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251125.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, November 25, 2025, Vol. 29, No. 328 Headlines 17701-05 VENTURA: Unsecureds to be Paid in Full over 60 Months 198 STAUFFER: Seeks Chapter 7 Bankruptcy in California 223 17 135TH: Seeks Chapter 7 Bankruptcy in New York 3784 LLC: Creditors to Get Proceeds From Liquidation 6201 ROBINSON: Case Summary & One Unsecured Creditor 93 JEFFERSON: Seeks Chapter 7 Bankruptcy in New York A/C DUCTOLOGIST: Unsecureds Will Get 15.90% of Claims in Plan ABIDE VENTURES: L. Todd Budgen Named Subchapter V Trustee ACCURATE INSURANCE: Linda Leali Named Subchapter V Trustee ADVANCED AMC: Seeks Chapter 7 Bankruptcy in Idaho AINOS INC: Posts $2.9MM Loss in 2025 Q3; Raises Going Concern Doubt AMERICAN SIGNATURE: Seeks Chapter 11 Bankruptcy in Delaware ANSER CHARTER: Moody's Cuts Rating on Ser. 2021A Revenue Bond to B1 ANTHOLOGY INC: Gets Court OK for $50MM Assets Sale APPTECH PAYMENTS: Reports $1.7MM Net Loss in 2025 Q3 ARENA GROUP: $6.9MM Income in 2025 Q3; Lifts Going Concern Doubt BHATZLUCHE LLC: Seeks Chapter 7 Bankruptcy in New York BIG D TRUCKING: Seeks Chapter 11 Bankruptcy in Mississippi BILOXI LLC: Seeks Chapter 7 Bankruptcy in Washington BRENMARK INC: Tom Howley of Howley Law Named Subchapter V Trustee BRIGHTLINE WEST: Strikes Debt Exchange Deal with Bondholders BRISTOW GROUP: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable BROADBAND INFRASTRUCTURE: Case Summary & 15 Unsecured Creditors BYJU'S ALPHA: Founder Hit w/ $1B Judgment Over Missing Funds CAPSTONE GREEN: Reports $834,000 Net Income in 2026 Q2 CAREVIEW COMMUNICATIONS: Reports $914,214 Net Loss in 2025 Q3 CASPER INC: Ira Bodenstein Named Subchapter V Trustee CATHETER PRECISION: Reports $2.3 Million Net Loss in 2025 Q3 CIBUS INC: Narrows Net Loss to $23MM in 2025 Q3 CLEARSIDE BIOMEDICAL: Seeks Chapter 11 Bankruptcy in Delaware CQENS TECHNOLOGIES: Reports $1.15MM Net Loss in 2025 Q3 CROSSCOUNTRY INTERMEDIATE: Fitch Rates $500MM Unsec. Notes BB-(EXP) CULTURA FOOD: Seeks Chapter 7 Bankruptcy in District of Columbia CV SCIENCES: Reports $382,000 Net Loss in 2025 Q3 CYTOSORBENTS CORP: Reports $3.2MM Net Loss in 2025 Q3 D LASSEN: Court Extends Cash Collateral Access to Jan. 7 DARE BIOSCIENCE: Reports $3.6MM Net Loss in 2025 Q3 EAST MISSION: Unsecureds Will Get 9.66% of Claims over 36 Months ELIJAH'S XTREME: Seeks Subchapter V Bankruptcy in North Carolina ENCOMPASS 53: Case Summary & Seven Unsecured Creditors EVOKE PHARMA: Reports $1.2 Million Net Loss in 2025 Q3 FALLS OF BRAEBURN: Hearing Today on Bid to Use Cash Collateral FM HEALING: Seeks Chapter 11 Bankruptcy in Kentucky FTX TRADING: Fenwick & West to Face Added Claims in Crypto MDL GAV REST: Salvatore LaMonica Named Subchapter V Trustee GLOBAL ATLANTIC: Fitch Rates New Jr. Subordinated Debt 'BB+' GLORY DIVINE: Gets Court OK to Use Cash Collateral GREEN TERRACE: Trustee Gets OK to Use Cash Collateral Until Jan. 31 HANSEN-MUELLER CO: Seeks Chapter 11 Bankruptcy w/ Up to $500MM Debt HAPPY HOME: U.S. Bank Wins Bid to Prohibit Use of Cash Collateral HUDSON 1701/1706: Gets Interim OK for DIP Financing From Parkview HUGHES SATELLITE: Faces Cash Crunch IMPERIAL PACIFIC: Creditors Set to Weigh Fate of Liquidation Plan INFORMATICA INC: Moody's Withdraws Ba3 CFR Following Debt Repayment INMOBILIARIA LLC: Section 341(a) Meeting of Creditors on Dec. 11 INVESTMENT PATERSON: Seeks Chapter 7 Bankruptcy in Florida JASL INVESTMENTS: Seeks Chapter 7 Bankruptcy in Florida JUDGE WAREHOUSING: Seeks Chapter 11 Bankruptcy in New Jersey KANSAS CITY COSTUME: Case Summary & 20 Top Unsecured Creditors KITCHEN MAN: Gets Extension to Access Cash Collateral LANDBRIDGE COMPANY: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable LANDMARK RECOVERY: Unsecureds Will Get 100% of Claims in Plan LAUREL CREEK II: Seeks to Extend Plan Exclusivity to Feb. 19, 2026 LAUREL CREEK: Seeks to Extend Plan Exclusivity to Feb. 19, 2026 LEGACY POINT: Seeks Chapter 7 Bankruptcy in Colorado LMD HOLDINGS: Affiliates Get Interim OK for DIP Loan LUMINAR TECHNOLOGIES: Appoints Thomas Beaudoin as New CFO LUMINAR TECHNOLOGIES: Appoints Two Directors to Special Committees MEGAMI LLC: Seeks Chapter 7 Bankruptcy in California MILWAUKEE FORGE: Court OKs Sale of Company MISSION MEDICAL: Court OKs Deal to Use Cash Collateral MK ARCHITECTURE: Updates Unsecured Claims Pay Details MODEL SHIPWAYS: Case Summary & 17 Unsecured Creditors MODIVCARE INC: Heads Toward Disputed Chapter 11 Plan Hearing MY JOB MATCHER: Unsecureds Will Get 0% to 3% in Liquidating Plan NAZAIRE GROUP: Seeks Chapter 7 Bankruptcy in New York NICKLAUS COMPANIES: Seeks Chapter 11 Bankruptcy in Delaware NWOKO HOLDING: Seeks Chapter 7 Bankruptcy in Maryland OMNI HEALTH: Case Summary & 20 Largest Unsecured Creditors ORION MENTAL: Unsecureds Will Get 100% of Claims over 46 Months OUT THE GATE: Gets Interim OK to Obtain DIP Loan From Plannatech PANDORA MARKETING: Amends Stephanie Kaitz Claim Pay PAPATZUL LLC: Seeks Chapter 11 Bankruptcy in New York PARKLAND CORP: Moody's Withdraws 'Ba2' Corp. Family Rating PATERSON TRIPLEX: Seeks Chapter 7 Bankruptcy in Florida PAWLUS DENTAL: Amends Unsecured Claims Details PCP GROUP: Claims to be Paid from Available Cash & Sale Proceeds PET RINSE: Gets Final OK to Use Cash Collateral PHILANTHROPIST INC: Seeks Chapter 7 Bankruptcy in New York PINE GATE RENEWABLES: Gets Interim OK for DIP Financing QUANTUM CORP: Widens Net Loss to $46.5 Million in 2026 Q2 R J EXPRESS: Section 341(a) Meeting of Creditors on December 10 RAD ROOFS: Seeks Chapter 7 Bankruptcy in Georgia RANA REAL: Court Extends Cash Collateral Access to Dec. 9 RED RIVER: Judge Says New Evidence Fails Co.'s Libel Claim REEDY CREEK: Seeks Chapter 7 Bankruptcy in Georgia RENTAL COINS: Seeks Chapter 15 Relief After Fraud RICHMOND BELLY: Court Extends Cash Collateral Access to Dec. 17 RIGHTMOVE PLC: Faces GBP1-Bil. Suit Over Anti-Competitive Conduct ROGUE ALES: Shuts Down All Operations w/ No Bankruptcy Filing SAMMY G'S: Unsecured Creditors Will Get 100% over 60 Months SELECTIS HEALTH: Raises Going Concern Doubt SERRA GAUCHA: Seeks Chapter 11 Bankruptcy in Arizona SLOAN VENTURES: Section 341(a) Meeting of Creditors on December 29 SMOKE BBQ +SKYBAR: Seeks Chapter 7 Bankruptcy in Texas SONDER HOLDINGS: Court Okays Marriot's Role in Chapter 7 Wind-Down SONI EXPRESS: Seeks Chapter 7 Bankruptcy in Illinois SPIRITRUST LUTHERAN: Case Summary & 20 Top Unsecured Creditors SUCCESSFULA BUSINESS: Seeks Chapter 7 Bankruptcy in California TALKING ROCK: Gets OK to Use Cash Collateral Until Jan. 31 TURTLE LANE: Claims Will be Paid from Property Sale/Refinance TYLER ASHLEY ENTERPRISE: Seeks Chapter 7 Bankruptcy in New York UPSTREAM NEWCO: Moody's Cuts CFR to Caa2, Outlook Stable VANKIRK ELECTRIC: Gets Interim OK to Use Cash Collateral VENTURE GLOBAL: Fitch Affirms 'B+' LongTerm IDR, Outlook Negative VIRGINIA & PACKER: Seeks Chapter 7 Bankruptcy in Florida W&J STEEL: Seeks Chapter 7 Bankruptcy in Georgia W&J SUBSHOPS: Seeks Subchapter V Bankruptcy in California WFO LLC: Unsecureds Will Get 20% to 30% in Trustee's Plan WOHALI LAND: Seeks $6.3MM DIP Loan From EB5AN ZAHRCO ENTERPRISES: Unsecureds Will Get 11.1% over 3 Years ********* 17701-05 VENTURA: Unsecureds to be Paid in Full over 60 Months -------------------------------------------------------------- 17701-05 Ventura Boulevard, LLC, submitted a First Amended Disclosure Statement describing First Amended Plan of Reorganization dated November 18, 2025. The Debtor needed the breathing room provided by bankruptcy to do the following: (1) complete the repairs on the Property and get the Property rented out; (2) obtain turnover of the insurance funds held by Axos; (3) resolve the Debtor's claim against Axos; and (4) either pay off the loan in favor of Axos or obtain new financing to replace the loan in favor of Axos. The Debtor already has a tenant in place, White Oak ADHC (the "Tenant") and anticipates that it will move in or about January 2026. The Tenant is an adult day care center, and it will occupy the whole space. The monthly rent will be $28,000 per month with CAM fees of $3,750 per month. The Debtor is not currently receiving rental income from the billboard as there is a dispute with the billboard company. Nonetheless, the Debtor believes that the dispute will be resolved some time in 2026, and it will again start receiving rental income in 2027. Postpetition, Mr. Geoula has worked to resolve the claims held by Hudson Partners Construction, LLC (the second deed of trust on the Property was executed on August 1, 2024, and recorded on August 26, 2024 (10:24 a.m.), Recording No. 20240571223) and Khalil Firoozmand (the third deed of trust on the Property was executed on August 1, 2024, and recorded on August 26, 2024 (11:23 a.m.), Recording No. 20240571652). Hudson Partners and Mr. Firoozmand did not file POCs. Class 4 consists of General Unsecured Claims. In the present case, the Debtor estimates that general unsecured debts total approximately $94,473.05. This Class is impaired. The Debtor will pay general unsecured claims in full of $94,473.05, with interest of 3.67%, amortized over 60 months, totaling $95,602.34, follows: Months 1-4: $1,725.83 per month Month 5: $88,699.0 Class 5 consists of Interest Holders. The Debtor's owner will retain his ownership interest in the Debtor. The Debtor will fund the Plan from the operation of its business, a refinance loan, gift contributions from the managing member, and the funds that it has/will have accumulated in its DIP bank accounts. The Debtor projects that it will require gift contributions from the managing member to assist with the Plan payment, or as needed. Mr. Geoula has sufficient means and the funds available to make all contributions necessary. As shown in the statement, Mr. Geoula has $500,000 readily available in his accounts to make the proposed contributions. A full-text copy of the First Amended Disclosure Statement dated November 18, 2025 is available at https://urlcurt.com/u?l=ZdI2qQ from PacerMonitor.com at no charge. About 17701-05 Ventura Boulevard LLC 17701-05 Ventura Boulevard LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11500) on Sept. 11, 2024. In the petition filed by Joseph Geoula, as managing member, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by: Matthew D. Resnik, Esq. RHM LAW LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 Email: roksana@RHMFirm.com 198 STAUFFER: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------ On November 17, 2025, 198 Stauffer LLC voluntarily entered Chapter 7 proceedings in the Northern District of California. The petition indicates the business holds $1 million to $10 million in iabilities, with its creditor list falling between 1 and 49 parties. About 198 Stauffer LLC 198 Stauffer LLC is a single asset real estate company. 198 Stauffer LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Case No. 25-51790) on November 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Stephen L. Johnson handles the case. The Debtor is represented by Vinod Nichani, Esq. of Nichani Law Firm. 223 17 135TH: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------- On November 20, 2025, 223 17 135TH LLC filed for Chapter 7 bankruptcy protection in the Eastern District of New York. The Debtor reports debts and assets each ranging from $100,001 to $1,000,000, owed to 1-49 creditors. About 223 17 135TH LLC 223 17 135TH LLC is a limited liability company. 223 17 135TH LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45605) on November 20, 2025. Its petition lists estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Nancy Hershey Lord presides over the case. 3784 LLC: Creditors to Get Proceeds From Liquidation ---------------------------------------------------- 3784, LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement in support of Chapter 11 Plan of Liquidation dated November 18, 2025. The Debtor, a Florida limited liability company, is the owner of two parcels of real property and is acting as a landlord to Assisted Living Facilities (ALF) – Florida Care ALF of Amelia Island, Inc. (Duval County) and Florida Care ALF of Vero Beach, Inc. (Indian River County). The Debtor was in the process of selling its multiple parcels of real property when loans encumbering the properties became due. As the properties are subject to ALF regulations, the purchaser is also required to be approved by the Florida Agency for Health Care Administration (AHCA). Prior interested parties have not had their approval affirmed by AHCA. The Debtor is selling the properties and will yield sufficient funds to pay all creditors 100% of their entitled claim, after payment of closing costs, mortgage debt and other encumbrances of approximately $6 million. In broad summary, the Plan provides for (i) the liquidation of the Debtor's assets in accordance with the Confirmation of the Plan and (ii) the distribution of the Liquidation Proceeds to 100% of all Allowed Claims; In short, it is proposed that there will be no impaired claims, classes or creditors. Class 7 is comprised of all Allowed General Unsecured Claims not otherwise classified under the Plan. Each Holder of an Allowed Class 7 General Unsecured Claim shall receive on the Effective Date, in full and final satisfaction of such Holder's Allowed Class 7 General Unsecured Claim, such Holder's Pro Rata Share of the Liquidation Proceeds, such amount to be paid to such Holder by the Debtor. The procedures for Distributions to Holders of Allowed General Unsecured Claims in Class 7 shall be in accordance with Article 9 of the Plan and the Confirmation Order. Class 7 is Impaired. Class 8 is comprised of all equity interests in the Debtor, which are owned by Warren Taylor. The Tax Reserve shall be held in escrow or paid to the IRS if the IRS has an Allowed Claim against the Debtor. The equity interests in the Debtor shall be cancelled, and Warren Taylor shall not receive any distributions on account of its equity interests in the Debtor. Class 8 is Impaired. The Plan payments will be funded from the Liquidation Proceeds received from the sale of the Debtor's assets. Administrative Expense Claims shall be paid, Priority Claims and Priority Tax Claims (if any) shall be paid. A full-text copy of the Disclosure Statement dated November 18, 2025 is available at https://urlcurt.com/u?l=rVxzdQ from PacerMonitor.com at no charge. Counsel to the Debtor: Adam I. Skolnik, Esq. Law Office of Adam I. Skolnik, P.A. 1761 West Hillsboro Boulevard, Suite 201 Deerfield Beach, FL 33442 Telephone: (561) 265-1120 Facsimile: (561) 265-1828 Email: askolnik@skolniklawpa.com About 3784 LLC 3784 LLC is a real estate services company based in Pompano Beach, Florida. 3784 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18289) on July 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Adam I. Skolnik, Esq. at the Law Office of Adam I. Skolnik, PA. 6201 ROBINSON: Case Summary & One Unsecured Creditor ---------------------------------------------------- Debtor: 6201 Robinson Street, LLC 6201 Robinson Street Overland Park, KS 66202 Business Description: 6201 Robinson Street, LLC operates an indoor shooting range and firearms retail facility in Kansas City, providing access to shooting lanes, training classes, and tactical bays for various skill levels. The Company offers instruction in concealed carry, tactical training, women-focused defense courses, and first aid, alongside retail sales of firearms, ammunition, accessories, and on-site gunsmithing services. Chapter 11 Petition Date: November 21, 2025 Court: United States Bankruptcy Court District of Kansas Case No.: 25-40807 Judge: Hon. Dale L Somers Debtor's Counsel: Ryan A. Blay, Esq. WM LAW, PC 15095 West 116th Street Olathe, KS 66062 Tel: (913) 422-0909 Fax: (913) 428-8549 E-mail: bankruptcy@wagonergroup.com Estimated Assets: $500,000 Total Liabilities: $1,770,114 The petition was signed by James Anderson as president. The Debtor listed Wells Fargo Bank N.A., located at PO Box 77053 Minneapolis, MN, 55480-7753, as its only unsecured creditor, holding a claim of $1.27 million. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GOMV2YQ/6201_Robinson_Street_LLC__ksbke-25-40807__0001.0.pdf?mcid=tGE4TAMA 93 JEFFERSON: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------- On November 20, 2025, 93 Jefferson LLC filed Chapter 7 protection in the Eastern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About 93 Jefferson LLC 93 Jefferson LLC is a single asset real estate company. 93 Jefferson LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y., Case No. 25-45595) on November 20, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. A/C DUCTOLOGIST: Unsecureds Will Get 15.90% of Claims in Plan ------------------------------------------------------------- The A/C Ductologist, LLC, submitted a First Amended Plan of Reorganization dated November 18, 2025. This is the First Amended Plan of Reorganization of the Debtor. Creditors will receive payment from the Debtor from the cash flow of the Debtor's operations for a period of 5 years. This Plan provides for 2 classes of priority tax claims, 1 class of other priority claims, 1 class of secured claims (SBA), 2 classes of secured vehicle claims, 2 classes of general unsecured claims and 1 class of equity security holders. General unsecured creditors holding allowed claims will receive distributions, which the Debtor has valued at approximately 15.90 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Creditors have filed general unsecured claims (and/or there exist general unsecured scheduled claims) in this bankruptcy proceeding totaling approximately $2,435,211.65. By this Plan, the Debtor will be restructuring these obligations, such that the Debtor can remain viable as a going concern. The Debtor's financial projections show that the Debtor will have projected disposable income of $1,098,991.00. The financial projections include the full 60-month period. The final Plan payment is expected to be paid no later than January 31, 2031. Class 6 consists of all allowed general unsecured claims, including any undersecured claims and the unsecured portion of the U.S. Small Business Administration claim. The Class 6 Creditors shall share pro rata in a total distribution in the amount of $387,167.00, representing approximately 15.90% of their allowed claims. General unsecured creditors will receive monthly distributions based on the Debtor's available disposable income after payment of all secured claims, priority claims, and administrative expenses. The distribution amounts will vary by month based on cash flow availability, specifically as set forth in the financial projections. Each creditor will receive their pro rata share of the available monthly distribution amount. Unsecured creditors will be receiving a distribution of approximately 15.90% of their allowed claim(s), which is an amount in excess of what claimants would receive in a hypothetical Chapter 7 proceeding, in which case such claimants would receive a significantly lesser amount. The allowed unsecured claims total $2,435,211.65. Class 7 consists solely of the pre-petition claim of Stan Weaver & Company, a critical vendor whose continued business relationship is essential to the Debtor's successful reorganization. Stan Weaver's allowed general unsecured claim is $53,432.63, which shall be paid at the rate of $2,500.00 per month, starting on the First Payment Date, until paid in full. Stan Weaver is a critical vendor that supplies essential products to the Debtor. The Debtor requires Stan Weaver's products to remain competitive in the market and to generate sufficient revenue to fund this Plan. Without Stan Weaver's ongoing cooperation and supply of goods, the Debtor would be unable to meet customer demand, would lose market share to competitors, and would be unable to generate the disposable income necessary to make Plan payments. The Debtor's ability to purchase products from Stan Weaver at competitive prices and to sell those products at favorable margins is central to the feasibility of this Plan. The means necessary for the implementation of this Plan include the Debtor's cash flow from operations for a period of 5 years. The Debtor's financial projections show that the Debtor will have sufficient cash over the life of the Plan to make the required Plan payments and operate its business. The estimated cash on hand necessary as of the First Payment Date of this Plan is $3,500.00. A full-text copy of the First Amended Plan dated November 18, 2025 is available at https://urlcurt.com/u?l=860d0j from PacerMonitor.com at no charge. The Debtor's Counsel: Zach B. Shelomith, Esq. LSS LAW 2699 Stirling Rd # C401 Fort Lauderdale, FL 33312 Tel: (954) 920-5355 E-mail: zbs@lss.law About The A/C Ductologist LLC The A/C Ductologist, LLC, is a Florida-based HVAC contractor, specializing in duct replacement and repair, air conditioning installation and maintenance, and indoor air quality assessments for both residential and commercial clients. Additionally, it offers insulation installation services for homes. The A/C Ductologist sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12944) on March 19, 2025. In its petition, the Debtor reported total assets of $433,330 and total liabilities of $1,891,442. Judge Peter D. Russin handles the case. The Debtor is represented by Zach B. Shelomith, Esq., at LSS Law. ABIDE VENTURES: L. Todd Budgen Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Abide Ventures, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About 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 Telephone: (813) 540-8401 Fax: (813) 553-5345 detlinger@underwoodmurray.com detlinger@ecf.courtdrive.com msydow@underwoodmurray.com ACCURATE INSURANCE: Linda Leali Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for Accurate Insurance Group, Corp. Ms. Leali 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. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About Accurate Insurance Group Corp. Accurate Insurance Group, Corp. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23507) on November 14, 2025, with up to $50,000 in assets and liabilities. Judge Robert A. Mark presides over the case. Patrick L. Cordero, Esq., represents the Debtor as legal counsel. ADVANCED AMC: Seeks Chapter 7 Bankruptcy in Idaho ------------------------------------------------- On November 20, 2025, Advanced AMC Inc. filed Chapter 7 protection in the District of Idaho. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 200-999 creditors. About Advanced AMC Inc. Advanced AMC Inc. delivers asset management and financial solutions, specializing in specific niche, e.g., investment oversight, loan administration, or real estate portfolio management. Advanced AMC Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 25-20402) on November 20, 2025. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1 million. Honorable Bankruptcy Judge Noah G. Hillen handles the case. The Debtor is represented by Kevin O’Rourke, Esq. of Southwell & O’Rourke, P.S. AINOS INC: Posts $2.9MM Loss in 2025 Q3; Raises Going Concern Doubt ------------------------------------------------------------------- Ainos, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2,931,702 for the three months ended September 30, 2025, compared to a net loss of $3,699,317 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $10,302,714, compared to a net loss of $10,209,149 for the same period in 2024. Total revenues for the three months ended September 30, 2025 were $2,167. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $113,037 and $20,729, respectively. As of September 30, 2025, the Company had $22,679,340 in total assets, $12,634,391 in total liabilities, and $10,044,949 in total stockholders' equity. As of September 30, 2025, the Company had cash and cash equivalents of $1,128,217. Ainos says it plans to finance its operations and development needs with its existing cash and cash equivalents, additional equity, and/or debt financing arrangements. There can be no assurance that the Company will be able to obtain additional financing on terms acceptable to the Company, on a timely basis, or at all. If the Company is not able to obtain sufficient funds on acceptable terms when needed, the Company's business, results of operations, and financial condition could be materially adversely impacted. The Company also disclosed that on May 31, 2024, the Company entered into an At-the-Market Offering Agreement, or sales agreement, with H.C. Wainwright & Co., LLC or Wainwright, pursuant to which the Company may issue and sell, from time to time, shares of its common stock, the aggregate market value of Shares eligible for sale in the Offering and under the ATM Agreement will be subject to the limitations of General Instruction I.B.6 of Form S-3, to the extent required under such instruction. The prospectus supplement filed with the SEC on July 11, 2024, is offering Shares having an aggregate offering price of $1,840,350. On September 5, 2025, the Company filed a prospectus supplement to amend the Prospectus to update the amount of shares the Company is eligible to sell pursuant to such prospectus. The Company increased the amount of shares of Common Stock it may offer and sell under the Sales Agreement to an aggregate offering price of up to $874,496 from time to time through Wainwright. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities in a public primary offering with a value exceeding one-third of our public float in any 12-month calendar period so long as our public float remains below $75.0 million. As of September 30, 2025, the Company sold 674,867 shares of common stock under At-the-Market Offering Agreement, resulting in net proceeds of approximately $1,852,895. The Company expects to continue incurring development expenses for the next 12 months as the Company advances its product development plans. The Company has incurred net operating losses since inception and has an accumulated deficit as of September 30, 2025 of $63,052,030 and expects to incur additional losses and negative operating cash flows for at least the next 12 months. The Company's ability to meet its obligations is dependent upon its ability to generate sufficient cash flows from operations and future financing transactions. Although management expects the Company will continue as a going concern, there is no assurance that management's plans will be successful since the availability and amount of such funding is not certain. Accordingly, substantial doubt exists about the Company's ability to continue as a going concern for at least 12 months. Management Commentary: Chun-Hsien (Eddy) Tsai, Chairman of the Board, President, and Chief Executive Officer of Ainos, commented, "Ainos continued to execute with focus as we build the foundation for the 2026 commercial scale-up of our core scent-digitization technology platform, AI Nose. This quarter, we further strengthened our market position by adding new strategic partners in the semiconductor and industrial edge AI sectors, expanding our network of major industrial collaborators to six and advancing the buildout of a comprehensive SmellTech ecosystem. Together, these collaborations extend AI Nose into high-value applications in semiconductors, industrial automation and robotics--accelerating adoption through broader sales and service channels and validating digital olfaction as a transformative capability for intelligent sensing." "We are delivering on our commitments. AI Nose pilots are scaling rapidly, setting the stage for wider commercial rollouts in 2026. Market interest has also been reinforced by strong visibility at major industrial exhibitions, where Ainos showcased the world's first commercial AI olfactory system that transforms scent into a machine-readable data layer for industrial and healthcare applications. "AI is redefining the electronic-nose market by strengthening odor analysis and identification, underscoring the strategic soundness of our focus on AI-driven SmellTech. According to third-party research, the global electronic-nose market is projected to grow from approximately $45 billion in 2025 to more than $130 billion by 2034, representing a 12.7% compound annual growth rate. Asia Pacific is expected to lead the next growth wave--precisely where Ainos is building scale. Our proprietary Smell Language Model (SLM) and over a decade of data experience give us a powerful competitive edge. As a U.S.-incorporated company, I believe our strong momentum in Asia is strategically positioning us for the next phase of global expansion -- with the U.S. market firmly in our sights as the next major growth frontier. "Through our expanding SmellTech-as-a-Service model, Ainos is on a path of turning years of research and development into recurring, data-driven value. Our technology is being deployed across factories and robots, delivering real-time AI-powered scent analytics that enhance safety, efficiency, and environmental awareness. "With strong execution, a defensible intellectual-property moat, and growing commercial traction, Ainos is heading into 2026 with increasing momentum and long-term growth potential. We are proud to advance the development of AI-powered digital olfaction, shaping a future where machines can potentially perceive the world around them." Christopher Lee, Chief Financial Officer of Ainos, remarked, "Throughout the third quarter, we maintained a disciplined financial approach, emphasizing prudent, cash-based expense management while continuing to support our strategic priorities for scaling adoption of the SmellTech platform. Selling, general, and administrative expenses declined 22% year over year, contributing to an 8% reduction in total operating expenses. Our focus on operational efficiency and measured investment enabled us to sustain momentum in AI Nose commercialization, expand our partner ecosystem, and advance our clinical programs, all while preserving balance sheet flexibility. With a lean cost structure and effective capital allocation, Ainos remains well positioned to execute its 2026 scale-up roadmap and deliver long-term value to shareholders." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yzh2cmhb About Ainos Ainos, Inc. -- https://www.ainos.com/ -- is an artificial intelligence and healthcare company focused on the commercialization of proprietary scent digitization technology, AI-powered sensing solutions, point-of-care testing, and low-dose oral interferon therapeutics. As of September 30, 2025, the Company had $22,679,340 in total assets, $212,634,391 in total liabilities, and $10,044,949 in total stockholders' equity. AMERICAN SIGNATURE: Seeks Chapter 11 Bankruptcy in Delaware ----------------------------------------------------------- On November 22, 2025, American Signature USA Inc. filed Chapter 11 protection in the District of Delaware. According to court filing, the Debtor reports between $500 million and $1 billion in debt. About American Signature USA Inc. American Signature USA Inc. specializes in designing, sourcing, and distributing consumer products for a broad range of retail markets. American Signature USA Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12103) on November 22, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge J. Kate Stickles handles the case. The Debtor is represented by Laura Davis Jones, Esq. of Pachulski, Stang, Ziehl & Jones LLP. ANSER CHARTER: Moody's Cuts Rating on Ser. 2021A Revenue Bond to B1 ------------------------------------------------------------------- Moody's Ratings has downgraded to B1 from Ba3 the revenue bond rating for Anser Charter School, ID's (Anser) Nonprofit Facilities Revenue Bonds (Anser of Idaho, Inc. Project), Series 2021A (Credit Enhancement). The outlook remains negative. As of June 30, 2025, the school had approximately $11 million of debt outstanding. The Series 2021A bond also carry a Aa2 enhanced rating reflecting the credit enhancement provided by the Idaho Public Charter School Facilities Program. The downgrade is driven by Anser's narrower than expected operating performance in fiscal 2025 stemming from a weak enrollment trend. Social and governance considerations are a key driver of this rating action. Social considerations include adverse demographic trends within the school's service area, constraining enrollment growth. Governance considerations include weak financial management, resulting in multiple operating deficits and insufficient debt service coverage in 2025. RATINGS RATIONALE The B1 rating reflects Anser's high leverage and enrollment that continues to lag expectations following the completion of its expansion in 2022. The weak enrollment growth is primarily driven by a declining school-age population in the area. As a result, fiscal 2025 annual debt service coverage fell below 1x for the second year in a row. Spendable cash and investments also covered outstanding debt by a narrow 11% in fiscal 2025. The school continues to work with the Bluum organization, a philanthropic institution that supports charter schools in Idaho, to develop financial projections based on reduced enrollment to meet the annual debt service covenant of 1.1x in fiscal 2026. The school is seeking a waiver from bondholders following a breach of the debt service covenant. Under the Loan Agreement, bondholders may vote to accelerate repayment if annual debt service coverage falls below 1.0x and is not cured within 12 months. Since the school participates in the Idaho Public Charter School Facilities program, bonds may not be accelerated without the written consent of the Idaho State Treasurer. The school has maintained statisfactory academic performance as an Expeditionary Learning (EL) school in the Boise metro area. The school's liquidity is adequate at 73 days cash on hand as of fiscal 2025. Last year, the the school's charter contract was renewed without conditions by the Idaho Public Charter School Commission for a 6-year term, the longest allowable. RATING OUTLOOK The negative outlook reflects the likelihood of continued weak operating performance in fiscal 2026. Future reviews will consider the school's ability to maintain enrollment, restore satisfactory operating margins, and meet its debt service coverage covenant. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Sustained enrollment growth and increase in student demand -- Improvement in operating performance resulting in annual debt service coverage above 1.2x on a sustained basis -- Material reduction in leverage with spendable cash and investments sufficient to cover debt by over 35% FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Continued deterioration in operating performance resulting in ongoing coverage below sum sufficient -- Reduction in liquidity to below 65 monthly days cash on hand -- Failure to implement measures that return the budget to structural balance PROFILE The Anser Charter School was founded in 1998 and is located in Garden City, ID, within the Boise metro area. The school serves students in grades K-8 from one campus and offers an Expeditionary Learning (EL) education model. In fiscal 2025, the school reported $6 million in operating revenue and enrollment of 557 students. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. ANTHOLOGY INC: Gets Court OK for $50MM Assets Sale -------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge Friday, November 21, 2025, approved the sale of Anthology Inc.'s assets to a fellow educational technology company for $50 million, clearing the way for the debtor to move forward with its restructuring efforts. The transaction -- finalized after a competitive bidding process -- transfers Anthology's core platforms, intellectual property, and customer contracts to the buyer. According to court filings, the sale is expected to maximize value for creditors and provide continuity of services for educational institutions that rely on Anthology's software tools. The judge noted that the deal represents the highest and best offer, allowing the company to stabilize operations while addressing its financial obligations. About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher-education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. The other affiliates are Blackboard Campuswide of Texas, Inc., OrgSync, Inc., Admissions US, LLC, Blackboard LLC, Blackboard Holdings, LLC, Blackboard Super Holdco, LLC, Edcentric Holdings, LLC, Astra Acquisition Corp., Astra Intermediate Holding Corp., Campus Management Acquisition Corp., Academic Management Systems, LLC, Edcentric Midco, Inc., Edcentric, Inc., Anthology Inc. of Missouri, Anthology Inc. of NY, ApplyYourself, Inc., AY Software Services, Inc., BB Acquisition Corp., BB Management LLC, Blackboard Collaborate Inc., Blackboard Student Services Inc., Blackboard Tennessee LLC, Higher One Real Estate SP, LLC, MyEdu Corporation, Blackboard International LLC, and Perceptis, LLC. Judge Alfredo R. Perez presides over the case. The Debtors' Local Bankruptcy & Conflicts Counsel is Charles A. Beckham, Jr., Esq., Arsalan Muhammad, Esq., Kourtney Lyda, Esq., and Re'Necia Sherald, Esq., at HAYNES AND BOONE, LLP, in Houston Texas; and Charles M. Jones II, Esq., at HAYNES AND BOONE, LLP, in Dallas, Texas. The Debtors' Bankruptcy Counsel is Chad J. Husnick, P.C., and Charles B. Sterrett, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in Chicago, Illinois; and Melissa Mertz, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in New York. The Debtors' Investments Banker is PJT PARTNERS LP. The Debtors' Restructuring Advisor is FTI CONSULTING, INC. The Debtors' Claims & Noticing Agent STRETTO INC. APPTECH PAYMENTS: Reports $1.7MM Net Loss in 2025 Q3 ---------------------------------------------------- AppTech Payments Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss attributable to common stockholders of $1.7 million for the three months ended September 30, 2025, compared to a net loss of $2 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss attributable to common stockholders of $6.2 million, compared to a net loss of $8 million for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $227 thousand and $43 thousand, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $735 thousand and $224 thousand, respectively. For the three months ended September 30, 2025 and September 30, 2024, the Company maintained its liquidity sources primarily through cash and cash equivalents, and proceeds received from the AFIOS Partners investment. Cash and cash equivalents at September 30, 2025 and December 31, 2024 were $439 thousand and $868 thousand, respectively. As of September 30, 2025, the Company had $6.2 million in total assets, $4.8 million in total liabilities, and $1.4 million in total stockholders' equity. The Company has experienced recurring operating losses, primarily due to limited revenues. The Company's current financial conditions and recurring losses raise substantial doubt about its ability to continue as a going concern. Management has restructured its operations, reduced its headcount, and is actively pursuing additional funding options. "We are confident that two of its revenue streams will begin generating revenue in the following 12 months from the issuance date of these financial statements," the Company said. Management intends to maintain adequate working capital and adhere to prudent financial forecasting. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3nesb8rd About AppTech Payments Corp. Headquartered in Carlsbad, Calif., AppTech Payments Corp. -- www.apptechcorp.com -- provides digital financial services for financial institutions, corporations, small and midsized enterprises, and consumers through the Company's scalable cloud-based platform architecture and infrastructure, coupled with its Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. San Diego, Calif.-based DBBMcKennon, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Mar. 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 limited revenues and has suffered recurring losses from 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 $6.49 million in total assets, $3.95 million in total liabilities, and a total stockholders' equity of $2.54 million. ARENA GROUP: $6.9MM Income in 2025 Q3; Lifts Going Concern Doubt ---------------------------------------------------------------- The Arena Group Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $6.9 million for the three months ended September 30, 2025, compared to a net income of $4 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net income of $119.5 million, compared to a net loss of $107.6 million for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $29.8 million and $33.6 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $106.6 million and $89.7 million, respectively. As of September 30, 2025, the Company had $121.4 million in total assets, $131.6 million in total liabilities, and $10.2 million in total stockholders' deficit. In prior periods, the Company disclosed that substantial doubt existed regarding its ability to continue as a going concern due to recurring losses, a working capital deficit, and limited liquidity. Arena said, "We continue to improve our financial performance through revenue growth and reduction of costs and monthly cash requirements, and to maintain compliance with the terms of all outstanding debt agreements, and have taken actions to resolve current and potential future liabilities, such as resolving pending litigation. We have reported consecutive profitable results in the third and fourth quarters of 2024 and the first, second, and third quarters of 2025. The previously disclosed working capital deficit existed due to the classification of our outstanding debt as a current liability and the accrual of several liabilities from discontinued operations. These conditions no longer exist." As a result of these developments, management has concluded that the conditions that previously raised substantial doubt about the Company's ability to continue as a going concern no longer exist. Accordingly, management has determined that there is no longer substantial doubt about its ability to continue as a going concern for at least the next 12 months. Simplify Loan The Company also disclosed that on August 19, 2024, the Company entered into an amended and restated promissory note, in connection with the amendment to the March 13, 2024 working capital loan agreement with Simplify, a related party, pursuant to which the Company has available up to $50,000 (originally $25,000) at 10.0% interest rate per annum, payable monthly in arrears with a maturity on December 1, 2026 (originally March 13, 2026). The Simplify Loan is secured by certain assets of the Company and its subsidiaries, which are also guarantors of the obligations. In connection with the Amended Promissory Note, on August 19, 2024, the Company and Simplify also entered into a common stock purchase agreement, whereby $15,000 of outstanding indebtedness under the Simplify Loan was exchanged for shares of the Company's common stock. In the event of a default, including but not limited to the failure to pay any amounts when due, the interest will accrue at the Applicable Interest Rate plus 5.0% and the Simplify Loan will be payable upon demand to Simplify. As of September 30, 2025 and December 31, 2024, the balance outstanding on the Simplify Loan was $0 and $10,651, respectively. The Simplify loan, which provides for borrowings of up to $50 million, matures on December 1, 2026, and its Renew term debt matures on December 31, 2026. "While we have reported net income for the past four quarters and currently maintain a cash balance of approximately $15 million, our ability to meet ongoing liquidity needs and support future growth is dependent, in part, on our access to external financing. We intend to refinance or replace the Simplify loan and our Renew term debt prior to their due dates; however, there can be no assurance that we will be able to do so on terms that are acceptable to us, or at all, and our cash flow may not be sufficient to allow us to pay principal and interest on this debt and meet our other obligations." "If we cannot generate or obtain needed funds, we might be forced to make substantial reductions in our operating and capital expenses or pursue restructuring plans, which could adversely affect our business operations and ability to execute our current business strategy. "In addition, if a default occurs as a result, the lenders could elect to declare the indebtedness, together with accrued interest and other fees, to be immediately due and payable and proceed against any collateral securing that indebtedness. In addition, if repayment of our indebtedness is accelerated as a result of such default, we cannot assure you that we would have sufficient assets or access to credit to repay such indebtedness." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/27xbxhua About The Arena Group Headquartered in New York, The Arena Group Holdings, Inc. -- www.thearenagroup.net -- is a media company that leverages technology to build deep content verticals powered by anchor brands and a best-in-class digital media platform empowering publishers who impact, inform, educate, and entertain. The Company's strategy is to focus on key subject matter verticals where audiences are passionate about a topic category (e.g., sports and finance), leveraging the strength of its core brands to grow its audience and increase monetization both within its core brands and for its media publisher partners. The Company's focus is on leveraging its Platform and brands in targeted verticals to maximize audience reach, enhance engagement, and optimize monetization of digital publishing assets for the benefit of its users, its advertiser clients, and its greater than 40 owned and operated properties, as well as properties it runs on behalf of independent Publisher Partners. The Company owns and operates TheStreet, The Spun, Parade, and Men's Journal, and powers more than 320 independent Publisher Partners, including the many sports team sites that comprise FanNation. As of September 30, 2025, the Company had $121.4 million in total assets, $131.6 million in total liabilities, and $10.2 million in total stockholders' deficit. * * * This concludes the Troubled Company Reporter's coverage of The Arena Group Holdings, Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. BHATZLUCHE LLC: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------ On November 19, 2025, Bhatzluché LLC filed for Chapter 7 protection in the Eastern District of New York Bankruptcy Court. Court documents state the company owes $100,001 to $1 million to a creditor pool of 1–49 parties. About Bhatzluché LLC Bhatzluché LLC is a single asset real estate company. Bhatzluché LLC sought liquidation under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45540 on November 19, 2025. The filing lists between $0 and $100,000 in assets and $100,001 to $1,000,000 in liabilities. The matter is overseen by Judge Jil Mazer-Marino. The Debtor is represented by Joseph Y. Balisok, Esq., Balisok & Kaufman PLLC. BIG D TRUCKING: Seeks Chapter 11 Bankruptcy in Mississippi ---------------------------------------------------------- On November 23, 2025, Big D Trucking LLC filed Chapter 11 protection in the Northern District of Mississippi. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Big D Trucking LLC Big D Trucking LLC is a trucking and logistics business focused on delivering reliable freight transport solutions. Big D Trucking LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-14000) on November 23, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Selene D. Maddox handles the case. The Debtor is represented by Toni Campbell Parker, Esq. of the Law Office of Toni Campbell Parker. BILOXI LLC: Seeks Chapter 7 Bankruptcy in Washington ---------------------------------------------------- On November 18, 2025, Biloxi LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Western District of Washington. Court documents show the Debtor owes between $1 million and $10 million. About Biloxi LLC Biloxi LLC is a limited liability company. Biloxi LLC initiated its Chapter 7 case (Bankr. W.D. Wash. Case No. 25-13261) on November 18, 2025. The filing lists estimated assets and liabilities each ranging from $1 million to $10 million. The matter is assigned to Honorable Bankruptcy Judge Christopher M. Alston. BRENMARK INC: Tom Howley of Howley Law Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 7 appointed Tom Howley, Esq., at Howley Law, PLLC as Subchapter V trustee for Brenmark, Inc. and Taylors Fine Furniture & Mattress LLC. Mr. Howley will be paid an hourly fee of $575 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Howley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tom Howley, Esq. Howley Law, PLLC 711 Louisiana Street, Suite 1850 Houston, TX 77002 Telephone: (713) 333-9120 Email: tom@howley-law.com About Brenmark Inc. Brenmark, Inc. and Taylors Fine Furniture & Mattress, LLC manufacture and sell household furniture, including bedroom sets, futons, daybeds and mattresses. They operate retail locations and distribution facilities in Texas under the names Mattresses for Less and Landmark Furniture, serving residential customers through their stores and wholesale channels. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-36766) on November 9, 2025, with $1 million to $10 million in assets and liabilities. Brad Taylor, president of Brenmark, Inc. and manager of Taylors Fine Furniture, signed the petition. Judge Jeffrey P. Norman presides over the case. David Curry, Esq., at Okin Adams Bartlett Curry, LLP represents the Debtor as legal counsel. BRIGHTLINE WEST: Strikes Debt Exchange Deal with Bondholders ------------------------------------------------------------ Martin Z. Braun of Bloomberg News reports that the Fortress Investment Group-backed developer of the high-speed rail line connecting Southern California and Las Vegas, Brightline West, has reached a deal with holders of more than half of its $2.5 billion in debt. Under the agreement, participating creditors will exchange their existing bonds, giving the company additional time to firm up new financing needed for the project. Investors who take part will receive bonds maturing in November 2026, according to a person familiar with the discussions. The company faces a mandatory tender deadline at the end of the month, requiring it to finalize a financing plan or repurchase the debt at a premium, according to report. About Brightline West Brightline West is a Fortress Investment Group-backed developer of the high-speed rail line connecting Southern California and Las Vegas. BRISTOW GROUP: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has assigned a 'BB-' Long-Term Issuer Default Rating (IDR) to Bristow Group, Inc. The Rating Outlook is Stable. Fitch has also assigned the secured notes a 'BB+' rating with a Recovery Rating of 'RR2'. The ratings reflect Bristow's leading position in a less-volatile subsector of the cyclical oilfield services sector, reasonable leverage, and stable cashflows from its government services business. These factors are offset by cashflow variability and Bristow's small scale in the oilfield services sector. The ratings also reflect the growing proportion of more stable government services revenue and assumes that Bristow will achieve its $500 million debt target in the near to intermediate term. Key Rating Drivers Volatile Offshore Energy Activity Levels: Bristow's exposure to the offshore energy services sector, which represents 68% of the company's revenue, is expected to decline to the low-60% area over the next several years. As offshore activity levels fluctuate with commodity prices, Bristow's exposure to this sector introduces volatility to its cash flows. However, approximately 85% of the Bristow's revenue from this segment is aligned with production, which is more stable than drilling and development, somewhat insulating it from exposure to this volatility. The contract structure in the offshore energy market—which derives about 65% of its revenue from monthly standing charges and the remainder from variable flight-hour revenue—further mitigates the impact of this volatility on cash flow. Cash flow for offshore energy is somewhat less volatile for helicopter operators than for most other oilfield service providers. Stable and Growing Government Services Segment: Bristow's government services segment provides stable and contractual cash flows. The company offers search and rescue (SAR) services under long-term contracts with several countries, including 10-year agreements with the U.K. Maritime & Coastguard Agency, Irish Coast Guard, Netherlands Coastguard, Dutch Antilles Coastguard, and the Falkland Islands (U.K. Ministry of Defence). The structure of these contracts, which address all or part of each country's SAR needs, yields about 85% of revenue from a monthly standing charge, with only 15% from actual flight-hour charges. The length and structure of these contracts provide a significant foundation of stable cash flow. Favorable Recontracting Environment: Bristow's fleet is well positioned to benefit from higher pricing and improved cash flows as legacy contracts expire and are renegotiated in a more favorable market. About 53% of Bristow's offshore energy contracts are currently operating under pricing set during a weaker operating period. As these contracts are renewed, they are expected to be repriced at higher rates and with better terms, which will bolster forecasted cash flows. Solid Backlog: Bristow's current backlog of $4.1 billion provides reasonable revenue visibility. Of this backlog, 76% is derived from the government services end market, with contracts extending up to 10 years. This backlog is limited to monthly standing charge revenue, excluding variable flight-hour revenue. In the offshore energy segment, legacy contracts are typically cancellable at the customer's convenience, although cancellations have been modest, even in weaker periods. With a more favorable environment for service providers, new contracts are beginning to include more stringent cancellation provisions. Capital Structure: Fitch expects leverage metrics to improve throughout the forecast period. Leverage was 3.0x at year-end-2024 due to elevated capital spending in preparation for new SAR contracts. This spending is largely complete and the new SAR contracts are commencing. The combination of lower capital spending and higher EBITDA supports significantly stronger FCF in its model, which Fitch expects will be used for debt repayment. Fitch expects Bristow to successfully achieve its $500 million debt target in the near to intermediate term and bring leverage below 2.0x in 2026 and thereafter. Tight Helicopter Market: The helicopter market has recorded higher utilization since the mid-2010s, driven by decreased helicopter capacity and cautious new-build activity. Only two major suppliers currently manufacture relevant new aircraft—Leonardo and Airbus—giving clear visibility into new aircraft deliveries. Bristow has scheduled eight aircraft for delivery in 2025-2026, with options for 20 more. Deliveries from both suppliers are largely allocated over the next several years, and there is an active market for delivery slots, currently the only viable way to acquire new aircraft. Peer Analysis Bristow generates EBITDA around $250 million, which is modestly lower than B+ rated peers. Bristow's EBITDA margins in the mid-teens are also lower than most in the space, except for Helix Offshore. Bristow's EBITDA and EBITDA margin exhibit lower volatility than many peers, allowing the company to operate with somewhat higher leverage. Bristow's leverage is higher than peers, but there is a clear line of sight to leverage more closely aligned with peers. Key Assumptions - Interest on floating-rate debt determined from forward curves for SONIA, SOFR, and EURIBOR; - Top-line increases of around 10% in 2026 due to full rollout of IRCG SAR contract and continued constructive offshore energy services activity; - Revenue declines modestly in 2027, reflecting a pullback in offshore energy services activity and modest growth in SAR. Low single digit growth for the remainder of the model; - Around $200 million in capex for 2025 due to spending related to the new U.K. SAR and IRCG contracts before returning to a range of $60 million-$80 million, reflecting maintenance capital spending plus some modest growth; - FCF applied to repayment of debt until the company reaches around $500 million in debt, then applied to share buybacks; - Senior Secured Notes and IRCG debt refinanced as they come due; - A modest dividend initiated in 2026. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Inability to achieve the $500 million debt target in the short to intermediate term; - Mid-cycle leverage sustained above 3x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Improvements in contract structure, including terms and tenor, that enhance cashflow visibility; - Mid-cycle leverage below 2x. Liquidity and Debt Structure Comfortable Liquidity: With $245.5 million of cash and $67.9 million of availability on its $85 million ABL facility as of Sept. 30, 2025, Bristow's liquidity is sufficient. While FCF will remain negative in 2025, the fleet and facility buildout related to new SAR contracts FCF will transition to positive in 2026 and beyond as the buildout spending is complete and the new SAR contracts ramp up. Issuer Profile Bristow Group, Inc. is a leading global provider of vertical flight solutions to offshore energy companies and government entities. Its services include personnel transportation, search and rescue, medevac, fixed-wing transportation, unmanned systems and ad hoc helicopter services. Date of Relevant Committee 23-Oct-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Bristow Group Inc. LT IDR BB- New Rating senior secured LT BB+ New Rating RR2 BROADBAND INFRASTRUCTURE: Case Summary & 15 Unsecured Creditors --------------------------------------------------------------- Debtor: Broadband Infrastructure, Inc. Carolina Underground Solutions, LLC Absolute Technologies, LLC 136 Johns Road Greer, SC 29650 Business Description: Broadband Infrastructure Inc. provides turnkey telecommunications infrastructure solutions for inside and outside plant projects across the eastern United States, offering services including fiber optic splicing and terminations, structured cabling, security and access control, 5G, DAS and Small Cell, long-haul, and overbuild fiber construction. The Company serves industrial, commercial, education, government, and healthcare markets, working alongside general and electrical contractors to deliver integrated network solutions. Managed by industry veterans with over 100 years of combined experience, Broadband Infrastructure designs, builds, and activates networks that connect end users through service providers. Chapter 11 Petition Date: November 21, 2025 Court: United States Bankruptcy Court District of South Carolina Case No.: 25-04610 Judge: Hon. Helen E Burris Debtor's Counsel: Robert Pohl, Esq. POHL BANKRUPTCY, LLC 8 West McBee Avenue Suite 215 Greenville, SC 29601 Tel: 864-233-6294 Fax: 864-558-5291 Email: Robert@Bankruptcy.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Braddock Cunningham as president. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2HBOULY/Broadband_Infrastructure_Inc__scbke-25-04610__0001.0.pdf?mcid=tGE4TAMA BYJU'S ALPHA: Founder Hit w/ $1B Judgment Over Missing Funds ------------------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge has entered a default judgment exceeding $1 billion against the founder of Indian tech giant Byju's, finding that the extraordinary sanction was warranted after months of willful obstruction in efforts to trace hundreds of millions of dollars missing from a bankrupt Byju's subsidiary. According to the ruling, the court determined that the founder repeatedly defied discovery orders and actively impeded efforts to locate the diverted funds, leaving the estate and its creditors with no alternative remedy. The judgment represents one of the most severe penalties issued in a U.S. bankruptcy case for discovery-related misconduct. 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. CAPSTONE GREEN: Reports $834,000 Net Income in 2026 Q2 ------------------------------------------------------ Capstone Green Energy Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $834,000 for the three months ended September 30, 2025, compared to a net loss of $423,000 for the three months ended September 30, 2024. For the six months ended September 30, 2025, the Company reported a net income of $136,000, compared to a net loss of $4.4 million for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $28.4 million and $22.7 million, respectively. For the six months ended September 30, 2025 and 2024, the Company had total revenues of $56.3 million and $38.4 million, respectively. As of September 30, 2025, the Company had $82.4 million in total assets, $89.7 million in total liabilities, and $39.4 million in total stockholders' deficit. As of September 30, 2025, the Company had cash of $7.7 million, which includes restricted cash of $0.7 million, and a working capital deficit of $14.2 million. Capstone says a robust plan to improve the Company's future financial performance has been developed. The plan includes multiple process improvement workstreams directed to drive operational and financial performance. The process improvement initiatives are supported with external resources as needed for a specific level of expertise. The plan also includes cost reduction in products, services and operating expenses, margin expansion through price increases, and sales volume initiatives focused on improving the Company's liquidity. Achieving the targeted product cost reductions has risk, and is being challenged by the current geopolitical environment, including the impact of tariffs. "There is no guarantee that such steps will be successful, or to result in our ability to meet our payment obligations coming due within the twelve-month period after the date of the report," the Company said. The Company and its advisors are considering various alternatives to address the upcoming maturity of the Exit New Money Notes, which may include issuances of equity or the incurrence of additional indebtedness; however, there can be no assurance that the Company will be successful in refinancing the Exit New Money Notes. Given the Company's current cash position, lack of liquidity, short term debt repayments, limits to accessing capital and debt funding options and current economic and market risks, there exists substantial doubt regarding the Company's ability to continue as a going concern and its ability to meet its financial obligations as they become due over the next 12 months from the date of issuance of the financial statements as of, and for the period ended September 30, 2025. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/35bbjppf About Capstone Green Energy Capstone Green Energy builds microturbine energy systems and battery storage systems that allow customers to produce power on-site in parallel with the electric grid or stand-alone when no utility grid is available. Capstone Green offers microturbines designed for commercial, oil and gas, and other industrial applications. Los Angeles, Calif.-based CBIZ CPAs P.C., the Company's auditor since 2017 since 2017 (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C. effective November 1, 2024), issued a "going concern" qualification in its report dated June 26, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $72.8 million in total assets, $80.9 million in total liabilities, and $22 million in total stockholders' deficiency. CAREVIEW COMMUNICATIONS: Reports $914,214 Net Loss in 2025 Q3 ------------------------------------------------------------- CareView Communications, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $914,214 for the three months ended September 30, 2025, compared to a net loss of $1,470,655 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $2,423,724, compared to a net loss of $3,600,152 for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $2,064,535 and $1,932,382, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $6,682,928 and $6,109,259, respectively. As of September 30, 2025, the Company had $4,977,571 in total assets, $47,369,261 in total liabilities, and $42,391,690 in total stockholders' deficit. In evaluating the Company's ability to continue as a going concern, management considers the conditions and events that raise substantial doubt about the Company's ability to continue as a going concern for a period of 12 months after the Company issues its financial statements. For the period ended September 30, 2025, management considers the Company's current financial condition and liquidity sources, including current funds available, forecasted future cash flows, and the Company's conditional and unconditional obligations due before November 12, 2026. The Company is subject to risks like those of healthcare technology companies whereby revenues are generated based on both on a sales-based and subscription-based business model such as dependence on key individuals, uncertainty of product development, generation of revenues, positive cash flow, dependence on outside sources of capital, risks associated with research, development, and successful testing of its products, successful protection of intellectual property, ability to maintain and grow its customer base, and susceptibility to infringement on the proprietary rights of others. The attainment of profitable operations is dependent on future events, including obtaining adequate financing to fulfill the Company's growth and operating activities and generating a level of revenues adequate to support the Company's cost structure. The Company has experienced net losses and significant cash outflows from cash used in operating activities over the past years. As of and for the nine months ended September 30, 2025, the Company had an accumulated deficit of $215,009,822, net loss from operations of $68,406, net cash provided by operating activities of $1,033,269 and an ending cash balance of $1,731,276. As of September 30, 2025, the Company had a working capital deficit of $42,789,653 consisting primarily of PDL notes payables, including accrued interest. Management has evaluated the significance of these conditions in relation to the Company's ability to meet its obligations and concluded that, without additional funding, the Company will not have sufficient funds to meet its obligations within one year from the date the condensed consolidated financial statements were issued. While management will look to continue funding operations by increased sales volumes and raising additional capital from sources such as sales of its debt or equity securities or loans to meet operating cash requirements, there is no assurance that management's plans will be successful. The Company's net losses and working capital deficit raise substantial doubt about the Company's ability to continue as a going concern through November 12, 2026. Management continues to monitor the immediate and future cash flow needs of the Company in a variety of ways which include forecasted net cash flows from operations, capital expenditure control, new inventory orders, debt modifications, increases sales outreach, streamlining and controlling general and administrative costs, competitive industry pricing, sale of equities, debt conversions, new product or services offerings, and new business partnerships. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/mr92tyhf About CareView Communications Headquartered in Lewisville, Texas, CareView Communications, Inc. -- http://www.care-view.com-- is a provider of products and on-demand application services for the healthcare industry, specializing in bedside video monitoring, software tools to improve hospital communications and operations, and patient education and entertainment packages. Somerset, New Jersey-based Rosenberg Rich Baker Berman & Co., the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company's net losses, cash outflows, and working capital deficit that raise substantial doubt about its ability to continue as a going concern. The Company has experienced net losses and significant cash outflows from cash used in operating activities over the past years. As of and for the year ended December 31, 2024, the Company had an accumulated deficit of approximately $212,586,000, a loss from operations of approximately $1,577,000, net cash used in operating activities of $(238,652) and an ending cash balance of $759,266. As of December 31, 2024, the Company had a working capital deficit of $41,138,868. As of June 30, 2025, the Company had $5.52 million in total assets, $47.16 million in total liabilities, and a total stockholders' deficit of $41.63 million. CASPER INC: Ira Bodenstein Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 11 appointed Ira Bodenstein as Subchapter V trustee for Casper Inc. Mr. Bodenstein will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Bodenstein declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Casper Inc. Casper Inc. operates in the restaurants industry. Casper Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-17514) on November 12, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Timothy A. Barnes handles the case. David Freydin, Esq., at Law Offices of David Freydin Ltd. represents the Debtor as bankruptcy counsel. CATHETER PRECISION: Reports $2.3 Million Net Loss in 2025 Q3 ------------------------------------------------------------ Catheter Precision, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2.3 million for the three months ended September 30, 2025, compared to a net loss of $4.1 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $11.8 million, compared to a net loss of $11 million for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $226,000 and $96,000 respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $581,000 and $271,000, respectively. As of September 30, 2025, the Company had $25.5 million in total assets, $19 million in total liabilities, and $6.4 million in total stockholders' equity. As of September 30, 2025, the Company had cash and cash equivalents of $1.1 million and an accumulated deficit of $303.8 million. For the nine months ended September 30, 2025, net cash used in operating activities was $6.8 million. The Company have incurred recurring net losses from operations and negative cash flows from operating activities since inception. The Company also disclosed on May 12, 2025, it raised gross proceeds of $1.5 million in cash and acquired $0.9 million in trading debt securities, before deducting placement agent fees and offering expenses of $0.4 million, in connection with the May 2025 PIPE Financing. Through September 30, 2025, the Company raised gross proceeds of $4 million, before deduction of commissions and offering expenses of $0.3 million, in connection with the ATM. Catheter Precision said, "We expect operating losses and negative cash flows to continue for the foreseeable future unless our sales and gross profit increase sufficiently to cover our operating expenses. We expect our current operating expenses to remain relatively fixed for the near term, absent entering into a transformative strategic transaction. We believe that our current cash on hand of $377 thousand as of November 5, 2025 will not be sufficient to fund our current operations, and if we are unable to secure additional financing we will be unable to fund planned expenditures and meet obligations through the end of the fourth quarter. Further, we have outstanding short-term notes that will become due and payable within the next twelve months, including notes to related parties which come due in January 2026, and in July 2026." "Therefore, even if we obtain financing in the fourth quarter, depending upon the amount of any financing we do obtain, we may continue to experience insufficient liquidity for the foreseeable future. We are currently evaluating potential means of raising cash, as described below, to fund our operations and to pay our debts as they come due. If we are unable to do so, we will be required to reduce our spending to align with expected revenue levels and cash reserves, although there can be no guarantee that we will be successful in doing so. If we are unable to do so, we will be required to suspend a portion or all of our operations and/or potentially seek relief from our creditors. We may not be able to secure financing in a timely manner or on favorable terms, if at all. "The Company remains committed to the aggressive and creative pursuit of financing, despite great challenges to securing capital on our preferred terms. "Any assets that are liquidated to meet our current urgent liquidity needs may produce proceeds that are less than the market or stated value of such assets and less than the proceeds that could have been obtained if they were liquidated in the ordinary course. "Due to the challenging economic environment, we have explored and continue to explore a wide variety of possible capital-raising and strategic transactions, including but not limited to private equity offerings, registered issuances, credit facilities, and convertible debt, or sale of the QHS Notes, as well as other innovative and specialty finance strategies such as a crypto asset treasury policy or business combination." There is no guarantee that the Company will succeed in securing the financing or other strategic transaction needed to sustain the Company, or that any such transaction will be on our preferred terms. As a result of these factors, the Company has concluded that there is substantial doubt about the Company's ability to continue as a going concern for a period of 12 months. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/42r5nkkh About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. As of June 30, 2025, the Company had $25.56 million in total assets, $19.01 million in total liabilities, and a total stockholders' equity of $6.55 million. East Brunswick, New Jersey-based WithumSmith+Brown, PC., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 28, 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 recurring losses from operations and negative cash flows from operations and expects to continue to incur operating losses that raise substantial doubt about its ability to continue as a going concern. CIBUS INC: Narrows Net Loss to $23MM in 2025 Q3 ----------------------------------------------- Cibus Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss attributable to Cibus, Inc. stockholders of $23.5 million for the three months ended September 30, 2025, compared to a net loss attributable to Cibus, Inc. stockholders of $180 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss attributable to Cibus, Inc. stockholders of $96.8 million, compared to a net loss attributable to Cibus, Inc. stockholders of $228.3 million for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $615,000 and $1.7 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $2.6 million and $3.1 million, respectively. As of September 30, 2025, the Company had $330.2 million in total assets, $278.2 million in total liabilities, and $52 million in total stockholders' equity. The Company has incurred losses since its inception. The Company's net loss was $100.3 million and cash used in operating activities was $37.2 million for the nine months ended September 30, 2025. The Company's primary source of liquidity is its cash and cash equivalents, with additional capital resources accessible, subject to market conditions and other factors, from the capital markets, including through offerings of common stock or other securities. As of September 30, 2025, the Company had $23.9 million of cash and cash equivalents and $20.6 million of current liabilities. The Company anticipates that it will continue to generate losses for the next several years. Over the longer term and until the Company can generate cash flows sufficient to support its operating capital requirements, it expects to finance a portion of future cash needs through: (i) Cash on hand, (ii) commercialization activities, which may result in various types of revenue streams from future product development agreements and technology licenses, including upfront and milestone payments, annual license fees, and royalties, (iii) government or other third party funding, (iv) public or private equity or debt financings (which may include a future at-the-market financing facility or other continuous offering facility), or (v) a combination of the foregoing. On January 2, 2024, the Company entered into a Sales Agreement with Stifel, Nicolaus & Company, Incorporated (Stifel) for an at-the -market facility having an aggregate offering price of up to $80 million. During the nine months ended September 30, 2025, the Company did not issue any shares of Class A Common Stock from the ATM Facility, which the Company terminated during the third quarter of 2025. In a registered direct offering in January 2025 (January 2025 Follow-On Offering) and in an SEC-registered public offering in June 2025 (June 2025 Follow-On Offering), the Company received net proceeds of approximately $21.4 million and $25.0 million, respectively, after deducting approximately $1.2 million and $2.5 million, respectively, for placement agent commissions and other offering expenses payable by the Company. Management will need to raise additional capital to support its business plans to continue as a going concern within the next 12 months. In the fourth quarter of 2024, Cibus announced a restructuring initiative, which included a reduction in its workforce. The Restructuring Initiative instituted cost reduction actions designed to preserve capital resources for the advancement of its streamlined priority objectives, which initiatives include reductions in expenditures for consultants and other third-party service providers, organizational restructuring and related talent optimization, and streamlining of rent and facility expenses, including the non-renewal of the lease for the Company's trait development facility for editing plants in San Diego, California upon expiration in August 2025. In June 2025, building on efficiencies introduced through the Restructuring Initiative to date, the Company announced further streamlining of its operational focus to preserve capital resources and concentrate its working capital expenditures on the commercial advancement of the Company's weed management traits for Rice. On July 21, 2025, the Board of Directors of Cibus approved a reduction in workforce of approximately 34 full-time employees as a pivotal step in implementing the Company's streamlined business focus. The Company expects that the reduction in workforce will be completed by December 31, 2025. The Company communicated the workforce reduction to affected employees on July 23, 2025. For the three and nine months ended September 30, 2025, the Company incurred approximately $0.2 million of one-time charges for severance related expenses, which was recorded within operating expenses in the accompanying condensed consolidated statements of operations. The Company estimates an immaterial amount of one-time charges for severance related expenses in the fourth quarter of 2025 as the remainder of this reduction in workforce is completed. These cost reduction initiatives alone will not be sufficient to forestall a cash deficit. If the Company is unable to raise additional capital in a sufficient amount or on acceptable terms, the Company may have to implement additional, more stringent cost reduction measures to manage liquidity, and the Company may have to significantly delay, scale back, or cease operations, in part or in full. If the Company raises additional funds through the issuance of additional debt or equity securities, including as part of a strategic alternative, it could result in substantial dilution to its existing stockholders and increased fixed payment obligations, and these securities may have rights senior to those of the Company's shares of common stock. These factors raise substantial doubt about the Company's ability to continue as a going concern for at least the next 12 months. Any of these events could significantly impact the Company's business, financial condition, and prospects. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/mw93y4f2 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. CLEARSIDE BIOMEDICAL: Seeks Chapter 11 Bankruptcy in Delaware ------------------------------------------------------------- On November 23, 2025, Clearside Biomedical Inc. filed Chapter 11 protection in the District of Delaware. According to the court filing, the Debtor reports between $50 million and $100 million in debt owed to 1–49 creditors. About Clearside Biomedical Inc. Clearside Biomedical, Inc. is a biopharmaceutical firm specializing in the development and commercialization of treatments for eye diseases. Clearside Biomedical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on November 23, 2025. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $50 million–$100 million. The Debtor is represented by Daniel J. DeFranceschi, Esq. CQENS TECHNOLOGIES: Reports $1.15MM Net Loss in 2025 Q3 ------------------------------------------------------- CQENS Technologies Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss attributable to CQENS Technologies, Inc of $1,148,222 for the three months ended September 30, 2025, compared to a net loss of $5,706,115 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $5,580,221, compared to a net loss of $7,595,402 for the same period in 2024. For the first nine months of 2025, the Company reported a consolidated net loss of $5,596,884 and net cash used in operations of $4,570,415 compared to a net loss of $7,600,197 and net cash used in operations of $2,067,595 for the first nine months of 2024. At September 30, 2025, it had cash on hand of $9,243,579 and an accumulated deficit of $40,344,015. The Company did not generate any revenues from our operations in the first nine months of 2025 or 2024. CQENS says its total operating expenses for the three months ended September 30, 2025 decreased 78.7% over those reported for the same period in 2024. This decrease is primarily attributable to the issuance of 206,750 shares in exchange for professional services in the first nine months of 2024 that were valued at $4,135,000 which were not present in this same period in 2025. A decrease in general and administrative expenses of 11.6% further contributed to this decrease. An increase in research and development expenses of 26.7% offset some of this decrease with the increase in engineering services in the first three months of 2025 versus this same period in 2024. For the first nine months of 2025 total operating expenses decreased 23.3% over those reported in the same period in 2024. The decrease is principally due to professional fees decreasing 35.0%. General and administrative expenses saw a 2.7% increase in the first nine months of 2025 compared to the first nine months of 2024, including increases to amortization expenses, marketing/brand development costs, rent, office expenses, travel and meals. Research and development costs in the first nine months of 2025 increased 18.0% over the first nine months of 2024. This increase was due to increased engineering and consulting services relating to product design and development work. CQENS said, "We expect that our operating expenses will increase as we continue to develop and grow our business and we devote additional resources toward our new technologies and business opportunities, promoting that growth, most notably reflected in anticipated increases in general overhead, salaries for personnel and technical resources, as well as increased costs associated with our SEC reporting obligations. However, as set forth elsewhere in this report, our ability to continue to develop our business and achieve our operational goals is dependent upon our ability to raise significant additional working capital. As the availability of this capital is unknown, we are unable to quantify at this time the expected increases in operating expenses in future periods." As of September 30, 2025, the Company had $13,327,153 in total assets, $1,502,989 in total liabilities, and $11,824,164 in total stockholders' equity. Liquidity and capital resources: As of September 30, 2025, the Company had $9,243,579 in cash and cash equivalents and a working capital surplus of $7,878,273 compared to $4,596,556 in cash and cash equivalents and a working capital surplus of $1,575,975 at December 31, 2024. Current liabilities decreased $1,667,188 from December 31, 2024, reflecting a significant decrease in our accounts payable, accrued expenses and investor deposits with a slight increase in related party borrowing. Our source of operating capital in the first nine months of 2025 came from cash on hand at the end of 2024 of $4,596,556, the sale of 519,500 shares of common stock for gross proceeds of $10,390,000 of which $9,540,000 was received in the first nine months of 2025 and $850,000 that was received as an investor deposit and included in cash on hand at the end of 2024, borrowing from a related party of $61,943 and earned interest of $259,044. The Company's source of operating capital in the first nine months of 2024 came from cash on hand at the end of 2023 of $350,565; $112,359 in borrowing from related parties; and $5,308,000 of proceeds from the sale of its common stock. The ability of the Company to continue as a going concern is dependent upon the Company obtaining adequate capital to fund operating losses until it becomes profitable. As the company is not generating revenues, continued activities and expenditures to bring product(s) to market as soon as we are able is important. Management believes the currently available funding will be insufficient to finance the Company's operations for a year from the date of these consolidated financial statements and to satisfy the Compay's obligations as they become due. The Company also disclosed that in the first nine months of 2025, it repaid Xten Capital Group, a related party, $50,000 of the outstanding loan while in 2024 and 2023 the Company borrowed funds from Xten Capital Group, a related party. As a result, at September 30, 2025, the Company owed Xten $950,000. The loaned funds were used for working capital. In the first nine months of 2025 Liu Mei Chong loaned $61,943 to CQENS Electronics (Hong Kong) Limited. The funds are being used for working capital. As of September 30, 2025, the Company owes Liu Mei Chong $78,657. The loans are non-interest bearing and due upon demand. At September 30, 2025 and as of the date of this filing, the Company owes $1,028,657 to related parties while at September 30, 2024, the Company owed $1,000,000 to Xten Capital Group. During the first nine months of 2025 we sold an aggregate of 519,500 shares of common stock to accredited investors for gross proceeds of $10,390,000 of which $9,540,000 was received in the first nine months of 2025 and $850,000 that was received as an investor deposit and included in cash on hand at the end of 2024. Proceeds from the sales are being used for working capital. As of November 13, 2025, the Company still will need to raise $10,000,000 to $15,000,000 in additional capital during the next 12 months to achieve its goals. "There is no assurance we will have sufficient funds to fund our operating expenses and continued development of our products and to satisfy our obligations as they become due over the next 12 months. In that event, our ability to continue as a going concern is in jeopardy." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bdjx66ym About CQENS Technologies Inc. CQENS Technologies Inc. is a technology company that designs and develops innovative methods to heat plant-based and/or medicant-infused formulations to produce aerosols for the efficient and efficacious inhalation of the plant and medicant constituents contained therein. As of September 30, 2025, the Company had $13,327,153 in total assets, $1,502,989 in total liabilities, and $11,824,164 in total stockholders' equity. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2013, 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 losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. CROSSCOUNTRY INTERMEDIATE: Fitch Rates $500MM Unsec. Notes BB-(EXP) ------------------------------------------------------------------- Fitch Ratings expects to rate CrossCountry Intermediate Holdco, LLC's (CCM) $500 million senior unsecured notes issuance 'BB-(EXP)'. Proceeds from the issuance are expected to be used to repay secured borrowing and for other general corporate purposes. Key Rating Drivers Unsecured Debt Equalized with IDR: The unsecured notes are expected to rank pari passu with CCM's existing senior unsecured debt, and therefore the expected rating is equalized with its outstanding senior unsecured debt and Long-Term Issuer Default Rating (IDR). The equalization with the IDR reflects Fitch's expectation for average recovery prospects in a stressed scenario given the availability of unencumbered assets. Financial Profile Unchanged: Pro forma for the transaction, total and corporate leverage were 4.0x and 0.9x at 3Q25, respectively, compared with 3.9x and 0.8x prior to the issuance. Unsecured debt represented 21% of total debt at 3Q25, pro forma, up from 14%. Growing Distributed Retail Franchise: CCM's ratings reflect its growing distributed retail franchise, conservative debt usage, solid profitability, adequate liquidity, limited asset quality risks and well-executed growth strategy. Cyclical Industry, Key Person Risk: Ratings constraints include CCM's key person risk with respect to its founder and CEO Ron Leonhardt, and its growing mortgage servicing rights exposure, which increases valuation risk. The ratings are also constrained by the highly cyclical nature of the mortgage industry; reliance on secured, short-term wholesale funding; and potential servicing advance needs and regulatory scrutiny arising from its exposure to Ginnie Mae (GNMA) loans. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to maintain sufficient liquidity to manage servicer advances, meet margin call requirements or fund originations; - Corporate debt to tangible equity sustained above 1.5x, or gross leverage sustained above 5.0x; - An inability to refinance secured funding facilities; - Increased utilization of secured funding that sustainably reduces the unsecured funding mix below 10%; - Substantial regulatory fines or litigation expenses that negatively impact the company's franchise or operating performance; - The departure of CEO Ron Leonhardt, who exercises significant control over day-to-day operations and the overall strategy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued improvement in the funding profile, including an extension of funding duration, an increase in the committed funding percentage, and an increase in the unsecured funding component, such that unsecured debt was maintained above 25% of total debt; - Growth of the business that enhances the franchise and platform scale, including growth in the servicing portfolio; - Leverage maintained at or below 1x on a corporate debt to tangible equity basis and 5x on a gross debt to tangible equity basis; - Improved liquidity, as evidenced by a meaningful increase in available liquidity sources (cash and available non-funding borrowing capacity) to total debt above 30%. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS CCM's expected senior unsecured debt is equalized with the Long-Term IDR, reflecting the funding mix and adequate unencumbered assets available to noteholders, suggesting average recovery prospects in a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The expected unsecured debt rating is primarily sensitive to changes in the IDR and would be expected to move in tandem. However, a material reduction in unencumbered assets or an increase in the proportion of secured funding could result in the unsecured debt rating being notched down from the IDR. ADJUSTMENTS - The Business Profile score has been assigned below the implied score due to the following adjustment reason: Business model (negative). - The Asset Quality score has been assigned below the implied score due to the following adjustment reason: Non-loan exposures (negative). - The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason: Earnings stability (negative). - The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reasons: Risk profile and business model (negative). - The Funding, Liquidity & Coverage score has been assigned above the implied score due to the following adjustment reasons: Historical and future metrics (positive). Date of Relevant Committee 29-Sep-2025 ESG Considerations CrossCountry Holdco, LLC has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to its exposure to compliance risks including fair lending practices, debt collection practices, and consumer data protection. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. CrossCountry Holdco, LLC has an ESG Relevance Score of '4' for Governance Structure due to the elevated key person risk related to its founders and CEO, Ron Leonhardt, who exercise significant control over the company as well as weak governance oversight compared to publicly traded peers. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ CrossCountry Intermediate Holdco, LLC senior unsecured LT BB-(EXP) Expected Rating CULTURA FOOD: Seeks Chapter 7 Bankruptcy in District of Columbia ---------------------------------------------------------------- On November 21, 2025, Cultura Food and Entertainment Inc. filed Chapter 7 protection in the District of Columbia. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Cultura Food and Entertainment Inc. Cultura Food and Entertainment Inc. is a food service and entertainment business that specializes in culturally driven dining and immersive experiences. It delivers a combination of cuisine, social gathering spaces, and curated events aimed at highlighting a variety of cultural influences. Cultura Food and Entertainment Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 25-00542) on November 21, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Christianna Annette Cathcart, Esq. of The Dakota Bankruptcy Firm. CV SCIENCES: Reports $382,000 Net Loss in 2025 Q3 ------------------------------------------------- CV Sciences Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $382,000 for the three months ended September 30, 2025, compared to a net loss of $456,000 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $752,000, compared to a net loss of $1.7 million for the same period in 2024. Revenues for the three months ended September 30, 2025 and 2024, were $3.3 million and $3.9 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $10.5 million and $11.8 million, respectively. As of September 30, 2025, the Company had $7 million in total assets, $5.5 million in total liabilities, and $1.5 million in total stockholders' equity. The Company generated negative cash flows from operations of $0.1 million for the nine months ended September 30, 2025 and had an accumulated deficit of $87.7 million as of September 30, 2025. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operations, growth initiatives and will continue to make and implement strategic cost reductions, including reductions in employee headcount, vendor spending, and delaying expenses related to its drug development activities. The Company intends to position itself so that it will be able to raise additional funds through the capital markets, issuance of debt, and/or securing lines of credit. In October 2025, the Company entered into a securities purchase agreement with an institutional investor, pursuant to which the Company issued and sold to the Investor a secured promissory note and received net proceeds of $300,000. Subsequent to quarter-end, federal legislation was enacted that, effective November 13, 2026, will prohibit the sale of hemp-derived products containing more than 0.4 milligrams of total THC per container. The Company is assessing the potential implications of this legislation on its operations and product offerings. For more information refer to Note 14. The Company's financial operating results and accumulated deficit, amongst other factors, raise substantial doubt about the Company's ability to continue as a going concern. The Company will continue to pursue the actions outlined above, as well as work towards increasing revenue and operating cash flows to meet its future liquidity requirements. However, there can be no assurance that the Company will be successful in any capital-raising efforts that it may undertake, and the failure of the Company to raise additional capital could adversely affect its future operations and viability. Management Commentary: "We are pleased with our third quarter 2025 results, highlighted by healthy gross margins of 48% and continued progress toward profitability and positive cash flow," stated Joseph Dowling, Chief Executive Officer of CV Sciences. "Our focus on organic growth through new product development, combined with strategic M&A opportunities, positions us to enhance top-line revenue and shareholder value. Throughout 2025, our execution has been cost-efficient, and our commitment to innovation will diversify our product portfolio and help navigate the evolving regulatory landscape in the CBD category. We look forward to building a more balanced portfolio that drives sustainable growth and profitability." Mr. Dowling stated further, "The funding legislation to reopen the federal government enacted yesterday that included restrictive language for the hemp industry is disappointing. The restrictive hemp language will not go into effect for a one-year period from today. CV Sciences will have an opportunity, along with other industry participants, to work on a bipartisan basis with members of Congress to shape a balanced and responsible regulatory framework that preserves access to hemp-derived, health and wellness products relied on by millions of consumers across the United States." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4us9z3m3 About CV Sciences CV Sciences Inc., based in San Diego, California, develops and sells hemp extract and other natural ingredient products through business-to-business and direct-to-consumer channels in the United States. The Company markets its products under the +PlusCBD brand, which is distributed at retail locations nationwide. CV Sciences manufactures and tests its products in line with regulatory and internal standards, and its +PlusCBD brand has obtained self-affirmed GRAS status. In its audit report dated March 27, 2025, Haskell & White LLP included a "going concern" qualification citing that the Company has experienced recurring operating losses, negative cash flows from operations, and has limited liquid resources. These matters raise substantial doubt about the Company's ability to continue as a going concern. CV Sciences reported total assets of $7.95 million, total liabilities of $6.15 million, and total stockholders' equity of $1.80 million as of June 30, 2025. CYTOSORBENTS CORP: Reports $3.2MM Net Loss in 2025 Q3 ----------------------------------------------------- CytoSorbents Corporation filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $3.2 million for the three months ended September 30, 2025, compared to a net loss of $2.8 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $2.7 million, compared to a net loss of $13.2 million for the same period in 2024. Revenues for the three months ended September 30, 2025 and 2024, were $9. million and $8.6 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $27.8 million and $26.4 million, respectively. As of September 30, 2025, the Company had $45.75 million in total assets, $36.73 million in total liabilities, and $9.02 million in total stockholders' equity. As of September 30, 2025, the Company had approximately $9.1 million in cash, including approximately $7.6 million in unrestricted cash and cash equivalents and $1.5 million of non-current restricted cash. These cash and restricted cash balances considered with the Company's historical cash used in operations, notwithstanding the Company's Strategic Workforce and Cost Reduction Plan and the impact of the Amended Loan and Security Agreement both of which were announced on November 13, 2025, raises substantial doubt about the Company's ability to continue as a going concern within 12 months after the date that the accompanying condensed consolidated financial statements are issued. Amended Loan and Security Agreement On November 13, 2025, the Company and Avenue Capital Group entered into the First Amendment to Loan Documents, amending the Company's Loan and Security Agreement, dated June 28, 2024, as supplemented. The Amended Loan and Security Agreement provides for access to an additional aggregate $2.5 million from Avenue Capital Group in November 2025, and for the extension of the interest only period from July 1, 2026 to December 31, 2026, followed by equal monthly installments of principal plus accrued and unpaid interest until maturity on July 1, 2027. The Company will have access to an additional aggregate $2.5 million from Avenue Capital Group, subject to FDA approval of DrugSorb-ATR, between January 1, 2026 and December 31, 2026. Tranche 2a and Tranche 2b, in the aggregate, replace Tranche 2 of the Loan. The Amended Loan and Security Agreement requires that the Company maintain certain operating cash burn targets prior to FDA approval of DrugSorb-ATR and provides for a further six-month extension of the interest only period to the July 1, 2027 maturity date upon FDA approval of DrugSorb-ATR. Under the terms of the Amended Loan and Security Agreement, the Company issued additional warrants to Avenue Capital Group to purchase 1,428,571 shares of the Company's common stock for cash at the exercise price of $0.70, which expire on November 13, 2030. The number of warrants and exercise price are fixed. The Company's expected future capital requirements may depend on many factors, including expanding the Company's customer base and sales force, the timing and extent of spending in obtaining regulatory approval and introduction of new products, including the potential regulatory approval and introduction of DrugSorb-ATR, in the U.S. which decision is now expected in mid-2026 and the related opportunity to receive Tranche 2 (b) of the Amended Avenue Capital Commitment by December 31, 2026. Additional sources of liquidity available to the Company include the 2024 Shelf, other public or private equity offerings, debt financing or from other sources. The sale of additional equity may result in dilution to shareholders. There is no assurance that the Company will be able to secure funding on terms acceptable, or at all. Although the Company has taken actions to achieve cash flow breakeven, if it does not achieve this goal, the potential need for capital could also make it more difficult to obtain funding through either equity or debt. Should additional capital not become available as needed, the Company may be required to take certain actions, such as slowing sales and marketing expansion, delaying further regulatory approvals, or reducing headcount. The Company routinely evaluates other financing sources, including less or non-dilutive debt financing, additional grant funding, royalty financing, strategic or direct investments, equity financing, and/or combinations thereof. There can be no assurance that management will be successful in these endeavors. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4sh8vzra About CytoSorbents Based in Monmouth Junction, N.J., CytoSorbents Corporation is engaged in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb, is approved in the European Union with distribution in more than 75 countries around the world as an extracorporeal cytokine adsorber designed to reduce the "cytokine storm" or "cytokine release syndrome" seen in common critical illnesses that may result in massive inflammation, organ failure, and patient death. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2004, 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 losses from operations, has experienced cash used in operations, and has an accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. D LASSEN: Court Extends Cash Collateral Access to Jan. 7 -------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California, Oakland Division, granted D Lassen LLC's motion for interim use of cash collateral. The court authorized the Debtor's interim use of cash collateral through January 7, 2026, to pay operating expenses in accordance with its budget. As protection, the Debtor must make monthly payments of $40,000 to the State Bank of Texas, a secured creditor, for November and December. The final hearing is scheduled for December 17. The Debtor needs to use the cash collateral of State Bank of Texas and other secured creditors to maintain motel operations during reorganization. The business -- a 104-room Super 8 by Wyndham motel in Livermore, Calif. -- is owned by Jagmohan and Amandeep Dhillon. As of the petition date, State Bank of Texas is owed $7,994,483.83. The other secured creditors are Alameda County Treasurer and Tax Collector ($129,571); DM Funding, LLC ($1,825,814.02); Underground Lending, LLC ($2,548,201); and GreenLake Real Estate Finance ($92,710,000). About D Lassen LLC D Lassen, LLC operates the Super 8 Livermore motel and owns the property at 4673 Lassen Road, Livermore, California. The property is estimated to be worth $5.5 million. D Lassen sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-40887) on May 21, 2025. In its petition, the Debtor reported total assets of $5,630,234 and total liabilities of $112,331,714. Judge William J. Lafferty oversees the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger is the Debtor's bankruptcy counsel. State Bank of Texas is represented by: Christopher J. Conant, Esq. Hatch Ray Olsen Conant, LLC 730 17TH Street, Suite 200 Denver, CO 80202 Telephone: (303) 298-1800 cconant@hatchlawyers.com DARE BIOSCIENCE: Reports $3.6MM Net Loss in 2025 Q3 --------------------------------------------------- Dare Bioscience, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $3.6 million for the three months ended September 30, 2025, compared to a net loss of $4.7 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $12 million, compared to a net income of $1.5 million for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $2,262 and $41,691, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $6,517 and $73,431, respectively. As of September 30, 2025, the Company had $30.7 million in total assets, $27.9 million in total liabilities, and $2.8 million in total stockholders' equity. At September 30, 2025, the Company had unrestricted cash and cash equivalents of approximately $23.1 million and working capital of approximately $3.8 million. A majority of the Company's unrestricted cash and cash equivalents at September 30, 2025 represented funds received under grant agreements that may be applied solely toward direct costs for the funded projects under those grant agreements, other than an approximately 5% to 22% indirect cost allowance, and as of September 30, 2025, the Company's deferred grant funding liability was approximately $14.6 million. The Company will require additional capital to advance the development programs in its pipeline that are not currently being supported by non-dilutive grant or other funding, to enable further investment across its entire portfolio of product candidates, and to support its long-term operating plans. Additionally, the Company will continue to evaluate and may pursue various capital raising options, including sales of equity, debt financings, government or other grant funding, collaborations, structured financings, and commercial collaborations or other strategic transactions. The Company's ability to obtain additional capital, and the timing and terms thereof, depend on various factors, many aspects of which are not entirely within its control, and there can be no assurance that capital will be available when needed or, if available, on terms favorable to the Company and its stockholders. Raising additional capital may cause substantial dilution to the Company's stockholders, restrict its operations, or require it to relinquish rights in its technologies or product candidates and their future revenue streams. If the Company cannot raise capital when needed, on favorable terms or at all, the Company will need to reevaluate its planned operations and may need to delay, scale back or eliminate some or all its product candidate programs and/or reduce expenses. The Company has a history of losses from operations, net losses and negative cash flows from operations. At September 30, 2025, the Company had an accumulated deficit of approximately $187.2 million and the Company incurred a net loss of approximately $12 million and had negative cash flow from operations of approximately $11.3 million for the nine months ended September 30, 2025. Because the Company is in the early stages of executing against its Section 503B compounding and consumer health products business strategies and, as an organization, the Company has no experience in or infrastructure for commercializing products, both the timing and amount of potential revenue the Company may generate remain uncertain. As a result, the Company may continue to incur significant losses from operations and negative cash flows from operations for the next several years, and may never generate sufficient revenues to finance its operations or achieve profitability. Based on the Company's current analysis of these conditions, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4rawmpk3 About Dare Bioscience Dare Bioscience, Inc. is a biopharmaceutical company committed to advancing innovative products for women's health. The Company's mission is to identify, develop, and bring to market a diverse portfolio of differentiated therapies that prioritize women's health and well-being, expand treatment options, and improve outcomes, primarily in the areas of contraception, vaginal health, reproductive health, menopause, sexual health, and fertility. Irvine, California-based Haskell & White 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 recurring losses from operations and is dependent on additional financing to fund 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 $12.98 million in total assets, $25.71 million in total liabilities, and $12.73 million in total stockholders' deficit. EAST MISSION: Unsecureds Will Get 9.66% of Claims over 36 Months ---------------------------------------------------------------- East Mission 8 Investment, Inc., filed with the U.S. Bankruptcy Court for the Central District of California an Amended Plan of Reorganization for Small Business. The Debtor was formed by Curt Wang in October 1992. The Debtor operates as a real estate brokerage firm. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $2,500.00/month. The final Plan payment is expected to be paid on February 2029. Class 3 consists of non-priority unsecured creditors. Holders of general unsecured claims in Class 3 will be paid approximately 9.66% of such creditor's allowed claims over 36 months without an interest, with the first payment of $2,500.00 due on the effective date, followed by 35 consecutive monthly payments, each in the amount of $2,500.00 and due on the first day of each month. This Class is impaired. Class 4 consists of equity security holders of the Debtor. Curt Wang is the president and CEO of the Debtor an an 80% shareholder. Mr. Wang does not hold a pre-petition or a post-petition claim against the Debtor. He will retain his equity interest in the Debtor as of the effective date. Aurora Tseng is a 20% shareholder of the Debtor. Ms. Tseng does not hold a pre-petition or post-petition claim against the Debtor. She will retain her equity interest in the Debtor as of the effective date. Distributions to creditors under the Plan will be funded primarily from the following sources: (a) the funds held in the Debtor's debtor-in-possession/estate account and (b) $2,500.00 monthly contribution from Cathay Trans guaranteeing payments. A full-text copy of the Amended Plan dated November 18, 2025 is available at https://urlcurt.com/u?l=2jboPz from PacerMonitor.com at no charge. About East Mission 8 Investments East Mission 8 Investment, Inc., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-12240) on April 13, 2023, with as much as $50,000 in assets and $1 million to $10 million in liabilities. Judge Deborah J. Saltzman presides over the case. The Debtor tapped Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger as legal counsel and Chan & Chen, LLP as accountant. Mark M. Sharf has been appointed as Subchapter V trustee. Danning, Gill, Israel & Krasnoff, LLP is the Trustee's general bankruptcy counsel. ELIJAH'S XTREME: Seeks Subchapter V Bankruptcy in North Carolina ---------------------------------------------------------------- On November 14, 2025, Elijah's Xtreme Gourmet Sauces Inc. filed Chapter 11 protection in the United States Bankruptcy Court for the Western District of North Carolina. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50–99 creditors. About Elijah's Xtreme Gourmet Sauces Inc. Elijah's Xtreme Gourmet Sauces Inc. produces and sells handcrafted hot sauces, specializing in high-heat, flavor-forward products. Founded in 2014 by a father-and-son team, the Company operates from the United States and distributes its sauces through national retailers, including Bass Pro Shops. It is classified within the food manufacturing industry, focusing on specialty condiments and hot sauces. Elijah's Xtreme Gourmet Sauces Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C., Case No. 25-31225) on November 14, 2025. In its petition, the Debtor reports estimated assets of $50,000 to $100,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Ashley Austin Edwards handles the case. The Debtor is represented by Richard S. Wright, Esq. of Moon Wright & Houston, PLLC ENCOMPASS 53: Case Summary & Seven Unsecured Creditors ------------------------------------------------------ Debtor: Encompass 53 LLC 1660 S Albion Street, Suite 200 Denver, CO 80222 Chapter 11 Petition Date: November 21, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-17693 Judge: Hon. Joseph G Rosania Jr Debtor's Counsel: Jeffrey A. Weinman, Esq. MICHAEL BEST & FRIEDRICH LLP 675 15th Street Suite 2000 Denver, CO 80202 Tel: 303-534-4499 E-mail: jweinman@allen-vellone.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jeremy Records, as manager of Records Investment LLC, which manages Central Development Properties LLC, the manager of the Debtor. A copy of the Debtor's list of seven unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/REGPPWA/Encompass_53_LLC__cobke-25-17693__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q23UUJY/Encompass_53_LLC__cobke-25-17693__0001.0.pdf?mcid=tGE4TAMA EVOKE PHARMA: Reports $1.2 Million Net Loss in 2025 Q3 ------------------------------------------------------ Evoke Pharma Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.2 million for the three months ended September 30, 2025, compared to a net loss of $1.3 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $4 million, compared to a net loss of $4.2 million for the same period in 2024. Revenues for the three months ended September 30, 2025 and 2024, were $4.3 million and $2.7 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $11.1 million and $6.9 million, respectively. As of September 30, 2025, the Company had $15.6 million in total assets, $12.3 million in total liabilities, and $3.4 million in total stockholders' equity. Since inception in 2007, Evoke has funded operations primarily from the sale of equity securities and borrowings under loan and security agreements. On January 21, 2020, the Company entered into a commercial services agreement (as amended, the "Eversana Agreement") with Eversana for the commercialization of Gimoti. Pursuant to the Eversana Agreement, Eversana commercializes and distributes Gimoti in the United States. Eversana also manages the marketing of Gimoti to targeted health care providers, as well as the sales and distribution of Gimoti in the United States. Under the terms of the Eversana Agreement, the Company maintains ownership of the Gimoti NDA, as well as legal, regulatory, and manufacturing responsibilities for Gimoti. Eversana utilizes its internal sales organization, along with other commercial functions, for market access, marketing, distribution and other related patient support services. The Company records sales for Gimoti and retain more than 80% of net product profits once both parties' costs are reimbursed. For the three months ended September 30, 2025 and 2024, approximately$3.6 million and $2.3 million of Eversana profit sharing costs were included as selling, general and administrative costs, respectively. For the nine months ended September 30, 2025 and 2024, approximately $9.4 million and $5.9 million of Eversana profit sharing costs were included as selling, general and administrative costs, respectively. As of September 30, 2025, unreimbursed commercialization costs to Eversana were approximately $81.1 million. Such costs will generally be payable only as net product profits are recognized or upon certain termination events. Eversana receives reimbursement of its commercialization costs pursuant to an agreed upon budget and a percentage of product profits in the mid-to-high teens. Net product profits are the net sales of Gimoti, less: (i) reimbursed commercialization costs, (ii) manufacturing and administrative costs set at a fixed percentage of net sales, and (iii) third party royalties. During the term of the Eversana Agreement, Eversana agreed to not market, promote, or sell a competing product in the United States. In connection with the Eversana Agreement, the Company entered into the Eversana Credit Facility, pursuant to which Eversana agreed to provide a revolving credit facility of up to $5.0 million to us upon FDA approval of the Gimoti NDA, as well as certain other customary conditions. The Eversana Credit Facility terminates on December 31, 2026, unless terminated earlier pursuant to its terms. The Eversana Credit Facility is secured by all of the Company's personal property other than its intellectual property. Under the terms of the Eversana Credit Facility, the Company cannot grant an interest in its intellectual property to any other person. Each loan under the Eversana Credit Facility will bear interest at an annual rate equal to 10.0%, with such interest due at the end of the loan term. In 2020, the Company borrowed $5.0 million from the Eversana Credit Facility. As of September 30, 2025, the Company had approximately $11.6 million in cash and cash equivalents. Evoke said, "We anticipate that we will continue to incur losses from operations due to commercialization activities, including manufacturing Gimoti, conducting the post-marketing commitment single-dose PK clinical trial of Gimoti to characterize dose proportionality of a lower dose strength of Gimoti, and for other general and administrative costs to support our operations. Both we and Eversana may terminate the commercial services agreement, pursuant to the NPQTR; however, we have no intent to terminate the Eversana Agreement. "There can be no assurance that Eversana will not exercise its right pursuant to the NPQTR. Should Eversana exercise its right under the NPQTR, the Loan Agreement would also be terminated and we would be responsible for repaying the principal and accrued interest on the loan, which was $7.5 million as of September 30, 2025, within 90 days of the effective date of the termination. In addition, we would need to establish a commercial infrastructure in order to continue distributing Gimoti. The timing and costs associated with this are not clear, but we believe they would be substantial." Proposed Transaction Update: On November 4, 2025, Evoke announced that it had entered into the Merger Agreement, pursuant to which QOL Medical's acquisition subsidiary will commence a tender offer to acquire all outstanding shares of Evoke at a price of $11.00 per share in cash, subject to any applicable withholding taxes and without interest thereon. The transaction, which has been unanimously approved by Evoke's Board of Directors, is expected to close in the fourth quarter of 2025, subject to customary conditions, including the tender of a majority of Evoke's outstanding shares. Evoke believes this transaction represents a compelling opportunity for shareholders and underscores the value created by the GIMOTI franchise. While the Company continues to focus on commercial execution in the near term, this proposed combination is expected to further enable growth potential under new leadership and investment. Additionally, if the Merger with QOL Medical, LLC is completed or the Eversana Agreement is terminated, the Company will owe Eversana an additional $1.0 million. As a result, management believes that there is substantial doubt about its ability to continue as a going concern for within the next 12 months. This would materially and adversely affect the Company's near-term liquidity needs and cash runway. "If the Merger is not completed, we anticipate we will be required to raise additional funds in order to continue as a going concern. Because our business is entirely dependent on the success of Gimoti, if we are unable to secure additional financing or identify and execute on other development or strategic alternatives for Gimoti or our company, we will be required to curtail all of our activities and may be required to liquidate, dissolve or otherwise wind down our operations. Any of these events could result in a complete loss of your investment in our securities." There is no assurance that other financing will be available when needed to allow the Evoke to continue as a going concern. The perception that it may not be able to continue as a going concern may cause others to choose not to deal with the Company due to concerns about its ability to meet contractual obligations. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/mf86trdd About Evoke Pharma Headquartered in Solana Beach, California, Evoke Pharma Inc. -- www.EvokePharma.com -- is a specialty pharmaceutical company focused primarily on the development of drugs to treat GI disorders and diseases. The Company developed, commercialized and markets GIMOTI, a nasal spray formulation of metoclopramide, for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adults. Diabetic gastroparesis is a GI disorder affecting millions of patients worldwide, in which the stomach takes too long to empty its contents resulting in serious GI symptoms as well as other systemic complications. The gastric delay caused by gastroparesis can compromise absorption of orally administered medications. Prior to FDA approval to commercially market GIMOTI, metoclopramide was only available in oral and injectable formulations and remains the only drug currently approved in the United States to treat gastroparesis. San Diego, California-based BDO USA, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 13, 2025. The report cited that the Company has experienced continuous losses and negative operating cash flows since its inception, anticipates ongoing losses in the foreseeable future, and Eversana Life Science Services, LLC holds the authority to end the commercial services agreement for the marketing of Gimoti. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, Evoke Pharma had $16.1 million in total assets, $11.7 million in total liabilities, and $4.4 million in total stockholders' equity. FALLS OF BRAEBURN: Hearing Today on Bid to Use Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas is set to hold a hearing today to consider another extension of Falls of Braeburn, LLC's authority to use cash collateral. The Debtor's authority to utilize cash collateral pursuant to the court's initial order expires on November 28. The initial order entered on November 7 approved the payment of the Debtor's operating expenses from the cash collateral in accordance with its four-week interim budget, covering projected receipts and disbursements through November 28. The order granted replacement liens to Computershare Trust Company, N.A., as trustee for the Wells Fargo 2024-5C1 and 2025-5C3 CMBS trusts, as adequate protection for any diminution in the value of its cash collateral. As of the petition date, the outstanding balance owed to Wells Fargo under a 2024 loan agreement is approximately $64.5 million. Computershare is represented by: P. Kyle Cheves, Esq. POLSINELLI PC 4020 Maple Avenue, Suite 300 Dallas, TX 75219 Phone: (214) 397-0030 kcheves@polsinelli.com -and- Michael L. Schuster, Esq. POLSINELLI PC 1401 Lawrence Street, Suite 2300 Denver, CO 80202 Phone: (720) 931-1188 mschuster@polsinelli.com About Falls of Braeburn LLC Falls of Braeburn, LLC, Falls of Chelsea Lane, LLC, Northwest Miami Gardens, LP, and Falls of Westpark Apartments, Ltd. are privately held real estate investment companies based in Houston, Texas, specializing in ownership and management of apartment complexes. Falls of Braeburn, LLC owns a 292-unit complex at 9707 Braeburn Glen Blvd; Falls of Chelsea Lane, LLC manages a 208-unit complex at 8039 Boone Rd; Northwest Miami Gardens, LP operates a 442- unit complex at 9540 Kempwood Dr; and Falls of Westpark Apartments, Ltd. holds a 356- unit complex at 6130 Southwest Freeway. All entities are wholly owned by Rao J. Polavarapu, who serves as managing member or partner for each company. Falls of Braeburn, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90602) with $10 million to $50 million in assets and $10 million to $50 million in liabilities. The petitions were signed by Siri Khalsa as authorized representative. Judge Hon. Christopher M Lopez oversees the case. The Debtor is represented by: Matthew S. Okin, Esq. OKIN ADAMS BARTLETT CURRY LLP 1113 Vine Street, Suite 240 Houston TX 77002 Tel: (713) 228-4100 Email: mokin@okinadams.com FM HEALING: Seeks Chapter 11 Bankruptcy in Kentucky --------------------------------------------------- On November 21, 2025, FM Healing Center LLC filed Chapter 11 protection in the Eastern District of Kentucky. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 50–99 creditors. About FM Healing Center LLC FM Healing Center LLC is a healthcare and wellness business that provides medical and therapeutic services designed to enhance patient health and well-being. FM Healing Center LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 25-51668) on November 21, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Gregory R. Schaaf handles the case. FTX TRADING: Fenwick & West to Face Added Claims in Crypto MDL -------------------------------------------------------------- Madison Arnold of Law360 Bankruptcy Authority reports that a Florida federal judge approved new allegations against Fenwick & West LLP in connection with the collapsed FTX Trading Ltd., allowing victims of the cryptocurrency scam to add claims based on fresh evidence. The plaintiffs say newly unearthed information sheds light on the law firm’s alleged role in structuring FTX's complex web of trading vehicles and off-balance-sheet entities. According to court filings, the revised complaints claim Fenwick & West provided legal advice that enabled FTX leadership to obscure financial risks and liabilities from external investors and regulators. The ruling opens a potential new front in the multidistrict litigation, putting further pressure on the Silicon Valley law firm, the report states. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GAV REST: 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 GAV Rest. Corp. 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 GAV Rest. Corp. GAV Rest. Corp. operates in the restaurant industry. GAV Rest. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45403) on November 11, 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 Elizabeth S. Stong handles the case. The Debtor is represented by Lawrence Morrison, Esq. GLOBAL ATLANTIC: Fitch Rates New Jr. Subordinated Debt 'BB+' ------------------------------------------------------------ Fitch Ratings has assigned a long-term debt rating of 'BB+' to Global Atlantic Financial Group's (Global Atlantic) new issuance of junior subordinated debentures maturing in 2055. The notes are issued out of Global Atlantic (Fin) Company and are fully and unconditionally guaranteed by Global Atlantic Limited (Delaware). Both Global Atlantic (Fin) Company and Global Atlantic Limited (Delaware) have 'BBB+' Long-Term Issuer Default Ratings (IDRs). Key Rating Drivers The debentures have been assigned a rating three notches below the Long-Term IDR, reflecting two notches for subordination and one notch for minimal non-performance. The notes do not receive equity credit in the financial leverage calculation under Fitch's rating criteria. All other Global Atlantic-related ratings are unaffected by this rating action. Global Atlantic intends to use the proceeds to refinance outstanding junior subordinated debt due 2051 that become callable in 2H26, and for general corporate purposes. Fitch expects financial leverage to be near 30% at YE 2025 but decline to under 30% by YE 2026. Fitch affirmed all of Global Atlantic's ratings on Sept. 5, 2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A Prism capital model score of 'Adequate', and financial leverage maintained above 30%; - A ROE decline to below 10% on a sustained basis; - A decline in GAAP fixed-charge coverage ratio below 6x; - A material increase in investment risk or realized losses that negatively affects Fitch's view of capital. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A Prism capital model score solidly in the 'Strong' category and financial leverage below 25%; - An improved and diversified business profile demonstrated by consistent earnings and revenue contributions by business segments; - A GAAP fixed-charge coverage sustained above 10x; - A strong investment performance evidenced by minimal credit impairments and ability of the company to absorb price volatility that stems from its illiquid holdings. Date of Relevant Committee 04-Sep-2025 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 ----------- ------ Global Atlantic (Fin) Company junior subordinated LT BB+ New Rating GLORY DIVINE: Gets Court OK to Use Cash Collateral -------------------------------------------------- Glory Divine Home Care, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Louisiana to use cash collateral. The court authorized the Debtor to use cash collateral to fund payroll due this month for non-insider employees and pay operating expenses other than rent, subject to availability of funds. Any request to pay rent must be made by a separate motion. Any secured creditor claiming a security interest in the Debtor's cash, including the U.S. Small Business Administration will be granted a replacement lien to the same extent, rank and validity existing prior to the Debtor's bankruptcy filing. A copy of the order is available at https://is.gd/TOqiMhZ from PacerMonitor.com. A final hearing is scheduled for December 3. Having filed its Chapter 11 petition on October 14, Glory Divine Home Care continues operating and relies heavily on cash collateral consisting of accounts receivable, proceeds from inventory, deposit accounts, and cash equivalents. The SBA asserts a security interest in this collateral. About Glory Divine Home Care Glory Divine Home Care, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. La. Case No. 25-10941) on October 14, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Michael A Crawford presides over the case. Kathleen M Wilson, Esq., at Wilson Law Firm, LLC represents the Debtor as bankruptcy counsel. GREEN TERRACE: Trustee Gets OK to Use Cash Collateral Until Jan. 31 ------------------------------------------------------------------- Daniel Stermer, the Chapter 11 trustee for Green Terrace Condominium Association, Inc., received fourth interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The court's fourth interim order authorized the trustee to use cash collateral through January 31, 2026, in accordance with the budget. The trustee may use the cash on hand to pay operating expenses as set forth in the budget, subject to a 10% variance. The next hearing is scheduled for January 14, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/znWxZ from PacerMonitor.com. About Green Terrace Condominium Association Green Terrace Condominium Association, Inc. is a not-for-profit corporation established in 1973 that manages Green Terrace Condominiums, a two-story residential complex in West Palm Beach, Florida. The association oversees amenities including a community pool, clubhouse, and parking, and permits rentals under specific restrictions. Green Terrace Condominium Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14568) on April 25, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Mindy A. Mora handles the case. The Debtor is represented by Michael J. Niles, Esq., at Berger Singerman, LLP. Boken Lending II, LLC, as lender, is represented by Matthew S. Kish, Esq. at Shapiro, Blasi, Wasserman & Hermann, P.A. HANSEN-MUELLER CO: Seeks Chapter 11 Bankruptcy w/ Up to $500MM Debt ------------------------------------------------------------------- Todd Neeley of Progressive Farmer reports that Omaha-based Hansen-Mueller Co. has filed for Chapter 11 bankruptcy protection, following reports from farmers across multiple states that they had not received payments for grain deliveries. The company submitted its filing to the U.S. Bankruptcy Court in Nebraska on Monday, listing estimated liabilities and assets each ranging between $100 million and $500 million, and identifying roughly 1,000 to 5,000 creditors. The filing includes a list of the company's 20 largest unsecured creditors. Leading the list is Viterra Canada Inc., owed approximately $4.7 million, followed by Cargill at $2.6 million; Agmark LLC in Kansas at $2.1 million; Comark in Oklahoma at $1.3 million; and other regional agribusinesses with claims ranging from $1 million to $1.2 million. Unsecured creditors, lacking collateral backing, face the risk of not being repaid, according to report. In a news release, Hansen-Mueller said it is pursuing a strategic financial restructuring aimed at addressing its financial challenges, facilitating asset sales, and maximizing recoveries for stakeholders. The company also announced plans for a court-supervised sale process under Section 363 of the Bankruptcy Code to handle substantially all of its assets. CEO Josh Hansen said the approach is the "most effective and efficient way to achieve an orderly sale" and maximize value for creditors, employees, and stakeholders. The company added that it intends to continue operating in the ordinary course, maintaining obligations to employees and key suppliers during the bankruptcy process. Beyond the 20 largest unsecured creditors, the filing lists hundreds of additional creditors, including farms, agribusinesses like Archer Daniels Midland, and state revenue departments, highlighting the wide-reaching impact of the company's financial struggles. About Hansen-Mueller Co. 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. Hansen-Mueller Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 25-81226) on November 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Thomas L. Saladino handles the case. The Debtor is represented by Brian J. Koenig, Esq., Donald L. Swanson, Esq., and Trevor J. Lee, Esq. of KOLEY JESSEN P.C., L.L.O. The Debtor's Restructuring Advisor is SILVERMAN CONSULTING. The Debtor's Chief Restructuring Officer & Financial Advisor is MICHAEL G. COMPTON. The Debtor's Investment Banker is ASCENDANT CONSULTING PARTNERS, LLC. The Debtor's Notice, Claims & Solicitation Agent is EPIQ BANKRUPTCY SOLUTIONS, LLC. HAPPY HOME: U.S. Bank Wins Bid to Prohibit Use of Cash Collateral ----------------------------------------------------------------- A U.S. bankruptcy judge issued an order prohibiting Happy Home Builder, LLC from using cash collateral. Judge Craig Gargotta of the U.S. Bankruptcy Court for the Western District of Texas granted the motion by U.S. Bank Trust National Association, as trustee of Grove Funding I Trust, to bar the Debtor from using cash collateral, which consists of rental income from its Texas property. The bankruptcy judge denied U.S. Bank's request for adequate protection but awarded the bank $1,549 in attorneys' fees. The rental property is located at 138 Avant Avenue in San Antonio, Texas. U.S. Bank claims a security interest in both the property and its rental income. About Happy Home Builder LLC Happy Home Builder, LLC operates as Stay at Canyon Lake, offering event hosting services for graduations, special occasions, corporate retreats, conferences, workshops, reunions, weddings, retirements, family gatherings, and team-building events. The venue is pet-friendly and accommodates up to 100 guests. Located in the Texas Hill Country, Canyon Lake provides a scenic setting for outdoor activities and a diverse dining scene featuring Italian and American cuisine. The area also hosts a variety of community events, making it a popular destination for both recreation and celebrations. Happy Home Builder sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-51268) on June 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by Paul Steven Hacker, Esq., at Hacker Law Firm, PLLC. RF Mortgage Services Corporation, as loan servicer, is represented by: Mary Compary, Esq. De Cubas & Lewis, P.A. P.O. Box 5026 Fort Lauderdale, FL 33310 Telephone: (954) 453-0365/1-800-441-2438 Facsimile: (954)771-6052 Email: nicki.compary@decubaslewis.com HUDSON 1701/1706: Gets Interim OK for DIP Financing From Parkview ----------------------------------------------------------------- Hudson 1701/1706, LLC and Hudson 1702, LLC received interim approval from the U.S. Bankruptcy Court for the District of Delaware to obtain debtor-in-possession financing to get through bankruptcy. The interim order, signed by Judge Karen Owens, authorized the Debtors to obtain an initial $12.27 million from their pre-bankruptcy lender Parkview Financial REIT, LP, which has committed to provide $32.76 million in senior secured, priming DIP financing. The remaining $20.49 million will be available upon entry of a final order. As protection, Parkview will be granted superpriority administrative expense claims and liens (including priming liens) on substantially all estate assets, subject to the fee carveout. The Debtors may borrow DIP loans from entry of the interim order until (i) the occurrence of an event of default that is not cured within the time allotted, if any; (ii) 12 months from the petition date (as such date may be extended with the prior written consent of the DIP lender); (iii) the date of consummation of a sale of all or substantially all of the assets of the Debtors; and (iv) the effective date of a Chapter 11 plan. The Debtors are required to comply with the following milestones: i. Within three days after the execution of a final DIP term sheet, the Debtors must file a DIP motion, in form and substance satisfactory to the DIP lender; ii. No later than three business days after the filing of the DIP motion, the court must enter an interim DIP order; iii. No later than 30 calendar days after entry of the interim DIP order, the court must enter a final DIP order (subject to the court's availability) in form and substance satisfactory to the DIP lender; and iv. Any other milestones which may be agreed upon by the Debtors and the DIP lender and included in a DIP order. Use of Cash Collateral The interim order also authorized the Debtors to use the cash collateral of Parkview to fund operations. As adequate protection, Parkview will be granted a valid, perfected replacement liens on the collateral securing the DIP loan, senior to all other liens but subject and subordinate to the DIP liens, DIP superpriority claims and the fee carveout. Parkview is also entitled to administrative superpriority expense claims. As of the petition date, the Debtors owed Parkview approximately $146 million under their pre-bankruptcy loan agreements. The interim DIP order is available at https://is.gd/v3z2gT from PacerMonitor.com. The bankruptcy court will hold a final hearing on December 12. The Debtors were formed in 2022 to convert a property into a 440-unit multifamily development with commercial amenities. The construction was originally expected to finish by May 2024 but was derailed by regulatory disputes with single-room-occupancy tenants, construction delays, related litigation, and liquidity shortages. Those problems culminated in a stop-work order issued by the New York City Department of Buildings and escalating conflicts with the project's ground lessor, who asserted various defaults under the 99-year ground lease and repeatedly threatened termination based on construction delays, mechanics' liens, and increased rent obligations. The Debtors' financial distress was exacerbated by a November 2024 maturity default under their pre-bankruptcy loan agreements, a July 2025 UCC foreclosure conducted by Parkview, and an $80 million credit bid through which Parkview acquired all ownership interests -- later assigning them to its affiliate PV Hudson LLC, now the Debtors' sole equity holder. Due to these intertwined regulatory, financial, and operational pressures, the Debtors filed for Chapter 11 protection on October 22, with approximately $570,000 in cash (all encumbered), no remaining availability under their pre-bankruptcy credit facilities, and an urgent need for liquidity to fund ongoing operations and the administrative costs of restructuring. Before the filing, Parkview extended a $1 million emergency advance through a cash collateral agreement but that short-term accommodation would be superseded by the proposed DIP financing. The Debtors report pre-bankruptcy secured obligations of roughly $146 million outstanding under the Building Loan and Project Loan, both fully secured by substantially all assets. Because Parkview would not consent to third-party financing on priming or pari passu terms, and no outside lender was willing to extend unsecured or junior DIP financing, the Debtors determined after consultation with advisors that Parkview's proposal represented the only viable and value-preserving option. Parkview Financial REIT, LP, as lender, is represented by: Jeffrey N. Pomerantz, Esq. James E. O’Neill, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor Wilmington, DE 19801 Telephone: (302) 652-4100 Facsimile: (302) 652-4400 jpomerantz@pszjlaw.com joneill@pszjlaw.com -and- Richard Wynne, Esq. David P Simonds, Esq HOGAN LOVELLS US LLP 1999 Avenue of the Stars, Suite 1400 Los Angeles, CA 90067 Telephone: (310) 785-4647 Facsimile: (310) 785-4601 david.simonds@hoganlovells.com richard.wynne@hoganlovells.com About HUDSON 1701/1706 LLC Hudson 1701/1706, LLC and Hudson 1702, LLC are Delaware limited liability companies engaged in activities related to real estate under NAICS code 5313. The entities manage and administer real property interests at 353 West 58th Street in New York City, with Hudson 1701/1706 associated with the tenth floor and Hudson 1702 with Unit 2 of the same building. The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11853) on October 22, 2025. At the time of the filing, the Debtors listed between $100 million and $500 million in assets and liabilities. Hudson 1701/1706 is a corporation with Tax ID 88-1290281 and listed between 1 and 49 creditors in its petition. Honorable Judge Karen B. Owens oversees the cases. The Debtor tapped Chipman Brown Cicero & Cole, LLP as bankruptcy counsel; DLA Piper LLP (US) as special corporate and litigation counsel; FTI Consulting, Inc. as restructuring advisor; and Verita Global, LLC as claims and noticing agent. HUGHES SATELLITE: Faces Cash Crunch ----------------------------------- Advanced Television reports that EchoStar-owned Hughes Satellite Systems has acknowledged that it lacks sufficient funding to sustain operations over the next 12 months. The company faces a $1.5 billion debt obligation due in August 2026 and has indicated that Chapter 11 bankruptcy may be a potential option. Hughes reported its financial situation in an SEC filing on November 14, 2025 highlighting the mounting pressure from its upcoming liabilities. Hughes also faces challenges with its Jupiter 3 Ka-band satellite, also known as EchoStar 24, which launched in December 2023. The satellite currently serves 783,000 subscribers, and Hughes pays EchoStar $190 million annually to lease capacity. The filing notes that the company's assets are declining and that the costs associated with the satellite are significant, according to report. Complicating matters further, the recent $17 billion spectrum sale by EchoStar to SpaceX creates obligations to transfer existing HughesNet subscribers to Starlink. SpaceX also has options to acquire satellites and regulatory assets from Hughes and EchoStar. Hughes holds $119 million in cash and receivables but continues to face a $1.5 billion debt due next 2026, with no assurance of additional liquidity from its parent company. The filing warns of substantial doubt about the company's ability to continue as a going concern, the report states. About Hughes Satellite Englewood, Colorado-based Hughes Satellite Systems Corporation (HSSC) provides satellite broadband services to homes and offices. The Company has shipped more than 5 million systems to customers in more than 100 countries. IMPERIAL PACIFIC: Creditors Set to Weigh Fate of Liquidation Plan ----------------------------------------------------------------- Bryan Manabat of Mariana's Variety reports that the creditors of Imperial Pacific International (CNMI), LLC are preparing to vote on the company's proposed Chapter 11 liquidation plan after the debtor and the Official Committee of General Unsecured Creditors jointly filed a motion requesting court approval of voting procedures. The motion, submitted on Nov. 15, 2025, seeks authorization from the U.S. Bankruptcy Court for the Northern Mariana Islands to distribute solicitation packages, which include the disclosure statement, the plan, notice of the confirmation hearing, and ballots for eligible creditors. Only impaired creditors—holders of other secured claims and general unsecured claims—are eligible to vote. This group includes the Commonwealth Casino Commission, the Commonwealth Treasurer, and creditors Joshua Gray, USA Fanter Corp., and attorney Michael W. Dotts. Claims that are unimpaired, including certain secured claims already satisfied and priority non-tax claims, are not eligible to vote, according to report. Ballots must be returned to Verita Global, the court-appointed tabulator, at least 14 days prior to the confirmation hearing, and objections to the plan are due by the same deadline. If approved, the plan will finalize IPI's wind-down and distribute remaining assets through a liquidating trust. IPI operated a Saipan casino from 2016 until its closure in March 2020 due to the pandemic and filed for Chapter 11 on April 19, 2024, with liabilities exceeding $165.8 million. Team King Investment (CNMI) LLC purchased IPI's casino assets in a court-approved auction on Feb. 26, 2025, with the sale finalized on April 29, 2025, the report states. About Imperial Pacific International (CNMI) Imperial Pacific is engaged in the gaming and resort business. Imperial Pacific International (CNMI), LLC filed its voluntary petition for relief under Chapter 11 of the Bankrutpcy Code (Bankr. D. N.M.I. Case No. 24-00002) on April 19, 2024. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $100 million to $500 million in liabilities. The petition was signed by Howyo Chi as manager. Judge Ramona V. Manglona presides over the case. The Debtor tapped Charles H. McDonald, II, Esq. at McDonald Law Office, LLC as counsel and Verita Global as claims and noticing agent. INFORMATICA INC: Moody's Withdraws Ba3 CFR Following Debt Repayment ------------------------------------------------------------------- Moody's Ratings withdrew Informatica Inc.'s (Informatica) Ba3 corporate family rating, Ba3-PD probability of default rating and SGL-1 speculative grade liquidity rating (SGL). Concurrently, Moody's withdrew Informatica LLC's backed senior secured first lien bank credit facilities Ba3 ratings. Prior to the withdrawal, the backed senior secured first lien bank credit facilities, CFR, and PDR were on review for upgrade and the outlooks for both Informatica Inc. and Informatica LLC were rating under review. This action follows the repayment of the company's rated debt after the company was acquired by Salesforce, Inc. (A1 stable). RATINGS RATIONALE Moody's have withdrawn the ratings as a result of the repayment and termination of the rated credit facilities. Informatica is the leading independent provider of enterprise data integration and management software products and services. INMOBILIARIA LLC: Section 341(a) Meeting of Creditors on Dec. 11 ---------------------------------------------------------------- On November 12, 2025, Inmobiliaria LLC filed Chapter 11 protection in the District of Columbia. According to court filing, the Debtor reports $7,195,332 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on December 12, 2025 at 11:00 AM US Trustee Remote 341: (888) 330-1716; Passcode: 5678318. About Inmobiliaria LLC Inmobiliaria LLC owns and leases a single real estate property in Washington, D.C. Inmobiliaria LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C., Case No. 25-00519) on November 12, 2025. In its petition, the Debtor reports estimated assets of $5,585,618 and estimated liabilities of $7,195,332. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Justin P. Fasano, Esq. of McNamee Hosea, P.A. INVESTMENT PATERSON: Seeks Chapter 7 Bankruptcy in Florida ---------------------------------------------------------- On November 18, 2025, Investment Paterson LN LLC filed Chapter 7 protection in the Southern District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Investment Paterson LN LLC Investment Paterson LN LLC is a single asset real estate company. Investment Paterson LN LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-23618) on November 18, 2025. In its petition, the Debtor reports estimated and liabilities of $100,001–$1,000,000. The Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. JASL INVESTMENTS: Seeks Chapter 7 Bankruptcy in Florida ------------------------------------------------------- On November 19, 2025, JASL Investments Inc. filed Chapter 7 protection in the Middle District of Florida. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About JASL Investments Inc. JASL Investments Inc. operates in the real estate industry. JASL Investments Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-02299) on November 19, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $1 million–$10 million. The Honorable Bankruptcy Judge Luis Ernesto Rivera II handles the case. The Debtor is represented by Gregory A. Champeau, Esq., of Champeau Law. JUDGE WAREHOUSING: Seeks Chapter 11 Bankruptcy in New Jersey ------------------------------------------------------------ On November 14, 2025, Judge Warehousing LLC commenced a voluntary Chapter 11 bankruptcy in the District of New Jersey. According to the filing, the Debtor carries between $10 million and $50 million in liabilities and has 1–49 creditors. About Judge Warehousing LLC Judge Warehousing LLC operates as a logistics and warehousing company, delivering comprehensive storage, distribution, and supply chain solutions. Its services include managing inventory, organizing shipments, and offering flexible storage to meet the demands of diverse business sectors. Judge Warehousing LLC filed for Chapter 11 relief under the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-22132) on November 14, 2025. Its petition reports estimated assets estimated liabilities of $10 million–$50 million. Honorable Bankruptcy Judge John K. Sherwood handles the case. The Debtor is represented by Turner Falk, Esq. of Saul Ewing LLP. KANSAS CITY COSTUME: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Kansas City Costume Co., Inc. 1229 East 63rd Street Kansas City, MO 64110 Business Description: Kansas City Costume Co., Inc., based in Kansas City, Missouri, provides costume rental, design, and fabrication services primarily for theatrical productions, including musicals and plays. The Company operates a large facility that houses an extensive inventory of costumes and offers custom costume creation for clients, ranging from professional theatre companies to individual renters. Founded in the 1920s, it continues to serve the performing arts and event communities with specialized costume solutions. Chapter 11 Petition Date: November 21, 2025 Court: United States Bankruptcy Court Western District of Missouri Case No.: 25-41943 Judge: Hon. Cynthia A Norton Debtor's Counsel: Colin N. Gotham, Esq. EVANS & MULLINIX, P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Tel: (913) 962-8700 Fax: (913) 962-8701 E-mail: cgotham@emlawkc.com Total Assets: $135,200 Total Liabilities: $1,608,234 The petition was signed by Robert S. Short as president. Robert S. Short signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TK5EGLQ/Kansas_City_Costume_Co_Inc__mowbke-25-41943__0001.0.pdf?mcid=tGE4TAMA KITCHEN MAN: Gets Extension to Access Cash Collateral ----------------------------------------------------- The Kitchen Man Inc. received fourth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division, to use cash collateral. The fourth interim order authorized the Debtor to use cash collateral for its post-petition operating expenses as set forth in its budget, which projects total operational expenses of $374,923.97 for the period from November 18 to December 17. As adequate protection, secured creditors including NFS Capital, LLC, Pearl Delta Funding, LLC and Corporation Service Company, which hold UCC-1 liens, will receive replacement post-petition liens on the Debtor's property, receivables, and other assets. The immediate use of cash collateral is necessary to avoid irreparable harm and ensure continued operations, which generate the largest source of funds for creditors, according to the Debtor. The next hearing is set for December 17. About The Kitchen Man Inc. The Kitchen Man Inc. specializes in custom countertop installations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03176) on August 18, 2025. In the petition signed by Chris Dabideen, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Joseph N. Callaway oversees the case. Richard P. Cook, Esq., at Richard P. Cook. PLLC, represents the Debtor as legal counsel. LANDBRIDGE COMPANY: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch has assigned 'BB' Long-Tem Issure Default Ratings (IDRs) to LandBridge Company LLC and DBR Land Holdings LLC. The Rating Outlooks are Stable. The debt is issued at the DBR Land Holdings LLC level. Fitch has assigned the new revolving credit facility (RCF) a 'BBB-' issue rating with an 'RR1' Recovery Rating (RR) and the proposed unsecured notes are assigned a 'BB'/'RR4' issue rating. The rating reflects the issuer's high EBITDA margin, high FCF conversion and reasonable leverage. This is offset by a concentrated regional and customer focus and exposure to volume variability. Key Rating Drivers High Margins and Cash Conversion: LandBridge's high margins and cash conversion are a credit strength. Its royalty-and fee-based model supports very high EBITDA margins given low operating expenses. Its minimal capex needs drive substantial positive FCF. Fitch expects the company to maintain a conservative balance sheet while using the consistent positive FCF for shareholder distributions. Customer Concentration: LandBridge's top three customers represented 45% of revenue in 1H25 and their credit ratings range from 'BB-' to 'A'. This concentration increases exposure to individual counterparties' operating performance. Exposure to Volume Declines: Revenue is generated at contractually agreed upon prices. However, most contracts lack minimum volume commitments (MVCs), which exposes LandBridge to volume declines in a sustained low commodity price environment. Revenues tied to ongoing production rather than new development, low breakeven prices in the Permian Basin, and the addition of new contracts that include MVCs mitigate this risk. Fitch views this risk as manageable within the rating. Reasonable Leverage: Management's net leverage ratio target of 2.0x-2.5x is supportive of the rating. Leverage is currently above this range following the recent 1918 Ranch acquisition but there is a clear path to return to the targeted range. Fitch forecasts leverage will remain within the target range throughout the forecast period. Fitch expects the issuer to be acquisitive with a financing approach structured to maintain a conservative balance sheet. Underlying Land Value: LandBridge owns around 300,000 acres in the Permian Basin in Texas and New Mexico and seeks revenue generating opportunities from E&P, midstream, power, renewables, and other customers. Applying the per-acre price from the 1918 Ranch transaction implies a value of roughly $2 billion for the acreage, providing additional support to the credit profile beyond fee and royalty income. Peer Analysis LandBridge's scale is towards the smaller end of the range for similarly rated midstream, oil field service and oil and gas royalty companies. However, its business model generates substantially higher margins and FCF conversion than most peers with the exception of Getty Realty Corp. (BBB-/Stable) and Viper Energy Inc. (BBB-/Stable). Leverage is aligned with the 'BB' rating but higher than most peers except Getty. LandBridge is less exposed to commodity pricing and volatility than the midstream, oil field service, and royalty peers, which enables it to maintain higher leverage at similar ratings. Compared to land management peer Getty Realty, LandBridge's exposure to oil and gas leads to the potential for higher revenue volatility. Despite lower leverage than Getty Realty, this volatility drives LandBridge's lower rating. Key Assumptions - Strong volume growth in 2025 and 2026 due to the 1918 Ranch acquisition and increasing revenue/acre before moderating to low to mid-single digit growth; - Unit fee and royalty revenues generally flat; - Oil and gas royalties derived from declining volumes and using Fitch Oil & Gas Price Deck; - Modest dividend growth over the forecast; - FCF used for revolver repayment and general corporate purposes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 3x; - Material sustained volume declines; - Capital allocation changes, leading to lower FCF after share buybacks. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased EBITDA scale and/or cashflow diversification away from the oil and gas industry; - EBITDA leverage sustained below 2x. Liquidity and Debt Structure Pro Forma for the proposed refinancing transaction, will have around $10 million in cash on the balance sheet and $208 million available under the new $275 RCF. Fitch expects LandBridge to have consistently positive FCF, which will be used to repay the revolver borrowings and execute share buybacks. There are no near-term maturities. Issuer Profile LandBridge owns and actively manages around 300,000 surface acres in the Permian Basin in Texas and New Mexico. It provides access to surface acreage for oil and gas development, data centers, solar power generation, power storage, non-hazardous oilfield reclamation and solid waste facilities. Date of Relevant Committee 04-Nov-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- DBR Land Holdings LLC. LT IDR BB New Rating senior unsecured LT BB New Rating RR4 senior secured LT BBB- New Rating RR1 Landbridge Company LLC LT IDR BB New Rating LANDMARK RECOVERY: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------------- Landmark Recovery of Colorado, LLC, and Landmark Recovery of Arkansas, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Tennessee a Joint Chapter 11 Plan of Reorganization dated November 18, 2025. The Debtors provide addiction treatment for drugs and alcohol, on an inpatient basis. The typical patient stay is 30 days. All of Debtors' patients are admitted on a voluntary basis. Landmark Recovery of Colorado leases two properties from Sabra. The first property is located at 2000 S. Blackhawk St. in Aurora, CO. The second property is located at 4145 Briargate Parkway in Colorado Springs, CO. The property is approximately 28,791 square feet. Landmark Recovery of Arkansas leases one property from Sabra. The property is located at 12 Hospital Drive in Morrilton, AR. The property is approximately 30,579 square feet. It consists of 30 patient rooms accommodating 75 patients, various offices, group therapy rooms, common areas, and an outdoor recreation area. The Debtors are profitable. Including management fees to Alsos Behavioral Management, and including rent payments to their landlords, Debtors have net income of approximately $500,000 per month each for the Colorado and Arkansas Debtors. Debtors did not file bankruptcy due to financial distress on a stand-alone basis. Rather, Debtors filed bankruptcy because their landlords, Sabra Health Care Holdings III, LLC ("Sabra HCH") and MLD Properties LLC ("MLD," together with Sabra HCH, "Sabra") purported to terminate Debtors' leases. Debtors believed that these purported terminations were improper and that Debtors could cure and assume any lease defaults with Sabra. Those issues are the subject of Sabra's Motion for Relief from the Stay, which is set for hearing before the Court on January 12, 2026. The Debtors have filed all required monthly operating reports. As is shown in the monthly operating reports, Debtors are profitable. As of the date of the filing of the Plan, the Debtors' Debtor-in-Possession bank account contains approximately $4.2 million. Class 4 consists of General Unsecured Claims. Class 4 consists of all Allowed Claims against the Debtors that are not Secured or Priority Claims or included in any other Class. It includes Sabra's claim, to the extent of any allowed deficiency claim above the secured claim (if any). Each Holder of an Allowed Class 4 Claim shall be paid, in full, on the later of the Effective Date or within 30 days after allowance. This Class will receive a distribution of 100% of their allowed claims. The Debtors' membership interests, as of the Petition Date, were 100% held by Landmark Recovery of Louisville, LLC. In return for a payment of $1,000,000 to Debtors on the Effective Date, the Plan proposes that Alsos Behavioral Health LLC be made the 100% membership interest holder in Debtors. Alsos Behavioral Health LLC is an entity whose members are Matthew Boyle and Farmington LP, which is owned by Clifford Boyle. The Debtors shall use cash on hand accrued during the case, plus the payment from Alsos Behavioral Health LLC in the amount of $1,000,000, to satisfy all Allowed Claims. A full-text copy of the Joint Plan dated November 18, 2025 is available at https://urlcurt.com/u?l=8QP90e from PacerMonitor.com at no charge. Counsel for the Debtors: Michael G. Abelow, Esq. Brettson J. Bauer, Esq. Sherrard Roe Voigt & Harbison, PLC 1600 West End Avenue, Suite 1750 Nashville, TN 37203 Telephone: (615) 742-4532 Email: mabelow@srvhlaw.com About Landmark Recovery of Colorado LLC Landmark Recovery of Colorado LLC, f/d/b/a Landmark Recovery of Colorado Springs and d/b/a Praxis of Colorado Springs by Landmark Recovery and Sheridan Grove Recovery, operates addiction treatment centers across multiple U.S. states, providing medical detox, residential, and outpatient rehabilitation services for substance use disorders. The Company's facilities, some branded under "Praxis by Landmark Recovery," offer individualized treatment plans incorporating therapy, medication-assisted treatment, and clinical support. Landmark Recovery's operations span locations in Arkansas, Colorado, Indiana, Kentucky, and Ohio, serving patients through evidence-based addiction care programs. Landmark Recovery of Colorado LLC and Landmark Recovery of Arkansas, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Lead Case No. 25-03452) on August 20, 2025. In its petition, Landmark Recovery of Colorado reports total assets of $7,375,347 and total liabilities of $1,841,854. The case is jointly administered in Case No. 25-03452. Honorable Bankruptcy Judge Randal S. Mashburn handles the case. The Debtors are represented by Michael G. Abelow, Esq. at Sherrard Roe Voigt & Harbison, PLC. LAUREL CREEK II: Seeks to Extend Plan Exclusivity to Feb. 19, 2026 ------------------------------------------------------------------ Laurel Creek, LP, II asked the U.S. Bankruptcy Court for the Central District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 19, 2026 and April 15, 2026, respectively. The Debtor believes the path to reorganization is a sale of the Property as it is the Debtor's sole asset. Since the filing of the case, the Debtor has worked towards completing the Property for sale by first acquiring the DIP Loan. As a matter of efficiency, as all parties are in communication, extending the Plan Deadlines is in the best interest of the Debtor and its creditors. The Debtor explains that it has made progress toward reorganization and has done so in good faith. The Debtor proposed a disclosure statement and plan and set the same for a hearing on December 3, 2025 in the pending Laurel Creek, LP matter 9:25-bk-10985-RC. A motion was filed for DIP financing and continued to December 10, 2025 in that same matter. Both motions will affect this case. This is the Debtor's first request for an extension of the Plan Deadlines and is proceeding in good faith. The Debtor has work diligently since the filing of the case to obtain the required post-petition funding and complete the required repairs. The Debtor has made progress toward reorganization will continue to move diligently toward a successful reorganization without delay. The Debtor asserts that it is not requesting an extension of the Plan Deadlines as a tactical device to force creditors to accept a proposed plan. The Debtor will propose what it believes to be fair and equitable terms for payment of creditors' claims. The extension of time is not to pressure any creditor to submit to any reorganization demands; the extension is simply a mechanism to place the Property in a position to be repaired and then the Debtor can propose a fair and equitable distribution. Counsel to the Debtor: Jeffrey I. Golden, Esq. Anerio V. Altman, Esq. Sara Tidd, Esq. Ryan W. Beall, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street, Suite 640 Costa Mesa, California 92626 Tel: (714) 966-1000 Fax: (714) 966-1002 Email: jgolden@go2.law aaltman@go2.law stidd@go2.law rbeall@go2.law About Laurel Creek II LP Laurel Creek II LP is a California limited partnership operating in the real estate sector. Laurel Creek II LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10986) on July 24, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Jeffrey I. Golden, Esq. at Golden Goodrich LLP. LAUREL CREEK: Seeks to Extend Plan Exclusivity to Feb. 19, 2026 --------------------------------------------------------------- Laurel Creek, LP, asked the U.S. Bankruptcy Court for the Central District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 19, 2026 and April 15, 2026, respectively. The Debtor believes that the path to reorganization is a sale of the Property as it is the Debtor's sole asset. Since the filing of the case, the Debtor has worked towards completing the Property for sale by first acquiring the DIP Loan. As a matter of efficiency, as all parties are in communication, extending the Plan Deadlines is in the best interest of the Debtor and its creditors. The Debtor claims that it has worked with its creditors in a cooperative manner. For any creditors who have requested it, the Debtor has provided and shared information with those creditors. The Debtor will continue to negotiate with its creditors so that a consensual plan can be proposed. This is the Debtor's first request for an extension of the Plan Deadlines and is proceeding in good faith. The Debtor has worked diligently since the filing of the case to obtain the required post-petition funding and complete the required repairs. The Debtor has made progress toward reorganization will continue to move diligently toward a successful reorganization without delay. The Debtor explains that it is not requesting an extension of the Plan Deadlines as a tactical device to force creditors to accept a proposed plan. The Debtor will propose what it believes to be fair and equitable terms for payment of creditors' claims. The extension of time is not to pressure any creditor to submit to any reorganization demands; the extension is simply a mechanism to place the Property in a position to be repaired and then the Debtor can propose a fair and equitable distribution. Counsel to the Debtor: Jeffrey I. Golden, Esq. Anerio V. Altman, Esq. Sara Tidd, Esq. Ryan W. Beall, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street, Suite 640 Costa Mesa, California 92626 Tel: (714) 966-1000 Fax: (714) 966-1002 Email: jgolden@go2.law aaltman@go2.law stidd@go2.law rbeall@go2.law About Laurel Creek, LP Laurel Creek, LP, a California limited partnership, is a real estate company whose principal assets are located at 1150 Laurel Lane in San Luis Obispo, California. Laurel Creek, LP in Santa Barbara, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 25-10985) on July 24, 2025, listing as much as $50 million to $100 million in both assets and liabilities. Patrick Smith as Manager of 1160 Laurel Lane, LLC, general partner of the Debtor, signed the petition. GOLDEN GOODRICH LLP serves as the Debtor's legal counsel. LEGACY POINT: Seeks Chapter 7 Bankruptcy in Colorado ---------------------------------------------------- On November 20, 2025, Legacy Point LLC filed Chapter 7 protection in the District of Colorado. According to the court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Legacy Point LLC Legacy Point LLC is a limited liability company. Legacy Point LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-17634) on November 20, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Cathleen D. Parker handles the case. The Debtor is represented by Jane M. Roberson, Esq. of Roberson Law, LLC. LMD HOLDINGS: Affiliates Get Interim OK for DIP Loan ---------------------------------------------------- Luca Mariano Distillery, LLC and Luca Mariano Holdings, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to obtain debtor-in-possession financing to support their operations during bankruptcy. The Debtors, both affiliates of LMD Holdings Inc., received the approval at a hearing where the bankruptcy court also granted them interim authority to use cash collateral. The DIP financing consists of a $1.5 million superpriority, multi-draw facility from SummitBridge National Investments VIII, LLC, with up to $450,000 available on an interim basis. The financing includes a $600,000 roll-up of pre-bankruptcy secured debt and requires strict compliance with weekly CRO-certified reporting and the approved budget, subject to a 10% cumulative cash flow variance. To secure their obligations under the DIP financing, the Debtors offer to grant SummitBridge priming, first-priority, perfected liens and superpriority administrative claims on substantially all estate property, subject to limited exceptions. The DIP liens would attach automatically upon entry of the interim order and would include priming liens on all pre-bankruptcy collateral, first-priority liens on unencumbered assets and land contracts, and junior liens on assets already subject to valid senior third-party liens. Professional fees for the CRO and Debtors' counsel may be funded weekly from DIP proceeds, consistent with the budget. As part of the deal, the Debtors have agreed to a number of case milestones, including the prompt filing of motions for joint administration, retention of the chief restructuring officer, initiation of an investigation into transfers made to affiliates (Viola Holdings and Versatrans), commencement of any necessary avoidance litigation, and the filing and approval of a sale motion and bid procedures. The milestones require an auction within approximately 90 days of the petition date and a closing within 120 days, at which point all DIP and pre-bankruptcy obligations to SummitBridge must be paid in full in cash. Events of default include failure to meet milestones, noncompliance with any DIP document or budget, entry of adverse court orders, unauthorized financing efforts, or loss of the CRO. Because they lack sufficient unencumbered cash and were unable to obtain financing on an unsecured, junior-lien, or administrative-priority basis, the Debtors see the DIP financing offered by SummitBridge as the only viable option to sustain operations and pursue an orderly sale. SummitBridge is the Debtors' sole secured creditor, which holds first-priority liens on virtually all pre-bankruptcy assets, including the Debtors' cash. As of the petition date, the Debtors owed SummitBridge, as successor to Truist Bank, more than $25 million. A final hearing is scheduled for December 16. A copy of the motion is available at https://urlcurt.com/u?l=TsRzRQ from PacerMonitor.com. About LMD Holdings, LLC LMD Holdings LLC operates Luca Mariano Distillery, a beverage manufacturer located at 128 Letton Drive in Danville, Kentucky. LMD Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-47214) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million to $10 million each. Honorable Bankruptcy Judge Paul R. Hage handles the case. The Debtor is represented by Robert Bassel, Esq. at ROBERT N. BASSEL. LUMINAR TECHNOLOGIES: Appoints Thomas Beaudoin as New CFO --------------------------------------------------------- Luminar Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the departure of Thomas J. Fennimore, the Company's Chief Financial Officer, who is leaving to pursue other career opportunities, became effective on November 13, 2025. This was previously disclosed on October 31, 2025. On November 7, 2025, the Company appointed Thomas Beaudoin as Chief Financial Officer, also effective November 13. Thomas Beaudoin, 71, previously served as the Chief Financial Officer of Cerence Inc. from May 2022 to April 2024. Mr. Beaudoin served as Chief Transformation Officer at Qualifacts Systems Inc. and Credible Inc. from April 2021 to April 2022, and as Executive Vice President Business Transformation of Nuance from 2017 until 2020. Prior to re-joining Nuance in 2017, Mr. Beaudoin held several executive leadership roles, including as Chief Financial Officer of SimpliVity Corp. (now HPE SimpliVity) from 2015 to 2017; Executive Vice President and Chief Financial Officer of Nuance from 2008 to 2015; President and Chief Financial Officer of Polaroid Corporation; Senior Vice President and Chief Financial Officer of Parametric Technology Corporation; and a number of senior finance positions during his 24-year career at Digital Equipment Corporation, then Compaq Computer Corporation (now Hewlett Packard). Mr. Beaudoin holds a B.S.B.A. degree and an M.B.A. from Babson College. There are no arrangements or understandings between Mr. Beaudoin and any other person pursuant to which he was appointed to his position. Mr. Beaudoin does not have a family relationship with any director or executive officer of the Company and does not have any direct or indirect interest in any transaction in which the Company is a participant that is required to be reported in this Current Report on Form 8-K under Item 404(a) of Regulation S-K. Mr. Beaudoin and the Company entered into an employment agreement setting forth the terms and conditions of his employment as Chief Financial Officer. Pursuant to the Agreement, Mr. Beaudoin will: (i) Receive base salary at a gross annual rate of $400,000; (ii) be eligible to participate in a cash retention program adopted by the Company, subject to the terms and conditions set forth in definitive documentation, in the amount of $400,000; (iii) be eligible to participate in the Company's employee benefit plans, policies and arrangements on terms at least as favorable as for the Company's other similar situated employees; (iv) be reimbursed for necessary and reasonable business expenses; and (v) be eligible for any new equity-based incentive program adopted by the Company. In the event that either: (x) the Company terminates Mr. Beaudoin's employment other than for Cause and not due to death or disability, or (y) Mr. Beaudoin resigns for Good Reason, subject to his execution of a release, Mr. Beaudoin will be entitled to 12 months of severance at a rate equal to one times base salary, as then in effect, and reimbursement of twelve months of COBRA premiums. A full text copy of the Agreement is available at https://tinyurl.com/yckekvnw About Luminar Luminar -- https://www.luminartech.com/ -- is a global technology company advancing safety, security and autonomy across automotive, commercial, and defense sectors. Its proprietary LiDAR hardware, software, semiconductor and photonics technologies have been developed in-house to meet the demanding performance and scalability requirements of applications spanning passenger vehicles, trucking, logistics, industrial, security, and more. With series production underway and commercial traction across industries, Luminar is uniquely positioned to deliver the next generation of advanced, mission-critical LiDAR and photonics solutions. As of June 30, 2025, the Company had $265.49 million in total assets, $513.46 million in total liabilities, and $272.18 million in total stockholders' deficit. The Company is exploring a number of potential strategic alternatives with respect to the Company, including the sale of all or part of the Company's business or assets, raising additional capital or restructuring its existing capital structure. Specifically, the Company has engaged Weil, Gotshal & Manges LLP, as legal advisers, Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC, as financial advisors, to assist the Company in analyzing and evaluating potential strategic alternatives and initiatives to improve liquidity. GLAS Trust Company LLC, serves as Trustee and Collateral Agent under the First Lien Indenture and Second Lien Indenture. Ropes & Gray, LLP, serves as legal advisors and Ducera Partners LLC, as investment banker for the ad hoc group of holders of the Company's Floating Rate Senior Secured Notes due 2028 and 9% Convertible econd Lien Senior Secured Notes due 2030 and 11.5% Convertible Second Lien Senior Secured Notes due 2030, as applicable, beneficially owning, collectively, approximately 94.5% of the 1L Notes and approximately 89% of the 2L Notes. LUMINAR TECHNOLOGIES: Appoints Two Directors to Special Committees ------------------------------------------------------------------ Luminar Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 12, 2025, the Board of Directors appointed Patricia Ferrari and Elizabeth Abrams to the Board, effective immediately, as a Class I director and a Class II director, respectively. The Board has appointed Ms. Ferrari and Ms. Abrams to serve on the Board's special investigation committee and special transactions' committee. Neither Ms. Ferrari nor Ms. Abrams has any arrangements or understandings with any other person pursuant to which they were appointed to the Board. Additionally, neither Ms. Ferrari nor Ms. Abrams has a family relationship with any director or executive officer of the Company or has any direct or indirect interest in any transaction in which the Company is a participant that is required to be reported in on Form 8-K under Item 404(a) of Regulation S-K. About Luminar Luminar -- https://www.luminartech.com/ -- is a global technology company advancing safety, security and autonomy across automotive, commercial, and defense sectors. Its proprietary LiDAR hardware, software, semiconductor and photonics technologies have been developed in-house to meet the demanding performance and scalability requirements of applications spanning passenger vehicles, trucking, logistics, industrial, security, and more. With series production underway and commercial traction across industries, Luminar is uniquely positioned to deliver the next generation of advanced, mission-critical LiDAR and photonics solutions. As of June 30, 2025, the Company had $265.49 million in total assets, $513.46 million in total liabilities, and $272.18 million in total stockholders' deficit. The Company is exploring a number of potential strategic alternatives with respect to the Company, including the sale of all or part of the Company's business or assets, raising additional capital or restructuring its existing capital structure. Specifically, the Company has engaged Weil, Gotshal & Manges LLP, as legal advisers, Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC, as financial advisors, to assist the Company in analyzing and evaluating potential strategic alternatives and initiatives to improve liquidity. GLAS Trust Company LLC, serves as Trustee and Collateral Agent under the First Lien Indenture and Second Lien Indenture. Ropes & Gray, LLP, serves as legal advisors and Ducera Partners LLC, as investment banker for the ad hoc group of holders of the Company's Floating Rate Senior Secured Notes due 2028 and 9% Convertible econd Lien Senior Secured Notes due 2030 and 11.5% Convertible Second Lien Senior Secured Notes due 2030, as applicable, beneficially owning, collectively, approximately 94.5% of the 1L Notes and approximately 89% of the 2L Notes. MEGAMI LLC: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------- On November 18, 2025, Megami LLC filed Chapter 7 protection in the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Megami LLC Megami LLC is a single asset real estate company. Megami LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal., Case No. 25-13267) on November 18, 2025. In its petition, the Debtor reports estimated assets and liabilities each ranging from $1 million to $10 million. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Halli B. Heston, Esq. MILWAUKEE FORGE: Court OKs Sale of Company ------------------------------------------ Graham Kilmer of Urban Milwaukee reports that Milwaukee Forge, a 112-year-old Bay View manufacturer, is being sold to a politically-connected ownership group for $4.6 million. The company, located at 1532 E. Oklahoma Ave., was placed in receivership earlier this year after creditors reported more than $9.3 million in outstanding liabilities, including bank loans and unpaid invoices. The buyer, operating as Milwaukee Forgetech, Inc., is linked to Phillip Prange of Waukesha, a former lobbyist and co-founder of WisPolitics. Prange is married to Alison Prange, former COO of the 2024 Republican National Convention host committee and managing director at Michael Best Strategies. The company provides heat-treating and forging services from a 132,000-square-foot facility on an eight-acre property in Bay View, the report states. Milwaukee County Circuit Court Judge Thomas J. McAdams placed the company under a court-appointed receiver, attorney Michael Polsky, in March 2025. Operations continued initially, with CEO Dave Mesick assuring employees that business would remain unchanged. By June, however, the company announced layoffs of 67 workers due to operational delays, according to report. Polsky first attempted to sell the business at auction without success before seeking approval to sell to Milwaukee Forgetech, which the court granted on November 13, 2025. City and county leaders supported the sale to preserve jobs, and the new owners have pledged to work with union representatives, including the International Association of Machinists Local 140 and United Steelworkers, the report relays. About Milwaukee Forge Milwaukee Forge, located in Bay View, Milwaukee, Wisconsin, is a 100-year-old company providing specialized forging and heat-treatment solutions for industrial clients. Creditors filed a petition in state court seeking to place the company into receivership, citing over $9.3 million in outstanding obligations, including bank loans and unpaid bills to vendors and equipment suppliers. On March 25, 2025, Milwaukee County Circuit Court Judge Thomas J. McAdams approved the petition and placed the company and its assets under the supervision of court-appointed receiver Michael Polsky. MISSION MEDICAL: Court OKs Deal to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, approved a stipulation between Mission Medical Investors, LLC and its secured creditor, Banc of California, regarding the use of cash collateral. The court authorized receiver Kevin Singer, who was previously appointed to manage the Laguna Niguel property, to use cash collateral to make monthly adequate protection payments to the bank of $96,763.50, or a lower amount if funds are insufficient after accounting for receivership expenses. Banc of California made a loan to Mission Medical in the original principal sum of $14.17 million in March 2022. The loan is secured by a deed of trust, which encumbers the real property located at 27882 Forbes Road, Laguna Niguel, California, and all rents issues and profits generated by the property. The stipulation is available at https://is.gd/FDTNaM from PacerMonitor.com. Banc of California is represented by: Steve Casselberry, Esq. Maria K. Pum, Esq. PROCOPIO, CORY, HARGREAVES & SAVITCH LLP 200 Spectrum Center Drive, Suite 1650 Irvine, CA 92618 Telephone: 949.383.2997 Facsimile: 619.235.0398 steve.casselberry@procopio.com maria.pum@procopio.com About Mission Medical Investors LLC Mission Medical Investors LLC, based in Los Angeles, California, is a real estate investment company focused on healthcare properties. Its primary asset is a medical office complex at 27882 Forbes Road in Laguna Niguel, California, which houses multiple healthcare providers including surgery centers, urgent care clinics, and imaging facilities. The Company generates revenue by acquiring, managing, and leasing medical office spaces to healthcare tenants. Mission Medical Investors LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17926) on September 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor is represented by Gary E. Klausner, Esq. at LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. MK ARCHITECTURE: Updates Unsecured Claims Pay Details ----------------------------------------------------- MK Architecture PC submitted an Amended Small Business Plan of Reorganization under Subchapter V dated November 18, 2025. Since the filing, the Debtor has continued in the management of its property as a debtor-in-possession pursuant to Sections 1107 and 1108 of the Bankruptcy Code. While the Debtor's operations will not result in the full payment of Allowed Claims, it will result in at least as much of a recovery by holders of Allowed Claims as they would receive if the Debtor were liquidated under Chapter 7 of the Bankruptcy Code. The Debtor will pay TD directly on its Secured Claim. In addition, the Debtor proposes to fund the Plan with $1,500.00 per month from operations for a period of 36 months. It will make distributions under the Plan to Holders of Allowed Claims in installments of no less frequent than quarterly. Because the Debtor's revenue tends to fluctuate, installments on a quarterly basis is more feasible than monthly. Class 4 shall consist of all Allowed General Unsecured Claims including the Claim of the SBA in the amount of $158,956.74. The SBA's Claim will be treated solely as an Unsecured Claim under Section 506(a) of the Bankruptcy Code and receive Distributions from the Plan Fund. Class 4 shall also include the Unsecured Portion of the Landlord's Claim as Allowed under the Landlord Settlement. Holders of Class 4 Claims consist of the SBA and the Landlord. The Holders of Class 4 Unsecured Claims will receive distribution on a pro rata basis in quarterly installments of $3,859.00 from the Plan Fund beginning in month 23 of the Plan through the 36th and final month of the Plan. The holders of Class 4 Claims are Impaired. The Plan will be funded primarily with all of the Debtor's Disposable Income projected for the next five years. The Debtor has projected its Disposable Income to be approximately $4,500.00 per quarter ($1,500.00 per month). The projections reflect the seasonality of the Debtor’s business. The Disposable Income will be placed by the Debtor into the Plan Fund which shall be maintained in a segregated bank account. The Plan Fund and Plan will be funded with approximately $54,000.00 in total. A full-text copy of the Amended Plan dated November 18, 2025 is available at https://urlcurt.com/u?l=TqH0xM from PacerMonitor.com at no charge. Counsel for the Debtor: Anne Penachio, Esq. PENACHIO MALARA LLP 245 Main Street-Suite 450 White Plains, NY 10601 Telephone: (914) 946-2889 Email: frank@pmlawllp.com About MK Architecture PC MK Architecture PC is in the business of providing architectural services to businesses and individuals primarily based in New York City and the New York Metropolitan area. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-22467) on May 28, 2024, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Sean H. Lane presides over the case. Anne J. Penachio, Esq., at Penachio Malara LLP, is the Debtor's counsel. MODEL SHIPWAYS: Case Summary & 17 Unsecured Creditors ----------------------------------------------------- Debtor: Model Shipways, Inc. d/b/a Model Expo 1155 NW 159th Drive Miami, FL 33169 Business Description: Model Shipways Inc., doing business as Model Expo, designs and manufactures scale model kits covering historic ships, aircraft, artillery, and Western vehicles from its facility in Miami, Florida. The Company produces wood and metal kits using in-house laser-cutting and casting processes and supplies replacement parts for its product lines, including Model Shipways, Model Airways, Model Trailways, and Guns of History. It distributes its kits to scale model builders worldwide. Chapter 11 Petition Date: November 21, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-23837 Debtor's Counsel: Joe M. Grant, Esq. LORIUM LAW 197 South Federal Highway Suite 200 Boca Raton, FL 33432 Tel: 561-361-1000 E-mail: jgrant@loriumlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Marc Mosko as president. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MQOUOQQ/Model_Shipways_Inc__flsbke-25-23837__0001.0.pdf?mcid=tGE4TAMA MODIVCARE INC: Heads Toward Disputed Chapter 11 Plan Hearing ------------------------------------------------------------ Clara Geoghegan of Law360 Bankruptcy Authority reports that healthcare services and technology group Modivcare is preparing for a potentially contentious Chapter 11 plan confirmation hearing scheduled for December 2025 in Texas. The company is seeking approval for a restructuring plan centered on a $1 billion debt-for-equity swap, a proposal that has drawn significant pushback from unsecured creditors. According to court filings, the creditor group argues that the swap would disproportionately benefit senior stakeholders while leaving junior creditors with insufficient recovery. The upcoming hearing is expected to determine whether the restructuring framework can move forward despite the objections. 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. MY JOB MATCHER: Unsecureds Will Get 0% to 3% in Liquidating Plan ---------------------------------------------------------------- My Job Matcher, Inc. and its affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Plan of Liquidation dated November 18, 2025. Debtor Job.com was incorporated in 2015 as a subsidiary of non debtor MJM Tech Ltd., a company based in the United Kingdom and co-founded by Paul Sloyan and Arran Stewart. Starting in September 2021, Debtor My Job Matcher, Inc. ("Job.com") applied for and/or was granted dozens of patents relating to its development of this suite of technology assets. These patents and/or applications relate to a variety of the Company's developed and in development technology and software assets. Currently, Debtor Job.com has approximately 39 patents registered in its name, and approximately 42 patent application pending, all of which were filed between September 2021 and August 2023. On July 8, 2025, the Debtors filed a Motion for Entry of (A) an Order (I) Scheduling a Hearing on the Approval of the Sale of All or Substantially All of the Debtors' Assets Free and Clear of all Encumbrances other than Assumed Liabilities and Permitted Encumbrances, and the Assumption and Assignment of Certain Executory Contracts and Unexpired Leases, (II) Approving Certain Bidding Procedures and Assumption and Assignment Procedures, and the Form and Manner of Notice Thereof, and (III) Granting Related Relief; and (B) an Order (I) Approving Asset Purchase Agreement, (II) Authorizing the Sale of All or Substantially All of the Debtors' Assets Free and Clear of all Encumbrances other than Assumed Liabilities and Permitted Encumbrances, and (III) Authorizing the Assumption and Assignment of Certain Executory Contracts and Unexpired Leases, and (IV) Granting Related Relief (the "Bid Procedures Motion"). Among other things, the Bid Procedures Motion, sought approval of certain procedures designed to maximize the value of the Debtors' assets, which included authority to enter into that the Stalking Horse APA with Jobs Acquisition, through a credit bid of $35,000,000.00, free and clear of claims, liens, and encumbrances (the "Stalking Horse Bid"). On September 29, 2025, the Bankruptcy Court conducted an evidentiary hearing and oral argument to consider the Sale Motion and the Sale Objections that were not resolved. At the conclusion of the hearing, the Bankruptcy Court approved the Sale. On October 6, 2025, the Bankruptcy Court entered an order approving the Sale Order, and on October 7, 2025, the Sale closed. No appeal was filed, and the Sale Order is now final. Class 4 consists of General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall receive in full and final satisfaction, settlement, and release of and in exchange for such Allowed Class 4 Claim, the Pro Rata share of the Trust Interests, allocated based on (a) the Initial Distribution Fund after payment or reserve of all Allowed Administrative Expenses, Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims, and Allowed Secured Claims in full and (b) to the extent that any portion of an Allowed General Unsecured Claim remains after such payment, the Unsecured Claim Distribution Fund. Class 4 Claims are Impaired and entitled to vote. The allowed unsecured claims total $18,470,000 to $68,300,000. This Class will receive a distribution of 0% to 3% of their allowed claims. Class 5 consists of Equity Interests. On the Effective Date, all Interests shall be deemed canceled, extinguished and of no further force or effect, and the Holders of Interests shall not be entitled to receive or retain any property on account of such Interest. Class 5 Equity Interests are Impaired, and deemed to reject the Plan, and are therefore not entitled to vote. On the Effective Date the Debtors will be deemed to have transferred the Liquidating Trust Assets to the Liquidating Trust. The Confirmation Order shall be deemed to, pursuant to sections 363 and 1123 of the Bankruptcy Code, authorize, among other things, all actions as may be necessary or appropriate to effectuate any transaction described in, approved by, contemplated by, or necessary to effectuate the Plan. Pursuant to the Confirmation Order and the Liquidating Trust Agreement, the Liquidating Trust will be established on the Effective Date. The Liquidating Trust qualifies as a "liquidating trust" as described in Treasury Regulations Section 301.7701-4(d) and Revenue Procedure 94-45, 1994-2 C.B. 684, and will be treated for federal income tax purposes as a "grantor trust" under Internal Revenue Code sections 671-677. The Liquidating Trust shall be administered in accordance with the terms of the Liquidating Trust Agreement. A full-text copy of the Combined Disclosure Statement and Plan dated November 18, 2025 is available at https://urlcurt.com/u?l=q9u64b from Stretto, claims agent. Counsel to the Debtors: Jeffrey R. Waxman, Esq. Carl N. Kunz, III, Esq. Christopher M. Donnelly, Esq. Samantha L. Rodriguez, Esq. MORRIS JAMES LLP 500 Delaware Avenue Suite 1500 Wilmington, DE 19801 Tel: (302) 888-6800 Fax: (302) 571-1750 E-mail: jwaxman@morrisjames.com ckunz@morrisjames.com cdonnelly@morrisjames.com srodriguez@morrisjames.com About My Job Matcher Inc. My Job Matcher, Inc., owns the Job.com platform, which has been developed to a cutting-edge, AI-driven recruitment platform. On July 6, 2025, My Job Matcher, Inc., and seven affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11280). In its petition, the Debtor reports estimated assets between $10 million and $50 million and liabilities ranging from $50 million to $100 million. The case is pending before the Honorable Karen B. Owens. The Debtors tapped Morris James, LLP, as counsel, and Corliss Moore & Associates, as financial advisor. Stretto is the claims agent. An official committee of unsecured creditors has been appointed in the case and is represented by Greenberg Traurig, LLP as counsel. The DIP Lenders and Prepetition Lenders are represented by Geoffrey T. Raicht, PC and Chipman Brown Cicero & Cole, LLP. Ankura Trust Company, LLC, which serves as the Agent under the DIP loan and the prepetition credit facility, is represented by A&O Shearman and Chipman Brown Cicero & Cole, LLP. Creditors Venture Debt, LLC and SOJA Ventures, LLC are represented by Bayard, P.A. and Varnum LLP. Lily Grace Investments PTY Ltd., another creditor, is represented by K&L Gates LLP. NAZAIRE GROUP: Seeks Chapter 7 Bankruptcy in New York ----------------------------------------------------- On November 18, 2025, Nazaire Group E, Inc. filed Chapter 7 protection in the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Nazaire Group E, Inc. Nazaire Group E, Inc. operates in the construction industry. Nazaire Group E, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-74457) on November 18, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities between $100,001 and $1 million. The Honorable Bankruptcy Judge Louis A. Scarcella handles the case. NICKLAUS COMPANIES: Seeks Chapter 11 Bankruptcy in Delaware ----------------------------------------------------------- Yi Wei Wong of Bloomberg Law reports that on November 21, 2025, Nicklaus Companies LLC filed Chapter 11 protection in District Delaware. According to court filing, the Debtor reports between $500 million and $1 billion in debt. About Nicklaus Companies LLC Nicklaus Companies LLC, also known as Golden Bear Financial Services, is a worldwide golf enterprise established to uphold and expand the legacy of golf icon Jack Nicklaus. It operates across several areas of the industry, including golf course design, branded products, licensing, and overall brand management. Its goal is to provide high-quality golf experiences and products that reflect the Nicklaus name's global reputation for excellence, innovation, and integrity. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12088) on November 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Zachary I. Shapiro, Esq. of Richards, Layton & Finger, P.A. NWOKO HOLDING: Seeks Chapter 7 Bankruptcy in Maryland ----------------------------------------------------- On November 21, 2025, Nwoko Holdings LLC filed for Chapter 7 bankruptcy protection in the District of Maryland. Court filings indicate the Debtor owes between $100,001 and $1,000,000 to approximately 1–49 creditors. About Nwoko Holdings LLC Nwoko Holdings LLC is a limited liability company. Nwoko Holdings LLCC initiated Chapter 7 proceedings under the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-20970) on November 21, 2025. The petition lists estimated assets of $100,001–$1,000,000 and estimated debts of the same amount. The case is overseen by Honorable Bankruptcy Judge Michelle M. Harner. OMNI HEALTH: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Omni Health Services, Inc. 160 Bethlehem Pike Colmar, PA 18915 Business Description: OMNI Health Services Inc. provides outpatient and telehealth mental health services, intensive behavioral health services, and peer support programs through clinics across Pennsylvania and New Jersey, treating conditions such as anxiety, depression, marital and family challenges, aging-related concerns, stress management issues, and self-esteem difficulties. The Company operates within the behavioral healthcare sector and delivers culturally inclusive counseling through locations including Colmar, Allentown, Bethlehem, Chester, Scranton, Upper Darby, Atlantic City, Camden, and Vineland. Its services are delivered by trained practitioners who support individuals and communities across its service regions. Chapter 11 Petition Date: November 20, 2025 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 25-14727 Judge: Hon. Ashely M Chan Debtor's Counsel: David B. Smith, Esq. SMITH KANE HOLMAN, LLC 112 Moores Road Suite 300 Malvern, PA 19355 Tel: 610-407-7215 Fax: 610-407-7218 E-mail: dsmith@skhlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Michael Thevar signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FEWZYWQ/Omni_Health_Services_Inc__paebke-25-14727__0001.0.pdf?mcid=tGE4TAMA ORION MENTAL: Unsecureds Will Get 100% of Claims over 46 Months --------------------------------------------------------------- Orion Mental Health Center LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement describing Plan of Reorganization dated November 18, 2025. The Debtor, a Florida for profit corporation, was founded in December 2017. The Debtor's office is located at 1460 NW 107th Avenue Suite N, Sweetwater FL 33172. Debtor is a mental health center that provides counseling services. As defined by Section 101(31) of the Bankruptcy Code, Lazaro Chepe, as Manager and 100% owner of the Debtor is an insider of the Debtor. In one year prior to filing of this bankruptcy case, Mr. Chepe received $69,535.00 from payroll and $69,541.64 from distribution for a total of $139,076.65 in income from the Debtor. The Florida Agency for Health Care Administration (AHCA) conducted an audit for calendar years 2020, 2021, and 2022 and as a result determined that the Debtor received overpayments for Medicaid reimbursements of $182,858.58 ("the Audit Claim"), and demanded payment immediately, threatening to hold back payments. The Plan contains one class of creditors: the unsecured class, consisting of five claims, which will be paid 100% over 46 months, Genesis Medical Provider for $3,900.00, Leaf Prior Service for $128.24, Stericycle Inc. for $182.04, Polsinelli Lawyer Group for $15,383.00, and AHCA for $136,927.55. The AHCA claim will be paid $3,000.00 a month through the Plan according to the agreement. Additionally, the IRS filed a proof of claim for $11,472.21 (POC 2-1), based on estimated FICA wage taxes, which have not been assessed, and the Debtor filed an objection to because the Debtor had no employees during that period, rendering it impossible to pay FICA wage taxes. The Debtor seeks to strike the claim entirely. Class 1 consists of General Unsecured Creditors. The total amount of the Allowed Unsecured Claims included in Class 1 is $156,520.83. There are three unsecured claims, for vendors, held by Genesis, Leaf, and Stericycle. There is one unsecured claim for legal fees owed to Polsinelli. There is one unsecured claim for the settlement with AHCA. The Plan provides for 100% payment over 46 months, with monthly payments of $3,425.94 from months 1 to 46. Since the creditors are being paid 100% of their claims, comparison of the amount of payment to the amounts that holders of the Allowed Unsecured Claims would receive in a hypothetical liquidation (estimated by Debtor at $0) in and under Chapter 7 of the Bankruptcy Code (See Liquidation Analysis) is irrelevant. Payments and distributions under the Plan will be funded by income received in the ordinary course of business from fees paid to Debtor by Medicare for services rendered in mental health services and targeted case management for Debtor's clients as shown in the attached Projections. A full-text copy of the Disclosure Statement dated November 18, 2025 is available at https://urlcurt.com/u?l=hHQiLx from PacerMonitor.com at no charge. Orion Mental Health Center LLC is represented by: Chad T. Van Horn, Esq. Van Horn Law Group, PA 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Telephone: (561) 621-1360 Email: info@cvhlawgroup.com About Orion Mental Health Center Orion Mental Health Center LLC, a Florida for profit corporation, is a mental health center that provides counseling services. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-15804) on June 11, 2024, listing $100,001 to $500,000 in both assets and liabilities. Judge Corali Lopez-Castro presides over the case. Chad T. Van Horn, Esq., at Van Horn Law Group, PA, is the Debtor's bankruptcy counsel. OUT THE GATE: Gets Interim OK to Obtain DIP Loan From Plannatech ---------------------------------------------------------------- Out the Gate, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Delaware to obtain post-petition financing to get through bankruptcy. The interim order, signed by Judge Karen Owens, authorized the Debtor to obtain an initial $907,567 from Plannatech (USA) Corporation, which has committed to provide up to $6.5 million in superpriority, senior secured debtor-in-possession financing. The remaining $5,592,433 will be available upon entry of a final order. The Debtor said the financing provides meaningful benefits to the estate because it contains no roll-up of Plannatech's pre-bankruptcy debt; imposes no unused commitment, agent or exit fees; permits interest to be paid in kind at below-market rates; and does not require payment of the lender's professional fees incurred in the negotiation and approval process. As protection, Plannatech will be granted superpriority administrative expense status, priming and replacement liens on substantially all property (subject to customary carveouts and exclusions), and, upon final approval, liens on avoidance action proceeds. The DIP facility is due and payable on the earliest of: 1. The date that is 150 calendar days after the closing date; 2. The effective date of any Chapter 11 plan for any DIP loan party; 3. The date of acceleration or termination of the DIP facility in accordance with the terms of the DIP credit agreement; and 4. The date of consummation of a sale or other disposition of all or substantially all assets of the Debtor, taken as a whole, under 11 U.S.C. section 363 of the Bankruptcy Code. The Debtor is required to comply with these milestones: 1. No later than November 12, the Chapter 11 case must have commenced; 2. No later than one calendar day after the petition date, the Debtor must have filed a motion, reasonably acceptable to the DIP lender, seeking approval of bid procedures in respect of a sale of the Debtor's assets; 3. No later than the date that is five business days after the petition date, the bankruptcy court must have entered the interim order; 4. No later than the date that is 35 calendar days after the petition date, the bankruptcy court must have entered (i) the final order and (ii) an order approving the bidding procedures motion; 5. No later than the date that is 67 calendar days after the petition date, the bid deadline provided for under the bidding procedures motion must have occurred; 6. No later than the date that is 77 calendar days after the petition date, the bankruptcy court must have entered an order approving the sale) contemplated by the bidding procedures motion; 7. No later than the date that is 85 calendar days after the petition date, the Section 363 sale must have been consummated; and 8. No later than 150 calendar days after the petition date, the Debtor must have either confirmed a plan or obtained the structured dismissal of the bankruptcy case. Use of Cash Collateral The interim order also authorized the Debtor to use the cash collateral of Plannatech and another pre-bankruptcy secured creditor, Neapeg Investment Limited Partners. As adequate protection, Plannatech and Neapeg will be granted a valid, perfected replacement security interest in and lien on all of the collateral securing the DIP loan, senior to all other liens but subject and subordinate only to the DIP liens and the fee carveout. Both secured creditors are also entitled to an allowed superpriority administrative expense claim, subject and subordinate to the carveout. Prior to the petition date, the Debtor borrowed money on a secured basis from Neapeg and Plannatech. The Debtor owed $46,965,245 and $3,978,647 to Neapeg and Plannatech, respectively. The interim DIP order is available at https://is.gd/ydMsuQ from PacerMonitor.com. The final hearing is set for December 11. The deadline for filing objections is on December 4. Out the Gate filed for bankruptcy protection with only $137,000 in unrestricted cash -- an amount wholly insufficient to meet payroll, pay vendors, fund professional fees, or continue regulatory compliance and wagering operations. The Debtor has historically operated at a loss due to the volatile nature of sports betting, inconsistent weekly revenues, and two early-stage market access agreements that locked the Debtor into above-market rates. As of the petition date, the Debtor carries approximately $51 million in funded debt, including secured debt owed to Plannatech and a large secured facility held by Neapeg. After months of liquidity strain and increasing cash-flow volatility, the Debtor urgently requires additional liquidity to avoid immediate and irreparable harm, maintain customer-facing operations, and preserve value while pursuing a Section 363 sale of all or substantially all assets. Plannatech (USA) Corporation, as DIP lender, is represented by: George R. Calhoun, Esq. IFRAH LAW PLLC 1717 Pennsylvania Avenue, NW, Suite 650 Washington, DC 20006 Telephone: (202) 524-414 george@ifrahlaw.com About Out the Gate Inc. Founded on February 8, 2021, Out The Gate, Inc. is a privately held gaming and entertainment company that offers electronic sports betting services in the United States. It operates licensed sportsbooks in Kentucky, New Jersey, and Ohio, providing wagering platforms under state-regulated gaming frameworks. Out The Gate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12023) on November 12, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Karen B Owens handles the case. The Debtor is represented by Marc S. Casarino, Esq., at Kennedys CMK LLP. PANDORA MARKETING: Amends Stephanie Kaitz Claim Pay --------------------------------------------------- Charles (Chip) Hoebeke, the Chapter 11 Trustee, submitted an Amended Disclosure Statement describing First Amended Plan of Liquidation for Pandora Marketing, LLC dated November 19, 2025. The Trustee estimates that Holders of Allowed Class VI Claims that are not Excluded Claims will receive a distribution of approximately 35% of their Allowed Claims to be distributed pro rata over the three-year life of the plan, without interest. The Debtor is liquidating and not continuing to operate. Under the Plan, all of the Debtor's assets (defined in the Plan as the "Trust Assets") will be transferred to the Liquidation Trust on the Effective Date. Pursuant to the terms of the Plan and Liquidation Trust, Chip (Charles) Hoebeke, the current Chapter 11 Trustee, will serve as the Trustee of the Liquidation Trust and will be charged with pursuing and liquidating the Trust Assets and making disbursements under the Plan. This will allow for a smooth transition of information and familiarity from the Debtor to the Liquidation Trust, as Mr. Hoebeke will continue on as the fiduciary in charge of pursuing and liquidating the Trust Assets. Mr. Hoebeke, as Liquidation Trustee of the Liquidation Trust, will focus primarily on (i) investigating, pursuing, collecting, abandoning and/or settling the Trade Receivables and Related Entity Receivables, (ii) investigating, pursuing, liquidating, abandoning, or monetizing the Debtor's ownership interests in, or other rights against, the various Investment Entities, (iii) investigating, pursuing, collecting, abandoning and/or settling Preference Actions, fraudulent conveyance claims, or other Chapter 5 Causes of Action, (iv) investigating, pursuing, collecting, abandoning, and/or settling non-bankruptcy Causes of Action. Any proceeds received by the Liquidation Trustee as the result of his liquidation of assets will be used by the Liquidation Trustee to first pay the post-confirmation costs and fees associated with administration of the Liquidation Trust, including professional fees to pursue Causes of Action and other wind down expenses, and then to creditors in their order of priority as determined by the Bankruptcy Code. Under the Plan, all equity interests in the Debtor will be cancelled as of the Effective Date. Class V consists of the Claim of Stephanie Kaitz filed at Proof of Claim 3-1. Ms. Kaitz' alleges in her Proof of Claim that she is entitled to a Priority Claim under Section 507(a)(4) of the Bankruptcy Code for wages, salaries or commissions earned within 180 days before the Petition Date. However, the documents Ms. Kaitz attached to her Proof of Claim shows that her claim is based on her employment with the Debtor which terminated on March 10, 2020, almost four years before the Petition Date. The Trustee anticipates that the Liquidation Trustee will file an objection to Ms. Kaitz proof of claim because her claim for wages, salaries and compensation is outside of the 180 window and her Claim is not entitled to priority under Section 507(a)(4) of the Bankruptcy Code. In the event the Liquidation Trustee's objection to Ms. Kaitz' Proof of Claim is sustained, Ms. Kaitz claim will be treated as an Allowed Unsecured Claim entitled to payment under section 3.6. In the event the Liquidation Trustee's objection to Ms. Kaitz' Proof of Claim is overruled or Ms. Kaitz is otherwise determined to be entitled to Priority under section 507(a)(4), the Allowed Priority Claim will be paid by the Liquidation Trust, as applicable, within thirty days of entry of an Order of the Court allowing the Claim. Like in the prior iteration of the Plan, each holder of an Allowed Class VI General Unsecured Claim shall be paid from the Liquidation Trust its Pro Rata Share of the Distributable Cash remaining, if any, after all Groups and Classes with Allowed Claims of a higher priority under Section 507 of the Bankruptcy Code have been paid in full. Any proceeds received by the Liquidation Trustee from the liquidation of Trust Assets will be used by the Liquidation Trustee to first pay the post-confirmation costs and fees associated with administration of the Liquidation Trust, including professional fees to pursue Causes of Action and other wind down expenses, and then to creditors in their order of priority as determined by the Bankruptcy Code. The Trustee believes that the Debtor will have enough cash on hand on the Effective Date of the Plan to pay all the Claims and expenses that are entitled to be paid on that date. The Liquidation Trustee's ability to make future Plan payments will be dependent on his ability to collect Trade Receivables and Related Party Receivables and to monetize Causes of Action, which is very difficult to predict. As a result, the amount of funds that will ultimately be available for distribution to Creditors is unknown. However, the Trustee estimates that he will be in a position to distribute approximately $2,700,000 to Unsecured Creditors with Allowed Claims over the life of the Plan. A full-text copy of the First Amended Disclosure Statement dated November 19, 2025 is available at https://urlcurt.com/u?l=LWFhQs from PacerMonitor.com at no charge. Attorneys for the Chapter 11 Trustee: SCHAFER AND WEINER, PLLC Joseph K. Grekin, Esq. Kim K. Hillary, Esq. Jeffrey J. Sattler, Esq. 40950 Woodward Ave., Ste. 100 Bloomfield Hills, MI 48304 Tel: (248) 540-3340 E-mail: jgrekin@schaferandweiner.com khillary@schaferandweiner.com jsattler@schaferandweiner.com - and - Cohen and Cohen, P.C. Robertson B. Cohen, Esq. 1720 S. Bellaire St., Ste. 205 Denver, CO 80222 Tel: (303) 933-4529 Fax: (866) 230-8268 E-mail: rcohen@cohenlawyers.com About Pandora Marketing, LLC Pandora Marketing, LLC, is a marketing agency in Aliso Viejo, Calif. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Wyo. Case No. 24-20022) on Jan. 31, 2024, with $7,341,452 in assets and $7,977,506 in liabilities. William Wilson, chairman of the board of directors, signed the petition. Judge Cathleen D. Parker oversees the case. Seth Shumaker, Esq., at Seth Shumaker, Attorney at Law, is the Debtor's bankruptcy counsel. PAPATZUL LLC: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On November 21, 2025, Papatzul LLC filed Chapter 11 protection in the Southern District of New York. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Papatzul LLC Papatzul LLC is a limited liability company. Papatzul LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12612) on November 21, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. The Debtor is represented by Lawrence Morrison, Esq. PARKLAND CORP: Moody's Withdraws 'Ba2' Corp. Family Rating ---------------------------------------------------------- Moody's Ratings has withdrawn the ratings of Parkland Corporation ("Parkland"), including the company's Ba2 corporate family rating, Ba2-PD probability of default rating, and the Ba3 ratings on the company's senior unsecured notes. Previously, the ratings were under review for upgrade. The speculative grade liquidity rating ("SGL") of SGL-2 is also withdrawn. Prior to the withdrawal, the outlook was rating under review. This follows Sunoco LP's (Sunoco, Ba1 stable) announcement on November 03 that it had completed the acquisition of Parkland (effective October 31) with most of Parkland's senior unsecured notes exchanged into new Sunoco senior unsecured debt. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) because Moody's believes Moody's have insufficient or otherwise inadequate information to support the maintenance of the rating(s). Parkland, headquartered in Calgary, Alberta, is a large retailer, marketer and distributor of fuel and petroleum products servicing both retail and commercial customers across Canada, USA and the Caribbean regions. Parkland's retail and commercial network includes close to 3,500 retail service stations, 315 M&M Food Market locations and 210 commercial cardlock sites. Furthermore, the company owns and operates the Burnaby refinery (55,000 barrels per day capacity) in the Greater Vancouver Area, and manages strategic distribution and storage infrastructure across North America. Sunoco is a diversified midstream master limited partnership with a large motor fuel distribution network and crude oil, refined products, renewable fuels, and ammonia pipeline, storage and terminalling operations. Sunoco's general partner is owned by Energy Transfer LP (ET). ET also owns 15% of SUN's common units. Sunoco is headquartered in Dallas, Texas. PATERSON TRIPLEX: Seeks Chapter 7 Bankruptcy in Florida ------------------------------------------------------- On November 18, 2025, Paterson Triplex LLC filed Chapter 7 protection in the Southern District of Florida. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1 and 49 creditors. About Paterson Triplex LLC Paterson Triplex LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23617) on November 18, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. PAWLUS DENTAL: Amends Unsecured Claims Details ---------------------------------------------- Pawlus Dental, Inc., submitted a Second Amended Small Business Chapter 11 Plan dated November 18, 2025. Pawlus owns and operates a dental office. The business continues to operate. The length of the Plan is three years from the Effective Date of the Plan. All Claims arising from the past or present debt of the Debtor shall be bound by the provisions of this Plan. This Plan combines the classification, allowance, and treatment of Claims. Class 8 consists of General Unsecured Claims. General Unsecured Claims shall include any Asserted Secured Creditors' deficiency claims in the amount of their respective Allowed Claims as an Allowed Unsecured Claims. General Unsecured Claims include any merchant cash advance ("MCA") party's claim that holds a claim allowed by court order. Three MCA parties have filed timely claims in this case, and the Debtor scheduled all MCAs as disputed, contingent, and unliquidated. Accordingly, any MCA that did not timely file a claim shall not have an Allowed Claim. The General Unsecured Claims shall receive an annual pro rata distribution of the disposable income of the Debtor commencing on or before October 2026, for the prior twelve months and continuing on or before October of 2027 and 2028 for the respective prior twelve-month periods, for a total three-year term. The Debtor shall be entitled to retain an operating capital reserve of $25,000.00 before calculating the disposable income to be distribute under this Plan. The Debtor believes there are no less than nineteen unsecured creditors holding Allowed Claims in the amount of no less than $555,205.54, including MCA claims. Class 9 consists of Equity Holders. John Pawlus shall remain the sole shareholder. The source of funds used in this Plan for payments to creditors shall be the from the business operations of Pawlus. The Debtor believes that the Debtor will have enough cash on hand on the Effective Date of the Plan to pay all the Claims and expenses that are entitled to be paid on that date. A full-text copy of the Second Amended Plan dated November 18, 2025 is available at https://urlcurt.com/u?l=YSmKEN from PacerMonitor.com at no charge. Pawlus Dental Inc. is represented by: Jeffrey M. Hester, Esq. Hester Baker Krebs LLC Suite 1330 One Indiana Square Indianapolis, IN 46204 Telephone: (317) 608-1129 Facsimile: (317) 833-3031 Email: jhester@hbkfirm.com About Pawlus Dental Pawlus Dental, Inc., provides comprehensive dental services in Columbus, Ind., focusing on preserving natural teeth and enhancing smile aesthetics. The practice offers treatments including dental implants, sleep apnea management, clear aligners, periodontal and cosmetic care, preventive and restorative dentistry, wisdom teeth extraction, root canal therapy, and sedation dentistry. Pawlus Dental sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-02780) on May 14, 2025, listing $890,156 in total assets and $1,119,328 in total liabilities. John G. Pawlus, president and owner of Pawlus Dental, signed the petition. Judge James M. Carr oversees the case. John Allman, at Hester Baker Krebs, LLC, is the Debtor's bankruptcy counsel. German American Bank, as lender, is represented by: Bruce A. Smith, Esq. Rhonda S. Miller, Esq. Smith & Miller, LLP P.O. Box 387 Bargersville, IN 46106 Phone: (812) 802-0222 E-mail: bsmith@smithmillerlaw.com rmiller@smithmillerlaw.com PCP GROUP: Claims to be Paid from Available Cash & Sale Proceeds ---------------------------------------------------------------- PCP Group, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement with respect to Chapter 11 Plan of Liquidation dated November 18, 2025. The Debtor is in the business of producing and selling 'Pellon', which is a branded product known as "The Magic in the Middle" for all types of home sewing, quilting, crafting and fiber art projects. Jo-Ann, Inc. has historically been the Debtor's largest customer account and provides a significant portion of the Debtor's revenue and cash flow. Although Jo-Ann indicated its expectation to operate normally during the restructuring process, PCP Group experienced significant delays in payment of outstanding receivables. As a result, the Debtor sought short term financing through certain merchant cash advance companies ("MCAs"). The Debtor was unable to sustain operations with the amount being taken by the MCAs and ended up in default. Having multiple MCAs itself constituted a default which was immediate upon the receipt of funds. Certain of the MCAs took action by restraining funds due from the Debtor's customers. One such MCA-Vox Funding LLC restrained the amounts due from Jo-Ann. Another MCA – CloudFunding, LLC restrained funds due from Walmart. The Debtor filed its petition to try to address the restraints placed on its accounts by Vox and CloudFunding. The Plan provides for the payment of the Debtor's creditors, from the Available Cash, the Liquidating Debtor's continued operation of the business, as well as the sale of the Debtor's assets as a going concern. Pursuant to the Plan, the Debtor will pay all Secured Claims, Administrative Expense Claims, Priority Claims, and General Unsecured Claims in full. The Debtor expects to go effective under the Plan as soon as practicable. Once the Confirmation Order becomes a final order, the Liquidating Debtor expects to commence distribution in accordance with the Plan. Distributions will commence not later than sixty days after the Confirmation Order becomes final. The primary sources of the Available Cash used to fund the Plan are profits the Debtor intends to earn from operating its business and from the proceeds of the sale of the Debtor's business assets. Class 5 consists of all Allowed General Unsecured Claims. Class 5 Claims are impaired under the Plan. On the Effective Date, or as soon thereafter as is reasonably practicable, the Liquidating Debtor shall make the Initial Unsecured Creditor Distribution to the holders of Allowed Class 5 Claims, which shall be distributed on a pro rata basis to such holders. Beginning on the last business day of the first full quarter following confirmation of the Plan, holders of Allowed Class 5 Claims shall receive Quarterly Distributions from Available Cash on account of their claims until such claims are paid in full. Class 8 consists of all Interests and Claims by interest holders other than Former Member Claims and Member Loan Claims. Equity interests in the Debtor are unaffected by the Plan. Class 8 consists of the membership interests in the Debtor and of the Claims asserted by members for what appear to be distributions from the Debtor on account of such member’s equity position. The Debtor does not believe these Claims are valid or to be asserted against the Debtor as the Debtor has not issued any distributions to its members. The Debtor is selling its assets as a going concern. Provided that Proceeds of the Sale are sufficient to pay all senior Classes of Allowed Claims in full, Interest holders shall receive payment on account of such interests pursuant to the Debtor’s Operating Agreement. The Plan Administrator will establish the Distribution Fund and will deposit from the estate the Funds for such account. The Distribution Fund shall be used to pay the post-Confirmation Date expenses of the estate, including the fees and expenses of the Liquidating Debtor or the Plan Administrator (for implementing and administering the Plan), and its professionals. A full-text copy of the Disclosure Statement dated November 18, 2025 is available at https://urlcurt.com/u?l=FZkKmp from PacerMonitor.com at no charge. Counsel to the Debtor: FORCHELLI DEEGAN TERRANA LLP Gerard R. Luckman, Esq. Gabriella E. Botticelli, Esq. 333 Earle Ovington Blvd., Suite 1010 Uniondale, New York 11553 Tel No.: (516) 248-1700 Fax No.: (516) 248-1729 About PCP GROUP, LLC PCP Group LLC, a company in Clearwater, Fla., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-42448) on June 10, 2024, with up to $50,000 in assets and up to $50 million in liabilities. John S. Haskell, chairman and chief executive officer, signed the petition. Judge Nancy Hershey Lord oversees the case. The Debtor is represented by Brian J. Hufnagel, Esq., at Morrison Tenenbaum, PLLC. PET RINSE: Gets Final OK to Use Cash Collateral ----------------------------------------------- The U.S. Bankruptcy Court for the Western District of Missouri issued a final order authorizing Pet Rinse Repeat, LLC to use cash collateral of its secured lender, Arvest Equipment Finance. The final order authorized the Debtor to use cash collateral to pay its expenses in accordance with its budget, which projects total monthly operational expenses of $57,121.88. Arvest Equipment Finance, a secured creditor, will be provided with protection in the form of a replacement lien on property acquired by the Debtor after its Chapter 11 filing that is similar to its pre-bankruptcy collateral, and monthly payments totaling $6,167.88 for the three separate loans it obtained from the secured creditor. In addition, Arvest will be granted an administrative expense claim if collateral value diminishes beyond the protection of the replacement liens. The Debtor's members Amy Ramatowski and Vernon Doku will each receive $3,750 per month for October and November, and once the effective date occurs, each will earn a salary of $72,000 per year. Arvest asserts a first priority security interest in and liens on the Debtor's assets, including, but not limited to, cash, bank accounts and accounts receivable, which constitute its cash collateral. As of the petition date, Arvest is owed $310,976.79 by the Debtor. The final order is available at https://is.gd/uxDank from PacerMonitor.com. About Pet Rinse Repeat LLC Pet Rinse Repeat, LLC operates a mobile and in-store dog grooming and boarding business in the Kansas City area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-40747-btf11) on May 19, 2025. In the petition signed by Amy Ramatowski, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Brian T. Fenimore oversees the case. Erlene W. Krigel, Esq., Krigel Nugent Moore, P.C. is the Debtor's legal counsel. Arvest Equipment Finance, as secured creditor, is represented by: Sharon L. Stolte, Esq. Pamela R. Putnam, Esq. Sandberg Phoenix & von Gontard P.C. 4600 Madison Avenue, Suite 1000 Kansas City, MO 64112 Tel: 816.627.5543 Fax: 816.627.5532 sstolte@sandbergphoenix.com pputnam@sandbergphoenix.com PHILANTHROPIST INC: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------------- On November 20, 2025, The Philanthropist Inc. filed Chapter 7 protection in the Eastern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About The Philanthropist Inc. The Philanthropist Inc. operates in the nonprofit sector, supporting charitable initiatives, grant programs, and community development efforts. The organization allocates resources to causes such as education, healthcare, and social services to foster meaningful social impact. The Philanthropist Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74485) on November 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Alan S. Trust handles the case. PINE GATE RENEWABLES: Gets Interim OK for DIP Financing ------------------------------------------------------- Pine Gate Renewables, LLC and its affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas to obtain post-petition financing to get through bankruptcy. The interim order, signed by Judge Christopher Lopez, authorized the Debtors to obtain an initial $55.36 million from various lenders under three separate agreements. The lenders, associated with Fundamental Renewables, Brookfield Asset Management, and The Carlyle Group, have committed to provide approximately $1.66 billion in superpriority senior secured, multi-draw, delayed draw DIP term loan financing. The $55.36 million loan consists of $17.5 million under the Brookfield DIP facility, $16.6 million under the Carlyle DIP facility, and $21.3 million under the Fundamental DIP facility. The interim order also authorized the Debtors to roll up approximately $800 million in pre-bankruptcy debt. The approval follows the court's prior rejection of the Debtors' request to roll up $1.4 billion on an interim basis. As protection, the DIP lenders will be granted valid, non-avoidable and automatically perfected security interests and liens on assets securing the DIP loans and an allowed superpriority administrative expense claim. The DIP loans are due and payable on the earliest of: (a) March 31, 2026; (b) The effective date of a Chapter 11 plan; (c) The consummation of a sale of all or substantially all of the assets of the Debtors pursuant to section 363 of the Bankruptcy Code or otherwise; (d) The date of termination of the DIP lenders' commitments and the acceleration of any outstanding DIP loans; (e) Dismissal or conversion of any of the Chapter 11 cases into cases under Chapter 7; (f) The date that is 30 days after the petition date, or such later date as agreed by the DIP lenders, unless the final DIP order has been entered by the court on or prior to such date. The Debtors are required to comply with certain milestones including (i) entry of a final DIP order no later than 30 days after November 6; (ii) entry of an order approving the sale no later than December 23; and (ii) consummation of the sale no later than December 31. Bid Administrator, LLC; Wilmington Trust, National Association; and FP Solar Development I, LLC serve as the DIP agents for the Brookfield, Carlyle, and Fundamental DIP facilities, respectively. Use of Cash Collateral The interim order also authorized the Debtors to use the cash collateral of pre-bankruptcy secured creditors from November 11 until the DIP termination date. As adequate protection, pre-bankruptcy secured creditors will be granted replacement security interest in and lien on the applicable collateral securing the DIP loans, subject and subordinate to the fee carveout and DIP liens. They are also entitled to an allowed administrative expense claim, subject to the carveout and DIP superpriority claims. The interim DIP order is available at https://is.gd/vLjoVf from PacerMonitor.com. The final hearing is set for December 3. The Debtors assert they need the DIP financing and consensual use of cash collateral to achieve their objectives in their Chapter 11 cases, adding this will stabilize operations and support a value-maximizing sale process for all stakeholders. The Debtors, through their in-house finance team, source financing for each stage of a project, including through debt facilities from lenders associated with Fundamental Renewables, Brookfield Asset Management, and The Carlyle Group. Each of the corporate-level debt facilities has separate collateral and obligors. As of the petition date, the Debtors had approximately $1.48 billion in pre-bankruptcy corporate debt. Bid Administrator LLC, as Brookfield DIP agent, is represented by: John F. Higgins, Esq. Megan N. Young-John, Esq. Jack M. Eiband, Esq. 1000 Main Street, 36th Floor Houston, TX 77002 Phone: (713) 226-6000 Fax: (713) 228-1331 jhiggins@porterhedges.com myoung-john@porterhedges.com jeiband@porterhedges.com -and- Brian S. Hermann, Esq. Robert A. Britton, Esq. Douglas R. Keeton, Esq. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, NY 10019 Telephone: (212) 373-3000 Facsimile: (212) 757-3990 bhermann@paulweiss.com rbritton@paulweiss.com dkeeton@paulweiss.com About Pine Gate Renewables Pine Gate Renewables, LLC develops, finances, constructs, and operates renewable energy projects across the United States. Founded in 2016, the company manages an operational portfolio of more than two gigawatts of solar and storage assets and maintains a development pipeline exceeding 30 gigawatts. It has arranged and secured roughly $10 billion in project financing and capital investment and, through its wholly owned subsidiary ACT Power Services, provides operations and maintenance support for over seven gigawatts of third-party solar and storage facilities. Pine Gate Renewables and its affiliates filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 25-90669) on November 6, 2025. In their petitions, Pine Gate Renewables reported between $1 billion and $10 billion in assets and liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the cases. The Debtors tapped Timothy A. Davidson II, Esq., at Hunton Andrews Kurth, LLP and Latham & Watkins LLP as bankruptcy counsel; Alvarez & Marsal North America, LLC as financial advisor; Lazard Freres & Co., LLC as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. QUANTUM CORP: Widens Net Loss to $46.5 Million in 2026 Q2 --------------------------------------------------------- Quantum Corporation filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $46.5 million for the three months ended September 30, 2025, compared to a net loss of $12.2 million for the three months ended September 30, 2024. For the six months ended September 30, 2025, the Company reported a net loss of $63.7 million, compared to a net loss of $32 million for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $62.7 million and $71.8 million, respectively. For the six months ended September 30, 2025 and 2024, the Company had total revenues of $127 million and $144.1 million, respectively. As of September 30, 2025, the Company had $137.7 million in total assets, $298.2 million in total liabilities, and $160.5 million in total stockholders' deficit. Quantum said, "We consider liquidity in terms of the sufficiency of internal and external cash resources to fund our operating, investing and financing activities. Our principal sources of liquidity include cash from operating activities, and cash and cash equivalents on our balance sheet." "We require significant cash resources to meet obligations to pay principal and interest on our outstanding debt, provide for our research and development activities, fund our working capital needs, and make capital expenditures. Our future liquidity requirements will depend on multiple factors, including our ability to raise additional capital, research and development plans and capital asset needs. "We had cash and cash equivalents of $14.7 million as of September 30, 2025, which consisted primarily of bank deposits and money market accounts. As of September 30, 2025, our total outstanding Term Loan debt was $106.1 million. "We generated negative cash flows from operations of approximately $32.5 million and $17.2 million for the six months ended September 30, 2025 and 2024, respectively, and generated net losses of approximately $63.7 million and $32.0 million for the six months ended September 30, 2025 and 2024, respectively. We have funded operations through the sale of Common Stock, Term Loan borrowings and PNC Credit Facility borrowings." On January 25, 2025, the Company entered into the SEPA, in which pursuant to and subject to its terms, the Company has the right, but not the obligation, to sell up to $200 million of Common Stock at any time during the three-year period following the date of the SEPA. As of September 30, 2025, the Company has issued approximately 7.5 million shares of Common Stock under the SEPA for net proceeds of approximately $82.8 million, of which 6.3 million shares of Common Stock for net proceeds of approximately $66.9 million were issued in the six months ended September 30, 2025. No shares were issued in the three months ended September 30, 2025. "Our Term Loan has a maturity date of August 5, 2026. We believe we will not be able to make the required repayment on that date using cash generated from operating activities. We entered into the Transaction Agreement that will convert Dialectic's portion of the Term Loan into a Convertible Note with a three-year maturity. We also agreed to use the proceeds from the SEPA to repay the OC III Lenders portion of the Term Loan." "The issuance of the Convertible Note is subject to stockholder approval and there is no assurance that it will be approved. Also, we may not be able to access the SEPA to generate sufficient cash to repay OC III Lenders by the maturity date. We may be unable to obtain additional funding from other sources," the Company concluded. Management Commentary: "Revenue for the quarter was at the high-end of the expected range, which we believe reflects the initial traction from our decisive actions to refresh and reinvigorate our sales organization. We also began driving initial improvement toward our targeted margin profile for the overall business, with second quarter GAAP gross margin expanding 230 basis points sequentially. Additionally, we are making progress on our ongoing restructuring efforts aimed at right-sizing the business, which resulted in a more than $5 million reduction in non-GAAP operating expenses and achievement of positive non-GAAP adjusted EBITDA for the quarter." "As a result of the actions to transform our cost structure and balance sheet, including the recently proposed debt exchange transaction, we have taken steps to meaningfully enhance the long-term financial stability of the Company. Overall, we are pleased by the initial progress we have demonstrated in a relatively short period of time. With our new sales leadership and go-to-market strategy combined with a strengthened financial structure, we believe that Quantum has the foundation in place to grow the business and deliver on our goals of expanded EBITDA and positive cash flow in the near future," stated Hugues Meyrath, CEO of Quantum. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/597z67y6 About Quantum Corporation Quantum Corporation, together with its consolidated subsidiaries, stores and manages digital video and other forms of unstructured data, providing streaming performance for video and rich media applications, along with low-cost, long-term storage systems for data protection and archiving. The Company helps customers around the world capture, create and share digital data and preserve and protect it for decades. As of March 31, 2025, the Company had $155.40 million in total assets, $319.77 million in total liabilities, and total deficit of $164.37 million. Bellevue, Wash.-based Grant Thornton LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated August 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended March 31, 2025, citing that the Company believes it will be in violation of the net leverage coverage covenant for the quarter ended September 30, 2025. The Company's plan contemplates the Company negotiating waivers to these covenants and is evaluating strategies to restructure or refinance the existing term debt. If the Company is unable to obtain additional waivers, the term debt will become immediately due, and additional liquidity will be required to satisfy the obligations. The Company's ability to achieve the foregoing elements of its business, which may be necessary to permit the realization of assets and satisfaction of liabilities in the ordinary course of business, is uncertain and raises substantial doubt about its ability to continue as a going concern. R J EXPRESS: Section 341(a) Meeting of Creditors on December 10 --------------------------------------------------------------- On November 12, 2025, R J Express Mart LLC filed Chapter 11 protection in the Eastern District of Texas. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A meeting of creditors Section 341(a) to be held on December 10, 2025 at 02:30 PM via Telephonic Dial-In Information. About R J Express Mart LLC R J Express Mart LLC operates a convenience store and truck-stop facility on Highway 490 in Lena, Louisiana, serving local traffic and long-haul drivers with fuel, retail goods, and related amenities. R J Express Mart LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex., Case No. 25-43423) on November 12, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $1 million to $10 million. The Debtor is represented by Joyce Lindauer, Esq. of Joyce W. Lindauer Attorney, PLLC RAD ROOFS: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------ On November 17, 2025, Rad Roofs Inc. filed Chapter 7 protection in the Northern District of Georgia. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Rad Roofs Inc. Rad Roofs Inc. specializes in roofing and construction, providing clients across residential and commercial sectors with roof installation, repair, and maintenance solutions focused on long-lasting performance and safety. Rad Roofs Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41764) on November 17, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Paul W. Bonapfel handles the case. The Debtor is represented by Danny Coleman, Esq. of Coleman Legal Group, LLC. RANA REAL: Court Extends Cash Collateral Access to Dec. 9 --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, entered a second interim order granting Rana Real Estate, LLC authority to use cash collateral. In its interim order, the court ruled that rents, cash and receivables generated by the Debtor's business constitute cash collateral under Section 363(a) of the Bankruptcy Code. The court authorized the Debtor to use cash collateral through December 9 for ordinary business expenses in accordance with its budget. These expenses exclude pre-bankruptcy debts, officer salaries, professional fees, or insider payments, which require separate approval. The Debtor must remain current on ordinary business expenses before any such future payments are allowed. As adequate protection, the court granted replacement liens to the lenders on all post-petition property of the same type, nature, and priority as their pre-bankruptcy collateral, including cash accounts, receivables, and other post-petition assets. Additionally, the Debtor was authorized to make monthly payments of $2,000 to TVC Funding III, LLC for the Calistoga property and $2,500 for the Yountville property, beginning this month. The court further required the Debtor to maintain full insurance coverage on all collateral and promptly provide proof of coverage to the lenders upon request. The Debtor's authority to use cash collateral will automatically end upon occurrence of so-called termination events including conversion or dismissal of its Chapter 11 case, and termination of business operations. A continued cash collateral hearing is scheduled for December 9. As of September 17, the Debtor owed $594,300 to Kiavi Funding, Inc. and more than $1.34 million to TVC on two loans. A copy of the interim order and the Debtor's budget is available at https://shorturl.at/O2Dom from PacerMonitor.com. About Rana Real Estate LLC Rana Real Estate LLC owns three properties in Gainesville and Kissimmee, Florida, with a total appraised value of approximately $1.98 million. Rana Real Estate LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05881) on September 17, 2025. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtor is represented by Bryan K. Mickler, Esq. at the Law Offices of Mickler & Mickler LLP. RED RIVER: Judge Says New Evidence Fails Co.'s Libel Claim ---------------------------------------------------------- George Woolston of Law360 Bankruptcy Authority reports that a physician sued by Johnson & Johnson's talc unit is opposing the company's move to revive its trade libel case, asserting that the subsidiary has brought forward no new facts to support reconsideration. Her article discussing a potential link between asbestos in talc and mesothelioma was already reviewed by the court. The court previously concluded that her analysis amounted to a nonactionable scientific opinion. The doctor now argues that the unit's latest attempt to challenge that finding falls short, leaving no basis to reinstate the dismissed lawsuit. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. REEDY CREEK: Seeks Chapter 7 Bankruptcy in Georgia -------------------------------------------------- On November 13, 2025, The Reedy Creek Meat Company filed Chapter 7 protection in the Southern District of Georgia. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About The Reedy Creek Meat Company The Reedy Creek Meat Company is a meat processing and distribution business focused on producing, processing, and selling a variety of meat products. It serves retail, wholesale, and foodservice clients with high-quality beef, pork, poultry, and specialty cuts. The Reedy Creek Meat Company sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D. Ga. Case No. 25-60308) on November 13, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Susan D. Barrett handles the case. The Debtor is represented by William A. Rountree, Esq. of Rountree Leitman Klein & Geer, LLC. RENTAL COINS: Seeks Chapter 15 Relief After Fraud ------------------------------------------------- James Nani of Bloomberg Law reports that a defunct Brazilian crypto firm, whose former manager is imprisoned for orchestrating a pyramid scheme, is seeking US bankruptcy recognition to help locate and reclaim assets tied to the fraud. Rental Coins Tecnologia da Informacao LTDA filed for Chapter 15 protection Tuesday, November 18, 2025, in the Southern District of Florida on behalf of a Brazilian court-appointed judicial administrator. According to the filing, the estate plans to pursue discovery in the US to track cryptocurrency movements and recover assets connected to the scheme, which funneled nearly 4 billion Brazilian reais through fraudulent investment operations, the report states. About Rental Coins Tecnologia da Informacao LTDA Rental Coins Tecnologia da Informacao LTDA was a Brazil-based cryptocurrency and digital asset platform that operated investment and trading services for retail and institutional users. The company offered products tied to crypto investment plans and technology-driven financial services. Following its collapse, Rental Coins became the subject of regulatory and criminal investigations in Brazil related to allegations of operating a large-scale pyramid scheme. Its operations are currently overseen by a Brazilian court-appointed judicial administrator as the estate pursues asset recovery through domestic and international proceedings. Rental Coins Tecnologia da Informacao LTDA sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23659) on November 18, 2025. The Debtor is represented by Daniel M. Coyle, Esq. of Sequor Law PA. RICHMOND BELLY: Court Extends Cash Collateral Access to Dec. 17 --------------------------------------------------------------- Richmond Belly Ventures, LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division, to use cash collateral. The court's interim order extended the Debtors' authority to use cash collateral from November 30 to December 17. As protection for the use of their cash collateral, secured creditors including Blue Ridge Bank, N.A. and the U.S. Small Business Administration were granted a replacement lien on cash collateral generated by the Debtors after the petition date. As further protection, the secured creditors will receive monthly payments as laid out in the budget. Blue Ridge Bank will continue to receive a monthly payment of $3,000 from the cash collateral of Scotts Belly Ventures, LLC, one of the affiliated debtors. The next hearing is scheduled for December 17. Richmond Belly Ventures has SBA Economic Injury and Disaster Loans totaling nearly $495,100 while Scotts Belly Ventures owes Blue Ridge Bank approximately $116,600 on a loan originally for $525,000. Meanwhile, certain merchant cash advance (MCA) creditors may hold liens but the Debtors do not acknowledge the validity of such liens. A copy of the court's order and the Debtor's budget is available at https://is.gd/FRx8HU from PacerMonitor.com. About Richmond Belly Ventures Richmond Belly Ventures, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-32131) on May 29, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. John Bokel, managing member of Richmond Belly Ventures, signed the petition. Judge Hon. Keith L Phillips oversees the case. Kollin G. Bender, Esq., at Hirschler Fleischer, P.C., is the Debtor's legal counsel. Blue Ridge Bank, N.A. is represented by: Jeremy S. Williams, Esq. Kutak Rock, LLP 1021 East Cary Street, Suite 810 Richmond, VA 23219 Telephone: (804) 644-1700 Facsimile: (804) 783-6192 jeremy.williams@kutakrock.com RIGHTMOVE PLC: Faces GBP1-Bil. Suit Over Anti-Competitive Conduct ----------------------------------------------------------------- Jacqueline So, writing for Canadian Law Mag, reports that accountant and ex-UK Competition and Markets Authority panel member Jeremy Newman has filed a GBP1 billion class action against UK property company Rightmove, reported the Law Society Gazette. The suit is set to accuse Rightmove of setting unreasonably high prices for estate agents to list properties on its digital portal. Per the action, estimated damages will hit GBP1 billion. The opt-out group litigation will be conducted by a team that includes lawyers and experts from class action boutique Scott+Scott UK LLP, Blackstone Chambers' Kieron Beal, and Kairos Economics. The claim will be financed by litigation funder Innsworth Capital. Innsworth managing director Ian Garrard said in a statement published by the Gazette that the opt-out collective actions regime enabled small and medium-sized enterprises to seek remedies for anti-competitive behavior. "Rightmove knows that, due to its first-mover status, its product is considered a 'must-have' for estate agents. It exploits its dominance of the online property portal market in the UK to charge excessively and unfairly high subscription fees, both at face value and when compared with its competitors. Estate agents have had to absorb consistent, excessive price increases on a regular basis," Newman said in a statement published by the Gazette. "My case will seek to return the overpaid fees to estate agents across the country and to rebalance the relationship between Rightmove and the estate agents that use its online property portal." Rightmove confirmed that it had received notice of a potential claim. The Competition Appeal Tribunal will handle the class action. Rightmove's shares fell recently by a maximum of 28 percent after it announced that it was ramping up its AI investment. Per BBC News, it is set to inject GBP60 million over three years towards this and other initiatives to bolster returns. Rightmove said it expected its AI focus to generate a return in this period and that its operating profit would bounce back after 2028. [GN] ROGUE ALES: Shuts Down All Operations w/ No Bankruptcy Filing ------------------------------------------------------------- Kirk O'Neil of The Street reports that renowned craft brewery and distillery Rogue Ales & Spirits abruptly closed all operations on November 14, 2025, including its six brewpub locations across Oregon, The Lincoln Chronicle reported. The Newport-based brewery and distillery is known for its 13 featured beers and a range of spirits. The company had been facing financial difficulties, falling behind on lease payments, owing $545,000 to the Port of Newport, and about $30,000 in unpaid taxes to Lincoln County. The sudden shutdown reflects the mounting pressures on the business amid challenging economic conditions, according to report. The Port of Newport, Rogue's landlord, was notified of the immediate closure. "We are sad to hear the news, as Rogue represents one of our largest employers here in Newport and a big tenant of the Port," Executive Director Paula J. Miranda said. She added that the shutdown comes at a time of economic uncertainty, making it a difficult blow for the community. The closed locations are as follows: * Astoria, Ore., 100 39th St. * Portland, Ore., 928 SE 9th Ave. * Newport, Ore., 2122 Marine Science Drive * Newport, Ore., 748 SW Bay Blvd. * Newport, Ore., 2320 OSU Drive * Salem, Ore., 555 9th St. NW About Rogue Ales & Spirits Rogue Ales & Spirits is an Oregon-based craft brewery and distillery founded in 1988, known for producing a diverse range of beers, spirits, and specialty beverages. The company operates multiple brewpub locations across Oregon and distributes its products nationally, offering a portfolio that includes year-round and seasonal craft beers, barrel-aged brews, and small-batch spirits. SAMMY G'S: Unsecured Creditors Will Get 100% over 60 Months ----------------------------------------------------------- Sammy G's District 70 BBQ & Grill, LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization under Subchapter V dated November 18, 2025. The Debtor operates a restaurant and bar in the Clear Lake area at 4141 E. Nasa Parkway, Suite D, Seabrook, Texas 77586. The restaurant and bar opened for business in the spring of 2024. The Debtor is planning on continuing to operate the restaurant and bar and hopefully increasing the revenues and operations. The restaurant and bar are still getting new customers since the restaurant and bar has been open for less than 2 years. The projections demonstrate that the Debtor will have sufficient funds to operate its business going forward. The projections are based upon current and projected new business. The projections included farming chicken eggs and raising catfish. This Plan of Reorganization proposes to pay Debtor's creditors from the cash flow generated in the ordinary course of the Debtor's business after confirmation. Class 6 consists of all other non-priority unsecured claims allowed under §502 of the Code. The aggregate amount of Class 6 claims is approximately $23,198. This Class is impaired. The Debtor will pay the projected disposable income in the amount as set forth on the projections for a period of sixty months following the Effective Date to creditors in this class with allowed claims in the amount set forth on the projections with this plan. Debtor may pay these amounts in quarterly distributions. The plan provides for payment of 100% of the claims listed. Class 7 consists of the equity security holders of the Debtor. The equity security holders will retain the interest in the Debtor. The term "disposable income" means the income that is received by the debtor and that is not reasonably necessary to be expended * for -- the maintenance or support of the debtor or a dependent of the debtor; or -- a domestic support obligation that first becomes payable after the date of the filing of the petition; or * for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the debtor. A full-text copy of the Plan of Reorganization dated November 18, 2025 is available at https://urlcurt.com/u?l=D3u3jY from PacerMonitor.com at no charge. Counsel to the Debtor: Reese W. Baker, Esq. Nikie Marie López-Pagán, Esq. Baker & Associates 950 Echo Lane Suite 300 Houston, TX 77024 (713) 979-2279 (713) 869-9100 Fax About Sammy G's District 70 BBQ & Grill LLC Sammy G's District 70 BBQ & Grill, LLC operates a restaurant in Seabrook, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34839) on August 20, 2025. In the petition signed by Sammy Grizzaffi, owner/managing partner, the Debtor disclosed up to $500,000 in assets and up to $100,000 in liabilities. Judge Jeffrey P. Norman oversees the case. Reese Baker, Esq., at Baker & Associates, is the Debtor's legal counsel. SELECTIS HEALTH: Raises Going Concern Doubt ------------------------------------------- Kathleen Steele Gaivin of McKnights Senior Living reports that Selectis Health continued to report "substantial doubt" about its ability to remain a going concern, according to its third-quarter SEC filing on Friday. The warning comes months after the company first flagged the same risk, reflecting persistent financial strain within the organization formerly known as Global Healthcare REIT. For the first nine months of 2025, Selectis recorded a net loss of about $0.2 million and negative net working capital near $16.3 million. The company acknowledged that without successful implementation of corrective actions, its operations over the next year could be in jeopardy, according to report. The company reiterated the strategies outlined in its second-quarter filing to maintain operations. These include raising occupancy, securing higher Medicaid reimbursements, controlling operating expenses, and pursuing additional financing via debt or equity or through asset sales. CEO Adam Desmond noted that although management has plans to address the issues, there is no certainty they will fully resolve the financial concerns, the report states. Selectis maintains a portfolio of senior living and skilled nursing facilities across Arkansas, Georgia, Ohio, and Oklahoma. The firm had previously disclosed potential liquidity risks in its 2023 and 2024 reports but had expressed optimism that its measures would be sufficient to continue as a going concern, the report relays. About Selectis Health Selectis Health is a U.S. healthcare provider managing a network of senior living communities, assisted living centers, and skilled nursing facilities. Specializing in services for older adults, the company offers independent living, assisted care, and long-term skilled nursing. Previously operating as Global Healthcare REIT, Selectis Health focuses on enhancing operational efficiency and improving resident outcomes across its properties in Arkansas, Georgia, Ohio, and Oklahoma. SERRA GAUCHA: Seeks Chapter 11 Bankruptcy in Arizona ---------------------------------------------------- On November 20, 2025, Serra Gaucha Brazilian Steakhouse LLC filed Chapter 11 protection in the District of Arizona. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Serra Gaucha Brazilian Steakhouse LLC Serra Gaucha Brazilian Steakhouse LLC operates as a restaurant business focused on delivering authentic Brazilian churrasco-style cuisine. Serra Gaucha Brazilian Steakhouse LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11201) on November 20, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of the same range. Honorable Bankruptcy Judge Scott H. Gan handles the case. The Debtor is represented by Chris D. Barski, Esq. of Barski Law. SLOAN VENTURES: Section 341(a) Meeting of Creditors on December 29 ------------------------------------------------------------------ On November 20, 2025, Sloan Ventures LLC filed Chapter 11 protection in the Northern District of Texas. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on December 29, 2025 at 11:00 AM by TELEPHONE. About Sloan Ventures LLC Sloan Ventures LLC is classified as a single-asset real estate debtor under U.S. bankruptcy law, specifically defined in 11 U.S.C. Section 101(51B). Sloan Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex., Case No. 25-34622) on November 20, 2025. In its petition, the Debtor reports estimated assets and liabilities of $1 million–$10 million and estimated liabilities of $1 million–$10 million. SMOKE BBQ +SKYBAR: Seeks Chapter 7 Bankruptcy in Texas ------------------------------------------------------ On November 20, 2025, Smoke BBQ + Skybar 78202 LLC filed Chapter 7 protection in the Western District of Texas. According to the court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Smoke BBQ + Skybar 78202 LLC Smoke BBQ + Skybar 78202 LLC is a limited liability company. Smoke BBQ + Skybar 78202 LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52819) on November 20, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Chief Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by Morris Eugene White III, Esq. of Villa & White LLP. SONDER HOLDINGS: Court Okays Marriot's Role in Chapter 7 Wind-Down ------------------------------------------------------------------ Jeff Montgomery of Law360 reports that a Delaware bankruptcy court has granted Marriott International a narrowly tailored managerial role in overseeing the wind‑down of its former partner Sonder Hospitality Holdings, which is now undergoing a Chapter 7 liquidation. Marriott made the request after warning the court that Sonder's abrupt decision to shut down operations posed serious risks to guests, including being locked out of their rooms or stranded mid‑stay. In its filings, Marriott emphasized that it had no choice but to intervene in order to protect customer safety and preserve access to vital systems. The judge's approval allows Marriott to step in on limited terms, ensuring an orderly transition even as Sonder unwinds its business under bankruptcy supervision, the report states. About Sonder Holdings Inc. Sonder Holdings Inc. operates as a hospitality company. The Company provides tech-enabled services to offers accommodation options from spacious rooms to fully-equipped suites and apartments. Sonder Holdings serves customers worldwide. Sonder Holdings sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12044) on November 14, 2025. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Laura Davis Jones, Esq. of Pachulski, Stang, Ziehl & Jones LLP. SONI EXPRESS: Seeks Chapter 7 Bankruptcy in Illinois ---------------------------------------------------- On November 22, 2025, Soni Express Trucking Inc. filed Chapter 7 protection in the Northern District of Illinois. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Soni Express Trucking Inc. Soni Express Trucking Inc. operates as a transportation and logistics company, providing specialized freight hauling and trucking solutions. Soni Express Trucking Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18105) on November 22, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by Mehul D. Desai, Esq. of the Law Offices of David Freydin. SPIRITRUST LUTHERAN: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Lead Debtor: SpiriTrust Lutheran 1050 Pennsylvania Avenue York, PA 17404 Business Description: SpiriTrust Lutheran provides senior living, home care, and hospice services through a network of affiliated nonprofit entities operating across multiple counties in Pennsylvania. The organization offers in- home skilled nursing, therapy, non-medical support, hospice and palliative care, as well as residential senior living, personal care, assisted living, and related community-based programs. It operates from its headquarters in York, Pennsylvania, as a faith-based nonprofit serving older adults and local communities across the region. Chapter 11 Petition Date: November 21, 2025 Court: United States Bankruptcy Court Middle District of Pennsylvania Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- SpiriTrust Lutheran 25-03341 SpiriTrust Lutheran Home Care & Hospice 25-03343 f/k/a Lutheran Home Care & Hospice, Inc. SpiriTrust Lutheran Life 25-03344 f/k/a Life Lutheran Services, Inc. Judge: Hon. Henry W Van Eck Debtors' General Bankruptcy Counsel: Robert E. Chernicoff, Esq. CUNNINGHAM, CHERNICOFF & WARSHAWSKY PC 2320 N. Second St. Harrisburg, PA 17110 Tel: (717) 238-6570 SpiriTrust Lutheran's Estimated Assets: $50 million to $100 million SpiriTrust Lutheran's Estimated Liabilities: $100 million to $500 million The petitions were signed by Melissa Frownfelter as interim president and CEO/COO. A copy of SpiriTrust Lutheran Life's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/A6R7VPY/SpiriTrust_Lutheran_Life__pambke-25-03344__0003.0.pdf?mcid=tGE4TAMA Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/CE6KEVQ/SpiriTrust_Lutheran_Home_Care__pambke-25-03343__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/AUKO3MI/SpiriTrust_Lutheran_Life__pambke-25-03344__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/7ODHK2A/SpiriTrust_Lutheran__pambke-25-03341__0001.0.pdf?mcid=tGE4TAMA List of SpiriTrust Lutheran's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Elior, Inc. $2,833,642 Cura Hospitality LLC P.O. Box 743676 Atlanta, GA 30374 2. Warfel Construction Company $1,001,915 1110 Enterprise Road East Petersburg, PA 17520 3. Netsmart Technologies Inc. $671,444 11100 Nall Avenue Overland Park, KS 66211 4. Highmark Blue Shield $660,190 Suite 1033, Team 1866 120 Fifth Avenue Pittsburgh, PA 15222 5. Lutheran Social $616,327 Ministries of NJ 3 Manhattan Drive Burlington, NJ 08016 6. Highmark Blue Shield $615,015 Suite 1033, Team 1866 120 Fifth Avenue Pittsburgh, PA 15222 7. General Healthcare $469,964 2250 Hickory Road, Suite 240 Plymouth Meeting, PA 19462 8. Schaad Detective Agency Inc. $367,881 1114 Roosevelt Avenue York, PA 17404 9. Masonic Village Pharmacy $331,090 One Masonic Drive Elizabethtown, PA 17022 10. Flagship Rehabilitation $321,633 157 Baltimore Street Cumberland, MD 21502 11. Flagship Rehabilitation $321,633 157 Baltimore Street, Ste 200 Cumberland, MD 21502 12. Brightspring Health Services $253,837 805 N Whittington Parkway Louisville, KY 40222 13. George & Susan Young $223,635 428 Allison Circle Blairsville, GA 30512 14. MMA Graham Co $167,482 Premium Fund Trust Bank of America Lockbox Services 2 Morrissey Blvd. Boston, MA 02125 15. Nutrition Management Services Co. $166,098 2071 Kimberton Road P.O. Box 725 Kimberton, PA 19442 16. True RX Management Services $155,188 dba True RX Health Strategists PO Box 431 Washington, IN 47501 17. Twomagnets LLC $151,032 440 N. Barranca Ave #5028 Covina, CA 91723 18. McKesson Medical-Surgical $148,669 Minnesota Supply Inc. 8121 10th Avenue N Golden Valley, MN 55427 19. Lutheran Social $128,288 Ministries of NJ 3 Manhattan Drive Burlington, NJ 08016 20. Enclara Pharmacia Inc. $124,120 P.O. Box 745791 Atlanta, GA 30374-5791 SUCCESSFULA BUSINESS: Seeks Chapter 7 Bankruptcy in California -------------------------------------------------------------- On November 19, 2025, Successfula Business LLC filed Chapter 7 protection in the Northern District of California. According to the court filing, the Debtor reports between $0–$100,000 in assets and $100,001–$1,000,000 in debt owed to 1–49 creditors. About Successfula Business LLC Successfula Business LLC is a limited liability company. Successfula Business LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-42195) on November 19, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Charles Novack handles the case. The Debtor is represented by Paul B. Liu, Esq. of the Law Offices of Paul B. Liu. TALKING ROCK: Gets OK to Use Cash Collateral Until Jan. 31 ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona issued a third stipulated order extending Talking Rock Land, LLC's authority to use cash collateral. The court order authorized the Debtor to continue using cash collateral through January 31, 2026, to cover ordinary and necessary post-petition operating expenses in accordance with its latest budget. The Debtor may reimburse out-of-pocket costs and expenses incurred by its affiliated management company, Symmetry Companies, LLC, consistent with the budget but is prohibited from paying Symmetry any management fees during the interim period. The Debtor may not make any payments to Principal Resources, LLC during the period. All secured creditors retain their rights to seek additional protection or seek a claim under section 507(b) for any diminution in the value of their collateral resulting from the Debtor's use of their cash collateral. The Debtor's authority to use cash collateral may be extended beyond January 31, 2026 without further court order upon agreement by the parties. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/9uG0p from PacerMonitor.com. About Talking Rock Land Talking Rock Land, LLC develops and manages Talking Rock, a private residential community in Prescott, Ariz. The development includes luxury homes, a golf course, and club amenities. Talking Rock Land filed Chapter 11 petition (Bankr. D. Ariz. Case No. 25-03438) on April 18, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Judge Daniel P. Collins handles the case. The Debtor is represented by: Scott B. Cohen, Esq. Engelman Berger, P.C. Email: 602-271-9090 Email: sbc@eblawyers.com TURTLE LANE: Claims Will be Paid from Property Sale/Refinance ------------------------------------------------------------- Turtle Lane LLC filed with the U.S. Bankruptcy Court for the District of Massachusetts a Disclosure Statement with respect to Plan of Reorganization dated November 18, 2025. The Debtor is a Massachusetts limited liability company formed on or about January 10, 2014 to engage in real estate transactions including, without limitation, acquiring, owning, operating, constructing, and financing such real estate. The Debtor purchased the real property located at 283 Melrose Avenue, Newton, Massachusetts (the "Property") for $2,000,000 from Foxpath LLC, an unrelated entity, on February 14, 2014 with an aim to redevelop the Property (the "Project"). The Property is located in a high-traffic area, just north of the Massachusetts Turnpike and directly adjacent to the Auburndale MBTA commuter rail stop. The Debtor financed the acquisition and development of the property with advances from Dedham Institute for Savings (the "Bank"). The delays in the development of the Project led to disputes between the Debtor and the Bank. The Bank ultimately commenced a state court action against the Debtor and others on June 20, 2023, captioned as Dedham Institute for Savings v. Turtle Lane LLC, et al., Civ. A. No. 23CV1807 (the "Civil Action"). The Bank scheduled a foreclosure auction for the Project for August 21, 2025. The Debtor commenced this Chapter 11 proceeding on the day of the scheduled foreclosure to preserve the value of the Property and its other assets while it sought strategic or financial partners to recapitalize its business, refinance its operations, or acquire its assets. The Debtor is marketing the Property for sale which may obviate the need for further consideration of the motion for relief. In order to locate potential purchasers for the property, the Debtor filed an application to retain Coldwell Banker Realty as broker (the "Broker"). The Broker is licensed in Massachusetts and has significant experience in refinancing and marketing properties like the Property for sale. The Debtor plans to refinance or sell the Property to fund payments to creditors under the Plan. The Debtor believes that the value of the Property substantially exceeds the amount of Allowed Claims. After payment of Secured, Administrative, Priority Claims, General Unsecured Claims, and payment of, or reservation for, the amounts necessary to administer the Plan, the balance of the proceeds will be distributed to the Debtor. Class 3 consists of General Unsecured Claims. The Debtor estimates that the total amount of Allowed Class 3 claims is less than $200,000 based upon the schedules of assets and liabilities filed in the case. In addition, there is the claim of the DIP Lender for amounts advanced to the Debtor during its chapter 11 case, which claim is subordinated to the claims of all other creditors and receive a distribution only after all other allowed claims against the Debtor are paid in full. Allowed Class 3 Claims may be impaired and the holder of such Allowed General Unsecured Claims are entitled to vote to accept or reject the Plan. Commencing upon the later of the 30th day following the Effective Date or such date as the Claim becomes an Allowed Claim, in full and complete satisfaction, settlement, release and discharge of the Allowed General Unsecured Claims, the holders of Allowed General Unsecured Claims shall receive payment of their Allowed General Unsecured Claims: (i) in Cash, (ii) from the Net Proceeds of the sale of the Property, (iii) in equal monthly installments for a period of six months following the Effective Date, (iv) upon such terms as is agreed to in writing between the Debtor and the holder of an Allowed Class 3 Claim, or (v) upon such terms as may be determined by the Bankruptcy Court. Class 4 consists of Equity Interests. The Debtor retains its equity interests under the Plan and receives the remainder of the Assets, if any, after payment in full of all Allowed classified and unclassified claims in the Debtor's chapter 11 case. Confirmation of the Plan shall constitute authorization for the Debtor or the Reorganized Debtor to: (i) effectuate the Plan and to enter into all documents, instruments and agreements reasonably necessary to effectuate the terms of the Plan, and (ii) liquidate any Assets remaining after the Effective Date. The Debtor shall remain in existence as the Reorganized Debtor until dissolved pursuant to the Plan. In order to confirm the Plan, the Debtor must demonstrate that he can make the payments called for under the Plan. The Plan calls for the sale or other use of the Property to generate proceeds to pay creditors. The Property is capable of generating sale proceeds sufficient to satisfy the Claims against the Debtor. The Plan is therefore feasible and confirmation of the Plan is not likely to be followed by liquidation or the need for further financial reorganization by the Debtor. A full-text copy of the Disclosure Statement dated November 18, 2025 is available at https://urlcurt.com/u?l=8QsX1O from PacerMonitor.com at no charge. Counsel to the Debtor: Christopher M. Condon, Esq. BOWDITCH & DEWEY LLP 75 Federal Street Boston, MA 02110 Telephone: (617) 757-6513 E-mail: ccondon@bowditch.com About Turtle Lane LLC Turtle Lane LLC focuses on real estate operations, primarily offering property-related services. Turtle Lane LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11733) on August 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Judge Christopher J. Panos oversees the case. The Debtor is represented by Christopher M. Condon, Esq. at BOWDITCH & DEWEY, LLP. TYLER ASHLEY ENTERPRISE: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------------------- On November 20, 2025, Tyler Ashley Enterprise LLC filed Chapter 7 protection in the Eastern District of New York. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Tyler Ashley Enterprise LLC Tyler Ashley Enterprise LLC is a limited liability company. Tyler Ashley Enterprise LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45598) on November 20, 2025. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. UPSTREAM NEWCO: Moody's Cuts CFR to Caa2, Outlook Stable -------------------------------------------------------- Moody's Ratings downgraded Upstream Newco, Inc.'s ("Upstream") ratings, including the Corporate Family Rating to Caa2 from Caa1, the Probability of Default Rating to Caa2-PD from Caa1-PD, and the rating on the first lien senior secured bank credit facility to Caa1 from B3. At the same time, Moody's affirmed the rating on the senior secured second lien term loan at Caa3. The outlook remains stable. The ratings downgrade reflects an increased probability of default due to the upcoming expiration of the company's first lien senior secured revolving credit facility and maturity of the first lien senior secured term loan, in November 2026. While Moody's expects modest improvements in the company's earnings and financial leverage, liquidity will remain constrained by modest free cashflow generation, a fully drawn revolving credit facility, and upcoming debt maturity. RATINGS RATIONALE Upstream's Caa2 Corporate Family Rating reflects its high financial leverage. Moody's expects that the leverage will remain moderately high, but will gradually improve due to organic and de novo growth. The rating is constrained by Upstream weak liquidity and upcoming debt maturity in November 2026. The CFR also reflects risks tied to the company's rapid expansion strategy, low barriers to entry into the physical therapy business, and risk of market oversaturation given the rapid expansion of Upstream and many of its competitors. Upstream's rating is supported by the company's track record of same store sales growth, recent improvements in performance and Moody's views that demand for physical therapy will continue to grow given it is relatively low-cost and relative advantage to more expensive treatments or opioid pain management. The ratings outlook is stable. While Moody's expects Upstream's earnings will improve, liquidity will remain weak constrained by the upcoming debt maturity, thus increasing the likelihood of a default. Moody's expects Upstream will have weak liquidity over the next 12-18 months. Moody's expects Upstream to generate a small amount of positive free cash flow in 2026 and beyond. The company had approximately $37 million of cash as of September 30, 2025. Upstream's revolving credit facility is fully drawn. The revolving credit facility and first lien term loan mature in November 2026 and the company has no alternative sources of liquidity. The first lien revolver and term loan are rated Caa1, one notch above the Caa2 CFR. This reflects the first lien credit facility's priority positions compared to the senior secured second lien term loan (rated Caa3), which would absorb the first losses in a default. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if the company's performance deteriorates, probability of default increases further or the company defaults. The ratings could be upgraded if the probability of a default declines upon addressing the company's debt maturity, and if operating performance and liquidity continues to improve. Upstream Newco, Inc., headquartered in Birmingham, Alabama, is a provider of outpatient rehabilitation services - primarily physical therapy. Through its subsidiaries, Upstream Newco, Inc. operates about 1,260 clinics in 28 states, with a strong presence in the Southeast. Upstream Newco, Inc. is owned by Revelstoke Capital Partners, LLC, a Denver-based private equity firm. The company's revenue for the twelve months ended September 30, 2025 is approximately $725 million ($804 million including unconsolidated subsidiary revenue under management). The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Upstream's Caa2 CFR is two notches below the B3 scorecard-indicated outcome. The difference reflects the weight Moody's gave to the upcoming debt maturity and weak liquidity profile. VANKIRK ELECTRIC: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Vankirk Electric, Inc. received second interim approval from the U.S. Bankruptcy Court for the Middle District of Georgia, Athens Division, to use cash collateral to fund operations. The second interim order authorized the Debtor to use cash collateral in accordance with its budget pending the final hearing, which is scheduled for December 5. As adequate protection for the Debtor's use of its cash collateral, Fifth Third Bank, N.A. will be granted replacement liens on all assets acquired by the Debtor after its Chapter 11 filing and during the interim period. These replacement liens will have the same priority, kind, category, and character as Fifth Third Bank's pre-bankruptcy liens. In addition, the secured creditor will receive an allowed senior superpriority administrative expense claims against the Debtor. The Debtor said that access to Fifth Third Bank's cash collateral is critical to maintaining operations and preserving asset value. Fifth Third Bank has been identified as a likely holder of a first-priority lien on the cash collateral, which includes accounts receivable and other business-related assets. A copy of the interim order is available at https://shorturl.at/RSqvC from PacerMonitor.com. About Vankirk Electric Inc. Vankirk Electric, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-30511) on September 19, 2025, listing up to $100 million in assets and liabilities. Loren Wesley Vankirk, chief executive officer, signed the petition. Judge Austin E. Carter oversees the case. David L. Bury, Jr., Esq., at Stone & Baxter, LLP, is the Debtor's legal counsel. Fifth Third Bank, N.A., as secured creditor, is represented by: John A. Thomson, Jr., Esq. Adams & Reese, LLP 3455 Peachtree Road, NE, Suite 1750 Atlanta, GA 30326 Telephone: 470-427-3706 Facsimile: 404-500-5975 john.thomson@arlaw.com VENTURE GLOBAL: Fitch Affirms 'B+' LongTerm IDR, Outlook Negative ----------------------------------------------------------------- Fitch Ratings has affirmed Venture Global LNG, Inc.'s (VGLNG) Long-Term Issuer Default Rating (IDR) at 'B+', senior secured notes at 'BB' with a Recovery Rating of 'RR2', and preferred stock at 'B-'/'RR6'. The Outlook remains Negative. The recently secured $2.0 billion senior secured revolving credit facility improves VGLNG's liquidity position but weakens its near-term recovery profile. The recovery ratings reflect Fitch's expectation that the equity bridge loan (EBL) at Venture Global CP2 LNG Funding, LLC will be sufficiently paid down through 2026, aligning the expected recovery on the senior secured notes with an 'RR2' rating from 2027. The Negative Outlook reflects risks from the ruling against VGLNG's indirect subsidiary, Venture Global Calcasieu Pass, LLC (VGCP), in its arbitration with BP Gas Marketing Limited (BP). Fitch will resolve the Negative Outlook when there is greater certainty regarding the total amount of damages and how the company intends to fund the payments. Key Rating Drivers Weaker Near-Term Recovery: The recently secured revolving credit facility improves the company's liquidity profile in a period of high capex and ongoing arbitration risk. The stronger liquidity position is balanced by a weaker recovery profile. Under its Corporates Recovery Ratings and Instrument Ratings Criteria, Fitch assumes the company's $2.0 billion revolver is fully drawn resulting in lower expected recovery on VGLNG's senior secured notes through 2026. The affirmation of the Recovery Rating reflects the rapidly increasing production at Venture Global Plaquemines LNG, LLC (VGPL). Fitch has greater confidence that the company will be able to pay down a significant portion of the EBL in 2026. Fifty percent of the excess cash flow generated at VGPL, after certain expenses including debt service, contingency reserves and equity drawstop refunds, must be used to pay down the EBL. As a result of the paydown, starting in 2027, the recovery profile of the senior secured notes will be in line with a 'RR2' Recovery Rating. Slower-than-expected debt paydown or incremental debt at VGLNG or the intermediate companies, currently unexpected, could result in a negative rating action. Leverage Higher than Fitch Expected: On a consolidated basis, leverage (total consolidated debt to consolidated EBITDA) averages around 7.5x through 2029 but peaks at around 12.0x in the near term, as on the COD, higher-margin merchant cargoes decline, and lower-margin SPA contract cargoes commence. Under Fitch's assumptions, debt-funded damages awarded at the higher end of the range sought by the SPA customers could result in consolidated leverage approaching 8.0x through 2029, and lead to a rating downgrade. Fitch acknowledges that VGLNG can reserve funds by slowing its capex and partially monetizing its non-core assets. Under Fitch's assumptions, holding-company-only EBITDA leverage (total holding company [holdco] debt divided by holdco EBITDA) averages around 4.0x over the forecast period through 2029, but peaks at over 7.0x in 2027. The peak leverage underscores the commodity risk and the company's reliance on sustaining production higher than the nameplate capacity to keep leverage below the downgrade threshold. Fitch assumes basis differentials will decline during this period of high capex. Increasing scale and diversity partially offset higher volatility in the financial profile. Adverse Ruling in Arbitration: The adverse ruling in the contract dispute with BP weakens VGLNG's financial and business profile. BP is seeking over $1.0 billion in damages, plus interest, costs and fees. Four other independent arbitration proceedings are ongoing. Before VGCP won the Shell arbitration and settled another case, total damages sought by the SPA customers ranged from $6.7 billion to $7.4 billion. Fitch will monitor upcoming arbitrations and changes (if any) to how projects transition from construction to commercialization under the SPAs for potential reductions in cash flows from commissioning cargos, compared with Fitch's prior forecasts. High Commodity Exposure: Fitch believes VGLNG's plan to partly fund future LNG plants with commissioning cargoes and excess-capacity revenue exposes it to significant commodity risk. The risk stems from basis differentials across hubs rather than a single commodity at one delivery point. Construction delays would curtail early cargo sales. Excess capacity sales will be limited if the debottlenecking program does not prove sustainable. Under Fitch's rating case, together these revenue streams account for over three-fourths of total EBITDA at the holdco level in 2025-2029, with the remainder derived from contracted sales. Ongoing Construction Risk: VGLNG is constructing multiple highly complex LNG projects under its owner-led multi-contractor strategy, retaining primary responsibility for cost overruns and project completion. Additionally, the projects partially rely on selling commissioning cargoes to generate sufficient funds to complete the projects, but revenue from these sales can be volatile because LNG market prices fluctuate. Overall capex is expected to be around $40 billion over the next five years, including $29.5 billion for CP2, VGLNG's third project. Upward rating momentum depends on VGLNG managing completion risk and maintaining leverage within Fitch's sensitivity band. Favorable Global LNG Markets: Displacement of Russia's natural gas supply and delays in Asian capacity growth have strengthened demand for U.S.-produced LNG. VGLNG's first project, Venture Global Calcasieu Pass, LLC (VGCP), commissioned in 2022, benefited from the historic market basis differential between Henry Hub (HH) gas and Title Transfer Facility, the European LNG hub. Since then, realized margins fell to about $5.6/MMBtu in 1H26 from about $8.8/MMBtu in 4Q24, highlighting market volatility and lower margins on contracted cargoes. This may reduce FCF available for VGLNG to finance future projects and meet debt obligations. Peer Analysis VGLNG is weaker than peer Cheniere Energy, Inc. (CEI; BBB/Stable). With approximately 60mtpa of manufacturing capacity, CEI is the largest LNG producer in the U.S., considerably larger than VGLNG, which is producing LNG from about 24mtpa of nameplate production capacity and has roughly another 30mtpa in various stages of development. CEI has greater scale, operating two seasoned projects, Sabine Pass Liquefaction, LLC (BBB+/Stable) and Cheniere Corpus Christi Holdings, LLC (BBB+/Stable). CEI's construction risk is low, with approximately 10mtpa of capacity under construction. Both VGLNG and CEI receive revenue from short-term market sales, but Fitch believes this revenue is less predictable and exposed to commodity price risk. This revenue is a much larger portion of total cash flow for VGLNG than for CEI. Both companies also have long-term SPAs with largely investment-grade counterparties, under which the cost of natural gas is passed through to customers. Additional revenue generated from excess capacity sales directly supports debt service at VGLNG, bypassing the project waterfall, a feature that CEI does not have. Debt obligations at both VGLNG and CEI are structurally subordinate project and intermediate holdco debt. Both are subject to distribution tests that could impede distributions to the parent companies. According to Fitch's forecast, VGLNG's leverage is considerably higher than that of CEI, on a consolidated basis, averaging over 7.5x during the forecast, compared to 4x at CEI over the near term. Differences in construction risk, seasoned operational performance, cash flow predictability, scale, and leverage account for the difference in their respective ratings. Key Assumptions - VGCP's nameplate capacity of 10mtpa is fully contracted and generates additional liquefaction fees on the excess capacity above nameplate, which is sold under short-term contracts; - Construction at VGPL stays on schedule, consistent with management's projected cost of about $24 billion. Nameplate capacity of 20mtpa is fully contracted and generates additional liquefaction fees from excess capacity above nameplate, which is sold under short-term contracts; - Construction of the third project, CP2, is in line with management expectations, at a cost of about $29.5 billion, and Phase I reaches COD at the end of 2029. The first phase of CP2 is assumed to be fully contracted during the operating period; - Additional projects are not funded during the forecast period; - No additional legal or regulatory impact from the arbitrations. Previously settled arbitrations are not successfully challenged; - Projects produce 15%-30% higher volumes than nameplate capacity; - Fitch price deck informs revenue from the short-term contracts; - Only mandatory amortization per the provisions of the project debt; - No further expansions of any project; - No incremental debt issuance at the holdco level or at the intermediate company level; - Base interest rates reflect Fitch's Global Economic Outlook. Recovery Analysis Fitch evaluates the recovery profile from the holdco's perspective. Fitch estimates that the holdco's going-concern EBITDA is $3.5 billion, greater than the liquidation value, despite the high equity value retained by VGLNG in VGCP, VGPL and CP2. This is Fitch's view of the sustainable, post-reorganization EBITDA level that underpins its valuation of the company. Fitch calculates administrative claims at 10%, which is the standard assumption. The inclusion of the revolver as fully drawn debt under Fitch's assumptions lowers VGLNG's recovery profile in 2026. This risk is offset by increased production at VGPL which will average higher than 20mtpa per year in Fitch's forecast. Fitch expects over half of the $3.0 billion EBL will pay down over the year. Fitch assumes the default occurs in 2027 during a period of depressed LNG spot market pricing that lowers excess-capacity revenue. Fitch further assumes VGCP is operational as VGLNG reorganizes, and delays occur at VGPL and CP2. As per its criteria, the going-concern EBITDA reflects some residual portion of the distress that causes the default. Fitch uses a 4.0x going-concern EBITDA multiple, reflecting a default occurring during construction and the effect of the complexity of the construction projects and scale on the reorganization. The outcome is a 'BB'/'RR2' rating for the senior secured debt. The recovery reflects the lien status of the senior notes after the redeemable preferred units at VGCP. A limited number of bankruptcies have been filed within the midstream sector. Two recent gathering and processing company bankruptcies indicate an EBITDA multiple between 5.0x and 7.0x, by Fitch's best estimates. Fitch's recent bankruptcy case study report "Energy, Power and Commodities Bankruptcies Enterprise Values and Creditor Recoveries," published in October 2024, found that the median enterprise valuation exit multiple for the 51 energy cases with sufficient data to estimate was 5.3x, with a wide range of multiples observed. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Additional adverse rulings in the first stage of the arbitrations; - An adverse ruling by the arbitrator determining how much, if anything, BP is owed, or additional adverse rulings for further similar proceedings; - Management does not increase liquidity in advance of potential cash needs, including the possibility of a large payment to a customer under arbitration; - A material increase in debt that weakens the holdco's recovery profile; - Holding-company-only EBITDA leverage is sustained above 5.0x or consolidated EBITDA leverage is sustained above 8.0x; - Significant weakness in global LNG prices, or a decline in spreads realized by the company, pressuring cash flow generation from early cargoes; - Any construction issues that significantly increase costs, cause delays, or result in deteriorating cash flow; - A multi-notch downgrade or financial distress of any significant SPA counterparty. - The Outlook could be revised to Stable if damages awarded in arbitration are materially below the amount sought, keeping leverage within Fitch's sensitivities. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Holding-company-only EBITDA leverage is expected to remain below 4.5x, supported by a policy to keep it below this level; - Consolidated leverage is expected to remain below 7.0x on a long-term basis; - A meaningful increase occurs in the share of holdco cash flow derived from long-term contracts. Liquidity and Debt Structure As of Sept 30, 2025, VGLNG's holdco held about $1.9 billion in unrestricted cash. Fitch expects it to maintain at least $1.5 billion to meet liquidity needs. In November 2025, VGLNG secured a $2.0 billion senior secured revolving credit facility maturing in November 2030. The facility was fully available as of Nov. 18, 2025. If BP receives full claimed damages, Venture Global could owe up to $1.0 billion, plus interest, costs, and legal fees, by late 2026 under Fitch's assumptions. As of Sept. 30, 2025, total availability under the project working capital facilities was about $1.6 billion. Distributions to VGLNG from VGCP and VGPL are allowed only when DSCR exceeds 1.25x for the next and prior 12 months. For VGPL, distributions also require meeting certain construction milestones. Prior to Aug. 19, 2027, Calcasieu Funding may not distribute available cash to VGLNG until all accrued distributions on the CP Funding Redeemable Preferred Units (CP Prefs) are paid in cash. The CP2 Holding's EBL is subject to mandatory prepayment provisions, sweeping 50% of net proceeds from the sale of commissioning cargos generated at VGPL. As of Sept. 30, 2025, the CP Funding Redeemable Preferred Units had a $1.7 billion redemption value, including $750 million of accrued distributions. Near-term maturities include $2.25 billion of 8.125% notes due 2028 and $3.0 billion of 9.5% notes due 2029. Issuer Profile Venture Global LNG develops, builds, and operates LNG export projects under long-term SPAs. It runs a 10 mtpa liquefaction and export facility and is developing three additional plants, targeting a combined nameplate capacity of 70 mtpa across its portfolio. Summary of Financial Adjustments EBITDA Leverage is calculated as the ratio of VGLNG's total consolidated debt to consolidated EBITDA. Fitch also evaluates VGLNG with holding-company-only EBITDA Leverage. This metric is calculated as the ratio of holding-company-only debt to holding-company-only EBITDA. Holding-company-only EBITDA is the sum (i) aggregate distributions from the operating companies and (ii) EBITDA that is not part of any flow that produces operating company distributions (non-SPA EBITDA), e.g., excess capacity commercial activity. In 2024, consolidated EBITDA approximately equaled non-SPA EBITDA, as reported to Fitch by the company. As per Fitch's "Corporate Hybrids Treatment and Notching Criteria," Fitch gives 50% equity credit to the cumulative redeemable perpetual preferred stock issued by VGLNG. Fitch treats as 100% debt the redeemable stock of Calcasieu Pass Funding, LLC. Fitch removes from VGLNG EBITDA the net income attributable to non-controlling interests. Fitch looks at a variety of leverage calculations but features the foregoing calculations in its commentary. 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 ----------- ------ -------- ----- Venture Global LNG, Inc. LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB preferred LT B- Affirmed RR6 B- VIRGINIA & PACKER: Seeks Chapter 7 Bankruptcy in Florida -------------------------------------------------------- On November 20, 2025, Virginia & Packer Holdings LLC filed Chapter 7 protection in the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About Virginia & Packer Holdings LLC Virginia & Packer Holdings LLC is a limited liability company. Virginia & Packer Holdings LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23766) on November 20, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Robert A. Mark handles the case. W&J STEEL: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------ On November 14, 2025, W&J Steel Works LLC filed Chapter 7 protection in the Northern District of Georgia. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About W&J Steel Works LLC W&J Steel Works, LLC specializes in the fabrication and production of tailor-made steel structures for industrial, commercial, and construction projects. W&J Steel Works LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-63328) on November 14, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Jeffery W. Cavender handles the case. The Debtor is represented by Richard K. Valldejuli, Jr., Esq. of Valldejuli & Associates, LLC. W&J SUBSHOPS: Seeks Subchapter V Bankruptcy in California --------------------------------------------------------- On November 19, 2025, W&J Subshops LLC filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports $1,458,962 in debt owed to 1-49 creditors. About W&J Subshops LLC W&J Subshops LLC, a restaurant company based in Victorville, California, operates multiple sub shop locations including 16251 N D Street, 14712 La Paz Drive, Suite 99, and 15319 C. Palmdale Road. The Company is engaged in the preparation and sale of sandwiches and related food products, serving local customers across its stores. W&J Subshops LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-18331) on November 19, 2025. In its petition, the Debtor reports total assets of $425,591 and total liabilities of $1,458,962. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Michael Jay Berger, Esq., LAW OFFICES OF MICHAEL JAY BERGER. WFO LLC: Unsecureds Will Get 20% to 30% in Trustee's Plan --------------------------------------------------------- Mark Andrews, the Chapter 11 Trustee, filed with the U.S. Bankruptcy Court for the Western District of Texas an Amended Disclosure Statement for the Amended Plan of Liquidation for WFO, LLC dated November 19, 2025. The Debtor is a Texas limited liability company, and Frank Thomas Shumate, Jr.is the Debtor's Managing Member and the Debtor's 100% LLC Membership Interest Holder. The Debtor owned and operated a batch plant in Kaufman County Texas. The plant was acquired using financing provided by Simmons Bank, the primary secured creditor in the case. As part of its operations, WFO required the use of trucks to pick up aggregate and materials, deliver fresh cement and for other general purposes. The trucks were financed or leased with various creditors in these proceedings. After early efforts to reorganize the case failed, a trustee was appointed August 2024. The appointment of the Trustee lead to a sale process for the principal asset, the batch plant. After a broker was retained, a sale process was run and the Court authorized a sale to Martin Marietta. That sale closed and the result was that the first lien holder was paid in full. Now the trustee seeks to marshal the remaining assets and prosecute litigation to maximize value for the estate. The auction was held and, as a result, the Estate and Martin Marietta Materials Real Estate Investments, Inc., a North Carolina Corporation ("Martin Marietta" or "Buyer") entered into that certain Agreement for Purchase and Sale of Real Property and Certain Related Personal Property (as amended, the "Contract"), dated effected as of January 16, 2025, for the sale and acquisition of that certain real property and personal property, which are more particularly described in the Contract (collectively, the "Property"). The Contract and the sale and acquisition of the Property and Assets were approved by the Bankruptcy Court in the Bankruptcy Case, pursuant to an Order entered on January 14, 2025 (the "Sale Order"). The sale of the Property and Assets has closed, bringing significant funds into the Estate that are available for distribution to creditors under the Plan, including unsecured creditors of the Estate. The Trustee is marketing the remaining real and any personal property of the Estate which has net value to the Estate. That real and personal property will either be liquidated by the Trustee prior to confirmation or will become assets of the Liquidating Trust for post-confirmation liquidation, with the net proceeds from same available to satisfy Claims of Creditors. Class 3 consists of the Allowed Claims of general unsecured creditors. On the Effective Date, in full and final satisfaction of any Claims against the Debtor, the Holder of an Allowed Claim in Class 3 shall receive a ProRata beneficial interest in the Liquidating Trust and shall be paid its Pro-Rata share of the Liquidating Trust Funds in accordance with the Liquidating Trust Agreement and the Plan after full payment of Allowed Administrative Claims, allowed Priority Tax Claims and the Claims of any Holders of Claims in Class 1. Class 3 is Impaired. The allowed unsecured claims total $3.5 to $4.5 million. This Class will receive a distribution of 20% to 30% (assumes voiding of alleged Shumate lien on cement batch plant and recovery of $750,000 held in escrow but no other recovery from Shumate Parties). All Class 4 Equity Interests (consisting of any and all member interests in the Debtor) shall be cancelled and deemed of no further force and effect upon the Effective Date. Holders of Equity Interests in the Debtor shall not retain nor receive any property or distribution under the Plan. Equity Interest Holders are impaired, do not vote on the Plan, and are deemed to reject the Plan. The Plan contemplates the establishment of a Liquidating Trust pursuant to the Liquidating Trust Agreement on the Effective Date. Mark Andrews will serve as the Liquidating Trustee to manage the Liquidating Trust Assets, administer the Liquidating Trust, and oversee distributions of the Liquidating Trust Funds. The Liquidating Trustee shall be advised by a Liquidating Trust Oversight Committee (the "Oversight Committee") consisting of three Liquidating Trust Beneficiaries. The initial members of the Oversight Committee will be set out in a Plan Supplement filed prior to the Confirmation Hearing. A full-text copy of the Amended Disclosure Statement dated November 19, 2025 is available at https://urlcurt.com/u?l=VJQo50 from PacerMonitor.com at no charge. Counsel for Mark Andrews, Chapter 11 Trustee: Patrick Kelley, Esq. Patrick Kelley, PLLC 112 E. Line Street, Suite 203 Tyler, TX 75702 Telephone: (903) 630-5151 Facsimile: (903) 630-5760 Email: pat@patkelleylaw.com Counsel for Mark Andrews, Chapter 11 Trustee: Andrew George Sherwood, Esq. Danielle R. Behrends, Esq. Dykema Gossett, PLLC 112 E. Pecan Street, Suite 1800 San Antonio, TX 78205 Phone: (210) 554-5466 Email: ASherwood@dykema.com About WFO, LLC The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-50824) on May 6, 2024. In the petition signed by Frank Shumate, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Craig A. Gargotta oversees the case. The Debtor tapped James S. Wilkins, PC, as counsel, and Trinity River Advisors, LLC as accountant. WOHALI LAND: Seeks $6.3MM DIP Loan From EB5AN --------------------------------------------- Matt McKinlay, the Chapter 11 trustee for Wohali Land Estates, LLC, asks the U.S. Bankruptcy Court for the District of Utah for authority to obtain a $6.3 million debtor-in-possession financing from EB5AN Wohali Utah Fund XV, LP. Specifically, the trustee seeks authority to borrow up to $4.1 million immediately, including $3.3 million to be paid by December 1 to UMB Bank for the 2025 PID No. 1 assessment, to prevent foreclosure and preserve future infrastructure funding. Under the DIP financing, the trustee proposes granting EB5AN a priming lien, security interests, and a superpriority claim on the collateral securing the financing, senior to all other liens and claims except the carveout and the statutory liens of the Wohali Public Infrastructure District No. 1. Causes of action, including Chapter 5 claims, are excluded from the collateral. The loans must be payable in full on the maturity date, which means the earliest to occur of the following dates (unless extended by the DIP lender in writing): 1. March 20, 2026 (the scheduled maturity date); 2. The date on which the Debtor closes a sale of all or a substantial portion of its assets; 3. The date of an event of default, if such event of default is either (a) incapable of being cured or (b) capable of being cured but has not been cured within five business days of the trustee receiving a written notice of an event of default from the DIP lender; and 4. The effective date of a plan of reorganization. The milestones are: 1. November 21: Interim bankruptcy court approval of DIP advances; 2. December 10: Final bankruptcy court approval of DIP facility; 3. December 31: Entry into a stalking horse purchase agreement and bankruptcy court approval of bidding procedures for the sale of all of the Debtor's real and personal property assets (excluding Chapter 5 claims and other claims and causes of action), with such bidding procedures to be reasonably acceptable to the DIP lender in form and substance; 4. February 20, 2026: Deadline for the receipt of competing, qualified bids for the sale of all of the Debtor's real and personal property assets (excluding Chapter 5 claims and other claims and causes of action); 5. February 24, 2026: Final sale hearing if no competing, qualified bids are received; 6. February 26, 2026: Deadline for an auction in the event one or more The trustee asserts that no alternative financing is available on more favorable terms, citing both the estate's distressed condition and legal precedent requiring only a good-faith effort to seek credit when market options are realistically nonexistent. Appointed after multiple stakeholders including EB5AN, the U.S. Trustee, and concerned landowners stipulated to the need for a Chapter 11 trustee, Mr. McKinlay inherited an estate with almost no cash, missed payroll, and significant operational and infrastructure obligations. EB5 holds the first-priority lien on the Debtor's real property, securing approximately $86 million in debt, while its UCC-1 lien on personal property is likely avoidable as a preference, making EB5 the only secured creditor with meaningful leverage. Additional real-property lienholders appear junior to EB5, and the estate is further encumbered by statutory PID assessments that prime all consensual liens under Utah law. The Debtor has over $15 million in unsecured liabilities. Prior to the trustee's appointment, both EB5 and a group of Wohali Concerned Owners advanced funds to preserve assets and fund payroll but these advances were insufficient to cover ongoing obligations. A court hearing is scheduled for December 3. A copy of the motion is available at https://urlcurt.com/u?l=hPTDRt from PacerMonitor.com. EB5AN is represented by: Michael R. Johnson, Esq. Jeffrey W. Shields, Esq. David H. Leigh, Esq. RAY QUINNEY & NEBEKER P.C. 36 South State Street, 14th Floor Salt Lake City, Utah 84111 Telephone: (801) 532-1500 Facsimile: (801) 532-7543 mjohnson@rqn.com jshields@rqn.com dleigh@rqn.com About Wohali Land Estates LLC Wohali Land Estates, LLC develops the Wohali master-planned community in Coalville, Utah, combining private residential neighborhoods with public-access resort amenities such as a golf course, lodge, spa, and dining facilities. The development's design integrates luxury homes and estate lots with hospitality, recreation, and infrastructure improvements including public roadways, utility systems, and environmental stabilization measures. Its operations include property maintenance and site preparation to preserve asset value and support future construction. Wohali Land Estates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-24610) on August 8, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by Mark C. Rose, Esq., at McKay, Burton & Thurman, P.C. ZAHRCO ENTERPRISES: Unsecureds Will Get 11.1% over 3 Years ---------------------------------------------------------- Zahrco Enterprises, Inc., submitted a Second Amended Plan of Reorganization dated November 18, 2025. The Debtor's plan is to generate revenues through proposed three year Second Amended Plan of Reorganization through the continued operation of both restaurants during the term of their leases. Merrick Park, at least as of the filing of this Plan, as is their right, is not extending the lease of either restaurant. As the leases will not be renewed, C'Est Bon's lease expires on January 31, 2028, and Sawa's lease expires on November 30, 2029. Based on when the leases end, a five-year plan is unfeasible. A three-year plan, timed up to the necessary ending of the C'Est Bon lease, followed by ten months of the operation of just Sawa becomes the best, and only, path to a feasible and successful reorganization. The anticipated revenues as determined by the Debtor's management, and a thorough review by the Subchapter V Trustee, Carol Fox, is included within the projections. The Plan Proponent's financial projections show that the Debtor will have projected disposable income for the 36-month period of $856,858.00, (the "Projected Disposable Income"). The final Plan payment is expected to be paid on or about 3 years after the Effective Date1 of the Plan. The Projected Disposable Income will be primarily allocated to creditor payments under the Plan. The relatively modest cash reserves projected during the Plan are necessary to maintain ongoing operations and address consistent market fluctuations in the Debtor's operations, especially during the late spring, summer and early fall months. Class 5 consists of Unsecured Creditors. This Class shall be paid 11.1% in six bi-annual installments of the pro-rata amount contained in Ex. C during the three years of the plan. The allowed unsecured claims total $1,700,411.78. This Class is impaired. The Debtor estimates revenues would be generated based on the continuation of its restaurant operations. Upon the Effective Date of the Plan, all property and assets of the Debtor shall revest in the Debtor, free and clear of all Claims, Liens, encumbrances, charges, and other interests. Such vesting does not constitute a voidable transfer under the Code or applicable nonbankruptcy law. A full-text copy of the Second Amended Plan dated November 18, 2025 is available at https://urlcurt.com/u?l=6Fk83t from PacerMonitor.com at no charge. Counsel for the Debtor: Kristopher Aungst, Esq. Paragon Law, LLC Executive Suites 2665 Coconut Grove, FL 33133-5402 Tel: (305) 812-5443 About Zahrco Enterprises Inc. Zahrco Enterprises Inc. operates two restaurants located in Coral Gables, Fla., on leased properties. Zahrco Enterprises Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13628) on April 2, 2025. In its petition, the Debtor reported total assets of $72,679 and total liabilities of $2,591,821. Judge Corali Lopez-Castro handles the case. The Debtor is represented by Kris Aungst, Esq., at Paragon Law, LLC. ********* 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. 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