Henry Hub natural gas price of $3.40 per thousand cubic feet (mcf) in 2025, $3.50 per mcf in 2026, $3.00 per mcf in 2027, and $2.75 per mcf thereafter; - Modest growth in EI segment in 2026 and 2027 due to investment in increased U.S. contract compression horsepower; - Capex in line with management expectations for 2025 and then increasing in 2026 and through the forecast; - Moderate growth in annual dividends through the forecast; - Share repurchases in 2025 and 2026 in line with company's announced normal issuer bid; - Base interest rates applicable to the company's outstanding variable rate debt obligations reflect the current secured overnight financing rate (SOFR) forward curve. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deviation from conservative financial policy that leads to a weakened liquidity profile; - Sustained decline in margin profile and/or utilization rate erosion, which indicates structural weakness of business segments; - EBITDA leverage sustained above 3.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful execution on growth projects leading to increased scale and backlog while maintaining utilization rates; - Improving margin profile in comparison to peers; - EBITDA leverage sustained below 2.5x. Liquidity and Debt Structure Enerflex has sufficient liquidity with $64 million in cash on the balance sheet and $594 million available on the revolver, after letters of credit, as of 3Q25. Fitch expects the company to continue to generate positive FCF, which further supports the liquidity profile. Fitch believes the company has minimal refinancing risk with the next upcoming maturity in October 2027 for the secured notes. The company has extended the maturity of the RCF until July 2028. Issuer Profile Enerflex is a global supplier of natural gas infrastructure and energy transitions solutions, with expanded product lines and technical expertise. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Enerflex Ltd. LT IDR BB Upgrade BB- senior secured LT BB+ Upgrade RR2 BB ENERFORE DIGITAL: Secured Party Seeks Nov. 24 Auction ----------------------------------------------------- TSE Data Infrastructure Limited Partnership, TSE Data Infra (Asia) Limited Partnership, and TSE Data Infrastructure II Limited Partnership will sell at public auction certain limited liability company interests held by Enerfore Digital Holdings, LLC, including (i) Enerfore Digital Swindell, and (ii) Enerfore Digital Celeste LLC, and (iii) all other collateral under the 2023 and 2024 General Security Agreement, which secure the debt of $17,167,709, plus unpaid interest, attorneys' fees and other charges. Secured Party's understanding is that the Equity Interest being sold represent the Borrower's ownership of an control over two subsidiaries, both organized to operate as crypto mining facilities. The public auction sale will be held both by virtual bidding via Zoom and in person on November 24, 2025, at Dykema Gossett PLLC, at 1717 Main St., Suite 4200, in Dallas, Texas, at 9:00 a.m. CST. Secured Party's attorneys may be reached at Dykema Gossett PLLC, via email at jfine@dykema.com ERIC JON CROSS: U.S. Trustee Wins Bid to Dismiss Bankruptcy Case ---------------------------------------------------------------- Judge James J. Tancredi of the United States Bankruptcy Court for the District of Connecticut granted the United States Trustee's motion to dismiss the Chapter 11 case of Eric Jon Cross for failure to maintain insurance, provide information, and attend mandatory meetings. The case is dismissed with a 180-day bar to refiling any bankruptcy petition. According to Judge Tancredi, "Here, the Debtor has not only failed to maintain insurance on the real estate underlying this case, but he has also reportedly told the U.S. Trustee that he will not do so. Moreover, the Debtor has failed to file many of the documents required with the bankruptcy petition and has not attended the initial debtor interview with the U.S. Trustee. Each of these circumstances alone constitutes cause sufficient to dismiss this Chapter 11 case." The Court finds the circumstances constituting cause to dismiss this case, coupled with the Debtor's filing of this bankruptcy case two days prior to a scheduled foreclosure sale, show that he filed this case for no reason other than to frustrate the foreclosing creditor. A copy of the Court's Memorandum of Decision and Order dated November 13, 2025, is available at https://urlcurt.com/u?l=JBNCZG from PacerMonitor.com. Eric Jon Cross filed for Chapter 11 bankruptcy protection (Bankr. D. Conn Case No. 25-21113) on October 23, 2025, listing under $1 million in both assets and liabilities. F.L. SIMS: Seeks to Hire Paul Reece Marr as Bankruptcy Counsel -------------------------------------------------------------- F.L. Sims Funeral Home East Point Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Paul Reece Marr, PC as counsel. The firm will render these services: (a) provide the Debtor with legal advice regarding its powers and duties in the continued operation and management of its affairs; (b) prepare on behalf of the Debtor the necessary petitions, applications, statements, schedules, lists, answers, orders and other legal papers pursuant to the Bankruptcy Code; and (c) perform all other legal services in the Chapter 11 bankruptcy proceeding for the Debtor which may be reasonably necessary. The firm's counsel and staff will be paid at these hourly rates: Paul Reece Marr, Attorney $475 Paralegal $275 The firm received a retainer of $15,000 from the Debtor. Mr. Marr disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul Reece Mar, Esq. Paul Reece Marr, PC 6075 Barfield Road, Suite 213 Sandy Springs, GA 30328 Telephone: (770) 984-2255 Facsimile: (678) 623-5109 Email: paul.marr@marrlegal.com About F.L. Sims Funeral Home East Point Inc. F.L. Sims Funeral Home East Point Inc. provides funeral and cremation services, pre-planning, and grief support from its facility at 2968 East Point Street in East Point, Georgia, serving families throughout the Metro Atlanta area. Originally founded in 1943 as Lige Sims Funeral Home, the family-owned business is led by Fernandor Sims and operates three locations across the region, offering services to clients nationwide and internationally. Its operations focus on traditional ceremonies and personalized memorial services. F.L. Sims Funeral Home East Point Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. Case No. 25-61553) on October 6, 2025. In its petition, the Debtor disclosed up to $10 million in assets and up to $1 million in liabilities. The Debtor is represented by Paul Reece Marr, Esq., at Paul Reece Marr, P.C. FIRST BRANDS: Gets Court OK for Examiner Appointment to Probe Fraud ------------------------------------------------------------------- Steven Church of Bloomberg News reports that the federal judge overseeing First Brands Group's bankruptcy said he intends to request that the US Trustee appoint an examiner to investigate allegations of fraud and misconduct at the struggling auto-parts manufacturer. The move comes after increasing pressure from creditors seeking an independent review of the company's finances and management decisions. Under an order set to be signed by US Bankruptcy Judge Christopher Lopez in Houston, the examiner will receive a $7 million budget, which First Brands must fund. The judge emphasized that the investigation must be structured efficiently while still addressing the core concerns raised in the case, according to report. Once appointed, the examiner will be required to work with First Brands and its creditor group to craft a detailed work plan outlining the scope of the probe. Creditors and the US Trustee—an arm of the Justice Department that oversees corporate bankruptcies—have been vocal about the need for transparency and accountability in the proceedings, 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. FITNESS NGO: Aleida Martinez Molina Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for Fitness NGo 1, LLC. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About Fitness NGo 1 LLC Fitness NGo 1, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23502) on November 14, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Mindy A. Mora presides over the case. Brian K. McMahon, Esq., represents the Debtor as legal counsel. GAROFALO REAL ESTATE: Files Amendment to Disclosure Statement ------------------------------------------------------------- Garofalo Real Estate Holdings LLC submitted an Amended Combined Plan and Disclosure Statement dated November 13, 2025. The Debtor is filing this plan based on an informal settlement agreement with its principal secured creditor, BD Notes LLC. BD Notes holds a mortgage on the real property which is the only significant asset of the Debtor. Prior to the bankruptcy, BD Notes had moved to foreclose on the Property and had gotten a judgment of foreclosure against the Debtor and other parties in the amount of $5,542,012.52, plus statutory interest and costs. They had also put a receiver in place, such that, the Debtor was not operating the Property nor receiving income. Accordingly, the Debtor entered into settlement negotiations with BD Notes. In essence, the settlement provides the Debtor will propose this plan which will transfer the Property to BD Notes, or its designated assignee, free and clear of all liens, claims, and encumbrances except for existing leases and certain real estate taxes, along with the Debtor's books and records, in full satisfaction of all Claims of BD Notes. The Debtor will assume and assign all existing tenant leases for the Property to BD Notes or its designated assignee, and turn over all security deposits which the Debtor is holding, which does not include any security deposits which the receiver may have collected because the Debtor does not have a clear record of same. In return, the Debtor has the continued use of cash collateral and may collect rents and pay expenses in the ordinary course, and has a three-month hiatus for the months of August, September, and October, 2025, from paying adequate protection payments to BD Notes, without prejudice to an extension of such hiatus, as long as, the Debtor is proceeding apace to Confirmation. The Debtor and its principals will exchange mutual releases with BD Notes upon the transfer of the Property, and will withdraw all appeals of the judgment of foreclosure. BD Notes will not receive any assets of the Debtor other than the Property, which leaves the cash on hand available for payment to other creditors. The Debtor believes that without this settlement, a plan would not be feasible, and any liquid assets would be completely used up in litigation, and would have a very uncertain outcome. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 3 consists of General Unsecured Creditors. The Debtor estimates that there will be approximately $310,053 of Allowed Unsecured Claims, and that after payment of the Allowed Non-Classified Claims, including Professional Fees, and payment of the Allowed Class 1 and Class 2 Claims, and the establishment of a reserve for administrative expenses, there will be approximately $119,000 left for distribution to General Unsecured Creditors. This would amount to a Distribution of approximately $0.38 on the dollar. There can be no guarantee, however, that this will be the exact amount available. The actual Distribution to General Unsecured Creditors could vary upward or downward. Class 3 is Impaired. * Class 4 consists of Equity Interest Holders. Equity Interest Holders are parties who hold an ownership interest (i.e., equity interest) in the Debtor. In a limited liability company like the Debtor, the ownership interests are expressed in membership units. The sole Holder of membership units in the Debtor is Laura Garofalo. Equity Interest Holders shall maintain existing Equity Interest. The Plan is premised upon a transfer of substantially all of the Assets of the Debtor other than Cash to BD Notes or its designated assignee. The documents to effectuate such transfer will be filed as part of the Plan Supplement no less than fourteen days prior to the Confirmation Hearing. The Property is being transferred as is, where is, by a Bargain & sale Deed with Covenants. At the Closing, upon transfer of the Property to BD Notes, or its designated assignee, BD Notes will mark the Mortgage loan and Note fully satisfied and return them to the Debtor. A hearing on the confirmation of the Plan is scheduled for December 10, 2025, at 11:00 A.M. Ballots must be submitted on December 3, 2025 to be counted as votes. Objections to the adequacy of disclosure in the Plan, and/or confirmation of the Plan must be filed by December 3, 2025. A full-text copy of the Amended Combined Plan and Disclosure Statement dated November 13, 2025 is available at https://urlcurt.com/u?l=hufvOP from PacerMonitor.com at no charge. About Garofalo Real Estate Holdings Garofalo Real Estate Holdings LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Garofalo Real Estate Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11915) on Nov. 6, 2024. In the petition filed by Laura Garofalo, a sole and managing member, the Debtor estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by: David H. Hartheimer, Esq. MAYERSON & HARTHEIMER, PLLC 845 3rd Ave FL 11 11th Floor New York NY 10022-6601 Tel: (646) 778-4381 E-mail: david@mhlaw-ny.com GENTAL DENTAL: Gets Interim OK to Use Cash Collateral Until Jan. 12 ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division issued an interim order granting Gentle Dental of Island Lake, Ltd. authority to use the cash collateral of Cadence Bank. The court authorized the Debtor's interim use of cash collateral through January 12, 2026, strictly in accordance with the budget. The budget covers the period from November 10 to January 12, 2026, listing line-item monthly expenses. The Debtor is prohibited from deviating from or modifying the budget without the written consent of Cadence Bank or further court order and must include a line item for the Subchapter V trustee's fees and expenses. The Debtor projects total operational expenses of $34,238 for December. As adequate protection, Cadence Bank will be granted replacement liens and security interests on all post-petition assets and collateral, to the same extent and priority as its pre-bankruptcy liens, and to cover any diminution of its secured position. In addition, the Debtor must maintain insurance, preserve collateral in good condition, provide access to books and records, and allow inspections upon notice. These ensure Cadence Bank's secured interest remains safeguarded during the interim period. The interim order remains in effect until January 12, 2026, at 5:00 p.m., when a status and further hearing on the continued use of cash collateral will be held at 10:00 a.m. on the same day. Cadence Bank holds a valid blanket lien on the Debtor's assets, with an outstanding balance of approximately $120,231. About Gental Dental of Island Lake Ltd. Gental Dental of Island Lake Ltd. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-16544) on October 28, 2025, with up to $50,000 in assets and between $500,001 and $1 million in liabilities. Neema T. Varghese serves as Subchapter V trustee. Judge Michael B. Slade presides over the case. James A. Young, Esq., represents the Debtor as legal counsel. GLOBAL ATLANTIC: S&P Rates Junior Subordinated Debentures 'BB+' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' rating to Global Atlantic Financial Group's (GAFG) fixed-to-fixed reset rate junior subordinated debentures due 2055. This issue rating is two notches below its 'BBB' long-term issuer credit rating on Global Atlantic (Fin) Co., the entity issuing the notes. The issuance is also fully guaranteed by Global Atlantic Financial Group (GAFG, BBB/Stable). The two notches reflect the subordination of the issue and the optional interest deferability feature. The proposed notes will be unsecured obligations and rank junior to all GAFG and Global Atlantic (Fin) Co.'s existing and future senior and subordinated indebtedness. The interest on these debentures is cumulative, if deferred. Barring a regulatory capital event, tax event, or rating agency event (as defined in the offering prospectus), GAFG can redeem these debentures five years after issuance, and on any interest payment date after that. S&P will likely assign intermediate hybrid equity content to these securities, within its 30% hybrid tolerance limits per its capital model criteria. GAFG intends to use the proceeds from this issuance primarily to fund a tender offer of up to $750 million for its junior subordinated notes maturing in 2051. These notes will become callable in 2026, and we expect the company will call any remaining notes at that time. The company may also use some of the proceeds for general corporate purposes. S&P said, "We think this new issuance will not materially affect GAFG's financial leverage, given the use of proceeds. We expect the group to maintain financial leverage below 30%, excluding other accumulated comprehensive income, with fixed-charge coverage close to 4x for the next 12-24 months. Key factors supporting our ratings on GAFG include its solid market position in fixed-rate annuities and well-established presence in reinsurance, especially the pension risk transfer reinsurance segment." GLUTALITY GLOBAL: Seeks to Hire Wernick Law as Bankruptcy Counsel ----------------------------------------------------------------- Glutality Global Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Wernick Law, PLLC as counsel. The firm will render these services: (a) advise the Debtors with respect to their powers and duties in the continued management of business operations; (b) advise the Debtors with respect to their 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 cases; (d) protect the interest of the Debtors in all matters pending before the Court; and (e) represent the Debtors in negotiations with creditors in the preparation of a plan. The firm will be paid at these hourly rates: Aaron Wernick, Attorney $765 Hayley Harrison, Attorney $665 Corinne Aftimos, Attorney $665 Paralegals $425 In addition, the firm will seek reimbursement for expenses incurred. Prior to the filing of this case, the firm was paid by Debtor Sam Health a fee deposit in the amount of $175,000 on behalf of all Debtors and including an advance of the costs of the filing fees of $1,738 for each of the cases. Mr. Wernick disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Aaron Wernick, Esq. Wernick Law PLLC 2255 Glades Road, Ste 324A Boca Raton, FL 33431 Telephone: (561) 961-0922 Email: info@wenicklaw.com About Glutality Global Holdings Glutality Global Holdings, LLC and its affiliated companies operate in the healthcare technology and services sector, focusing on diabetes care and remote patient monitoring. The group integrates medical devices such as glucometers, scales, and blood pressure cuffs with its cloud-based Diabetes Management Platform to enable at-home monitoring using patient-generated health data. Headquartered in Boca Raton, Florida, the companies provide healthcare solutions across the United States through a network of affiliated provider entities. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-22984) on October 31, 2025. In the petition signed by Anu Pardeshi, chief restructuring officer, lead Debtor Glutality Global Holdings, LLC disclosed $0 in assets and $2,677,722 in liabilities. Sam Health, LLC listed $1,274,564 in assets and $3,192,539 in liabilities. Welco Track Services listed $0 in assets and $2,018,975 in liabilities. Stride Slim, LLC listed $23 in assets and $0 in liabilities. Glutality Provider Group, PA listed $1,136,839 in assets and $495,947 in liabilities. Judge Mindy A. Mora presides over the cases. Aaron A. Wernick, Esq., at Wernick Law, PLLC represents the Debtors as bankruptcy counsel. GOHAR INC: Seeks to Hire David Freydin PC as Bankruptcy Counsel --------------------------------------------------------------- Gohar Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire the Law Offices of David Freydin PC as its bankruptcy counsel. The firm will provide these services: (a) negotiating with creditors; (b) preparing a plan and financial statements; and (c) examining and resolving claims filed against the estate. The Debtor proposes to retain the Law Offices of David Freydin PC on an hourly basis at these rates: David Freydin $450 Jan Michael Hulstedt $425 Derek V. Lofland $425 The firm received a $10,000 pre-petition retainer. As disclosed in the court filings, Law Offices of David Freydin PC believes he does not hold or represent any interest adverse to the Estate and is a "disinterested person" within the meaning of Section 327(a) of the Bankruptcy Code. The firm can be reached at: David Freydin, Esq. Law Offices of David Freydin, LTD. 8707 Skokie Blvd, Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 E-mail: david.freydin@freydinlaw.com About Gohar Inc. Gohar Inc., a company operating in the restaurant industry, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-16980) on November 2, 2025. In its petition, the Debtor reported up to $100,000 in assets and between $100,001 and $1 million in liabilities. Honorable Bankruptcy Judge David D. Cleary handles the case. The Debtor is represented by David Freydin, Esq., at the Law Offices of David Freydin Ltd. GROFF TRACTOR: Hires Bonds Ellis Eppich as Bankruptcy Counsel ------------------------------------------------------------- Groff Tractor Mid Atlantic, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Bonds Ellis Eppich Schafer Jones LLP as their attorneys. The firm can be reached through: a. serve as attorneys of record for the Debtors and to provide representation and legal advice with respect to the Debtors' powers and duties as debtors in possession in the continued operation of the Debtors' businesses; b. assist the Debtors in carrying out their duties under the Bankruptcy Code, including advising the Debtors of such duties, their obligations, and their legal rights; c. take all necessary action to protect and preserve the Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections, as necessary, to relief sought and claims filed against the Debtors' estates; d. consult with the United States Trustee, any statutory committee that may be formed, and all other creditors and parties in interest concerning administration of these Chapter 11 Cases; e. assist in potential sales of the Debtors' assets; f. prepare on behalf of the Debtors all motions, applications, answers, orders, reports, and other legal papers and documents to further the Debtors' estates' interests and objections, and to assist the Debtors in preparation of schedules, statements, and reports, and to represent the Debtors and their estates at all related hearings and at all related meetings of creditors, United States Trustee interviews, and the like; g. assist the Debtors in connection with preparing and refining their chapter 11 plans and disclosures statements, and/or all related agreements and documents necessary to facilitate an exit from these Chapter 11 Cases, take appropriate action on behalf of the Debtors to obtain confirmation of such plans, and take such further actions as may be required in connection with the implementation of such plans; h. assist the Debtors in analyzing and appropriately treating the claims of creditors, including objecting to claims and trying claim objections; i. appear before this Court and any appellate courts or other courts having jurisdiction over any matter associated with these Chapter 11 Cases; and j. perform all other legal services and provide all other legal advice to the Debtors as may be required or deemed to be in the interest of their estates in accordance with the Debtors' rights and duties as set forth in the Bankruptcy Code. Bonds Ellis's hourly rates range from $800 for partners with the highest billing rates to $125 for paralegals with the lowest billing rates. The firm's hourly rates are: Joshua N. Eppich, Partner $800 Ken Green, Partner $650 Aaron Guerrero, Partner $550 Eric T. Haitz, Partner $550 Bryan Prentice, Sr., Associate $425 Linda Gordon, Paralegal $325 Bonds Ellis received $50,000 from the Debtors as a retainer. Bonds Ellis is a "disinterested person" as defined by Bankruptcy Code section 101(14), according to court filings. The firm can be reached through: Joshua N. Eppich, Esq. Eric T. Haitz, Esq. BONDS ELLIS EPPICH SCHAFER JONES LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Phone: (817) 405-6900 Fax: (817) 405-6902 Email: joshua@bondsellis.com Email: eric.haitz@bondsellis.com About Groff Tractor Mid Atlantic Groff Tractor Mid Atlantic, LLC and subsidiaries operate a network of construction equipment dealerships serving the Mid-Atlantic region of the United States. The company sells, rents, and services heavy and compact construction machinery, offering parts and attachments for brands such as Wirtgen, Hamm, Vogele, Transtech, Thunder Creek, John Deere Equipment, and TopCon. Groff Tractor Mid Atlantic sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-90010) on October 14, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Joshua N. Eppich, Esq., at Bonds Ellis Eppich Schafer Jones, LLP. GROFF TRACTOR: Hires Epiq Corporate as Claims and Noticing Agent ---------------------------------------------------------------- Groff Tractor Mid Atlantic, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Epiq Corporate Restructuring, LLC as claims and noticing agent. Epiq will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The hourly rates of Epiq's professionals are as follows: IT/Programming $50 to $105 Case Managers $119 to $175 Consultants/Directors/Vice Presidents $155 to $185 Solicitation Consultant $190 Executive Vice President, Solicitation $195 Before the petition date, the Debtors provided Epiq a retainer in the amount of $10,000. Kathryn Mailloux, a consulting director at Epiq, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kathryn Mailloux Epiq Corporate Restructuring, LLC 777 Third Avenue, 11th Floor New York, NY 10017 About Groff Tractor Mid Atlantic Groff Tractor Mid Atlantic, LLC and subsidiaries operate a network of construction equipment dealerships serving the Mid-Atlantic region of the United States. The company sells, rents, and services heavy and compact construction machinery, offering parts and attachments for brands such as Wirtgen, Hamm, Vogele, Transtech, Thunder Creek, John Deere Equipment, and TopCon. Groff Tractor Mid Atlantic sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-90010) on October 14, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Joshua N. Eppich, Esq., at Bonds Ellis Eppich Schafer Jones, LLP. GROFF TRACTOR: Seeks to Hire TM Capital as Investment Banker ------------------------------------------------------------ Groff Tractor Mid Atlantic, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire TM Capital as investment banker. The firm will render these services: a) identify opportunities for one or more Sale Transaction(s) of the Debtors' assets; b) advise the Debtors concerning opportunities for such Sale Transaction(s) of the Debtors, whether or not identified by TM Capital; c) participate, at the Debtors' request, on the Debtors' behalf in negotiations and offer negotiating strategies pertaining to any Sale Transaction; d) assist in identifying prospective purchasers of the Debtors' assets or any of their businesses, securities or assets; and e) initiate and coordinate discussions with potential purchasers, participate in the negotiation of the financial aspects of possible transactions or any other requested matters pertaining to a Sale Transaction. The firm will be paid as follows: a) A monthly advisory fee of $25,000 (the "Monthly Fee"), payable monthly. b) If the Sale Transaction of the Debtors' assets occurs during the term of the Engagement Agreement, then at the closing of such Sale Transaction the Debtors will pay TM Capital a fee (the "Transaction Fee") based upon the following scale: (i) $800,000; (ii) plus an additional sum equal to the prorated amount between zero dollars at 75% of the Recovery Amount4 and $200,000 at 100% of the Recovery Amount; (iii) plus 10% of any Consideration5 in excess of the aggregate Secured Liabilities6 of GTMA. c) If Sale Transactions of the Debtors result in a combination or series of related transactions, then fees owed TM Capital under section (b) above will be determined at the closing of each such transaction and calculated according to the aggregate amount of consideration. In addition, TM Capital will be entitled to additional fees for each additional transaction that closes. d) The minimum fee will apply one time and not on each closing transaction. e) The Debtors will pay all of TM Capital's reasonable out-of-pocket expenses. As disclosed in the court filings, TM Capital is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, and holds no interest materially adverse to the Debtors or their estates. The firm can be reached through: David M. Felts TM Capital Two Alliance Center 3560 Lenox Road NE, Suite 1100 Atlanta, GA 30326 Tel: (404) 995-6230 About Groff Tractor Mid Atlantic Groff Tractor Mid Atlantic, LLC and subsidiaries operate a network of construction equipment dealerships serving the Mid-Atlantic region of the United States. The company sells, rents, and services heavy and compact construction machinery, offering parts and attachments for brands such as Wirtgen, Hamm, Vogele, Transtech, Thunder Creek, John Deere Equipment, and TopCon. Groff Tractor Mid Atlantic sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-90010) on October 14, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Joshua N. Eppich, Esq., at Bonds Ellis Eppich Schafer Jones, LLP. GROFF TRACTOR: Taps Michael Juniper of CR3 Partners as CRO ---------------------------------------------------------- Groff Tractor Mid Atlantic, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire CR3 Partners, LLC, to provide a chief restructuring officer and certain additional personnel and designate Michael Juniper as CRO. The CRO will render these services: a. provide oversight and support to the Debtors and the Debtors' other professionals in connection with execution of the Company's business plan, reorganization plan, any sales process, and the overall administration of activities within the Chapter 11 Cases; b. provide oversight and assistance in connection with the preparation of financial reporting and related disclosures required by the bankruptcy court, including the Schedules of Assets and Liabilities, the Statements of Financial Affairs and Monthly Operating Reports, and any other disclosures required by the Company in connection with the bankruptcy process, or in keeping with its professional and ethical responsibilities; c. provide oversight and assistance in connection with the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursements analysis of various asset and liability accounts, and analysis of proposed transactions for which court approval is sought; d. participate in meetings and provide assistance to any official committee(s) appointed in the Chapter 11 Cases, the U.S. Trustee, other parties in interest, including contractual counterparties, and professionals hired by the same; e. evaluate and make recommendations as needed to maximize the value of the Debtors' assets; f. provide oversight and assistance in connection with the preparation of analysis of creditor claims; g. provide oversight and assistance in connection with the evaluation and analysis of avoidance actions, including, fraudulent conveyances and preferential transfers, and in the defense and prosecution of other litigation, if necessary; h. provide testimony in litigation/bankruptcy matters as required; i. evaluate the cash flow generation capabilities of the Debtors for valuation maximization opportunities; j. provide oversight and assistance in connection with communications and negotiations with constituents including investors and other critical constituents to the successful restructuring of the Company, as well as to directly communicate with stakeholders where appropriate, and to establish communication protocols; k. manage professionals engaged by the Debtors, or committees or other stakeholders involved in the restructuring of the Company, and to directly communicate with such stakeholders as appropriate; l. assist in development of a plan of reorganization and in the preparation of information and analysis necessary for the development of a plan and disclosure statement, and confirmation of a plan in the Chapter 11 Cases; and m. perform other tasks as directed by the Board and agreed to by CR3, including all tasks necessary to facilitate the Company's restructuring, or in keeping with its ethical responsibilities, in CR3's sole discretion. The firm's hourly rates: Partner $895 to $1,295 Senior Director $695 to $950 Director $550 to $795 Senior Associate / Manager $450 to $575 CR3 received retainers in the aggregate amount of $50,000. CR3 Partners does not hold any interest adverse to the Debtors' estates, and is a "disinterested person" as defined by section 101 (14) of the Bankruptcy Code. The firm can be reached through: Michael Juniper CR3 Partners, LLC 13355 Noel Road, Suite 2005 Dallas, TX 75240 Phone: (314) 374-4543 Email: mike.juniper@cr3partners.com About Groff Tractor Mid Atlantic Groff Tractor Mid Atlantic, LLC and subsidiaries operate a network of construction equipment dealerships serving the Mid-Atlantic region of the United States. The company sells, rents, and services heavy and compact construction machinery, offering parts and attachments for brands such as Wirtgen, Hamm, Vogele, Transtech, Thunder Creek, John Deere Equipment, and TopCon. Groff Tractor Mid Atlantic sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-90010) on October 14, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Joshua N. Eppich, Esq., at Bonds Ellis Eppich Schafer Jones, LLP. HANSEN-MUELLER CO: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Hansen-Mueller Co 13321 California Street, Suite 100 Omaha, NE 68154 Business Description: Hansen-Mueller Co is a nationwide agribusiness company headquartered in Omaha, Nebraska, engaged in grain merchandising and processing with a diversified platform spanning the central United States, including nine grain elevators, four port terminals, and an oats processing facility producing pet food and animal feeds in Toledo, Ohio. The Company operates four complementary business units -- Oat Trading, Wheat Merchandising, Cross-Country Trading, and a Houston Joint Venture -- and maintains grain trading offices in multiple states, supported by a private railcar fleet and multi-modal transportation network for domestic and international flows. Founded in 1979, Hansen-Mueller employs approximately 120 people across its operations in the U.S. and conducts business in 44 states and 24 countries, focusing on niche crops, international trade, and vertically integrated processing. Chapter 11 Petition Date: November 17, 2025 Court: United States Bankruptcy Court District of Nebraska Case No.: 25-81226 Judge: Hon. Thomas L Saladino Debtor's Counsel: Brian J. Koenig, Esq. Donald L. Swanson, Esq. Trevor J Lee, Esq. KOLEY JESSEN P.C., L.L.O. 1125 South 103rd Street Suite 800 Omaha, NE 68124 Tel: 402-390-9500 Fax: 402-390-9005 E-mail: Brian.Koenig@koleyjessen.com Don.Swanson@koleyjessen.com Trevor.Lee@koleyjessen.com Debtor's Restructuring Advisor: SILVERMAN CONSULTING Debtor's Chief Restructuring Officer & Financial Advisor: MICHAEL G. COMPTON Debtor's Investment Banker: ASCENDANT CONSULTING PARTNERS, LLC Debtor's Notice, Claims & Solicitation Agent: EPIQ BANKRUPTCY SOLUTIONS, LLC Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petition was signed by Michael Compton as chief restructuring officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IJGDWPA/Hansen-Mueller_Co__nebke-25-81226__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ag Valley $559,355 Coop-Edison PO Box 68 Edison, NE 68936-0068 2. Agmark LLC $2,097,148 118 W Main Beloit, KS 67420 3. Alliance Ag & Grain, LLC $1,035,285 313 N. Main Spearville, KS 67876 4. Cargill $2,568,013 PO Box 5614 Minneapolis, MN 55440 5. Chisholm Trail Terminal $1,022,479 PO Box 46 Medford, OK 73759 6. Comark $1,300,987 PO Box 947 Enid, OK 73702 7. Farmers Coop Grain & Supply $813,422 PO Box 337 Trenton, NE 69044 8. Frontier Ag Inc. $774,128 PO Box 998 Goodland, KS 67735 9. Home City Grain Inc. $769,431 200 S Elm Street Home, KS 66438 10. John A. Guimbellot $758,666 196 Oak Grove Church Road Winnsboro, LA 71295 11. Lagniappe Planting Co. $721,344 241 W Lakeview Drive Yazoo City, MS 39194 12. Oakley Grain Inc. $605,315 3700 Lincoln North Little Rock, AR 72114 13. Producer AG LLC $932,796 201 N. 8th Street Lincoln, NE 68508 14. ShawNuff $1,227,636 343 McHenry Gin Road Monroe, LA 71202 15. Stafford County $620,191 Flour Mills Co. 108 S Church St Hudson, KS 67545 16. Sublette Coop Inc. $615,050 PO Box 340 Sublette, KS 67877 17. TEMCO, LLC $570,191 5500 Cenex Drive Inver Grove Heights, MN 55077 18. The Hi-Plains Cooperative $571,354 PO Box 429 Colby, KS 67701 19. Viterra Canada Inc. $4,646,729 2625 Victoria Avenue Regina, Canada S4T 7T9 20. West Plains LLC $638,998 14238 Hillsdale Circle Omaha, NE 68137 HARVEST SHERWOOD: Court Tosses Litigation Funders' Adversary Case ----------------------------------------------------------------- Judge Stacey G.C. Jernigan of the United States Bankruptcy Court for the Northern District of Texas granted the motions of Harvest Sherwood Food Distributors, Inc., JPMorgan Chase Bank, N.A. and the Official Committee of Unsecured Creditors to dismiss the declaratory judgment action filed by Blakemore Investments LLC and Milwaukee Investments LP captioned as BLAKEMORE INVESTMENTS LLC, MILWAUKEE INVESTMENTS LP, Plaintiffs, v. HAMILTON MEAT, LLC, HARVEST MEAT COMPANY, INC., HARVEST SHERWOOD FOOD DISTRIBUTORS, INC., SHERWOOD FOOD DISTRIBUTORS, L.L.C., WESTERN BOXED MEAT DISTRIBUTORS, INC., DEL MAR HOLDING, LLC, DEL MAR ACQUISITION INC., SURFLINER HOLDINGS, INC., LAMCP CAPITAL, LLC, CASCADE FOOD BROKERS, INC., SFD ACQUISITION LLC, SFD TRANSPORTATION CORP., SFD COMPANY LLC, and JPMORGAN CHASE BANK, N.A., as AGENT, Defendants, Adv. Pro. No. 25-08008-sgj (Bankr. N.D. Tex.). The declaratory judgment action is dismissed with prejudice. Blakemore Investments LLC and Milwaukee Investments LP are litigation funders, which provided $35 million of funds prepetition to certain of the Debtors. The litigation funders seek a declaratory judgment regarding the validity, priority, and extent of interests that it and certain other parties may have in the proceeds of certain antitrust litigation being pursued by the chapter 11 debtors, as plaintiffs. The Antitrust Claims are prepetition in nature. The proceeds of the Antitrust Claims are postpetition in nature. The Defendants include the 13 Debtors that filed Chapter 11 bankruptcy cases on May 5, 2025, and whose cases are administratively consolidated. Prior to filing bankruptcy, the Debtors were the largest independent wholesale food distributors in the United States with approximately $4 billion of annual revenue. They shipped over 32 million pounds of food per week to protein and perishable food producers, independent food retailers, regional and national retail chains, cruise lines, and food service customers throughout the United States. Prepetition, Burford entered into a "Capital Provision Agreement" dated December 21, 2022, with five of the Debtors. The CPA set forth terms for providing litigation funding to those five Debtors who were pursuing the Antitrust Claims. Also included as a Defendant in this Declaratory Judgment Action is JPMorgan Chase Bank, N.A., as agent for the Debtors' secured lenders, which provided asset-based lending to the Debtors both prepetition and postpetition. The Official Committee of Unsecured Creditors appointed in these chapter 11 cases was granted leave by the court to intervene in this Declaratory Judgment Action. The Debtors hold claims in various antitrust and price-fixing lawsuits against several pork, chicken, and beef producers. In total, the Debtors have asserted over $1.1 billion in damages (excluding treble damages) in these lawsuits. Burford asserted four causes of action in this Declaratory Judgment Action: * First Cause of Action: Declaratory judgement against all Defendants that Burford has a valid, first priority interest in the Antitrust Claims Proceeds in accordance with the terms of the CPA -- a CPA that was entered into, again, in December 2022 (after the Prepetition Credit Agreement, but before the First and Second Amendments thereto, pursuant to which JPM, as Agent, was given a security interest in the Antitrust Claims); * Second Cause of Action: Enforcement, against all Defendants, of an alleged subordination agreement arising under the terms of the CPA pursuant to Bankruptcy Code Sec. 510 and Bankruptcy Rule 7001(b), subordinating the interests of the Defendants in and to the Antitrust Claims Proceeds to the interest of Burford in and to the Antitrust Claims Proceeds; * Third Cause of Action: Preliminary and permanent injunction against the Debtors, enjoining them "from continuing to take actions to eradicate, impair and/or undermine Burford's rights under the CPA"; and, * Fourth Cause of Action: Asserted in the alternative and as to JPM only, Declaratory Judgment that, in the event that JPM is granted a first-priority lien on the Antirust Claims Proceeds, such lien should be to the extent of no more than the amount of any postpetition credit extended under the Postpetition Credit Agreement. The Debtors, JPM, and the UCC each filed Rule 12(b)(6) motions to dismiss this Declaratory Judgment Action for Burford's alleged failure to state a claim upon which relief can be granted. The Debtors argue that the Complaint fails to plausibly state a claim that Burford possesses a "valid, first-priority interest" in the Antitrust Claims Proceeds pursuant to the CPA. Burford has an unsecured claim that is inferior to JPM's perfected security interest in the Antitrust Claims Proceeds. In addition to the Debtors' arguments with respect to Count II -- that the CPA did not constitute a subordination agreement at all -- JPM also argues that Burford cannot enforce an alleged subordination agreement arising under the terms of the CPA as against JPM or any other party that was not and never has been a party to the CPA. The UCC argues Burford's allegations that the Antitrust Claims Proceeds are subject to either an express trust or a constructive trust fail to state a cognizable claim because Burford has not alleged (neither can it allege) the existence of an express trust and its constructive trust claim is defective. Burford's Complaint involves two assertions that go to the heart of the CPA -- either: (a) as a matter of law, the CPA conveyed an interest to Burford that is senior to JPM/the Lenders, the postpetition Debtors, and all unsecured creditors; or (b) that the extraordinary equitable relief of a trust in favor of Burford is warranted. The Court finds a constructive trust under the circumstances of this case is not warranted. According to the Court, the reality for Burford is that it is a mere general unsecured creditor in this case. Judge Jernigan explains, "Burford entered into an agreement that carried material credit risk and took no precautions to perfect or otherwise elevate its purported interest. The CPA is not a subordination agreement. The CPA is solely between the Debtors and Burford and does not create a common debtor-senior creditor-junior creditor relationship. No other creditor of the Debtors is a party to the CPA. Moreover, there is no separate agreement between Burford and any other of the Debtors' creditors regarding the order of payment of their respective claims." She adds, "There is also insufficient language and structure to have established either an express trust or constructive trust. To read the CPA as conferring a greater interest than is evident from its unambiguous four corners would elevate Burford's unsecured status to the detriment of thousands of other stakeholders in these chapter 11 cases. Burford's interpretation of the CPA is implausible. The CPA is arguably unusual but is not complicated or ambiguous. There is only one plausible interpretation of it -- it is a contract to provide the Debtors with funds in exchange for a promise that future proceeds of litigation would be remitted to Burford. This results in a simple unsecured contract claim. A ruling in favor of Burford would contradict bankruptcy policy and universal perfection rules regarding commercial tort claims that require public disclosure." A copy of the Court's Memorandum Opinion and Order dated November 13, 2025, is available at https://urlcurt.com/u?l=81c10d from PacerMonitor.com. About Harvest Sherwood Food Distributors Harvest Sherwood is a U.S.-based national food distribution company formed through the merger of Sherwood Food Distributors and Harvest Food Distributors. It operates 14 distribution centers and delivers over 32 million pounds of food weekly to customers including retailers, cruise lines, and food service providers. In early 2025, the Company initiated the wind-down of its operations and is pursuing asset sales through Chapter 11 proceedings to facilitate an orderly wind down of its estates. Harvest Sherwood Food Distributors, Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80109) on May 5, 2025, listing up to $10 billion in assets and up to $1 billion in liabilities. The Debtors tapped Sidley Austin LLP as counsel and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. Cadwalader, Wickersham & Taft LLP serves as special counsel. The Debtors' financial advisor is MERU, LLC. The Debtors' restructuring advisor is Hilco Commercial Industrial, LLC and Hilco Receivables, LLC. Hilco's Eric Kaup serves as chief restructuring officer. The official committee of unsecured creditors retained McDermott Will & Schulte LLP as counsel; and Province, LLC as financial advisor. An Unsecured Creditor Ad Hoc Group is represented by Pachulski Stang Ziehl & Jones LLP. HUSKY TECHNOLOGIES: S&P Rates Proposed Delayed Draw Term Loan 'B-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B-' issue-level rating and '4' recovery rating to the proposed US$350 million delayed draw term loan due 2029 issued by Husky Technologies Ltd.'s subsidiary Husky Injection Molding Systems Ltd., which S&P expects will rank pari-passu with its existing secured term loan, and placed the 'B-' rating on CreditWatch with positive implications (consistent with its existing ratings on the company). The CreditWatch placement reflects the likelihood that S&P will raise its issue-level ratings on Husky's secured term loan by two notches to 'B+' following the close of its previously announced combination with CompoSecure. S&P said, "We expect the transaction will lead to lower leverage for the combined company, resulting in a 'B+' issuer credit rating. Furthermore, we anticipate the transaction will improve the recovery prospects for Husky's secured creditors once the transaction closes. This reflects our expectation for lower consolidated debt and the addition of CompoSecure's subsidiaries to the group that would unconditionally guarantee the company's term loans on a senior secured basis." IR4C INC: Lakeland Property Sale to Gregory Madden for $3.6MM OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has granted IR4C Inc. to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 3715 Drane Field Road, Lakeland, Florida and more specifically described as: LOT 4, AIRPORT COMMERCE PARK, according to the map or plat thereof as recorded in Plat Book 168, Page 1, Public Records of Polk County, Florida. The Court has authorized the Debtor to sell the Property to Gregory A. Madden, his assigns, or any other buyer for $3,650,000. The Court finds that the proposed buyer is a bona fide "good faith" purchaser. The Debtor is further authorized to sell the real property to any alternate buyer, and the Order shall be effective as to any alternate 'disinterested" third-party buyers, on substantially the same terms and conditions. The provision is intended to allow the sale to move forward to an alternate buyer without the need to file a renewed motion in the event the Buyer is unable to close the sale. However, in the event the Debtor secures an alternate buyer, the Debtor shall take whatever steps she deems necessary to ensure such buyer is also "disinterested" and will file a notice with the Court identifying an alternate buyer at least 14 days prior to any closing. Reed, Mawhinney & Link, PLLC is authorized to handle the closing and to pay the disbursements related to the sale, as set forth in the motion and in a final Settlement statement to be agreed upon and approved by Lake Michigan Credit Union, including payment of 2024 and pro-rated 2025 real estate taxes; real estate broker's six percent commission; reasonable and customary closing costs, including but not limited to, closing fees, title and municipal lien searches/storage fees, affidavits, owner's title insurance, state tax/stamps, recording costs, wire / FedEx / notary fees, and all net proceeds (estimated to be $3,332,000) to Lake Michigan Credit Union, with the seller receiving no proceeds. About IR4C Inc. IR4C, Inc., a company in Lakeland, Fla., is the owner and operator of a mobile application fitness program using augmented reality to create virtual "races." It conducts business under the name Yes.Fit and Make Yes Happen. IR4C filed Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 24-05458) on Sept. 13, 2024. In its petition, IR4C listed total assets of $4,280,839 and total liabilities of $7,922,422. IR4C President Kevin D. Transue signed the petition. Judge Roberta A. Colton oversees the case. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace is the Debtor's legal counsel. Lake Michigan Credit Union, as secured creditor, is represented by Andrew W. Lennox, Esq., and Casey Reeder Lennox, Esq., at Lennox Law, P.A., in Tampa, Florida. JAMES MILLER: Gets Interim OK to Use Cash Collateral Until Dec. 8 ----------------------------------------------------------------- James Miller Construction, Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through December 8 consistent with its budget. The Debtor may exceed the amounts set forth in the budget by as much as 15% without court approval. As adequate protection, the U.S. Small Business Administration will be granted replacement liens on the Debtor's post-petition cash, accounts receivable and inventory. These replacement liens will have the same extent, validity, and priority as the SBA's pre-bankruptcy liens. Replacement liens will also be granted to other secured creditors including CT Corporation System, Ascendus, Inc., Fox Funding Group, LLC, and Specialty Capital, LLC to preserve their rights if the Debtor's assets are later found sufficient to secure the additional amounts owed. The final hearing is scheduled for December 5. A UCC search revealed five active financing statements but only the SBA holds a first-priority lien on the Debtor's accounts receivable and proceeds, with an outstanding claim of approximately $1.1 million. As of the petition date, the Debtor reported $53,310 in bank deposits and $34,000 in receivables, for a total of $87,310 in available cash collateral. About James Miller Construction Inc. James Miller Construction, Inc sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-13174) on November 9, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Derek Baker, president of James Miller Construction, signed the petition. Judge Timothy W. Dore oversees the case. Jennifer L. Neeleman, Esq., at Neeleman Law Group, P.C., represents the Debtor as legal counsel. JDM PROPERTIES: Joe Supple Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Joe Supple, Esq., at Supple Law Office, PLLC as Subchapter V trustee for JDM Properties, LLC. Mr. Supple 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. Supple declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joe M. Supple, Esq. Supple Law Office, PLLC 801 Viand Street Point Pleasant, WV 25550 304-675-6249 Email: joe.supple@supplelawoffice.com About JDM Properties LLC JDM Properties, LLC owns and manages residential and rental real estate in Marion and Monongalia Counties, West Virginia, including multiple properties in Fairmont, Morgantown, and Rivesville, with a combined value of $1 million. JDM Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. W.Va. Case No. 25-00656) on November 11, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge David L. Bissett handles the case. The Debtor is represented by D. Conrad Gall, Esq. JUNE PURCHASER: S&P Alters Outlook to Positive, Affirms 'B' LT ICR ------------------------------------------------------------------ S&P Global Ratings revised its rating outlook on June Purchaser to positive from stable. S&P also affirmed its 'B' issuer credit rating on June Purchaser and its senior secured 'B' issue ratings on the first-lien term loan and the revolving credit facility. Janney Montgomery Scott (Janney), an operating subsidiary of June Purchaser, confirmed the sale of its merger and acquisition advisory, public finance, and fixed-income trading business units. The transaction is expected to close in the first quarter of 2026. In line with its updated strategy to focus on balance-sheet-light wealth management and advisory services, we expect Janney to fully exit the capital markets business (including its remaining institutional equities and depository institutions advisory) within the next six to 12 months. The positive outlook indicates that Janney's exit from its capital markets business will help reduce on-balance-sheet risk by materially downsizing its securities inventory related to investment banking and trading activities. S&P said, "We assume that Janney will exit its M&A advisory, public finance, and fixed-income trading units and sell to one buyer. We also expect the remaining parts of Janney's capital markets business--namely institutional equities and depository institutions advisory--to be sold to another buyer. We anticipate both transactions will close in the first or second quarter of 2026. Exiting the capital markets should also reduce downside risk related to market volatility from sales and trading activities." S&P said, "We note that investment banking and capital markets still contribute relatively small amounts to Janney's total revenue, typically accounting for 5%-9%. (approximately $100 million, or 8%, in fiscal 2024, and an estimated 8% in 2025). Therefore, any one-off financial gain from these transactions will likely be marginal, in our view, especially since the capital markets business has generally been break-even or loss-making in recent years (2023 and 2024). "We understand Janney plans to fully focus on retail wealth management and advisory going forward. Janney's long operating history, advisor productivity, and retention should continue to support its core business. Its average financial advisor (FA) production of about $1.1 million and retention rate of 98% compare favorably with most rated retail peers. We think Janney benefits from its employee FA model relative to the independent broker model, which is easier to replicate. But with total client assets of approximately $160 billion and more than 900 FAs, Janney is one of the smaller retail brokers we rate." Like its rated peers, Janney benefits from high recurring revenue generated from advisory fees (about 70% of net revenue), as well as revenue from clients' cash balances (about 10% of net revenue in the first six months of 2025). These streams, however, remain sensitive to macroeconomic conditions because asset-based fees depend on market valuations, and interest rates affect returns on client sweep balances. Ownership by a private equity sponsor may influence Janney's financial policy over the medium term. June Purchaser is the holding entity and debt issuer for Janney. This structure resulted from KKR & Co. Inc.'s acquisition of Janney from Penn Mutual Life Insurance Co., which closed on Nov. 29, 2024. S&P said, "In the short term, we understand KKR plans to focus primarily on advisor recruitment and continued operations. However, its longer-term approach to growth and leverage remains less clear. That said, we think Janney's employee FA model makes it less prone to acquisitions compared with independent brokerage peers, given the more complex integration process." S&P said, "We continue to view Janney's lack of tangible equity and relatively high leverage as a key rating weakness. Following the acquisition by KKR, June Purchaser built up significant goodwill and meaningfully increased leverage through new debt issuance, a $1.4 billion term loan ($200 million undrawn) and a $150 million revolving credit facility. Because of high goodwill and intangibles, the company has no tangible equity to absorb potential credit or market losses (such as from Janney's self-clearing activity or margin lending). However, June Purchaser is not subject to consolidated capital requirements, and we expect ratios at its regulated broker-dealer subsidiary to remain well above regulatory minimums. "In our view, Janney's solid earnings (core earnings to operating revenue above 10%, by our estimate) partially offset the lack of tangible capital. Nevertheless debt leverage remains relatively high: we estimate debt to S&P Global Ratings-adjusted EBITDA at approximately 3.6x (or 4.2x assuming full drawdown of the $1.4 billion term loan) for the 12 months ended June 30, 2025. "The positive outlook on June Purchaser indicates our expectation that Janney will reduce its on-balance-sheet risk--potentially by materially downsizing its securities inventory--after the planned divestiture of its entire capital markets business segment. We expect this transaction to be completed within the next 12 months. The outlook also incorporates our assumption that Janney will continue to generate solid cash flow, maintain strong debt service coverage, and deliver consistent revenue growth, supported by non-aggressive financial policy management under KKR's ownership." S&P could revise the outlook back to stable if the sale of the capital markets business does not materialize, or if: -- S&P observes a significant deterioration in operating performance or market conditions; or -- Leverage increases materially, for example, due to non-organic or other aggressive expansion; or -- Liquidity weakens materially. JUST DO: Seeks Court Approval to Hire RE/MAX Diversity as Realtor ----------------------------------------------------------------- Just Do It, Ltd. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ RE/MAX Diversity as realtor. The Debtor needs a realtor to sell one or more parcels of its real estate. Joshawa Smith, a real estate agent at RE/MAX Diversity, will receive a commission of 6 percent of the full purchase price, plus a brokerage fee of $395. In addition, the firm will seek reimbursement for expenses incurred. Mr. Smith disclosed in a court filing that the firm is "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joshawa Smith RE/MAX Diversity 17 Metric Dr. Tallmadge, OH 44278 Telephone: (234) 334-7116 About Just Do It Just Do It, Ltd. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-51482) on August 28, 2025, with $500,001 to $1 million in assets and liabilities. Judge Alan M. Koschik presides over the case. Steven Heimberger, Esq., at Roderick Linton Belfance, LLP represents the Debtor as counsel. KAHN PROPERTY: Taps Pollack Pollack Isaac as Appellate Counsel -------------------------------------------------------------- Kahn Property Owner, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Pollack, Pollack, Isaac & DeCicco, LLP as appellate counsel. The firm will advise the Debtor in connection with an appeal pending in the Appellate Division-Second Department, assigned Docket No. 2023-03058. There is also an appeal pending in the Appellate Division-Second Department, assigned Docket No. 2025-06289. The firm's current rates are: Partners $780 per hour Associates $550 per hour Paraprofessionals $200 per hour Brian J. Isaac, Esq., a partner of Pollack, Pollack, Isaac & DeCicco, assured the court that his firm is a "disinterested person" as that term is defined in Bankruptcy Code section 101(14). The firm can be reached through: Brian J. Isaac, Esq. Pollack, Pollack, Isaac & DeCicco, LLP 250 Broadway, Suite 600 New York, NY 10007 Phone: (866) 535-6495 About Kahn Property Owner, LLC Kahn Property Owner, LLC owns a 22-acre estate at 135 West Gate Drive in Huntington, New York, located in the Gold Coast region of Long Island. The property includes Oheka Castle & Resort, a historic mansion that operates as a restaurant and catering venue hosting weddings, private parties, corporate functions, and other events. Kahn Property holds the real estate, while the Oheka Castle business is operated separately. Kahn Property Owner, LLC in Huntington, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 25-72946) on July 31, 2025, listing $92,813,057 in assets and $63,508,319 in liabilities. Kahn Associates LLC, the Debtor's member, signed the petition. Judge Louis A Scarcella oversees the case. LAMONICA HERBST & MANISCALCO, LLP serve as the Debtor's legal counsel. KEIRAN INVESTMENTS: Seeks to Hire Villa & White as Legal Counsel ---------------------------------------------------------------- Keiran Investments LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Villa & White as counsel. The firm's services include: (a) assist and advise the Debtor relative to its operations, and relative to the overall administration of this Chapter 11 case; (b) represent the Debtor at hearings to be held before this Court and communicate with its creditors regarding the matters heard and the issues raised, as well as the decisions and considerations of this Court; (c) prepare, review, and analyze pleadings, orders, operating reports, schedules, statements of affairs, and other documents filed and to be filed with this Court by the Debtor or other interested parties in this Chapter 11 case; advise it as to the necessity, propriety and impact of the foregoing upon this Chapter 11 case; and consent or object to pleadings or orders on behalf of it; (d) assist the Debtor in preparing such applications, motions, memoranda, adversary proceedings, proposed orders and other pleadings as may be required in support of positions taken by it, as well as preparing witnesses and reviewing documents relevant thereto; (e) coordinate the receipt and dissemination of in formation prepared by and received from the Debtor and its accountants, and other retained professionals, as well as such information as may be received from accountants or other professionals engaged by any official committee; (f) confer with the professionals as may be selected and employed by any official committee; (g) assist and counsel the Debtor in its negotiations with creditors, or Court appointed representatives or interested third parties concerning the terms, conditions, and import of a plan of reorganization and disclosure statement to be proposed and filed by it; (h) assist the Debtor with such services as may contribute or are related to the confirmation of a plan of reorganization in this Chapter 11 case; (i) assist and advise the Debtor in its discussions and negotiations with others regarding the terms, conditions, and security for credit, if any, during this Chapter 11 case; (j) conduct such examination of witnesses as may be necessary in order to analyze and determine, among other things, the Debtor's assets and financial condition, whether the Debtor has made any avoidable transfers of its property, and whether causes of action exist on behalf of its estate; and (k) assist the Debtor generally in performing such other services as may be desirable or required pursuant to Section 1107 of the Bankruptcy Code. Morris White III, Esq., an attorney at Villa & White, will be paid at an hourly rate of $450 plus expenses. Mr. White disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Morris E. White III, Esq. Villa & White LLP 100 NE Loop 410, #615 Telephone: (210) 225-4500 Facsimile: (210) 212-4649 Email: treywhite@villawhite About Keiran Investments LLC Based in San Antonio, Texas, Keiran Investments, LLC operates as an interstate freight carrier transporting general freight across state lines. It maintains a fleet of tractors and trailers with authority for property transport. Its operations are primarily focused on logistics and trucking services within the United States. Keiran Investments sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52341) on October 4, 2025. In its petition, the Debtor reported zero assets and total debts of $1,170,431. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by Morris E. "Trey" White, III, Esq., at Villa & White, LLP. KIEL JOSEPH GREEN: Court Reopens Bankruptcy Case to Issue Discharge ------------------------------------------------------------------- Chief Judge Scott M. Grossman of the United States Bankruptcy Court for the Southern District of Florida reopened the bankruptcy case of Kiel Joseph Green for the sole purpose of issuing the debtor's discharge. On February 4, 2025, debtor Kiel Joseph Green confirmed his chapter 11 plan. The plan was consummated and on March 5, 2025, the debtor filed a Final Report of Estate and Motion for Final Decree Closing Case. The Court entered an Order Discharging Chapter 11 Subchapter V Trustee and Final Decree Closing Case. However, it has come to the Court's attention that the case was inadvertently closed without the debtor receiving his discharge. Immediately after the issuance of the debtor's discharge, the Clerk will re-close the case. A copy of the Court's Order dated November 12, 2025, is available at https://urlcurt.com/u?l=UMrXuN from PacerMonitor.com. Kiel Joseph Green filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 24-21260) on October 29, 2024, listing under $1 million in both assets and liabilities. The Debtor is represented by Daniel Etlinger, Esq. KIN DEE: Hires Quadros Migl & Crosby as Special Litigation Counsel ------------------------------------------------------------------ Kin Dee, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Quadros Migl & Crosby PLLC as special litigation counsel. The firm will represent the Debtor with prosecuting claims against Krua, LLC, M.A. Asian Kitchen LLC, Miranda Loetkhamfu, and Auttapon Network, regarding respondents' breach of non-competes, non-solicits and other contract terms. Quadros' rates are: Andrew Dornburg $625 per hour Boyd Hoekel $525 per hour Sheroo Bhagia $525 per hour Shareholders $475 per hour Associates $400 per hour The firm received a retainer in the amount of $20,000. Quadros Migl & Crosby PLLC is a "disinterested person" within the meaning of 11 U.S. C. Sec. 327, according to court filings. The firm can be reached through: Shannon A.S. Quadros Quadros Migl & Crosby PLLC 509 Branard Street Houston, TX 77006 T: (713) 366-4801 F: (214) 731-3117 Email: squadros@qmclaw.com About Kin Dee LLC Kin Dee, LLC manages and operates Thai restaurants at two leased locations. Kin Dee sougShannon A.S. Quadros of Quadros Migl & Crosby PLLC, ht 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. KX 84 LLC: Seeks Approval to Tap Paul Reece Marr as Legal Counsel ----------------------------------------------------------------- KX 84, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Paul Reece Marr, PC as counsel. The firm will render these services: (a) provide the Debtor with legal advice regarding its powers and duties in the continued operation and management of its affairs; (b) prepare on behalf of the Debtor the necessary legal papers pursuant to the Bankruptcy Code; and (c) perform all other legal services in the Chapter 11 bankruptcy proceeding for the Debtor which may be reasonably necessary. The firm's counsel and staff will be paid at these hourly rates: Paul Reece Marr, Attorney $475 Paralegal $275 The firm received a retainer of $15,000 from the Debtor. Mr. Marr disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul Reece Mar, Esq. Paul Reece Marr, PC 6075 Barfield Road, Suite 213 Sandy Springs, GA 30328 Telephone: (770) 984-2255 Facsimile: (678) 623-5109 Email: paul.marr@marrlegal.com About KX 84 LLC KX 84, LLC, a company in Norcross, Ga., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-61604) on October 6, 2025. At the time of the filing, the Debtor reported between $1 million and $10 million in assets and liabilities. Paul Reece Marr, Esq., at Paul Reece Marr, PC represents the Debtor as counsel. LARCO POOLS: Creditors to Get Proceeds From Liquidation ------------------------------------------------------- Larco Pools LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Liquidation dated November 12, 2025. The Debtor was incorporated on July 6, 2021. The Debtor specializes in building custom swimming pools and spas throughout Tampa, St. Petersburg, and Clearwater. The Debtor also renovates commercial and residential pools. The Debtor's Plan will be funded by the liquidation of the Debtor's assets. The Debtor proposes a reasonable Plan which is proposed in good faith and not by any means forbidden by law. This Plan provides for two classes of secured claims; one class of general unsecured claims; and one class of equity security holders. Unsecured creditors holding allowed claims will receive a pro rata distribution on their allowed claim from funds remaining after the liquidation of the Debtor's assets and payments of higher priority claims. This Plan also provides for the payment of administrative and priority claims under the terms to the extent permitted by the Code or by agreement between the Debtor and the claimant. Class 3 consists of General Unsecured Claims. Claimants with allowed claims will be paid their pro rata share of any funds remaining after payment of all allowed administrative and priority claims, including the administrative claim of collection counsel. Payments will commence thirty days from the date on which all of the Debtor’s assets have been liquidated and all administrative and priority claimants have been paid their allowed claims in full. Class 4 consists of Equity Security Holders of the Debtor. Equity will retain ownership in the Debtor post-confirmation. No distributions will be made to equity until all allowed Class 3 claims have been paid in full. Michael Lara will continue to manage the Debtor post-confirmation. The Plan will be funded by the liquidation of the Debtor's assets. The Debtor will continue operating until the Debtor completes the Debtor's remaining work, after which the Debtor will begin to liquidate its assets. The Debtor anticipates that liquidation will commence in January or February 2026. As part of the liquidation process, the Debtor will retain an auctioneer to liquidate all of the Debtor's titled assets. The Debtor's principal may also seek authority to purchase a vehicle from the Debtor for fair market value. All sales must be approved by order of the Court. A full-text copy of the Liquidating Plan dated November 12, 2025 is available at https://urlcurt.com/u?l=2a5cLs from PacerMonitor.com at no charge. Counsel to the Debtor: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 E-mail: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About Larco Pools Larco Pools is a swimming pool contractor based in Dunedin, Florida. The company specializes in swimming pool construction, installation, maintenance, and repair services, operating primarily in Pinellas County. Larco Pools sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05760) on August 14, 2025. In its petition, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Buddy D. Ford, Esq. at Ford & Semach, P.A. LASEN INC: Affiliate Taps Benjamin T. Koeller CPA as Accountant --------------------------------------------------------------- SkySkopes, Inc., an affiliate in the Chapter 11 cases of Lasen, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Benjamin T. Koeller CPA, PLLC as accountant. The firm will assist with payroll processing functions for Debtor SkySkopes. Koeller will also prepare the year-end payroll tax returns, including federal and state unemployment tax returns. The firm will be paid between $200 to $350 per hour, plus actual out-of-pocket expenses. Mr. Koeller disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin T. Koeller, CPA Benjamin T. Koeller CPA, PLLC 960 W. Elliot Elliot Road, Suite 108 Scottsdale, AZ 85284 Telephone: (480) 656-2530 About Lasen Inc. Lasen Inc. develops and operates airborne LiDAR systems for leak detection and pipeline inspections across North America. Its proprietary Airborne LiDAR Pipeline Inspection System (ALPIS) identifies methane leaks with high accuracy and efficiency, supporting right-of-way and transmission line monitoring. Founded in 1989, LaSen has inspected over 500,000 miles of pipeline and specializes in remote sensing technologies adapted from U.S. defense applications. Lasen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Lead Case No. 25-05316) on June 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Bankruptcy Judge Brenda K. Martin handles the case. The Debtor tapped Randy Nussbaum, Esq., at The Cavanagh Law Firm, PA as counsel and Benjamin T. Koeller CPA, PLLC as accountant. LEGENCE HOLDINGS: Bowers Transaction No Impact on Moody's 'B1' CFR ------------------------------------------------------------------ Moody's Ratings said that Legence Holdings LLC's (Legence) planned acquisition of The Bowers Group, Inc. (Bowers) has no immediate impact on its ratings, including the B1 corporate family rating, B1-PD probability of default rating, and B1 senior secured first lien ratings for the term loans and revolving credit facility. The outlook remains stable. The acquisition of Bowers will be financed with a combination of debt and equity. Legence will fund the $475 million purchase price with a $150 million term loan add-on to the existing $798 million first-lien senior secured term loan due December 2031, a $50 million of revolver draw, approximately $100 million of Legence's Class A common stock, $50 million of deferred consideration in cash or equity at the company's discretion, and the reminder with cash. On November 14, Legence announced that it had entered into a definitive agreement to acquire Bowers, a provider of specialty mechanical contracting and services to general contractors and building owners in the Washington D.C. metro area. While partially financed with additional debt, the acquisition will expand Legence's geographic footprint to the Northern Virginia/Washington D.C. area. The announced acquisition is much larger than Legence's past acquisitions, which ranged between $120 million and $220 million. Moody's expects Legence's leverage to remain at around 4x debt/EBITDA pro forma of the transaction (4.3x debt/EBITDA at September 30, 2025). About $70 million EBITDA contribution Moody's expects from the acquired business and partial equity funding will mitigate additional debt. Legence's credit profile remains supported by the company's lower leverage profile following the recent IPO, the company's broad service offering and diversified customer base in improving energy efficiency in existing building, and its solid current back log which provides near term revenue visibility. Legence's business has transformed through acquisitions and over half of the company's profitability originates now from its engineering and consulting business. Headquartered in San Jose, California, Legence Corp. provides design, installation and maintenance services for buildings. The company installs HVAC, process piping and other mechanical, electrical and plumbing systems for new facilities. It also upgrades HVAC, lighting and building controls in existing facilities to make them more energy efficient and sustainable. For the 12 months that ended September 2025, the company recorded about $2.5 billion of revenue. LITHION TECHNOLOGIES: Court Issues CCAA Initial Court ----------------------------------------------------- Pursuant to the CCAA Initial Order issued by the Superior Court (Commercial Division) District of Montreal, KPMG Inc. was appointed monitor for Lithion Technologies Inc., Lithion International Inc. and Lithion Saint-Bruno Inc. The Monitor's web page for the proceedings is http://www.kpmg.com/ca/lithion The Monitor's Representative is: Maxime Codere 600 de Maisonneuve Blvd. West, Suite 1500 Tel: (514) 940-7528 Email:mcodere@kpmg.ca Counsel for the Debtors / Applicants: Norton Rose Fulbright Canada LLP Guillaume Michaud Charlotte Dion Florence Jarry Email: guillaume.michaud@nortonrosefulbright.com charlotte.dion@nortonrosefulbright.com florence.jarry@nortonrosefulbright.com KPMG Inc.: Maxime Codere Philippe Deslauriers Stephane De Broux Email: mcodere@kpmg.ca sdebroux@kpmg.ca pdeslauriers@kpmg.ca Counsel for the Monitor: Danny Duy Vu Darien Bahry Stikeman Elliott LLP Email: ddvu@stikeman.com DBahry@stikeman.com LUGANO DIAMONDS: Gets Interim Court OK for $12MM Financing ---------------------------------------------------------- Ben Zigterman of Law360 reports that luxury jewelry retailer Lugano Diamonds & Jewelry Inc. has secured the option to obtain up to $1.5 million in Chapter 11 financing from its majority shareholder. The financing is intended to support the company's operations as it seeks a potential buyer amid the busy holiday shopping season. The infusion of capital provides Lugano Diamonds with flexibility to maintain inventory levels, meet operational expenses, and ensure a smooth sales period while navigating the bankruptcy process. The company hopes the funding will make it more attractive to prospective buyers looking for a turnkey luxury jewelry business, 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. M&K ACTIVE: Gets Final OK to Use Cash Collateral ------------------------------------------------ M&K Active Transport, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. The court's final order authorized the Debtor to use cash collateral generated from its business operations in line with its submitted budget, allowing up to 15% line-item adjustments and carryover of unused amounts. It also authorized payment of obligations to utility service providers, taxing authorities, and insurers. The Debtor projects total monthly operational expenses of $40,686.87. As adequate protection, creditors Apex Commercial Capital, Alliance Funding Group and Corporation Service Company, as representative, will be granted replacement liens on the Debtor's post-petition assets, with the same validity and priority as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action. The Debtor was also authorized to fund a $1,000 monthly escrow for the Subchapter V trustee's fees, to be held pending further court order, and any compensation will be subject to formal application and approval under Sections 330 and 331 of the Bankruptcy Code. To maintain cash flow, all accounts receivable must be paid directly to the Debtor despite any contrary creditor demands, according to the interim order. The final order is available at https://is.gd/THicxM from PacerMonitor.com. About M&K Active Transport M&K Active Transport, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60477) on September 11, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Barbara Ellis-Monro presides over the case. Thomas T. McClendon, Esq., at Jones & Walden, LLC represents the Debtor as legal counsel. MARCEL CONTRABAND: Unsecureds Have 2 Options in Liquidating Plan ---------------------------------------------------------------- Marcel Contraband Pointe, LLC filed with the U.S. Bankruptcy Court for the Western District of Louisiana a Disclosure Statement describing Plan of Liquidation dated November 13, 2025. The Debtor is a Texas limited liability company formed for the purpose of developing, constructing, and operating multi-use buildings in the Contraband Pointe subdivision in Lake Charles. The Debtor's principal business has been the development and construction of two buildings. During the course of construction, the Debtor encountered various difficulties that resulted in delays and cost overruns. These difficulties led to disputes with multiple suppliers, subcontractors, and materialmen regarding payment for goods, services, materials, and labor provided in connection with the construction of the improvements on the Property. After extensive analysis and consultation with legal and financial advisors, the Debtor and First Federal determined that a consensual Chapter 11 liquidation would provide superior outcomes for all stakeholders compared to foreclosure or other non bankruptcy alternatives. The Plan provides for a court-supervised liquidation of substantially all of the Debtor's assets through a competitive auction process, with First Federal Bank of Louisiana serving as stalking horse bidder. The Debtor will sell substantially all of its assets, consisting primarily of real property located in Calcasieu Parish, Louisiana (the "Property"), through a competitive bidding process supervised by the Court. First Federal has agreed to serve as the stalking horse bidder with an initial bid of $15,000,000.00, subject to higher and better qualified bids. Current equity holders will contribute funds equal to 10% of the total Allowed Class 3 claims held by Opt-In Creditors who elect to participate in the Settlement Fund. The Settlement Fund will be available for distribution to Class 3 creditors who affirmatively elect to participate by signing releases of claims against guarantors, equity holders, and affiliates of the Debtor (collectively, the "Released Parties"). The Settlement Fund is subject to a Minimum Participation Threshold requiring that Opt-In Creditors holding at least 70% of the total dollar amount of Allowed Class 3 supplier and subcontractor claims affirmatively elect to participate. If this threshold is not met, the Settlment Fund provisions become null and void, no Settlement Fund Contribution will be made, and the Plan proceeds to confirmation under cramdown provisions of Section 1129(b) of the Bankruptcy Code without the Settlement Fund structure. Class 3 consists of all General Unsecured Claims. Based on a review of recorded liens, filed proofs of claim, and the Debtor's schedules, the Debtor estimates that total Allowed Class 3 General Unsecured Claims will be approximately $2,952,000.00. A substantial portion of Class 3 Claims consist of Supplier/Subcontrctor Claims related to the development and construction of improvements on the Property. Holders of Allowed Class 3 General Unsecured Claims shall have the option to receive distributions through one of two mutually exclusive alternatives: * Option A: Settlement Fund Distributions with Third-Party Releases (Opt-In Creditors). Class 3 creditors who affirmatively elect to become Opt-In Creditors by executing and timely returning the Opt-In Election Form and Release shall receive their Pro Rata share of distributions from the Settlement Fund as provided in Article VI of the Plan and shall grant the Third-Party Releases set forth in the Plan. Distributions from the Settlement Fund are conditioned upon Opt-In Creditors holding at least 70% of the total dollar amount of Allowed Class 3 supplier and subcontractor claims affirmatively electing to participate. If this threshold is not met, no Settlement Fund distributions will be made to any creditors, and the Plan will proceed to confirmation under cramdown provisions without the Settlement Fund structure. * Option B: Non-Settlement Fund Distributions (Non-Opt-In Creditors). Class 3 creditors who do not elect to become Opt-In Creditors (either by affirmatively declining or by failing to timely return the Opt-In Election Form and Release) shall receive their Pro Rata share of any funds remaining available for distribution to Class 3 General Unsecured Claims after: -- payment in full of all Allowed Administrative Claims, Priority Tax Claims, and Priority Claims; -- satisfaction of Allowed Class 1 Secured Claims from the net proceeds of the Plan Sale (subject to the Administrative Expense Carve-Out); -- satisfaction of any Allowed Class 2 Secured Claims; and -- funding of the Settlement Fund for distribution to Opt-In Creditors. The Plan incorporates a Settlement Fund structure designed to facilitate consensual resolution of Supplier/Subcontractor Claims through negotiated settlements funded by contributions from current equity holders and potentially other affiliates. A full-text copy of the Disclosure Statement dated November 13, 2025 is available at https://urlcurt.com/u?l=C7i6KL from PacerMonitor.com at no charge. The Debtor's Counsel: Bradley L. Drell, Esq. GOLD, WEEMS, BRUSER, SUES & RUNDELL, A PLC Post Office Box 6118 Alexandria LA 71307-6118 E-mail: bdrell@goldweems.com About Marcel Contraband Pointe LLC Marcel Contraband Pointe, LLC owns a single property of land in Contraband Pointe, Calcasieu Parish, Louisiana, valued at $17.88 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-20568) on November 7, 2025, with $17,880,860 in assets and $21,618,253 in liabilities. Vernon M. Veldekens, president, signed the petition. Judge John W. Kolwe presides over the case. Bradley L. Drell, at GOLD, WEEMS, BRUSER, SUES & RUNDELL, A PLC, is the Debtor's legal counsel. MEAT U ANYWHERE: Gets Final OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, issued a final order authorizing Meat U Anywhere Grapevine, LLC and affiliates to use cash collateral to fund operations. The final order authorized the Debtors to use this cash collateral strictly in accordance with a 13-week budget that outlines projected cash receipts and disbursements. Spending is limited to 60% of gross revenue for cost of goods sold (COGS) or the budgeted COGS amount, whichever is greater, and may not exceed any budget line item or the aggregate total by more than 15% without court order or consent from the U.S. Small Business Administration. The Debtors may not use cash collateral to challenge SBA's liens or claims but may propose revised budgets with the secured creditor's approval. SBA, the Debtors' primary secured creditor, holds a first-priority lien on nearly all of the Debtors' personal property including accounts receivable, equipment, and inventory, based on a loan issued in May 2022. The SBA is owed approximately $140,000. Other creditors may also hold junior liens but their claims are likely undersecured or unsecured due to the SBA's superior position. As of the bankruptcy filing date, the Debtors' assets included approximately $8,000 in cash, $350,000 in vehicles, $160,000 in equipment (book value), and various other current and intangible assets. As adequate protection, SBA and other secured creditors will be granted replacement liens on post-petition assets generated from the original collateral, with the same priority and extent as their pre-bankruptcy liens. These replacement liens do not apply to Chapter 5 causes of action and are subject and subordinate to the carveout for professional and trustee fees. In addition, the Debtors must make monthly payments of $731 to the SBA by the 16th of each month (with a 3-day grace period) and provide proof of payment to government counsel. The Debtors' authorization to use the cash collateral will terminate automatically if certain events occur such as default under the order's terms, conversion of their Chapter 11 cases to Chapter 7, or the lifting of the automatic stay. A copy of the final order and the Debtor's budget is available at https://shorturl.at/hgTeK from PacerMonitor.com. About Meat U Anywhere Grapevine Meat U Anywhere Grapevine, LLC; Meat U Anywhere Trophy Club, LLC; Meat U Anywhere Management, LLC; and MUA GV Properties, LLC are part of the Meat U Anywhere business, founded by Andres Sedino, and operate under a unified brand focused on barbecue and catering services. The Grapevine and Trophy Club LLC run the two restaurant locations in Texas, serving slow-smoked meats, exclusive sides, special offerings, and breakfast tacos, while Meat U Anywhere Management, LLC oversees operational and administrative functions and MUA GV Properties, LLC manages properties. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-43503) on September 15, 2025, with $1,875,756 in combined total assets as of June 30, 2025, and $2,551,985 in combined total liabilities as of June 30, 2025. Andres Sedino, manager, signed the petitions. Judge Edward L. Morris presides over the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP represents the Debtors as legal counsel. MEDICAL PROPERTIES: State Street Corp Holds 4.5% Stake ------------------------------------------------------ State Street Corporation, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of September 30, 2025, it beneficially owns 26,958,391 shares of common stock (with shared voting power over 22,164,338 shares and shared dispositive power over 26,958,391 shares) of Medical Properties Trust Inc.'s common stock, representing 4.5% of the shares outstanding. State Street Corporation may be reached through: Senior Vice President Chief Accounting Officer State Street Corporation One Congress Street, Suite 1 Boston Mass. 02114 Tel: 617 786-3000 A full-text copy of State Street Corporation's SEC report is available at: https://tinyurl.com/yc76kb8a About Medical Properties Trust Medical Properties Trust, Inc. -- http://www.medicalpropertiestrust.com/-- is a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities. From its inception in Birmingham, Alabama, the Company has grown to become one of the world's largest owners of hospital real estate with 402 facilities and approximately 40,000 licensed beds in nine countries and across three continents as of September 30, 2024. MPT's financing model facilitates acquisitions and recapitalizations and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations. For the fiscal year ended December 31, 2024, the Company had $14.3 billion in total assets, $9.5 billion in total liabilities, and a total stockholders' equity of $4.8 billion. As of June 30, 2025, the Company had $15.2 billion in total assets, $10.3 billion in total liabilities, and $4.8 billion in total stockholders' equity. * * * In Feb. 2025, S&P Global Ratings affirmed its 'CCC+' issuer credit rating on Medical Properties Trust Inc. The outlook is negative. At the same time, S&P assigned its 'B-' issue-level rating and '2' recovery rating to the company's new senior secured notes. S&P also affirmed its 'CCC+' issue-level rating on Medical Properties Trust's senior unsecured notes and revised the recovery rating on the notes to '4' from '3'. MERA CANNABIS: Court Issues CCAA Initial Order, E&Y Named Monitor ----------------------------------------------------------------- Pursuant to the CCAA Initial Order issued by the Ontario Superior Court of Justice (Commercial List), Ernst & Young Inc. is appointed as monitor for Mera Cannabis Corp. -- https://meracannabis.com -- Greenleaf Productions Inc., Avana Labs Inc., Cannaway Clinics Inc., Countryside Cannabis Corp. and Vivariant Laboratories Inc. The Monitor's Representative is: Allen Yao 100 Adelaide St West EY Tower, Toronto, Ontario, Canada, M5H 0B3 Tel: 416-943-3470 Email: Allen.Yao@parthenon.ey.com The Monitor's web page for the proceedings is http://www.ey.com/ca/mera A list of Secured and Unsecured Creditors is available at https://tinyurl.com/38katk83 Aggregated Investments Inc. is a secured creditor. It is represented by: THORNTON GROUT FINNIGAN LLP TD West Tower, Toronto-Dominion Centre 100 Wellington Street West, Suite 3200 Toronto, ON M5K 1K7 Robert Thornton Email: rthornton@tgf.ca Alexander Soutter Email: asoutter@tgf.ca Rebekah O'Hare Email: rohare@tgf.ca MERCURITY FINTECH: Rebrands as Chaince Digital Holdings Inc. ------------------------------------------------------------ Mercurity Fintech Holding Inc. has officially rebranded as Chaince Digital Holdings Inc., marking a key milestone in the Company's strategic evolution. The new corporate name, ticker symbol "CD," and website www.chaincedigital.com will went live on Thursday, November 13, 2025, at the opening of trading on the Nasdaq Global Market. This comprehensive rebranding, which was approved by the Company's shareholders at its 2025 Annual General Meeting held on September 15, 2025, signals the Company's commitment to leading in tokenization and on-chain innovation. With this change, the Company aims to position itself at the forefront of the rapidly evolving digital finance landscape, leveraging its robust infrastructure and expanding service capabilities to meet the growing demands of the modern financial ecosystem. "This rebranding represents a significant milestone in our Company's journey and underscores our commitment to leading in tokenization and on-chain innovation ," said Shi Qiu, Chief Executive Officer of the Company. "The Chaince Digital Holdings Inc. name better reflects our vision, strategic direction, and the comprehensive suite of technology and financial services that we provide to our clients across the digital asset ecosystem." The Company's ordinary shares continued to trade on the Nasdaq Global Market under the current ticker symbol "MFH" through the close of trading on Wednesday, November 12, 2025. Beginning with the opening of trading on Thursday, November 13, 2025, the Company's ordinary shares traded under the new ticker symbol "CD." Concurrent with the name change, the Company launched its new corporate website at -- www.chaincedigital.com -- on Thursday, November 13, 2025. The new website serves as the primary source for investor information, corporate announcements, financial reports, and updates on the Company's operations and strategic initiatives. Shareholders of the Company are not required to take any action in connection with the name change or ticker symbol change. All outstanding share certificates representing the Company's ordinary shares will continue to be valid and do not need to be exchanged. The CUSIP number will remain unchanged. The name change and ticker symbol change will not affect the number of ordinary shares outstanding, the par value of the ordinary shares, or the rights of shareholders. About Chaince Digital Holdings Inc. (formerly Mercurity Fintech Holding Inc.) Chaince Digital Holdings Inc. -- http://www.chaincedigital.com/-- (Nasdaq: CD, effective November 13, 2025) is a fintech group powered by blockchain infrastructure, offering technology and financial services. Through its subsidiaries, including Chaince Securities, LLC, Chaince Digital Holdings Inc. aims to be an industry leader in tokenization and on-chain innovation solutions, offering services spanning digital assets, financial advisory, and capital markets solutions. In an audit report dated April 30, 2025, the Company's auditor, Onestop Assurance PAC, issued a "going concern" qualification, citing that at Dec. 31, 2024, the Company has incurred recurring net losses of $4.5 million and negative cash flows from operating activities of $3.6 million and has an accumulated deficit of $680 million, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million in total assets, $11.60 million in total liabilities, and $24.09 million in total shareholders' equity. MERCURITY FINTECH: Signs Non-Binding MOU with M2M Capital & Chaince ------------------------------------------------------------------- Mercurity Fintech Holding Inc. has entered into a non-binding Memorandum of Understanding to pursue a strategic collaboration with M2M Capital Inc., an AI-powered valuation and analytics platform, and Chaince Securities, LLC, MFH's registered broker-dealer subsidiary. The collaboration is intended to bring together M2M's proprietary AI-powered valuation technology, MFH's on-chain infrastructure and tokenization capabilities, and Chaince's broker-dealer execution platform to develop an integrated platform for real-time asset valuation, tokenization, and secondary market liquidity in private markets. Private markets have historically been affected by limited price transparency, illiquidity, and inefficient valuation processes. This collaboration has the potential to address these structural challenges by combining AI, blockchain technology, and regulatory-compliant distribution channels to develop a comprehensive solution. Through M2M's proprietary valuation technology, which is built on a foundation of capital markets knowledge and an advisory board comprising leaders in finance, technology, and regulation, it is intended that Chaince clients and private placement networks would gain access to institutional-grade analytics that align with the market's growing demand for liquidity and price discovery. The companies intend to begin by developing a pilot integration of M2M's AI-powered valuation platform into MFH's infrastructure, which is expected to serve as proof of concept for real-time, data-driven valuation of private-market assets and their subsequent tokenization on a compliant, institutional-grade platform. Following the pilot, the parties plan to introduce a pipeline of issuers over the next twelve months through a standardized onboarding framework. "This agreement to pursue a strategic collaboration represents a significant milestone in MFH's evolution as a leader at the intersection of traditional finance and blockchain technology," said Wilfred Daye, Chief Strategy Officer of MFH and Chief Executive Officer of Chaince. "By integrating M2M's sophisticated AI-powered valuation capabilities with our tokenization infrastructure and Chaince's broker-dealer platform, we intend to address fundamental inefficiencies in private markets while giving clients greater clarity and efficiency in deal execution that align with evolving regulatory frameworks and institutional requirements." "Private markets are entering a new era where real-time data defines value," said Cristina Chen-Oster, Founder and Chief Executive Officer of M2M. "Collaborating with Chaince and MFH is intended to bring digital asset capability to an area that long lacked efficiency, which would help companies and investors make faster, more confident decisions." About M2M Capital Inc. M2M Capital is an AI-powered valuation and analytics platform delivering real-time, independent, and data-driven valuation insights and liquidity solutions across digital and traditional assets. Drawing on specialized knowledge and an advisory board representing leadership across capital markets, investment management, accounting, academia, and regulatory bodies, M2M aims to bridge the gap between human judgment and machine intelligence in modern finance. Led by Founder and Chief Executive Officer Cristina Chen-Oster, CFA, CDI.D, and Co-Founder and Head of Strategic Partnerships Marc Pfeffer, M2M's leadership team possesses more than six decades of combined experience from leading institutions including Goldman Sachs, Deutsche Bank, and CLS Investments. Chaince Securities, LLC is a U.S.-registered broker-dealer and investment banking firm specializing in private placements, structured financings, and digital-asset market solutions. A subsidiary of Mercurity Fintech Holding Inc. (NASDAQ: MFH), Chaince operates at the intersection of traditional and digital finance, providing compliant pathways for corporate issuers and institutional investors to access blockchain-enabled capital markets. About Mercurity Fintech Holding Mercurity Fintech Holding Inc. is a digital fintech Company with subsidiaries engaged in distributed computing and financial brokerage. Beyond its core fintech operations, the Company contributes to the advancement of AI hardware technology by delivering secure and innovative solutions in intelligent manufacturing and advanced liquid cooling systems. Its focus on compliance, innovation, and operational efficiency supports its position as a trusted player in both the evolving digital finance space and the AI technology sector. For more information, please visit the Company's website at https://mercurityfintech.com. In an audit report dated April 30, 2025, the Company's auditor, Onestop Assurance PAC, issued a "going concern" qualification, citing that at Dec. 31, 2024, the Company has incurred recurring net losses of $4.5 million and negative cash flows from operating activities of $3.6 million and has an accumulated deficit of $680 million, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million in total assets, $11.60 million in total liabilities, and $24.09 million in total shareholders' equity. MODIVCARE INC: Director David Mounts Gonzales Resigns ----------------------------------------------------- ModivCare Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 9, 2025, David Mounts Gonzales resigned from the Board of Directors, effective immediately. His resignation was not a result of any disagreement with the Company on any matter relating to its operations, policies or practices. About Modivcare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MOLINA HEALTHCARE: S&P Rates New Senior Unsecured Notes 'BB' ------------------------------------------------------------ S&P Global Ratings assigned its 'BB' issue rating to Molina Healthcare Inc.'s new $750 million of senior unsecured notes due 2031. S&P said, "The issuance does not affect our 'BB' long-term issuer credit rating on Molina. It will have a neutral impact on financial leverage given that the proceeds will be used for general corporate purposes, primarily to repay term loans ($740 million outstanding as of Sept. 30, 2025). "We revised the outlook on our rating on Nov. 6, 2025, after the company released third quarter earnings, in which it lowered its full-year earnings guidance for the third time this year. The negative outlook reflects the potential for a one notch downgrade in the next 12-24 months if capital adequacy deteriorates to one category below, on a sustained basis, based on our model. Alternatively, we could lower our rating if the company does not progress in reducing its adjusted financial leverage (48%, as of Sept. 30, 2025) to 40%." Molina's key rating strengths include its good market position in managed Medicaid, complemented by its Affordable Care Act (ACA) and Medicare businesses; improving geographic diversity based on new contracts and acquisitions; and solid historical operating margins (although weaker in 2025), supported by good medical cost management and operating efficiency. The company's key rating risks include its Medicaid business concentration (about 75% of premium revenue), high exposure to legislative and regulatory pressures in the ACA and Medicaid segments, and elevated financial leverage. Since releasing its third quarter earnings, the company announced it was awarded a Medicaid contract in Florida to cover about 120,000 members under the Children's Medical Services Program. The contract has an undetermined start date but it will run through Dec. 31, 2030. Separately, the U.S. federal government shutdown ended, though with no resolution of the fate of the enhanced ACA subsidies set to expire at year-end 2025. The company said that it priced its ACA premiums conservatively for 2026, with an average rate increase of about 30%, and expects to improve ACA profitability from a margin perspective in 2026. MRC GLOBAL: S&P Withdraws 'B' Long-Term Issuer Credit Rating ------------------------------------------------------------ S&P Global Ratings withdrew its 'B' long-term issuer credit rating on MRC Global (US) Inc. at the issuer's request. This follows the company's full repayment of its rated debt in conjunction with its acquisition by DNOW Inc. on Nov. 6. At the same time, S&P discontinued all its ratings on the company's senior secured credit facilities. At the time of the withdrawal and discontinuance, all its ratings were on CreditWatch with positive implications. N-ABLE INTERNATIONAL: S&P Rates Senior Secured Facilities 'B+' -------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating to N-able International Holdings II LLC's proposed $60 million revolving credit facility due 2030 and $400 million term loan B due 2032. The recovery rating on both is '3', reflecting its expectation for meaningful (rounded estimate: 50%) recovery in the event of default. The company is a subsidiary of N-able, Inc. (B+/Stable/--). The company will use the approximately $60 million from the incremental term loan for the deferred consideration related to the Adlumin acquisition, general corporate purposes, M&A, share repurchases, and related fees and expenses. Despite modest increases in leverage and interest expenses, the company's overall credit profile will remain unaltered. S&P said, "We project its S&P Global Ratings-adjusted leverage to be about 3.3x in fiscal 2025, improving to approximately 3x in fiscal 2026. Over this same period, we also expect $60 million–$90 million of free operating cash flow and free operating cash flow to debt sustained above 10%." S&P said, "Our stable outlook on N-able Inc. continues to reflect our expectation that it will sustain revenue growth in at least the high-single-digit percent area. Supporting this are solid demand for its endpoint management software, its further expansion in cybersecurity and data protection, a fully recurring revenue model, and high customer retention. While Adlumin M&A costs and strategic growth investments will pressure near-term profitability, we expect margins to gradually recover as some one-time expenses roll off and operational efficiencies are realized. In addition, we expect liquidity will remain sufficient to support ongoing operational and growth needs." Issue Ratings - Recovery Analysis Key analytical factors -- N-able's capital structure comprises a $60 million revolving credit facility and a $400 million term loan. -- S&P's simulated default scenario contemplates a default in 2029 stemming from competitive pricing pressure and customer attrition, leading to weakened profitability and cash-flow generation. -- S&P believes the company's Managed Service Provider network and proprietary technology would continue to have considerable value, and so it expects N-able would emerge from bankruptcy rather than pursue liquidation. -- S&P values N-able by applying an EBITDA multiple of 6.5x, consistent with its assumption for sector companies with similar business risk profiles. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $39 million -- EBITDA multiple: 6.5x Simplified waterfall -- Net enterprise value (after 5% administrative expenses): $242 million -- Valuation split (obligor%/nonobligor%): 30%/70% -- Secured first-lien debt claim: $448 million -- Recovery expectations: 50%-70% (rounded estimate: 50%) NABORS INDUSTRIES: Closes $700 Million 7.625% Senior Notes Offering ------------------------------------------------------------------- As previously disclosed, on November 4, 2025, Nabors Industries, Inc. entered into a Purchase Agreement under which NII agreed to sell $700 million aggregate principal amount of its 7.625% Senior Priority Guaranteed Notes due 2032 to Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Wells Fargo Securities, LLC, HSBC Securities (USA) Inc., Blaylock Van, LLC and Nomura Securities International, Inc. The Notes are fully and unconditionally guaranteed, jointly and severally, by each of the entities that guarantee NII's existing 9.125% senior priority guaranteed notes due 2030 (the "Existing Senior Priority Guaranteed Notes"), which includes: (i) Nabors Industries Ltd., (ii) each of the subsidiaries that guarantee Nabors Bermuda's existing 7.50% senior guaranteed notes due 2028 and NII's existing 8.875% senior guaranteed notes due 2031 and (iii) certain lower-tier subsidiaries of Nabors Bermuda that guarantee NII's Amended & Restated Revolving Credit Facility but do not currently guarantee the Existing Senior Guaranteed Notes, other than Nabors Alaska Drilling, Inc. on the same basis as the guarantee of the Existing Senior Priority Guaranteed Notes. The closing of the sale of the Notes occurred on November 10, 2025. NII received net proceeds, after deducting estimated offering commissions and estimated net expenses, of approximately $687.9 million. Nabors Bermuda intends to use the net proceeds from this offering to retire all of its outstanding 7.375% senior priority guaranteed notes due 2027. The remaining proceeds will be used for general corporate purposes. As of November 10, 2025, there are $546.1 million in aggregate principal of Senior Priority Guaranteed Notes due 2027 outstanding. NII sold the Notes to the Initial Purchasers in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended. The Initial Purchasers then sold the Notes to: (i) qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A and (ii) pursuant to Regulation S under the Securities Act. NII relied on these exemptions from registration, based in part on representations made by the Initial Purchasers in the Purchase Agreement. The Notes are governed by an indenture, dated as of November 10, 2025, among NII, as issuer, the Guarantors, as guarantors, and Wilmington Trust, National Association, as trustee. The Notes will bear interest at an annual rate of 7.625% and will mature on November 15, 2032. The Indenture includes customary covenants, subject to significant exceptions, that limit the ability of Nabors Bermuda and its subsidiaries to, among other things, incur certain liens, enter into sale and leaseback transactions, incur debt and engage in certain asset transfers. In the event of a Change of Control Triggering Event (as defined in the Indenture) with respect to the Notes, the holders of the Notes may require NII to purchase all or a portion of their Notes at a purchase price equal to 101% of the principal amount of the Notes so purchased, plus accrued and unpaid interest, if any. Prior to November 15, 2028, NII may redeem the Notes, in whole or in part, at a price equal to 100% of the principal amount thereof plus a "make-whole" premium and accrued and unpaid interest, if any. On or after November 15, 2028, NII may redeem the Notes, in whole or in part, at specified prices that decline over time, plus accrued and unpaid interest, if any. In addition, NII may use the net cash proceeds of one or more equity offerings to redeem up to 35% of the aggregate principal amount of Notes prior to November 15, 2028, at a price equal to 107.625% of the principal amount thereof plus accrued and unpaid interest, if any. The Notes are senior unsecured obligations of NII and will rank pari passu in right of payment with all of NII's existing and future unsubordinated debt and other obligations, except that the Notes are: (i) effectively junior in right of payment to any of NII's existing and future secured obligations, including secured obligations under the A&R Credit Facility, to the extent of the value of the collateral securing such obligations thereunder, (ii) senior in right of payment to any of NII's future subordinated debt and other obligations that are expressly subordinated to the Notes and (iii) structurally subordinated to the obligations of creditors, including trade creditors, of Nabors Bermuda's subsidiaries that do not guarantee the Notes. The guarantees of the Notes are: (i) senior unsecured obligations of each Guarantor, other than the guarantees of the Lower Tier Notes Guarantors, which are subordinate in right of payment to guarantees by the Lower Tier Notes Guarantors of certain senior guaranteed debt, (ii) rank pari passu in right of payment with all existing and future senior obligations of the Guarantors that are not subordinated in right of payment to the guarantees, other than the guarantees of the Lower Tier Notes Guarantors, which are subordinate in right of payment to guarantees by the Lower Tier Notes Guarantors of certain senior guaranteed debt, (iii) senior in right of payment to all future obligations of the Guarantors that are expressly subordinated in right of payment of the guarantees, (iv) effectively subordinated to all existing and future secured obligations of the Guarantors to the extent of the value of the property and assets securing such obligations, including secured obligations under the A&R Credit Facility, and (v) structurally subordinated to any existing and future obligations of any of such Guarantor's subsidiaries that are not Guarantors. A full-text copy of the Indenture is available at https://tinyurl.com/2jnhydcf About Nabors Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates land-based drilling rig fleets and provides offshore platform rigs in the United States and several international markets. Nabors also provides directional drilling services, tubular services, performance software, and innovative technologies for its own rig fleet and those of third parties. As of June 30, 2025, the Company had $5.04 billion in total assets, $3.59 billion in total liabilities, and $640.33 million in total stockholders' equity. * * * In November 2025, Moody's Ratings affirmed Nabors Industries Ltd.'s (Nabors) B1 Corporate Family Rating, B1-PD Probability of Default Rating, and the B3 rating on its backed senior unsecured notes due 2028. The Ba3 ratings on Nabors Industries, Inc.'s (NII) two issues of backed senior unsecured global notes due 2027 and 2030 and the B3 rating on NII backed senior unsecured notes due 2031 were affirmed. A Ba3 rating was assigned to NII's proposed backed senior priority unsecured notes due 2032. The proceeds from NII's proposed notes offering, together with cash on hand, will be used to repay NII's notes due May 2027. The rating outlooks for Nabors and NII remain stable. Moreover, S&P Global Ratings raised its issuer credit rating on Bermuda-based drilling contractor Nabors Industries Ltd. to 'B'. At the same time, S&P raised its issue-level rating on Nabors' 9.125% SPGNs due 2030 to 'B+' from 'B-' and revised its recovery rating to '2' from '3', reflecting its updated valuation assumptions. S&P also assigned its 'B+' issue-level rating and '2' recovery rating to the company's proposed senior priority guaranteed notes (SPGNs). S&P also raised its issue-level rating on the company's senior guaranteed notes to 'CCC+' from 'CCC'. Our '6' recovery rating on the company's senior guaranteed notes remains unchanged. Egan-Jones Ratings Company on June 10, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Nabors Industries, Inc. NEW FORTRESS: S&P Downgrades ICR to 'SD' on Forbearance Agreement ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue-level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. S&P said, "Our 'CCC' issue-level rating on the company's senior secured term loan B due 2028 and 'CCC-' issue-level rating on its senior secured notes due 2026 and 2029 (legacy notes) are unchanged. "The downgrade reflects NFE's decision to enter into a forbearance agreement. Pursuant to the forbearance agreement, the due date for the interest payment originally scheduled for Nov. 17, 2025, has been effectively extended by 30 days to Dec. 15, 2025. In our view, this represents a selective default by the company on various tranches of its capital structure because it is distressed, failed to meet its contractual obligation to pay interest in a timely manner, and did not adequately compensate all its lenders for agreeing to temporarily waive their rights. "We will reevaluate our ratings on NFE before the end of November as more information becomes available." NOAH ASHER: Gets Interim OK to Use Cash Collateral Until Dec. 4 --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona issued an interim order authorizing Noah Asher, LLC to use cash collateral. The Debtor was authorized to use cash collateral to continue paying ordinary post-petition operating expenses strictly within the limits of its submitted budget, with a 10% variance per line item. Any expenditure exceeding this limit requires prior approval from First Internet Bank of Indiana, the primary secured creditor. Any funds exceeding the budget are to be segregated for the benefit of the bank, ensuring proper protection of creditor interests. The Debtor projects total operational expenses of 266,420 for the period from November 4 to December 4. As adequate protection for secured creditors, the court granted them replacement liens on all post-petition assets, including cash, maintaining the same validity, priority, and extent as their pre-bankruptcy liens. Additionally, the Debtor was ordered to make a payment of $421.50 to First Internet Bank of Indiana, and to provide monthly comparisons of actual versus budgeted expenses to the bank's counsel within five days of each month's close. These measures ensure the creditors' interests remain protected during the reorganization process. The court scheduled a final hearing for December 4, with any objections to be filed by November 26. Noah Asher was formed to purchase Armed American Supply, a business that sells hi-visibility gear with humorous, American-themed designs, for $3.4 million, of which $300,000 was in the form of seller carryback financing in the company owner's personal name, and $3.1 million is a U.S. Small Business Administration loan from First Internet Bank of Indiana. In addition to the $3.1M, First Internet Bank of Indiana extended a $300,000 line of credit and a $20,000 credit card. First Internet Bank of Indiana claim an interest in the Debtor's collateral. The Debtor believes that the collateral, which consists of checking account, accounts receivable, office furniture and equipment, and inventory, is currently worth $24,055.00. Thus, the Debtor believes that First Internet Bank of Indiana is undersecured. About Noah Asher LLC Noah Asher LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Court for the District of Arizona to hire Guidant Law, PLC as bankruptcy counsel. At the time of filing, the Debtor estimated up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Brenda K Martin presides over the case. D. Lamar Hawkins, Esq. at Guidant Law, PLC represents the Debtor as counsel. NORCOLD LLC: Seeks to Hire Stretto as Claims and Noticing Agent --------------------------------------------------------------- Norcold LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Stretto, Inc. as claims and noticing agent. Stretto will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 case of the Debtor. Prior to the petition date, the Debtor provided Stretto an advance in the amount of $25,000, which was received on October 10, 2025. Sheryl Betance, a senior managing director at Stretto, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 About Norcold LLC Norcold LLC is a recreational vehicle refrigerator manufacturer. Norcold LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11933) on November 3, 2025. In its petition, the Debtor reports more than $300 million. Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Sean Matthew Beach, Esq., Simcha Trager, Esq., Matthew Barry Lunn, Esq., Roger Sharp, Esq., Rodney Square, Esq., and Jared W Kochenash, Esq. of Young Conaway. Stretto, Inc. is the Debtor's claims and noticing agent. NOVELIS INC: S&P Affirms 'BB' Issuer Credit Rating, Outlook Neg. ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' issuer credit rating on Atlanta-based global rolled aluminum producer Novelis Inc. S&P said, "At the same time, we revised our recovery rating on the company's senior unsecured debt to '4' from '3' and affirmed our 'BB' issue-level rating on the notes. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 45%) recovery in the event of a default. Our 'BBB-' issue-level rating and '1' recovery rating on the company's senior secured term loan B are unchanged." The negative outlook reflects the risk that additional capital costs related to the Bay Minette plant or earnings shortfalls could cause Novelis to generate increased free operating cash flow (FOCF) deficits, potentially leading to higher sustained debt and leverage. Novelis Inc. has once again increased its estimate of the capital costs to construct its Bay Minette project while managing the operating and financial disruptions stemming from the recent fire at its Oswego, NY plant. The company also announced that it will receive a $750 million equity infusion from its ultimate parent, Hindalco Industries Ltd., to support its elevated capital spending needs over the next several quarters. S&P said, "We expect increased FOCF deficits and elevated leverage over the next 12-18 months. This expectation incorporates the higher capital costs for the company's Bay Minette project and the estimated financial impact from the fire at its Oswego plant in September. Novelis recently raised its estimated capital costs for the Bay Minette project by $900 million to $5 billion citing inflation and increased labor/contractor costs. We note that this updated cost guidance for the project is double the company's cost estimate when it broke ground in October 2022 and the recent update follows two earlier revisions, including a $200 million increase in 2023 and a $1.4 billion escalation in early 2024. "Separately, in September 2025, a major fire damaged parts of the company's Oswego, N.Y. plant that produces automotive-grade aluminum sheets. We estimate the plant, which could take at least a couple of months to return to near full capacity, contributes about 10% of Novelis' annual volumes of about 4 million metric tons. We understand the company is utilizing higher-cost alternatives to meet some of the disrupted volumes for its customers, including available capacity at its other plants and those of its competitors. Overall, Novelis estimates the fire will entail a financial impact of $550 million-$650 million, which includes the loss of EBITDA, the higher costs for alternative arrangements to serve its disrupted customers, and the necessary repair costs. However, we assume the company could recover 70%-80% of the cash flow impact over the next 12-18 months from its property and business interruption insurance coverage." Given these unfavorable developments, Novelis' ultimate parent Hindalco plans to inject $750 million of equity in the near term to cover most of the increase in the capital costs for the Bay Minette project and support its immediate liquidity needs and leverage targets. Beyond the funding support from its parent and the expected insurance recovery, we estimate the company will need to raise about $400 million of debt financing to cover its FOCF deficits through fiscal year 2027, which will keep its leverage elevated through this period. S&P said, "We now estimate Novelis' S&P Global Ratings-adjusted debt to EBITDA (leverage) to increase near 5.0x for fiscal year 2026 (ending March 31, 2026), which is 0.7x higher than our previous expectation. We expect the company's leverage to subsequently decline to the low-4.0x area in fiscal year 2027, as EBITDA growth will offset the impact of gradually higher debt on leverage, and further deleveraging beyond 2027." The announced equity infusion was a key consideration in our affirmation of Novelis' rating. S&P said, "We consider the capital support from Hindalco is critical in limiting the increase in debt and leverage at Novelis such that it can return its net leverage ratio back to its 3.5x target, which roughly translates to our S&P adjusted debt to EBITDA of about 4x within a couple of years. This is the first time Hindalco is injecting equity capital into Novelis during the 18 years it has owned the company. As such, we now consider Novelis' financial policy to be more supportive of our forecast leverage than previously, when we considered there to be a higher likelihood that distributions to Hindalco would keep leverage elevated at Novelis. We estimate that the company accounts for about 45% of its parent's consolidated EBITDA and that the other businesses Hindalco owns are in a net cash position, which provides it more capacity to lend support to Novelis than in the past." Novelis remains exposed to further capital cost increases and operating underperformance. The company has spent just under 50% of the total capital costs at the Bay Minette project to date and the bulk of the remaining construction spending is expected to occur through the company's estimated completion of the project in second half of calendar 2026. S&P said, "We believe this exposes the company to further cost increases or delays. Additional capital cost increases, or lower-than-expected operating cash flows, could lead to sustained higher debt and leverage levels at Novelis, which would likely lead to a lower rating. We expect the increased project cost will further reduce the company's return on capital and delay any material improvement in its adjusted credit measures beyond fiscal year 2027, assuming the plant is completed and commissioned as per management's current expectations." S&P said, "That said, we believe the project is strategically important to Novelis and supports its longer-term growth prospects. We expect the plant will add 600,000 metric tons of relatively high-margin aluminum rolling capacity once fully ramped up (about 15% of its shipment volumes in fiscal year 2025). Over the long term, Novelis will also have the optionality to double the plant's capacity at a lower per-tonne capital outlay. "The negative outlook reflects the risk that lower-than-expected earnings or additional delays or capital costs related to the Bay Minette plant could cause Novelis to generate increased FOCF deficits, potentially leading to higher sustained debt and leverage levels. We assume the company will maintain adequate liquidity over the next couple of years to complete and ramp-up the plant. "We could lower our rating on Novelis in the next 12 months if we Novelis' debt will increase to fund further capital cost overruns or earnings shortfalls such that we expect S&P Global Ratings-adjusted debt to EBITDA to sustain above 4.0x. This could result from weaker macroeconomic conditions that reduce the demand in the beverage can and automotive markets, which would limit the potential improvement in the company's earnings and cash flow generation. "We could revise our outlook on Novelis to stable in the next 12 months if we expect it will sustain S&P Global Ratings-adjusted debt to EBITDA of about 4.0x. Under this scenario, we would likely expect the company's earnings to exceed our base-case assumptions, supported by increased shipments and stronger margins. At the same time, we would expect Novelis to maintain sufficient liquidity to fully fund the completion and ramp-up of its Bay Minette plant." NSG HOLDINGS: S&P Withdraws 'BB+' Issuer Credit Rating ------------------------------------------------------ S&P Global Ratings withdrew its 'BB+' issuer credit rating on NSG Holdings LLC at the issuer's request. The outlook was stable at the time of the withdrawal. ONDAS HOLDINGS: Appoints Yoav Har-Even to OAS Advisory Board ------------------------------------------------------------ Ondas Holdings Inc. announced the appointment of Maj. Gen. (Ret.) Yoav Har-Even, former President and CEO of Rafael Advanced Defense Systems Ltd., Israel's leading national defense technology company and a key global supplier of advanced air, land, and cyber defense solutions, to the Advisory Board of Ondas Autonomous Systems (OAS). Har-Even's career spans nearly four decades across Israel's defense forces and industry, where he has led complex operational and technological programs. As President & CEO of Rafael Advanced Defense Systems, he led the company through a period of significant growth and international collaboration, solidifying Rafael's position as a leader in advanced defense technologies. He guided the company through global expansion and the development of some of Israel's most renowned defense technologies, including the Iron Dome, David's Sling, and Trophy Active Protection systems. Rafael serves as a major supplier to the IDF and is a trusted partner to defense organizations in over 80 countries worldwide. Rafael's innovations in intercept, precision-strike, and electronic-warfare technologies have positioned it as one of the world's leading defense primes and a cornerstone of Israel's national security and export industries. "Yoav's exceptional record as both a military commander and a defense-industry leader makes him an extraordinary addition to the OAS Advisory Board," said Eric Brock, Chairman and CEO of Ondas Holdings. "His perspective on global defense collaboration and organizational growth will be instrumental as we scale OAS operations worldwide and advance our strategic acquisition strategy to expand Ondas' platform and partnerships." "Yoav's perspective combines decades of operational expertise with a deep understanding of defense-industry execution," said Oshri Lugassy, Co-CEO of OAS. "He has overseen the evolution of breakthrough technologies from concept to deployment and understands what defense customers expect from autonomous systems in real operations. We're proud to have him join our team as we scale our ISR and counter-UAS solutions globally." OAS continues to strengthen its advisory network with leaders from the global defense and technology community. The expanded board will support Ondas' next phase of growth -- guiding product integration, strategic partnerships, and international expansion as the company advances its role in multi-domain autonomy and airspace defense. In 2025, OAS achieved record international orders for its Optimus and Iron Drone Raider systems across Asia, Europe, and the Middle East, while launching a strategic acquisition program to broaden OAS's solutions portfolio and accelerate operational scale and financial returns. The OAS Advisory Board assumes a critical role in ensuring that this growth continues through informed strategic decision-making, disciplined execution, and the alignment of Ondas' technology roadmap with the evolving operational needs of allied defense and homeland-security forces worldwide. About Ondas Holdings Marlborough, Mass.-based Ondas Holdings Inc. (Nasdaq: ONDS) provides private wireless data solutions through its subsidiary, Ondas Networks Inc., and commercial drone solutions through Ondas Autonomous Systems Inc. (OAS), which includes wholly owned subsidiaries American Robotics, Inc. and Airobotics LTD. OAS focuses on the design, development, and marketing of autonomous drone solutions, while Ondas Networks specializes in proprietary, software-based wireless broadband technology for both established and emerging commercial and government markets. Together, Ondas Networks, American Robotics, and Airobotics deliver enhanced connectivity, situational awareness, and data collection capabilities to users in defense, homeland security, public safety, and other critical industrial and government sectors. In an audit report dated March 12, 2025, the Company's auditor, Rosenberg Rich Baker Berman, P.A., issued a "going concern" qualification, citing that the Company has experienced recurring losses from operations, negative cash flows from operations and a working capital deficit as of Dec. 31, 2024. As of Dec. 31, 2024, Ondas Holdings had $109.62 million in total assets, $73.68 million in total liabilities, and $16.58 million in total stockholders' equity. As of June 30, 2025, the Company had $151.95 million in total assets, $39.29 million in total liabilities, and $90.82 million in total stockholders' equity. OUTER AISLE: Seeks to Sell Bread-Making Equipment at Auction ------------------------------------------------------------ Outer Aisle Gourmet, LLC, seeks approval from the U.S. Bankruptcy Court for the Central District of California, Northern Division, to sell Equipment through auction, free and clear of liens, claims, interests, and encumbrances. The Debtor has certain equipment located on its premises that it is not using and no longer needs for its operations. The equipment includes equipment owned by the Debtor, subject to liens, and formerly leased equipment where the respective leases were terminated prepetition, albeit the equipment remains on the Debtor's premises. The Debtor has contacted the secured parties and equipment lessor in order to surrender and abandon such equipment. In light of the modest value of the used equipment, and the relative high cost of removal and transportation, the Debtor has reached an understanding with the secured parties and lessor to auction off the equipment on site, in an "as is" condition. The Debtor retains Plant & Machinery, Inc. (PMI) as the auctioneer. PMI will be paid and compensated from the auction proceeds, with the net proceeds (after costs and expenses) being paid to the respective lessor and secured parties, in lieu of the return of their collateral and in satisfaction of their respective secured claims. The Debtor believes that the proposed auction will result in the highest potential recovery, which will thereby reduce the secured claims and/or deficiency claims against the estate. To the extent the PMI is unable to sell any of the equipment identified on Exhibit 1 and Exhibit 2 at https://urlcurt.com/u?l=4EH2K6 the Debtor requests an order authorizing the abandonment of such equipment, to the respective secured creditors and lessor. The Debtor has already determined that the equipment is unnecessary for its continued operations, and, if the auctioneer is unable to sell any equipment, then it is therefore of "inconsequential value." The Debtor is a Delaware limited liability company, whose corporate offices are located in Ventura, California. The Debtor, which was founded in 2013, manufactures and distributes high quality, low carbohydrate, gluten free, nutritionally dense cauliflower-based bread alternative for sandwich slices, pizza crust and wraps, while minimizing the impact of its operations on the surrounding environment. Some of the Debtor's past and current customers include Costco, Trader Joes, Whole Foods, Sprouts, Walmart, Kroger, Wegman’s. The Debtor employs approximately twenty-two people. The Debtor has certain equipment (both formerly leased equipment, and equipment owned by the Debtor, but subject to liens) which it no longer needs for its operations. The Equipment owned by the Debtor but subject to the liens of secured creditor(s). The equipment formerly leased by the Debtor (which lease was terminated pre-petition), is owned by the respective lessor. The only perfected lienholders with respect to the equipment are: (1) the first priority lienholder VFI KR SPE I, LLC, successor to Varilease Finance Inc., asserting a secured claim in the amount of $2,673,005.31; and (2) the junior lienholder, Montgomery Capital Partners V, LP and Montgomery Capital Advisers, LLC, asserting a secured claim in the amount of $6,015,528.18. Both VFI and Montgomery have consented to the sale. According to the appraisal of Braun International, the Debtor's equipment appraiser in this case, the Equipment is estimated to be worth approximately $199,867. VFI, the Debtor's senior secured creditor with a blanket lien on all assets (including the equipment), has asserted a secured claim in the amount of $2,673,005.31. The Debtor requests an order authorizing the Debtor to enter into an auction agreement with PMI, including the compensation of PMI as auctioneer. As to compensation, PMI will deduct the auction expenses from the sales proceeds, on a pro rata basis, using gross sales proceeds for each seller. The budgeted expenses to conduct the auction are projected to total $31,646 with a variance factor of 10%, so $34,810 would be worst case expense total. PMI will charge the successful bidders an 18% buyer’s premium. PMI will retain 15% of the buyer's premium as its compensation, and the online bidding platform providers will retain 3% of the buyer's premium for using their service. About Outer Aisle Gourmet LLC Outer Aisle Gourmet is a Delaware limited liability company, whose corporate offices are located in Ventura, California. The Debtor, which was founded in 2013, manufactures and distributes high quality, low carbohydrate, gluten free, nutritionally dense cauliflower-based bread alternative for sandwich slices, pizza crust and wraps, while minimizing the impact of its operations on the surrounding environment. Outer Aisle Gourmet sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10915) on July 9, 2025. In its petition, the Debtor reported assets between $100,000 and $500,000 and liabilities between $10 million and $50 million. Judge Ronald A. Clifford, III oversees the case. The Debtor is represented by Garrick A. Hollander, Esq., at Winthrop Golubow Hollander, LLP. PALATIN TECHNOLOGIES: Closes $18.2M Public Offering of 2.8M Shares ------------------------------------------------------------------ Palatin Technologies, Inc., disclosed on November 12, 2025, that it closed its previously announced underwritten public offering of 2,795,384 shares of its common stock (or pre-funded warrants in lieu thereof), which included the full exercise of the underwriters' option to purchase 364,615 additional shares of common stock (or pre-funded warrants in lieu thereof). The offering was led by healthcare-focused, high-quality institutional investors and included participation from the Company's Chief Executive Officer, Chief Financial Officer/Chief Operating Officer and certain board members and included an aggregate of: * 2,795,384 shares of common stock (or pre-funded warrants in lieu thereof) of the Company, together with * Series J warrants to purchase up to 2,795,384 shares of common stock (or pre-funded warrants in lieu thereof), and * Series K warrants to purchase up to 2,795,384 shares of common stock (or pre-funded warrants in lieu thereof), at a combined public offering price of $6.50 per share of common stock and accompanying Series J Warrants and Series K Warrants. The gross proceeds from the Offering, before deducting the underwriting discounts and commissions and offering expenses, were approximately $18.2 million, including proceeds from the full exercise of the underwriters' over-allotment option. The Company may receive additional proceeds of up to $18.2 million upon the cash exercise of the milestone related Series J Warrants, however, there is no guarantee that such warrants will be exercised and accordingly that the Company will receive any proceeds from the exercise thereof. The Company intends to use the net proceeds from the Offering to support the development of its obesity program and for working capital and general corporate purposes. The closing of the Offering resulted in the Company regaining compliance with NYSE American continued listing standard under Section 1003(a)(iii) of the NYSE American Company Guide (the "Stockholders' Equity Rule") and all applicable requirements for continued listing on NYSE American. Effective November 12, 2025, the Company's common stock resumed trading on the NYSE American exchange under the symbol "PTN" and CUSIP "696077601". A.G.P./Alliance Global Partners acted as the representative of the two underwriters for the Offering, whereby A.G.P. served as sole book-running manager and Laidlaw & Company (UK) Ltd. as lead manager in connection with the Offering. A registration statement on Form S-1, as amended (File No. 333-290641), relating to the Offering was filed with the U.S. Securities and Exchange Commission and became automatically effective on November 5, 2025, pursuant to Section 8(a) of the Securities Act of 1933, as amended. The Offering was being made only by means of a prospectus forming part of the effective registration statement relating to the Offering. The final prospectus relating to the Offering has been filed with the SEC on Monday, November 10, 2025. Electronic copies of the final prospectus may be obtained on the SEC's website at http://www.sec.govand may also be obtained by contacting A.G.P./Alliance Global Partners at 590 Madison Avenue, 28th Floor, New York, NY 10022, by phone at (212) 624-2060 or e-mail at prospectus@allianceg.com. About Palatin Headquartered in New Jersey, Palatin Technologies Inc. -- www.Palatin.com -- is a biopharmaceutical Company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. As of June 30, 2025, the Company had total assets of $3.27 million, $8.04 million in total liabilities, and $4.78 million in total shareholders' deficit. Philadelphia, Penn.-based KPMG LLP, the Company's auditor since 2002, issued a "going concern" qualification in its report dated Sept. 23, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has incurred operating losses and negative cash flows from operations since inception and will need additional funding to complete its planned product development efforts that raise substantial doubt about its ability to continue as a going concern. PAULAZ ENTERPRISES: Court Amends Final Cash Collateral Order ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, issued an amended final order granting Paulaz Enterprises Inc. authorization to use cash collateral. The Debtor was authorized to use cash collateral consisting of pre-bankruptcy and post-petition income in accordance with its budget, subject to a 10% variance per line item. As adequate protection, Wells Fargo Bank, N.A. and other secured creditors will be granted replacement liens on post-petition cash collateral, matching the scope and priority of their pre-bankruptcy liens. The Debtor may challenge the validity, extent or priority of any such liens. Additionally, Wells Fargo Bank will continue to receive monthly payments of $8,500 as adequate protection until plan confirmation. The amended final order provides for a carveout for fees due to the U.S. Trustee and the Clerk of Court. It also authorized monthly transfers of $1,000 to the Subchapter V trustee's escrow account and up to $4,000 monthly for professional legal fees, held in the Debtor's counsel's trust account. A copy of the amended final order is available at https://shorturl.at/MGl8r from PacerMonitor.com. The Debtor believes that all of its assets, including cash collateral, are encumbered by a lien held by Wells Fargo. As of the petition date, the assets were valued at $303,282.25, while the outstanding balance on the bank's loan was $637,481. Other entities that may have a lien on the cash collateral are Alliance Franchise Brands, LLC, ODK Capital, LLC and the U.S. Small Business Administration. The Debtor believes that the secured loan from Alliance is subordinated to the Wells Fargo loan. Since its inception, the Debtor has made regular payments on the Alliance loan. About Paulaz Enterprises Inc. Paulaz Enterprises Inc., doing business as Image360 Hollywood FL, provides custom signage, graphics, and display solutions for businesses and organizations in Hollywood, Miami, Fort Lauderdale, and surrounding areas. It offers interior signs, business signage, vehicle wraps, and event displays, coordinating projects from design to installation. Paulaz Enterprises operates as part of a national network, ensuring consistent quality and branding across various applications. Paulaz Enterprises filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18061) on July 15, 2025, listing total assets of $303,282 and total liabilities of $1,733,834. Soneet Kapila of Kapila Mukamal serves as Subchapter V trustee. Judge Peter D. Russin handles the case. The Debtor is represented by Chad Van Horn, Esq., at Van Horn Law Group, PA. PERSEVERANCE 3: Seeks Chapter 7 Bankruptcy in Florida ----------------------------------------------------- Perseverance 3 LLC filed a voluntary Chapter 7 bankruptcy on November 13, 2025, in the Middle District of Florida. The company's petition lists liabilities ranging from $1 million to $10 million. Perserverance 3 LLC reports having between 1 and 49 creditors. About Perseverance 3 LLC Perseverance 3 LLC is a limited liability company. Perseverance 3 LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07365) on November 13, 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 Lori V. Vaughan handles the case. The Debtor is represented by Kenneth D Herron, Jr., Esq. of Herron Hill Law Group, PLLC. PIKE CORP: S&P Places 'B+' ICR on Watch Neg. on Acquisition by TPG ------------------------------------------------------------------ S&P Global Ratings placed its ratings on engineering services provider Pike Corp. on CreditWatch with negative implications. S&P will resolve the CreditWatch placement after it analyzes the post-transaction capital structure and its implications for its view of the company's financial risk profile. TPG and La Caisse have signed a definite agreement to acquire a majority interest in electric utility construction, repair, and engineering services provider Pike Corp. The details of the transaction haven't been disclosed, and Pike's prospective capital structure and credit metrics are unknown. The details of TPG's and La Caisse's definitive agreement to acquire a majority interest in Pike haven't been disclosed. However, with the changing ownership structure, we would expect the financial sponsors will likely have a more aggressive financial policy than that of Pike's in prior years. The CreditWatch placement reflects the risk of a leverage buyout that could result in credit metrics that are outside of the ranges for the current rating. The 'B+' rating reflects our expectation for S&P Global Ratings-adjusted debt to EBITDA in the mid-4x area, with free operating cash flow to debt in the mid- to high-single-digit percent area. S&P said, "The CreditWatch negative placement indicates a one-in-two likelihood that we could lower our ratings on Pike based on the new capital structure and the aggressiveness of the new financial sponsors' financial policy. We could lower the ratings by one notch if we expect debt to EBITDA will increase to and remain above 5x." PINEAPPLE PROPERTIES: Denied to Sell Augustine Property to Szolgyem ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, has denied Pineapple Properties of SA 2, LLC dba 44 Spanish Street Inn' motion to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 44 Spanish Street, in St. Augustine, Florida. The Debtor is a Florida limited liability company, wholly owned and managed by Brian Funk. On November 12, 2025, the Debtor entered into a Purchase and Sale Agreement with Szolgyemy Hospitality LLC LLC, Balazs Szolgyemy, Manager to sell the 44 Spanish St. Property in the purchase price of $1,900,000.00. The case came on for consideration, without hearing, of the Expedited Motion To Sell Real Property Free and Clear of Liens filed by Debtor. After review, the Court determines that the motion is deficient as follows: Service upon the Parties in Interest List, defined by Local Rule 1007−2 a current mailing matrix obtained from the Clerk of Court is not indicated. Local Rule 9013−3(e). The motion is denied to allow movant to file an amended motion. No additional filing fee will be assessed for the filing of any amended motion filed for the purpose of correcting the noted deficiency. About Pineapple Properties of SA 2, LLC Pineapple Properties of SA 2, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 3:25-bk-00648) on March 5, 2025. Judge Jacob A. Brown presides over the case. The Debtor hires Law Offices of Mickler & Mickler, LLP as counsel. PRIMALEND CAPITAL: Hires Houlihan Lokey as Investment Banker ------------------------------------------------------------ Primalend Capital Partners, LP and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Houlihan Lokey Capital, Inc. as their investment banker. The firm's services include: a. assisting the Debtors in the development and distribution of selected information, documents and other materials, including, if appropriate, advising the Debtors in the preparation of an offering memorandum (it being expressly understood that the Debtors will remain solely responsible for such materials and all of the information contained therein); b. assisting Counsel and the Debtors in evaluating indications of interest and proposals regarding any Transaction(s) from current and/or potential lenders, equity investors, acquirers and/or strategic partners; c. assisting Counsel and the Debtors with the negotiation of any Transaction(s), including participating in negotiations with creditors and other parties involved in any Transaction(s); d. attending meetings of the Board of Managers of LNCMJ Management, LLC (the general partner of PCAP Holdings, LP), creditor groups, official constituencies and other interested parties, as the Debtors and Houlihan Lokey mutually agree; e. providing expert advice and testimony regarding financial matters related to any Transaction(s), if necessary; and f. providing such other financial advisory and investment banking services as may be requested by Counsel and the Debtors and agreed to by Houlihan Lokey. Houlihan Lokey will receive compensation as follows: a. Monthly Fees: In addition to the other fees provided for, upon the first monthly anniversary of the effective date of the Engagement Letter (the "Effective Date"), and on every monthly anniversary of the effective date during the term of this Agreement, the Company shall pay Houlihan Lokey in advance, without notice or invoice, a nonrefundable cash fee of $100,000 ("Monthly Fee"). Each Monthly Fee shall be earned upon Houlihan Lokey's receipt thereof in consideration of Houlihan Lokey accepting this engagement and performing services. Fifty percent (50%) of the Monthly Fees previously paid on a timely basis to Houlihan Lokey after the third (3rd) Monthly Fee (and commencing on the fourth Monthly Fee) shall be credited against the next Transaction Fee to which Houlihan Lokey becomes entitled hereunder (it being understood and agreed that no Monthly Fee shall be credited more than once), except that in no event shall such Transaction Fee be reduced below zero. If this Agreement is terminated before the end of three (3) months from the Effective Date, the Company hereby agrees to pay to Houlihan Lokey, on the effective date of such termination, any excess of the amount of Monthly Fees for the three (3) months following the Effective Date over the Monthly Fees actually paid to Houlihan Lokey hereunder. b. Transaction Fee(s): In addition to the other fees provided for, the Debtors shall pay Houlihan Lokey the following transaction fee(s): (i) Restructuring Transaction Fee. Upon the earlier to occur of: (I) in the case of an out-of-court Restructuring Transaction, and (II) in the case of an in-court Restructuring Transaction, the effective date of a confirmed plan of reorganization or liquidation under Chapter 11 of the Bankruptcy Code pursuant to an order of the applicable bankruptcy court, Houlihan Lokey shall earn, and the Debtors, solely, shall promptly pay to Houlihan Lokey, a cash fee ("Restructuring Transaction Fee") calculated in the manner set forth in (I) - (III) below, subject to paragraph 3(ii)(c) (of the Engagement Letter): I. If there is no Sale Transaction, $2,225,000. II. If a Sale Transaction Fee is earned in conjunction with a Restructuring Transaction Fee, Houlihan Lokey shall be paid the higher of the Restructuring Transaction Fee and a Sale Transaction Fee. III. If a Sale Transaction Fee has been earned and paid prior to the earning of a Restructuring Transaction Fee, $2,225,000 plus 1.5% of the AGC of any Sale Transaction that was subject to the previously earned Sale Transaction Fee, minus the Sale Transaction Fee previously paid. (ii) Sale Transaction Fee. Upon the closing of each Sale Transaction, Houlihan Lokey shall earn, and the Company shall thereupon pay to Houlihan Lokey immediately and directly from the gross proceeds of such Sale Transaction, as a cost of such Sale Transaction, a cash fee ("Sale Transaction Fee") equal to 1.5% based upon the Aggregate Gross Consideration ("AGC"); subject, however, to a minimum Sale Transaction Fee of $2,225,000. If more than one Sale Transaction is consummated, Houlihan Lokey shall be compensated based on the AGC from all Sale Transactions. (iii) Financing Transaction Fee. Upon the closing of each Financing Transaction, Houlihan Lokey shall earn, and the Company, solely, shall thereupon pay to Houlihan Lokey immediately and directly from the gross proceeds of such Financing Transaction, as a cost of such Financing Transaction, a cash fee ("Financing Transaction Fee") equal to the sum of: (I) 1.5% of the aggregate principal amount of any indebtedness for borrowed money raised, placed or committed that is senior to other indebtedness of the Debtors, or pari passu with existing first lien priority indebtedness, secured by a first priority lien and unsubordinated, with respect to both lien priority and payment, to any other indebtedness for borrowed money of the Company (other than with respect to debtor-in-possession financing), (II) 2.5% of the aggregate principal amount of any indebtedness for borrowed money raised, placed or committed that is secured by a lien (other than a first lien), is unsecured and/or is contractually subordinated, including for the avoidance of doubt any indebtedness with warrants attached where such warrants represent less than ten percent (10.0%) ownership of the Debtors on a fully diluted basis; and (III) 5.0% of the aggregate amount of all equity or equity-linked securities (including, without limitation, convertible securities and preferred stock) placed or committed; provided, however, the 5.0% related to equity or equity-linked securities shall only apply if the Debtors receive cash on account of such equity or equity securities. For the avoidance of doubt, the conversion of any debt to equity, or the disbursement of any warrants in the absence of cash shall not entitle to Houlihan Lokey to Financing Transaction Fees on account of such transaction. It is understood and agreed that if the proceeds of any such Financing Transaction are to be funded in more than one stage, Houlihan Lokey shall be entitled to its applicable compensation hereunder upon the closing date of each stage. The Financing Transaction Fee(s) shall be payable in respect of any sale of securities whether such sale has been arranged by Houlihan Lokey, by another agent or directly by the Debtors or any of its affiliates. The fees set forth shall be in addition to any other fees that the Debtors may be required to pay to any investor or other purchaser of Securities to secure its financing commitment. The Financing Transaction Fee payable hereunder shall be subject to a $2,225,000 minimum Financing Transaction Fee payable upon the first closing of a Financing Transaction; provided however, if a Restructuring Transaction Fee is subsequently earned, the Financing Transaction Fee shall be recalculated without giving effect to the $2,225,000 minimum. For the avoidance of doubt, a Financing Transaction Fee shall not be earned or payable related to any debtor-in-possession financing raised or committed from any lender or creditor of the Debtors, or any of the Debtors' subsidiaries, and further no Financing Transaction Fee shall be earned related to any debtor-in-possession financing raised or committed from any lender or creditor of the Debtors, or any of the Debtors' subsidiaries, that may be converted to any kind of exit facility as a part of a Restructuring Transaction. Notwithstanding the foregoing, Houlihan Lokey shall not be entitled to a Financing Transaction Fee on any loan indebtedness of any entity comprising the Company that is reinstated pursuant to section 1124 of the Bankruptcy Code, or restructured as a part of a Restructuring Transaction. The Company and Houlihan Lokey agree that it is intended that the Financing Transaction shall only be earned on new money borrowed raised, placed or committed. In the event that a Financing Transaction Fee is earned in conjunction with and simultaneous with a Restructuring Transaction, the Financing Transaction Fee shall not be subject to the $2,225,000 minimum. c. Expenses: In addition to all of the other fees and expenses described in the Engagement Letter, and regardless of whether any Transaction is consummated, the Company, solely, shall, upon Houlihan Lokey's request, reimburse Houlihan Lokey for its reasonable and documented out of-pocket expenses incurred from time to time in connection with its services hereunder Houlihan Lokey bills its clients for its reasonable and documented out-of-pocket expenses including, but not limited to (i) travel related and certain other expenses, without regard to volume-based or similar credits or rebates Houlihan Lokey may receive from, or fixed-fee arrangements made with, travel agents, airlines or other vendors, and (ii) research, database and similar information charges paid to third party vendors, and reprographics expenses, to perform client-related services, but only to the extent specifically attributable to Houlihan Lokey's representation of the Company. Notwithstanding the forgoing, any expenses in excess of $10,000 shall first be approved in writing by the Company; provided, however, if Houlihan Lokey presents such expense to the Company in writing (including email) and does not receive a response within twenty-four (24) hours, such expense may be deemed approved. Further, Houlihan Lokey agrees that it will only be reimbursed the cost of economy airfare, and Houlihan Lokey acknowledges that the Company has a policy that the Company does not pay for alcohol for anyone, under any circumstances, and Houlihan Lokey agrees that it will not seek any expense reimbursements related to any alcohol. Jeffrey Lewis, a managing director at Houlihan Lokey Capital, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey Lewis Houlihan Lokey Capital, Inc. 10250 Constellation Blvd., Ste. 500 Los Angeles, CA 90067 Telephone: (310) 553-8871 About Primalend Capital Partners, LP PrimaLend Capital Partners LP provides financing and consulting services to independent automobile dealerships across the U.S., particularly those operating under the Buy-Here-Pay-Here (BHPH) model. The Company offers receivables financing, inventory floor-plan loans, and real-estate lending solutions to support dealership growth and portfolio expansion. Founded in 2007 and based in Plano, Texas, PrimaLend operates as a nondepository credit intermediation firm serving the automotive finance sector. PrimaLend Capital Partners, LP in Plano, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 25-90013) on Oct. 22, 2025, listing as much as $100 million to $500 million in both assets and liabilities. Mark Jensen as president, signed the petition. Judge Mark X Mullin oversees the case. SPENCER FANE serve as the Debtor's legal counsel. FTI CONSULTING, INC. as financial advisor. HOULIHAN LOKEY, INC. as investment banker. STRETTO, INC. as claims and noticing agent. PRIMALEND CAPITAL: Hires Willkie Farr & Gallagher as Co-Counsel --------------------------------------------------------------- PrimaLend Capital Partners, LP and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Willkie Farr & Gallagher LLP as co-counsel. The firm will render these services: (a) periodic strategic advice to the Debtors' management and board regarding these Chapter 11 Cases; (b) the drafting and/or substantive review of key restructuring documents, including any asset purchase agreement, proposed chapter 11 plan, disclosure statement, and any related plan supplement documents; (c) the representation of the Debtors in connection with negotiations with certain parties in interest in connection with the Chapter 11 Cases; and (d) other assistance in connection with the Chapter 11 Cases as requested by the Debtors' board and management. The firm's standard hourly rates are: Partners and Senior Counsel $1,950 to $2,795 Associates, Other Attorneys and Law Clerks $790 to $1,850 Paraprofessionals $420 to $680 The following is provided in response to the request for additional information set forth in paragraph D.1 of the Appendix B Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customer billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition period. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: The Debtors and Willkie agree that Willkie will receive compensation at its standard full rates for these Chapter 11 Cases in accordance with the terms of the Engagement Letter. Question: Has your client approved your prospective budget and staffing plan and, if so, for what budget period? Response: The Debtors have reviewed and approved Willkie's proposed budget in connection with these cases. Willkie is in the process of updating a proposed budget and staffing plan for approval by the Debtors. As disclosed in the court filings, Willkie is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code, and does not hold or represent an interest adverse to the Debtors' estates. The firm can be reached through: Jennifer J. Hardy, Esq. Willkie Farr & Gallagher LLP 600 Travis Street Houston, TX 77002 Phone: (713) 510-1766 Email: jhardy2@willkie.com About Primalend Capital Partners LP PrimaLend Capital Partners LP provides financing and consulting services to independent automobile dealerships across the U.S., particularly those operating under the Buy-Here-Pay-Here (BHPH) model. It offers receivables financing, inventory floor-plan loans, and real-estate lending solutions to support dealership growth and portfolio expansion. Founded in 2007 and based in Plano, Texas, PrimaLend operates as a nondepository credit intermediation firm serving the automotive finance sector. PrimaLend and its affiliates, Good Floor Loans, LLC and LNCMJ Management, LLC, filed voluntary petitions for Chapter 11 protection (Bankr. N.D. Texas Lead Case No. 25-90013) on Oct. 22, 2025. At the time of the filing, PrimaLend reported between $100 million and $500 million in both assets and liabilities. Judge Mark X Mullin oversees the cases. The Debtors tapped Spencer Fane as legal counsel; FTI Consulting, Inc. as financial advisor; and Houlihan Lokey, Inc. as investment banker. Stretto, Inc. is the claims and noticing agent. PRIMALEND CAPITAL: Taps Katten Muchin Rosenman as Special Counsel ----------------------------------------------------------------- Primalend Capital Partners, LP and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Katten Muchin Rosenman LLP as special counsel. The firm will serve as special counsel to Debtor LNCMJ Management, LLC at the sole direction of Matthew R. Kahn in his capacity as the independent manager to the board of managers of LNCMJ and sole member of the special committee effective as of October 22, 2025. The firm will assist the Independent Manager in fulfilling his duties in these chapter 11 cases, and that the employment of Katten is in the best interests of the Debtors' estates. Katten will charge these hourly rates: Partner $1,205 to $2,380 Of Counsel $1,110 to $2,100 Counsel and Special Staff $610 to $1,615 Associate $715 to $1,210 Paralegal $230 to $860 The Debtors paid Katten $100,000, which constituted an advance fee deposit. Thereafter, on Oct. 17, 2025, Katten received $93,874.32 and on Oct. 20, 2025, Katten received $17,247.50 to replenish the retainer after accounting for payment for prepetition invoices. In addition, the firm will seek reimbursement for expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Fee Guidelines. Question: Did the Firm agree to any variations from, or alternatives to, the Firm's standard billing arrangements for this engagement? Answer: No. Katten and the Debtors have not agreed to any variations from, or alternatives to, Katten's standard billing arrangements for this engagement. The rate structure provided by Katten is appropriate and is not significantly different from (a) the rates that Katten charges for other non-bankruptcy representatives, or (b) the rates of other comparably skilled professionals. Question: Do any of the Firm professionals in this engagement vary their rate based on the geographical location of the Debtors' chapter 11 cases? Answer: No. The hourly rates used by Katten in representing LNCMJ at the sole direction of the Independent Manager are consistent with the rates that Katten charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. Question: If the Firm has represented the Debtors in the twelve months prepetition, disclose the Firm's billing rates and material financial terms for the prepetition engagement, including any adjustments during the twelve months prepetition. If the Firm's billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: From Katten's engagement by LNCMJ on behalf of and at the sole direction of the Independent Manager, as of August 27, 2025, to the Petition Date, Katten has followed the hourly billing rates set forth in this Declaration. Question: Have the Debtors approved the Firm's budget and staffing plan, and if so, for what budget period? Answer: Yes. Katten, in conjunction with the Independent Manager, has developed a budget and staffing plan for these chapter 11 cases for the period from the Petition Date through and including February 28, 2025. Cindi Giglio, Esq., a partner at Katten, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Cindi M. Giglio, Esq. Katten Muchin Rosenman LLP 50 Rockefeller Plaza New York, NY 10020-1605 Phone: (212) 940-8800 Fax: (212) 940-8776 Email: cgiglio@katten.com About Primalend Capital Partners, LP PrimaLend Capital Partners LP provides financing and consulting services to independent automobile dealerships across the U.S., particularly those operating under the Buy-Here-Pay-Here (BHPH) model. The Company offers receivables financing, inventory floor-plan loans, and real-estate lending solutions to support dealership growth and portfolio expansion. Founded in 2007 and based in Plano, Texas, PrimaLend operates as a nondepository credit intermediation firm serving the automotive finance sector. PrimaLend Capital Partners, LP in Plano, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 25-90013) on Oct. 22, 2025, listing as much as $100 million to $500 million in both assets and liabilities. Mark Jensen as president, signed the petition. Judge Mark X Mullin oversees the case. SPENCER FANE serve as the Debtor's legal counsel. FTI CONSULTING, INC. as financial advisor. HOULIHAN LOKEY, INC. as investment banker. STRETTO, INC. as claims and noticing agent. PRIMALEND CAPITAL: Taps Ordinary Course Professionals ----------------------------------------------------- Primalend Capital Partners, LP and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: Alexander Dubose & Jefferson LLP Litigation counsel Monthly Cap: $15,000 Nelson Mullins Riley & Scarborough LLP Litigation counsel Monthly Cap: $10,000 CliftonLarsonAllen LLP Audit and Tax Monthly Cap: $25,000 About Primalend Capital Partners, LP PrimaLend Capital Partners LP provides financing and consulting services to independent automobile dealerships across the U.S., particularly those operating under the Buy-Here-Pay-Here (BHPH) model. The Company offers receivables financing, inventory floor-plan loans, and real-estate lending solutions to support dealership growth and portfolio expansion. Founded in 2007 and based in Plano, Texas, PrimaLend operates as a nondepository credit intermediation firm serving the automotive finance sector. PrimaLend Capital Partners, LP in Plano, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 25-90013) on Oct. 22, 2025, listing as much as $100 million to $500 million in both assets and liabilities. Mark Jensen as president, signed the petition. Judge Mark X. Mullin oversees the case. SPENCER FANE serve as the Debtor's legal counsel. FTI CONSULTING, INC. as financial advisor. HOULIHAN LOKEY, INC. as investment banker. STRETTO, INC. as claims and noticing agent. PRIMALEND CAPITAL: Taps Tanya Meerovich of FTI Consulting as CRO ---------------------------------------------------------------- Primalend Capital Partners, LP and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ FTI Consulting, Inc. to provide the Debtors with a chief restructuring officer and certain additional supportive staff of FTI, and designate Tanya Meerovich as CRO. The firm's services include: a. assisting with the management of all aspects of the Company operations, including all initiatives related to managing financial operations; b. evaluating cash and liquidity requirements, including assisting the Company in preparing and reporting on appropriate cash and liquidity forecasts, such as a rolling 13-week cash flow forecast; c. assisting the Company with any reorganization plans and disclosure statements pursuant to Ch. 11 restructuring; d. assisting with the evaluation of strategic alternatives; e. assisting with the preparation of filings and reports required by the Bankruptcy Code and Bankruptcy Rules, including, first day motions, statements of financial affairs, schedules of assets and liabilities, and monthly operating reports; f. assisting the Company management in responding to requests from, and negotiation with, investors, lenders, creditors, any official committees, and other stakeholders as requested by the Company; g. assisting in the Company strategic communications with employees, vendors and other stakeholders, as needed; and h. performing such other services as may be reasonably requested by the Company, and are customary in this type of engagement. FTI's hourly rates are: Financial Advisory Services Senior Managing Directors $1,270 to 1,580 Directors / Senior Directors / Managing Directors $940 to 1,195 Consultants / Senior Consultants $535 to 850 Administrative / Paraprofessionals $165 to 395 Strategic Communication Services Senior Managing Directors $1,185 Directors / Senior Directors / Managing Directors $705 to 965 Consultants / Senior Consultants $435 to 565 Administrative / Paraprofessionals $165 The Debtors paid FTI $1,499,736.57 in the aggregate for professional services rendered, expenses incurred, and the retainer. Ms. Meerovich disclosed in a court filing that her firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Tanya Meerovich FTI Consulting, Inc. 1166 Avenue of the Americas. 15th Floor New York, NY 10036 Telephone: (212) 247-1010 Email: Tanya.Meerovich@fticonsulting.com About Primalend Capital Partners, LP PrimaLend Capital Partners LP provides financing and consulting services to independent automobile dealerships across the U.S., particularly those operating under the Buy-Here-Pay-Here (BHPH) model. The Company offers receivables financing, inventory floor-plan loans, and real-estate lending solutions to support dealership growth and portfolio expansion. Founded in 2007 and based in Plano, Texas, PrimaLend operates as a nondepository credit intermediation firm serving the automotive finance sector. PrimaLend Capital Partners, LP in Plano, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 25-90013) on Oct. 22, 2025, listing as much as $100 million to $500 million in both assets and liabilities. Mark Jensen as president, signed the petition. Judge Mark X Mullin oversees the case. SPENCER FANE serve as the Debtor's legal counsel. FTI CONSULTING, INC. as financial advisor. HOULIHAN LOKEY, INC. as investment banker. STRETTO, INC. as claims and noticing agent. PURDUE PHARMA: Judge Explains Chapter 11 Confirmation Decision -------------------------------------------------------------- Vince Sullivan of Law360 reports that on Tuesday, November 18, 2025, a New York bankruptcy judge delivered a bench ruling detailing the basis for confirming Purdue Pharma’s $7.4 billion Chapter 11 plan. The restructuring will convert the company into a public benefit company focused on long-term public health initiatives. The judge determined that the liability releases embedded in the plan satisfy the Supreme Court's recently tightened rules. He emphasized that the reorganization was structured to comply with those limits, clearing the way for Purdue's transition under a legally sound framework, 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. PUREATY MED: Nathan Smith Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 17 appointed Nathan Smith, Esq., as Subchapter V trustee for Pureaty Med Spa, LLC. Mr. Smith, a partner at Malcolm & Cisneros, will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Smith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nathan F. Smith, Esq. Malcolm & Cisneros 2112 Business Center Drive Irvine, CA 92612 Phone: (949) 252-9400 Email: nathan@mclaw.org About Pureaty Med Spa LLC Pureaty Med Spa, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-16897) on November 14, 2025, listing between $50,001 and $100,000 in assets and between $100,001 and $500,000 liabilities. Seth D. Ballstaedt, Esq., at Ballstaedt Law Firm, Llc represents the Debtor as bankruptcy counsel. Q & T PROPERTIES: Seeks Subchapter V Bankruptcy in Louisiana ------------------------------------------------------------ Q & T Properties LA LLC filed for Chapter 11 protection in the Eastern District of Louisiana on November 12, 2025, in a voluntary petition. According to the filing, the company lists liabilities between $100,001 and $1 million. It reports having between 1 and 49 creditors. About Q & T Properties LA LLC Q & T Properties LA LLC is a limited liability company. Q & T Properties LA LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-12649) on November 12, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by William G. Cherbonnier, Jr., Esq. of The Caluda Group, LLC. QUALITY FIRST: Seeks Approval to Tap Fishman Haygood as Counsel --------------------------------------------------------------- Quality First Construction, LLC, doing business as Quality First Marine, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ the law firm of Fishman Haygood, LLP as counsel. The firm's services include: (a) advise the Debtor with respect to its rights, powers and duties in the continued operation and management of its business and properties; (b) prepare and pursue confirmation of a plan of reorganization and/or liquidation, approval of a disclosure statement, and/or sale of the Debtor's assets pursuant to section 363 of the Bankruptcy Code; (c) prepare on behalf of the Debtor all necessary legal documents, and review all financial and other reports to be filed; (d) advise the Debtor concerning and preparing responses to applications, motions, pleadings, notices and other documents which may be filed by other parties herein; (e) appear in Court to protect the interests of the Debtor before this Court; (f) represent the Debtor in connection with use of cash collateral and/or obtaining postpetition financing; (g) advise the Debtor concerning and assist in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; (h) subject to the terms and conditions of the orders authorize the Debtor's use of cash collateral in this case, investigate the nature and validity of liens asserted against the property of it, and advise it concerning the enforceability of said liens; (i) investigate and advise the Debtor concerning, and take such action as may be necessary to collect income and assets in accordance with applicable law, and the recovery of property for the benefit of its estate; (j) advise and assist the Debtor in connection with any potential property dispositions; (k) advise the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring, and recharacterizations; (l) assist the Debtor in reviewing, estimating and resolving claims asserted against its estate; (m) commence and conduct litigation necessary and appropriate to assert rights held by the Debtor, protect assets of its Chapter 11 estate or otherwise further the goal of completing it successful reorganization and/or liquidation; and (n) perform all other legal services for the Debtor which may be necessary and proper in this case. The firm's attorneys and paralegals will be paid at these hourly rates: Tristan Manthey, Esq. $600 Alicia Bendana, Esq. $550 Cherie Nobles, Esq. $490 Joseph Caneco, Esq. $350 Associates $225 - $350 Paralegals $210 In addition, the firm will seek reimbursement for expenses incurred. Mr. Manthey disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Tristan Manthey, Esq. Fishman Haygood, LLP 201 St. Charles Ave., # 4600 New Orleans, LA 70170 About Quality First Construction LLC Quality First Construction LLC provides marine transportation, construction, and logistics services along the Gulf Coast. Its operations include coastal restoration, dredging, oil and gas support, emergency response and salvage, vessel repairs and maintenance, and environmental services. Founded in 2005, the Company operates a fleet of vessels and continues to invest in infrastructure and workforce development. Quality First Construction LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11157) on June 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by Fishman Haygood, LLP. RAISTONE: Intends to Sell Itself After Collapse of First Brands --------------------------------------------------------------- Davide Scigliuzzo, Eliza Ronalds-Hannon, and Irene García Perez of Bloomberg News report that Raistone, the trade finance platform, is exploring a potential sale following the collapse of its largest client, auto-parts manufacturer First Brands Group. The company faces mounting financial pressure as a result of the client's failure, according to the report. In an investor presentation reviewed by Bloomberg, Raistone described the situation as a "liquidity strain" and said it is actively "evaluating strategic alternatives" to stabilize its operations. The disruption from First Brands has left the fintech firm reassessing its options to preserve value for stakeholders. Potential buyers were asked to submit indications of interest in either a full sale or an equity recapitalization by October 31. Since that deadline, there has been no public update, and Raistone did not immediately respond to requests for comment, the report states. About Raistone Raistone is a financial technology firm providing B2B embedded finance and working capital solutions. RIVERDALE ASSEMBLY: Hires Fear Waddell as Bankruptcy Counsel ------------------------------------------------------------ Riverdale Assembly of God Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Fear Waddell, P.C. as counsel. The firm's services include: a. consulting with Debtor concerning its present financial situation, Debtor’s realistic achievable goals, and the efficacy of bankruptcy as a means to achieve its goals; b. preparing the documents necessary to commence the bankruptcy case; c. advising Debtor concerning its duties as debtor-in-possession in a Chapter 11 Subchapter V case; d. identifying, prosecuting, and defending claims and causes of actions assertable by or against the estate; e. preparing applications, motions, answers, briefs, records, reports, notices, proposed orders, and other papers in connection with administration of the estate, including the formulation of the Chapter 11 Subchapter V plan, drafting the plan, and prosecuting legal proceedings to seek confirmation of the plan; f. if necessary, preparing and prosecuting such pleadings as complaints to avoid preferential transfers or transfers deemed fraudulent as to creditors, motions for authority to borrow money, sell property, or compromise claims and objections to claims; g. taking all necessary action to protect and preserve the estate, and all other legal services requested. The firm received pre-petition retainers in the total amount of $50,000. Peter Fear, Esq., owner of Fear Waddell, disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter L. Fear, Esq. Gabriel J. Waddell, Esq. Peter A. Sauer, Esq. Fear Waddell, P.C. 7650 North Palm Avenue, Suite 101 Fresno, CA 93711 Telephone: (559) 436-6575 Facsimile: (559) 436-6580 Email: pfear@fearlaw.com gwaddell@fearlaw.com psauer@fearlaw.com About Riverdale Assembly of God Inc. Riverdale Assembly of God Inc. is a Pentecostal church in Riverdale, California, providing religious services, community events, and operating Riverdale Christian Academy at 2813 W Mt Whitney Ave. Riverdale Assembly of God Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-13513) on October 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Rene Lastreto II handles the case. The Debtor is represented by Peter Fear, Esq. of FEAR WADDELL, P.C. RIVERVIEW LAND: Taps Cunningham Chernicoff & Warshawsky as Counsel ------------------------------------------------------------------ Riverview Land Company, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Cunningham, Chernicoff & Warshawsky, PC as counsel. The firm's services include: (a) advise the Debtor regarding its powers and duties in the continued operation of its business and management of its property; (b) prepare and file on behalf of the Debtor, the original Petition and Schedules, and all necessary legal papers; and (c) perform all other legal services for the Debtor, which may be necessary. The firm will be paid at these hourly rates: Robert Chernicoff, Attorney $450 Partners $350 - $450 Associate Attorneys $150 - $300 Paralegals $100 - $175 Prior to the filing of this petition, the Debtor paid the sum of $1,485 for services, plus $1,738 filing fee. Mr. Chernicoff disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert E. Chernicoff, Esq. Cunningham, Chernicoff & Warshawsky, PC 2320 North Second Street P.O. Box 60457 Harrisburg, PA 17106 Telephone: (717) 238-6570 About Riverview Land Company LLC Riverview Land Company LLC is a single asset real estate company. Riverview Land Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02962) on October 15, 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 Henry W. Van Eck handles the case. The Debtor is represented by Robert E. Chernicoff, Esq. of Cunningham and Chernicoff PC. ROBRAD TOOL: Hires Legion Financial LLC as Financial Analyst ------------------------------------------------------------ Robrad Tool & Engineering, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Legion Financial, LLC as the financial analyst. The firm's services include: a. reviewing and providing advice regarding the projections that are an exhibit to the Plan; b. providing expert advice and testimony regarding the feasibility of the Plan. The firm's hourly rates are: Don Hulke $425 Associates $215 to $255 Staff Employees $95 The counsel received an initial retainer in the amount of $5,000. Legion does not hold or represent an interest adverse to the estates with respect to the matters on which they are employed and is a disinterested person as that term is defined in 11 U.S.C. Sec. 101, and holds no interest adverse to the interests of the Bankruptcy Estate. The firm can be reached through: Don Hulke Legion Financial, LLC 3946 E. Glenrosa Ave Phoenix, AZ 85018 Phone: (602) 512-1770 Email: DHulke@Legion-Financial.com About Robrad Tool & Engineering, Inc. Robrad Tool & Engineering, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 2:25-bk-09862) on October 16, 2025. At the time of the filing, Debtor had estimated assets of between $500,001 to $1 million and liabilities of between $1,000,001 to $10 million. Judge Paul Sala oversees the case. Tiffany & Bosco, P.A. is Debtor's legal counsel. ROLLING HILLS: Hires DeMarco-Mitchell PLLC as Bankruptcy Counsel ---------------------------------------------------------------- Rolling Hills Food & Beverage Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire DeMarco-Mitchell, PLLC as counsel. The firm will render these services: a. take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; c. formulate, negotiate, and propose a plan of reorganization; and d. perform all other necessary legal services in connection with these proceedings. The firm's hourly rates are as follows: Robert DeMarco, Attorney $400 Michael Mitchell, Attorney $300 Barbara Drake, Paralegal $125 In addition, the firm will seek reimbursement for expenses incurred. The firm has been paid a retainer of $15,000. Robert DeMarco, Esq., a member of DeMarco-Mitchell, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert T. DeMarco, Esq. DeMarco-Mitchell PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 346-6791 Email: robert@demarcomitchell.com About Rolling Hills Food & Beverage Inc. Rolling Hills Food & Beverage, Inc., based in San Marcos, Texas, is a privately owned operator of bars and food services. The company focuses on offering a wide selection of alcoholic drinks and freshly prepared foods for customers to enjoy on-site. Rolling Hills Food & Beverage Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No.25-44129) on October 24, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Robert Thomas DeMarco, Esq. RUNITONETIME LLC: Gets Court Ok to Sell Colorado Casino for $25.5MM ------------------------------------------------------------------- Alex Wittenberg of Law360 reports that a Texas federal judge on Thursday, November 13, 2025, approved the Chapter 11 asset‑sale plan for Maverick Gaming, allowing the company to sell a Colorado casino for $25.5 million and several Washington card‑rooms, after previously receiving permission to offload additional gambling businesses. This ruling is part of Maverick’s broader restructuring path. The approval underscores the court's finding that the sale process was conducted in an arm's‑length manner, that the transactions represent fair value, and that they serve the best interests of the estate and creditors. With the Colorado and Washington deals now formally authorized, Maverick advances toward fulfilling its sale‑driven restructuring, according to Law360. With the sales approved, Maverick can apply the funds towards creditor claims and other restructuring obligations under its Chapter 11 plan. The court's endorsement of the transactions paves the way for further divestitures and marks a significant milestone in the company's attempt to reorganize its gaming portfolio, the report states. 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. S & L TRUCKING: Christopher Meredith Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Christopher Meredith of Copeland, Cook, Taylor & Bush, P.A. as Subchapter V trustee for S & L Trucking, LLC. Mr. Meredith will be paid an hourly fee of $325 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Meredith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher H. Meredith Copeland, Cook, Taylor & Bush, P.A 600 Concourse, Suite 200 1076 Highland Colony Parkway (Zip—39157) P.O. Box 6020 Ridgeland, MS 39158-6020 Telephone: (601) 856-7200 Facsimile: (601) 856-7626 Email: cmeredith@cctb.com About S & L Trucking LLC S & L Trucking, LLC is a Mississippi-based trucking firm specializing in general freight services. S & L Trucking filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13876) on November 12, 2025, with $500,001 to $1 million in assets and liabilities. Judge Jason D. Woodard presides over the case. Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC represents the Debtor as bankruptcy counsel. SALT LAKE: Seeks Approval to Tap Big Mountain CPA as Accountant --------------------------------------------------------------- Salt Lake Distillery, LLC, doing business as Dented Brick Distillery, seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Big Mountain CPA as accountant. The firm will render these services: (a) prepare and/or file on behalf of the Debtor any necessary financial records, tax returns, and other accounting documents as required by applicable bankruptcy or non-bankruptcy law, dictated by the demands of the case, or required by the Court, and to assist it in successfully reorganizing pursuant to the demands of this case; (b) advise and assist the Debtor in developing plans of reorganization, and take any necessary steps to obtain confirmation of, and to implement such a plan; (c) review, analyze, and advise the Debtor regarding profits, losses, financial status, tax status, etc.; and (d) perform all other necessary accounting services as may be prompted by the needs of the Debtor in its case. The firm will be paid at a total cost of tax preparation services for the 2025 fiscal year to be $7,500. Ashton Ferrin, a certified public accountant at Big Mountain, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ashton Ferrin, CPA Big Mountain CPA 601 E. Seltice Way Post Falls, ID 83854 Telephone: (208) 777-3151 About Salt Lake Distillery Salt Lake Distillery, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 25-23944) on July 10, 2025. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1 million to $10 million. Judge Peggy Hunt oversees the case. The Debtor tapped Rogers & Russell, PLLC as counsel and Big Mountain CPA as accountant. SEA LATCH INN: Foreclosure Auction Set for Dec. 2 ------------------------------------------------- Keenan Auction Company will hold a real estate foreclosure auction on Dec. 2, 2025, at 11:00 a.m., for the sale of Sea Latch Inn, an 82-room Ocean View Lodging Complex, located at 277 Long Beach Avenue, Maine. For the terms and a property information package visit https://KeenanAuction.com/ or call (207) 885-5100 and request by auction number 25-142, Richard J. Kennan. SHAW SERVICES: Seeks to Hire Butler Snow LLP as Special Counsel --------------------------------------------------------------- Shaw Services, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to employ Butler Snow LLP as special counsel. The firm will represent the Debtor in a lawsuit filed as a counterclaim against Conti Federal Services, LLC. Butler Snow will bill its standard hourly rates and will also seek reimbursement for reasonable out-of-pocket expenses incurred. As disclosed in the court filings, Butler Snow is a "disinterested person," as defined in section 101(14) of the Bankruptcy Code and as required by section 327(a) of the Bankruptcy Code. The firm can be reached through: Phil B. Abernethy, Esq, BUTLER SNOW LLP 1020 Highland Colony Parkway, Suite 1400 Ridgeland, MS 39157 Phone: (601) 985-4536 Fax: (601) 985-4500 Email: Phil.Abernethy@butlersnow.com About Shaw Services Shaw Services LLC is a family-owned commercial construction company specializing in concrete and site work across Mississippi, Alabama, and Tennessee. Founded in 1997, the firm is licensed and bonded, and also offers pressure washing and roof coating services. Shaw Services LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-11621) on May 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by J. Walter Newman, IV, Esq., at Newman & Newman. SIERRA NEVADA: Unsecureds to Split $180K over 60 Months ------------------------------------------------------- Sierra Nevada Builders, L.L.C., filed with the U.S. Bankruptcy Court for the District of Nevada a Plan of Reorganization for Small Business dated November 12, 2025. The Debtor is a Nevada limited liability company. Since 2016, the Debtor has been in the business of general contracting, specializing in patio covers, sun rooms, and decks. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $3,000.00 per month. The final Plan payment is expected to be paid on February 15, 2031. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately $0.38 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of non-priority unsecured creditors. Each holder of a Class 3 Allowed general unsecured, non-priority claim shall receive its pro rata share of the sum of $180,000.00 which shall be paid in installments of $3,000.00 starting in Month 1 after the Effective Date, and continuing each and every month thereafter (for a total of sixty monthly payments) until that total sum is paid, or such greater amount as the Court may require at the confirmation hearing on the Plan. Class 3 is impaired. Class 4 Equity Security Holders of the Debtor shall retain their interests in the Debtor, but shall receive no disbursement on account of such equity interest during the Plan Term. Class 4 is unimpaired and is deemed to have accepted the Plan. The Plan will be funded through cash flow from future operations of the Debtor's business, Debtor's projected budgets are based on historical financials and projected future revenues. A full-text copy of the Plan of Reorganization dated November 12, 2025 is available at https://urlcurt.com/u?l=Con8YE from PacerMonitor.com at no charge. Counsel to the Debtor: Stephen R. Harris, Esq. Harris Law Practice LLC 850 E. Patriot Blvd., Suite F Reno, NE 89511 Tel: (775) 786-7600 Fax: (775) 786-7764 Cell: (775) 690-9120 E-mail: steve@harrislawreno.com About Sierra Nevada Builders Sierra Nevada Builders, L.L.C., has been in the business of general contracting, specializing in patio covers, sun rooms, and decks. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-50741) on August 13, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Hilary L. Barnes presides over the case. Stephen R. Harris, Esq., at Harris Law Practice, LLC represents the Debtor as bankruptcy counsel. SK MOHAWK: S&P Downgrades ICR to 'SD' on Selective Default ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on SK Mohawk Holdings S.a.r.l. (SI Group) to 'SD' (selective default) from 'CCC'. S&P also lowered its issue-level ratings on the first-lien, second-out (FLSO) term loan to 'D' from 'CCC' and on the senior notes to 'D' from 'CC'. SI Group must make scheduled quarterly interest payments on its $1.4 billion first-lien, second-out (FLSO) term loan and its $33 million legacy senior notes. Interest on the term loan was due on Oct. 28, 2025, and is currently in the allowed grace period, while interest on the notes was due Nov. 17, 2025. In S&P's view, the company will not make interest payments during the grace periods on each of these instruments. S&P views this as a selective default by the company. It is S&P's understanding that the company, along with SK Capital and the lenders, is in advanced discussions on an agreement to restructure its balance sheet. However, this downgrade reflects our expectation that SI Group will not make the interest payments due on the FLSO term loan and legacy senior notes before the end of the stated grace periods under the credit agreement and indenture. SMITH MICRO: Raises $2.65MM via RDO, CEO Private Placement ---------------------------------------------------------- Smith Micro Software, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a securities purchase agreement (the "RDO Purchase Agreement") with certain institutional and accredited investors relating to the registered direct offering and sale of an aggregate of 1,714,373 shares of the Company's common stock, par value $0.001 per share at an offering price of $0.6708 per share of Common Stock. The shares of Common Stock were offered by the Company pursuant to a prospectus supplement dated November 5, 2025, and accompanying prospectus dated May 16, 2025, in connection with a takedown from the Company's shelf registration statement on Form S-3 (File No. 333-287029), which was declared effective by the Securities and Exchange Commission on May 16, 2025. Pursuant to the RDO Purchase Agreement, in a concurrent private placement, the Company also agreed to sell to the RDO Purchasers unregistered warrants to purchase up to an aggregate of 1,714,373 shares of Common Stock. Each unregistered Common Warrant has an exercise price of $0.6708 per share, is exercisable at any time beginning six months following their original issuance and will expire five years from the initial exercise date. Neither the Common Warrants nor the Common Warrant Shares have been registered under the Securities Act of 1933, as amended. The Common Warrants were, and Common Warrant Shares will be, issued without registration under the Securities Act, in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as transactions not involving a public offering and Rule 506 promulgated under the Securities Act as sales to accredited investors. Roth Capital Partners, LLC acted as the exclusive placement agent for the Offering and the concurrent private placement of Common Warrants pursuant to a placement agency agreement dated November 5, 2025, by and between the Company and the Placement Agent. The gross proceeds to the Company from the completed Offering were approximately $1.15 million, before deducting offering expenses payable by the Company. Private Placement Transaction: On November 5, 2025, the Company separately entered into a second securities purchase agreement (the "Private Placement Purchase Agreement") with the Company's Chief Executive Officer relating to a private placement transaction and sale of 2,236,136 unregistered shares of the Company's Common Stock at an offering price of $0.6708 per share of Common Stock and unregistered warrants to purchase up to an aggregate of 2,236,136 shares of Common Stock. Each unregistered Private Placement Common Warrant has an exercise price of $0.6708 per share, is exercisable following receipt of stockholder approval of the same, and will expire five years from the initial exercise date. Neither the Shares, Private Placement Common Warrants nor the Private Placement Common Warrant Shares have been registered under the Securities Act. The Shares and Private Placement Common Warrants were, and Private Placement Common Warrant Shares will be, issued without registration under the Securities Act, in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as transactions not involving a public offering and Rule 506 promulgated under the Securities Act as sales to accredited investors. The gross proceeds to the Company from the completed Private Placement were approximately $1.5 million, before deducting offering expenses payable by the Company. Closing of Transactions: The Company expects to use the net proceeds from the Offering and the Private Placement for working capital and general corporate purposes. The closing of the Offering and the Private Placement occurred on or about November 6, 2025. Each of the RDO Purchase Agreement and Private Placement Purchase Agreement contain representations, warranties and covenants made by the Company that are customary for transactions of this type. Under the terms of each of the Purchase Agreements, and subject to certain exceptions, the Company has agreed not to: (i) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock equivalents or (ii) subject to customary exceptions, file any registration statement or amendment or supplement thereto, for a period of 30 days following the closing of the Offering and the Private Placement, respectively. The Company has also agreed not to effect or enter into an agreement to effect any issuance of Common Stock or Common Stock equivalents involving a Variable Rate Transaction, as defined in each of the Purchase Agreements, for a period of three months following the closing of the Offering and the Private Placement, respectively. Further, pursuant to the Purchase Agreements, the Company agreed that, on or before the 60th day following the closing of each of the Offering and the Private Placement, the Company will file a registration statement with the SEC registering for resale the Shares, the Common Warrant Shares issuable upon exercise of the Common Warrants, and the Private Placement Common Warrant Shares issuable upon exercise of the Private Placement Common Warrants. The Company has further agreed that such registration statement will be declared effective by the SEC no later than one hundred 120 days following the closing of the Offering and the Private Placement. Pursuant to the Placement Agency Agreement, the Company has agreed to pay to the Placement Agent a cash fee equivalent to 6% of the gross proceeds raised in the Offering, excluding amounts invested by certain individuals or entities mutually agreed upon by the Company and the Placement Agent. The Company also agreed to reimburse the Placement Agent's expenses of up to $125,000, payable immediately upon the Closing of the Offering. A full-text copy of tthe RDO Purchase Agreement, the Private Placement Purchase Agreement and the Placement Agency Agreement are available at https://tinyurl.com/ytsfs7ny, https://tinyurl.com/4h48xcu9, and https://tinyurl.com/4by3t34p. About Smith Micro Smith Micro Software, Inc., headquartered in Pittsburgh, Pennsylvania, provides software solutions designed to enhance the mobile experience for wireless service providers globally. The Company's offerings include family safety software and visual voice messaging, targeting digital lifestyle services, online safety, automotive telematics, and consumer Internet of Things (IoT) applications. It focuses on leveraging technology and data analytics to meet customer needs and support connected lifestyles. In its audit report dated March 12, 2025, SingerLewak LLP issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and has projected future cash flow requirements to meet continuing operations in excess of current available cash. This raises substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $29.58 million in total assets, $7.17 million in total liabilities, and $22.41 million in total stockholders' equity. As of September 30, 2025, the Company had $21.13 million in total assets, $7.24 million in total liabilities, and $19.89 million in total stockholders' equity. SOLUNA HOLDINGS: Stockholders OK Increase in Authorized Shares -------------------------------------------------------------- Soluna Holdings, Inc. Company held the Special Meeting during which the Stockholders acted upon the following proposals: (1) the approval of the Proposal to Increase Authorized Shares and (2) the approval of the Adjournment Proposal. Proposal 1: Proposal to Increase Authorized Shares The proposal to approve an amendment to the Articles to increase the number of shares of Common Stock authorized for issuance thereunder from 75,000,000 shares to 375,000,000 shares was approved based upon the following votes: For: 33,582,731 Against: 4,101,988 Abstain: 197,071 Broker Non-Votes: N/A On November 7, 2025, the Company filed the Certificate of Amendment with the Secretary of State of the State of Nevada and such amendment became effective immediately. A full text of the Certificate of Amendment, is available at https://tinyurl.com/bdf3b296 Proposal 2: Adjournment Proposal The proposal to approve the adjournment of the Special Meeting, if necessary, if a quorum is present, to solicit additional proxies if there are not sufficient votes to approve the amendment to the Articles was approved based upon the following votes: For: 34,314,908 Against: 3,472,230 Abstain: 94,652 Broker Non-Votes: N/A About Soluna Holdings Headquartered in Albany, N.Y., Soluna Holdings, Inc. designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. The Company's modular data centers can be co-located with wind, solar, or hydroelectric power plants and support compute-intensive applications, including Bitcoin mining, generative AI, and scientific computing. This approach aids in energizing a greener grid while providing cost-effective and sustainable computing solutions. Albany, N.Y.-based UHY LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 31, 2025, attached in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company was in a net loss, has negative working capital, and has significant outstanding debt that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Soluna Holdings had $98.68 million in total assets, $48.74 million in total liabilities, and $49.93 million in total equity. SRX HEALTH: Sammy Dorf Joins Board of Directors ----------------------------------------------- SRx Health Solutions, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors appointed Sammy Dorf, Esq. as a director of the Company, effective immediately, to serve in such capacity until a successor has been elected and qualified, or until his resignation or removal. Mr. Dorf currently serves as the Executive Chairman of Flora Growth Corp. (NASDAQ: FLGC). Prior to joining Flora, Sammy was the Co-Founder and Chief Growth Officer of Verano Holdings, one of the most successful multi-state cannabis companies in the United States, from 2015 to 2021. At Verano, Mr. Dorf was instrumental in the company's evolution from a start-up into a national powerhouse known for its premium products, operational sophistication, and award-winning brands. To date, Mr. Dorf has successfully raised over $300 million in capital and secured 25+ licenses across 14 states. Beyond the cannabis sector, Sammy has also demonstrated deep expertise in cryptocurrency investments, treasury management, and alternative asset strategy, helping companies optimize liquidity, hedge exposure, and build resilient portfolios in emerging financial ecosystems. About SRx Health Solutions, Inc. SRx Health Solutions, Inc. formerly known as Better Choice Company Inc., -- https://srxhealth.com/ -- is an integrated Canadian healthcare services provider that operates within the specialty healthcare industry. The SRx network extends across all ten Canadian provinces, making it one of the most accessible providers of comprehensive, integrated, and customized specialty healthcare services in the country. SRx combines years of industry, knowledge, technology, and patient-centric focus to create strategies and solutions that consistently exceed client expectations and drive critical patient care initiatives aimed to improve the wellness of Canadians. Tampa, Fla.-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred significant losses and has an accumulated deficit and may need to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $33.99 million in total assets, $79.87 million in total liabilities, and $45.88 million in total stockholders' deficit. STEWARD HEALTH: Judge to Scrutinize $304MM Fee Requests ------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that the judge presiding over Steward Health Care System's bankruptcy said he will closely assess efforts to challenge $304 million in legal fees submitted by more than a dozen firms involved in the case. Several stakeholders have urged the court to reject the bills, arguing they are excessive. US Bankruptcy Judge Christopher M. Lopez made the remarks during a Tuesday, November 18, 2025, hearing, noting that Massachusetts and other opponents have raised significant concerns. He added that he has not yet had time to fully review the fee applications and therefore could not rule from the bench. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. SUMMIT HARD: Unsecureds Will Get 1.35% of Claims in Plan -------------------------------------------------------- Summit Hard Cider and Perry Company, LLC d/b/a filed with the U.S. Bankruptcy Court for the District of Colorado a Subchapter V Plan of Reorganization dated November 12, 2025. The Debtor's business is a limited winery which manufactures hard cider and taproom/bar with a restaurant. Debtor has been operating at its current location since 2013. The Debtor cans and kegs hard cider fermented on site and sells it to wholesale distributors in Colorado. Debtor employs approximately fifteen people, some of whom are part-time, and in 2024 generated $777,166.16 in annual sales. The business is in Old Town Fort Collins in a desirable area for retail traffic. The essence of the Plan, in cooperation with the creditors, is to generate more funds through operations than could ever be realized through closing of the business and selling its assets. The Debtor filed for protection under Subchapter V of Chapter 11 on August 12, 2025. It has continued operations on a restricted capacity basis and while it anticipates a cash loss during the month of August, a modest profit occurred in September and October of 2025. Class 4 consists of General Unsecured Claims. This Class is impaired. The remainder of Debtor's pre-petition debts are deemed unsecured, as there is no available collateral to which they attach. The bar date for filing Proofs of Claims has passed. To the extent a creditor timely filed a Proof of Claim to which Debtor does not successfully object, the amount of the Claim as filed in the Proof of Claim will be used for purposes of plan administration. Including scheduled claims, timely filed unscheduled claims, the unsecured portion of the SBA claim, unsecured Claims are calculated to be $ $2,553,481.15. Such claims shall share all remaining funds pro rata after payment of Class 1,2, and 3 claims. The estimated dividend to be shared pro-rata among all unsecured creditors who were scheduled or filed timely Claims is estimated to be $34,505.14, or 1.35% of such claims. Class 5 includes the Interests of the Debtor's equity security holders, which Interest is not impaired by the Plan. Upon confirmation of the Plan, the Equity Security Holders will retain their Interest in the Debtor. During the term of the plan, no distributions may be made on account of equity security interests except as necessary to offset incurred tax liability of the members for the profits of Debtor, and then only if all other obligations are current. Debtor may motion to permit an Equity Security Holder to provide an initial cash infusion to Debtor in the amount of $8,000, or less, for the purchase of inputs to boost production. The Debtor believes that the Plan, as proposed, is feasible. The funding for the Plan will come from the Debtor's operations, and projections are based upon current projections applied to historic levels of business. The Debtor's Projections show the Debtor's projected total gross revenue for the nearly six-year term of the Plan to be $6,867,476.37. The Projections show total Cost of Goods Sold for the term of the plan to be $1,842,940.21. The Projections show total expenses during that period of $4,770,939.19. Based upon the Projections, the Debtor's projected net income during the term of the Plan is $253,596 which is being dedicated to repayment of creditors under the Plan. A full-text copy of the Subchapter V Plan dated November 12, 2025 is available at https://urlcurt.com/u?l=meFqjz from PacerMonitor.com at no charge. Counsel to the Debtor: Payton L. Buhler, Esq. BELL GOULD LINDER & SCOTT, P.C. 318 East Oak Street Fort Collins, CO 80524 Telephone: (970) 493-8999 Facsimile: (970) 224-9188 E-mail: pbuhler@bell-law.com About Summit Hard Cider and Perry Company Summit Hard Cider and Perry Company LLC, operating in Fort Collins, Colorado, produces and sells craft hard ciders and perries, and operates a taproom and pub under the Scrumpy's brand, offering beverages and food to consumers. The Company also collects local fruit through a mobile juicing trailer to create both alcoholic and non-alcoholic drinks. Summit Hard Cider and Perry Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-15079) on August 13, 2025. In its petition, the Debtor reports total assets of $164,233 and total liabilities of $2,663,400. Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Payton L. Buhler, Esq., at Bell, Gould, Linder & Scott, P.C. SUNSET PALM: Plan Exclusivity Period Extended to January 13, 2026 ----------------------------------------------------------------- Judge Corali Lopez-Castro of the U.S. Bankruptcy Court for the Southern District of Florida extended Sunset Palm Villas Condominium Association Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 13, 2026 and January 13, 2026, respectively. In a court filing, the claims that it has been engaged in negotiations with the Debtor's purported largest creditor, Tyana Yelisa Melendez, who is the plaintiff in a lawsuit styled Tyana Yelisa Melendez as Personal Representative of the Estate of Jean Patrick Coriolan v. Sunset Palm Villas Condominium Association, Inc. et al. pending in the Circuit Court for the Eleventh Judicial Circuit, Miami-Dade County (the "Circuit Court Case"). The Debtor explains that the negotiations have included a day-long mediation and several follow-up calls with the mediator, Robert Furr, including a call that took place the day of the filing of this Motion. The parties have made significant progress but are hung up on a significant term that the parties have not been able to work around. The Debtor asserts that it is not asking for the requested extension for purposes of delay and has not been dilatory in prosecuting this Chapter 11 case. Since the parties attended mediation on September 22, 2025 they have had four or five additional calls with Mediator Furr, have researched issues that have arisen in this somewhat unique case involving a condominium association and have worked as best they can in order to attempt to reach a resolution. The Debtor further asserts that prior to filing this Motion, its counsel reached out to counsel for Melendez and inquired if there were any objections to the requested relief. Counsel for Melendez has not responded as of the filing of this Motion but the undersigned will continue to inquire. Sunset Palm Villas Condominium Association Inc. is represented by: Robert F. Reynolds, Esq. Law Offices of Robert Reynolds, P.A. 515 East Las Olas Blvd., Suite 850 Fort Lauderdale, FL 33301 Telephone: (954) 766-9928 Email: rreynolds@robertreynoldspa.com About Sunset Palm Villas Condominium Association Inc. Sunset Palm Villas Condominium Association Inc. oversees the management and maintenance of the Sunset Palm Villas residential complex located in Miami, Florida. The association handles property operations, common area upkeep, and enforces community regulations on behalf of unit owners. Sunset Palm Villas Condominium Association Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17036) on June 21, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtor tapped the Law Offices of Robert E. Reynolds, PA as counsel and Preferred Accounting Services, Inc. as auditor. SUPRA NATIONAL: Hires Levene Neale Bender as Bankruptcy Counsel --------------------------------------------------------------- Supra National Express, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Levene, Neale, Bender, Yoo & Golubchik L.L.P. as general bankruptcy counsel. The firm's services include: a. advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee as they pertain to the Debtor and interacting with and cooperating with any committee appointed in the Debtor's bankruptcy case; b. advising the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; c. representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; d. conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of LNBYG's expertise or which is beyond LNBYG's staffing capabilities; e. preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, lease pleadings, cash collateral pleadings, financing pleadings, and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; f. representing the Debtor with regard to obtaining use of debtor in possession financing and/or cash collateral including, but not limited to, negotiating and seeking Bankruptcy Court approval of any debtor in possession financing and/or cash collateral pleading or stipulation and preparing any pleadings relating to obtaining use of debtor in possession financing and/or cash collateral; g. assisting the Debtor in any asset sale process; h. assisting the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and i. performing any other services which may be appropriate in LNBYG's representation of the Debtor during its bankruptcy case. The firm will be paid at these hourly rates: David Neale, Attorney $750 Ron Bender, Attorney $750 Timothy Yoo, Attorney $750 David Golubchik, Attorney $750 Eve Karasik, Attorney $750 Gary Klausner, Attorney $750 Eric Israel, Attorney $750 Brad Krasnoff, Attorney $750 Edward Wolkowitz, Attorney $750 Beth Ann Young, Attorney $750 Monica Kim, Attorney $725 Philip Gasteier, Attorney $725 John Tedford, IV, Attorney $725 Daniel Reiss, Attorney $725 Todd Frealy, Attorney $725 Kurt Ramlo, Attorney $725 Richard Steelman, Jr., Attorney $725 Juliet Oh, Attorney $725 Todd Arnold, Attorney $725 Krikor Meshefejian, Attorney $725 John-Patrick Fritz, Attorney $725 Jeffrey Kwong, Attorney $725 Joseph Rothberg, Attorney $725 Michael D'Alba, Attorney $725 Carmela Pagay, Attorney $725 Anthony Friedman, Attorney $725 Lindsey Smith, Attorney $650 Robert Carrasco, Attorney $550 Paraprofessionals $300 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $51,738 from the Debtor. Mr. Arnold disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Todd M. Arnold, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Avenue, Los Angeles, CA 90034 Los Angeles, California 90067 Telephone No. (310) 229-1234 Telecopier No. (310) 229-1244 About Supra National Express Supra National Express provides logistics and transportation services, including drayage, warehousing, and international freight, operating primarily from Long Beach and Carson, California, near the Ports of Los Angeles and Long Beach. The Company maintains a fleet of specialized equipment and is licensed as a Non-Vessel Operating Common Carrier (NVOCC), offering technology solutions for transportation management. Supra National Express sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19576) on October 28, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Ron Bender, Esq. of LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. TALPHERA INC: Orin Hirschman, AIGH Capital Hold 9.7% Stake ---------------------------------------------------------- Orin Hirschman, AIGH Capital Management LLC, and AIGH Investment Partners, L.L.C., disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of September 30, 2025, they beneficially own 4,454,545 shares of common stock (with sole voting power and sole dispositive power over 4,454,545 shares; excludes 1,000,000 common shares issuable upon exercise of warrants and rights to purchase 5,454,545 common shares in a second close not currently exercisable or purchasable due to beneficial ownership limitations) of Talphera, Inc.'s Common Stock, $0.001 par value, representing 9.7% of the shares outstanding. Orin Hirschman, may be reached through: Orin Hirschman, Managing Member AIGH Capital Management LLC 6006 Berkeley Avenue Baltimore Md. 21209 A full-text copy of the SEC report is available at: https://tinyurl.com/4e5c49sc About Talphera Headquartered in San Mateo, California, Talphera, Inc. -- www.talphera.com -- is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings. Talphera's lead product candidate, Niyad, is a lyophilized formulation of nafamostat and is currently being studied under an investigational device exemption (IDE) as an anticoagulant for the extracorporeal circuit, and has received Breakthrough Device Designation status from the U.S. Food and Drug Administration (FDA). Walnut Creek, Calif.-based BPM LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring operating losses and negative cash flows from operating activities since inception and expects to continue to incur operating losses and negative cash flows in the future. These matters raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Talphera had $16.52 million in total assets, $9.89 million in total liabilities, and $6.63 million in total stockholders' equity. THERMOPRO INC: Court Extends Cash Collateral Access to Dec. 16 -------------------------------------------------------------- ThermoPro, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Georgia to use cash collateral. The court issued a third interim order authorizing the Debtor to use cash collateral from November 4 to December 16 in accordance with its budget. The Debtor projects total monthly operational expenses of $53,583. As adequate protection for any diminution in the value of their cash collateral, lenders were granted valid and properly perfected replacement liens on all property acquired by the Debtor after its Chapter 11 filing that is similar to their pre-bankruptcy collateral. The replacement liens granted to the lenders do not apply to any Chapter 5 avoidance actions. The lenders are Revenued, LLC, Unique Funding Solutions, LLC, Rapid Financial Services, LLC, Maison Capital Group, Inc., the U.S. Small Business Administration, and United Bank, successor-by-merger to The Piedmont Bank. As additional protection, United Bank will receive a monthly payment of $1,800 during the interim period. The final hearing is scheduled for December 16. The Debtor disclosed in court documents filed in April that the outstanding principal balance of its loan to United Bank was $236,000 while the outstanding principal balance of its loan to SBA was $205,000. Meanwhile, the total principal amount of the small business loans it obtained from the other lenders was $497,000. United Bank is represented by: Arthur A. Ebbs, Esq. Womble Bond Dickinson (US), LLP 1331 Spring Street NW, Suite 1400 Atlanta, GA 30309 Telephone: (404) 872-7000 arthur.ebbs@wbd-us.com About ThermoPro Inc. ThermoPro Inc., doing business as Prize Wheels R Fun, Games People Play, and The Golf Target, is a plastics thermoforming manufacturer based in the metro Atlanta, Georgia area, specializing in heavy gauge vacuum forming, pressure forming, drape forming, plastic fabrication, and secondary assembly. ThermoPro serves a wide range of industries, including office products, medical devices, recreational vehicles, kiosks, and more. Additionally, the Company offers design and development services to help clients create high-quality, engineered plastic parts. ThermoPro sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53612) on April 1, 2025, listing total assets of $2,127,245 and total liabilities of $1,634,653. Gary Murphey of Resurgence Financial Services, LLC serves as Subchapter V trustee. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Michael Pugh, Esq., at Thompson O'Brien Kappler & Nasuti, P.C. THRILL INTERMEDIATE: Hires Garman Turner Gordon as Legal Counsel ---------------------------------------------------------------- Thrill Intermediate LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Nevada to employ Garman Turner Gordon LLP as counsel. The firm will render these services: (a) prepare on behalf of Debtors, all necessary or appropriate legal papers in connection with the administration of their estates; (b) take all necessary or appropriate actions in connection with a plan or plans of reorganization and related disclosure statement(s) and all related documents, and such further actions as may be required in connection with the administration of Debtors' estates; (c) take all necessary actions to protect and preserve the estate of Debtors; and (d) perform all other necessary legal services in connection with the prosecution of Debtors' Chapter 11 cases. The firm will be paid at these hourly rates: Gregory Garman, Attorney $995 William Noall, Attorney $875 Talitha Gray Kozlowski, Attorney $685 Dylan Ciciliano, Attorney $550 Teresa Pilatowicz, Attorney $530 Mary Langsner, Attorney $430 Law Clerks, Paralegals, Paraprofessionals $100 - $375 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $446,665.57 from the Debtors. Mr. Garman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gregory Garman, Esq. Garman Turner Gordon LLP 7251 Amigo Street, Suite 210 Las Vegas, NV 89119 Telephone: (725) 777-3000 Facsimile: (725) 777-3112 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 and its affiliates 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, Thrill Intermediate disclosed 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 cases. The Debtors tapped Gregory E. Garman, Esq., at Garman Turner Gordon, LLP as counsel and Force Ten Partners, LLC as restructuring advisor. Stretto, Inc. is the Debtors' claims, noticing, and solicitation agent. THRILL INTERMEDIATE: Seeks to Hire Force Ten Partners as Advisor ---------------------------------------------------------------- Thrill Intermediate LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Nevada to employ Force Ten Partners, LLC as restructuring advisor. The firm will provide Jeremy Rosenthal as chief restructuring officer (CRO) and certain additional personnel to the Debtors. The CRO and additional personnel will provide these services: (a) prepare 13-week cash flow and variance reports; (b) support the modeling of various restructuring scenarios and long-term forecasts for the Debtors; (c) assist in negotiations with the Debtors' creditors and their efforts to manage assets and liabilities; (d) manage the restructuring affairs of the Debtors and provide periodic reports to the Board; (e) assist the Debtors and their professionals with executing their restructuring efforts; (f) evaluate and develop restructuring plans and other strategic alternatives for maximizing the value of the Debtors and their assets. The CRO, in coordination with its other professionals may recommend to the Board various plans and strategic alternatives, and upon receipt of the Board's approval of a proposed course of action, the CRO shall use commercially reasonable efforts to attempt to implement such course of action, subject, as applicable, to the approval of any court of competent jurisdiction; (g) assist in connection with motions, responses, or other court activity as directed by legal counsel; and (h) prepare and offer declarations, reports, depositions, and testimony. The firm will be paid at these hourly rates: Partners $890 - $1,000 Managing Directors $595 - $795 Directors $425 - $580 Analysts $340 - $400 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received a retainer in the amount of $495,103.84 from the Debtors. Mr. Rosenthal disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeremy Rosenthal Force Ten Partners, LLC 5271 California Suite 270 Irvine, CA 92617 Telephone: (949) 357-2360 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 and its affiliates 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, Thrill Intermediate disclosed 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 cases. The Debtors tapped Gregory E. Garman, Esq., at Garman Turner Gordon, LLP as counsel and Force Ten Partners, LLC as restructuring advisor. Stretto, Inc. is the Debtors' claims, noticing, and solicitation agent. TJ TRUCKING: Court Denies Bid to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Ohio, Western Division, issued an order denying TJ Trucking Enterprises, LLC's motion to use cash collateral as moot. The court had earlier confirmed the Debtor's Chapter 11 small business Subchapter V plan. About TJ Trucking Enterprises TJ Trucking Enterprises, LLC is a Toledo, Ohio-based freight trucking company operating a fleet of semi-trucks including Mack Anthems, Volvo VNL860s, and Freightliner Cascadias. TJ Trucking Enterprises sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-31433) on July 11, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. Judge John P. Gustafson handles the case. Eric R. Neuman, Esq., at Diller & Rice is the Debtor's legal counsel. Transportation Alliance Bank, as secured creditor, is represented by: John P. Murray, Esq. McGlinchey Stafford 3401 Tuttle Road, Suite 200 Cleveland, OH 44122 Phone: (216) 455-5073 Fax: (216) 803-8891 jmurray@mcglinchey.com TRUE LOUNGE: Unsecured Creditors Will Get 10% of Claims in Plan --------------------------------------------------------------- True Lounge, Inc., filed with the U.S. Bankruptcy Court for the District of New Jersey a Plan of Reorganization for Small Business dated November 12, 2025. The Debtor owns a multi-unit building in Newark consisting of a bar, a café, three apartments, and office space. The Debtor purchased the real estate located at 82-88 Orchard Street, Newark, NJ, 07102, in November, 2021. Renovations and improvements to the building were necessary. The Debtor began operating the bar in February, 2022 and by the summer of 2022, it was profitable. Unfortunately, the bar closed in September of 2022 and remained closed until the filing of the bankruptcy. The Plan relies heavily on the income that will be generated from the operation of the bar within its premises. The bar re-opened the first week in November, 2025. The Debtor believes it will generate sufficient income to resume making regular post-petition monthly mortgage payments by January, 2026, and to begin making payments toward the pre-petition arrears starting in April, 2026. The Debtor proposes to pay the Subchapter V Trustee's fee and costs within 30 days of the Order awarding his fees and costs. The Debtor proposes to pay its bankruptcy counsel, Gorski & Knowlton, PC, within three months of the Order awarding fees and costs. The Debtor proposes to pay the IRS priority claim of $1,400.00 in four payments commencing in April, 2026. The Debtor proposes to pay the US SBA the arrears on its secured claim in an amount to be determined commencing April, 2026. The Debtor proposes to pay its unsecured creditors 10% of their claims. The allowed unsecured claims total $35,248.85. The Debtor is in the process of retaining accountants. Once court approval to retain them has been obtained, the accountants will assist the Debtor in determining tge monthly amounts to be paid to the classes of creditors and preparing the projections needed. A full-text copy of the Plan of Reorganization dated November 12, 2025 is available at https://urlcurt.com/u?l=8161DG from PacerMonitor.com at no charge. Counsel to the Debtor: Carol L. Knowlton, Esq. GORSKI & KNOWLTON PC 311 Whitehorse Ave, Suite A Hamilton, NJ 08610 Tel: (609) 964-4000 Fax: (609) 528-0721 E-mail: cknowlton@gorskiknowlton.com About True Lounge, Inc. True Lounge, Inc., operates as a restaurant, bar, and lounge at 82-88 Orchard Street, Newark, New Jersey, offering live music, comedy, and entertainment events. True Lounge, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-18597) on August 15, 2025, listing $2,085,100 in assets and $1,811,117 in liabilities. The petition was signed by Catherine Spruill as president. Judge John K Sherwood presides over the case. Carol L. Knowlton, at Gorski And Knowlton PC, is the Debtor's counsel. TRUE MADE: Seeks to Hire Tyler Bartl & Ramsdell as Legal Counsel ---------------------------------------------------------------- True Made Foods, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Tyler, Bartl & Ramsdell, PLC as counsel. The firm will provide these services: (a) serve as general bankruptcy counsel; (b) assist with required schedules and related forms; (c) represent the Debtor at creditors' meetings; advise of its duties and responsibilities under the Bankruptcy Code; (d) assist in preparing monthly financial forms; (e) analyze cash flow and financial matters; (f) assist and advise the Debtor in connection with executory contracts; (g) draft documents to reflect agreements with creditors; (h) resolve motions for relief from stay and adequate protection; (i) negotiate for obtaining financing and use of cash collateral, as necessary; (j) determine whether reorganization, dismissal, or conversion is in the best interests of the Debtor and its creditors; (k) work with creditors' committee and other counsel, if any; (l) work on any disclosure statement and plan of reorganization; and (m) handle other matters that arise in the normal course of administration of this bankruptcy estate. Steven Ramsdell, Esq., the primary attorney in this representation, will be billed at his hourly rate of $490, while paralegal will be billed at $250. In addition, the firm will seek reimbursement for expenses incurred. Prepetition, the Debtor advanced a total of $31,738, including the filing fee of $1,738. Mr. Ramsdell disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Steven B. Ramsdell, Esq. Tyler, Bartl & Ramsdell, PLC 300 N. Washington St., Suite 310 Alexandria, VA 22314 Telephone: (703) 549-5003 About True Made Foods Inc. True Made Foods, Inc., a company based in Alexandria, Virginia, produces reduced-sugar and sugar-free condiments including ketchup, barbecue sauces, mustard, and hot sauces, using fruits and vegetables as natural sweeteners instead of refined sugar. It collaborates with culinary professionals, such as Pitmaster Ed Mitchell, to develop its barbecue sauces. True Made Foods sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-12269) on October 30, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Abraham Kamarck, chief executive officer of True Made Foods, signed the petition. Steven B. Ramsdell, Esq., at Tyler, Bartl & Ramsdell, PLC represents the Debtor as counsel. TURQUOISE LLC: Seeks to Hire CliftonLarsonAllen LLP as Accountant ----------------------------------------------------------------- Turquoise, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Iowa to employ CliftonLarsonAllen LLP as its accountant. The firm's services include: a. preparing tax returns as necessary as the case progresses; b. advising the Debtor-in-Possession of its tax and accounting obligations, duties, and responsibilities while in bankruptcy; c. accounting for the estate’s inventory and assembling books and records; and d. taking all other necessary action incident to the proper preservation and administration of this Chapter 11, Subchapter V bankruptcy. The firm's hourly rates are: Principals and Signing Directors $600 to $750 Managers and Directors $200 to $250 Senior Accountants $125 to $200 Brittney Fox, CPA, of CliftonLarsonAllen, assured the court that his firm does not hold or represent any interest adverse to the Debtor or the estate and is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Brittney Fox, CPA CLA Cedar Rapids 801 Grand Ave, Suite 3900 Des Moines, IA 50309 Telephone: (515) 222-4400 Facsimile: (515) 222-4444 About Turquoise LLC Turquoise LLC is a limited liability company. Turquoise LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Iowa Case No. 25-01112) on October 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Thad J. Collins handles the case. The Debtor is represented by Austin Peiffer, Esq. of Ag & Business Legal Strategies. UNIFIED SCIENCE: Seeks to Sell Pharmaceutical Equipment ------------------------------------------------------- Unified Science, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin, to sell Equipment, free and clear of liens, claims, interests, and encumbrances. The Debtor is the owner of various items of personal property described in the attached Exhibit A at https://urlcurt.com/u?l=WlC5Uj which are used in connection with its business activities. The Debtor wishes to dispose of all its personal property and believes Byline Bank has a properly perfected first position secured interest in the property. The attached Exhibit A is an appraisal of the equipment that was conducted on or near October 2024. Said appraisal provides for three values, Forced Liquidation Value, Orderly Liquidation Value, and Fair Market Value. The Debtor believes the values indicated are accurate values of the equipment. Because of the unique nature of the Debtor's business and the highly specific tools and equipment needed to complete the Debtor's primary business functions, the Debtor believes the most likely way to maximize any return on the sale of these assets is by way of utilizing the Debtor's contacts and knowledge within its industry to generate values as provided for in Exhibit A. Any sale of equipment as listed in Exhibit A would be sold for, not less than, the OLV as provided for in Exhibit A. The Debtor is proposing to negotiate directly with whom it believes would be likely interested parties in equipment of this kind. Byline's properly perfected security interest would likely mean all funds derived from the Sale, based on the OLV minimums, would be turned over to Byline and applied to the outstanding principal balance. The Debtor believes that by engaging in sale efforts itself and therefore avoiding any various sale commission fees, the Debtor asserts the proposed sale process that includes a price floor as to each piece of equipment is fair, reasonable and appropriate under the circumstances. By virtue of Byline's properly perfect security interest in the property to be sold, Byline shall be entitled to the proceeds from the sales to be applied to the current indebtedness owed by Debtor to Byline Any excess proceeds above and beyond the current indebtedness owed to Byline shall be held in the Swenson Law Group, LLC trust account until a liquidating Chapter 11 plan is confirmed. About Unified Science LLC Unified Science, LLC, doing business as United Science, provides services, consulting, and manufacturing for the pharmaceutical and nutraceutical industries. The company offers product development, process engineering, analytical development, and compliance services. It positions itself as a scientific partner supporting clients from development through to product launch. Unified Science sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-11162) on May 19, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Catherine J. Furay handles the case. The Debtor is represented by Evan M. Swenson, Esq., at Swenson Law Group, LLC. Byline Bank, as lender, is represented by Daniel J. Habeck, Esq., at Cramer Multhauf LLP, in Waukesha, Wisconsin. UNIFIED SCIENCE: Seeks to Tap Brookshire Co as Real Estate Broker ----------------------------------------------------------------- Unified Science, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to hire Brookshire Co. LLC as real estate broker. The firm will market and sell the Debtor's property located at 500 Simmon Drive, Osceola, WI 54020. The firm will receive a commission equal to 5 percent of purchase price, or a 6 percent commission for a cooperating broker. As disclosed in the court filings, Brookshire Co. is a "disinterested person" as the term is defined in 11 U.S.C. 101(14). The firm can be reached through: Gerald Norton Brookshire Co. LLC 860 Johnson Ferry Rd STE 140-314 Atlanta, GA 30342 About Unified Science LLC Unified Science LLC, doing business as United Science, provides services, consulting, and manufacturing for the pharmaceutical and nutraceutical industries. The company offers product development, process engineering, analytical development, and compliance services. It positions itself as a scientific partner supporting clients from development through to product launch. Unified Science sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-11162) on May 19, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Catherine J. Furay handles the case. The Debtor is represented by Evan M. Swenson, Esq., at Swenson Law Group, LLC. Byline Bank, as lender, is represented by Daniel J. Habeck, Esq. at Cramer Multhauf LLP. UNIQUE THIRD: Unsecured Creditors Will Get 2% of Claims in Plan --------------------------------------------------------------- Unique Third Avenue LLC, and affiliates filed with the U.S. Bankruptcy Court for the Southern District of New York a Joint Disclosure Statement describing Joint Plan of Reorganization dated November 13, 2025. The Debtors operate a small, community-based diagnostic imaging business in the South Bronx, providing services including X-ray, MRI, mammography, and related studies across several neighborhood locations. The Debtors are burdened by (i) historical secured debt sized for a pre2019 revenue model that no longer exists, (ii) legacy litigation pressure, and (iii) inefficient collections on high friction receivables. Those burdens have strangled liquidity and left the Debtors unable to continue ordinary debt service to Bank of America and other creditors despite continued clinical demand for their services. The Debtors' objective is to: (a) preserve and protect their Article 28 licensure and seek an additional "medical office" designation to expand reimbursable services; (b) continue emphasizing higher-yield, injury-related diagnostic work while still serving the community base; (c) improve collections discipline through earlier claims follow-up and dedicated recovery personnel; and (d) operate free of unsustainable legacy debt service and litigation overhang. Through their Chapter 11 plan, the Debtors intend to (i) preserve access to care for its underserved community, (ii) preserve jobs, (iii) deliver a sustainable payout structure to Bank of America and other creditors consistent with actual cash flow, and (iv) give the Debtors a path to operate as a stable, compliant diagnostic provider rather than a distressed borrower in a death spiral. On the Effective Date, the Debtors' cases will be deemed substantively consolidated in accordance with the terms of the Plan. As a result, the classes of Claims and Interests under the Plan are classes that pertain to each of the Debtors. Following the classes of claims, are descriptions of Administrative Claims, certain Priority Claims, and statutory fees of the United States Trustee that must be paid prior to on the Effective Date of the Plan. Class 15 consists of General Unsecured Claims. General Unsecured Claims Filed and scheduled Claims total $15,435,684.01. Each holder of a Class 15 Claim shall be paid its pro-rata share of a $308,713.68 distribution fund plus the proceeds of all avoidance actions. The Debtors project a minimum 2% distribution to Class 15 Creditors. Impaired and entitled to vote to accept or reject the Plan. Class 16 Interests will be paid nothing under the Plan but shall retain their Interests in exchange for contributing new value in Cash totaling $ 3,300,000 to fund the Plan. Payments under the Plan will be paid from the sale of assets, financing the Debtors' assets, new investor funding and or capital contributions by the Debtor’s beneficial owner(s). A full-text copy of the Joint Disclosure Statement dated November 13, 2025 is available at https://urlcurt.com/u?l=tFnCuC from PacerMonitor.com at no charge. The Debtors' Counsel: Mark Frankel, Esq. BACKENROTH FRANKEL & KRINSKY, LLP 488 Madison Avenue FL 23 New York NY 10022-7658 Tel: 212-593-1100 Email: mfrankel@bfklaw.com About Unique Third Avenue LLC Unique Third Avenue LLC and affiliates are a group of affiliated companies engaged in medical imaging and real estate operations in the Bronx, New York. The group includes Third Avenue Imaging LLC and Unique Imaging Services LLC, which operate diagnostic laboratories equipped with MRI, CT, mammography, and ultrasound systems; Distinguished Diagnostic Imaging, P.C., which provides outpatient radiology services across two accredited centers at Williamsbridge Road and East Fordham Road; and Unique Third Avenue LLC, which owns the real estate properties at 2772, 2774, and 2777 and 2781 Third Avenue that house the medical operations. Together, the companies maintain integrated clinical, equipment, and property assets under common beneficial ownership, offering comprehensive diagnostic imaging services to patients and referring physicians. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-12461) on November 4, 2025. Nick Lavrinoff, chief restructuring officer, signed the petition. Unique Third Avenue listed $3,261,747 in assets and $11,429,935 in liabilities. Third Avenue Imaging listed $2,182,240 in assets and $18,131,456 in liabilities. Unique Imaging Services listed $186,000 in assets and $13,458,726 in liabilities. Distinguished Diagnostic listed $187,369 in assets and $14,098,93 in liabilities. Judge John P. Mastando III presides over the case. Mark Frankel, Esq. at BACKENROTH FRANKEL & KRINSKY, LLP represents the Debtors as legal counsel. US MAGNESIUM: HireS InterNet Properties as Real Estate Broker ------------------------------------------------------------- US Magnesium LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire InterNet Properties, Inc. to serve as real estate broker in its Chapter 11 case. InterNet Properties, Inc. will provide these services: (a) marketing and disposition service related to the Property; (b) distributing information about the Property; (c) advertising the Property; and (d) placing signage on the Property. The Broker will be compensated pursuant to the Exclusive Marketing Agreement for Disposition of Real Property, which provides for a commission equal to 5 percent of the sale or exchange price, payable at closing or upon the exercise of any option to purchase the Property. InterNet Properties, Inc. 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: Michael A. Ferro, Broker InterNet Properties, Inc. 51 East 400 South, Suite 210 Salt Lake City, UT 84111 Telephone: (801) 355-0600 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. US MAGNESIUM: Taps Blank Rome as Special Insurance Recovery Counsel ------------------------------------------------------------------- US Magnesium, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Blank Rome LLP as special insurance recovery counsel. The firm will represent the Debtor in connection with the USM Coverage Claim as well as a related petition for permission to appeal commenced by Ace American Insurance Company filed on October 2, 2025 in the Pennsylvania Superior Court arising from the denial of Ace's motion to dismiss the USM Coverage Claim for forum non conveniens. The firm's counsel will be paid at these hourly rates: John Gibbons, Partner $1,205 Jason Snyderman, Partner $1,015 Jason Frye, Of Counsel $915 Andrew Martin, Associate $675 Asia Livingstone, Associate $670 In addition, the firm will seek reimbursement for expenses incurred. Blank Rome has incurred fees totaling approximately $55,000 from the Petition Date through October 28, 2025. Mr. Gibbons disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John Gibbons Blank Rome LLP 405 Lexington Avenue New York, NY 10174 Telephone: (212) 885-5000 Facsimile: (212) 885-5001 About US Magnesium US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. VALLEY JUICE: Seeks to Hire eXp Commercial as Business Broker ------------------------------------------------------------- Valley Juice, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ eXp Commercial, LLC as business broker. The firm will help the Debtor navigate the sale of the franchise businesses through its expert guidance which will include the valuation of the Jamba Juice franchises to establish fair market price and allow the Debtor to make a formal decision on any purchase price. The firm will receive a 10 percent commission of the total purchase price, or a minimum of $30,000 upon the disposition or transfer of the Jamba Juice franchises. Sam Griffin, a member at eXp Commercial, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sam Griffin eXp Commercial, LLC 2219 Rimland Drive, Ste. 301 Bellingham, WA 98226 About Valley Juice LLC Valley Juice, LLC operates quick-service restaurants under the Jamba brand, offering smoothies, juices, and related food products in the San Francisco Bay Area. It manages franchise locations that provide blended fruit and vegetable beverages, energy bowls, and snacks to retail consumers. Valley Juice sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41876) on October 8, 2025. In its petition, the Debtor reported total assets of $639,209 and total liabilities of $24,977,816. Honorable Bankruptcy Judge William J. Lafferty handles the case. The Debtor is represented by Chris Kuhner, Esq., at Kornfield, Nyberg, Bendes, Kuhner & Little, PC. VENETIAN NAIL: Unsecured Creditors to Split $15K over 60 Months --------------------------------------------------------------- Venetian Nail Spa MMP, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization dated November 13, 2025. The Debtor has been in business for over 10 years, providing professional manicure and pedicure services for the community. Since entering the Chapter 11, the Debtor has continued operations with the goal of stabilizing sales, reducing expenses, and positioning the business for longterm viability. The projections show that the Debtor will have sufficient projected disposable income to make all payments under the plan. The final plan payment is expected to be paid on or before the expiration of 60 months from the effective date. The Debtor reserves the right to amend this plan to the extent necessary. This Plan proposes to pay Allowed Claims no less than the value of VS Brooks's Projected Net Disposable Income for a period of 60 months. The Plan provides for 4 Classes of creditor claims (including priority, secured, and unsecured) and one Class of Equity interests. Class 3 consists of Allowed General Unsecured Claims. Allowed Class 3 Claims will receive pro rata payments of $1,500 every six months starting on the Effective Date for a total payout to Class 3 in the amount of $15,000.00. Class 3 is Impaired and entitled to vote. Class 4 consists of Equity Interests of Harry Nguyen and Toi Nguyen. On the Effective Date, the Equity Interests will be retained in the same amounts and character as they were held prior to the Petition. Class 4 is deemed to accept and not entitled to vote. The Plan proposes to pay Allowed Claims to be paid under the Plan from Projected Net Disposable Income. The term "Debtor's Projected Net Disposable Income" has the meaning ascribed to the term under Section 1191(d) of the Bankruptcy Code. The Debtor has committed more than 100% of its Projected Net Disposable Income for a period of 60 months. A full-text copy of the Plan of Reorganization dated November 13, 2025 is available at https://urlcurt.com/u?l=e47Ur1 from PacerMonitor.com at no charge. Counsel to the Debtor: Aubrey Rudd, Esq. Aubrey Rudd Law 100 Edgewater Drive, Suite 312 Miami, FL 33133 Tel: (305) 310-3871 Email: aubreyruddlaw@gmail.com About Venetian Nail Spa MMP, LLC Venetian Nail Spa MMP, LLC is a nail salon operating in Miami, Florida. It offers nail care services including manicures, pedicures, and related spa treatments to customers in the Miami area. Venetian sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19379) on August 13, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by Aubrey Rudd, Esq. VERNA ERICA: Brian Shapiro Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 17 appointed Brian Shapiro as Subchapter V trustee for The Verna Erica Family of Longmore Estate. Mr. Shapiro will be paid an hourly fee of $650 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Shapiro declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Brian Shapiro 510 S. 8th Street Las Vegas, NV 89101 Phone: (702) 386-8600 Email: brian@trusteeshapiro.com About The Verna Erica Family of Longmore Estate The Verna Erica Family of Longmore Estate filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-16840) on November 13, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Natalie M. Cox presides over the case. VIC ON ROW PARK: Secured Party Seeks Dec. 2 Auction --------------------------------------------------- Graystreet/Kem Exchange, LLC, will sell at public auction all limited liability company interests held by The Vic on Park Row Holdings, LLC, in The Vic on Park Row, LLC. The Equity Interests secure indebtedness owing by the Pledgor to Secured Party in a principal amount of not less than $6,000,000, plus advances to pay sums owed on the Senior Loan, unpaid interest, attorneys' fees and other charges, including the costs to sell the Equity Interests. Secured Party's understanding is that the principal asset of the Pledged Entity is the real property located at 18210 Park Row Boulevard, in Houston, Texas. The public sale will be held on Dec. 2, 2025, on the steps of the New York Supreme Court in New York City at 3:00 p.m. EST. Parties interested in bidding must contact Joseph Lubertazzi, Jr., at jlubertazzi@mccarter.com VIEWBIX INC: Sells 100% of Cortex Media to Pro Sportority --------------------------------------------------------- Viewbix Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 9, 2025, Gix Media Ltd., a wholly owned subsidiary of the Company, Cortex Media Group Ltd., a majority-owned subsidiary of Gix Media, and certain founders of Cortex entered into a Share Purchase Agreement with Pro Sportority (Israel) Ltd.), a subsidiary of Minute Media Inc. Pursuant to the Purchase Agreement, the Purchaser agreed to acquire from Gix Media all of the issued and outstanding share capital of Cortex held by Gix Media, constituting 80% of Cortex's issued and outstanding share capital, and, together with similar agreements entered into with the other shareholders of Cortex and the cancellation of all outstanding options, warrants, and other convertible securities of the Cortex, will result in the Purchaser owning 100% of Cortex's issued and outstanding share capital on a fully diluted basis. The Acquisition was signed and closed on November 9, 2025. As a result, Cortex became a wholly-owned subsidiary of Pro Sportority (Israel) Ltd. The aggregate consideration payable to Gix Media is $800,000, consisting of: (i) $200,000 in cash, and (ii) $600,000 in the form of 5,161 newly issued Preferred J Shares of the Parent, the most senior class of preferred shares of the Parent. The consideration is subject to customary tax withholding provisions and delivery mechanics as set forth in the Purchase Agreement. The Parent retains a call option to repurchase the Parent Shares from Gix Media under certain conditions, including insolvency or a change of control of Gix Media. The Purchase Agreement contains representations, warranties, indemnification and other provisions customary for transactions of this nature. In addition, Gix Media is subject to a two-year non-compete and non-solicitation covenant following the Closing. About Viewbix Headquartered in Ramat Gan, Israel, Viewbix and its subsidiaries, Gix Media and Cortex Media Group Ltd., operate in the field of digital advertising. The Group has two main activities that are reported as separate operating segments: the search segment and the digital content segment. The search segment develops a variety of technological software solutions, which perform automation, optimization, and monetization of internet campaigns, for the purposes of obtaining and routing internet user traffic to its customers. The search segment activity is conducted by Gix Media. The digital content segment is engaged in the creation and editing of content, in different languages, for different target audiences, for the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple, by utilizing such content to obtain and route internet user traffic for its customers. The digital content segment activity is conducted by Cortex. Tel Aviv, Israel-based Brightman Almagor Zohar & Co., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 21, 2025, citing that the decrease in revenues and cash flows from operations may result in the Company's inability to repay its debt obligations during the 12-month period following the issuance date of these financial statements. These conditions raise a substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, Viewbix had $22.1 million in total assets against $14.8 million in total liabilities. VILLA CHARDONNAY: Hires Totaro & Shanahan as Insolvency Counsel --------------------------------------------------------------- Villa Chardonnay Horses With Wings Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of California to hire Totaro & Shanahan, LLP as general insolvency counsel. The firm's services include: (a) counsel the Debtor through meetings and phone calls, discussions concerning the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Bankruptcy Rules, and the United States Trustee Guidelines; (b) document preparation or amendments concerning the petition and schedules, status reports, review and consultation concerning Monthly Operating Reports, and personal attendance at all hearings; (c) consult with the Debtor's representative concerning documents needed and reports to be prepared and consultation with real estate counsel re title and other issues; (d) assist the Debtor in preparation of documents for compliance with the requirements of the Office of the United States Trustee; (e) negotiate with secured and unsecured creditors regarding the amount and payment of their claims; (f) discuss with the Debtor's representative concerning the Disclosure Statement and plan of reorganization; (g) prepare the Disclosure Statement and Chapter 11 Plan of Reorganization and any amendments/changes to the same unless filed as a Sub-V case which does not require a disclosure statement; (h) submit ballots to creditors, tally of ballots and submission to the court; (i) response to any objections to disclosure statement and/or plan; (j) negotiate with creditors as to values, etc. and the plan of reorganization; and (k) response to any motions for relief from stay, motions to dismiss or any other motions or contested matters. The firm will be paid at these hourly rates: Attorney $650 Paralegal $150 The firm has agreed not to take a retainer for post-petition work and the Debtor has paid $2,000 toward the filing fee and miscellaneous fees. Michael Totaro, Esq., an attorney at Totaro & Shanahan, disclosed in a court filing the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael R. Totaro, Esq. Totaro & Shanahan, LLP P.O. Box 789 Pacific Palisades, CA 90272 Telephone: (310) 804-2107 Email: Ocbkatty@aol.com About Villa Chardonnay Horses With Wings Inc. Villa Chardonnay Horses With Wings Inc., based in Julian, California, operates as a nonprofit animal sanctuary providing care for rescued horses, cats, dogs, goats, and other animals, with a focus on senior and special-needs animals. The organization maintains a large, peaceful environment for these animals and relies on donations and volunteer support to sustain its operations. It is classified within the animal welfare and rescue sector. Villa Chardonnay Horses With Wings Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-03692) on September 1, 2025. In its petition, the Debtor reports total assets of $3,978,280 and total liabilities of $7,073,342. The Debtor is represented by Michael R. Totaro, Esq. at TOTARO & SHANAHAN, LLP. VIVAKOR INC: Appoints Kimberly Hawley as Company Secretary ---------------------------------------------------------- Vivakor, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that its Board of Directors appointed Kimberly Hawley as the Company's Secretary, effective November 10, 2025. Ms. Hawley is currently the Company's Executive Vice President and Chief Financial Officer. Kimberly Hawley, Executive Vice President, Chief Financial Officer, Treasurer and Secretary Ms. Kimberly Hawley was hired as Executive Vice President, Chief Financial Officer, and Treasurer of Vivakor, Inc. and Vivakor Administration, LLC on July 24, 2025, and was appointed as the Secretary on November 7, 2025. Prior to joining the Company, Ms. Hawley served as the Chief Financial Officer of Empire Diversified Energy, Inc. from February 2022 until July 24, 2025. In that role, she oversaw the financial operations of the Company's seven subsidiaries. In addition, she led financial strategy, capital structure and funding initiatives for major infrastructure and site development projects, securing over $120 million in long term debt financing. Prior to joining Empire Diversified Energy, Ms. Hawley was a Certified Public Account with Personal Management Consultants from October 2018 to January 2022, where she provided comprehensive financial management services, including strategic planning, tax forecasting, and coordination with key financial and legal advisors. Ms. Hawley received her Bachelor of Business Administration from Loyola University of Chicago, and her Master of Business Administration from Pepperdine University. Ms. Hawley is a Certified Public Accountant (CPA) in California. The Board believes that Ms. Hawley's compiling and preparing accurate financial statements for complex entities, as well as her extensive knowledge with financing transactions makes her ideally qualified to help lead the Company and Vivakor towards continued growth and success as the Company and Vivakor's Chief Financial Officer. Family Relationships & Related Party Transactions: Ms. Hawley does not have a family relationship with any of the current officers or directors of Vivakor, and there are no related party transactions involving Ms. Hawley. About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of the financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. VIVAKOR INC: Former EVP Knapp Exits With $200K Cash and $100K Stock ------------------------------------------------------------------- Vivakor, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 10, 2025, it entered into a Transition Agreement with Patrick Knapp, former Executive Vice President, General Counsel and Secretary, related to Knapp's resignation from all positions he holds with the Company. Knapp resigned from his positions of Executive Vice President, General Counsel and Secretary, effective November 10, 2025. The Company is not aware of any disagreements with the Company. Under the terms of the Transition Agreement Vivakor is obligated to pay Knapp as full satisfaction of all alleged wages owed, bonuses, severance, unpaid benefits, etc. and any alleged non-wage damages: (i) $50,000 on the Effective Date, (ii) $50,000 on or before December 31, 2025, and (iii) $100,000 worth of the Company's common stock within three trading days from the date of the Transition Agreement, which shares will be priced per share based on the average closing price for the three prior exchange-traded days. If requested by Knapp, Vivakor is obligated to issue Knapp additional shares of common stock until Knapp receives $100,000 from the sale of the common stock if he does not receive that amount from the sale of the initial shares. The shares will be issued unrestricted under Vivakor's 2023 Equity Incentive Plan as registered on a Form S-8 Registration Statement. A full-text copy of the Transition Agreement is available at https://tinyurl.com/y5pneduu About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of the financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. VIVAKOR INC: JJ Astor Converts $300,000 Note into 3.87MM Shares --------------------------------------------------------------- Vivakor, Inc., on November 7 and 10, 2025, received Notices of Conversion from lender J.J. Astor & Co., each converting $150,000 of the Principal Amount of the Initial Note into 2,043,597 shares and 1,827,040 shares of the Company's common stock, respectively. Vivakor issued on March 17, 2025, a junior secured convertible promissory note to J.J. Astor & Co., in the principal amount of $6,625,000, in relation to a Loan and Security Agreement by and between the Company, its subsidiaries, and the Lender. The Company received $5,000,000, before fees. The Company received the funds on March 18, 2025. Pursuant to the terms of the Initial Note and the Notices of Conversion, the Company issued the Shares. The Shares were issued without a Rule 144 restrictive legend pursuant to a legal opinion received by the Company and its transfer agent. The issuance of the foregoing securities was exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holder is an accredited investor and familiar with the Company's operations. About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of the financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. VIVAKOR INC: Settles Ex-CFO Nelson's Wage Lawsuit for $2MM ---------------------------------------------------------- Vivakor, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company on November 5, 2025, entered into a Settlement Agreement with Tyler Nelson, in order to settle claims made by Nelson that he was not paid for work performed for Vivakor, which claims formed the basis of a lawsuit entitled Tyler Nelson v. Vivakor, Inc., et al., Case No. 30-2025-01503021-CU-OE-CJC (Sup. Ct. Orange Cty., Cal.--Aug. 11, 2025). Under the terms of the Settlement Agreement Vivakor is obligated to pay Nelson as full satisfaction of all alleged wage losses and alleged non-wage damages: (i) $250,000 on or before November 5, 2026, (ii) $100,000 within 30 days from the date of the Settlement Agreement, (iii) $100,000 within 60 days from the date of the Settlement Agreement, and (iv) $1,550,000 within 90 days from the date of the Settlement Agreement. Vivakor paid Mr. Nelson the initial $250,000 payment. Mr. Nelson was formerly Vivakor's Chief Financial Officer and a Director. As a result of the Settlement Agreement, all dates and deadlines related to the Lawsuit have been taken off calendar by the Court, which will retain jurisdiction of the Lawsuit through the final payment of the Settlement Agreement consideration. A full-text copy of the Settlement Agreement is available at https://tinyurl.com/yfr23hxu About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of the financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. VOLKE GROUP: Seeks to Hire Zalutsky and Pinski as Attorney ---------------------------------------------------------- Volke Group Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Zalutsky and Pinski, Ltd as attorneys. The firm will represent the Debtor in matters concerning negotiation with creditors, preparation of a plan and disclosure statement, examining and resolving claims filed against the estate, preparation and prosecution of adversary matters, and otherwise to represent each Debtor in matters before this Court. The normal billing rate for attorneys Alexander B. Tynkov, and Thomas P. Twomey of Zalutsky and Pinski, Ltd. for this matter is $425 per hour. An initial retainer was paid in the amount of $10,000 of which $5,000 was paid to the co-counsel. Alexander Tynkov, Esq., a partner at Zalutsky & Pinski, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Alexander Tynkov, Esq. Zalutsky & Pinski, Ltd. 111 W. Washington, Suite 1550 Chicago, IL 60602 Phone: (312) 782-9792 Fax: (312) 782-0483 Email: ecf@zaplawfirm.com About Volke Group Inc. Volke Group Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-14863) on September 26, 2025, with $100,001 to $500,000 in assets and $50,001 to $100,000 in liabilities. Judge Janet S. Baer presides over the case. Paul M. Bach, Esq., at Bach Law Offices and Alexander Tynkov, Esq., at Zalutsky & Pinski, Ltd. represent the Debtor as bankruptcy counsel. VON ROHR: Seeks to Hire McManimon Scotland & Baumann as Counsel --------------------------------------------------------------- Von Rohr Equipment Corp. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ McManimon, Scotland & Baumann, LLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its power, duties, and responsibilities in the continued management of its financial affairs; (b) advise the Debtor with respect to preparing and obtaining approval of a disclosure statement and plan of reorganization; (c) prepare on behalf of the Debtor necessary legal documents; (d) appear before this Court and other officials and tribunals, if necessary, and protect the interests of the Debtor in federal, state, and foreign jurisdictions and administrative proceedings; (e) negotiate and prepare documents relating to the use, reorganization, and disposition of assets as requested by the Debtor; (f) negotiate and formulate a disclosure statement and plan of reorganization; (g) advise the Debtor concerning the administration of its estate; and (h) perform such other legal services for the Debtor as may be necessary and appropriate herein. The firm will be paid at thee hourly rates: Anthony Sodono III, Member $725 Sari Placona, Partner $525 John Stern, Associate $300 Partners $350 - $695 Associates $220 - $350 Law Clerks $150 - $175 Paralegals and Support Staff $175 - $275 In addition, the firm will seek reimbursement for expenses incurred. Mr. Sodono disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Anthony Sodono, III, Esq. McManimon, Scotland & Baumann, LLC 75 Livingston Avenue, Suite 201 Roseland, NJ 07068 Telephone: (973) 622-1800 Email: asodono@msbnj.com About Von Rohr Equipment Von Rohr Equipment Corp. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-21662) on October 31, 2025, with up to $50 million in estimated assets and up to $10 million in estimated liabilities. Judge Stacey L. Meisel presides over the case. Anthony Sodono III, Esq., at McManimon, Scotland & Baumann, LLC represents the Debtor as counsel. VP DIRECT: Neema Varghese Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 11 appointed Neema Varghese of NV Consulting Services as Subchapter V trustee for VP Direct, Inc. Ms. Varghese will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Varghese declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Neema T. Varghese NV Consulting Services 701 Potomac, Ste. 100 Naperville, IL 60565 Tel: (630) 697-4402 Email: nvarghese@nvconsultingservices.com About VP Direct Inc. VP Direct, Inc. operates as a transportation and logistics company based in Schaumburg, Illinois, managing a fleet of heavy-duty trucks and trailers for freight hauling and related services. VP Direct filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-17208) on November 6, 2025, with $313,750 in assets and $1,066,418 in liabilities. Pancho Futekov, president of VP Direct, signed the petition. Judge David D. Cleary presides over the case. David Freydin, Esq., at the Law Offices of David Freydin represents the Debtor as bankruptcy counsel. WEATHERMASTER ROOFING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- Weathermaster Roofing Co. received another extension from the U.S. Bankruptcy Court for the Northern District of New York to use cash collateral for payroll and operational expenses. The court issued a third interim order authorizing the Debtor to use cash collateral in line with its budget until the next hearing set for December 2. The court recognized the continuing validity and perfection of liens held by M&T Bank and other secured creditors, granting them the same post-petition status and protection as existed pre-bankruptcy. Additionally, the Debtor was ordered to make monthly payments of $500 to fund an escrow for Subchapter V trustee fees. A further hearing is scheduled for December 2. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/7UC0L from PacerMonitor.com. Based on a UCC search, there are four UCC financing statements that have been filed by these creditors against cash collateral assets of the Debtor: M&T Bank, Moby Capital and the U.S. Small Business Administration. To the extent that these liens and security interests are properly perfected, all of the Debtor's cash on hand and to be collected from its customers may constitute proceeds of the collateral and, therefore, may be deemed to be cash collateral. M&T Bank is represented by: Marjorie A. Bialy, Esq. One M&T Plaza, 8th Floor Buffalo, NY 14203 Phone: (716) 842-2301 Fax: (716) 842-5376 mbialy@mtb.com About Weathermaster Roofing Co. Inc. Weathermaster Roofing Co. Inc., established in 1984, provides commercial and institutional roofing installation and architectural sheet metal services, operating in the Southern Tier region of New York. The Company specializes in single ply systems, modified bitumen systems, and specialty roofing systems. It is licensed, bonded, and carries full liability and workers' compensation insurance. Weathermaster Roofing Co. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60824) on September 12, 2025, listing total assets of $1,704,705 and total liabilities of $2,597,003. Mark Schlant, Esq., at Zdarsky, Sawicki & Agostinelli, LLP serves as Subchapter V trustee. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Peter A. Orville, Esq., at Orville & McDonald Law, P.C. WELCOME GROUP: Court OKs Examiner's Scope of Work ------------------------------------------------- A U.S. bankruptcy court approved the proposed scope of work for the examiner in Welcome Group 2, LLC' Chapter 11 case. The U.S. Bankruptcy Court for the Southern District of Ohio on November 12 approved the examiner's scope of work proposed by the U.S. Trustee for Region 9, the bankruptcy watchdog overseeing the case. In its order, the court directed the examiner Patricia Fugee to investigate the books and records of the company and its affiliates from January 1, 2022, to the present. If the examiner deems it necessary, she may review books and records back to September 1, 2019, without further court order. These files must be accessible within 30 days of November 12, according to the court order. The initial examination's cost must not exceed $40,000 (excluding fees incurred prior to the court order), subject to review and approval on application from the examiner. The order is available at https://is.gd/GYvvgj from PacerMonitor.com. Ms. Fugee was appointed as examiner on April 10 following request from RSS WFCM2019-C50-OH WG2, LLC to investigate pre-bankruptcy transfers to affiliates or insiders of funds loaned by the creditor; and to identify deals that might support Welcome Group 2's claims or causes of action as a result of such deals. About Welcome Group 2 Welcome Group 2, LLC, Hilliard Hotels, LLC and Dayton Hotels, LLC own hotels and are headquartered at 5955 E. Dublin Granville Road, New Albany, Ohio. Debtor Hilliard Hotels owns the Hampton Inn-Sidney, a Hilton property. Welcome Group 2 and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 23-53043) on Sept. 1, 2023. At the time of the filing, Welcome Group 2 listed between $1 million and $10 million in assets and liabilities. Judge Mina Nami Khorrami oversees the cases. The Debtors tapped Denis E. Blasius, Esq., at Thomsen Law Group, LLC, as bankruptcy counsel and Contemporary Business Solutions, Inc. as accountant. On April 10, 2025, the court approved the appointment of Patricia B. Fugee as Chapter 11 examiner in the Debtor's cases. WELLPATH HOLDINGS: H.I.G. Wins Bid to Enforce Release Orders ------------------------------------------------------------ Judge Alfredo R. Perez of the United States Bankrutptcy Court for the Southern District of Texas granted H.I.G. Capital, LLC's motion to enforce the confirmation and release orders in the bankruptcy case of Wellpath SF HoldCo, LLC. Putative Creditors Estate of Carl Martin, Belynn Guerrero, Terry Martin, and Estate of Archuleta, Shelly Romero, and Stuart Patrick McLaney -- the "Colorado Plaintiffs" -- each have pending lawsuits against both Wellpath and H.I.G. Capital, LLC, Wellpath's parent company, in the United States District Court for the District of Colorado. Putative Creditor Russell Fincham, IV has a pending lawsuit against both Wellpath and HIG in the United States District Court for the Western District of North Carolina. The Colorado Plaintiffs' lawsuits are based on allegations that various Debtor and non-debtor entities, including HIG, engaged in conduct at the Adams County Detention Facility and El Paso County Criminal Justice Center that lead to the deaths and/or injuries of the three individuals at issue in the Colorado Plaintiffs' cases in violation of the U.S. Constitution and Colorado state law. Mr. Fincham's lawsuit is based on analogous allegations that HIG, among others, engaged in conduct at the Mecklenburg County Detention Facility that lead to the death of Mr. Fincham in violation of U.S. Constitution. All conduct in the Colorado Plaintiffs' lawsuits and Mr. Fincham's lawsuit is alleged to have occurred prior to the Debtors' petition date. On May 1, 2025, the Bankruptcy Court entered the Order (I) Authorizing and Approving the Settlement Agreement with H.I.G. Capital, LLC Under Bankruptcy Rule 9019, and (II) Granting Related Relief. Under the HIG Settlement Order, in exchange for, inter alia, a $3,000,000 cash payment and additional value of as much as $22,050,000, the Debtors' Estates, including the Estate of Wellpath, released HIG and its affiliates of any and all claims (with the exception of carved out directors' and officers' liability claims) they might assert against HIG. Also on May 1, 2025, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order (I) Confirming the First Amended Joint Chapter 11 Plan of Reorganization of Wellpath Holdings, Inc. and Certain of Its Debtor Affiliates and (II) Approving the Disclosure Statement on a Final Basis. Under the Plan Confirmation, the Debtors fully released all indirect derivative claims against certain released parties, including against HIG and its affiliates. After the Court entered the Plan Confirmation and the stay was lifted, each of the Colorado Plaintiffs sought to proceed against nondebtor defendants, including HIG, in their respective District Court cases. After conferral with counsel for HIG, the Colorado Plaintiffs filed amended complaints, removing any claims based on indirect liability, agreeing that such claims were property of the Debtors' Estate and were therefore released under the HIG Settlement Order and Plan Confirmation (the "Release Orders"). Each of the Colorado Amended Complaints plead causes of action against HIG for deliberately indifferent medical and mental health care and treatment in violation of 42 U.S.C. Sec. 1983, negligence, and negligent supervision and training causing wrongful death, in violation of Colorado state law The Colorado Plaintiffs currently characterize these causes of action as direct liability claims against HIG, based on HIG's alleged involvement in cost-cutting measures at Wellpath which ultimately harmed inmates at the Colorado Detention Facilities. Mr. Fincham similarly plead multiple causes of action against HIG arising out of deliberate indifference to serious medical health needs in violation of 42 U.S.C. Sec. 1983, and various other violations of the Fourteenth Amendment to the U.S. Constitution. Mr. Fincham, however, does not now argue his claims against HIG are based on direct liability. On July 24, 2025, HIG filed the motion seeking to enforce the settlement and release agreements contained in the Release Orders by enjoining the Colorado Plaintiffs and Mr. Fincham from continuing their lawsuits against HIG. At a high level HIG argues two points: (i) the claims of the Colorado Plaintiffs and Mr. Fincham as spelled out in their respective pleadings are indirect liability claims, and (ii) those claims are causes of action that were fully and conclusively released by the Debtors' Estates under the Release Orders. HIG argues the allegations in the Colorado Amended Complaints sound in indirect liability because the claims revolve around HIG's alleged control over Wellpath, its subsidiary. HIG argues the complaints originally sought to hold HIG indirectly or derivatively liable for the alleged conduct of Wellpath which affected the quality of treatment at the Colorado Detention Facilities. According to HIG, Mr. Fincham's causes of action are literally based on a theory of indirect liability and Mr. Fincham does not attempt to argue otherwise. The Colorado Plaintiffs argue the claims they originally brought in the Colorado District Court sounded in both direct and indirect liability against HIG for its alleged involvement in cost-cutting measures at Wellpath which negatively impacted the quality of medical care inmates received at the Colorado Detention Facilities. They agree that any and all indirect liability claims against HIG were released under the Released Orders, but that their claims for deliberate indifference and negligence against HIG are based, and have always been based, on HIG's direct liability and therefore were not released. The Colorado Plaintiffs maintain that because each Plaintiff in their respective suit has opted out of the Plan, they have not released any direct claims they may have against HIG, and therefore the Release Orders do not preclude them from continuing to litigate their claims against HIG in the Colorado District Court. The Bankruptcy Court finds the Colorado Amended Complaints do not allege that HIG operated the Colorado Detention Facilities, but that HIG operated the company that operated the Facilities. Accordingly, the Bankruptcy Court concludes the causes of action in the Colorado Amended Complaints for negligence and deliberate indifference against HIG are not based on theories of direct liability. The causes of action are more accurately characterized as veil-piercing or derivative liability claims, as any potential liability HIG is exposed to derives from its control of and relationship to Wellpath. Regarding legal theories, the Colorado Plaintiffs again predicated their argument that their claims against HIG are direct claims based on the implication that HIG owed inmates at the Colorado Detention Facilities an independent duty based on HIG's control of Wellpath. The Bankruptcy Court has rejected this argument, finding no legal theories in the Colorado Amended Complaints that purport to hold HIG directly and independently liable for its alleged conduct. It is not enough that the Colorado Plaintiffs allege a cause of action that in theory claims HIG owed them an independent duty of care. The Bankruptcy Court has concluded that any legal theories asserted against HIG are for claims based on indirect liability. The Bankruptcy Court finds that Mr. Fincham's causes of action against HIG are expressly based on theories of indirect liability. The Bankruptcy Court concludes the causes of action in the Colorado Amended Complaints and Mr. Fincham's complaint were property of the Debtors' Estates at the time of entry of the Release Orders. Because those claims are indirect liability claims that fell within the Estates, those claims were conclusively released under the Release Orders. Therefore, the Bankruptcy Court must enforce the Plan and enjoin the Colorado Plaintiffs and Mr. Fincham from proceeding on account of those claims. A copy of the Court's Memorandum Opinion dated November 12, 2025, is available at https://urlcurt.com/u?l=XAEGxr from PacerMonitor.com. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. The Bankruptcy Court confirmed the chapter 11 plan on May 1, 2025. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Global Choice Ventures, LLC Bankr. N.D.N.Y. Case No. 25-30689 Chapter 11 Petition filed August 22, 2025 See https://www.pacermonitor.com/view/N2JM2WI/Global_Choice_Ventures_LLC__nynbke-25-30689__0001.0.pdf?mcid=tGE4TAMA represented by: Peter A. Orville, Esq. ORVILLE & MCDONALD LAW, P.C. In re 10 Lawrence LLC Bankr. E.D.N.Y. Case No. 25-74257 Chapter 11 Petition filed November 4, 2025 See https://www.pacermonitor.com/view/XTMUV6A/10_Lawrence_LLC__nyebke-25-74257__0001.0.pdf?mcid=tGE4TAMA represented by: Mark E. Cohen, Esq. BFSNG LAW GROUP, LLP E-mail: mcohen@bfslawfirm.com In re SNC Watson LLC Bankr. E.D.N.Y. Case No. 25-45302 Chapter 11 Petition filed November 4, 2025 See https://www.pacermonitor.com/view/RO2IHAQ/SNC_WATS0N_LLC__nyebke-25-45302__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 5524 15th Ave Seattle WA LLC Bankr. W.D. Wash. Case No. 25-13154 Chapter 11 Petition filed November 6, 2025 See https://www.pacermonitor.com/view/5VOT4XA/5524_15th_Ave_Seattle_WA_LLC__wawbke-25-13154__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Robella 2228, LLC Bankr. W.D.N.Y. Case No. 25-11307 Chapter 11 Petition filed November 7, 2025 See https://www.pacermonitor.com/view/R2HHXTA/Robella_2228_LLC__nywbke-25-11307__0001.0.pdf?mcid=tGE4TAMA represented by: Arthur G. Baumeister, Jr., Esq. 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Case No. 25-70921 Chapter 11 Petition filed November 10, 2025 See https://www.pacermonitor.com/view/ZHT7QSI/Longbons_Enterprises_Ltd__ilcbke-25-70921__0001.0.pdf?mcid=tGE4TAMA represented by: Sumner A. Bourne, Esq. RAFOOL & BOURNE, P.C. E-mail: notices@rafoolbourne.com In re Emma Properties LLC Bankr. N.D. Ill. Case No. 25-17369 Chapter 11 Petition filed November 10, 2025 See https://www.pacermonitor.com/view/CH5V3KY/Emma_Properties_LLC__ilnbke-25-17369__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Todd E Green Bankr. D. Mass. Case No. 25-12431 Chapter 11 Petition filed November 10, 2025 represented by: Barry Levine, Esq. In re Jose R. La Puerta and Marangeli La Puerta Bankr. D.N.J. Case No. 25-21959 Chapter 11 Petition filed November 10, 2025 represented by: Ellen M. McDowell, Esq. MCDOWELL LAW, PC E-mail: emcdowell@mcdowelllegal.com In re Liliana Gorbachincky Bankr. D.N.J. Case No. 25-21947 Chapter 11 Petition filed November 10, 2025 Filed Pro Se In re 423 Flatbush LLC Bankr. 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Case No. 25-17514 Chapter 11 Petition filed November 12, 2025 See https://www.pacermonitor.com/view/CV443SA/Casper_Inc__ilnbke-25-17514__0001.0.pdf?mcid=tGE4TAMA represented by: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN E-mail: david.freydin@freydinlaw.com In re S & L Trucking, LLC Bankr. N.D. Miss. Case No. 25-13876 Chapter 11 Petition filed November 12, 2025 See https://www.pacermonitor.com/view/FXETLNY/S__L_Trucking_LLC__msnbke-25-13876__0001.0.pdf?mcid=tGE4TAMA represented by: Craig M. Geno, Esq. LAW OFFICES OF GENO AND STEISKAL, PLLC In re Darius Antonio Anderson Bankr. D.N.J. Case No. 25-22036 Chapter 11 Petition filed November 12, 2025 In re JAC Encore, LLC Bankr. D.N.J. Case No. 25-22025 Chapter 11 Petition filed November 12, 2025 See https://www.pacermonitor.com/view/NB6JCSA/JAC_Encore_LLC__njbke-25-22025__0001.0.pdf?mcid=tGE4TAMA represented by: Joseph M. Casello, Esq. COLLINS, VELLA & CASELLO, LLC E-mail: jcasello@cvclaw.net In re Rich Luck Food Group LLC Bankr. E.D.N.Y. Case No. 25-45450 Chapter 11 Petition filed November 12, 2025 See https://www.pacermonitor.com/view/JUSV5JQ/Rich_Luck_Food_Group_LLC__nyebke-25-45450__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Eagle Landscaping, LLC Bankr. E.D.N.C. Case No. 25-04493 Chapter 11 Petition filed November 12, 2025 See https://www.pacermonitor.com/view/WR4TRWA/Eagle_Landscaping_LLC__ncebke-25-04493__0001.0.pdf?mcid=tGE4TAMA represented by: Benjamin R. Eisner, Esq. THE LAW OFFICES OF GEORGE OLIVER, PLLC E-mail: ben@georgeoliverlaw.com In re 644 Lorimer Realty LLC Bankr. E.D.N.Y. Case No. 25-45462 Chapter 11 Petition filed November 13, 2025 See https://www.pacermonitor.com/view/KJDPVXY/644_Lorimer_Realty_LLC__nyebke-25-45462__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re NYC Auto Service1 Inc Bankr. E.D.N.Y. Case No. 25-45447 Chapter 11 Petition filed November 13, 2025 See https://www.pacermonitor.com/view/JBHBT2Y/NYC_Auto_Service1_Inc__nyebke-25-45447__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Steve Pandi Bankr. D. Ariz. Case No. 25-10967 Chapter 11 Petition filed November 14, 2025 In re Gedeon Dorelus Bankr. D. Conn. Case No. 25-50871 Chapter 11 Petition filed November 14, 2025 In re Jacob Daniel Humpherys Bankr. N.D. Fla. Case No. 25-31159 Chapter 11 Petition filed November 14, 2025 represented by: Edward Peterson, Esq. In re Accurate Insurance Group, Corp Bankr. S.D. Fla. Case No. 25-23507 Chapter 11 Petition filed November 14, 2025 See https://www.pacermonitor.com/view/GJSWRTQ/ACCURATE_INSURANCE_GROUP_CORP__flsbke-25-23507__0001.0.pdf?mcid=tGE4TAMA represented by: Patrick L. Cordero, Esq. LAW OFFICES OF PATRICK CORDERO E-mail: ECFMAIL@pcorderolaw.com In re Fitness NGo 1, LLC Bankr. S.D. Fla. Case No. 25-23502 Chapter 11 Petition filed November 14, 2025 See https://www.pacermonitor.com/view/ICNY4DY/Fitness_NGo_1_LLC__flsbke-25-23502__0001.0.pdf?mcid=tGE4TAMA represented by: Brian K. McMahon, Esq. BRIAN K. MCMAHON, PA E-mail: briankmcmahon@gmail.com In re Epic Mechanical LLC Bankr. D. Idaho Case No. 25-00932 Chapter 11 Petition filed November 14, 2025 See https://www.pacermonitor.com/view/LSY5SKI/EPIC_MECHANICAL_LLC__idbke-25-00932__0001.0.pdf?mcid=tGE4TAMA represented by: D. Blair Clark, Esq. LAW OFFICE OF D. BLAIR CLARK, PC E-mail: dbc@dbclarklaw.com In re Dartmouth Street REI LLC Bankr. D. Mass. Case No. 25-41225 Chapter 11 Petition filed November 14, 2025 See https://www.pacermonitor.com/view/72U5SKA/Dartmouth_Street_REI_LLC__mabke-25-41225__0001.0.pdf?mcid=tGE4TAMA represented by: James P. Ehrhard, Esq. JAMES P. EHRHARD, ESQ. E-mail: ehrhard@ehrhardlaw.com In re Tatti Vino, Inc. Bankr. E.D. Mich. Case No. 25-32478 Chapter 11 Petition filed November 14, 2025 See https://www.pacermonitor.com/view/H36PL2Y/Tatti_Vino_Inc__miebke-25-32478__0001.0.pdf?mcid=tGE4TAMA represented by: Zachary R. Tucker, Esq. WINEGARDEN, HALEY, LINDHOLM, TUCKER & HIMELHOCH P.L.C. In re Pureaty Med Spa LLC Bankr. D. Nev. Case No. 25-16897 Chapter 11 Petition filed November 14, 2025 See https://www.pacermonitor.com/view/YOGRIXY/PUREATY_MED_SPA_LLC__nvbke-25-16897__0001.0.pdf?mcid=tGE4TAMA represented by: Seth D Ballstaedt, Esq. FAIR FEE LEGAL SERVICES E-mail: help@bkvegas.com In re Blue Bank Music, LLC Bankr. E.D.N.C. Case No. 25-04559 Chapter 11 Petition filed November 14, 2025 See https://www.pacermonitor.com/view/5UNHAEI/Blue_Bank_Music_LLC__ncebke-25-04559__0001.0.pdf?mcid=tGE4TAMA represented by: Jennifer Bennington, Esq. BEAMAN AND BENNINGTON, PLLC E-mail: jbennington@beamanlaw.com In re Fenton Towe Eure, IV Bankr. E.D.N.C. Case No. 25-04555 Chapter 11 Petition filed November 14, 2025 represented by: David Haidt, Esq. In re Kevin Brothen and Amanda Brothen Bankr. M.D. Tenn. Case No. 25-04802 Chapter 11 Petition filed November 14, 2025 represented by: Henry Hildebrand, Esq. In re Jay4 Inc Bankr. M.D. Tenn. Case No. 25-04796 Chapter 11 Petition filed November 14, 2025 See https://www.pacermonitor.com/view/CF6YM3I/Jay4_Inc__tnmbke-25-04796__0001.0.pdf?mcid=tGE4TAMA represented by: Michelle L. Spezia, Esq. JOHNSON LEGAL, PLLC E-mail: ecfmail@tennessee-bankruptcy.com In re Rouzbeh Kordestani Bankr. E.D. Tex. Case No. 25-43467 Chapter 11 Petition filed November 14, 2025 represented by: Christopher Moser, Esq. In re Ericka Giselle Musa-Robles Bankr. S.D. Tex. Case No. 25-36884 Chapter 11 Petition filed November 14, 2025 represented by: Vicky Fealy, Esq. In re Floyd Lyle Jackson and Charlotte Marie Smith Bankr. S.D. Tex. Case No. 25-36876 Chapter 11 Petition filed November 14, 2025 See https://www.pacermonitor.com/view/MS3E7XA/Lyle_Jackson_Floyd_and_Charlotte__txsbke-25-36876__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Kenneth Wayne Collopy, Jr. and Ashley Ruth Schofield Bankr. W.D. Wisc. Case No. 25-12502 Chapter 11 Petition filed November 14, 2025 represented by: John Menn, Esq. SWANSON SWEET LLP E-mail: menn@swansonsweet.com ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. 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