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251126.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, November 26, 2025, Vol. 29, No. 329 Headlines 1 SOURCE: Case Summary & 20 Largest Unsecured Creditors 1 SOURCE: Seeks Chapter 11 Bankruptcy in Alabama 1132 39 ST: Hires Sobers Law PLLC as Bankruptcy Counsel 84 ENERGY: Case Summary & 20 Largest Unsecured Creditors 9 CROSBY: NoMo SoHo Owner Gets Court OK for $125MM Chapter 11 Sale 9034 CENTENNIAL: Jerrett McConnell Named Subchapter V Trustee ABSOLUTE DEFENSE: Case Summary & 11 Unsecured Creditors AG RECYCLING: Lender Seeks to Prohibit Cash Collateral Access ALL MOMS: U.S. Trustee Unable to Appoint Committee ALL PHASE: Unsecured Creditors to Split $100K over 3 Years ALLSTAR PROPERTIES: To Sell Floyd Properties to Revocable Living ALLSTAR PROPERTIES: To Sell Floyd Properties to Strides Autism AMERICAN PEST: Amends Plan to Include SBA Secured Claim ANOTHER SPARE: Jerrett McConnell Named Subchapter V Trustee APEX TOOL: S&P Upgrades ICR to 'CCC' Following Debt Exchanges ARCADIAN RESOURCES: Amends Plan; Confirmation Hearing Jan. 9, 2026 ATEG ENTERPRISES: Hires The Lane Law Firm as Bankruptcy Counsel ATLAS OPCO: S&P Assigns 'CCC+' ICR on New Capital Structure ATS CORP: S&P Affirms 'BB+' ICR on Continued Leverage Reduction AZUL SA: Dec. 11 Plan Confirmation Hearing AZUL SA: Seeks Approval of Strategic Investment Agreements BAANI TRANS: Seeks Chapter 7 Bankruptcy in California BEREAN ACADEMY: S&P Lowers School Refunding Bond Rating to 'BB-' BLACK CASTLE: Seeks Chapter 7 Bankruptcy in California BLONDER TONGUE: U.S. Trustee Unable to Appoint Committee BON MORRO: Seeks to Hire Choate Hall & Stewart LLP as Counsel BON MORRO: Seeks to Hire Ordinary Course Professionals BOTTOMS UP: Unsecured Creditors to Get 7 Cents on Dollar in Plan BOY SCOUTS: Plan Appeal Gains Additional Claimant Support BUILT LLC: Seeks to Employ Ford & Semach as Bankruptcy Counsel BUILT SOLID: Gets Interim OK to Use $687K in Cash Collateral CAPSTONE CONSULTING: Employs Rocky Mountain Advisory as Accountant CAPTAIN BLIGH'S: Kathleen DiSanto Named Subchapter V Trustee CDR TRANS: Seeks to Hire Farsad Law Office as Bankruptcy Counsel CLUB CAR: S&P Downgrades ICR to 'CCC+', Outlook Negative CONCORDE METRO: To Sell Bayamon Property to MDD Child Neurology D WOOD HOTEL: Case Summary & 20 Largest Unsecured Creditors DAN LEPORE & SONS: Case Summary & 20 Largest Unsecured Creditors DARKPULSE INC: Reports $471,284 Net Loss in 2025 Q3 DIOCESE OF ALEXANDRIA: U.S. Trustee Appoints Creditors' Committee DIOCESE OF OAKLAND: Judge Sets Plan Proposal Deadline DM ELECTRICAL: Seeks to Hire Bob Wells as Fractional CFO DOOR COUNTY: Amends Unsecured Claims Pay Details E&M BINDERY: Case Summary & 20 Largest Unsecured Creditors E&M BINDERY: To Sell Bindery Business to Bind-Rite for $567K EAGLE FENCE: Gets Interim OK to Use Cash Collateral EMORY INDUSTRIAL: U.S. Trustee Appoints Creditors' Committee ETHEMA HEALTH: Delays Q3 10-Q Filing Due to Data Compilation Issues EUCLID REALTY: Case Summary & Two Unsecured Creditors EVOFEM BIOSCIENCES: Reports $1.6MM Net Loss in 2025 Q3 FALLS OF BRAEBURN: Seeks to Hire Okin Adams Bartlett as Counsel FANTASTIC REAL: Mark Sharf Named Subchapter V Trustee FCI SAND: Seeks to Hire Piper Sandler & Co. as Investment Banker FIRST BRANDS: Seeks Court Approval to Lend $45MM to Foreign Unit FLUX POWER: Posts $2.6MM Loss in 2026 Q1, Lifts Going Concern Doubt FMC CORP: S&P Lowers ICR to 'BB+' on Continued Weak Credit Metrics FORGE INNOVATION: Delays Q3 Filing Due to Missing Financial Data FTX TRADING: Judge Dismisses Over $15MM Fraudulent Loan Claims FXI HOLDINGS: S&P Downgrades ICR to 'D' on Distressed Exchange GENESIS HEALTHCARE: S&P Affirms 'BB+' Rating on 2013 Revenue Bond GLENWOOD GFB: Hires Wadsworth Garber Warner Conrardy as Counsel GLOBAL CHOICE: Unsecureds to Get 100 Cents on Dollar in Plan GOODMAN'S BACK: Seeks Chapter 7 Bankruptcy in Arkansas GRACE ROYALS: Hires Wadsworth Garber Warner Conrardy as Counsel GREAT LAKES: S&P Ups ICR to 'B' on Improved Cash Flow Generation GULF STATES INDUSTRIAL: Seeks Chapter 11 Bankruptcy in Alabama H&T WHOLESALE: Seeks Cash Collateral Access HANSEN-MUELLER CO: U.S. Trustee Appoints Creditors' Committee HARMONY WELLNESS: Seeks to Use Cash Collateral HARRIS INTERNAL: Gets Interim OK to Use Cash Collateral HIELO DEL CIELO: Unsecured Creditors to Split $30K over 5 Years IDEANOMICS INC: Unsecured Creditors Will Get 0.4% to .05% in Plan IH 35 TRUCKING: Unsecureds Owed $1.5M Will Get 60.5% in 60 Months INGLE & ASSOCIATES: Gets Interim OK to Use Cash Collateral INGLE & ASSOCIATES: Stephen Darr Named Subchapter V Trustee JASS LLC: Hires Wadsworth Garber Warner Conrardy P.C. as Counsel JAY4 INC: Michael Abelow Named Subchapter V Trustee JHW PLUMBING: Joseph Cotterman Named Subchapter V Trustee JKH ENTERPRISES: Seeks Chapter 7 Bankruptcy in Georgia KLEOPATRA FINCO: Final Hearing on DIP Financing Set for Dec. 3 KLEOPATRA FINCO: PreZero Steps Down as Committee Member LAKESHORE 2426: Lender Seeks Jan. 7, 2026 Auction LEROUX CREEK: Seeks to Hire Michael Best & Friedrich as Counsel LETS TALK THERAPY: Seeks Chapter 7 Bankruptcy in Georgia LION RIBBON: Dec. 15 Plan, Disclosures Hearing LUMEXA IMAGING: S&P Places 'B-' ICR on CreditWatch Positive LUMEXA IMAGING: S&P Places 'B-' ICR on CreditWatch Positive LUXURBAN HOTELS: Court Stays New York Hotel Trades Council Case MARK E MOON: Court Awards $139,147 in Attorneys' Fees to Milestone MESQUITE ENERGY: SCOTUS Won't Hear Creditors' Appeal of Apollo Win METAL WORKS: Seeks Chapter 7 Bankruptcy in Arkansas MIT US: Seeks to Hire David Freydin PC as Bankruptcy Counsel MORE THAN PLUMBING: Gets OK to Use Cash Collateral Until Dec. 13 MOUNTAIN VISTA: Case Summary & Three Unsecured Creditors NAVIDEA BIOPHARMACEUTICALS: Seeks to Sell Pharma Biz at Auction NEEDSPACE HACKS: Lender Seeks to Prohibit Cash Collateral Access NGUYEN WIN: Case Summary & 20 Largest Unsecured Creditors NIKOLA CORP: Ex-CEO Milton Requests Shield During Chapter 11 Appeal NORCOLD LLC: U.S. Trustee Appoints Creditors' Committee NXT ENERGY: Reports C$1.78 Million Net Loss in 2025 Q3 OLD SCHOOL: Unsecureds Will Get 100% of Claims in Liquidating Plan ONDAS HOLDINGS: Reports $8.8M Q3 Loss, Removes Going Concern Doubt ORANGE COURIER: Case Summary & 20 Largest Unsecured Creditors PERMIAN RESOURCES: S&P Affirms 'BB+' ICR, Outlook Positive PERMIAN RESOURCES: S&P Affirms 'BB+' ICR, Outlook Positive PINE GATE RENEWABLES: U.S. Trustee Appoints Creditors' Committee PINE GATE: Claims to be Paid From Sale Proceeds PINE GATE: Court Approves Alvarez & Marsal's Rajcevich as CRO PINE GATE: Gets Court OK to Retain Lazard as Investment Banker PINE GATE: Seeks to Sell De Minimis Assets at Auction POSIGEN PBC: Case Summary & 30 Largest Unsecured Creditors POSIGEN PBC: Seeks Chapter 11 Bankruptcy After Loan Breach Lawsuit PURE LLC: Case Summary & Four Unsecured Creditors PURE LLC: Seeks Chapter 11 Bankruptcy in Florida QHSLAB INC: Reports $33,411 Net Income in 2025 Q3 QUEST PATENT: Widens Net Loss to $1.23MM in 2025 Q3 RB MARKETPLACE: Taps Juan C. Bigas Valedon Law Office as Attorney REKOR SYSTEMS: CFO Eyal Hen Resigns; Joseph Nalepa Named Successor REKOR SYSTEMS: Narrows Net Loss to $4.15MM in 2025 Q3 RELLIS CAMPUS: U.S. Trustee Appoints Creditors' Committee RENHURST HOLDINGS: Hires Underwood Law Firm as Special Counsel REVIVA PHARMACEUTICALS: Reports $4 Million Net Loss in 2025 Q3 RIDGEWOOD TOWER: Secured Party Seeks Dec. 2 Auction RIFLE RFB: Hires Wadsworth Garber Warner Conrardy as Legal Counsel RITE AID: Judge Plans to Confirm Ch.11 Plan Over Trustee Objection S & O INVESTMENTS: Kansas Property Sale to Garden City OK'd S&G LABS: Hires Wadsworth Garber Warner Conrardy as Counsel SANCHEZ ENERGY: SCOTUS Refuses Review of Double-Dip Challenge SCRIPPS TWO: Case Summary & 20 Largest Unsecured Creditors SPEAR SECURITY: Gets Interim OK to Use Cash Collateral SPIRIT AIRLINES: Cuts Services Amid Management's Future Doubts SPLASHY'S LLC: Timothy Stone Named Subchapter V Trustee ST. PAUL CONSERVATORY: S&P Downgrades ICR to 'B', Outlook Negative STATELINE HOLDINGS: Claims to be Paid from Rental Income STEWARD HEALTH: Trustee Broadens Case Against Insiders, Ex-CEO TATTI VINO: Charles Mouranie Named Subchapter V Trustee TMK HAWK: S&P Affirms 'CCC+' Rating on Weaker Performance TOPGOLF CALLAWAY: S&P Places 'B' ICR on CreditWatch Positive TOTAL AIR: Hires Miranda & Maldonado P.C. as Legal Counsel TRAXX CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors TRAXX CONSTRUCTION: Seeks Chapter 11 Bankruptcy in California TRICOLOR AUTO: Trustee Seeks Fast OK for Vehicle Sales TROYZ TOWING: Unsecureds Creditors Will Get 100% over 120 Months UBA BROCKTON: Gets Interim OK to Use Cash Collateral UNIQUE THIRD: Gets Interim OK to Use Cash Collateral UNITED RENTAL: S&P Rates New $1.5BB Senior Unsecured Notes 'BB+' US MAGNESIUM: Seeks to Sell Gas Turbine at Auction US NUCLEAR: Needs Additional to Finalize Q3 Financial Statements VENUS CONCEPT: Widens Net Loss to $22.5 Million in 2025 Q3 VILLAGE ROADSHOW: Court Denies Bid to Stay Chapter 11 Sale of Film VOLITIONRX LTD: Reports $5.4 Million Net Loss in 2025 Q3 WAHEGURU LLC: Hires Wadsworth Garber Warner Conrardy as Counsel WAHL TO WAHL: Seeks to Hire Mel Manasse and Son Auctioneers WALKER EDISON: Dec. 17 Plan, Disclosures Hearing WATERBOY SPORTS: Case Summary & 20 Largest Unsecured Creditors WATERMILLS APARTMENTS: Dec. 10, 2025 Auction Set WINSLOW, AZ: S&P Affirms 'BB+' Rating on Wastewater Revenue Bonds WOK HOLDINGS: S&P Downgrades ICR to 'CCC+', Outlook Negative WORKSPORT LTD: Reports $4.9 Million Net loss in 2025 Q3 YUNHONG GREEN: Reports $811,000 Net Loss in 2025 Q3 ********* 1 SOURCE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- 1 Source, LLC 25-13269 d/b/a 1 Source Power & Equipment, LLC 3240 Moffett Road Mobile, AL 36607 Gulf States Industrial Services, LLC 25-13270 29245 Canterbury Road Daphne, AL 36526 Business Description: 1 Source, LLC, doing business as 1 Source Power & Equipment, LLC, sells, rents, and services heavy construction equipment, including excavators, loaders, forklifts, and dozers. Gulf States Industrial Services, LLC provides industrial and construction project support using manlifts, forklifts, dozers, telehandlers, hydraulic hammers, light towers, and other specialized equipment. Chapter 11 Petition Date: November 21, 2025 Court: United States Bankruptcy Court Southern District of Alabama Judge: Hon. Jerry C Oldshue Debtors' General Bankruptcy Counsel: Alexandra K Garrett, Esq. SILVER VOIT GARRETT & WATKINS 4317-A Midmost Drive Mobile, AL 36609 Tel: (251) 343-0800 Email: agarrett@silvervoit.com 1 Source, LLC's Total Assets: $1,344,370 1 Source, LLC's Total Liabilities: $2,681,480 Gulf States' Total Assets: $1,959,108 Gulf States' Total Liabilities: $839,312 The petitions were signed by Russell P. Miles as president. Gulf States Industrial Services, LLC listed ServisFirst Bank, based at 2500 Woodcrest Place, Birmingham, Alabama 35209, as its sole unsecured creditor, reporting a claim of $839,312. Full-text copies of the petitions, which include lists of the Debtors' 20 largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/WD7RJII/1_Source_LLC__alsbke-25-13269__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/W5TV2XQ/Gulf_States_Industrial_Services__alsbke-25-13270__0001.0.pdf?mcid=tGE4TAMA 1 SOURCE: Seeks Chapter 11 Bankruptcy in Alabama ------------------------------------------------ On November 21, 2025, 1 Source LLC filed Chapter 11 protection in the Southern District of Alabama. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 100–199 creditors. About 1 Source LLC 1 Source LLC is a limited liabiliy company. 1 Source LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala., Case No. 25-13269) on November 21, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jerry C. Oldshue handles the case. 1132 39 ST: Hires Sobers Law PLLC as Bankruptcy Counsel ------------------------------------------------------- 1132 39 ST LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Sobers Law PLLC as counsel. The firm's services include: 1. advising the Debtor with respect to their powers and duties as debtor-in-possession, including the legal and administrative requirements of operating in chapter 11; 2. attending meetings and negotiating with representatives of creditors and other parties-in-interest; 3. assisting with the preservation of the Debtors' estates, including the prosecution of actions commenced under the Bankruptcy Code or otherwise on their behalf, and objections to claims filed against the estate; 4. preparing and prosecuting on behalf of the Debtor all motions, applications, answers, orders, reports and papers necessary for the administration of the estate; 5. negotiating and preparing on the Debtors' behalf chapter 11 plan(s), disclosure statement(s) and all related agreements and/or documents; 6. advising the Debtor with respect to any sale of assets and negotiating and preparing on the Debtors' behalf all agreements related thereto; 7. appearing before the Court, and protecting the interests of the Debtors' estates before such court; and 8. performing all other legal services in connection with these chapter 11 cases as requested by the Debtor. Post-petition, the Debtor has agreed to pay the firm at a rate of $450 per hour upon approval of the Court. Sobers was paid an initial retainer of $7,500 on or about August 29, 2025. As disclosed in the court filings, Sobers is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: Vivian Sobers, Esq. Sobers Law, PLLC 11 Broadway, Suite 615 New York, NY 10004 About 1132 39 St LLC 1132 39 ST LLC, sought Chapter 11 protection (Bankr. E.D.N.Y. Case No. 23-44527) on Dec. 7, 2023. The Debtor estimated listed assets of $985,000 and liabilities of $1,200,000 as of the bankruptcy filing. The Hon. Jil Mazer-Marino is the case judge. The Law Offices Joshua R. Bronstein led by Joshua Bronstein, is the Debtor's counsel. 84 ENERGY: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: 84 Energy LLC 1902 Winners Cir Richmond, TX 77406 Business Description: 84 Energy LLC is an independent oil and gas exploration and production company based in Richmond, Texas, operating across multiple counties in the state. The Company manages mineral and lease interests, and it produces crude oil, natural gas, and related hydrocarbons from its wells. Its operations include managing active production sites and associated assets within the Texas energy sector. Chapter 11 Petition Date: November 25, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-37093 Debtor's Counsel: Richard L Fuqua, II, Esq. FUQUA & ASSOCIATES, P.C. 8558 Katy Fwy Suite 119 Houston TX 77024 Tel: (713) 960-0277 Email: RLFuqua@fuqualegal.com Total Assets: $0 Total Liabilities: $7,945,975 The petition was signed by Aaron Shimek 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/ROB6R6I/84_Energy_LLC__txsbke-25-37093__0001.0.pdf?mcid=tGE4TAMA 9 CROSBY: NoMo SoHo Owner Gets Court OK for $125MM Chapter 11 Sale ------------------------------------------------------------------ Emily Lever of Law360 reports that a New York bankruptcy court has greenlighted sale procedures for the NoMo SoHo Hotel, allowing the insolvent owner to proceed with a Chapter 11 sale that could be completed in as little as 20 days. The judge's decision underscores the urgency of resolving the property's financial difficulties. Under the approved procedures, the hotel will move forward with a structured auction or negotiated sale. The process is designed to facilitate participation by creditors and buyers alike while ensuring an efficient, orderly transfer of ownership, the report states. About 9 Crosby LLC 9 Crosby LLC is the owner and operator of the Nomo SoHo Hotel comprising 264 guest rooms and suites, meeting rooms, event spaces and a restaurant. 9 Crosby sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12559-LGB) on November 17, 2025. Judge Lisa G. Beckerman presides over the case. Kevin J. Nash at Goldberg Weprin Finkel Goldstein LLP, represents the Debtor as legal counsel. 9034 CENTENNIAL: Jerrett McConnell Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for 9034 Centennial CO, Inc. Mr. McConnell will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About 9034 Centennial CO 9034 Centennial CO, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04236) on November 17, 2025, with $0 to $50,000 in assets and $50,001 to $100,000 in liabilities. Judge Jacob A. Brown presides over the case. Byron Wright, III, Esq. at Bruner Wright, P.A. represents the Debtor as legal counsel. ABSOLUTE DEFENSE: Case Summary & 11 Unsecured Creditors ------------------------------------------------------- Debtor: Absolute Defense, LLC 1098 N. Cannon Boulevard Kannapolis, NC 28083 Business Description: Absolute Defense, LLC designs and implements building-hardening and physical-security solutions that protect facilities from man- made threats and natural hazards by using reinforced glazing, perimeter-protection measures, access-control systems, and other structural-hardening technologies. The Company, which evolved from security-focused predecessor Clear Defense, Inc., offers glass-hardening products such as RAPT and Cold Lava laminates that strengthen windows and improve energy performance for high- security, military and institutional applications. It provides risk assessments and customized hardening proposals for government agencies, educational institutions, healthcare facilities and private-sector clients. Chapter 11 Petition Date: November 15, 2025 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 25-31231 Judge: Hon. Ashley Austin Edwards Debtor's Counsel: John C. Woodman, Esq. ESSEX RICHARDS PA 1701 South Boulevard Charlotte, NC 28203 Tel: (704) 377-4300 E-mail: jwoodman@essexrichards.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Tonya Cockman as member. A copy of the Debtor's list of 11 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KSCTNRQ/Absolute_Defense_LLC__ncwbke-25-31231__0017.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CD2RC7I/Absolute_Defense_LLC__ncwbke-25-31231__0001.0.pdf?mcid=tGE4TAMA AG RECYCLING: Lender Seeks to Prohibit Cash Collateral Access -------------------------------------------------------------- St. Louis Bank, doing business as Saint Louis Bank and Edwardsville Bank, asks the U.S. Bankruptcy Court for the Southern District of Illinois to prohibit AG Recycling Inc. and affiliates from using cash collateral, or alternatively, to require adequate protection for its use. Prior to the Debtors' Chapter 11 filings on November 9–10, 2025, St. Louis Bank extended multiple loans to the Debtors, which are secured by commercial security agreements, guaranties, deeds of trust, and other collateral. As of November 10, 2025, the aggregate indebtedness owed to the bank across all loans totals approximately $7.11 million, including principal, accrued interest, fees, and legal costs. The Debtors allegedly defaulted under the loan agreements and a subsequent Forbearance Agreement, including failure to pay real estate taxes and complete sales of inventory, prompting the bank to accelerate the loans and schedule foreclosure sales for certain real property. St. Louis Bank claims that the Debtors are now operating their businesses post-petition using the bank's cash collateral without consent or court approval and have not proposed any form of adequate protection, budget, or payments to safeguard the bank's interests. Under 11 U.S.C. Sections 363 and 552, St. Louis Bank argues that its security interests extend to post-petition proceeds of collateral and that it is entitled to adequate protection to prevent diminution in value. A copy of the motion is available at https://urlcurt.com/u?l=UFllhk from PacerMonitor.com. About AG Recycling, Inc. AG Recycling, Inc. is a recycling and aggregate materials company based in Mascoutah, Illinois, engaged in processing concrete, asphalt, and soil for reuse in construction and infrastructure projects. The Company provides mobile crushing, materials recovery, and related recycling services across Illinois. It is affiliated with Surmeier Holdings LLC, Surmeier Holdings Gregan LLC, Carbonox Incorporated, and Eco Recycling, Inc. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Lead Case No. 25-30862) on November 9, 2025. In the petition signed by Timothy L. Surmeier, president and manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Mary E. Lopinot oversees the case. Spencer Desai, Esq. at THE DESAI LAW FIRM represents the Debtor as legal counsel. ALL MOMS: U.S. Trustee Unable to Appoint Committee -------------------------------------------------- The U.S. Trustee for Region 10 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of All Moms Love, LLC. About All Moms Love LLC All Moms Love, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06074) on October 3, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities up to $100,000. Honorable Bankruptcy Judge Jeffrey J. Graham handles the case. Eric C. Welch, Esq., at Welch & Company, LLC serves as the Debtor's counsel. ALL PHASE: Unsecured Creditors to Split $100K over 3 Years ---------------------------------------------------------- All Phase Solutions, LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Subchapter V Plan of Reorganization dated November 19, 2025. The Debtor is a Florida-based construction company engaged in government contracting and commercial construction projects. The Debtor has sought use of chapter 11 to restructure its debts, streamline its financial structure, and attempt to resolve ongoing disputes with several creditors. This Plan under chapter 11 of the Code proposes to pay creditors of the Debtor from Cash on hand, operating income and future receivables, unless otherwise stated. The final Plan payment is expected to be paid 36 months from the Effective Date of the Plan. Class 4 consists of all the Allowed General Unsecured Claims of the Debtor. As reflected in the list of general unsecured creditors, the Debtor estimates the aggregate amount of Allowed Class 4 Claims is approximately $426,363.53. The Debtor estimates that if this case were converted to a Chapter 7 case and all claims were Allowed in full, the holders of Class 4 Claims will not receive any distribution. If the Debtor's Plan is confirmed, each holder of an allowed general unsecured claim against the Debtor will share pro rata in a total distribution of $100,000.00. Payments of $33,333.33 shall be distributed pro rata on an annual basis, payable on a quarterly basis over three years, commencing on the Effective Date. These payments shall be in full satisfaction, settlement, release, and extinguishment of their respective Allowed Claims. The Debtor may prepay any or all of the distributions described herein with no prepayment penalty. The Class 4 Claims are Impaired and any of the Allowed Class 4 Claimholders are entitled to vote to accept or reject the Plan. Class 5 consists of the Equity Interests of the Debtor in assets of its Estate, which are retained under the Plan. All property of the Estate shall re-vest in the Reorganized Debtor. All payments as provided for in the Plan shall be funded by the Debtor's cash on hand, operating income and future receivables, unless otherwise stated. A full-text copy of the Subchapter V Plan dated November 19, 2025 is available at https://urlcurt.com/u?l=qob2RP from PacerMonitor.com at no charge. Attorneys for the Debtor: Aaron A. Wernick, Esq. Wernick Law, PLLC 2255 Glades Road, Suite 324A Boca Raton, FL 33431 Tel: (561) 961-0922 Email: awernick@wernicklaw.com All Phase Solutions LLC Based in Boca Raton, Fla., All Phase Solutions, LLC provides services including construction, demolition, environmental remediation, civil works, uniform production, and security staffing, primarily to U.S. government agencies. All Phase Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19745) on August 22, 2025, listing up to $10 million in assets and liabilities. Saleh Rabah, president of All Phase Solutions, signed the petition. Judge Mindy A. Mora oversees the case. Aaron Wernick, Esq., at Wernick Law PLLC, represents the Debtor as legal counsel. ALLSTAR PROPERTIES: To Sell Floyd Properties to Revocable Living ---------------------------------------------------------------- Allstar Properties, LLC (ASP) and its affiliate, ACH Rental Properties, LLC (ACH), seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, to sell several parcels of properties in Floyd County, Georgia, free and clear from liens, claims, interests, and encumbrances. The Debtor is a Georgia limited liability company. the Debtor is a real estate holding company that owns and/or manages several large pieces of real property throughout the northwest corner of the State of Georgia, in Floyd, Haralson and Polk Counties. The Investment Properties do not generate revenue unless and until they are sold, other than occasional timber and tangential sales. ASP is a Georgia limited liability company. ASP owns certain residential properties that it rents to individual tenants throughout the northwest corner of the State of Georgia, in Floyd, Haralson and/or Polk Counties. Where applicable, ACH collects rent on the Residential Properties. ACH is a Georgia limited liability company. ACH owns certain residential properties that it rents to individual tenants throughout the northwest corner of the State of Georgia, in Floyd, Haralson and/or Polk Counties. Where applicable, ACH collects rent on the Residential Properties. The Debtors employ CBRE Inc. as broker to sell the properties: 1 Craton Rd Floyd, K18-172 1 Craton Rd Floyd, K18-189 5229 Rockmart Hwy Floyd, K18-191 The Sale Agreement also included one property owned by ACH: 5617 Rockmart Rd Floyd, K18-189A On or around November 19, 2025, ASP and ACH, as the seller, CBRE, as the broker, and The Revocable Living Trust of William Darryl Edwards, as the purchaser, entered into that certain Real Estate Purchase Agreement wherein Buyer agreed to purchase the 989 Property for $4,100,000.00, to be allocated accordingly: $3,850,000 for the ASP Properties, and $250,000 for the ACH Property. The Purchase Agreement is subject to those mineral rights described in that certain Quitclaim minerals Deed, Floyd County, Georgia. The Purchase Price was the result of a months-long marketing campaign by CBRE. CBRE and Debtors assert that the Purchase Price is the fair market value of the 989 Property. The ASP Properties are part of a portfolio securing an approximate $8,453,345.002 debt, to Bank of America. The ACH Property is part of a portfolio securing an approximate $1,648,437.00 debt, to First National Community Bank. Pursuant to the Sale Agreement, and as set forth in the Application and subsequent order, CBRE is to receive a 5% commission on the gross sale amount of the 989 Property, to be paid at closing. The commission due to CBRE will be $205,000.00, which amount includes $192,500.00, for the ASP Properties, and $12,500.00 for the ACH Property. The net sale proceeds from the ASP Properties, as much as applicable and agreed to by BOA, shall be used to pay down the BOA Lien. The net sale proceeds from the ACH Property shall be used to pay down the FNCB Lien. Debtors believe that the ASP and ACH Proceeds constitute fair market value for the 989 Property and will maximize value to their estate. Debtors assert that, since the balance of the ASP and ACH Proceeds must be paid to BOA and FNCB, respectively, notice of the closing statement, which will not be available until shortly before the projected December 29, 2025, closing date, to the US Trustee, BOA and FNCB only is necessary. About Allstar Properties LLC Allstar Properties, LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reported estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. Anna Mari Humnicky, Esq., at Small Herrin, LLP is the Debtor's legal counsel. ALLSTAR PROPERTIES: To Sell Floyd Properties to Strides Autism -------------------------------------------------------------- Allstar Properties, LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Georgia limited liability company. The Debtor is a real estate holding company that owns and/or manages several large pieces of real property throughout the northwest corner of the State of Georgia, in Floyd, Haralson and Polk Counties. The Investment Properties do not generate revenue unless and until they are sold, other than occasional timber and tangential sales. The Debtor engages CBRE Inc. as the broker for the property. The Properties' address are: 785 Stewart Rd Floyd K20-012 0 Stewart Rd Floyd K20-013 4450 Old Rockmart Hwy Floyd K20-011 0 Stewart Rd Polk 040-024 785 Stewart Rd Polk 040-031 On or around November 20, 2025, the Debtor, CBRE, as the broker, and Steve Reischl, on behalf of Strides Autism Services, LLC, as the purchaser, entered into that certain Purchase and Sale Agreement wherein Buyer agreed to purchase the Stewart Rd. Properties for $1,500,000.00, to be allocated accordingly between Unencumbered Properties and Encumbered Properties. The Purchase Price was the result of a months-long marketing campaign by CBRE. CBRE and the Debtor assert that the Purchase Price is the fair market value of the Property. Certain of the Stewart Rd. Properties (separately identified as the Encumbered Properties) are part of a portfolio securing an approximately $2,200,351.00 debt to AgSouth Farm Credit, ACA. Pursuant to the Sale Agreement, and as set forth in the Application and subsequent order, CBRE is to receive a 5% commission on the gross sale amount of the Stewart Rd. Properties, to be paid at closing. The net sale proceeds from the Encumbered Properties shall, to the extent necessary, be used to pay down the Lien. The Debtor shall retain the net sale proceeds relating to the unencumbered properties for its own use. The Debtor believes that the Proceeds constitute fair market value for the Stewart Rd. Properties and will maximize value to the Estate. The Debtor submits that the sale to Buyer, which is an arms-length transaction between unrelated parties, is reasonable and appropriate, and designed to insure fairness. About Allstar Properties LLC Allstar Properties, LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reported estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. Anna Mari Humnicky, Esq., at Small Herrin, LLP is the Debtor'slegal counsel AMERICAN PEST: Amends Plan to Include SBA Secured Claim ------------------------------------------------------- American Pest Solutions, Inc., submitted a Modified Subchapter V Plan of Reorganization dated November 19, 2025. This Modified Plan amends the Plan confirmed on September 19, 2025 (the "Confirmed Plan"). The Court confirmed the Debtor's Plan on September 19, 2025. After confirmation and prior to the claims bar date, the U.S. Small Business Administration ("SBA") filed Proof of Claim No. 7 asserting a total claim of $116,816.55, consisting of a secured portion of $7,270.00 and an unsecured portion of $109,546.55. The Confirmed Plan did not provide treatment for the SBA claim. Additionally, SouthState Bank, N.A., previously treated as a secured creditor in Class 4, is junior in priority to the SBA lien and is therefore wholly unsecured. The Modified Plan adds an impaired secured class for the SBA's secured portion and reclassifies SouthState's claim as a wholly general unsecured claim. Pursuant to Sections 1193(b) and 1101(2) of the Bankruptcy Code, the Confirmed Plan has not been substantially consummated. Accordingly, the Debtor may modify the Confirmed Plan as set forth herein. This Modified Chapter 11, Subchapter V Plan proposes to treat all allowed claims against and all allowed interests in the Debtor. The Modified Plan provides for a total of six classes of claims and interests: three classes of unimpaired secured claims, one class of impaired secured claims, one class of general unsecured claims, and one class of equity interest holders. The Debtor's financial projections show that the Debtor will have projected disposable income of $136,955.00, reduced by projected secured and administrative claims in the amount of $71,360.03, leaving $65,594.97 disposable income to be disbursed to general unsecured claimants. The Disposable Income Projection projects that after payment of ordinary business expenses, administrative creditors, priority creditors and secured creditors, the Debtor will generate net cash flow of approximately $44,274.00 in the 36 months following the Effective Date of the Plan. All of these funds, less any funds incurred for Disputed Claim Professional Fees, will be paid to General Unsecured Creditors under the Plan. Class 4 consists of the Secured Claim of the U.S. Small Business Administration ("SBA"). The amount of claim in this Class total $116,816.65. This Class will receive a distribution of $7,270.00. Payment Terms: * The Debtor shall pay the SBA the total secured amount of $7,270.00 which shall commence on the distribution date following the Modified Effective Date of the Modified Plan. * The SBA shall retain its lien on the collateral securing the claim until the secured portion is paid in full. * Upon receipt of all payments required under this Class, the SBA shall release its lien. Because the SBA did not have the opportunity to vote on the Confirmed Plan before confirmation, the Debtor will seek confirmation of this Modified Plan under Section 1191(b) of the Bankruptcy Code. The Debtor submits that the treatment proposed for the SBA is fair and equitable and satisfies the requirements of Section 1129(b)(2) of the Bankruptcy Code, as incorporated by Section 1191(b) of the Bankruptcy Code, including retention of the SBA's lien and deferred cash payments totaling at least the allowed amount of its secured claim. Class 5 consists of all allowed general unsecured claims. The Modified Plan restructures the treatment of a creditor formerly designated as holding a secured claim. Upon review of the collateral value and the nature of the underlying claim, the Debtor has reclassified the claim as a general unsecured claim pursuant to Section 506 of the Bankruptcy Code. Accordingly, the creditor, SouthState Bank, NA, is now included within the unsecured creditor class and will receive distributions in accordance with the Class 5 treatment. The creditors shall share in a pro rata total distribution of an estimated $65,594.97. Allowed general unsecured claimants shall receive payment over three years, (36 months), at the end of each twelve-month period, ending at month thirty-six. This Class is impaired. The means necessary for the execution and funding of this Plan will be the result of the Debtor's operations vi-a-vis the Agreement with Affiliate American Pest Solutions & Fumigation, LLC, which is pending approval by the Court under Rule 9019, Federal Rules of Bankruptcy Procedure. The Plan shall be funded through the revenue of the Debtor's business operations. A full-text copy of the Modified Subchapter V Plan dated November 19, 2025 is available at https://urlcurt.com/u?l=7ohVN4 from PacerMonitor.com at no charge. Counsel to the Debtor: Christina Vilaboa-Abel, Esq. CAVA Law, LLC 1390 South Dixie Highway, Suite 1110 Coral Gables, FL 33146 Phone: (786) 675-6830 Email: christina@cavalegal.com About American Pest Solutions American Pest Solutions, Inc., is a Florida Profit Corporation and operates a pest control/fumigation business that provides pest management and fumigation services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13635) on April 2, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Scott M. Grossman presides over the case. Christina Vilaboa-Abel, Esq., is the Debtor as legal counsel. ANOTHER SPARE: Jerrett McConnell Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Another Spare Hive, Inc. Mr. McConnell will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About Another Spare Hive Inc. Another Spare Hive, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04235) on November 17, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Jacob A. Brown presides over the case. Byron Wright, III, Esq., at Bruner Wright, P.A. represents the Debtor as legal counsel. APEX TOOL: S&P Upgrades ICR to 'CCC' Following Debt Exchanges ------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on private U.S. tool manufacturer Apex Tool Group LLC to 'CCC' from 'SD'. S&P said, "At the same time, we assigned the following ratings to Apex Tool Ultimate Holdings LLC's debt, including: 'B-' issue-level and '1' recovery ratings to its new $155 million super-priority term loan; 'CCC' issue-level and '4' recovery ratings to its $629 million tranche A-1 term loan; and 'CC' issue-level and '6' recovery ratings to its $120 million tranche A-2 and $431 million tranche B-1 term loans. "We also lowered our issue-level rating on Apex Tool Group LLC's existing $171.6 million super-priority revolving credit facility (RCF) to 'B-' from 'B'. The '1' recovery rating is unchanged. The negative outlook reflects our expectation that the company's weaker power tool and flat hand tool volumes will pressure its adjusted leverage over the next 12 months." Apex Tool Group engaged in a series of exchanges with existing debtholders that S&P previously deemed to be a selective default (SD). S&P said, "Though marginally improved, we still view Apex's capital structure as unsustainable absent a significant improvement in profitability. The company has entered into debt exchanges that we viewed as distressed because its creditors received less than they were originally promised under the obligations. Overall, we view these changes as marginally positive because they extend the capital structure's maturity profile and lower interest costs while improving its liquidity." The company's debt load remains a challenge. Despite the marginally positive implications of reduced interest expense and extended maturities, the company's debt load is still substantial. Apex will continue to face high interest expense from its outstanding debt, which will likely limit its ability to generate positive free operating cash flow (FOCF) during the remainder of fiscal-year 2025 and through the first half of 2026. As such, S&P continues to believe the company is reliant on favorable economic and business conditions to meet its debt obligations over the next year. Apex's accounts receivable (AR) facility is current and has yet to be refinanced. The $50 million AR facility matures in December 2025. While the company has indicated it is in the process of renegotiating the facility, S&P notes the ongoing revenue headwinds and the recent debt exchanges may increase the risk of refinancing the facility before its December maturity. The negative outlook reflects S&P's expectation that the company's weaker power tool and flat hand tool volumes will pressure its S&P Global Ratings-adjusted leverage, causing its debt to EBITDA to remain above 11x (with EBITDA interest coverage of 1.0x-1.5x) over the next 12 months. S&P could lower its rating on Apex over the next six to 12 months if: -- The company's operating performance further declines such that S&P believes it will not be able to meet its debt obligations; -- S&P assesses its liquidity as weak; or -- It undertakes another debt exchange or restructuring that S&P views as distressed, or it is unable to refinance its AR facility prior to maturity. S&P could raise its ratings on Apex if the company successfully addresses its current maturity on its AR facility, addressing liquidity risk over the next 12 months. ARCADIAN RESOURCES: Amends Plan; Confirmation Hearing Jan. 9, 2026 ------------------------------------------------------------------ Arcadian Resources, LLC, submitted a Disclosure Statement in support of Second Amended Plan of Reorganization dated November 20, 2025. The Debtor's revenue and cash flows have come under significant strain due to, among other things, market conditions in the oil and gas industry, operational challenges with the Saratoga Well that delayed production and resulted in hundreds of thousands of dollars of costs to repair the well, and multiple judgments by creditors seeking to foreclose on the Saratoga Well. Like in the prior iteration of the Plan, except to the extent that a Holder of a General Unsecured Claim in Class 2 agrees to a less favorable treatment of its Allowed Claim, in full and final satisfaction, settlement, release, and discharge of and in exchange for each Allowed General Unsecured Claim, each such Holder shall receive their pro rata share of the Reorganized Debtor's equal, consecutive monthly payments in the amount of $2,000.00 commencing thirty days after the Effective Date. Upon the Effective Date of the Plan, all of the existing membership shares of the Debtor will be cancelled. The Reorganized Debtor will issue the New Membership Interests, which shall represent all of the issued and outstanding equity of the Reorganized Debtor, to the Plan Funder in exchange for the Plan Payment in the amount of $560,000.00. The assets acquired by the Plan Funder via purchase of the New Equity shall include all assets necessary or related to the business including cash, receivables, equipment, and the Saratoga Well. The Plan Payment is equivalent to the fair market value of the Equity Interests in the Debtor. In the event the value of the New Equity is contested, the Debtor agrees to auction the New Equity at the Confirmation Hearing. From and after the Effective Date, the Debtor will continue to exist as the Reorganized Debtor. As shown in the Reorganized Debtor's projections, the Reorganized Debtor has the funds necessary to pay the Holders of Allowed Claims. With respect to the balloon payment due to the Mineral Lienholders on the sixtieth month in the amount of $1,285,060.00, the Debtor anticipates that the funds necessary to satisfy the payment will either be derived from the production of oil at one of the nine right to drill wells, or from a contribution by the Plan Funder. The Bankruptcy Court has set January 9, 2026, at 10:00 A.M. as the date and time for the hearing on the disclosure statement and confirmation of the plan. The Bankruptcy Court has further fixed December 22, 2025, at 4:00 P.M. as the deadline for filing objections to the disclosure statement and confirmation of the plan. Counsel for the Debtor must receive the original ballots on or before December 24, 2025 (the "Voting Deadline"). A full-text copy of the Disclosure Statement dated November 20, 2025 is available at https://urlcurt.com/u?l=jO4Pdf from PacerMonitor.com at no charge. Counsel to the Debtor: Brandon J. Tittle Tittle Law Group, PLLC 13155 Noel Road, Suite 900 Dallas, Texas 75240 Tel: (972) 731-2590 Email: btittle@tittlelawgroup.com About Arcadian Resources Arcadian Resources is part of the oil and gas extraction industry. Arcadian Resources, LLC in Glen Elder KS, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Case No. 24-10158) on Sept. 1, 2024, listing as much as $1 million to $10 million in both assets and liabilities. James P. Deverman, sole member, signed the petition. The Debtor tapped Tittle Law Group, PLLC as bankruptcy counsel and Jeter Law Firm as special counsel. ATEG ENTERPRISES: Hires The Lane Law Firm as Bankruptcy Counsel --------------------------------------------------------------- Ateg Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire The Lane Law Firm, PLLC as counsel. The firm will render these services: (a) assist, advise and represent the Debtor relative to the administration of the chapter 11 case; (b) assist, advise and represent the Debtor in analyzing the Debtor's assets and liabilities, investigating the extent and validity of liens and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis, and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of the Debtor before said Courts and the United States Trustee; and (g) perform all other necessary legal services in these cases. Mr. Lane will receive an hourly rate of $650, senior associate Joshua D. Gordon $625, Zach Casas $575, Kyle Garza $450, and $250 for bankruptcy paralegals. The firm received payments from Debtor totaling $18,000. The Lane Law Firm, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert C. Lane, Esq. THE LANE LAW FIRM, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 E-mail: notifications@lanelaw.com About Ateg Enterprises Inc. Ateg Enterprises, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Texas Case No. 25-52669) on November 3, 2025, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Michael M. Parker presides over the case. Robert Chamless Lane, Esq., at The Lane Law Firm PLLC represents the Debtor as bankruptcy counsel. ATLAS OPCO: S&P Assigns 'CCC+' ICR on New Capital Structure ----------------------------------------------------------- S&P Global Ratings assigned a 'CCC+' issuer credit rating to Atlas Opco LLC (dba Alvaria; the new borrower and the parent company of Atlas Midco LLC, the former borrower) and a 'CCC+' issue-level rating to its new exit term loan facility. S&P also raised its issuer credit rating on Atlas Midco to 'CCC+' and discontinued all issue-level ratings for Atlas Midco because its debt no longer exists. S&P said, "The stable outlook reflects our view that Alvaria has sufficient cash balances to meet its operating and debt servicing requirements over the next 12 months. Nevertheless, we believe persistent revenue headwinds could undermine the sustainability of its capital structure." Alvaria issued a new tranche of debt as part of its recently completed distressed debt exchange. The company emerged from the transaction with a significantly reduced debt load, and S&P expects interest savings to support slightly positive free operating cash flow (FOCF) this year. Alvaria's recapitalization enhances its financial flexibility and provides it with more runway to execute on strategic initiatives. As part of the transaction, Alvaria reduced its debt burden to $198 million at close from about $970 million. Its debt includes $58 million of newly invested debt capital. The new exit term loan contains no maintenances covenants, matures in 2030, and does not provide for a revolving credit facility at this time. With maturities extended and interest expense reduced by nearly $100 million, Alvaria's execution headroom has improved significantly, with leverage forecasted near 3.6x by year end. S&P said, "Accordingly, we expect the company to ramp up business investments for the remainder of this year and into next year. We also expect interest expense savings to drive positive, albeit modest, FOCF of $0-$10 million in fiscal 2025." Top-line headwinds have persisted in fiscal 2025. Following data breaches in 2022 and 2023, Alvaria suffered customer losses that drove recent revenue declines. Subsequent restructuring events and financial challenges have similarly hampered the company's ability to win new customers. While revenues are still showing some signs of softness so far this year, the pace of revenue contraction has slowed. S&P said, "Although we believe Alvaria is now much better positioned to stabilize revenues over the near term given its right-sized capital structure and improved capacity to invest in research and development and sales, the company still faces obstacles going forward. These include recent reputational damage, hyper-competitive customer experience and workforce engagement management markets, and change of control risk, with Nut Tree Capital becoming the new majority equity owner following the debt exchange. While Nut Tree has communicated its commitment to preserving the current strategy of stabilizing revenues and maintaining profitability, we believe any change of control introduces some degree of transition risk as execution quality and governance dynamics can evolve under new stewardship. With $45 million of cash expected on its balance sheet by the end of the year, any material cash flow underperformance relative to our base case could undermine the sustainability of Alvaria's capital structure. "The stable outlook reflects our view that Alvaria has sufficient cash balances to meet its operating and debt servicing requirements over the next 12 months. Nevertheless, we believe persistent revenue headwinds could undermine the sustainability of its capital structure. "We could lower our ratings on Alvaria if we believe there is elevated risk of a subsequent distressed debt exchange or default scenario over a 12-month period. This could be due to operating underperformance leading to continued revenue declines, EBITDA margin deterioration, or accelerating cash outflows. "We could raise our ratings on Alvaria if operating performance has normalized and we believe its capital structure is sustainable. This could be evidenced by revenue inflection, accelerating positive FOCF, and growing cash balances." ATS CORP: S&P Affirms 'BB+' ICR on Continued Leverage Reduction --------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' issuer credit rating on Ontario-based automation firm ATS Corp. and its 'BB' issue-level rating. The stable outlook reflects S&P's view that ATS will generally maintain adjusted debt to EBITDA of 2x-3x and adjusted free operating cash flow (FOCF) to debt of 15%-25% over the next few years. Leverage remains on track to return below 3x this fiscal year, supported by customer recoveries and a robust backlog driving continued growth in key sectors, including life sciences and energy. ATS right-sized its transportation business in fiscal 2025 (ended March 31, 2025) in response to the slower adoption of electric vehicles (EVs) in North America, which led some customers to shift production strategies. S&P said, "At the time, these customers constituted most of ATS' transportation segment, which accounted for about 30% of revenue, much higher than the approximately 10% of revenue we expect this year. This drop in earnings led to S&P Global Ratings-adjusted debt to EBITDA for ATS of 4.2x in fiscal 2025, which we considered temporarily high for the rating. We continue to expect the company to focus on deleveraging such that leverage returns to below 3x by the end of this fiscal year. In the first quarter of this year, ATS received a C$194 million settlement from an EV customer that contributed to about a 0.4x reduction in leverage. This cash inflow--combined with our expectation for strong growth in the company's life sciences and energy end-markets--underpin our forecast leverage of about 2.9x by the end of fiscal 2026 (ending March 31, 2026), with a further reduction the following year. We assume no acquisitions and modest shareholder distributions in the near term, incorporating our view that management will prioritize deleveraging over other capital-allocation opportunities." S&P said, "The stable outlook reflects our view that ATS will generally maintain adjusted debt to EBITDA of 2x-3x and FOCF to debt of 15%-25% over the next few years while continuing its M&A strategy. "We could downgrade ATS within the next 12 months if we expect it to sustain adjusted debt to EBITDA above 3x or adjusted FOCF to debt below 15% over a couple of years." This could occur if: -- Demand weakens such that the company underperforms against S&P's estimates from persistent cost pressures or operating challenges that reduce margins; or -- The company pursues spending on acquisitions or shareholder distributions above our estimates. Although unlikely within the next 24 months, S&P could upgrade ATS if: -- Adjusted debt to EBITDA declines below 2x and adjusted FOCF to debt increases above 25%; -- S&P believes the company's financial policy will sustain such credit measures over the long term; and -- S&P expects the company to generate solid organic growth and steady profitability. AZUL SA: Dec. 11 Plan Confirmation Hearing ------------------------------------------ The hearing at which Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York will consider confirmation of the Chapter 11 Plan of Reorganization of Azul S.A. and its debtor affiliates will commence on December 11, 2025, at 11:00 a.m. The deadline for filing objections to the Plan and for ballots accepting or rejecting the Plan is December 2, 2025, at 4:00 p.m. A copy of the Disclosure Statement is available at https://urlcurt.com/u?l=sewGUC from PacerMonitor.com. A copy of the Solicitation and Voting Procedures and the Court's Order dated November 5, 2025, are available at https://urlcurt.com/u?l=jrHWQ0 from PacerMonitor.com. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. The Backstop Commitment Parties are represented by Cleary Gottlieb Steen & Hamilton and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados. The Subscription Agent is Stretto. AZUL SA: Seeks Approval of Strategic Investment Agreements ---------------------------------------------------------- Azul S.A. and its subsidiaries, ask the U.S. Bankruptcy Court for the Southern District of New York for approval to enter into strategic investment agreements that are essential to the successful confirmation and implementation of their Chapter 11 plan. At the outset of the cases, Azul secured broad stakeholder support through a network of restructuring support agreements with key strategic partners, a majority of its secured creditors, and its largest aircraft lessor, all designed to facilitate a coordinated, value-maximizing reorganization. The Plan, built on these RSAs, will reduce Azul's funded debt by more than $2 billion and position the company—Brazil's largest airline by departures and cities served, with 226 aircraft, 16,000 employees, and 900 daily flights—for long-term operational and financial strength. American Airlines and United Airlines have each committed to invest $100 million, totaling a $200 million “Investment Commitment,” at a 30% discount to plan equity value, in exchange for new equity issued at emergence through a direct allocation in the equity rights offering. This strategic capital injection is a linchpin of the entire restructuring: it provides essential liquidity, supports the Debtors' ability to confirm the Plan, and bolsters negotiations with other stakeholders, including aircraft lessors such as AerCap, whose settlement—resulting in over $1 billion in fleet savings—is expressly conditioned on the Strategic Partners' investment. The Investment Commitment is further required under the $650 million ERO backstop agreement, which mandates execution of binding investment agreements from the Strategic Partners prior to the disclosure statement hearing and conditions consummation of the backstop on their funding. The Debtors explain that the Strategic Investment Agreements were the product of extensive, months-long negotiations and represent customary, market-based terms, including the Debtors' obligation to reimburse reasonable professional fees and indemnify each Strategic Partner for losses arising out of the investment agreements, which will constitute allowed administrative expenses under sections 503(b) and 507. The agreements remain open for fifteen months from the Petition Date, and a defaulting Strategic Partner forfeits both its reimbursement rights and any entitlement to Subscribed Securities. The Debtors assert that without approval of these agreements, the Plan and its accompanying value-enhancing transactions—including the ERO, the backstop, the AerCap fleet restructuring, and the overall recapitalization of roughly $850 million of new equity—would collapse, leaving the Debtors with no viable path to emergence. The Debtors request swift approval to preserve the stability of the restructuring, maintain momentum toward confirmation, and ensure a successful emergence with a deleveraged balance sheet, strengthened commercial partnerships, and sufficient liquidity to support sustainable operations going forward. A copy of the motion is available at https://urlcurt.com/u?l=tC9vmX from PacerMonitor.com. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. BAANI TRANS: Seeks Chapter 7 Bankruptcy in California ----------------------------------------------------- On November 20, 2025, Baani Trans Inc. filed Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Baani Trans Inc. Baani Trans Inc. operates as a transportation and logistics provider, offering freight hauling and delivery services across both regional and long-distance routes. The company focuses on commercial trucking, delivering dependable transport solutions for a wide range of goods and industries. Baani Trans Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20418) on November 20, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Judge Neil W. Bason handles the case. The Debtor is represented by Gregory D. Angus of the Law Office of Gregory D. Angus. BEREAN ACADEMY: S&P Lowers School Refunding Bond Rating to 'BB-' ---------------------------------------------------------------- S&P Global Ratings lowered its long-term rating on the Pima County Industrial Development Authority, Ariz.'s series 2021 charter school refunding bonds, issued for Berean Academy, to 'BB-' from 'BB'. The outlook is stable. S&P said, "The downgrade reflects our view of Berean Academy's weakened demand profile, given its five years of consecutive enrollment declines, which have pressured operations and liquidity to levels and sensitivity that are not consistent with that of its higher-rated peers. "The academy employs one of its governing board members, and we view this as a governance structure risk. However, we believe the formally adopted conflict-of-interest policy and state guidelines related to governance and operations somewhat mitigate this risk. We consider Berean's environmental and social factors as neutral in our credit rating analysis. "The stable outlook reflects our view that Berean will stabilize its financial operations on an audited basis for fiscals 2025 and 2026 such that lease-adjusted MADS coverage will meet covenants, and liquidity will remain in line with the current rating level. It also reflects our understanding that there are no debt plans at this time. "We could consider a negative rating action if enrollment declines, or we see indications that the enrollment size is unable to sustain operations, such that financial performance, liquidity, or MADS coverage deteriorate to levels no longer commensurate with those of its similarly rated peers. In addition, we could consider a negative rating action if the school fails to remain compliant with its bond covenants, or if bondholders indicate they will take action regarding the academy missing its DSC ratio covenant in fiscal 2024. "Though unlikely within the outlook period, we could consider a positive rating action if the school's enrollment increases while operating performance remains at least balanced and MADS coverage and liquidity improve to a level comparable its higher-rated peers, in the absence of one-time funds." BLACK CASTLE: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------ On November 20, 2025, Black Castle Media Group Inc. 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 approximately 1–49 creditors. About Black Castle Media Group Inc. Black Castle Media Group Inc. is a media and entertainment firm specializing in the creation, distribution, and management of digital content across multiple platforms. Its operations encompass video production, marketing, creative content development, and multimedia project management for brands, creators, and corporate clients. Black Castle Media Group Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20425) 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 Neil W. Bason handles the case. The Debtor is represented by Deborah L. Raymond, Esq. of Raymond Law Offices APC. BLONDER TONGUE: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Blonder Tongue Laboratories, Inc. About Blonder Tongue Laboratories Inc. Blonder Tongue Laboratories Inc. develops and produces advanced signal-processing and media-distribution solutions serving TV broadcasters, cable companies, hotel video services, internet networks, and institutional clients. Blonder Tongue Laboratories Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-21863) on November 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Donald W. Clarke, Esq. of Genova Burns, LLC. BON MORRO: Seeks to Hire Choate Hall & Stewart LLP as Counsel ------------------------------------------------------------- The Bon Morro, LLC, et al., seek approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Choate, Hall & Stewart LLP to serve as counsel in their Chapter 11 cases. Choate, Hall & Stewart LLP will provide these services: (a) advise the Debtors of their rights, powers and duties as debtors-in-possession; (b) advise and consult on the Debtors' conduct within these Chapter 11 Cases, including all legal and administrative requirements of operating in chapter 11; (c) assist the Debtors in analyzing the claims of the Debtors' creditors and the Debtors' capital structure; (d) take necessary actions to preserve and maximize the Debtors' estates for the benefit of creditors, including prosecuting actions on the Debtors' behalf, defending actions commenced against the Debtors, and representing the Debtors in negotiations concerning secured lenders, the ground lessor, and all litigation; (e) prepare and file pleadings in connection with the Chapter 11 Cases, including chapter 11 plans, motions, applications, answers, orders, reports, and papers necessary or beneficial to administration of the estates; (f) represent the Debtors at hearings and other proceedings in these Chapter 11 Cases and any related appeals; (g) advise the Debtors on all corporate and tax issues related to the Chapter 11 Cases; and (h) perform all other necessary legal services the Debtors may require in connection with the Chapter 11 Cases. The firm will be paid at these hourly rates: Partners $1,300.50 - $1,453.50 Of Counsel/Principals $1,173 - $1,309 Associates $722.50 - 1,173 The firm agreed to a 15 percent discount on its standard hourly rates. Choate will also seek reimbursement for actual and necessary expenses. According to court filings, Choate is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Douglas R. Gooding, Esq. M. Hampton Foushee, Esq. CHOATE HALL & STEWART LLP Two International Place Boston, MA 02110 Telephone: (617) 248-5000 E-mail: dgooding@choate.com hfoushee@choate.com About The Bon Morro, LLC The Bon Morro, LLC and its debtor affiliates, a Boston, MA-based single-asset real estate debtor holding the ground lease to "The Bon," a 451-unit mixed-use project at 1260 Boylston Street, filed for Chapter 11 protection on Nov. 2, 2025 in the U.S. Bankruptcy Court for the District of Massachusetts (Bankr. D. Mass. Case No. 25-12379). At the time of the filing, the company reported $100 million to $500 million in both assets and liabilities. Judge Christopher J. Panos oversees the case. Choate Hall & Stewart LLP is Debtors' legal counsel. BON MORRO: Seeks to Hire Ordinary Course Professionals ------------------------------------------------------ The Bon Morro, LLC, along with its affiliated debtors, seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ and compensate three ordinary course professionals in its Chapter 11 cases. The professionals, along with the services they provided, include: (a) Marcus, Errico, Emmer & Brooks, P.C. -- advises the Debtors regarding legal issues with tenants and represents the Debtors in related litigation; (b) R.A. Hall & Co. LLC -- provides accounting services related to the Debtors' tax obligations; and (c) QX Accounting Services -- provides general accounting services to the Debtors. The estimated quarterly compensation for each professional: - Marcus, Errico, Emmer & Brooks, P.C.: $7,500 - R.A. Hall & Co. LLC: $6,250 - QX Accounting Services: $9,000 A hearing on the Motion is scheduled for Dec. 4, 2025. The firms can be reached at: Marcus, Errico, Emmer & Brooks, P.C. 45 Braintree Office Park, Suite #400 Braintree, MA 02184 Phone: (781) 843-5000 Fax: (781) 843-1529 - and - R.A. Hall & Co. LLC 183 State Street Unit 3 Boston, MA 02109 Main Number: (617) 723-3333 Fax: (617) 723-2769 Email: dmc@rahallco.com - and - QX Accounting Services 18 Broad Street Bloomfield, NJ 07003, USA Telephone: (551) 307-5522 Email: qxas@qxglobalgroup.com About The Bon Morro, LLC The Bon Morro, LLC and its debtor affiliates, a Boston, MA-based single-asset real estate debtor holding the ground lease to "The Bon," a 451-unit mixed-use project at 1260 Boylston Street, filed for Chapter 11 protection on Nov. 2, 2025 in the U.S. Bankruptcy Court for the District of Massachusetts (Bankr. D. Mass. Case No. 25-12379). At the time of the filing, the company reported $100 million to $500 million in both assets and liabilities. Judge Christopher J. Panos oversees the case. Choate Hall & Stewart LLP is Debtors' legal counsel. BOTTOMS UP: Unsecured Creditors to Get 7 Cents on Dollar in Plan ---------------------------------------------------------------- Bottoms Up Gentlemen's Club LLC filed with the U.S. Bankruptcy Court for the District of Maryland a Subchapter V Plan of Reorganization dated November 19, 2025. The Debtor is a corporation. Since 2012, the Debtor has been in the business of operating an adult entertainment venue in Baltimore, Maryland. The Debtor's operations include bar service, adult stage performances, and related hospitality services. The total plan payments are based on combined projections with Debtor Chez Joey, LLC (25- 17669in-DER). The value of the property to be distributed under the Plan during the term of the Plan is not less than the Debtor’s projected disposable income for that same period. Unsecured creditors holding allowed claims will receive distributions, which the Debtor has valued at approximately 7 cents on the dollar. The Plan also provides for the payment of secured, administrative, and priority claims in accordance with the Bankruptcy Code. The term of this Plan begins on the date of confirmation of this Plan and ends on the 60th month subsequent to that date. Unless otherwise provided in this Plan or indicated on Appendix B, funds received by the Trustee or otherwise included in this Plan but not specifically disbursed to a secured creditor under this Plan, shall be used to pay the following claims in the priority indicated: * Except as provided in Section 1191(e) of the Bankruptcy Code, all claims entitled to priority under Section 507 of the Bankruptcy Code shall be paid in accordance with Section 1129(a)(9) of the Bankruptcy Code. * Pursuant to Section 1191(e) of the Bankruptcy Code, the payment of claims entitled to priority under Section 507(a)(2) and Section 507(a)(3) of the Bankruptcy Code shall be paid under the Plan. * All secured claims shall be paid in accordance with Section 1129(b)(2)(A), Section 1191(b), and Section 1191(c) of the Bankruptcy Code. * After payment of the foregoing claims, sums received by the Trustee shall be paid, on a pro-rata basis, to allowed general unsecured claims. * In accordance with Section 1191 of the Bankruptcy Code and the terms of this Plan, the Debtor's equity security holders shall retain their interests in the Debtor. During the term of this Plan, the Debtor shall pay the disposable income necessary for the performance of this plan to the Subchapter V Trustee and shall pay the Trustee the sums set forth herein. A full-text copy of the Subchapter V Plan dated November 19, 2025 is available at https://urlcurt.com/u?l=cD7JCy from PacerMonitor.com at no charge. Counsel to the Debtor: Samuel R. Ingram, Esq. 1211 Light St., Ste. 216 Baltimore, MD 21230 Phone: 410-881-7344 Email: ross.one.law@gmail.com About Bottoms Up Gentlemen's Club LLC Bottoms Up Gentlemen's Club LLC is an adult entertainment venue operating in downtown Baltimore. Bottoms Up Gentlemen's Club LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17671) on August 21, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Law Office of Thomas J. Maronick Jr, LLC. BOY SCOUTS: Plan Appeal Gains Additional Claimant Support --------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the Boy Scouts of America's $2.46 billion sex abuse settlement is rapidly moving toward insolvency, according to a coalition of about 1,000 former scouts backing a petition for the U.S. Supreme Court to review the organization's bankruptcy plan. The group argued that the plan, once promoted by the Boy Scouts as a landmark solution, is failing to deliver meaningful compensation to the tens of thousands of survivors. In a filing with the high court, the former scouts said that the trust established to distribute payments is already showing signs of financial strain, reinforcing broader concerns that the plan is structurally inadequate. Their support for the appeal underscores growing dissatisfaction with a process they say has fallen far short of meeting the organization’s obligations to abuse survivors. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliancethrough participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. The Debtors obtained confirmation of their Third Modified Fifth Amended Chapter 11 Plan of Reorganization (with Technical Modifications) on September 8, 2022. The Order was affirmed on March 28, 2023. The Plan was declared effective on April 19, 2023. The Hon. Barbara J. House (Ret.) has been appointed as trustee of the BSA Settlement Trust. BUILT LLC: Seeks to Employ Ford & Semach as Bankruptcy Counsel -------------------------------------------------------------- BUILT, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Ford & Semach, P.A. as bankruptcy counsel in its Chapter 11 case, retroactive to the petition date. Ford & Semach, P.A. will provide these services: (a) analyzing the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; (b) advising the Debtor with regard to the powers and duties of the debtor and as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; (c) preparing and filing the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; (d) representing the Debtor at the Section 341 Creditors' meeting; (e) providing legal advice to the Debtor with respect to its powers and duties as Debtor and as Debtor-in-Possession in the continued operation of its business and management of its property; (f) advising the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (g) preparing necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appearing at hearings thereon; (h) protecting the interests of the Debtor in all matters pending before the court; (i) representing the Debtor in negotiation with its creditors in the preparation of the Chapter 11 plan; and (j) performing all other legal services for the Debtor as Debtor-in-Possession which may be necessary herein. Ford & Semach, P.A. will receive hourly rates of $550 for services rendered by Buddy D. Ford, $500 for services rendered by Jonathan A. Semach, $450 for services rendered by Heather M. Reel, and $150 for paralegal services. Prior to the filing, the Debtor paid a total advance fee of $20,000, consisting of a $5,000 pre-filing fee retainer, a $13,262 post-filing fee/cost retainer, and a $1,738 cost retainer including the filing fee. According to the application, Ford & Semach, P.A. represents no interest adverse to the Debtor and is a "disinterested person" within the meaning of the Bankruptcy Code. The firm can be reached at: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About Built LLC Built, LLC, provides custom cabinetry, furniture, and architectural millwork for residential and commercial clients. It was founded in 2013 and is based in Tampa, Florida. Built filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08415) on November 10, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Catherine Peek Mcewen presides over the case. Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. BUILT SOLID: Gets Interim OK to Use $687K in Cash Collateral ------------------------------------------------------------ Built Solid Renovations, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern District, to use cash collateral. The court determined that continued access to cash collateral is necessary to preserve and liquidate the Debtor's assets and maintain its operations. In its interim order, the court authorized the Debtor to use up to $687,048 in cash collateral through December 13 consistent with its budget, subject to a 20% variance per line item. The order is available at https://is.gd/bDDPSK from PacerMonitor.com. A final in-person hearing is scheduled for December 10. If no objections are filed, the interim order becomes final automatically. As of the petition date, cash collateral consists of approximately $17,803 in cash, $140,611 in accounts receivable, and no inventory. Built Solid Renovations has substantial secured obligations, including two SBA loans totaling over $2.8 million, each secured by blanket liens on all assets and personally guaranteed by Levi Moore, the company president; a $1.8 million Newtek loan secured by all assets and further collateralized by mortgages on Mr. Moore's residential properties and multiple affiliated-entity guarantees; and a series of equipment loans from Ally Bank, CIT Bank, Ford Motor Credit, and Wells Fargo Bank secured by various trucks and Bobcat machinery. The Debtor's bankruptcy was precipitated by a bank-account garnishment on October 27, which removed $18,000 in operating capital, and by its primary supplier placing it on COD terms, severely constraining operations. Its financial distress stems from rapid growth during the COVID-19 pandemic when annual sales surged from $7.5 million in 2020 to $13 million in 2022, followed by an equally rapid decline to $6.2 million in 2024. During the boom period, material shortages, labor scarcity, and price inflation caused long delays between quoting and completing jobs, resulting in over $20 million in unprofitable fixed-price contracts. The Debtor expanded staffing and costs to meet the surge but failed to downsize quickly when revenues fell, leading to substantial operating losses. Although it has now significantly reduced overhead and expects roughly $3 million in revenue for 2025, the Debtor cannot regain sustainable profitability without restructuring its overwhelming debt. About Built Solid Renovations LLC Built Solid Renovations, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-51258) on November 5, 2025. At the time of the filing, Debtor reported between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Mark A. Randon oversees the case. Schafer and Weiner, PLLC is Debtor's legal counsel. CAPSTONE CONSULTING: Employs Rocky Mountain Advisory as Accountant ------------------------------------------------------------------ Capstone Consulting, LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Joshua Gifford and Rocky Mountain Advisory, LLC as its accountants and tax preparers in its Chapter 11 case. RMA will provide these services: (a) rendering accounting assistance in the preparation of monthly financial reports required to be filed with the Court; (b) rendering assistance in connection with the Debtor's reorganization and other business matters; (c) preparing any necessary financial projections; (d) preparing tax returns and providing tax planning advice; and (e) advising the Debtor on any other financial matters that may arise in the Debtor's estate. RMA will be compensated at its standard hourly billing rates and will seek reimbursement for out-of-pocket expenses. Compensation is subject to approval by the Court and dependent upon the availability of estate funds. According to court filings, RMA is a "disinterested person" within the meaning of 11 U.S.C. Section 101 and holds no interests adverse to the Debtor or its estate. The firm can be reached at: Joshua Gifford Rocky Mountain Advisory, LLC 15 W. South Temple, Suite 500 Salt Lake City, Utah 84101 Telephone: (801) 428-1600 Facsimile: (801) 428-1601 About Capstone Consulting LLC Capstone Consulting LLC is involved in real estate development, with a focus on residential projects in the Logan, Utah area. The Company works on subdividing properties, expanding neighborhoods, and collaborating with other stakeholders to enhance local communities. Capstone Consulting LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-20752) on February 18, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by George B. Hofmann, Esq. at COHNE KINGHORN, P.C. CAPTAIN BLIGH'S: Kathleen DiSanto Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for Captain Bligh's Landing, Inc. Ms. DiSanto will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 disanto.trustee@bushross.com About Captain Bligh's Landing Inc. Captain Bligh's Landing, Inc. operates an 18-hole themed miniature golf course featuring caves, waterfalls, and a pirate-ship structure on Clearwater Beach, Florida. The Company provides family-oriented recreational and arcade entertainment at its facility on South Gulfview Boulevard, serving local residents and tourists. Captain Bligh's Landing filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08562) on November 14, 2025, with $2,011,893 in assets and $317,736 in liabilities. Anastasios Anastasopoulos, president, signed the petition. Judge Catherine Peek Mcewen presides over the case. Jake C. Blanchard, Esq. at BLANCHARD LAW, P.A. represents the Debtor as legal counsel. CDR TRANS: Seeks to Hire Farsad Law Office as Bankruptcy Counsel ---------------------------------------------------------------- CDR Trans, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Farsad Law Office, P.C. as its general bankruptcy counsel. The firm's services include: 1. advising the Debtor on bankruptcy duties and obligations; 2. preparing necessary schedules, statements, monthly operating reports, and the Plan of Reorganization; 3. representing the Debtor in hearings negotiations, and communications with creditors and the Subchapter V Trustee; 4. preparing and responding to motions, applications, and objections as required. The firm's billing rates are: Arasto Farsad (Managing Partner) $400/hour Nancy Weng (Partner) $400/hour Paralegals $100/hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $21,738 from the Debtor. Mr. Farsad disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Arasto Farsad, Esq. Farsad Law Office, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Telephone: (408) 641-9966 Facsimile: (408) 866-7334 Email: af@farsadlaw.com About CDR Trans LLC CDR Trans, LLC offers freight transportation services in the U.S., operating trucks to move general goods, with its headquarters in South San Francisco, California. CDR Trans sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30895) on October 30, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Christopher H. Dela Rosa, chief executive officer of CDR Trans, signed the petition. Arasto Farsad, Esq., at Farsad Law Office, P.C. represents the Debtor as bankruptcy counsel. CLUB CAR: S&P Downgrades ICR to 'CCC+', Outlook Negative -------------------------------------------------------- S&P Global Ratings lowered its rating on specialty vehicles manufacturer Club Car LLC to 'CCC+' from 'B-', with a negative outlook. S&P also lowered its issue-level rating on its first-lien term loan to 'CCC+' and our issue level rating on its senior unsecured notes to 'CCC-'. S&P said, "The negative rating outlook reflects Club Car's very high leverage and modest negative free operating cash flow (FOCF) over the next 12 months. We could lower the ratings if we believe the company's liquidity deteriorates causing a near-term liquidity crisis such that we believe a payment default or distressed exchange is likely over the next 12 months." Club Car LLC has underperformed its prior expectations, largely due to a slower recovery in its consumer segment, headwinds in its commercial segment due to macroeconomic uncertainty, and tariff headwinds on its supply chain. S&P said, "Given our expectations for a slower recovery in operations, we expect Club Car's credit metrics will remain weak in 2025 and 2026 as the company works down a buildup of used inventory, which is straining working capital and the annualized effect of tariffs. If operating performance doesn't improve materially over the next two years, this could impair its ability to refinance its debt maturing in 2028. "The downgrade reflects our view that Club Car is dependent on favorable operating performance and financing conditions to service its capital structure. This stems from weaker-than-expected operating performance in 2025 as the company faced a difficult revenue comparison to a max production environment in its golf segment in the first half of 2024, and a decline in demand in its commercial segment amid an uncertain macroeconomic environment. In addition, we now expect the consumer segment will take longer to recover significant lost market share to low-cost Chinese alternatives. Despite favorable outcomes in countervailing duties and anti-dumping tariffs on Chinese competitors announced by the ICC in July 2025, the consumer market is still over saturated with inventory of cheaper Chinese carts. We expect the effect of anti-dumping tariffs will begin to normalize the market sometime in 2026. However, a full recovery in this segment faces uncertainty given price-conscious consumers may further delay big-ticket leisure purhcases such as golf carts. "We now expect revenues for the full year to decrease by 0%-5% and for margins to contract by about 50-100 basis points (bps) due to headwinds from tariffs and lower operating leverage. In addition, the company is also working through a large backlog of used inventory built up over the past there years, straining working capital and depressing cash flows; we expect this will result in negative FOCF in 2025 that will persist into 2026. We expect EBITDA margins to be roughly flat in 2026 as the company reduces headcount, works to lower cost through alternative sourcing, and plant optimizations partially offset the full-year effect of tariffs in 2026. This results in S&P Global Ratings lease-adjusted leverage of about 10-11x and S&P Global Ratings-adjusted EBITDA coverage of interest expense just above 1x in 2025 and in 2026. "Although we don't forecast a near-term liquidity shortfall given the adequate availability under its $175 million asset-based lending (ABL) facility, the company faces refinancing risks over the next several years. If the company is unable to improve operations significantly in the second half of 2026 and into 2027, the company's weak cash flows and limited EBITDA coverage of interest expense could challenge the company's ability to refinance its term loans due in 2028. "We believe golf demand will remain steady through 2026 and possibly provide a material uplift in 2027. Club Car's golf segment accounted for roughly half of revenues in 2024. Golf demand in terms of rounds played remained robust in 2025, according to the National Golf Foundation and Golf Datatech, with rounds played up 1.4% through September. In addition, participation is at record levels, with 47 million people in the U.S participating in the sport in 2024. We believe the sport will remain healthy and that these elevated playing levels are plausible given the positive tailwinds in golf's popularity and participation, which should translate to continued good use of golf carts. The company's golf segment has declined through the first three quarters of 2025 due to a return to seasonality and coming off max production for most of 2024. We believe Club Car's golf segment will remain steady through 2026 as the company benefits from good demand for golf and its status as a premium brand in the golf community. However, we expect the first half of 2026 to be flat to down slightly due to an expected lighter lease renewal cycle in the first half of the year. Beginning late 2026 and into 2027, we expect the possibility of a material uplift in revenues as the company starts to renew a large quantity of leases, which could lead to good topline growth." Input prices and supply chain remain key risks. Club Car's manufacturing relies on raw materials, including steel, aluminum, lithium, lead, and rubber--the prices of which can fluctuate over time. Volatility in commodity prices for raw material inputs and the inability to pass these costs fully through to customers are key risks for Club Car. In the past, the company mitigated these risks with product surcharges. S&P said, "While we expect it could increase product prices to partially offset potential inflationary or tariff-induced pressures in raw materials, we expect gross margin will be suppressed through 2026 as the company works through high tariff costs and alternative sourcing of raw materials. Due to the complexity of Club Car's products and its reputation as a high-quality offering, we expect any alternative sourcing could take up to 12-18 months to pass quality control checks and be fully implemented into its supply chain." Club Car sells its products primarily through independent distributors, which creates some barriers to entry. S&P said, "We believe Club Car's well-established global distribution channels create some barriers to entry. The company primarily sells its products in the U.S., and although we believe international sales have increased due to the integration of Garia, they will remain a relatively small portion of total sales. The company assembles and ships most of its vehicles at two manufacturing facilities and one distribution plant in Georgia, which we believe involves some concentration risk." Club Car has a solid market position and long-standing reputation as a premium manufacturer in the golf cart industry, where it primarily competes against E-Z-GO and Yamaha. In 2024, the company's sales to golf course operators accounted for about half of its new cart sales. Although S&P views Club Car's end markets as relatively cyclical, with demand tied to consumer discretionary spending, spending on golf has remained resilient from its COVID-19 pandemic highs, with sustained elevated participation rates and favorable income demographics of its participants. In addition, Club Car often leases golf carts to course operators, typically for a period of four to five years, which provides some visibility into its future sales based on its fleet renewal and replacement cycles. Following the expiration of its leases, Club Car has the option to resell the used carts, which it often offers to its retail and commercial customers. S&P said, "The negative outlook reflects Club Car's very high leverage and modest negative FOCF over the next 12 months. We could lower the ratings if we believe the company's liquidity deteriorates causing a near-term liquidity crisis such that we believe a payment default or distressed exchange is likely over the next 12 months. This could occur if Club Car is unable to successfully mitigate the costs of tariffs and improve its supply chain and is unable to regain market share in its consumer segment and maintain its solid market position in its golf segment. "We could lower the rating to 'CCC' if Club Car faces a near-term liquidity crisis, such that we believe a payment default or distressed exchange is likely over the next 12 months. This could occur if economic and competitive pressures cause Club Car to underperform our base-case assumptions. "We could raise the rating to 'B-' over the next 12 months if Club Car's credit measures improve such that we believe it will be able to successfully refinance its capital structure, incorporating operating volatility and development risks. This could occur if operations in Club Car outperform our base-case forecast, such that leverage declines and it sustains positive FOCF, allowing the company to repay some of its outstanding ABL balance." CONCORDE METRO: To Sell Bayamon Property to MDD Child Neurology --------------------------------------------------------------- Concorde Metro Seguros LLC seeks permission from the U.S. Bankruptcy Court for the District of Puerto Rico to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor employs Christiansen Real Estate, Inc., d/b/a Christiansen Commercial, as exclusive sales agent for the Debtor's commercial office condominium units. The Debtor's Property is a certain commercial office condominium unit designated as Suite A-102, located within the Metro Medical Center building, Bayamon, Puerto Rico, containing approximately 1,983 square feet, together with all appurtenant rights and improvements, as more particularly described in Exhibit A. https://urlcurt.com/u?l=GrAvyt The Property was registered in favor of Concorde Metro Seguros, LLC, which acquired it by Purchase and Sale by Deed Number 63 executed in San Juan on December 31, 2015, before Notary Public Ricardo O. Melendez Sauri. The Property is subject to liens and encumbrances, including a Mortgage in favor of Banco Popular de Puerto Rico (BPPR). The Debtor receives a private offer from MDD Child Neurology LLC (now the newly formed entity CZV Med Group LLC), a Puerto Rico limited liability company. Once the Court approves the private sale, the Debtor will coordinate with the Buyer for the closing of said transaction and with BPPR for the partial release of Suite A-102 from the existing lien. The net proceeds from the sale, unless otherwise agreed in writing between the Debtor and BPPR, shall be paid to BPPR and applied toward reduction of the mortgage debt secured by the Property. The purchase price of the Property is $120,00. The Purchaser is assignee CZV Med Group LLC, a Puerto Rico limited liability company and the closing date will be on before December 19, 2025. The Debtor has obtained recent comparable sales data from Christiansen Commercial, the Court-approved broker, for office condominium units within the Metro Medical Center complex to establish the fair market value of the Property. The Seller shall bear the cost of the internal revenue stamps required for the execution of the original deed. Buyer shall pay the costs of rights, fees, and stamps on certified copies of the deed for registration in the Property Registry of Puerto Rico, as well as the statutorily applicable notarial tariff, and shall select the notary. Each party shall bear its own legal fees and expenses in connection with this transaction. Within the Debtor's business judgment, it believes that the sale of the subject property is in the best interest of the estate and its creditors. About Concorde Metro Seguros Concorde Metro Seguros LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). The Company's primary business involves managing the Metro Medical Center in Bayamon, Puerto Rico, which serves as its principal asset. Concorde Metro Seguros LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-01269) on March 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Mildred Caban Flores presides over the case. The Debtor is represented by Javier Vilarino, Esq. at Vilarino and Associates LLC. D WOOD HOTEL: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: D Wood Hotel LLC Super 8 by Wyndham Woods Cross/Salt Lake City North 8762 Preston Trace Blvd. Frisco, TX 75033 Business Description: D Wood Hotel LLC, based in Texas, owns and operates the Super 8 by Wyndham Woods Cross/Salt Lake City North at 2433 South 800 West, Woods Cross, Utah, providing economy- style lodging services in the hospitality industry. The property functions as a motel offering accommodations, basic amenities, and guest services to travelers in the Salt Lake City metropolitan area. Chapter 11 Petition Date: November 24, 2025 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 25-43559 Debtor's Counsel: John Paul Stanford, Esq. QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER, P.C. 2001 Bryan Street 1800 Dallas TX 75201 Tel: (214) 880-1851 Email: jstanford@qslwm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100 million to $500 million The petition was signed by Larry Williams as corporate representative. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RJHVKXQ/D_Wood_Hotel_LLC__txebke-25-43559__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. GreenLake Real Estate Note on Real $91,000,000 Finance LLC Property 1416 El Centro Street, Suite 200 South Pasadena, CA 91030 2. RMRS Capital Lender, LLC Note on Real $4,500,000 2204 Sinclair Street Property Carrollton, TX 75010 3. DM Funding LLC Note on Real $2,430,200 6903 Congress Street Property New Port Richey, FL 33543 4. Choice Hotels Goods and/or $1,436,947 International Inc. Services PO Box 99992 Chicago, IL 60696-7792 5. Stabilis Lending, LLC Note on Real $1,200,000 c/o Stabilis Capital Mgmt. LP 2 Property Grand Central Tower 140 East 45th Street, Suite 22-C New York, NY 10017 6. Chipman Glasser, LLC Note on Real $697,245 Tower One, Suite 7500 Property 2000 South Colorado Blvd. Denver, CO 80222 7. ACHAL, LLC Note on Real $450,000 Attn: Janmejay Patel Property 2949 Clematis Drive Schaumburg, IL 60193 8. Northwest Bank Note on Real $307,712 4900 Meadows Road, Suite 410 Property Lake Oswego, OR 97035 9. Guest Supply Goods and/or $47,597 PO Box 6771 Services Somerset, NJ 08875-6771 10. Super 8 Worldwide, Inc Goods and/or $32,615 15020 Collections Center Drive Services Chicago, IL 60693 11. HD Supply Facilities Goods and/or $16,033 Maintenance, Ltd. Services PO Box 509058 San Diego, CA 92150-9058 12. Amrik Singh Goods and/or $15,000 4229 Blake Cir. Services Stockton, CA 95206 13. Velocity Accounts Receivable Goods and/or $8,161 PO Box 631310 Services Cincinnati, OH 45263-1310 14. MD Property Services, Inc. Goods and/or $8,104 947 South 500 East, Suite 210 Services American Fork, UT 84003 15. LG Fulfillment Goods and/or $5,027 1102 A1A North, Suite 205 Services Ponte Vedra Beach, FL 32082 16. Abbas Consulting Inc Note on $3,000 107 Venice Court Microwaves Allen, TX 75013 17. Invoke Tax Partners Goods and/or $2,652 12221 Merit Dr., Suite 1200 Services Dallas, TX 75251 18. Rocky Mountain Power Goods and/or $2,420 PO Box 26000 Services Portland, OR 97256 19. Stepsaver Inc Goods and/or $2,248 1917 West 2425 South Services Woods Cross, UT 84087 20. Wood Cross City-Water Goods and/or $2,038 1555 South 800 West Services Woods Cross, UT 84087 DAN LEPORE & SONS: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Dan Lepore & Sons Company 501 Washington Street Conshohocken, PA 19428 Business Description: Dan Lepore & Sons Company provides construction and restoration services through divisions focused on stone work, unit masonry, and restoration, offering design/build capabilities along with rigging and scaffolding. It specializes in new building construction, maintenance, dismantlement, reconstruction, and the preservation of historic structures for industrial, commercial, and institutional clients across the United States. Chapter 11 Petition Date: November 21, 2025 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 25-14757 Debtor's Counsel: Aris J. Karalis, Esq. KARALIS PC 1900 Spruce Street Philadelphia, PA 19103 Tel: (215) 546-4500 Email: akaralis@karalislaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Gregory J. Lepore as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7JDS2TY/Dan_Lepore__Sons_Company__paebke-25-14757__0005.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6YH5UZQ/Dan_Lepore__Sons_Company__paebke-25-14757__0001.0.pdf?mcid=tGE4TAMA DARKPULSE INC: Reports $471,284 Net Loss in 2025 Q3 --------------------------------------------------- DarkPulse, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $471,284 for the three months ended September 30, 2025, compared to a net loss of $587,043 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $1,504,701, compared to a net loss of $3,540,148 for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $32,206 and $30,671, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $224,137 and $55,839, respectively. As of September 30, 2025, the Company's current liabilities exceeded its current assets by $18,517,073 and had an accumulated deficit of $72,752,633. As of September 30, 2025, the Company had $44,499 of cash. As of September 30, 2025, the Company had $2,033,461 in total assets, $20,262,215 in total liabilities, and $18,228,754 in total stockholders' deficit. The Company will require additional funding during the next 12 months to finance the growth of its current operations and achieve its strategic objectives. These factors, as well as the uncertain conditions that the Company faces relative to capital raising activities, create substantial doubt as to the Company's ability to continue as a going concern. T The Company is seeking to raise additional capital principally through private placement offerings and is targeting strategic partners in an effort to finalize the development of its products and begin generating revenues. The ability of the Company to continue as a going concern is dependent upon the success of future capital offerings or alternative financing arrangements or expansion of its operations. Management is actively pursuing additional sources of financing sufficient to generate enough cash flow to fund its operations for twelve months from the issuance date of these consolidated financial statements. However, management cannot make any assurances that such financing will be secured. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bddj6sz8 About DarkPulse Inc. Houston, Texas-based DarkPulse, Inc. is a technology-security company incorporated in 1989 as Klever Marketing, Inc. Its wholly-owned subsidiary, DarkPulse Technologies Inc., originally started as a technology spinout from the University of New Brunswick, Fredericton, Canada. The Company's security and monitoring systems will initially be delivered in applications for border security, pipelines, the oil and gas industry, and mine safety. Current uses of fiber optic distributed sensor technology have been limited to quasi-static, long-term structural health monitoring due to the time required to obtain the data and its poor precision. The Company's patented BOTDA dark-pulse sensor technology allows for the monitoring of highly dynamic environments due to its greater resolution and accuracy. Lagos, Nigeria-based Boladale Lawal & Co., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company suffered an accumulated deficit of $71,259,677, net loss of $3,893,859 and a negative working capital of $17,160,706. The Company is dependent on obtaining additional working capital funding from the sale of equity and/or debt securities to execute its plans and continue operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $2,033,461 in total assets, $20,262,215 in total liabilities, and $18,228,754 in total stockholders' deficit. DIOCESE OF ALEXANDRIA: U.S. Trustee Appoints Creditors' Committee ----------------------------------------------------------------- David Asbach, Acting U.S. Trustee for Region 5, appointed an official committee to represent unsecured creditors in the Chapter 11 case of Diocese of Alexandria. The committee members are: 1. Clint Allen c/o Adam Horowitz, Jessica D. Arbour Horowitz Law 110 E. Broward Blvd., Suite 1530 Ft. Lauderdale, FL 33301 954-641-2100 adam@adamhorowitzlaw.com 2. Daniel Mejias c/o Daniel Meyer Slater Slater Schulman, LLP 6023 Magazine Street New Orleans, LA 70118 504-334-8522 dmeyer@sssfirm.com 3. Rachael Moreno c/o Daniel Meyer Slater Slater Schulman, LLP 6023 Magazine Street New Orleans, LA 70118 504-334-8522 dmeyer@sssfirm.com 4. Micheal Williams c/o N. Frank Elliott N. Frank Elliott, III, LLC P.O. Box 3065 Lake Charles LA 70601 337-309-6999 frank@nfelaw.com 5. Thomas Defatta c/o N. Frank Elliott N. Frank Elliott, III, LLC P.O. Box 3065 Lake Charles LA 70601 337-309-6999 frank@nfelaw.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Diocese of Alexandria Diocese of Alexandria in Louisiana, established as the Diocese of Natchitoches on July 29, 1853, by Pope Pius IX and later relocated to Alexandria, serves as the ecclesiastical authority for the Catholic Church in north-central Louisiana. Headquartered at 4400 Coliseum Boulevard and led by Bishop Robert W. Marshall Jr., it encompasses 50 parishes and 21 mission churches across 13 civil parishes, with St. Francis Xavier Cathedral as its cathedral church. The Diocese operates as a Louisiana non-profit religious corporation and 501(c) (3) organization, providing spiritual, educational, and charitable services to roughly 36,228 Catholics across an 11,108-square-mile area. Diocese of Alexandria sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-31257) on October 31, 2025. In its petition, the Debtor reports total assets of $16,667,411 and total liabilities of $9,467,288. Honorable Bankruptcy Judge John S. Hodge oversees the case. The Debtor is represented by Bradley L. Drell, Esq., at Gold, Weems, Bruser, Sues & Rundell, A.P.L.C. DIOCESE OF OAKLAND: Judge Sets Plan Proposal Deadline ----------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that a California bankruptcy judge ordered the Roman Catholic Diocese of Oakland to produce a settlement term sheet by November 26 evening, signaling that the Chapter 11 case cannot continue without a clear path toward resolving childhood sexual abuse claims. The judge stressed the need for urgency after extensive but slow-moving discussions. The diocese and claimants have been negotiating a settlement that would fund a trust to compensate survivors and allow the reorganization to proceed. The court's deadline is intended to accelerate those talks and ensure that the case continues toward resolution, the report states. About Roman Catholic Bishop Of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. DM ELECTRICAL: Seeks to Hire Bob Wells as Fractional CFO -------------------------------------------------------- DM Electrical and Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Bob Wells as fractional CFO. The firm will render these services: 1, establish procedures to report accurately and timely to the bankruptcy trustee/court; 2. correct financial statements; 3. implement procedures; 4. implement new process for payroll; and 5. implement budget. Bob Wells will provide CFO services at the fee rate of $2,400 per week. Bob Wells assured the court that he has no interest adverse to Debtor or the estate in the matters upon which he is to be engaged. The firm can be reached through: Bob Wells, CFO 7704 N Fall Run Xing Houston, TX 77055 Tel: (281) 624-6604 Email: bob@bobwellscfo.com About DM Electrical and Construction LLC DM Electrical and Construction, LLC, formed on June 30, 2014, operates an electrical contracting business primarily focused on commercial projects while also providing residential electrical services. The Company's operations include new construction work under general contractors, maintenance contracts, residential generator and battery system installations, and whole- home electrical services across Texas. Its electricians are licensed by the Texas Department of Licensing and Regulation, and the Company emphasizes safety, quality, and customer-focused project completion. DM Electrical and Construction filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-36621) on November 3, 2025. At the time of the filing, Debtor listed between $1 million and $10 million in assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. The Lane Law Firm, PLLC is Debtor's bankruptcy counsel. DOOR COUNTY: Amends Unsecured Claims Pay Details ------------------------------------------------ Nacelle Logistics, LLC and Nacelle Biogas Equipment Funding 2019, LLC (collectively "Nacelle"), creditors of Door County Environmental Energy LLC, submitted a Second Combined Alternative Plan of Reorganization and Disclosure Statement for the Debtor dated November 19, 2025. Nacelle proposes an alternative plan that it believes ensures financial stability and future growth that will avoid necessity of another bankruptcy proceeding or liquidation of the Debtor's assets. Nacelle proposes that Avolta Renewables Holdings, LLC ("ARH") form a special purpose entity ("ARH SPE") to operate the Digester and fund its operation and make payments to the unsecured creditors and GAB by making an initial investment of $3.25 million. Under this alternative Plan, the ARH SPE would immediately repay at least 25% of unsecured debt, and 50% of GAB's secured debt, with full repayment of most creditors within five years of ARH SPE recovering 175% ($5,687,500) of its initial investment (the "ARH SPE Return Date"). Because Nacelle's equipment will remain in place, as opposed to Debtor's plan, there will be no project downtime or major new investment required. After reaching the ARH SPE Return Date, all future cash flows will be divided among the remaining stakeholders (including ARH SPE), and the balance of each claim will be paid out at a rate equal to their pro rata share of total claim amounts then remaining. Under the Nacelle Plan, most creditors are projected to receive up to 110% of their respective claims, after the initial payment at confirmation, within five years of the ARH SPE Return Date. These amounts are based on pricing projections from Stratas Advisors, a third-party market research firm. Class 3 consists of the Unsecured Claims of Nacelle and Foxland. Class 3 consists of the general unsecured claims of Nacelle in the amount of $1,914,974 ("Nacelle Claim") and Foxland, in the amount of $542,321 ("Foxland Claim"). These Claims shall be paid as follows: 25% of each claimant's then outstanding claim amount paid upon the effective date of the Plan. The balance of each claim to be paid upon the ARH SPE Return Date, after which the balance of these claims will be paid as follows: 20.5% of the available quarterly cash flow (net operating expenses) will be paid on the Nacelle Claim, and 6.6% of the available quarterly cash flow (net operating expenses) will be paid on the Foxland Claim, with the first payments being made within 30 days of the end of the fiscal quarter that the ARH SPE Return Date occurs. ARH SPE will provide notice to Nacelle and Foxland of the ARH SPE Return Date within 30 days of its occurrence and thereafter will continue to make payments within 30 days of the end of each fiscal quarter until 110% of the balance of the Nacelle and Foxland Claims are paid. As modeled using the Stratas pricing curve to forecast environmental attribute prices, this would occur within five years of the ARH SPE Return Date. To effectuate the proposed Nacelle Plan, the Digester shall continue operating. ARH SPE will utilize profits, revenues, and income from its operations, and cash on hand on the effective date to fund the proposed Nacelle Plan. In addition, ARH will inject $3.25 million, which will be used to make payments to creditors at confirmation, keep the business solvent, and fund business operations and potential investments, ultimately aiming to improve the debtor's financial stability and its ability to repay its creditors. A full-text copy of the Second Amended Combined Plan and Disclosure Statement dated November 19, 2025 is available at https://urlcurt.com/u?l=aaQ2LE from PacerMonitor.com at no charge. Counsel to Nacelle Logistics, LLC and Nacelle Biogas: MURPHY DESMOND S.C. Jane F. Zimmerman, Esq. Daniel J. McGarry, Esq. 33 E. Main Street, Suite 500 Madison, WI 53703 Tel (608) 257-7181 Fax (608) 257-2508 Email: jzimmerman@murphydesmond.com dmcgarry@murphydesmond.com About Door County Environmental Energy Door County Environmental Energy LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 24-26772) on Dec. 19, 2024. In the petition filed by Chris A. Lenzendorf, as authorized signatory of Door County Environmental Energy LLC, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Beth E. Hanan oversees the case. The Debtor is represented by Claire Ann Richman, Esq. at RICHMAN & RICHMAN LLC. German American State Bank, as lender, is represented by: Sara C. McNamara, Esq. REINHART BOERNER VAN DEUREN S.C. 1000 North Water Street, Suite 1700 Milwaukee, WI 53202 Tel: (414) 298-1000 Email: smcnamara@reinhartlaw.com E&M BINDERY: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: E&M Bindery, Inc. 11 Peekay Drive Clifton, NJ 07014 Business Description: E&M Bindery & Finishing, Inc. provides mechanical binding, perfect binding, die cutting, embossing, folding, mailing, collating, tabbing and other post-press services from its headquarters in Clifton, New Jersey. The Company serves individuals, businesses, brokers and institutions with trade binding, finishing and related production work. Founded in 1962, it operates as one of the larger binderies on the U.S. East Coast. Chapter 11 Petition Date: November 21, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-22444 Judge: Hon. Stacey L Meisel Debtor's Counsel: David Edelberg, Esq. SCARINCI HOLLENBECK 150 Clove Road Little Falls, NJ 07424 Tel: 201-896-4100 Email: dedelberg@sh-law.com Total Assets: $2,744,279 Total Liabilities: $2,623,698 Gary Markovits 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/SUISPGI/EM_Bindery_Inc__njbke-25-22444__0001.0.pdf?mcid=tGE4TAMA E&M BINDERY: To Sell Bindery Business to Bind-Rite for $567K ------------------------------------------------------------ E&M Bindery, Inc., seeks permission from the U.S. Bankruptcy Court for the District of New Jersey to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor is a New Jersey corporation that maintains a principal place of business at 11 Peekay Drive, Clifton, New Jersey 07014, operating a bindery. The Debtor's sole shareholder is Gary Markovits, who manages the Debtor's daily operations. The Debtor employs approximately 70 full time salaried employees and five hourly employees. The Debtor's business has been negatively impacted by the digitization of books, magazines, periodicals, pamphlets and other written materials. Digitization has reduced the amount of such products that require cutting, trimming, binding, and related services. As a result, industries such as binders, printers and paper mills have experienced reduced sales. The Debtor's sales have decreased to the point where continuing profitable operations are no longer viable long term. The Debtor's assets are cash on deposit in the amount of approximately $60,000, accounts receivable in the amount of approximately $1.1 million dollars, and machinery equipment having an appraised orderly liquidation value of approximately $1.4 million dollars. The Debtor owns inventory having an estimated value of $20,000; computer equipment consisting of approximately 12 desktops valued at $7,000 and a security deposit of nearly %50,000 held by Landlord. The Debtor owes approximately $807,000 to Milberg Factors Inc. Certain pieces of Debtor's machinery and equipment are subject to lease agreements having an estimated balance due in the aggregate amount of $210,000. The Debtor leases its business premises from Landlord. There are arrears due to Landlord in the amount approximately $300,000. The Landlord has instituted an eviction action which is scheduled for trial on December 15, 2025. The Debtor's general unsecured creditor body consists of approximately $1.4 million dollars. The Debtor anticipates continuing to operate its business in the ordinary course pending the orderly liquidation of its assets. The Debtor wants to sell the Assets to Bind-Rite Services, Inc. in the purchase price of $567,000. The Buyer is expected to tender a deposit of $56,700 as down payment upon the purchase price upon execution of a final, sale contract. In addition, some of the Assets are subject to lease agreements which have an estimated payoff amount of $108,000. The Debtor is negotiating with several lessors in an effort to obtain discounted payoff agreements. The Debtor intends to remit a ten percent commission to MidAmerica Equipment Solutions, LLC and remit payments to several equipment lessors that own equipment that is part of the sale an agreed amount in full satisfaction of their claims. The Debtor seeks to remit 90% of the net sale proceeds to Milberg Factors and an escrow of ten 10% of the net sale proceeds in the attorney trust account of Scarinci Hollenbeck LLC for purposes of compensating professional fees incurred. The sale price of $567,000 will be reduced by approximately $108,000 due upon leases of some of the equipment and further reduced by broker's requested 10% commission. The net proceeds are projected to be $401,000. Gary Makovits, Debtor's sole shareholder, will be employed by buyer. Mr. Markovits compensation will consist of a draw against commission of $3,500/week, a sales commission of 6% of all sales generated by Mr. Markovitz's effort, health insurance coverage, and a $1,700/month travel and entertainment budget and a signing payment of $50,000 payable upon closing upon the sale. About E&M Bindery Inc. E&M Bindery, Inc. provides finishing and binding services for printed materials. E&M Bindery sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No.: 25-22444(SLM). Judge Stacey L. Meisel presides over the case. David Edelberg at Scarinci & Hollenbeck LLC represents the Debtor as legal counsel. EAGLE FENCE: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Eagle Fence and Iron Work, LLC got the green light from the U.S. Bankruptcy Court for the Western District of Louisiana, Shreveport Division, to use cash collateral to fund the operation of its metal fabrication and construction business in Shreveport. The court authorized the Debtor's interim use of cash collateral from November 25 until entry of a final order in accordance with its six-month operating budget. As adequate protection for any interest in cash collateral held by the U.S. Small Business Administration, TruFund Financial Services, iBusiness Funding, and Capitalize Group LLC, the Debtor will grant these secured creditors a replacement lien on post-petition property that is similar to their pre-bankruptcy collateral. The replacement liens also apply to proceeds, products, and profits generated from the Debtor's use of cash collateral. Moreover, these liens will have the same validity, extent, and priority as the secured creditors' pre-bankruptcy liens. The order is available at https://is.gd/BSk8jG from PacerMonitor.com. The final hearing is scheduled for December 3. The Debtor believes these creditors may claim an interest in the cash collateral: (i) the SBA, which holds a first priority blanket lien securing a claim of $874,800 with only $128,099 in collateral value; (ii) TruFund Financial Services, which asserts a second priority lien but effectively unsecured due to the SBA's senior position; and (iii) iBusiness Funding and Capitalize Group LLC, which asserts third and fourth position liens respectively, both likewise unsecured because all collateral value is exhausted by the senior SBA lien. Each of these creditors holds claims designated as contingent, unliquidated, and disputed, and the Debtor has been unable to make contact with any of them, meaning none has consented or objected to the use of cash collateral. About Eagle Fence and Iron Work LLC Eagle Fence and Iron Work, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-11374) on November 11, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge John S. Hodge presides over the case. Robert W. Raley, Esq., represents the Debtor as legal counsel. EMORY INDUSTRIAL: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Emory Industrial Services 1, Inc. and its affiliates. The committee members are: 1. Intent Sciences c/o Michael Balducci mike@intentsciences.com 2. Rise Business Consulting c/o Mark Gehrett risebusconsulting@gmail.com 3. Rich Rendon rich@r3og.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Emory Industrial Services 1 Inc. Emory Industrial Services 1 Inc., based in Abilene, Texas, provides industrial cleaning, maintenance, and repair services for heavy equipment and machinery, including dry ice blasting for surface cleaning. The Company serves sectors such as oil and gas, food and beverage, power generation, manufacturing, agriculture, and construction. Emory Dry Ice 1, Inc., operating under the Emory Dry Ice brand, produces and distributes dry ice products for industries such as pharmaceuticals, food, and logistics. Emory Industrial Products, Inc. and Emory Industrial Holdings, Inc. are affiliated entities within the Emory Industrial Services group. Emory Industrial Services 1 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44148) on October 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP. ETHEMA HEALTH: Delays Q3 10-Q Filing Due to Data Compilation Issues ------------------------------------------------------------------- Ethema Health Corp. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it is unable to file its Quarterly Report on Form 10-Q for the period ended September 30, 2025 by the prescribed date without unreasonable effort or expense because the Company was unable to compile and review certain information required in order to permit the Company to file a timely and accurate report on the Company's financial condition. The Company believes that the Quarterly Report will be completed and filed within the five-day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended. About Ethema Health Ethema Health Corp. is a Colorado-based company headquartered in West Palm Beach, Florida, focused on addiction treatment services in the United States. Originally established as an oil and gas exploration firm, the Company transitioned through various sectors, including electronics -- before shifting to healthcare. It now operates primarily through Evernia, maintaining in-network relationships with healthcare providers to source most of its clients. As of June 30, 2025, the Company had $28.9 million in total assets, $37.54 million in total liabilities, and $8.64 million in total stockholders' deficit. In an audit report dated May 23, 2025, RBSM LLP issued a "going concern" qualification citing that the Company has suffered recurring losses from operations, generated negative cash flows from operating activities, has working capital deficiency and accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern. EUCLID REALTY: Case Summary & Two Unsecured Creditors ----------------------------------------------------- Debtor: Euclid Realty Capital V LLC 501 Chesapeake St SE Washington, DC 20032 Business Description: Euclid Realty Capital V LLC functions as a real estate lessor and holds a single property located at 501 Chesapeake St SE in Washington, DC, which an expert has valued at about $1.45 million. Chapter 11 Petition Date: November 11, 2025 Court: United States Bankruptcy Court District of Columbia Case No.: 25-00518 Judge: Hon. Elizabeth L Gunn Debtor's Counsel: Jeffery T. Martin, Jr., Esq. MARTIN LAW GROUP PC 8065 Leesburg Pike Suite 750 Vienna, VA 22182 Tel: (703) 223-1822 E-mail: jeff@martinlawgroup.com Total Assets: $1,461,962 Total Liabilities: $1,215,645 The petition was signed by Andrea Pericli as managing member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DEZCKQI/Euclid_Realty_Capital_V_LLC__dcbke-25-00518__0001.0.pdf?mcid=tGE4TAMA EVOFEM BIOSCIENCES: Reports $1.6MM Net Loss in 2025 Q3 ------------------------------------------------------ Evofem Biosciences, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.6 million for the three months ended September 30, 2025, compared to a net loss of $2.4 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $2.4 million, compared to a net loss of $5.8 million for the same period in 2024. Product sales for the three months ended September 30, 2025 and 2024, were $5 million and $4.5 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $10.6 million and $12.3 million, respectively. "Sales rebounded in the third quarter and were 10% higher than the same quarter last year, reflecting the joint effort of our sales team combined with our smart, provocative social media initiatives and the great press coverage we garnered this summer," said Saundra Pelletier, CEO of Evofem Biosciences. As of September 30, 2025, the Company had $13.8 million in total assets, $83.9 million in total liabilities, $4.9 million in convertible and redeemable preferred stock, and $75.1 million in total stockholders' deficit. As of September 30, 2025, the Company had a working capital deficit of $70.3 million and an accumulated deficit of $900.2 million. Evofem has financed its operations to date primarily through the issuance of preferred stock, Common Stock, warrants and convertible and term notes; cash received from private placement transactions; and, to a lesser extent, product sales. As of September 30, 2025, the Company had approximately $0.8 million in cash and cash equivalents, all of which is restricted cash available for use as prescribed in the Adjuvant Notes. Cash and cash equivalents include amounts held in checking accounts. Management believes that the Company's cash and cash equivalents as of September 30, 2025 are insufficient to fund operations for at least the next 12 months from November 13, 2025, the date on which the Quarterly Report on Form 10-Q is filed with the SEC. Evofem said, "We have incurred losses and negative cash flows from operating activities since inception. In 2024, we focused on further improving and increasing PHEXX access, acquired global rights to SOLOSEC, and delivered our fourth consecutive year of PHEXX net sales growth. In 2025, we continue to focus on top-line growth while maintaining a lean operating structure. We will continue to explore opportunities for organic growth, entry into new markets including those covered by our license and supply agreements with Pharma 1, and potential expansion of our product offerings beyond PHEXX and SOLOSEC." "As of September 30, 2025, the Company's significant commitments include the Baker Notes, Adjuvant Notes, SSNs, and Aditxt Notes . . . and fleet leases, SOLOSEC contingent liability, and the potential settlement amount with TherapeuticsMD . . . . The purpose of these commitments is to further the commercialization of PHEXX and SOLOSEC. "Management's plans to meet the Company's cash flow needs in the next 12 months include generating revenue from the sale of PHEXX and SOLOSEC, further restructuring of the Company's current payables, and obtaining additional funding through means such as the issuance of its capital stock, non-dilutive or dilutive financings, or through collaborations or partnerships with other companies, including license agreements for PHEXX and/or SOLOSEC in the U.S. or foreign markets, or other potential business combinations." If the Company is not able to obtain the required funding through a significant increase in revenue, equity or debt financings, license agreements for our products in the U.S. or foreign markets, or other means, or is unable to obtain funding on terms favorable to the Company, there will be a material adverse effect on commercialization and development operations and the Company's ability to execute its strategic development plan for future growth. If the Company cannot successfully raise additional funding and implement its strategic development plan, the Company may be forced to make further reductions in spending, including spending in connection with its commercialization activities, extend payment terms with suppliers, liquidate assets where possible at a potentially lower amount than as recorded in the condensed consolidated financial statements, suspend, or curtail planned operations, or cease operations entirely. Any of these could materially and adversely affect the Company's liquidity, financial condition and business prospects, and the Company would not be able to continue as a going concern. The Company has concluded that these circumstances and the uncertainties associated with the Company's ability to obtain additional equity or debt financing on terms that are favorable to the Company, or at all, and otherwise succeed in its future operations raise substantial doubt about the Company's ability to continue as a going concern. "If we are unable to continue as a going concern, we may have to liquidate our assets and, in doing so, we may receive less than the value at which those assets are carried on our condensed consolidated financial statements. Any of these developments would materially and adversely affect the price of our stock and the value of an investment in our stock. As a result, our condensed consolidated financial statements include explanatory disclosures expressing substantial doubt about our ability to continue as a going concern." The Company expects future equity-based compensation expense to increase following stockholder approval of the 2025 Equity Incentive Plan, which authorizes up to 50 million additional shares. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3a8ey4tf About Evofem Evofem Biosciences, Inc. is a San Diego-based biopharmaceutical company focused on sexual and reproductive health innovations. Its first commercial product, PHEXXI, is a hormone-free prescription contraceptive gel that was FDA-approved in 2020. In November 2024, they re-launched SOLOSEC, an oral antimicrobial agent for treating two common sexual health infections, following its acquisition of global rights. The Company aims to expand its global presence through partnerships and licensing agreements, such as the recent licensing of PHEXXI commercial rights in the Middle East to Pharma 1 Drug Store, LLC. In its report dated March 23, 2025, the Company's auditor, BPM, LLP, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, noting that the Company has experienced recurring operational losses, negative cash flows from operations since its inception, and a net capital deficiency, all of which raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $14.38 million in total assets, $79.21 million in total liabilities, and $69.61 million in total stockholders' deficit. FALLS OF BRAEBURN: Seeks to Hire Okin Adams Bartlett as Counsel --------------------------------------------------------------- Falls of Braeburn, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Okin Adams Bartlett Curry LLP as counsel. The firm will render these services: a) advise the Debtors with respect to their rights, duties and powers in the Chapter 11 Cases; b) assist and advise the Debtors relative to the administration of the Chapter 11 Cases; c) assist the Debtors in analyzing the claims of their creditors and in negotiating with such creditors; d) assist the Debtors in preparation and confirmation of a plan of reorganization; e) represent the Debtors at all hearings and other proceedings; f) review and analyze all applications, orders, statements of operations and schedules filed with the Court and advise the Debtors as to their propriety; g) assist the Debtors in preparing pleadings and applications as may be necessary in furtherance of the Debtors' interests and objectives; and h) perform such other legal services as may be required and are deemed to be in the interests of the Debtors in accordance with the Debtors' powers and duties as set forth in the Bankruptcy Code. The firm's hourly rates are as follows: Matthew S. Okin, Partner $875 Timothy L. Wentworth, Of Counsel $550 Kelley K. Edwards, Associate $460 Legal Assistants $135 - $155 In addition, the firm will seek reimbursement for expenses incurred. Okin Adams received an initial retainer of $20,000 from Vijaya Polavarapu on October 31, 2025, an additional amount of $55,000 from Padmaja Polavarapu on November 3, 2025 and a third amount of $75,000 from Falls of Bellaire on November 4, 2025. Matthew Okin, Esq., an attorney at Okin Adams Bartlett Curry, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew S. Okin, Esq. Okin Adams Bartlett Curry LLP 1113 Vine St., Suite 240 Houston, TX 77002 Telephone: (713) 228-4100 Facsimile: (346) 247-7158 Email: mokin@okinadams.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 and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90602) on November 3, 2025. At the time of filing, the Debtor estimated $10 million to $50 million in both assets and liabilities. The petitions were signed by Siri Khalsa as authorized representative. Judge Christopher M Lopez presides over the case. Matthew S. Okin, Esq. at OKIN ADAMS BARTLETT CURRY LLP represents the Debtor as counsel. FANTASTIC REAL: Mark Sharf Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a practicing attorney in Los Angeles, as Subchapter V trustee for Fantastic Real Estate Development, LLC. Mr. Sharf will charge $660 per hour for his services as Subchapter V trustee and will seek reimbursement for work-related expenses incurred. Mr. Sharf declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark Sharf, Esq. 6080 Center Drive, 6th Floor Los Angeles, CA 90045 Telephone: (323) 612-0202 Email: mark@sharflaw.com About Fantastic Real Estate Development Fantastic Real Estate Development, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-20225) on November 17, 2025, with $1,000,001 to $10 million in assets and liabilities. Judge Barry Russell presides over the case. Nathan L. Young, Esq. at The Law Office Of Nathan L Young represents the Debtor as legal counsel. FCI SAND: Seeks to Hire Piper Sandler & Co. as Investment Banker ---------------------------------------------------------------- FCI Sand Operations, LLC and FCI South, LLC seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Piper Sandler & Co. as investment banker. The firm will render these services: a. review and analyze the Debtors' assets and liabilities and the operating and financial strategies of the Debtors; b. review and analyze the business plans and financial projections prepared by the Debtors; c. evaluate the Debtors' debt capacity in light of its projected cash flows and assist in the determination of an appropriate capital structure for the Debtors; d. evaluate the Debtors' liquidity, including financing alternatives; e. assist the Debtors in raising debt or equity financing, including developing marketing materials, creating and maintaining a data room and contact log, initiating contact with potential capital providers and running the process for a New Capital Raise; f. assist the Debtors in M&A Transaction related activities, including developing marketing materials, creating and maintaining a data room and contact log and initiating and managing contact with interested buyers throughout the process; g. assist the Debtors and its other professionals in reviewing the terms of any proposed M&A Transaction and/or New Capital Raise (whether proposed by the Debtors or by a third party), in responding thereto and, if directed, in evaluating alternative proposals for a M&A Transaction and/or New Capital Raise, as applicable; h. advise the Debtors with respect to, and attend, meetings of the Debtors' board of directors, creditor groups and other interested parties, as reasonably requested; and i. render such other financial advisory and investment banking services as may be agreed upon by Piper Sandler and the Debtors. The firm will receive these fees: a. Monthly Fee. Commencing as of the date hereof, whether or not a transaction is proposed or consummated, an advisory fee (a "Monthly Fee") of $150,000 per month. The initial Monthly Fee shall be pro-rated based on the commencement of services as of the date hereof through to the end of the calendar month. One third (1/3) of each Monthly Fee shall be payable in cash and the remaining two thirds (2/3) of each Monthly Fee shall be payable in cash upon the earlier of (i) consummation of any M&A Transaction or New Capital Raise and (ii) the Debtors' emergency from the Bankruptcy Cases. The cash portion of the first full two Monthly Fees shall be payable by the Debtors upon the execution of this Agreement by the Debtors, and thereafter the cash portion of the Monthly Fee shall be payable by the Debtors in advance on the first day of each month. b. A fee (an "M&A Fee") of $2,500,000, plus an additional 2.5% applicable to values of Aggregate Consideration (as defined below) above $90,000,000, payable upon the closing of each M&A Transaction. The term "Aggregate Consideration" shall mean the total amount of all cash plus the total value (as determined pursuant hereto) of all securities, contractual arrangements (including, without limitation, any lease arrangements or put or call agreements) and other consideration, including, without limitation, any contingent, escrowed or earned consideration, paid or payable, directly or indirectly, in connection with an M&A Transaction (including, without limitation, amounts paid (i) pursuant to covenants not to compete, employment contracts, employee benefit plans, management fees or other similar arrangements, and (ii) to holders of any warrants, stock purchase rights or convertible securities of the Debtors and to holders of any options or stock appreciation rights issued by the Debtors, whether or not vested). Aggregate Consideration shall also include the amount of any short-term liabilities and any long-term liabilities of the Debtors (including, without limitation, the principal amount of any indebtedness for borrowed money, capitalized leases and the full amount of any off-balance sheet financings) (x) assumed, repaid, defeased or retired, directly or indirectly, in connection with or in anticipation of an M&A Transaction or (y) existing on the Debtors' balance sheet at the time of an M&A Transaction (if such M&A Transaction takes the form of a merger, consolidation or a sale of stock or partnership interests). For purposes of calculating the amount of revolving credit debt in the preceding sentence, the arithmetic mean of the amount of revolving credit debt outstanding on the last day of each month during the 12 months preceding the closing of the M&A Transaction will be used. In the event such M&A Transaction takes the form of a sale of assets, Aggregate Consideration shall include (i) the value of any current assets not purchased, minus (ii) the value of any current liabilities not assumed. In the event such M&A Transaction takes any other form, Aggregate Consideration shall include the fair market value of (i) the equity securities of the Debtors retained by the Debtors' security holders following such M&A Transaction and (ii) any securities received by the Debtors' security holders in exchange for or in respect of securities of the Debtors following such M&A Transaction (all securities received by such security holders being deemed to have been paid to such security holders in such M&A Transaction). The value of securities that are freely tradable in an established public market will be determined on the basis of the last market closing price prior to the consummation of an M&A Transaction. The value of securities that are not freely tradable or have no established public market, or if the consideration consists of property other than securities, the value of such property shall be the fair market value thereof as mutually determined in good faith by Piper Sandler and the Debtors; provided, however, that all debt securities shall be valued at their stated principal amount without applying a discount thereto. If the consideration to be paid is computed in any foreign currency, the value of such foreign currency shall, for purposes hereof, be converted into U.S. dollars at the prevailing exchange rate on the date or dates on which such consideration is payable. c. A new capital fee (each, a "New Capital Fee") equal to (i) 2.0% of the face amount of any senior secured Financing raised, including, without limitation, any senior secured debtor-in-possession financing raised; (ii) 3.0% of the face amount of any junior secured or senior or subordinated unsecured Financing raised and (iii) 5.0% in the case of any other Financing, including, without limitation, equity or equity-linked Financing, capital convertible into equity or hybrid capital raised, including, without limitation, equity underlying any warrants, purchase rights or similar contingent equity securities (each, a "New Capital Raise"). The New Capital Fee shall be earned and payable upon the earlier of execution of a commitment letter or execution of a definitive agreement with respect to such Financing. For the avoidance of doubt, (x) there may be multiple New Capital Fees if there are multiple transactions by which the new capital is committed, (y) the term "raised" shall include the amount committed or otherwise made available to the Debtors whether or not such amount (or any portion thereof) is drawn down at closing or is ever drawn down and whether or not such amount (or any portion thereof) is used to refinance existing obligations of the Debtors and (z), the New Capital Fee relating to any warrants, purchase rights or similar contingent equity securities shall be due and payable upon the closing of the transaction by which such instruments are issued and shall be calculated as if all such instruments are exercised in full (and the full exercise price is paid in cash) on the date of such closing, whether or not all or any portion of such instruments are vested and whether or not such instruments are actually so exercised. In addition, any Financing exclusively funded by Graystreet Credit, LLC shall not trigger a New Capital Fee. d. A milestone fee (each, a "Milestone Fee") payable subject to the following milestones: i. $500,000 payable upon commencement of a sale and/or new capital raise process following Piper Sandler receiving a written instruction by the Debtors; ii. $500,000 payable upon receipt of one or more bona fide written offer(s) or term sheet(s) from prospective buyers and/or financing parties in connection with an M&A Transaction and/or New Capital Raise; and iii. $500,000 payable upon receipt of binding commitment letter to pursue an M&A Transaction and/or New Capital Raise. The Milestone Fee(s) earned by and paid to Piper Sandler shall be fully (i.e., 100%) credited (without duplication) against any M&A Fee or New Capital Fee (the "Milestone Fee Credit"), provided that the Milestone Fee Credit shall not exceed the M&A Fee or New Capital Fee. e. A fee (each, a "Testimony Fee") of $1,000,000 for Piper Sandler preparing to testify at deposition or trial or testifying at deposition or trial or, if necessary, preparing any report in connection therewith (the "Expert Report"), of which 50% shall be payable upon delivery of a written request by the Debtors to Piper Sandler that Piper Sandler begin preparation to testify (including through deposition or live testimony (whether in person or via telephonic or other remote appearance)) or that Piper Sandler begin preparation of the Expert Report, and the remaining 50% shall be payable upon the earlier of (i) the delivery of the Expert Report by Piper Sandler to the Debtors and (ii) such testimony being given (including through deposition or live testimony (whether in person or via telephonic or other remote appearance)). The Testimony Fee(s) earned by and paid to Piper Sandler shall be fully (i.e., 100%) credited (without duplication) against any M&A Fee or New Capital Fee (the "Testimony Fee Credit"), provided that the Testimony Fee Credit shall not exceed the M&A Fee or New Capital Fee. Joseph Denham, a Managing Director at Piper Sandler & Co., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joseph Denham Piper Sandler & Co. 800 Nicollet Mall, Suite 900 Minneapolis, MN 55402 Telephone: (212) 205-1455 Email: joseph.denham@psc.com About FCI Sand Operations LLC FCI Sand Operations LLC is a sand mining and processing company based in Marble Falls, Texas. FCI Sand Operations LLC and FCI South, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80481) on July 30, 2025. In its petition, FCI Sand Operations reports estimated assets and liabilities between $100 million and $500 million each. Judge Michelle V. Larson oversees the case. The Debtors are represented by Davor Rukavina, Esq. at Munsch Hardt Kopf & Harr, P.C. FIRST BRANDS: Seeks Court Approval to Lend $45MM to Foreign Unit ---------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that First Brands Group asked a Texas federal judge to authorize a $45 million Chapter 11 loan to one of its nonbankrupt foreign affiliates, asserting that swift action is needed to stabilize the struggling subsidiary. The company told the court that the affiliate is facing a severe cash shortage and could tip into insolvency without access to immediate funding. According to First Brands, providing the financing is essential to protecting the company's global supply chain and ensuring continuity during its own bankruptcy proceedings. The automaker argued that failing to support the affiliate now would create financial and operational risks that could jeopardize its restructuring. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Wilmington Savings Fund Society, FSB, as DIP agent, is represented by Jeffery R. Gleit, Esq., and Matthew R. Bentley, Esq., at ArentFox Schiff, LLP, in New York; and Eric J. Fromme, Esq., in Los Angeles, California. FLUX POWER: Posts $2.6MM Loss in 2026 Q1, Lifts Going Concern Doubt ------------------------------------------------------------------- Flux Power Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2.6 million for the three months ended September 30, 2025, compared to a net loss of $1.7 million for the three months ended September 30, 2024. Revenue for the first fiscal quarter of 2026 was $13.2 million, compared to $16.1 million in the first fiscal quarter of 2025. Gross profit for the first fiscal quarter of 2026 was $3.8 million, or 28.6% of revenue, compared to $5.2 million, or 32.4% of revenue, in the first fiscal quarter of 2025. Operating expenses for the first quarter were $5.9 million, compared to $6.4 million in the prior year quarter. Operating loss for the first quarter was $2.2 million, compared to a loss of $1.2 million in the prior year quarter. Excluding costs associated with the multi-year restatement of previously issued financial statements and stock-based compensation, first quarter non-GAAP operating loss was $2.0 million, compared to an operating loss of $0.6 million in the prior year period. Adjusted EBITDA for the first quarter was ($1.7) million, compared to ($0.4) million in the prior year period. Cash as of September 30, 2025 was $1.6 million. As of September 30, 2025, the Company had $29.7 million in total assets, $33 million in total liabilities, and $3.3 million in total stockholders' deficit. Historically, the Company's revenues and operating cash flows have not been sufficient to sustain its operations and the Company has relied on debt and equity financing, including the Public Offering, for additional funds. The Company has incurred an accumulated deficit of $108.9 million through September 30, 2025, and, for the three months ended September 30, 2025, incurred a net loss of $2.6 million and generated cash flows from operations of $0.9 million. As of September 30, 2025, the Company had a cash balance of $1.6 million and $6.1 million of available funding under the Gibraltar Business Capital Credit Facility. In addition, the Company's ability to meet projected revenue targets and generate cash from operations has been impacted by delays in new orders for our energy storage solutions, reflecting corresponding deferrals of new forklift purchases by selected large customer fleets due to lower capital spending and interest rate variability, and more recently, global tariff uncertainties. The Company imports a portion of its raw materials and components parts from other countries, including China. Recently, many of the countries where the Company sources raw materials and component parts have become subject to import tariffs upon entry into the United States. The selling prices of the Company's finished products are likely to increase if current or future tariffs remain in effect, which may have a negative impact on the Company's revenues and cash flows. Management is evaluating strategies to improve profitability of operations and to obtain additional funding. These steps include actual and planned price increases for our energy storage solutions, a number cost-saving initiatives including product cost efficiencies and planned operating cost savings. The planned gross margin improvement tasks include but are not limited to a plan to drive bill of material costs down while increasing the selling prices of our products for new orders. The Company also continues to execute its cost reduction, sourcing and pricing recovery initiatives in efforts to increase gross margins and improve cash flow from operations. Unforeseen factors beyond management's control, including economic uncertainty and the impact of global tariff initiatives, could potentially have a negative impact on the planned gross margin improvement plan. However, there can be no assurance that the Company will be able to realize the plans for improved operations. The Company also disclosed that it completed a Private Placement of prefunded preferred stock warrants and common stock warrants during the current period and raised $3.2 million of cash proceeds, net of offering costs, as shown on the Company's condensed consolidated statements of cash flows for the three months ended September 30, 2025. Subsequent to September 30, 2025, the Company received the final $0.2 million of net proceeds from the Private Placement. Additionally, in October 2025 the Company completed the Public Offering of its common stock and raised $9.2 million in cash proceeds, net of offering costs. Irvine, California-based Haskell & White LLP, the Company's auditor since 2025, previously issued a "going concern" qualification in its report dated September 16, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has recurring losses from operations, an accumulated deficit, expects to incur losses for the foreseeable future and requires additional working capital to achieve its operating plans. These conditions previously raised substantial doubt about the Company's ability to continue as a going concern. Management has evaluated that as of November 13, 2025, the Company's expected cash and working capital requirements, which include but are not limited to investments in additional sales and marketing, research and development and capital equipment, and believes the Company's existing cash, including the net proceeds from the Public Offering, and funding available under the GBC Credit Facility, along with the forecasted gross margin, will be sufficient to meet the Company's anticipated capital resources to fund planned operations for the next 12 months. CEO Commentary: "First quarter revenue reflected a temporary pause in customer orders due to the uncertainty surrounding the tariff situation and overall near-term caution on the macroeconomic environment," said Krishna Vanka, Flux Power's CEO. "That said, we have begun to see order activity materially rebound in the second quarter, highlighted by multi-million-dollar orders from significant material handling customers and a more recent large order from a major new airline customer. Flux Power now supplies eight major North American airline carriers. We also continue to receive strong interest in our SkyEMS SaaS software platform with the recent production release of version 2.0 to a growing number of paying customers. "Additionally, we further strengthened our financial position and balance sheet through a recent public equity offering and a prior private placement during the quarter, which collectively raised $13.8 million in proceeds net of underwriter's discount and offering related expenses. This additional capital will be used for working capital purposes, allowing us the flexibility to more rapidly execute on our operating, sales and product development initiatives as we pursue our ultimate goal of delivering sustained profitability in the quarters ahead. Our strong portfolio of advanced mobile energy storage products combined with our integrated software solutions provide Flux Power significantly expanded market opportunities with both new and existing customers that will be key to driving our future growth and expansion." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/mrxbek79 About Flux Power Flux Power Holdings, Inc. (FLUX: NASDAQ), through its subsidiary Flux Power, Inc., designs, develops, and sells rechargeable lithium-ion energy storage systems for electric forklifts, airport ground support equipment (GSE), and other industrial motive applications in the United States. The Company is headquartered in Vista, California. As of September 30, 2025, the Company had $29.7 million in total assets, $33 million in total liabilities, and $3.3 million in total stockholders' deficit. * * * This concludes the Troubled Company Reporter's coverage of Flux Power 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. FMC CORP: S&P Lowers ICR to 'BB+' on Continued Weak Credit Metrics ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit ratings on FMC Corp. to 'BB+' from 'BBB-'. At the same time, S&P lowered its issue-level rating on unsecured debt to 'BB+' from 'BBB-'. S&P assigned a recovery rating of '3' (rounded estimate: 65%). S&P said, "We also lowered our short-term issue level ratings to 'B' from 'A-3' in line with the downgrade of the issuer credit rating. "The negative outlook reflects our belief that EBITDA will remain under pressure through 2025 and into 2026 because of challenging macroeconomic conditions, key patent expirations, competitive pressures and soft pricing. "We think that uncertainty around FMC Corp.'s 2026 EBITDA and credit measures has increased and believe that credit metrics next year will be weaker than our previous expectations despite management's mitigation efforts. "The downgrade follows FMC's continued weak credit metrics for an investment-grade rating. Our ratings have been supported thus far by expectations of future earnings and cashflow improvement, some of which – such as our projected EBITDA for 2025 – are very likely to be met. However, we revised lower our previous expectations for a modest improvement in future performance beyond 2025, given unexpected company-specific setbacks to cash flow in the third quarter of 2025 and our anticipation that uncertainty related to FMC's 2026 performance has increased. We think the operating environment in 2026 will remain challenging, and FMC's ability to handle those challenges in a manner that grows earnings will be tested. Ongoing challenges include aggressive pricing pressure and heightened generic competition. Broader market volatility, credit constraints in Latin America, and regulatory setbacks compounded these issues. "Our previous assumptions for modest growth in 2026 EBITDA assumed a lower amount of restructuring costs (which we deduct from EBITDA) and a relatively flat operating performance relative to 2025. We now believe there is greater uncertainty around these assumptions and are revising our 2026 EBITDA forecast to $850 million from $959 million. "We anticipate FMC will face continued competitive pressure from generics, particularly in Latin America and Asia, which may weigh on pricing and margins. The expiration of FMC's Rynaxypyr (chlorantraniliprole) patent represents a major financial risk, as this diamide insecticide has historically been one of the company's largest revenue contributors, accounting for 30%-40% of revenue in 2024. With core patents expiring across key markets by 2026, FMC faces significant exposure to generic competition, particularly in Asia and Latin America, where price erosion and volume declines are expected. Although FMC has implemented mitigation strategies, such as securing long-term contracts, introducing new formulations, and accelerating its innovation pipeline, we still estimate a sizeable portion of revenue is at risk. This patent cliff underscores the importance of FMC's diversification efforts and cost optimization to preserve margins and sustain growth. While FMC's innovation pipeline offers long-term potential, near-term performance will hinge on disciplined cost control and successful navigation of global agricultural market headwinds. "Low visibility of near-term demand raises credit risks. Unexpected setbacks to cash flow relative to our expectations in the third quarter of 2025, combined with an unpredictable short-term demand outlook, create uncertainty about an immediate earnings recovery over the next year. We think the absence of a very near-term improvement in EBITDA could raise credit risks slightly when working capital requirements will likely rise in the first quarter of 2026. We expect FFO to total debt will be at the low end of 12%-20% at year-end 2025, which we consider weak at the current rating. In 2026, we think this ratio will be around the mid-teens percent on a three-year weighted average basis considering a slight reduction in net debt." Despite current market conditions, FMC continues to benefit from favorable long-term fundamentals. There has not been a fundamental change in demand for the company's products or its market position. S&P said, "This reflects our view that the current demand downturn doesn't speak to a decline in the underlying need for FMC's crop protection chemicals or a reduction in its competitiveness. We expect the demand for the company's products will eventually return to normal levels, which will improve earnings. Specifically, we believe the need to maintain or improve farm yields across the world in the face of a growing population and the declining availability of arable land will continue to support rising demand for FMC's products." The U.S Department of Agriculture projects coarse grain production at 1,547 million metric tons, with global rice output of over 550 million metric tons in 2025. In spite of credit metrics at the weaker end of S&P's target for the rating through 2025, S&P believes management will maintain supportive financial policies. FMC's management has displayed financial prudence in the face of its weaker earnings over the past few years. In response to its soft earnings, the company launched a cost-saving program to optimize its footprint and right size its cost base, likely by end of 2025. FMC also reduced its dividend by $250 million on a yearly basis in the third quarter of 2025 and halted its share repurchases until the fourth quarter of 2027 to help it maintain its credit metrics. In addition, FMC's recent hybrid issuance supported its credit quality, as the transaction extended near-term maturities and modestly reduced leverage. These actions showcase management's commitment to maintaining a prudent financial policy, and S&P expects it will continue to undertake such actions in the event of further downturns. S&P said, "The negative outlook reflects the chance we will downgrade FMC within the next few quarters if its credit metrics are weaker than we expect. Our base-case forecast assumes a three-year weighted-average FFO to total debt between 12% and 20%. We anticipate the company's 2025 credit metrics will be weak for the rating, though we expect marginal improvement to the mid-teens percent in 2026 and beyond. The negative outlook also reflects FMC's large near-term debt maturities; however, we believe it has adequate liquidity to meet these and other requirements. "Beyond 2025, we continue to expect gradual improvement in credit measures, primarily because of new product introductions and cross-selling opportunities. Due to its new, higher-margin product introductions and the essential nature of many of its products to farmers, we expect FMC will maintain strong EBITDA margins around 20% over at least the next year. We also believe the company's financial policies will remain commensurate with the rating. "We could lower our ratings on FMC in the next couple of quarters if its operating performance weakens beyond our expectations into 2026 or we believe key products coming off patent will hinder earnings. Under these downside scenarios, we would expect weighted-average FFO to debt to drop below 12% with no near-term remedy." Furthermore, S&P could take a negative rating action on the company if: -- Contrary to our expectations, it is unable to refinance its debt in a timely manner or proactively obtain covenant relief if required; or -- It significantly increases its debt leverage to fund an acquisition or complete a share repurchase program in a manner that slows the improvement in its metrics relative to S&P's expectations. S&P said, "We could revise our outlook on FMC to stable in the next year if it experiences a larger-than-expected pickup in demand, due to a sustained improvement in the agriculture market, and successfully meets its near-term maturities. "We could also take a positive rating action if the company's cash flow improves beyond our expectations, resulting in stronger credit metrics. Under this scenario, we anticipate credit metrics would improve faster than we expect, including FFO to total debt of mid-teens percent or above on a last-12-months basis." FORGE INNOVATION: Delays Q3 Filing Due to Missing Financial Data ---------------------------------------------------------------- Forge Innovation Development Corp. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing the agency it was unable to obtain the necessary financial information required to prepare a complete filling. As a result, the Company will be unable to file the Form 10-Q for the period ended September 30, 2025, in a timely manner without unreasonable effort or expense. The Company anticipates submitting the filing within the extension period. About Forge Innovation Jurupa Valley, Calif.-based Forge Innovation Development Corp. focuses on real estate development, land purchasing and selling, and property management. The Company's primary objective is commercial and residential land development, including, to a lesser extent, the possible purchase and sale of real estate, targeting properties primarily in Southern California. As of June 30, 2025, the Company had $8.12 million in total assets, $6.71 million in total liabilities, and total equity of $1.41 million. Rowland Heights, Calif.-based Simon & Edward LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, has a net capital deficiency, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. FTX TRADING: Judge Dismisses Over $15MM Fraudulent Loan Claims -------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge on Monday, November 24, 2025, dismissed just over $15 million in claims against the FTX wind-down trust after trust counsel alleged that the claimants submitted forged documents to support their assertions that they had loaned money to an FTX affiliate. The court agreed that the purported loan agreements and related materials were fabricated, leaving the claims without any credible basis. The judge's ruling removes a significant portion of disputed liabilities from the wind-down process and underscores the heightened scrutiny applied to claims in the aftermath of FTX's collapse. Trust counsel said the decision helps protect remaining estate assets from fraudulent attempts at recovery, 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. FXI HOLDINGS: S&P Downgrades ICR to 'D' on Distressed Exchange -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on FXI Holdings Inc. to 'D' from 'CC'. At the same time, S&P lowered its issue-level ratings on both of its 12.25% notes tranches to 'D' from 'CC' and subsequently withdrew them. FXI Holdings Inc., a U.S.-based producer of engineered polyurethane foam solutions, completed the exchange of nearly all of its outstanding senior notes due in November 2026 (two tranches) for new debt maturing later. S&P considers this transaction to be a distressed exchange for a substantial portion of the company's debt and, therefore, tantamount to a default. The downgrade follows completion of FXI's distressed debt exchange. The transaction closed on the same terms and conditions as proposed. However, S&P notes that a small portion of participating noteholders were not eligible for the early tender premium because they did not meet the deadline. FXI exchanged about 99.8% of the aggregate principal under its two 12.25% senior notes tranches due in November 2026 with consenting noteholders for a combination of newly issued notes including senior secured notes due in November 2030 and junior secured notes due in November 2029. The senior secured notes carry an 11% coupon while the junior notes carry a 16% payment-in-kind coupon until November 2028 and a 14% cash coupon thereafter until maturity. As proposed, new 11% super-senior notes due in 2030 were also issued to noteholders that were part of the initial transaction support agreement. These noteholders also received a support fee in the form of additional new senior secured notes. The maturity date on the asset-based lending facility was also amended to 2029. FXI effectively restructured most of its debt, thus S&P considers the transaction tantamount to a general default as opposed to a selective default. S&P said, "We believe investors received less value than originally promised. The exchange was at a marginal premium to par for noteholders who tendered notes before the early exchange deadline and a slight discount for those who tendered after that. The new senior notes have a lower cash coupon relative to existing notes, and the new junior notes do not pay cash interest until May 2029." Furthermore, the issuance of super-senior notes effectively primed the rest of the debt. Meanwhile, nonparticipating noteholders have weaker credit protections due to the removal of substantially all covenants and release of collateral. This group also does not benefit from credit enhancements provided to participating noteholders. Overall, the exchange offered investors less value and compensation than the original promise under the existing securities, in exchange for maturity extensions of at least three years. S&P said, "We view the restructuring as distressed, rather than opportunistic, given FXI's near-term debt maturities, unsustainable leverage, and weak liquidity. We believe FXI could not have addressed its debt servicing requirements over the next 12 months without a restructuring. Furthermore, we expect the business will remain challenged for the next 12 months due to muted consumer demand, which will sustain pressure on free cash flow and liquidity." At the same time, a significant reduction in cash interest expense partially offsets these pressures. S&P intends to review its ratings on FXI over the coming days. The review of its issuer credit rating and new issue-level ratings on the company will incorporate its new capital structure, recent events, and its forward-looking opinion of its creditworthiness. GENESIS HEALTHCARE: S&P Affirms 'BB+' Rating on 2013 Revenue Bond ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term rating on the Genesis HealthCare System, Ohio's series 2013 fixed-rate revenue bonds. The bonds were issued for Genesis HealthCare System's Obligated Group (Genesis). The outlook is positive. S&P views governance, environmental, and social factors as neutral in its credit rating analysis. S&P said, "The positive outlook reflects Genesis' improving balance sheet, which we believe provides cushion at the current rating level. Additionally, the outlook reflects a recently positive underlying operating trend that is expected to be maintained through the end of the fiscal year and beyond, which, in conjunction with the receipt of one-time items, is expected to provide solid maximum annual debt service (MADS) coverage. Finally, the outlook reflects our expectation that the enterprise strengths will be maintained, including a stable market share. "We could revise the outlook to stable if operations were to fall below expectations or if unrestricted reserves were to be spent down unexpectedly. Additionally, an unanticipated debt issuance could also pressure the outlook or rating. "While we view balance sheet metrics as in line with the higher rating level, we could consider a higher rating if Genesis is able to sustain a trend of improved and healthier operating income, especially given the increasing reliance on special funding." GLENWOOD GFB: Hires Wadsworth Garber Warner Conrardy as Counsel --------------------------------------------------------------- Glenwood GFB LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wadsworth Garber Warner Conrardy, P.C. as counsel. The firm's services include: a. preparation on behalf of Debtor of all necessary reports, orders and other legal papers required in this chapter 11 proceeding; b. performance of all legal services for Debtor as debtor-in-possession which may become necessary herein; and c. representation of Debtor in any litigation which Debtor determines is in the best interest of the estate whether in state or federal court(s). The professionals' hourly rates are: David V. Wadsworth $500 Aaron A. Garber $500 David J. Warner $425 Aaron J. Conrardy $425 Lindsay S. Riley $325 Hallie Cooper $225 Paralegals $125 Wadsworth received a retainer in the amount of $80,000.00 from Royal LTS, LLC. Wadsworth Garber Warner Conrardy, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Telecopy: (303) 296-7600 E-mail: dwarner@wgwc-law.com About Glenwood GFB LLC Glenwood GFB LLC operates a gas station on leased property at 1304 Grand Avenue, Glenwood Springs, Colorado. Glenwood GFB sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-17389) on November 11, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Kimberley H. Tyson presides over the case. David Warner, Esq. represents the Debtor as legal counsel. GLOBAL CHOICE: Unsecureds to Get 100 Cents on Dollar in Plan ------------------------------------------------------------ Global Choice Ventures LLC filed with the U.S. Bankruptcy Court for the Northern District of New York a Plan of Reorganization for Small Business dated November 20, 2025. The Debtor is a Limited Liability Company formed in 2017. Since 2021 the Debtor has been in the business of Real Estate property ownership and management. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $4,257.84. The final Plan payment is expected to be paid on April 1, 2031. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 4 consists of Non-priority unsecured creditors. Unsecured creditors will receive a total of $4,871.07 which will be distributed pro rata to all allowed unsecured claims. Debtor will pay a total of $81.18 per month to be distributed to unsecured creditors pro rata. It is anticipated that this will yield approximately 100 cents on the dollar of all unsecured allowed claims. This Class is unimpaired. Class 5 consists of Equity security holders of the Debtor. Equity interest holders shall receive 100% of the shareholder interests in the reorganized Debtor. The Plan will be implemented by the Debtor remitting payment to creditors as provided for in Section 4.01 herein from the Debtor's cash flow derived from income. Upon Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures, and equipment, will revert free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. A full-text copy of the Plan of Reorganization dated November 20, 2025 is available at https://urlcurt.com/u?l=VEPuoN from PacerMonitor.com at no charge. Counsel to the Debtor: Peter A. Orville, Esq. Orville & McDonald Law PC 30 Riverside Dr. Binghamton, NY 13905 Telephone: (607) 770-1007 About Global Choice Ventures LLC Global Choice Ventures LLC operates in the real estate sector under NAICS code 5313. Global Choice Ventures LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-30689) on August 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000. The Debtor is represented by Peter A. Orville, at Orville & McDonald Law, P.C. GOODMAN'S BACK: Seeks Chapter 7 Bankruptcy in Arkansas ------------------------------------------------------ On November 20, 2025, Goodman's Back to Eden LLC filed Chapter 7 protection in the Eastern District of Arkansas. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to approximately 1–49 creditors. About Goodman's Back to Eden LLC Goodman's Back to Eden LLC is a limited liability company. Goodman's Back to Eden LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-14071) on November 20, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Phyllis M. Jones handles the case. The Debtor is represented by G. Mike DeLoach, Esq. of DeLoach Law Office. GRACE ROYALS: Hires Wadsworth Garber Warner Conrardy as Counsel --------------------------------------------------------------- Grace Royals, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Wadsworth Garber Warner Conrardy, P.C. as counsel. The firm's services include: a. preparation on behalf of Debtor of all necessary reports, orders and other legal papers required in this chapter 11 proceeding; b. performance of all legal services for Debtor as debtor-in-possession which may become necessary herein; and c. representation of Debtor in any litigation which Debtor determines is in the best interest of the estate whether in state or federal court(s). The professionals' hourly rates are: David V. Wadsworth $500 Aaron A. Garber $500 David J. Warner $425 Aaron J. Conrardy $425 Lindsay S. Riley $325 Hallie Cooper $225 Paralegals $125 Wadsworth received a retainer in the amount of $80,000.00 from Royal LTS, LLC. Wadsworth Garber Warner Conrardy, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Telecopy: (303) 296-7600 E-mail: dwarner@wgwc-law.com About Grace Royals Inc. Grace Royals, Inc., doing business as Evans Fast Break and Kersey Supermarket, runs retail convenience stores and a supermarket in Colorado. The company offers groceries, convenience products and fuel, and maintains the required business and tobacco retail licenses in the state. Grace Royals sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-17391) on November 11, 2025. In its petition, the Debtor reported estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. David Warner, Esq., represents the Debtor as legal counsel. GREAT LAKES: S&P Ups ICR to 'B' on Improved Cash Flow Generation ---------------------------------------------------------------- S&P Global Ratings raised S&P's issuer credit rating on Great Lakes to 'B' from 'B-'. In addition, S&P raised its issue-level rating on the company's senior unsecured notes to 'B' from 'B-'; the recovery rating is '3' (50%-70%; rounded estimate: 60%). The stable outlook reflects S&P's expectation that Great Lakes will continue to grow revenue and expand margins through 2026. It also reflects our expectation that the company will generate increasingly positive free cash flow as capex on new build programs end. Great Lakes Dredge & Dock Corp. reported strong revenue growth and expanded margins through the first three quarters of 2025, exceeding our previous forecast. This stemmed from its healthy backlog, strong project execution, and improved fleet utilization. The company's improved earnings and decreasing capital expenditures (capex) will support healthy FOCF generation over the next couple of years. S&P said, "We now expect Great Lakes to generate healthy free cash flows in both 2025 and 2026. The company's earnings have improved, and working-capital requirements have decreased compared to historical trends due to project payment timing. This has resulted in positive reported FOCF generation of approximately $49 million year-to-date. We expect the company's capital expenditures to decrease significantly through 2026 as its new build program ends in the first quarter of 2026. In addition, the company repaid its $100 million second-lien term loan after the third quarter using its asset-based lending (ABL) facility, which was simultaneously upsized to $430 million from $330 million (which had been previously upsized in May of this year, from $300 million). The repayment of the higher-interest debt will result in annual savings of approximately $6 million from lower interest expenses. Given these factors, we now expect the company to generate positive reported free cash flow of $45 million-$55 million in 2025, expanding to $50 million-$60 million in 2026. This exceeds our previous assumptions of negative free cash flow in 2025 and modestly positive free cash flow in 2026. These assumptions result in S&P Global Ratings-adjusted FOCF to debt of 13%-14% in 2025 and 14%-15% in 2026. "Great Lakes' revenue growth through the first three quarters of 2025 exceeded our previous forecast. The company's performance through the third quarter was strong, with revenue growth of 12.8% year-to-date relative to the prior year. The revenue growth has primarily been driven by a healthy backlog that is weighted towards larger-ticket capital projects and consistently high utilization of its fleet despite a heavy dry-docking year. During the third quarter, the company also generated revenue in its new offshore energy segment through the use of a chartered vessel as it awaits the delivery of the Acadia. It expects to generate additional revenue within the segment in the fourth quarter. As such, we expect full-year revenue growth of 11%-13% for 2025, materially exceeding our prior forecast of 2%-4%. In 2026, we expect the company's dredging revenues to remain relatively flat as its backlog begins to moderate from unprecedented peak levels. However, the delivery of the Acadia and two slated offshore wind projects in 2026 will provide incremental revenue growth. We expect 2026 revenue to grow 3%-5%. "The company's margin profile expanded to the low-25% area, and we expect stability at this level through 2026. Great Lakes' margins have expanded materially in 2025, with a year-to-date S&P Global Ratings-adjusted EBITDA margin of 25.2% through the third quarter, which is a 370-basis-point increase over the prior period." This material increase can be attributed to: -- The company's elevated proportion of higher-margin capital and coastal protection work, which has accounted for 87% of revenues year to date; -- Strong project execution, attributable to more efficient vessels, including the recently completed Galveston Island and Amelia Island, which both began work over the past two years; and -- Improved fleet utilization despite a high dry docking year. S&P said, "We expect margins to remain relatively stable in 2026 as these trends continue. As such, we forecast S&P Global Ratings-adjusted EBITDA margins in the 25%-27% area in 2025 and 2026, which exceeds our prior expectation of 21.5%-22.5%. We expect the company's S&P Global Ratings-adjusted debt to EBITDA to be in the mid-2x area in 2025 and 2026. "The current prospects for the Acadia lack visibility beyond 2026. Nevertheless, we believe the company has a sufficient cushion within its credit metrics should the vessel be underutilized in 2027." Over the last year, the company has shifted its focus for prospective work for the Acadia beyond the original planned offshore wind market to include power, oil and gas, and telecom. It has also pursued opportunities in Europe and Asia. The ship is fully contracted for 2026, but the company doesn't have any projects in backlog for 2027. Its primary focus is currently the European market. Given the more mature state of that market, contracts are awarded six to 12 months out from project initiation as opposed to a couple of years like in the U.S. S&P said, "Our current base-case assumes Great Lakes will be able to fully utilize the vessel in 2027, however, under a worst-case scenario in 2027 in which the company could not contract the vessel and were forced to cold stack the Acadia, we would expect leverage to deteriorate to the low 3x area with FOCF to debt in the 10.5% to 11.5% range, still in line with the current rating." S&P said, "The stable outlook reflects our expectation that Great Lakes will continue to grow revenue and expand margins through 2026. It also reflects our expectation that the company will generate increasingly positive free cash flow as capex on new build programs end. "We could lower our ratings on Great Lakes if operating performance deteriorates such that S&P Global Ratings-adjusted debt to EBITDA increased above 4x or S&P Global Ratings-adjusted FOCF to debt declines below 10%. This could occur if the company's margin profile experiences a material deterioration as a result of weaker than expected volumes through trough periods of the dredging cycle or poor project execution resulting in cost overruns." While unlikely over the next 12 months, S&P could raise our rating on Great Lakes if it exhibits reduced volatility of margins throughout the different cycles of the dredging market in addition to exhibiting: -- S&P Global Ratings-adjusted FOCF to debt exceeding 15% on a sustained basis; and -- S&P Global Ratings-adjusted debt to EBITDA sustained below 3x. GULF STATES INDUSTRIAL: Seeks Chapter 11 Bankruptcy in Alabama -------------------------------------------------------------- On November 21, 2025, Gulf States Industrial Services LLC filed for Chapter 11 protection in the Southern District of Alabama. Court filings indicate the Debtor owes between $100,001 and $1,000,000 to 1–49 creditors. About Gulf States Industrial Services LLC Gulf States Industrial Services LLC is an industrial solutions provider offering maintenance, construction, and operational support services to clients in manufacturing, energy, and heavy industry. Its offerings include equipment installation, facility upkeep, industrial cleaning, and project management, all aimed at enhancing efficiency and safety. Gulf States Industrial Services LLC filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala., Case No. 25-13270) on November 21, 2025. The petition lists estimated assets of $1 million–$10 million and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Jerry C. Oldshue presides over the case. The Debtor is represented by Alexandra K. Garrett, Esq. of Silver Voit Garrett & Watkins. H&T WHOLESALE: Seeks Cash Collateral Access ------------------------------------------- H&T Wholesale Flowers, Inc. asks the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral. The Debtor seeks court authorization to use cash collateral, primarily consisting of the secured interests held by LEAF Capital Funding, LLC and Desert Financial Credit Union. LEAF holds a first-position lien on the Debtor's assets, with a claim of $100,532, while DFCU holds a second-position lien estimated at $200,000. The Debtor has attempted to obtain approval from both secured creditors for retroactive use of cash collateral, successfully negotiating terms with LEAF, though DFCU did not provide formal approval. The proposed use of cash collateral covers ordinary and necessary business expenses, including professional fees and regular payroll for insiders, through January 31, 2026, or until confirmation of a plan of reorganization. As adequate protection for the creditors, the Debtor proposes replacement liens on all present and future property to the extent the cash collateral is diminished, along with superpriority administrative claims under 11 U.S.C. sections 503(b) and 507(b). A carve-out is provided for the Subchapter V trustee's fees and the Debtor's professional fees. Insurance on the collateral will be maintained with LEAF and DFCU as additional insureds or loss payees. The stipulation is binding on the parties and their successors, may only be modified in writing or by court order, and the Court retains jurisdiction to enforce its terms. A court hearing is set for December 16. A copy of the motion is available at https://urlcurt.com/u?l=GteS2U from PacerMonitor.com. LEAF Capital Funding is represented by: Matthew H. Sloan, Esq. JENNINGS HAUG KELEHER MCLEOD WATERFALL LLP 2800 North Central Avenue, Suite 1800 Phoenix, AZ 85004-1049 Telephone: 602-234-7800 Facsimile: 602-277-5595 mhs@jkwlawyers.com Desert Financial Credit Union is represented by: Robert M. Charles, Jr., Esq. Womble Bond Dickinson (US) LLP One South Church Avenue, Suite 2000 Tucson, AZ 85701-1611 Direct Dial: 520.629.4427 Direct Fax: 520.622.3088 Robert.Charles@wbd-us.com -and- Katerina Grainger, Esq. Womble Bond Dickinson (US) LLP 201 East Washington Street, Suite 1200 Phoenix, AZ 85004 Direct Dial: 602.262.5387 Direct Fax: 602.262.5747 Katerina.Grainger@wbd-us.com About H&T Wholesale Flowers Inc. H&T Wholesale Flowers, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-09545) on October 8, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Paul Sala presides over the case. Allan Newdelman, Esq., at Allan D. Newdelman PC represents the Debtor as legal counsel. HANSEN-MUELLER CO: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------- Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Chapter 11 case of Hansen-Mueller Co. The committee members are: 1. Bunge Canada Attention: Chris Hofbauer 1331 Capitol Ave Omaha, NE 68102 Phone: 402-889-4186 Email: chris.hofbauer@bunge.com 2. AG Mark LLC Attention: Sharra Odle 118 West Main Beloit, KS 67420 Phone: 785-534-1413 Email: shodle@agmarkllc.com 3. CoMark Equity Alliance Attention: Dee Plummer P.O. Box 947 Enid, OK 73702 Phone: 580-242-0515, Ext. 4408 Email: dplummer@ceagrain.com 4. Alliance AG & Grain, LLC Attention: Blake Connelly P.O. Box 98 Spearville, KS 67876 Phone: 620-385-2898 Email: bconnelly@aaggllc.com 5. Chisholm Trail Terminal Attention: Travis Neal P.O. Box 477 Pond Creek, OK 73766 Phone: 580-532-4273 Email: tneal@farmersgrain.net 6. AG Valley Coop Attention: Jeff Krejdl P.O. Box 577 Arapahoe, NE 68922 Phone: 308-991-6227 Email: jkrejdl@agvalley.com 7. Lagniappe Planting Company Attention: Brian Barham 2078 Lake Washington Rd, East Hollandale, MS 38748 Phone: 442-571-0896 Email: brian@lagniappeplanting.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About 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 reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Thomas L. Saladino handles the case. The Debtor tapped Brian J. Koenig, Esq., Donald L. Swanson, Esq., and Trevor J. Lee, Esq., at Koley Jessen P.C., L.L.O. as bankruptcy counsel; Silverman Consulting as restructuring advisor; Michael G. Compton as chief restructuring officer and financial advisor; and Ascendant Consulting Partners, LLC as investment banker. The Debtor's notice, claims and solicitation agent is Epiq Bankruptcy Solutions, LLC. HARMONY WELLNESS: Seeks to Use Cash Collateral ----------------------------------------------- Harmony Wellness, Inc. asks the U.S. Bankruptcy Court for the District of Colorado for authorityt to use cash collateral and provide adequate protection. Harmony Wellness, a Fort Collins-based skin and wellness clinic operating since 1999, filed a voluntary Chapter 11 bankruptcy petition on September 3, and continues to operate as a debtor-in-possession under 11 U.S.C. Sections 1107 and 1108. The Debtor seeks authority to use cash collateral and provide adequate protection to its secured creditor, Wells Fargo Bank, N.A. The bank holds a perfected security interest in all of Harmony Wellness's tangible and personal property, including inventory, accounts, equipment, and general intangibles, with a current secured claim of approximately $331,116 under a commercial security agreement. The Debtor's total assets, including cash, deposits, inventory, and equipment, are valued at approximately $180,000, making the use of cash collateral critical to continuing operations, particularly to meet payroll obligations of $63,000 to $74,000 per month, rent of $13,323, and other operating expenses such as equipment rentals, insurance, and professional fees. To adequately protect Wells Fargo Bank, the Debtor proposes providing replacement liens, monthly payments of $5,000, maintaining insurance, delivering monthly financial reports, adhering to a strict budget, paying post-petition taxes, and preserving collateral. The Debtor clarifies that other entities, including the IRS, Colorado Department of Revenue, Larimer County, SBA, and First-Citizens Bank, may have interests in its assets but asserts that Wells Fargo Bank holds a first-priority interest in its cash collateral. Wells Fargo Bank is represented by: Douglas W. Brown, Esq. BROWN DUNNING WALKER FEIN DRUSCH PC 7995 E. Prentice Avenue, Suite 101E Greenwood Village, CO 80111 Telephone: 303-329-3363 Fax: 303-393-8438 dbrown@bdwfd.com A copy of the motion is available at https://urlcurt.com/u?l=isp83h from PacerMonitor.com. About Harmony Wellness Harmony Wellness, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-15682) on September 4, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Kimberley H. Tyson presides over the case. Jeffrey Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor P.C. represents the Debtor as legal counsel. HARRIS INTERNAL: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Harris Internal Medicine, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral from November 20 until the final hearing on December 10 in accordance with its budget. Certain revenue of the Debtor may constitute cash collateral of lenders including BHG Funding 01, LLC and the U.S. Small Business Administration. As adequate protection, the lenders will be granted a replacement lien on all property acquired by the Debtor after the petition date that is similar to their pre-bankruptcy collateral. These replacement liens do not apply to proceeds of any Chapter 5 avoidance actions. The Debtor was ordered to pay the Subchapter V trustee $1,000 per month starting November 30, as deposits designated solely for any compensation awarded to the Subchapter V trustee. The interim order is available at https://is.gd/mNVldA from PacerMonitor.com. BHG Funding 01 and the SBA may claim liens on certain Debtor revenue, though the Debtor believes no amounts are currently owed to either lender. Harris filed its petition on November 12 and remains in possession of its assets as a debtor-in-possession, with no trustee, examiner, or creditor's committee appointed. The Debtor, a primary-care medical practice owned by Dr. Erinn Harris-James, encountered financial strain after purchasing equipment in 2023 intended for a med spa that later closed, compounded by lost memberships and staff departures in 2024. These conditions prevented the Debtor from maintaining equipment payments, ultimately leading to this bankruptcy filing to obtain the protection of the automatic stay and reorganize its debts. About Harris Internal Medicine LLC Harris Internal Medicine, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-11731) on November 12, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. HIELO DEL CIELO: Unsecured Creditors to Split $30K over 5 Years --------------------------------------------------------------- Hielo del Cielo LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization. The Debtor operates a shaved ice business in Dallas, Texas. This bankruptcy case was filed in an effort to address certain challenges posed by litigation concerning a prior landlord of the Debtor along with certain expenses and fees due and owing the City of Dallas respecting an unimproved parcel of real property owned by the Debtor. The Plan provides for a reorganization and restructuring of the Debtor's financial obligations. The Plan provides for a distribution to Creditors in accordance with the terms of the Plan from the Debtor over the course of five years from the Debtor's continued business operations. Class 3 consists of non-priority unsecured Claims. Each holder of an Allowed Unsecured Claim in Class 3 shall be paid by Reorganized Debtor from an unsecured creditor pool, which pool shall be funded at the rate of $500.00 per month ($30,000.00 over the life of the plan). Payments from the unsecured creditor pool shall be paid quarterly, for a period not to exceed five years (20 quarterly payments) and the first quarterly payment will be due on the twentieth day of the first full calendar month following the last day of the first quarter. The Debtor estimates the aggregate of all Allowed Class 3 Claims is approximately $425,000.00 (includes the SBA Deficiency Claim) based upon Debtor's review of the Court's claim register, Debtor's bankruptcy schedules, and anticipated Claim objections. This Class is impaired. The holder of an Allowed Class 4 Interest shall retain their interests in the Reorganized Debtor. The Debtor proposes to implement and consummate this Plan through the means contemplated by Sections 1123 and 1145(a) of the Bankruptcy Code. A full-text copy of the Plan of Reorganization dated November 19, 2025 is available at https://urlcurt.com/u?l=iFIByb from PacerMonitor.com at no charge. The firm can be reached at: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarco·Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 346-6791 E-mail: robert@demarcomitchell.com mike@demarcomitchell.com About Hielo del Cielo Hielo del Cielo LLC, also operating as SNO and Summer Sno, operates a shaved ice business in Dallas, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-43082) on August 20, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Mark X. Mullin presides over the case. Robert Thomas DeMarco, Esq., is the Debtor's legal counsel. IDEANOMICS INC: Unsecured Creditors Will Get 0.4% to .05% in Plan ----------------------------------------------------------------- Idex Wind Down, Inc. f/k/a Ideanomics, Inc. and its affiliates filed with the U.S. Bankruptcy Court for the District of Delaware an Amended Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated November 19, 2025. Debtor IDEX Wind Down, the parent of the other Debtors, was incorporated in the State of Nevada on October 19, 2004. IDEX Wind Down has been headquartered in New York state since 2018. Prior to entry of the Sale Orders, IDEX Wind Down maintained seven subsidiaries, of which only Debtor Wireless Advanced Vehicle Electrification, LLC ("WAVE") was operating. The remaining subsidiaries were (i) holding companies or dormant subsidiaries that ceased operations, (ii) remain unliquidated solely for the purpose of compliance with administrative formalities, or (iii) in the wind down process and are expected to be liquidated. Following the divestitures and winding down of certain of the Debtors' businesses, as of the Petition Date, the Debtors had one operating entity, WAVE. The Debtors' other remaining business lines, VIA Motors, Solectrac, and Energica, were shuttered or are left without supporting funding due to liquidity constraints typical of the Company's industry peers. To further maximize the value of the Debtors' estates, on December 9, 2024, the Debtors sought entry of an order approving procedures for the sale of substantially all of their assets; approving Tillou as the stalking horse bidder; scheduling an auction and a hearing to approve the sale; and approving the procedures related thereto. Pursuant to the terms of the Tillou Sale Order, as consideration for Tillou's acquisition of certain assets, Tillou provided consideration of the total aggregate amount outstanding of the Prepetition Obligations (as defined in the Final DIP Order), if any, and the DIP Obligations (as defined in the Final DIP Order), in each case including, without limitation, any accrued interest and fees, which was deemed to be discharged and satisfied in full and applied to the Purchase Price pursuant to the terms of the Asset Purchase Agreement (each as defined in the Final DIP Order). Pursuant to the terms of the JVIS Sale Order, JVIS credit bid the sum of $224,999.00 of its total prepetition claim. The sale of assets to Tillou closed on March 7, 2025, and the sale to JVIS closed on April 2, 2025. Following the closure of these sales approved in the Sale Orders all Assets remaining at VIA Motors International, Inc., and certain assets of VIA Motors, Inc. remain available to be monetized by the Debtors or the Liquidating Trustee, as applicable. Further, none of Solectrac's assets were sold during these Chapter 11 Cases and remain available to Solectrac's Estate. As of the date hereof, SSG has continued marketing these Assets for the benefit of the Debtors' and Solectrac's respective Estates. On September 30, 2025, the Debtors and Tillou executed a term sheet whereby Tillou agreed to fund the Tillou Cash Payment to the Debtors and/or Liquidating Trust, as applicable, pursuant to the terms of the Combined DS and Plan. The Debtors intend to use the Tillou Cash Payment for, among other things, to: (i) pay all Allowed GUC Convenience Claims, (ii) provide the GUC Minimum Funding, (iii) fund the Professional Fee Escrow, and (iv) fund the Liquidating Trust to allow for the Liquidating Trustee to effectuate the terms of this Combined DS and Plan. Tillou agreed to provide the Tillou Cash Payment and the Returned Tillou Causes of Action on the condition that the Combined DS and Plan contain the releases set forth in the Combined DS and Plan. Class 3 consists of GUC Convenience Claims. The allowed unsecured claims total $0.371 to $2.171 millions. On the Plan Distribution Date, except to the extent that a Holder of an Allowed GUC Convenience Claim and the Debtors (prior to the Effective Date) or the Liquidating Trust (after the Effective Date) agrees to less favorable treatment, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for such Claim, each Holder of an Allowed GUC Convenience Claim shall receive a payment in Cash in the amount of ten percent of the Allowed amount of such GUC Convenience Claim. In the event the Court does not approve this treatment for GUC Convenience Claims, then all GUC Convenience Claims shall be considered General Unsecured Claims and will receive the treatment for such Claims under Class 4 General Unsecured Claims set forth in this Combined DS and Plan. Claims in Class 3 are Impaired. Holders of Allowed GUC Convenience Claims are entitled to vote to accept or reject the Combined DS and Plan. Class 4 shall consist of all General Unsecured Claims that did not make a GUC Convenience Claims Election. On the Plan Distribution Date, except to the extent that a Holder of an Allowed General Unsecured Claim and the Debtors (prior to the Effective Date) or the Liquidating Trust (after the Effective Date) agrees to less favorable treatment, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for such Claim, each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata Share of the Liquidating Trust Units applicable to such Debtor according to the Allocation Percentage after Holders of Allowed Other Priority Claims and Allowed Other Secured Claims are paid in full. Claims in Class 4 are Impaired. Holders of Allowed General Unsecured Claims are entitled to vote to accept or reject the Combined DS and Plan. The allowed unsecured claims total $50.7 million to $55.6 million. This Class will receive a distribution of 0.4% to .05% of their allowed claims. On the Effective Date, all Interests in the Debtors, other than Intercompany Interests which shall be included in Class 7, shall be deemed automatically canceled, released, and extinguished and shall be of no further force or effect; provided, that, one or more of the Debtors may continue to exist after the Effective Date as and to the extent provided in Article VII.F. No Holder of an Interest will receive any Plan Distribution on account thereof. On or as soon as practicable after the Effective Date, the Debtors or the Liquidating Trustee shall make Plan Distributions in accordance with the Combined DS and Plan to Holders of Allowed Administrative Claims, Allowed Tax Claims, Allowed Other Priority Claims, and Allowed Other Secured Claims, as applicable, that are due and payable as of the Effective Date using the Estate Cash. Tillou shall fund to the Debtors the Tillou Cash Payment upon confirmation of the Combined DS and Plan. On the Effective Date, the Debtors shall transfer all Liquidating Trust Assets to the Liquidating Trust. After the Effective Date, the Liquidating Trustee shall make Plan Distributions from the Liquidating Trust Assets on account of Allowed Claims in accordance with the Combined DS and Plan and, as applicable, the Liquidating Trust Agreement. A full-text copy of the Amended Combined Disclosure Statement dated November 19, 2025 is available at https://urlcurt.com/u?l=8B6PNz from Epiq Corporate Restructuring, claims agent. Co-Counsel to the Debtors: Palacio, Esq. Gregory A. Taylor, Esq. ASHBY & GEDDES, P.A. 500 Delaware Avenue, 8th Floor P.O. Box 1150 Wilmington, DE 19801 Tel: (302) 654-1888 Fax: (302) 654-2067 Email: RPalacio@ashbygeddes.com GTaylor@ashbygeddes.com John A. Simon, Esq. Jake W. Gordon, Esq. FOLEY & LARDNER LLP 500 Woodward Ave., Suite 2700 Detroit, MI 48226-3489 Tel: (313) 234-7100 Fax: (313) 234-2800 Email: jsimon@foley.com Jake.gordon@foley.com - and - Timothy C. Mohan, Esq. 1400 16th Street, Suite 200 Denver, CO 80202 Tel: (720) 437-2000 Fax: (720) 437-2200 Email: tmohan@foley.com About Ideanomics Inc. New York, N.Y.-based Ideanomics, Inc. is a global electric vehicle company that is focused on driving the adoption of electric commercial vehicles and associated sustainable energy consumption. It is made up of 5 subsidiaries including: VIA Motors, Solectrac, Treeletrik, Wave, and US Hybrid. Ideanomics Inc. and seven of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12728) on December 4, 2024. In its petition, the Debtor reports assets between $50 million and $100 million and liabilities ranging from $100 million to $500 million. Foley & Lardner LLP serves as the Debtors' general bankruptcy counsel and Ashby & Geddes, P.A. acts as the Debtors' Delaware co-counsel. The Debtors tapped Epiq Corporate Restructuring as noticing and claims agent. Riveron Management Services, LLC is the Debtors' CRO and financial advisor, and SSG Advisors, LLC, is the Debtors' investment banker and financial adviser. IH 35 TRUCKING: Unsecureds Owed $1.5M Will Get 60.5% in 60 Months ----------------------------------------------------------------- IH 35 Trucking, LLC and IH 35 Transportation, LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Combined Disclosure Statement describing Plan of Reorganization dated November 20, 2025. The Debtors are for profit limited liability companies organized under the laws of the State of Texas. IH 35 Trucking LLC ("Trucking") was formed on May 26, 2015 by Jorge Pablo Munoz. It was initially formed to purchase commercial trucks and trailers on credit to haul freight in interstate and intrastate commerce. IH 35 Transportation, LLC ("Transportation") was formed on January 3, 2017 by Jorge Pablo Munoz. Both companies were originally formed to haul freight, with one of them carrying refrigerated goods and the other carrying flatbed loads. The companies eventually evolved so that Transportation hauls both types of freight, while Trucking became an entity whose primary business is leasing its equipment to the related limited liability company, IH 35 Transportation, LLC. Trucking's principal creditor Commercial Credit Group, Inc ("CCG") threatened to foreclose on the sixteen trucks and twenty-three trailers it had financed and has liens on. Mr. Munoz was worried that such a foreclosure would put both companies out of business. In an effort to save the companies, Mr. Munoz agreed to a refinancing arrangement (the "Refi") with CCG in December of 2024. The Refi shortened the repayment term to 121 weeks on loans who original terms would have continued to run over thirty and is some cases forty-eight months. Both companies are recovering but have struggled to make all of the payments on the trucks and trailers eventually resulting in a threat of and actual attempts to prepossess trucks and trailers. The Chapter 11 case was filed to stop the repossessions and to reorganize the debts. Class 21 Unsecured Claims for IH 35 Trucking, LLC consists of 19 claims. This Class will receive a monthly payment amount of $15,000 shared prorata for 60 months. Payments will begin 30 days after the effective date. The allowed unsecured claims total $1,485,979.91. This Class will receive a distribution of 60.5% of their allowed claims. This Class is impaired. Class 3 claims for IH 35 Transportation, LLC consists of 113 unsecured claims. This Class will receive a monthly payment amount of $3,350.00 shared pro-rata for 60 months. Payments will begin 30 days after the effective date. The allowed unsecured claims total $309,437.93. This Class will receive a distribution of 64.9% of their allowed claims. This Class is impaired. Payments from IH 35 Transportation, LLC in the amount of $167,000 per month for the lease of Trucking's equipment. In January of 2026 this annual lease is going to be reduced to $135,000.00 per month to take into consideration the older condition of the equipment and the increased cost of maintaining same. Debtor's projected cash flow Exhibit E-1 indicates that these amounts will be sufficient to fund the Plan and pay the Debtor's operating expenses. Payments and distributions under the IH 35 Transportation Plan will be funded by income the company receives for hauling freight; IH 35 Transportation, LLC's projected cash flow Exhibit E-2 indicates that this amount will be sufficient to fund the Plan and pay the Debtor's operating expenses. A full-text copy of the Combined Disclosure Statement and Plan dated November 20, 2025 is available at https://urlcurt.com/u?l=CSomUW from PacerMonitor.com at no charge. Counsel to the Debtors: Carl M. Barto, Esq. Law Offices of Carl M. Barto 817 Guadalupe Laredo, TX 78040 Telephone: (956) 725-7500 Facsimile: (956) 722-7639 Email: cmblaw@netscorp.net About IH 35 Trucking IH 35 Trucking, LLC is a family-owned logistics provider based in Laredo, Texas, offering temperature-controlled and flatbed freight services across North America. It specializes in full truckload, intermodal, and cross-border transportation, with operations extending into Mexico and Canada. Leveraging satellite tracking, Qualcomm communications, and route optimization systems, it delivers tailored long-haul and short-haul logistics solutions for temperature-sensitive goods. IH 35 Trucking sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-50057) on June 6, 2025, with $1 million to $10 million in assets and liabilities. Jorge Pablo Munoz, managing member, signed the petition. Judge Jeffrey P. Norman presides over the case. Carl M. Barto, Esq., at the Law Office of Carl M. Barto represents the Debtor as bankruptcy counsel. TBK Bank, SSB, as lender, is represented by: Michael S. Held, Esq. J. Machir Stull. Esq. Aaron E. Lozano, Esq. JACKSON WALKER L.L.P. 2323 Ross Avenue, Suite 600 Dallas, Texas 75201 Telephone: (214) 953-6000 Fax: (214) 661-6859 Email: mheld@jw.com mstull@jw.com alozano@jw.com INGLE & ASSOCIATES: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Ingle & Associates, LLC received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral to fund operations. The court authorized the Debtor's interim use of cash collateral, including proceeds from pre-bankruptcy accounts receivable and cash on hand in which secured creditors may claim a security interest. The secured creditors include Avidia Bank, Essentia Holdings, LLC, Forward Financing, LLC, LG Funding, LLC, ODK Capital, LLC and the U.S. Small Business Administration. As adequate protection, secured creditors will be granted replacement liens on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy liens. The interim order is available at https://is.gd/1r3VUz from PacerMonitor.com. The next hearing is set for December 4. The deadline for filing objections is on December 2. As of the petition date, the Debtor's assets primarily consist of accounts receivable with a book value of approximately $134,000, of which about half is expected to be collectible, and office furniture and equipment valued at roughly $5,000. The Debtor's liabilities total approximately $2,041,845, including $833,170 owed to Avidia Bank, $500,000 owed to the SBA under a COVID relief loan, $145,000 owed to merchant cash advance lenders, and $563,000 in other general unsecured debts. Avidia Bank holds a first-position lien on all assets, including cash collateral, the SBA holds a second-position lien, and the MCAs claim secured interests, though their enforceability and perfection are disputed. The Debtor estimates that liquidation would yield no more than $5,000, almost entirely for Avidia Bank, and would result in the loss of nine jobs, providing minimal recovery for unsecured creditors. The Debtor filed its voluntary Chapter 11 petition on November 13. Founded in 2011, the Debtor is an accounting firm serving individuals, businesses, non-profits, and condominium associations, with offices in Wellesley Hills and Marshfield, Massachusetts. Financial difficulties began in late 2022 following the sudden deaths of two key staff members, which led to the loss of clients and nearly two years of backlog in work. At the same time, the interest rate on the Debtor's loan with Avidia Bank increased from 5% to 8%, raising monthly payments and contributing to a cash deficit. Attempts to cover this deficit through merchant cash advance loans worsened the financial situation, ultimately prompting the Debtor to seek bankruptcy protection. Despite these challenges, the Debtor maintains a strong reputation and believes it can reorganize effectively and provide meaningful distributions to creditors. About Ingle & Associates LLC Ingle & Associates LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12458) on November 13, 2025. In the petition signed by Robert C. Ingle, manager, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Kate E Nicholson, Esq., at Nicholson Devine LLC, represents the Debtor as legal counsel. INGLE & ASSOCIATES: Stephen Darr Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 1 appointed Stephen Darr of Huron Consulting Group as Subchapter V trustee for Ingle & Associates LLC. Mr. Darr will be paid an hourly fee of $850 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Darr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen Darr Huron Consulting Group 265 Franklin Street, Suite 402 Boston MA 02110 Phone: (617) 226-5593 Email: sdarr@hcg.com About Ingle & Associates LLC Ingle & Associates LLC provides accounting, tax, and financial consulting services to businesses, non-profits, condominium associations, and individuals, operating from offices in Wellesley, Shrewsbury, and Hanover, Massachusetts. The firm, founded in 1983 by Bob Ingle, is managed by two partners and a team of approximately 15 staff members. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-12458) on November 13, 2025, with $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Robert C. Ingle, manager, signed the petition. Kate E Nicholson, Esq. at NICHOLSON DEVINE LLC represents the Debtor as legal counsel. JASS LLC: Hires Wadsworth Garber Warner Conrardy P.C. as Counsel ---------------------------------------------------------------- Jass LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wadsworth Garber Warner Conrardy, P.C. as counsel. The firm's services include: a. preparation on behalf of Debtor of all necessary reports, orders and other legal papers required in this chapter 11 proceeding; b. performance of all legal services for Debtor as debtor-in-possession which may become necessary herein; and c. representation of Debtor in any litigation which Debtor determines is in the best interest of the estate whether in state or federal court(s). The professionals' hourly rates are: David V. Wadsworth $500 Aaron A. Garber $500 David J. Warner $425 Aaron J. Conrardy $425 Lindsay S. Riley $325 Hallie Cooper $225 Paralegals $125 Wadsworth received a retainer in the amount of $80,000.00 from Royal LTS, LLC. Wadsworth Garber Warner Conrardy, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Telecopy: (303) 296-7600 E-mail: dwarner@wgwc-law.com About Jass LLC Jass LLC operates a gas station and convenience store at the leased premises located at 3851 Highway 119, Longmont, Colorado. Jass sought filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No.25-17392) on November 11, 2025. In its petition, the Debtor reported assets between $100,001 and $500,000 and liabilities between $1 million and $10 million. Judge Kimberley H. Tyson oversees the case. David Warner, Esq., represents the Debtor as legal counsel. JAY4 INC: Michael Abelow Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Michael Abelow, Esq., at Sherrard Roe Voigt & Harbison, PLC, as Subchapter V trustee for Jay4 Inc. Mr. Abelow will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Abelow declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael G. Abelow, Esq. Sherrard Roe Voigt & Harbison, PLC 150 3rd Ave. South, Suite 1100 Nashville TN 37201 Phone: (615) 742-4532 Email: mabelow@srvhlaw.com About Jay4 Inc. Jay4 Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04796) on November 14, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Randal S. Mashburn presides over the case. Jennifer L. Johnson, Esq. at Johnson Legal, PLLC represents the Debtor as legal counsel. JHW PLUMBING: Joseph Cotterman Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 14 appointed Joseph Cotterman as Subchapter V trustee for JHW Plumbing LLC. Mr. Cotterman 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. Cotterman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph E. Cotterman 5232 W. Oraibi Drive Glendale, AZ 85308 Telephone: 480-353-0540 Email: cottermail@cox.net About JHW Plumbing LLC JHW Plumbing, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11019) on November 17, 2025, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Ronald J. Ellett, Esq. at Ellett Law Offices, P.C. represents the Debtor as legal counsel. JKH ENTERPRISES: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------------ On November 21, 2025, JKH Enterprises LLC filed Chapter 7 protection in the Northern District of Georgia. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About JKH Enterprises LLC JKH Enterprises LLC is a limited liability company. JKH Enterprises LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ga., Case No. 25-11769) on November 21, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. The Debtor is represented by Joseph Chad Brannen, Esq. KLEOPATRA FINCO: Final Hearing on DIP Financing Set for Dec. 3 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas is set to hold a hearing on December 3 to consider final approval of Kleopatra Finco S.a r.l.'s bid to obtain debtor-in-possession financing and use cash collateral. The court on November 5 granted Kleopatra Finco and its affiliates interim approval to obtain an initial EUR264 million from lenders, which have committed to provide up to EUR349 million in new money term loans. The remaining EUR85 million will be available upon entry of a final order. The financing is governed by the terms of a credit agreement under which the lenders committed to provide up to EUR984 million in senior secured superpriority term loan facility. This DIP facility includes the EUR349 million in new money term loans and EUR635 million in roll-up loans. Wilmington Savings Fund Society, FSB serves as administrative and collateral agent under the EUR984 million credit agreement. The interim order granted the lenders protection in the form of a valid, non-avoidable, and automatically perfected security interests in and liens on the collateral securing the DIP loans and a superpriority administrative expense claim, subject and subordinate to the fee carveout. The DIP loans are due and payable on the earliest of: (i) The date that is nine months after the closing date; (ii) The date on which all loans are accelerated and all unfunded commitments (if any) have been terminated in accordance with the credit agreement, by operation of law or otherwise; (iii) The date the bankruptcy court orders the dismissal of the Debtors' Chapter 11 cases or their conversion to a Chapter 7 liquidation; (iv) The closing of any sale of assets pursuant to Section 363 of the Bankruptcy Code, which when taken together with all other sales of assets since the closing date, constitutes a sale of all or substantially all of the assets of the borrowers; and (v) Effective date of the Chapter 11 plan. The Debtors must meet several milestones including entry of a final DIP order within 30 days of November 4; plan confirmation within 45 days of that date; and the plan's effective date within 90 days of November 4. The interim order also authorized the Debtors to use the cash collateral of pre-bankruptcy secured creditors and to provide such creditors with adequate protection in the form of valid, perfected replacement and additional security interests in and liens on the DIP collateral; administrative expense claim under section 507(b) of the Bankruptcy Code; and payment of fees and expenses. The interim DIP order is available at https://urlcurt.com/u?l=wdgbSL from PacerMonitor.com. The Debtors' attorney, John Higgins, Esq., at Porter Hedges, LLP, said the Debtors require immediate access to the DIP facility, along with the continued use of cash collateral, to fund operations and administrative costs. As of the petition date, the Debtors' cash balance was approximately EUR47 million, which is insufficient to operate their enterprise and continue paying their debts as they come due, according to Mr. Higgins. Wilmington Savings Fund Society, FSB, as DIP agent, is represented by: Jeffery R. Gleit, Esq. Patrick A. Feeney, Esq. ARENTFOX SCHIFF LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Tel: (212) 484-3900 Jeffrey.Gleit@afslaw.com Patrick.Feeney@afslaw.com -and- Matthew R. Bentley, Esq. 233 South Wacker Drive, Suite 7100 Chicago, IL 60606 Telephone: (312) 258-5500 Matthew.Bentley@afslaw.com About Kleopatra Finco and Klockner Kleopatra Finco S.a r.l. is a private limited company incorporated under the laws of Luxembourg. Finco is the financing arm of Klockner, a global manufacturer of packaging for companies all around the world. . Kleopatra Finco and 24 affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90642) on November 4, 2025, before the Hon. Christopher M. Lopez. The Debtors listed $1 billion to $10 billion in estimated assets and liabilities. The Debtors filed Chapter 11 petition after entering into a restructuring support agreement with an ad hoc group of lenders. A Chapter 11 plan was filed together with the petition. The Debtors tapped Kirkland & Ellis, LLP as bankruptcy counsel; Porter Hedges, LLP as local counsel; PJT Partners, Inc. as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor; and Ernst & Young, LLP as tax advisor. Stretto, Inc. is the claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Coface Finanz Gmbh is represented by: Jennifer Joyce Kellner, Esq. Mayer Brown LLP 1221 Avenue of the Americas New York, NY 10020 Tel: (212)506-2500 jkellner@mayerbrown.com FactoFrance is represented by: Robert E. Richards Dentons US LLP 233 S. Wacker Drive, Suite 5900 Chicago. Illinois 60606-6404 Telephone: (312) 876-8000 robert.richards@dentons.com KLEOPATRA FINCO: PreZero Steps Down as Committee Member ------------------------------------------------------- The U.S. Trustee for Region 7 disclosed in a court filing the resignation of PreZero Gestión de Residuos, S.A. from the official committee of unsecured creditors in the Chapter 11 cases of Kleopatra Finco, S.a. r.l. and its affiliates. The remaining members of the committee are: 1. Formosa Plastics Corporation, U.S.A. 9 Peach Tree Hill Road Livingston, NJ 07039 Ghada Zaky (973) 422-7755 gzaky@fpcusa.com 2. JB Hunt Transport, Inc. 615 JB Hunt Corp Drive Lowell, AR 72745 Erica Hayes (479) 419-3500 Erica.Hayes@JBHunt.com About Kleopatra Finco and Klockner Kleopatra Finco S.a r.l. is a private limited company incorporated under the laws of Luxembourg. Finco is the financing arm of Klockner, a global manufacturer of packaging for companies all around the world. . Kleopatra Finco and 24 affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90642) on November 4, 2025, before the Hon. Christopher M. Lopez. The Debtors listed $1 billion to $10 billion in estimated assets and liabilities. The Debtors filed Chapter 11 petition after entering into a restructuring support agreement with an ad hoc group of lenders. A Chapter 11 plan was filed together with the petition. The Debtors tapped Kirkland & Ellis, LLP as bankruptcy counsel; Porter Hedges, LLP as local counsel; PJT Partners, Inc. as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor; and Ernst & Young, LLP as tax advisor. Stretto, Inc. is the claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Coface Finanz Gmbh is represented by: Jennifer Joyce Kellner, Esq. Mayer Brown LLP 1221 Avenue of the Americas New York, NY 10020 Tel: (212)506-2500 jkellner@mayerbrown.com FactoFrance is represented by: Robert E. Richards Dentons US LLP 233 S. Wacker Drive, Suite 5900 Chicago. Illinois 60606-6404 Telephone: (312) 876-8000 robert.richards@dentons.com LAKESHORE 2426: Lender Seeks Jan. 7, 2026 Auction ------------------------------------------------- On January 7, 2026, at noon, Eastern Time, at the offices of Lowndes, Drosdick, Doster, Kantor & Reed, P.A., 215 N. Eola Drive, Orlando, Florida, and virtually, secure party REIT V CNB, LLC, will offer at public sale 100% of the membership interests in Lakeshore 2426 LLC, ("Borrower") held by Heyme Bleier and Pinchos D. Shemano at a public auction. Lender is the owner and holder of a Promissory Note in the principal amount of $797,000 made by the Borrower. Additional information regarding the property will be provided upon request by contacting Brock Cannon of Newmark at brock.cannon@nmrk.com or Lender's counsel, Michael S. Provenzale, Esq., at Michael.provenzale@lowndes-law.com or 407-418-6294. LEROUX CREEK: Seeks to Hire Michael Best & Friedrich as Counsel --------------------------------------------------------------- Leroux Creek Food Corporation, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Michael Best & Friedrich LLP as counsel. The firm will be providing legal advice and representation in connection with the general administration of the Estate, confirmation of any proposed plan of reorganization, all other contested and adversary matters that arise in this case, investigation and litigation of any avoidance or other action the Estate may have, and other legal services for Debtor related to or arising out of contested matters in this bankruptcy case. The professionals' hourly rates are: Jeffrey A. Weinman $650 Partners $475 to 725 Associates $350 to 450 Paralegals $120 to 225 As disclosed in the court filings, Michael Best & Friedrich LLP is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). Th firm can be reached through: Jeffrey A. Weinman, Esq. MICHAEL BEST & FRIEDRICH LLP 675 15th Street, Suite 2000 Denver, CO 80202 Tel: (720) 240-9515 Email: jeffrey.weinman@michaelbest.com About Leroux Creek Food Corporation Leroux Creek Food Corporation, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-15015) on August 27, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Edward Tuft as president. Judge Michael E Romero presides over the case. Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C., is the Debtor's counsel. LETS TALK THERAPY: Seeks Chapter 7 Bankruptcy in Georgia -------------------------------------------------------- On November 17, 2025, Lets Talk Therapy LLC filed Chapter 7 protection in the Northern District of Georgia. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Lets Talk Therapy LLC Lets Talk Therapy LLC is a provider of mental health and counseling services, supporting individuals, couples, and families through personalized therapy programs. The company prioritizes empathetic, client-centered care to improve emotional health, manage behavioral concerns, and foster overall personal growth. Lets Talk Therapy LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ga., Case No. 25-63392) on November 17, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Paul Baisier handles the case. The Debtor is represented by Kenneth Mitchell, Esq., of Giddens, Mitchell & Associates, P.C. LION RIBBON: Dec. 15 Plan, Disclosures Hearing ---------------------------------------------- A combined hearing will be held on December 15, 2025, at 1:00 p.m., prevailing Central Time, at which the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, will consider confirmation of the Joint Chapter 11 Plan of Liquidation of Lion Ribbon Texas Corp. and its affiliated debtors and final approval of the Disclosure Statement explaining the Plan. The voting and objection deadline is December 10, 2025, at 4:00 p.m., prevailing Central Time. A full-text copy of the Disclosure Statement dated Nov. 6, 2025 is available at https://urlcurt.com/u?l=WEZozy from Kroll Restructuring Administration, LLC, claims agent. About Lion Ribbon Texas Corp. Lion Ribbon Texas Corp. and affiliates design, manufacture, and distribute consumer crafting, gifting, and stationery products for celebrations, hobbies and creative play. They operate globally, with facilities across North America and supporting operations in India, Hong Kong, China, the United Kingdom, and Australia. They supply both branded and private-label products to consumers and major corporate clients. The Debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90164) on July 3, 2025. In their petitions, the Debtors reported $100 million to $500 million in assets and liabilities on a consolidated basis. Judge Christopher M. Lopez handles the cases. The Debtors are represented by Caroline A. Reckler, Esq., Ray C. Schrock, Esq., Adam S. Ravin, Esq., Randall Carl Weber-Levine, Esq., and Meghana Vunnamadala, Esq., at Latham & Watkins, LLP. The Debtors tapped Huron Consulting Services, LLC as investment banker and financial advisor; Deloitte Tax, LLP as tax services provider; Liskow & Lewis, APLC as conflicts counsel; C Street Advisory Group, LLC as communications advisor; and Kroll Restructuring Administration, LLC as claims, noticing and solicitation agent. On July 22, 2025, the Office of the U.S. Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Lowenstein Sandler LLP and Orrick, Herrington & Sutcliffe LLP as counsel. LUMEXA IMAGING: S&P Places 'B-' ICR on CreditWatch Positive ----------------------------------------------------------- S&P Global Ratings placed all its ratings on Lumexa Imaging Equity Holdco LLC (previously US Radiology Specialist Holdings LLC), including its 'B-' issuer credit rating and 'B-' issue-level rating on its senior secured facilities, on CreditWatch with positive implications. Lumexa publicly filed an S-1 earlier this week and announced its intention to launch an IPO. The company expects to use proceeds from the new equity offering, to pay down outstanding debt. Management also indicated it plans to refinance its $1,196 million term loan with a new approximately $800 million-$825 million term loan B. S&P Global Ratings anticipates the proposed IPO will enable the company to reduce its debt leverage and substantially lower its interest expense. S&P said, "The CreditWatch placement reflects that we expect to upgrade the company pending the success of its IPO. Specifically, we anticipate raising our issuer credit rating by one or two notches (to 'B' or 'B+') pending a further review of its financial policies, ownership and board composition, and expected leverage levels." A successful IPO would enable Lumexa to materially reduce its debt leverage. In its public filing, the company outlined that it expects to use the proceeds from the IPO, along with a new $800 million-$825 million term loan B, to repay its approximately $1.2 billion of existing debt. Additionally, management plans to increase the capacity of its revolver to $250 million from $165 million. S&P said, "With S&P Global Ratings-adjusted EBITDA of about $180 million for the 12-months ended June 2025 and S&P Global Ratings-adjusted debt of about $1.3 billion (including lease obligations), we expect this transaction will enable Lumexa to reduce its debt leverage to more than 2x from about 7.4x currently. We also expect the transaction will substantially reduce the company's interest expense and improve its free operating cash flow (FOCF) to debt to more than 5% from about 2%. "In addition to its S&P Global Ratings-adjusted leverage, we will explore Lumexa's financial policies as a public company. In resolving the CreditWatch placement, the company's stated financial policies (leverage targets and tolerances) and the influence of its private-equity sponsors, which will remain its largest shareholders following the close of the transaction, will be important considerations in determining the rating. At that time, we expect to upgrade Lumexa by one or two notches, to 'B' or 'B+', largely depending on our confidence that it will generally maintain S&P Global Ratings-adjusted leverage of below 5x. "While the majority of publicly traded companies generally avoid maintaining S&P Global Ratings-adjusted leverage above 5x, we'll need to understand Lumexa's commitment to that, the influence of its private-equity sponsors (especially given the reduced scrutiny around mergers and acquisitions as a publicly traded company), and the extent to which it will continue to issue substantial stock-based compensation (or instead replace a portion of that with increased cash-based compensation) as a publicly traded company. "The CreditWatch positive placement indicates the uncertainty around the timing and success of Lumexa's IPO, as well as the amount of proceeds it will generate and its long-term capital structure. We expect to resolve the CreditWatch once the company has completed the IPO, we learn the final amount of the offering, and it has finalized the repayment of its debt. At that time, we expect to upgrade Lumexa by one or two notches to 'B' or 'B+'." LUMEXA IMAGING: S&P Places 'B-' ICR on CreditWatch Positive ----------------------------------------------------------- S&P Global Ratings placed all its ratings on Lumexa Imaging Equity Holdco LLC (previously US Radiology Specialist Holdings LLC), including its 'B-' issuer credit rating and 'B-' issue-level rating on its senior secured facilities, on CreditWatch with positive implications. Lumexa publicly filed an S-1 earlier this week and announced its intention to launch an IPO. The company expects to use proceeds from the new equity offering, to pay down outstanding debt. Management also indicated it plans to refinance its $1,196 million term loan with a new approximately $800 million-$825 million term loan B. S&P Global Ratings anticipates the proposed IPO will enable the company to reduce its debt leverage and substantially lower its interest expense. S&P said, "The CreditWatch placement reflects that we expect to upgrade the company pending the success of its IPO. Specifically, we anticipate raising our issuer credit rating by one or two notches (to 'B' or 'B+') pending a further review of its financial policies, ownership and board composition, and expected leverage levels." A successful IPO would enable Lumexa to materially reduce its debt leverage. In its public filing, the company outlined that it expects to use the proceeds from the IPO, along with a new $800 million-$825 million term loan B, to repay its approximately $1.2 billion of existing debt. Additionally, management plans to increase the capacity of its revolver to $250 million from $165 million. S&P said, "With S&P Global Ratings-adjusted EBITDA of about $180 million for the 12-months ended June 2025 and S&P Global Ratings-adjusted debt of about $1.3 billion (including lease obligations), we expect this transaction will enable Lumexa to reduce its debt leverage to more than 2x from about 7.4x currently. We also expect the transaction will substantially reduce the company's interest expense and improve its free operating cash flow (FOCF) to debt to more than 5% from about 2%. "In addition to its S&P Global Ratings-adjusted leverage, we will explore Lumexa's financial policies as a public company. In resolving the CreditWatch placement, the company's stated financial policies (leverage targets and tolerances) and the influence of its private-equity sponsors, which will remain its largest shareholders following the close of the transaction, will be important considerations in determining the rating. At that time, we expect to upgrade Lumexa by one or two notches, to 'B' or 'B+', largely depending on our confidence that it will generally maintain S&P Global Ratings-adjusted leverage of below 5x. "While the majority of publicly traded companies generally avoid maintaining S&P Global Ratings-adjusted leverage above 5x, we'll need to understand Lumexa's commitment to that, the influence of its private-equity sponsors (especially given the reduced scrutiny around mergers and acquisitions as a publicly traded company), and the extent to which it will continue to issue substantial stock-based compensation (or instead replace a portion of that with increased cash-based compensation) as a publicly traded company. "The CreditWatch positive placement indicates the uncertainty around the timing and success of Lumexa's IPO, as well as the amount of proceeds it will generate and its long-term capital structure. We expect to resolve the CreditWatch once the company has completed the IPO, we learn the final amount of the offering, and it has finalized the repayment of its debt. At that time, we expect to upgrade Lumexa by one or two notches to 'B' or 'B+'." LUXURBAN HOTELS: Court Stays New York Hotel Trades Council Case --------------------------------------------------------------- Judge Jeannette A. Vargas of the United States District Court for the Southern District of New York stayed the case captioned as TRUSTEES OF THE NEW YORK HOTEL TRADES COUNCIL AND HOTEL ASSOCIATION OF NEW YORK CITY, INC. HEALTH BENEFITS FUND, PENSION FUND, LEGAL FUND, SCHOLARSHIP FUND, and INDUSTRY TRAINING FUND, Petitioners, -v- LUXURBAN RE HOLDINGS LLC, a/k/a LUXURBAN HOTELS INC. d/b/a Hotel 46, Respondent, Case No. 25-cv-07371-JAV (S.D.N.Y.). On November 13, 2025, a Suggestion of Bankruptcy was filed in this case, advising that Respondents had filed a petition under Chapter 11 of the Bankruptcy Code, but that their cases were consolidated and converted to a proceeding under Chapter 7 the Bankruptcy Code. The Chapter 7 proceeding is pending in the United States Bankruptcy Court for the Southern District of New York under docket number 25-12000. Pursuant to Section 362(a) of the Bankruptcy Code, this matter is stayed pending further court order. The parties must submit a joint letter regarding the status of the bankruptcy proceedings by February 15, 2026. A copy of the Court's Order dated November 17, 2025, is available at https://urlcurt.com/u?l=ZeLMFR from PacerMonitor.com. About LuxUrban Hotels Inc. LuxUrban Hotels Inc. is a New York, NY-based hotel operator. LuxUrban Hotels Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12000) on Sept. 14, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Leo Jacobs, Esq. of Jacobs P.C., is the Debtor's counsel, and David Goldwasser of FIA Capital is the financial advisor. Omni Agent Solutions is the Debtor's Claims Agent. The case was converted to Chapter 7 on October 21, 2025. MARK E MOON: Court Awards $139,147 in Attorneys' Fees to Milestone ------------------------------------------------------------------ Judge Dennis Montali of the United States Bankruptcy Court for the Northern District of California granted in part the motion of Milestone Financial, LLC for attorneys' fees in the adversary proceeding captioned as LORI H. MOON, as personal representative and administrator, Plaintiff, v. MILESTONE FINANCIAL, LLC, Defendant, Adversary Case No. 22-3106-DM (Bankr. N.D. Calif.) in the bankruptcy case of Mark E. Moon. Milestone seeks $800 per hour for all work performed during this adversary proceeding, which is the rate previously sought by the Moons' sole counsel, John P. McDonnell, and the rate claimed by Milestone as the appropriate lodestar in this instance. Milestone submits that regarding the adversary proceeding, 219.65 hours have been reasonably expended at the lodestar rate, along with 4.2 hours of paralegal level work at two different levels for a total amount of $535. As to the Appeal Fee Motion, Milestone has already agreed to reduce its fee request to a total of 58.4 hours. Upon review of the timesheets, the Court does not find the time to be duplicative and no other reductions appear appropriate. The Court finds no other reason to make any reductions to the reasonable rate or hours. According to the Court, the reasonable rate of compensation is a blended rate of $515 per hour, and the reasonable amount of time worked to be compensated is 210.75 hours plus $535 (in paralegal and discounted fees) of compensable work on the AP Fee Motion and 58.4 hours on the Appeal Fee Motion. The Court awards Milestone a total of $109,071.25 on the AP Fee Motion and a total of $30,076 on the Appeal Fee Motion in reasonable attorneys' fees to be paid by Plaintiff. A copy of the Court's Memorandum Decision dated November 14, 2025, is available at https://urlcurt.com/u?l=rWQkJT from PacerMonitor.com. The bankruptcy case is MARK E. MOON, Chapter 11, Debtor, Bankruptcy Case No. 20-30711-DM (Bankr. N.D. Calif.). MESQUITE ENERGY: SCOTUS Won't Hear Creditors' Appeal of Apollo Win ------------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that the U.S. Supreme Court refused to hear an appeal from junior creditors seeking a stake in Mesquite Energy Inc., solidifying Apollo Global Management's control over the Texas oil driller. The high court's order preserves a Fifth Circuit ruling that awarded full ownership to Apollo and other senior lenders, overturning a prior bankruptcy court decision that had granted junior creditors a 70% interest. The case stems from the bankruptcy of Sanchez Energy Inc., Mesquite's predecessor, and the collapse of oil and gas prices during the COVID-19 pandemic. Sanchez's enterprise value fell to about $85 million in early 2020, prompting a complex restructuring process in which creditors moved quickly to confirm a Chapter 11 plan while deferring disputes over liens and equity ownership, according to report. Judge Marvin Isgur spent years adjudicating the case, ultimately ruling in 2023 that senior lenders were entitled to only 30% of Mesquite's equity despite holding secured debt exceeding the company's value, as their liens had not been properly fixed pre-bankruptcy. The Fifth Circuit reversed that decision earlier this 2025, finding that the lower court miscalculated lien values and mistakenly allowed the lenders to face potential double recovery. Junior creditors had urged the Supreme Court to intervene, arguing that the appeals court failed to consider the worthlessness of the collateral returned to Sanchez. With the high court declining review, Apollo's victory stands. The unsecured noteholders are represented by Quinn Emanuel Urquhart & Sullivan LLP, while Apollo and its co-lenders are represented by Willkie Farr & Gallagher LLP and Jones Day LLP, the report states. About Mesquite Energy Mesquite Energy, formerly Sanchez Energy Corporation and its affiliates, -- https://sanchezenergycorp.com/ -- are independent exploration and production companies focused on the acquisition and development of U.S. onshore oil and natural gas resources. Sanchez Energy is currently focused on the development of significant resource potential from the Eagle Ford Shale in South Texas, and holds other producing properties and undeveloped acreage, including in the Tuscaloosa Marine Shale (TMS) in Mississippi and Louisiana. As of Dec. 31, 2018, the companies had approximately 325,000 net acres of oil and natural gas properties with proved reserves of approximately 380 million barrels of oil equivalent and interests in approximately 2,400 gross producing wells. Sanchez Energy and 10 affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 19-34508) on Aug. 11, 2019. As of June 30, 2019, the companies disclosed $2,159,915,332 in assets and $2,854,673,930 in liabilities. The cases were assigned to Judge Marvin Isgur. Sanchez tapped Akin Gump Strauss Hauer & Feld LLP and Jackson Walker L.L.P. as bankruptcy counsel; Moelis & Company LLC as financial advisor; Alvarez & Marsal North America LLC as restructuring advisor; and Prime Clerk LLC as notice and claims agent. The Official Committee of Unsecured Creditors tapped Milbank LLP and Locke Lord LLP as its co-counsel. Sanchez Energy emerged from Chapter 11 bankruptcy protection with a new name: Mesquite Energy Inc., according to a June 30, 2020 press release. The company's financial restructuring eliminated substantially all of its $2.3 billion in debt. METAL WORKS: Seeks Chapter 7 Bankruptcy in Arkansas --------------------------------------------------- On November 11, 2025, Metal Works Salvage LLC filed Chapter 7 protection in the Eastern District of Arkansas. According to the court filing, the Debtor reports between $100,001–$1,000,000 in debt owed to 1–49 creditors. About Metal Works Salvage LLC Metal Works Salvage LLC specializes in scrap and metal recovery, offering collection, processing, and resale of recyclable metal materials. Its services include metal dismantling, scrap sorting, hauling, and comprehensive recycling logistics for industrial, commercial, and individual customers. Metal Works Salvage LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-13951) on November 11, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Judge Phyllis M. Jones handles the case. The Debtor is represented by Kyle Havner, Esq. of Havner Law Firm PA. MIT US: Seeks to Hire David Freydin PC as Bankruptcy Counsel ------------------------------------------------------------ MIT US, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire the Law Offices of David Freydin PC as its bankruptcy counsel. The firm will provide these services: (a) negotiating with creditors; (b) preparing a plan and financial statements; and (c) examining and resolving claims filed against the estate. The Debtor proposes to retain the Law Offices of David Freydin PC on an hourly basis at these rates: David Freydin $450 Jan Michael Hulstedt $425 Derek V. Lofland $425 The firm received a $10,000 pre-petition retainer. As disclosed in the court filings, Law Offices of David Freydin PC believes he does not hold or represent any interest adverse to the Estate and is a "disinterested person" within the meaning of Section 327(a) of the Bankruptcy Code. The firm can be reached at: David Freydin, Esq. Law Offices of David Freydin, LTD. 8707 Skokie Blvd, Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 E-mail: david.freydin@freydinlaw.com About MIT US Inc. MIT US, Inc., doing business as RoyalRex Express, Inc., provides interstate freight transportation services and operates as a motor carrier in the United States, with its base in Plainfield, Illinois, and maintains a fleet of trucks and utility trailers to support its operations. MIT US filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-17094) on November 04, 2025, listing between $1 million and $10 million in assets and liabilities. Judge David D. Cleary presides over the case. David Freydin, Esq., at the Law Offices of David Freydin Ltd. represents the Debtor as bankruptcy counsel. MORE THAN PLUMBING: Gets OK to Use Cash Collateral Until Dec. 13 ----------------------------------------------------------------- More Than Plumbing, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to use cash collateral to fund operations. The court issued an interim order extending the Debtor's authority to use cash collateral to December 13 in accordance with its revised budget, subject to a 20% variance per budget line item. It authorized the Debtor to use up to $89,669 in cash collateral during the interim period. The Debtor previously mistakenly requested authority to spend only $36,013 during the first six weeks of the bankruptcy case, a figure inconsistent with its own budget. The corrected figure is $89,669 through December 13, as reflected in the revised budget. A final hearing will be held on December 10. If no objection is filed, the order becomes final without further hearing. As of the petition date, the Debtor's cash collateral consisted of approximately $5,661 in cash and $5,000 in accounts receivable. The Debtor's revised budget shows projected revenues and expenses for a 13-week period and reflects its expectation of profitable post-petition operations. Formed in 2018 and wholly owned through Just Jake, LLC by Levi Moore, the Debtor provides plumbing services to commercial and residential customers throughout Eastern Michigan. The Debtor itself has historically been profitable and solvent; its bankruptcy filing results entirely from guaranty obligations related to a financially distressed affiliate, Built Solid Renovations LLC, which filed its own Chapter 11 case contemporaneously. The Debtor guaranteed Built Solid's $1.75 million Newtek loan and Built Solid's default created a significant contingent liability that the Debtor cannot satisfy outside bankruptcy. The Debtor anticipates that the U.S. Small Business Administration will assert a secured claim of roughly $115,900 secured by all assets. Additional Newtek guarantees were executed by several related entities and Mr. Moore personally, and the Newtek debt is also secured by mortgages on Mr. Moore's residences. About More Than Plumbing LLC More Than Plumbing, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-51252) on November 5, 2025. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1,000,001 to $10 million. Judge Mark A. Randon oversees the case. Schafer and Weiner, PLLC is Debtor's legal counsel. MOUNTAIN VISTA: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Debtor: Mountain Vista Holdings LLC 3680 Wilshire Blvd. Ste. P04-1702 Los Angeles CA 90010 Business Description: Mountain Vista Holdings LLC is a single- asset real estate company that owns a vacant land parcel in Vista, California, appraised at $8.2 million. Chapter 11 Petition Date: November 19, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-13296 Judge: Hon. Scott C Clarkson Debtor's Counsel: James Mortensen, Esq. SOCAL LAW GROUP, PC 2855 Michelle Drive 120 Irvine CA 92606 Tel: 213-387-7414 E-mail: pimmsno1@aol.com Total Assets: $8,200,200 Total Liabilities: $4,786,000 The petition was signed by D. Scott Abernethy as manager. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/A6URXFQ/MOUNTAIN_VISTA_HOLDINGS_LLC__cacbke-25-13296__0001.0.pdf?mcid=tGE4TAMA NAVIDEA BIOPHARMACEUTICALS: Seeks to Sell Pharma Biz at Auction --------------------------------------------------------------- Navidea Biopharmaceuticals, Inc. seeks permission from the U.S. Bankruptcy Court for the District of Delaware, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor has determined that the best path forward for maximizing the value of its estate is to initiate a marketing process to explore all available strategic alternatives for consummating the highest and best transaction with respect to the Debtor’s assets for the benefit of all stakeholders. The Debtor seeks approval of Bid Procedures that will give parties ample time to conduct their necessary due diligence and formulate a bid. The Debtor believes the Proposed Transaction process is the most efficient path to emergence and will maximize creditor recoveries while minimizing administrative expenses that would otherwise be incurred in a cost prohibitive valuation fight. The Debtor operates in the space of precision medicine with immuno-targeted products designed to help identify the sites and pathways of undetected disease and enable better diagnostic accuracy, clinical decision-making, targeted treatment and, ultimately, patient care. Focusing on the development of innovative immunodiagnostic agents and immunotherapeutics that can and will make a difference for individuals touched by devastating conditions like cancer, autoimmune, infectious and inflammatory diseases, as well as their families, physicians and care givers, Navidea seeks to develop next-generation targeted diagnostics and therapies for these diseases. On October 7, 2025, the United States Trustee appointed David M. Klauder of Bielli & Klauder, LLC to serve as the Subchapter V trustee. During the evidentiary hearing on final approval of the DIP Financing, the Stockholder raised arguments and questioned Edward Burr, the independent director of the Debtor, regarding the value of the Debtor’s Assets. In subsequent conversations between the Debtor’s counsel and the Stockholder’s counsel, it became evident that valuation of the Assets would be a continuing dispute between the Debtor and the Stockholder during the course of the Chapter 11 Case and the Plan process, necessitating expensive discovery and litigation. The Debtor has designed the Bid Procedures to maximize the likelihood of competitive participation in the marketing process while maintaining optionality for the Debtor. Through this Motion, the Debtor respectfully requests that the Court approve the following timeline: (a) Entry of an Order Approving Bid Procedures: December 16, 2025. (b) Deadline to file and serve Bid Procedures Notice: within two business days after the entry of the Bid Procedures Order. (c) Assignment Notice: No later than 14 days after entry of the Bid Procedures Order. (d) Assigned Contract Objection Deadline: No later than 14 days after the service of the Assignment Notice. (e) Bid Deadline: January 13, 2026, at 4:00 p.m. (prevailing Eastern Time). (f) Auction: January 15, 2026, at 10:00 a.m. (prevailing Eastern Time. (g) Successful Bidder Notice Deadline: Not more than twenty-four (24) hours after closing or canceling the Auction. (h) Successful Bidder Objection Deadline: January 20, 2026, at 12:00 p.m. (prevailing Eastern Time). (i) Proposed Transaction Hearing: TBD; Week of January 26, 2026. (j) Proposed Transaction Closing Deadline: February 11, 2026. The Bid Procedures contemplated herein are supported by the DIP Lender and provide flexibility with respect to the structure of any Proposed Transaction. The Debtor submits that the proposed Bid Procedures will encourage competitive bidding, are appropriate under the relevant standards governing auction proceedings and bidding incentives in bankruptcy proceedings. About Navidea Biopharmaceuticals Inc. Navidea Biopharmaceuticals Inc. develops precision immunodiagnostic agents and immunotherapeutics, focusing on identifying disease sites and pathways to improve diagnostic accuracy, clinical decision-making, and targeted treatment. The Company's products are based on its Manocept platform, which targets the CD206 mannose receptor on activated macrophages, and includes Tc99m tilmanocept, a commercially developed diagnostic agent. Navidea operates in the United States and engages in global partnering and commercialization efforts within the biopharmaceutical and diagnostic instruments sectors. Navidea Biopharmaceuticals Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11779) on October 1, 2025. In its petition, the Debtor reports total assets as of August 31, 2025 amounting to $1,202,555 and total liabilities as of August 31, 2025 of $12,874,821. Honorable Bankruptcy Judge J Kate Stickles handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq. of PASHMAN STEIN WALDER HAYDEN, P.C. PIQ CORPORATE RESTRUCTURING, LLC is the Debtor's Claims & Noticing Agent. NEEDSPACE HACKS: Lender Seeks to Prohibit Cash Collateral Access ---------------------------------------------------------------- Simmons Bank asks the U.S. Bankruptcy Court for the Northern District of Mississippi to prohibit NeedSpace Hacks Cross, LLC from using cash collateral, or alternatively, demand adequate protection or immediate stay relief and abandonment of the underlying real property. Specifically, Simmons Bank seeks an order prohibiting Needspace Hacks Cross from using the rents and their proceeds, which Need Space Westbranch, LLC collaterally assigned to the bank because neither NHC nor NSW can provide adequate protection for the use of the rents, which constitute its cash collateral. NSW executed a commercial loan in November 2022 secured by a large self-storage facility located in Olive Branch, Mississippi, along with a collateral assignment of all rents and leases from the property. The loan was personally guaranteed by Marion Threatt. NSW has defaulted on multiple obligations under the loan documents, including failing to make payments, failing to pay real estate taxes, failing to maintain insurance, and transferring the property to NHC without satisfying the debt. As a result, Simmons accelerated the entire indebtedness, now exceeding $4.3 million and accruing interest of more than $24,000 per month. Simmons recounts that after it filed a receivership action in federal district court, and just before a hearing on its motion to appoint a receiver, NSW filed a single-asset real estate Chapter 11 case, which was later dismissed for failure to comply with court orders. Once the receivership hearing was rescheduled, NSW again sought to halt proceedings by filing a second notice of bankruptcy, claiming it had transferred all assets including the subject property to NHC on the same day NHC filed its own Chapter 11 petition. Simmons contends that these transfers and filings were done in bad faith to hinder, delay, or defraud the Bank and to disrupt the receivership process. It asserts that NHC is refusing access to the property, provides no adequate protection, has no contractual relationship with Simmons, and cannot lawfully use rental income that was previously assigned to the Bank. Simmons therefore asks the Court to prohibit all use of rents, or alternatively impose strict adequate protection conditions, and further requests termination of the automatic stay and abandonment of the property from the estate. A court hearing is scheduled for December 10. A copy of the motion is available at https://urlcurt.com/u?l=NqfGvq from PacerMonitor.com. About Needspace Hacks Cross LLC Needspace Hacks Cross, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13780) on November 6, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jason D. Woodard handles the case. The Debtor is represented by Robert Gambrell, Esq. of Gambrell & Associates, PLLC. Simmons Bank, as lender, is represented by: R. Campbell Hillyer, Esq BUTLER SNOW LLP 6075 Poplar Avenue, Suite 500 Memphis, TN 38119 Tel: (901) 680-7326 cam.hillyer@butlersnow.com NGUYEN WIN: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Nguyen Win Properties LLC 8018 S Marion Ave Tulsa, OK 74136-8037 Business Description: Nguyen Win Properties LLC, based in Tulsa, Oklahoma, operates as a residential real estate and property management company, holding multiple single-family lots and subdivision properties across Tulsa, Broken Arrow, Mounds, Porter, and Wagoner County. The Company's portfolio primarily consists of fee simple residential properties, which it manages and offers for lease. Chapter 11 Petition Date: November 24, 2025 Court: United States Bankruptcy Court Northern District of Oklahoma Case No.: 25-11795 Debtor's Counsel: Ron Brown, Esq. BROWN LAW FIRM PC 1609 E. 4th St. Tulsa OK 74120 Tel: (918) 585-9500 Email: ron@ronbrownlaw.com Total Assets: $27,160,442 Total Liabilities: $22,927,424 The petition was signed by Bao Quoc Mai Nguyen as manager/member. 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/5OCG35A/Nguyen_Win_Properties_LLC__oknbke-25-11795__0001.0.pdf?mcid=tGE4TAMA NIKOLA CORP: Ex-CEO Milton Requests Shield During Chapter 11 Appeal ------------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Trevor Milton, the founder of Nikola who received a presidential pardon earlier this year for securities and wire fraud charges, has petitioned the Delaware bankruptcy court to prevent his former company from sending him discovery demands while he appeals the approval of Nikola's Chapter 11 plan. Milton contends that the discovery process could disrupt his legal strategy and impose unnecessary burdens during the ongoing appeal. The motion is part of Milton's effort to contest the bankruptcy plan, which restructures the company and addresses claims from creditors. The judge has not yet decided whether to grant the stay on discovery requests. About Nikola Corp. Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support FCEV trucks covering supply, distribution and dispensing. Founded in 2015, Nikola is headquartered in Phoenix, Ariz. Nikola and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258) on February 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Morris James, LLP as legal counsels; Ducera Securities, LLC as investment banker; and FTI Consulting, Inc. as financial advisor. NORCOLD LLC: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Norcold LLC. The committee members are: 1. Dellware Electrical Appliance (HK) Co. Limited. Attn: No. 12 Huian Road, Chengyang District Qingdao China Phone: +86-532-87726689 Email: marco@dellware.cn 2. Kristina Stracke c/o Attn: James Anduin Alderson Alderson Law Office 14350 Civic Dr., Ste 280 Victorville, CA 92392 Phone: 760-245-1818 Email: aldersonlawfirm@gmail.com 3. Traci Marx, Raymond Marx c/o Attn: Terrance A. Beard P.O. Box 1599 Sutter Creek, CA 95685 Phone: 925-381-4983 Email: tbeard1053@aol.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Norcold LLC Norcold LLC is a recreational vehicle refrigerator manufacturer in Ann Arbor, Mich. Norcold sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11933) on November 3, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and between $100 million and $500 million in liabilities. Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Sean Matthew Beach, Esq., Simcha Trager, Esq., Matthew Barry Lunn, Esq., Roger Sharp, Esq., Rodney Square, Esq., and Jared W Kochenash, Esq. of Young Conaway. Stretto, Inc. is the Debtor's claims and noticing agent. NXT ENERGY: Reports C$1.78 Million Net Loss in 2025 Q3 ------------------------------------------------------ NXT Energy Solutions Inc. filed with the U.S. Securities and Exchange Commission its Third Quarter 2025 Results, reporting a net loss of C$1.78 million for the three months ended September 30, 2025, compared to a net loss of C$1.48 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of C$1.08 million, compared to a net loss of C$6.28 million for the same period in 2024. The Company recorded SFD(R)-related revenues of C$91,922 for the three months ended September 30, 2025 versus $nil for the three months ended September 30, 2024. As of September 30, 2025, the Company had C$18.06 million in total assets, C$5.56 million in total liabilities, and C$12.5 million in total stockholders' equity. The Company's current cash position is not expected to be sufficient to meet the Company's obligations and planned operations for the next 12 months. During 2024 the Company completed an SFD(R) survey and had received deposits on three other SFD(R) surveys planned to be executed in 2025. As of November 14, 2025 (the date of these financial statements), the Company has finished one of those SFD(R) surveys and the interpretation phase of another of the 2025 SFD(R) Surveys. In addition, during 2023 and 2024 the Company completed convertible debenture financings which resulted in raising additional net proceeds of approximately C$8.19 million of which US$5.72 million of the original proceeds have been converted to common shares. The Company continues to develop its pipeline of opportunities to secure additional revenue contracts. The Company's longer-term success remains dependent upon its ability to convert these revenue opportunities into successful contracts, to continue to attract new client projects, expand its revenue base to a level sufficient to exceed fixed operating costs, and generate consistent positive cash flow from operations. The occurrence and timing of these events cannot be predicted with certainty. Further financing options that may or may not be available to the Company include the issuance of new equity, debentures or bank credit facilities. The need for any of these options will be dependent on the timing of securing additional SFD(R) related revenues and obtaining financing on terms that are acceptable to both the Company and the financier. Bruce G. Wilcox, CEO of NXT, commented, "The company's revenue performance for the first nine months of 2025 marks a dramatic turnaround from the prior year. Year-to-date SFD(R)-related revenue reached $14.21 million, versus $0.60 million for YTD 2024. This growth was driven by two key projects: the African SFD(R) survey and the Southeast Asia SFD(R) survey which highlights a significant increase in commercial activity and project execution. NXT achieved a significant improvement in bottom-line performance, reporting a YTD 2025 net loss of C$1.08 million, a reduction from the C$6.28 million net loss in YTD 2024." "The YTD 2025 result was heavily skewed by a non-cash accounting charge. The company recognized a loss of C$5.83 million on the fair value remeasurement of its convertible debentures. This charge is a direct result of the significant increase in NXT's common share price during the period, which increased the liability value of the conversion feature. This accounting requirement masks a much stronger underlying operational performance. Excluding this non-cash accounting charge, the Company's pre-tax operational performance would shift from a loss of $1.08 million to a profit of approximately C$4.75 million, dramatically illustrating the positive impact of the year's commercial success. Year to date approximately US$5.72 million, or 92.7% of the debentures have been converted into approximately 29.4 million common shares. "I am also pleased to announce that our team has deployed to Pakistan to commence the data acquisition phase of the SFD(R) survey for AL-Haj Enterprises Private Limited. We expect to deliver NXT's interpretations and recommendations during the fourth quarter of 2025." Full-text copies of the Company's Quarterly report and Management's Discussion and Analysis are available https://tinyurl.com/mrvbxs79 and https://tinyurl.com/yc395tvw, respectively. About NXT Energy NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method. This system can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD survey system enables the Company's clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures, and prospect prioritization on areas with the greatest potential. SFD is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration. As of September 30, 2025, the Company had C$18.06 million in total assets, C$5.56 million in total liabilities, and C$12.5 million in total stockholders' equity. Calgary, Canada-based MNP LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 27, 2025, citing that the Company's current cash position is not expected to be sufficient to meet the Company's obligations and planned operations for a year beyond the date of auditor's report, unless additional financing is obtained or new revenue contracts are completed. This raises substantial doubt about the Company's ability to continue as a going concern. OLD SCHOOL: Unsecureds Will Get 100% of Claims in Liquidating Plan ------------------------------------------------------------------ Old School, Inc., submitted a Third Amended Combined Disclosure Statement and Plan of Liquidation dated November 20, 2025. The Debtor proposes the Combined Disclosure Statement and Plan for the liquidation of the Debtor's remaining Assets and distribution of the proceeds of such assets to the Holders of Allowed Claims against the Debtor. The Debtor's settlement with Orthogon results in certain changes to the Combined Disclosure Statement and Plan, including the Allowance of Orthogon's Class 3 General Unsecured Claim in the amount of $3,145,476.80 and Orthogon's agreement to support confirmation of the Combined Disclosure Statement and Plan and to change its vote to accept the Combined Disclosure Statement and Plan. Moreover, following the resolution of certain other material Disputed General Unsecured Claims Filed against the Debtor by the General Bar Date, Holders of Claims in Class 3 (General Unsecured Claims) are now reasonably expected to be paid in full with interest on their Allowed General Unsecured Claims as required by applicable law. Because Holders of Claims in Class 3 (General Unsecured Claims) are Unimpaired and Orthogon is the sole Holder of Class 4 Preferred Equity Interests, the classification and Allowance of Orthogon's Class 3 Claim would in any event inure to the benefit of Orthogon; as such, the Debtor believes the Orthogon Settlement to be a reasonable resolution of Orthogon's disputes regarding confirmation the Combined Disclosure Statement and Plan. The Orthogon Settlement serves as a foundation for consensual confirmation of the Combined Disclosure Statement and Plan. The Debtor has also resolved the Indemnification Claims of Stuart Ellis and Brad Coburn as set forth in the stipulation Filed at Docket No. 295. Such Claims are now classified as Class 5 510(b) Claims. The Debtor also obtained the withdrawal of another significant Disputed General Unsecured Claim. The Debtor is continuing to consider how to resolve other Filed Claims and reserves all rights to object to or seek to subordinate or disallow Claims. Class 3 consists of General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall receive, from the Plan Administration Assets, in full and final satisfaction of and in exchange for such Allowed General Unsecured Claim: (i) Cash equal to the amount of such Allowed General Unsecured Claim plus post petition interest accrued from the Petition Date through the Effective Date at the applicable contract rate or, if there is no such rate, at the federal judgment rate in effect as of the Petition Date; or (ii) such other treatment which the Debtor or the Plan Administrator, as applicable, and the Holder of such Allowed General Unsecured Claim have agreed upon in writing. The allowed unsecured claims total $5,853,953. This Class will receive a distribution of 100% of their allowed claims. This Class is impaired. The Cash proceeds from the Sale plus the proceeds of the remaining New Purchased Receivables form the preliminary basis for the Distributions contemplated under the Combined Disclosure Statement and Plan. Following the closing of the Sale, the Debtor anticipated full payment of Creditors' Claims. Since the Closing of the Sale, the Debtor has focused on efficiently winding down its business, preserving Cash, and monetizing its remaining Assets. The Debtor's remaining Assets (which, upon the Effective Date, shall constitute the Plan Administration Assets) currently consist of (i) Remaining Cash, (ii) after payment of Allowed Professional Fees Claims, Cash in the Professional Fee Reserve (if any), (iii) after payment of Allowed Professional Fee Claims, any retainers, deposits, or similar instruments or agreements held by the Debtor's Professionals, (iv) the Excluded Assets, (v) the Retained Causes of Action, (vi) any outstanding New Purchased Receivables (if any), and (vii) any and all other Assets of the Debtor other than Acquired Assets. This Combined Disclosure Statement and Plan provides for the Plan Administration Assets, to the extent not already liquidated, to be liquidated over time and the proceeds thereof to be distributed to holders of Allowed Claims in accordance with the terms of the Combined Disclosure Statement and Plan and the treatment of Allowed Claims and Allowed Interests described more fully herein. The Plan Administrator will effect such liquidation and distributions. A full-text copy of the Third Amended Combined Disclosure Statement and Plan dated November 20, 2025 is available at https://urlcurt.com/u?l=21OLXP from PacerMonitor.com at no charge. Counsel for the Debtor: POTTER ANDERSON & CORROON LLP Aaron H. Stulman, Esq. Brett M. Haywood, Esq. James R. Risener III, Esq. Ethan H. Sulik, Esq. 1313 North Market Street, 6th Floor Wilmington, Delaware 19801 Tel: (302) 984-6000 Facsimile: (302) 658-1192 Email: astulman@potteranderson.com bhaywood@potteranderson.com jrisener@potteranderson.com esulik@potteranderson.com GOODWIN PROCTER LLP Howard S. Steel, Esq. Stacy Dasaro, Esq. Kizzy L. Jarashow, Esq. James Lathrop, Esq. The New York Times Building 620 Eighth Avenue New York, New York 10018-1405 Tel: (212) 813-8800 Facsimile: (212) 355-3333 Email: hsteel@goodwinlaw.com sdasaro@goodwinlaw.com kjarashow@goodwinlaw.com jlathrop@goodwinlaw.com About Old School Inc. Old School, Inc., is a non-public corporation incorporated in Delaware. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11016) on June 8, 2025, with $10,000,001 to $50 million in assets and liabilities. Judge Craig T. Goldblatt presides over the case. James R. Risener, III, at Potter Anderson & Corroon LLP, is the Debtor's legal counsel. ONDAS HOLDINGS: Reports $8.8M Q3 Loss, Removes Going Concern Doubt ------------------------------------------------------------------ Ondas Holdings Inc. 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 $8,782,419 for the three months ended September 30, 2025, compared to a net loss attributable to common stockholders of $10,671,912 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 $36,144,526, compared to a net loss attributable to common stockholders of $30,899,010 for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $10,098,310 and $1,480,792, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $20,619,880 and $3,063,652, respectively. As of September 30, 2025, the Company had $550,150,569 in total assets, $39,775,843 in total liabilities, and $487,223,712 in total stockholders' equity. The Company disclosed that it has incurred losses since inception and have funded its operations primarily through debt and the sale of capital stock. Ondas said, "As of September 30, 2025, we had an accumulated deficit of approximately $268,723,000." "As of September 30, 2025, we had net long-term borrowings outstanding of approximately $2,489,000 and short-term borrowings outstanding of approximately $12,541,000, net of debt discount and issuance costs of approximately $177,000, including accrued interest of approximately $712,000, of which approximately $456,000 is due to related parties. "As of September 30, 2025, we had cash and restricted cash of approximately $433,394,000 and working capital of approximately $447,568,000. We had approximately $26,018,000 of net cash flows used in operations for the nine months ended September 30, 2025. "In 2024, we raised approximately $36,997,000 of net proceeds from issuance of convertible notes in Ondas Holdings, Ondas Networks, and OAS; approximately $1,422,000 of net proceeds from issuance of secured notes in Ondas Networks; approximately $7,304,000 of net proceeds from issuing Common Stock, warrants in Ondas Holdings, and warrants in OAS; and approximately $4,375,000 in net proceeds from issuing additional redeemable preference shares in Ondas Networks and warrants in Ondas Holdings. "During the nine months ended September 30, 2025, we raised approximately $422,309,000 in proceeds, net of issuance costs, from registered offerings, $24,708,000 from the exercise of stock options and warrants, $923,000 in proceeds, net of issuance costs, from issuance of convertible notes in Ondas Networks, and $365,000 in Israeli government grants to Airobotics." The Company's audited consolidated financial statements as of December 31, 2024 included in the Company's most recent Annual Report on Form 10-K and unaudited condensed consolidated financial statements included in the Company's Form 10-Q as of and for the three months ended March 31, 2025, management concluded that substantial doubt existed about the Company's ability to continue as a going concern due to recurring operating losses and limited liquidity resources. Management believes that the Company will have sufficient capital resources to fund its operations for the next 12 months. Accordingly, management has concluded that substantial doubt about the Company's ability to continue as a going concern no longer exists. "We expect to fund our operations for the next twelve months from the filing date of this Quarterly Report on Form 10-Q from the cash on hand as of September 30, 2025, gross profits generated from revenue growth, potential prepayments from customers for purchase orders, potential proceeds from warrants issued and outstanding, and additional funds that we may seek through equity or debt offerings and/or borrowings under additional notes payable, lines of credit or other sources." "Our future capital requirements will depend upon many factors, including progress with developing, manufacturing and marketing our technologies, the time and costs involved in preparing, filing, prosecuting, maintaining and enforcing patent claims and other proprietary rights, our ability to establish collaborative arrangements, marketing activities and competing technological and market developments, including regulatory changes and overall economic conditions in our target markets. "Our ability to generate revenue and achieve profitability requires us to successfully market and secure purchase orders for our products and services from customers currently identified in our sales pipeline as well as new customers. We will also be required to efficiently manufacture and deliver equipment on those purchase orders. "These activities, including our planned research and development efforts, will require significant uses of working capital. There can be no assurance that we will generate revenue and cash as expected in our current business plan. We may seek additional funds through equity or debt offerings and/or borrowings under additional notes payable, lines of credit or other sources. We do not know whether additional financing will be available on commercially acceptable terms or at all, when needed. "If adequate funds are not available or are not available on commercially acceptable terms, our ability to fund our operations, support the growth of our business or otherwise respond to competitive pressures could be significantly delayed or limited, which could materially adversely affect our business, financial conditions, or results of operations." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yck5ez4s About Ondas Holdings Marlborough, Mass.-based Ondas Holdings Inc. (Nasdaq: ONDS) provides private wireless data solutions through its subsidiary, Ondas Networks Inc., and commercial drone solutions through Ondas Autonomous Systems Inc. (OAS), which includes wholly owned subsidiaries American Robotics, Inc. and Airobotics LTD. OAS focuses on the design, development, and marketing of autonomous drone solutions, while Ondas Networks specializes in proprietary, software-based wireless broadband technology for both established and emerging commercial and government markets. Together, Ondas Networks, American Robotics, and Airobotics deliver enhanced connectivity, situational awareness, and data collection capabilities to users in defense, homeland security, public safety, and other critical industrial and government sectors. As of September 30, 2025, the Company had $550,150,569 in total assets, $39,775,843 in total liabilities, and $487,223,712 in total stockholders' equity. * * * This concludes the Troubled Company Reporter's coverage of Ondas 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. ORANGE COURIER: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Orange Courier, Inc. 16222 Phoebe Ave. La Mirada, CA 90638 Business Description: Orange Courier, Inc. provides same-day delivery, trucking, warehousing, and logistics services from its base in La Mirada, California. The Company operates as a for-hire interstate motor carrier handling property freight under federal transportation authority. It serves commercial customers across Southern California and surrounding regions through courier, distribution, and freight transport operations. Chapter 11 Petition Date: November 21, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-20443 Judge: Hon. Deborah J Saltzman Debtor's Counsel: Eric Bensamochan, Esq. THE BENSAMOCHAN LAW FIRM, INC. 2566 Overland Ave. Suite 650 Los Angeles, CA 90054 Tel: (818) 574-5740 Fax: (818) 961-0138 E-mail: eric@eblawfirm.us Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Evell Tara Stanley 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/PIWXEMA/Orange_Courier_Inc__cacbke-25-20443__0001.0.pdf?mcid=tGE4TAMA PERMIAN RESOURCES: S&P Affirms 'BB+' ICR, Outlook Positive ---------------------------------------------------------- S&P Global Ratings affirmed the 'BB+' issuer credit rating on Midland, Texas-based oil, gas, and natural gas liquids (NGLs) exploration and production (E&P) company Permian Resources Corp. and 'BB+' issue-level rating on its unsecured debt. S&P's '3' recovery rating on the unsecured debt is unchanged, indicating its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery. The positive outlook on Permian Resources reflects S&P's expectation that its financial measures will continue improving as it reduces debt, grows production in line with higher rated peers, and maintains conservative financial policies. S&P expects funds from operations (FFO) to debt above 60% over the next 24 months. The positive outlook reflects Permian's increased scale and improved operating efficiency in the Permian basin. Over the past few years, the company has expanded its footprint in the Permian basin through numerous acquisitions, including the Earthstone acquisition in 2023, its purchase of Barilla Draw assets from Occidental Petroleum in 2024, and its purchase of APA's assets in 2025. Incorporating its numerous bolt-on acquisitions this year, Permian increased its net acreage position to about 475,000 and increased its net royalty acreage to 105,000 acres, compared with approximately 176,380 net leasehold acres and 40,000 net royaltu acres at year-end 2022. S&P said, "Permian's ground game continues to increase its acreage position at favorable costs and we expect this trend to continue at least over the next 12 months. We anticipate 2025 average production of about 394 Mboe/d. Additionally, we expect Permian will increase its production to more 400 Mboe/d in 2026." Permian also continues to increase its reserve base, both through the drillbit and acquisitions. S&P said, "Permian's reserves totaled 1,026,957 Mboe as of year-end 2024, which represented an 11% year-over-year increase and we would expect a similar increase in 2025 year-end reserves. Since year-end 2020, the company has expanded its reserves by 244%. About 71% of Permian's reserves are classified as proved developed producing (PDP), with about 45% oil and 25% NGLs. In our view, the company's production and reserve scale now compare favorably with 'BB' category peers." However, Permian Resources is geographically less diverse than some higher-rated peers, given the concentration of its assets in the core of the Permian basin. Permian Resources' new natural gas marketing agreements should result in incremental free cash flow in 2026. The new natural gas firm transportation and sales agreements, as outlined in its third-quarter call, cover almost half of the company's 2026 expected gas production and including hedges, reduces the company's exposure to WAHA to 25%. S&P believes this should improve overall price realization and somewhat reduce price volatility for natural gas. Permian Resources maintains strong credit metrics and has a net debt target of 0.5x-1.0x. The company financed its previous acquisitions in a credit-friendly manner by using mostly equity and cash on hand. Permian financed its most-recent acquisition from APA Corp. with cash on hand. Additionally, Permian Resources continues to reduce total debt levels with debt reduction of $634 million year to date, including redeeming its $287 million of 2026 notes and $170 million of convertible notes in the third quarter. S&P said, "We would expect the company to call at par its 8% notes when they become callable in April 2026. Under our base-case forecast, we assume the company's FFO to debt will be above 60% while its debt to EBITDA will be in the 0.5x-1.0x range over the next two years." The company has adequate liquidity, supported by the full availability under its $2.5 billion reserve-based lending (RBL) credit facility and almost $112 million of cash as of the end of the third quarter. S&P said, "We expect the company will generate significant discretionary cash over the next two years, which we anticipate it will return less than 50% of to its shareholders via dividends and share repurchases, while retaining the remaining amount for general corporate purposes, which could include debt reduction and additional acquisitions. However, we do not assume Permian Resources will undertake any additional acquisitions under our base case due to the uncertainty around their timing and scale. Overall, based on continued debt reduction and capital allocation flexibility, we believe the company's current financial policy supports a higher rating." S&P said, "The positive outlook on Permian Resources reflects our expectation that its financial measures will continue to improve as it reduces debt, grows production in line with higher rated peers, and maintains conservative financial policies. We expect FFO to debt above 60% through 2026. "We could revise our outlook on Permian Resources to stable if, contrary to our expectations, it adopts a more aggressive financial policy such that we expect FFO to debt will be below 60% on a sustained basis, including under our mid-cycle oil and natural gas price assumptions of $50/bbl WTI and $2.75/mmBtu Henry Hub." This would most likely occur if it: -- Increases its shareholder returns concurrent with a sustained weakening in crude oil and natural gas prices; or -- Completes a debt-funded acquisition that results in significantly higher leverage. S&P could raise its rating on Permian Resources if S&P expects it to sustain FFO to debt comfortably above 60% and debt to EBITDA below 1.5x, even under its mid-cycle oil and natural gas price assumptions. This would most likely occur if: -- Crude oil and natural gas prices are consistent with our current price deck next year; -- The company continues to reduce total debt levels; and -- Management maintains financial policies in line with investment-grade peers. PERMIAN RESOURCES: S&P Affirms 'BB+' ICR, Outlook Positive ---------------------------------------------------------- S&P Global Ratings affirmed the 'BB+' issuer credit rating on Midland, Texas-based oil, gas, and natural gas liquids (NGLs) exploration and production (E&P) company Permian Resources Corp. and 'BB+' issue-level rating on its unsecured debt. S&P's '3' recovery rating on the unsecured debt is unchanged, indicating its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery. The positive outlook on Permian Resources reflects S&P's expectation that its financial measures will continue improving as it reduces debt, grows production in line with higher rated peers, and maintains conservative financial policies. S&P expects funds from operations (FFO) to debt above 60% over the next 24 months. The positive outlook reflects Permian's increased scale and improved operating efficiency in the Permian basin. Over the past few years, the company has expanded its footprint in the Permian basin through numerous acquisitions, including the Earthstone acquisition in 2023, its purchase of Barilla Draw assets from Occidental Petroleum in 2024, and its purchase of APA's assets in 2025. Incorporating its numerous bolt-on acquisitions this year, Permian increased its net acreage position to about 475,000 and increased its net royalty acreage to 105,000 acres, compared with approximately 176,380 net leasehold acres and 40,000 net royaltu acres at year-end 2022. S&P said, "Permian's ground game continues to increase its acreage position at favorable costs and we expect this trend to continue at least over the next 12 months. We anticipate 2025 average production of about 394 Mboe/d. Additionally, we expect Permian will increase its production to more 400 Mboe/d in 2026." Permian also continues to increase its reserve base, both through the drillbit and acquisitions. S&P said, "Permian's reserves totaled 1,026,957 Mboe as of year-end 2024, which represented an 11% year-over-year increase and we would expect a similar increase in 2025 year-end reserves. Since year-end 2020, the company has expanded its reserves by 244%. About 71% of Permian's reserves are classified as proved developed producing (PDP), with about 45% oil and 25% NGLs. In our view, the company's production and reserve scale now compare favorably with 'BB' category peers." However, Permian Resources is geographically less diverse than some higher-rated peers, given the concentration of its assets in the core of the Permian basin. Permian Resources' new natural gas marketing agreements should result in incremental free cash flow in 2026. The new natural gas firm transportation and sales agreements, as outlined in its third-quarter call, cover almost half of the company's 2026 expected gas production and including hedges, reduces the company's exposure to WAHA to 25%. S&P believes this should improve overall price realization and somewhat reduce price volatility for natural gas. Permian Resources maintains strong credit metrics and has a net debt target of 0.5x-1.0x. The company financed its previous acquisitions in a credit-friendly manner by using mostly equity and cash on hand. Permian financed its most-recent acquisition from APA Corp. with cash on hand. Additionally, Permian Resources continues to reduce total debt levels with debt reduction of $634 million year to date, including redeeming its $287 million of 2026 notes and $170 million of convertible notes in the third quarter. S&P said, "We would expect the company to call at par its 8% notes when they become callable in April 2026. Under our base-case forecast, we assume the company's FFO to debt will be above 60% while its debt to EBITDA will be in the 0.5x-1.0x range over the next two years." The company has adequate liquidity, supported by the full availability under its $2.5 billion reserve-based lending (RBL) credit facility and almost $112 million of cash as of the end of the third quarter. S&P said, "We expect the company will generate significant discretionary cash over the next two years, which we anticipate it will return less than 50% of to its shareholders via dividends and share repurchases, while retaining the remaining amount for general corporate purposes, which could include debt reduction and additional acquisitions. However, we do not assume Permian Resources will undertake any additional acquisitions under our base case due to the uncertainty around their timing and scale. Overall, based on continued debt reduction and capital allocation flexibility, we believe the company's current financial policy supports a higher rating." S&P said, "The positive outlook on Permian Resources reflects our expectation that its financial measures will continue to improve as it reduces debt, grows production in line with higher rated peers, and maintains conservative financial policies. We expect FFO to debt above 60% through 2026. "We could revise our outlook on Permian Resources to stable if, contrary to our expectations, it adopts a more aggressive financial policy such that we expect FFO to debt will be below 60% on a sustained basis, including under our mid-cycle oil and natural gas price assumptions of $50/bbl WTI and $2.75/mmBtu Henry Hub." This would most likely occur if it: -- Increases its shareholder returns concurrent with a sustained weakening in crude oil and natural gas prices; or -- Completes a debt-funded acquisition that results in significantly higher leverage. S&P could raise its rating on Permian Resources if S&P expects it to sustain FFO to debt comfortably above 60% and debt to EBITDA below 1.5x, even under its mid-cycle oil and natural gas price assumptions. This would most likely occur if: -- Crude oil and natural gas prices are consistent with our current price deck next year; -- The company continues to reduce total debt levels; and -- Management maintains financial policies in line with investment-grade peers. PINE GATE RENEWABLES: U.S. Trustee Appoints Creditors' Committee ---------------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Pine Gate Renewables, LLC and its affiliates. The committee members are: 1. Applied Risk Services 10805 Old Mill Road Omaha, NE 68154 Shannon Walls (877) 234-4420 srwalls@auw.com 2. NOBULL Energy LLC 10435 Commerce Drive, Suite 120 Carmel, IN 46032 Brian Giffin (317) 697-0297 briangiffin@nomadinf.com 3. Sungrow USA Corporation 3200 Park Center Drive Costa Mesa, CA 92626 M. Dinora Smith (949) 749-2068 mdinorasmith@sungrow-na.com 4. OMCO Solar LLC 30396 Lakeland Blvd. Wickliffe, OH 44092 Clint Cassese (440) 373-5310 ccassese@omcoform.com 5. JB Electric and Solar, LLC 325 5th Avenue, Suite 108 Indialantic, FL 32903 Robert N. Nevill (407) 491-7625 rnevill@jandbsolar.com 6. Hecate Energy LLC 621 W Randolph Street Chicago, IL 60661 Daniel Knuth (708) 712-4672 dknuth@hecateenergy.com 7. Waaree Solar Americas Inc. 2439 Discovery Hills Pkwy Brookshire, TX 77423 Puneet Sikka (713) 249-6869 puneetsikka@waaree.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About 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. PINE GATE: Claims to be Paid From Sale Proceeds ----------------------------------------------- Pine Gate Renewables LLC and its affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for Joint Chapter 11 Plan dated November 20, 2025. Headquartered in Asheville, North Carolina, Pine Gate is a solar energy company focused on the development, construction, operation, and financing of utility-scale solar farms across the United States. Pine Gate's business consists of a full suite of capabilities through the renewable energy life cycle, including development, EPC services (construction), offtake (power sales), and O&M services (operations and maintenance). The Company has a complex corporate structure, consisting of a total of 880 entities, but only 119 have filed for chapter 11 protection. The Debtors commenced these Chapter 11 Cases to complete, under section 363 of the Bankruptcy Code, an already-pending, competitive marketing and sale process for their assets, and then to confirm and implement a chapter 11 plan. That process culminated in [three] agreements for the separate sale of [three key portfolios] of the Debtors' assets (the "363 Sale Transaction") pursuant to asset purchase agreements (collectively, the "Asset Purchase Agreements") by and among the Debtors, as sellers, and [], as purchasers (each, a "Purchaser"). The Debtors intend to close the 363 Sale Transaction promptly after entry of the 363 Sale Order and, in all events, by December 31, 2025 (subject to any extension of the applicable end date under the applicable purchase agreement(s), including for the purpose of obtaining necessary regulatory approvals). Under the 363 Sale Transaction Documentation, the Successful Bidder(s) will acquire the applicable assets free and clear of all Liens and Claims (except for those Liens and Claims expressly assumed), and, if applicable, will deliver the sale proceeds to the Debtors in accordance with the terms of the 363 Sale Transaction Documentation. All assets of the Debtors' Estates that are not sold pursuant to the 363 Sale Transaction Documentation will be administered by the Plan Administrator in accordance with the Plan. Distributions under the Plan will be made pursuant to the Waterfall Recovery and will be funded from Cash of the Debtors on or after the Effective Date, including the proceeds of any Retained Causes of Action and the proceeds of all non-Cash assets of the Debtors' Estates, after giving effect to the funding of the Professional Fee Escrow Account and the funding of the Wind-Down Reserve. In addition, on the Effective Date, the Plan Administrator will sign the Plan Administration Agreement and will accept the Wind-Down Reserve, the Professional Fee Escrow Account, and the Cash therein, as well as the responsibility for liquidating all non-Cash assets of the Estates, reconciling Claims, and making distributions to creditors in accordance with the Plan. Following the Effective Date (or as soon as reasonably practicable thereafter), the Plan Administrator will make initial and subsequent Distributions to Holders of Allowed Claims in accordance with the timing and procedures in Article 7.1 of the Plan, including the establishment and administration of Disputed Claims Reserves under Article 8.4 and the delivery mechanics. Class 4 consists of all General Unsecured Claims. In full and final satisfaction, compromise, settlement, and release of its Claim (unless the applicable Holder agrees to a less favorable treatment), each Holder of an Allowed General Unsecured Claim will receive its Pro Rata Share of the Distributable Proceeds pursuant to the Waterfall Recovery. Class 4 is Impaired under the Plan. Holders of General Unsecured Claims are entitled to vote on the Plan and will receive Ballots. Class 8 consists of all Existing Equity Interests. Holders of Existing Equity Interests will receive no distribution on account of their Existing Equity Interests. On the Effective Date, all Existing Equity Interests will be canceled and extinguished and will be of no further force or effect. * On the Effective Date, all Existing Equity Interests will be cancelled and one share of the Parent (the "Single Unit") will be issued to the Plan Administrator to hold in trust as custodian for the benefit of the former holders of Existing Equity Interests, consistent with their former relative priority and economic entitlements. The Single Unit will be recorded on the books and records maintained by the Plan Administrator; * Each former holder of Existing Equity Interests (through their interest in the Single Unit, as applicable) will neither receive nor retain any property of the Estate or direct interest in property of the Estate on account of such Existing Equity Interests; provided, that in the event that all Allowed Claims have been satisfied in full in accordance with the Bankruptcy Code and the Plan, each former holder of Existing Equity Interests may receive its share of any remaining assets of the Parent consistent with such holder's rights of payment existing immediately prior to the Petition Date. Unless otherwise determined by the Plan Administrator, on the date that the final Chapter 11 Case is closed in accordance with the Plan, the Single Unit issued on the Effective Date will be deemed cancelled and of no further force and effect; provided, that such cancellation does not adversely impact the Estates; and * The continuing rights of former holders of Existing Equity Interests (including through their interest in the Single Unit or otherwise) will be nontransferable except by operation of law, or, subject to the Plan Administrator's consent, for administrative transfers where the ultimate beneficiary has not changed. The transactions contemplated by this Plan shall be approved and effective as of the Effective Date, without the need for any further state or local regulatory approvals or approvals by any non-Debtor parties, and without any requirement for further action by the Debtors, their board of directors, managers, members, their stockholders, or any other Person or Entity. Pursuant to the 363 Sale Order, to the extent not consummated before the Effective Date, the acquired assets shall be transferred to and vest in the Successful Bidder(s) free and clear of all Liens, Claims, charges, Interests, or other encumbrances (except for those Liens, Claims, charges, Interests, or other encumbrances expressly assumed by the Successful Bidder(s) pursuant to the terms of the 363 Sale Transaction Documentation) pursuant to section 363 of the Bankruptcy Code and in accordance with the terms of the 363 Sale Transaction Documentation. In exchange, the Successful Bidder(s) shall pay to the Debtors the sale proceeds in accordance with the terms of the 363 Sale Transaction Documentation; provided, that with respect to the sale of any collateral of the DIP Secured Parties or the Prepetition Secured Parties, such proceeds shall be first applied against the DIP Facility Claims or the Funded Debt Secured Claims, as applicable. A full-text copy of the Disclosure Statement dated November 20, 2025 is available at https://urlcurt.com/u?l=7B2XQO from Omni Agent Solutions, Inc., claims agent. Proposed Counsel for the Debtors: LATHAM & WATKINS LLP Ray C. Schrock, Esq. Andrew M. Parlen, Esq. Alexander W. Welch, Esq. 1271 Avenue of the Americas New York, NY 10020 Telephone: (212) 906-1200 Email: ray.schrock@lw.com andrew.parlen@lw.com alex.welch@lw.com Jason B. Gott, Esq. Jonathan C. Gordon, Esq. 330 N. Wabash Avenue Suite No. 2800 Chicago, IL 60611 Telephone: (312) 876-7700 Email: jason.gott@lw.com jonathan.gordon@lw.com HUNTON ANDREWS KURTH LLP Timothy A. (“Tad”) Davidson II, Esq. Philip M. Guffy, Esq. Brandon Bell, Esq. 600 Travis Street, Suite 4200 Houston, TX 77002 Telephone: (713) 220-4200 Email: taddavidson@Hunton.com pguffy@Hunton.com bbell@Hunton.com About Pine Gate Renewables LLC 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 118 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90669) on Nov. 6, 2025. In the petition signed by Ray Shem as president and chief financial officer, Pine Gate estimated assets on a consolidated basis of $1 billion to $10 billion and liabilities on a consolidated basis of $1 billion to $10 billion. The Hon. Christopher M. Lopez is the case judge. The Debtors tapped HUNTON ANDREWS KURTH LLP and LATHAM & WATKINS LLP as counsel. ALVAREZ & MARSAL NORTH AMERICA, LLC, is the Debtors' financial advisor, and LAZARD FRERES & CO. LLC is the investment banker. OMNI AGENT SOLUTIONS, INC., is the claims agent. PINE GATE: Court Approves Alvarez & Marsal's Rajcevich as CRO ------------------------------------------------------------- The United States Bankruptcy Court for the Southern District of Texas granted the application of Pine Gate Renewables, LLC and its affiliates for entry of an order authorizing the Debtors to: (a) retain and employ Alvarez & Marsal North America, LLC; (b) designate Mark Rajcevich as Chief Restructuring Officer; and (c) provide additional personnel for the Debtors, each pursuant to the terms of the engagement letter by and among the Debtors and A&M, dated as of September 3, 2025. The Court finds the relief requested in the Application is in the best interests of the Debtors' estates, their creditors, and other parties in interest. The terms of the Engagement Letter, including without limitation, the compensation provisions and the indemnification provisions, as modified by the Application and this Order, are reasonable terms and conditions of employment and are approved. A&M will provide these services: In connection with this engagement, A&M will make available to the Company: (1) Mark Rajcevich to serve as the CRO; and (ii) Upon the mutual agreement of A&M and the Company, A&M will provide additional employees of A&M and/or its affiliates and wholly-owned subsidiaries as required (collectively, with the CRO, the "Engagement Personnel"), to assist the CRO in the execution of the duties set forth more fully herein. Such Additional Personnel will be designated by the Company as executive officers. Duties (i) The Engagement Personnel in cooperation with the Chief Executive Officer or other applicable officers of the Company, will perform a financial review of the Company, including but not limited to a review and assessment of financial information that has been, and that will be, provided by the Company to its creditors, including without limitation its short and long-term projected cash flows and operating performance; (ii) The Engagement Personnel will assist the Company, as requested, with financial and liquidity forecasting, including but not limited to the development of a 13-week cash flow and liquidity forecast; (iii) The Engagement Personnel will assist in the identification (and implementation) of cost reduction and operations improvement opportunities; (iv) The Engagement Personnel assist the CEO and other Company engaged professionals in developing for the Board's review possible restructuring plans or strategic alternatives for maximizing the enterprise value of the Company's various business lines: (v) The CRO will serve as a principal contact with the Company's creditors with respect to the Company's financial and operational matters; (vi) The Engagement Personnel will assist the CEO and work in cooperation with other Company-engaged professionals in preparing contingency plans including preparing the Company for a chapter 11 filing, if necessary, and efforts to develop and prepare, in cooperation with the Company's other engagement professionals, a chapter 11 plan of reorganization and accompanying disclosure statement, if applicable; (vii) The Engagement Personnel will assist the CEO and work in cooperation with other Company-engaged professionals in reviewing the Company's cash flow forecasts, providing input to convert to a debtor-in-possession cash flow model, and negotiations regarding use of cash collateral and debtor-in-possession financing, if necessary, and any ongoing reporting requirements related to the same; (viii) The Engagement Personnel will assist the CEO and work in cooperation with other Company-engaged professionals in preparation for a potential chapter 11 filing(s), including accounts payable cut-off; (ix) The Engagement Personnel will assist the CEO and work in cooperation with other Company-engaged professionals in the preparation of any first day motions, declarations, schedules, exhibits, and other materials supporting the potential first day and second day hearings; (x) The Engagement Personnel will assist the CEO and work in cooperation with other Company-engaged professionals in bankruptcy preparation and case administration (including, but not limited to, preparing Statement of financial affairs, schedules of assets and liabilities, creditor matrix, and monthly operating reports) and/or other restructuring efforts, if necessary; (xi) The CRO will, to the extent applicable, provide testimony, as necessary, with respect to matters on which A&M has been engaged, in any proceedings under the United States Bankruptcy Code, any similar judicial proceedings, or any related mediation, arbitration, or other process; (xii) The Engagement Personnel will assist in preparing, filing and obtaining approval of Schedules and Statements, Monthly Operating Reports, claims reconciliation and other information required in connection with bankruptcy requirements (as applicable), filing of other motions and assisting legal counsel and the Company in responding to motions or pleadings during the pendency of the bankruptcy and providing expert testimony acceptable to the Engagement Personnel; and (xiii) The Engagement Personnel will perform such other services as requested or directed by the CEO or board of the directors of the Company (including the board's special committee of independent managers, the "Board") or other Company personnel as authorized by the Board, and agreed to by A&M that is not duplicative of work others are performing for the Company. A&M will receive fees for the services of the Engagement Personnel based on the following hourly rates: Mark Rajcevich $1,375 Other Managing Directors $1,100 - 1,575 Directors $850 - 1,100 Associates $625 - 825 Analysts $450 - 600 In addition to the hourly compensation, A&M will be entitled to incentive compensation in the amount of $4.35 million payable upon the earlier of (x) the consummation of a Chapter 11 plan of reorganization; and (y) the sale, transfer or other disposition of all or a substantial portion of the assets or equity of the Company in one or more transactions. A&M will also be reimbursed for its reasonable and documented out-of-pocket expenses incurred in connection with this assignment, such as travel, lodging, meals, messenger and wireless charges. A&M also charges a flat rate of 4% of professional fees to cover otherwise unbilled items such as telephone and conferencing charges, computer use, technology and software license fees, research subscriptions and other internal services. All fees and expenses will be billed on a weekly basis or, at A&M's discretion, more frequently. The Company directs A&M to continue to hold the retainer in the amount of $250,000.00 provided under the Prior Agreement as a retainer under this Agreement. The retainer will be credited against any amounts due at the termination of this engagement and returned to the Company upon the satisfaction of all obligations. A copy of the Court's Order dated November 20, 2025, is available at https://urlcurt.com/u?l=o04aKo from PacerMonitor.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. The Hon. Bankruptcy Judge Christopher M. Lopez handles the cases. The Debtors tapped Latham & Watkins LLP and Hunton Andrews Kurth, 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. 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. Bid Administrator LLC, as Brookfield DIP agent, is represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter & Hedges. PINE GATE: Gets Court OK to Retain Lazard as Investment Banker -------------------------------------------------------------- Pine Gate Renewables, LLC and its affiliates obtained approval from the United States Bankruptcy Court for the Southern District of Texas to employ Lazard Freres & Co. LLC as investment banker to the Debtors effective as of the petition date. The Court finds the relief requested in the application is in the best interests of the Debtors' estates, their creditors, and other parties in interest. The terms of the Engagement Letter and the Indemnification Letter are approved in all respects. All of Lazard's compensation as set forth in the Engagement Letter, including, without limitation, the Fee and Expense Structure and the Indemnification Provisions, is approved pursuant to section 328(a) of the Bankruptcy Code, and the Debtors are authorized to pay, reimburse, and indemnify Lazard in accordance with the terms and conditions of, and at the times specified in, the Engagement Letter. Lazard will provide these services: (a) reviewing and analyze the Company's business, operations and financial projections; (b) evaluate the Company's potential debt capacity in light of its projected cash flows; (c) assist in the determination of a capital structure for the Company; (d) assist in the determination of a range of values for the Company on a going concern basis; (e) advise the Company on tactics and strategies for negotiating with the Stakeholders; (f) render financial advice to the Company and participate in meetings or negotiations with the Stakeholders and/or rating agencies or other appropriate parties in connection with any Restructuring; (g) advise the Company on the timing, nature, and terms of new securities, other consideration or other inducements to be offered pursuant to any Restructuring; (h) advise and assist the Company in evaluating any potential Financing transaction by the Company, and, if requested by Lazard, subject to execution of customary agreements, with the prior consent and on behalf of the Company, contact potential sources of capital as the Company may designate and assist the Company in implementing such Financing; (i) assist the Company in preparing documentation within our area of expertise that is required in connection with any Restructuring; (j) assist the Company in identifying potential buyers interested in a Sale Transaction and, with the prior consent of the Company, to contact such buyers on behalf of the Company with respect to a Sale Transaction; (k) attend meetings of the board of managers of Pine Gate with respect to matters on which it has been engaged to advise hereunder; (l) provide testimony, as necessary, with respect to matters on which it has been engaged to advise hereunder in any proceeding before the Bankruptcy Court; and (m) provide the Company with other financial advice. Lazard will be compensated as follows: Monthly Fee: $250,000, payable on execution of the agreement and on the 1st day of each month thereafter. Fifty percent of monthly fees paid will be credited against any Amendment Fee, Restructuring Fee, Sale Transaction Fee, Partial Sale Transaction Fee, or Financing Fee. Amendment Fee: equal to 0.25% of the principal amount of any debt or other commitments or obligations, including any preferred or tax equity or project-level debt, that are amended. Fifty percent of any Amendment Fee will be credited (without duplication) against any Restructuring Fee or Sale Transaction Fee. Restructuring Fee: $17,000,000, upon consummation of any Restructuring. Sale Transaction Fee: minimum fee of $2,500,000 upon consummation of any Partial Sale. Financing Fee: (i) 1.75% for the first $500,000,000 of any senior secured debt financing, and 1.50% of any senior secured debt raised in excess of $500,000,000 plus (ii) 2.75% of any junior secured, last-out, unsecured, or subordinated debt financing, plus (iii) 4.00% of any equity, equity-linked or equity-stapled or similarly bundled equity financing (including, but not limited to, preferred or common equity, convertible debt, debt bundled or stapled with equity or equity-linked financing, options, warrants, or other rights to acquire interests). Fifty percent of any Financing Fee will be credited (without duplication) against any Restructuring Fee or Sale Transaction Fee. Lazard does not hold any interest adverse to the Debtors' estates and is a "disinterested person" as that term is defined under section 101(14) of the Bankruptcy Code. A copy of the Court's Order dated November 20, 2025, is available at https://urlcurt.com/u?l=b8QpZ3 from PacerMonitor.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. The Hon. Bankruptcy Judge Christopher M. Lopez handles the cases. The Debtors tapped Latham & Watkins LLP and Hunton Andrews Kurth, 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. 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. Bid Administrator LLC, as Brookfield DIP agent, is represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter & Hedges. PINE GATE: Seeks to Sell De Minimis Assets at Auction ----------------------------------------------------- Pine Gate Renewables LLC and its affiliates seek permission from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell De Minimis Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors anticipate that, during the pendency of the Chapter 11 Cases, they are likely to sell De Minimis Assets that are no longer needed or are otherwise not useful to the Debtors’ business operations (particularly in connection with the winddown of Debtor Blue Ridge Power (BRP)) or that the Debtors otherwise have a legitimate business reason to sell. The Debtors have determined, in their business judgment, that conducting periodic De Minimis Transactions is necessary and will be beneficial to their estates and help maximize recoveries for creditors. To alleviate the cost and delay associated with the filing of a separate motion for each proposed De Minimis Transaction, the Debtors seek approval of the De Minimis Asset Sale Procedures. Details of the Debtors proposes procedures to sell De Minimis Assets can be found at: https://urlcurt.com/u?l=s3Vlpw The Debtors also seek authorization to take any action that is reasonable or necessary to close De Minimis Transactions and to obtain the proceeds thereof, including, without limitation, paying reasonable and necessary fees and expenses to purchasers, agents, brokers, auctioneers, and/or liquidators if any. Notably, although the Debtors request authorization to sell De Minimis Assets for a price of up to $10,000,000, the Debtors believe that many individual transactions will, in fact, be for De Minimis Assets with substantially less value. The De Minimis Asset Sale Procedures comply with the notice requirements of the Bankruptcy Code, as well as due process, by providing the Notice Parties with an opportunity to present objections to De Minimis Transactions over $1,000,000 and requiring the Debtors to file notices with the Court on a quarterly basis summarizing the De Minimis Assets Sales equal to or under $1,000,000. Moreover, the winddown of BRP requires the expedient disposition of assets to minimize potential administrative costs that may otherwise be incurred with the storage of such assets, particularly with respect to a warehouse lease of BRP, which the Debtors hope to reject or terminate by December 31, 2025. 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. POSIGEN PBC: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------- Lead Debtor: PosiGen, PBC 720 N Post Oak Road Houston TX 77024 Business Description: The Debtors provide residential solar and energy-efficiency solutions to low- and moderate-income homeowners, operating across 15 U.S. states through a mix of direct operations and channel partners. Founded in 2011, they have expanded to serve more than 40,000 residential customers. Chapter 11 Petition Date: November 24, 2025 Court: United States Bankruptcy Court Southern District of Texas Ten affiliates that concurrently filed voluntary petitions under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- PosiGen, PBC (Lead Case) 25-90787 PosiGen Developer, LLC 25-90788 PosiGen Holdings, LLC 25-90789 PosiGen Operations, LLC 25-90790 PosiGen Owner 2, LLC 25-90791 PosiGen Owner 3, LLC 25-90793 PosiGen Provider, LLC 25-90792 PosiGen Rampart Holdco, LLC 25-90794 PosiGen Rampart, LLC 25-90795 PosiGen, LLC 25-90796 Judge: Hon. Alfredo R Perez Debtors' General Bankruptcy Counsel: Charles R. Koster, Esq. WHITE & CASE LLP 609 Main Street, Suite 2900 Houston, Texas 77002 Tel: 713-496-9700 Email: charles.koster@whitecase.com AND Thomas E Lauria, Esq. Michael C. Shepherd, Esq. Fan B. He, Esq. Andrea Kropp, Esq. WHITE & CASE LLP Southeast Financial Center 200 South Biscayne Boulevard, Suite 4900 Miami, Florida 33131 Phone: (305) 371-2700 Email: tlauria@whitecase.com mshepherd@whitecase.com fhe@whitecase.com andrea.kropp@whitecase.com AND Aaron E. Colodny, Esq. WHITE & CASE LLP 555 South Flower Street, Suite 2700 Los Angeles, California 90071 Phone: (213) 620-7700 Email: aaron.colodny@whitecase.com AND Andrea Amulic, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, New York 10020 Phone: (212) 819-8200 Email: andrea.amulic@whitecase.com Debtors' Financial Advisor: FTI CONSULTING, INC. Debtors' Claims & Noticing Agent: KROLL RESTRUCTURING ADMINISTRATION, LLC Estimated Assets (on a Consolidated Basis): $100 million to $500 million Estimated Liabilities (on a Consolidated Basi): $100 million to $500 million The petitions were signed by Peter Shaper as chief executive officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RBWZGSQ/PosiGen_PBC__txsbke-25-90787__0001.0.pdf?mcid=tGE4TAMA Consolidated List of the Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Elda River Opportunities Convertible Notes $22,201,313 IV Special Holdings B LLC 1111 Bagby Street, Suite 2000 Houston, TX 77002 Notices Contact Email: mtp_notices@magnetar.com 2. Elda River Energy Convertible Notes $19,679,447 Opportunities Fund III LLC 1603 Orrington Avenue 13th Floor Evanston, IL 60201 Adam Daley Email: adam.daley@eldariver.com Craig Rohr Email: craig.rohr@eldariver.com 3. Activate Capital Convertible Notes $16,619,273 Partners II, LP 50 California Street Suite 2050 San Francisco, CA 94111 Phyllis Reid Email: phyllis@activatecap.com 4. IROP Loan Aggregator, LP Convertible Notes $12,396,787 2810 N Church Street, PMB Wilmington, DE 19802 Jenna Young Email: jenna.young@apollo.com Phone: (424) 222‐8380 5. SolarEdge Technologies Inc Trade Payable $12,322,585 700 E Tasman Drive Milpitas, CA 95035 Melanie Cabelo Email: melanie.cabelo@solaredge.com 6. Builders PSGN LLC Convertible Notes $6,299,592 4319 21st Street San Francisco, CA 94114 Tripp Baird Email: tripp@thebuildersfund.com 7. Spark Investment Partners, LLC Convertible Notes $3,284,081 1355 Greenwood Cliff Suite 301 Charlotte, NC 28204 Mark Bruinooge Email: mark@wtmrk.com 8. Builders Fund II LP Convertible Notes $3,227,227 4319 21st Street San Francisco, CA 94114 Tripp Baird Email: tripp@thebuildersfund.com 9. EMT Renewables, LLC Channel Partner $2,445,831 d.b.a EMT Solar and Roofing 523 Hollywood Ave Cherry Hill, NJ 08002 Thomas Cleary Email: tom@emtsolar.com 10. Sogeti USA (CapGemini) Professional $2,174,774 Division Of Capgemini America, Inc Services Chicago, IL 60673‐1283 Kristen Walker Email: kristen.walker@sogeti.com Finance Contact Email: finance.us@sogeti.com 11. ECI 2022-2023 LLC Convertible Notes $1,948,080 PO Box 61239 Dept 1173 Palo Alto, CA 94306 Legal Contact Email: legal@emersoncollective.com 12. Power Energy Solutions Channel Partner $1,199,187 72 E Holly Ave. Pitman, NJ 08071 Joseph Enright Email: joe@powerenergysolutionsllc.com Ryan Cybulski Email: ryan@powerenergysolutions.com 13. 2040 Foundation, Inc. Convertible Notes $1,197,383 1355 Greenwood Cliff Suite 301 Charlotte, NC 28204 Mark Bruinooge Email: mark@wtmrk.com 14. SJF Ventures V, LP Convertible Notes $1,197,115 200 N Magnum Street Suite 203 Durham, NC 27701 Dave Kirkpatrick Email: dkirk@sjfventures.com 15. Dolphin Builders LP Convertible Notes $1,063,084 4319 21st Street San Francisco, CA 94114 Tripp Baird Email: tripp@thebuildersfund.com 16. NY State Solar Channel Partner $1,012,240 132 W 31st St Suite 1300 New York, NY 10001 Reid Garton Email: rgarton@nystatesolar.com 17. CED Greentech Pensacola Trade Payable $886,338 3361 Copter Rd. Pensacola, FL 32514 Andrew Smith Email: andrew.smith2@greentechrenewables.com 18. SJF Ventures IV, LP Convertible Notes $880,639 200 North Mangum Street, Suite 203 Durham, NC 27701 Dave Kirkpatrick Email: dkirk@sjfventures.com 19. GAF Energy LLC Channel Partner $869,863 1 Campus Drive Parsippany, NJ 07054 Lucy Zhao Email: lucy.zhao@gaf.energy Jason Barrett Email: jason.barrett@gaf.energy Phone: 917-771-1914 20. Venture Home Solar, LLC Channel Partner $745,277 327 Captain Lewis Drive, Southington, CT 06489 John Giles Email: giles@venturehomesolar.com Phone: 203-722-1061 21. Dataplatr Corp Trade Payable $723,880 419 Brassinga Ct Palo Alto, CA 94306 Harish Ramachandraiah Email: harish@dataplatr.com 22. Whitman Construction Channel Partner $696,756 1800 Route 34 N, Suite 402 Wall NJ 07719 Mellisa Whitman Email: melissaw@stevewhitman.com 23. Advanced Solar Channel Partner $665,015 (Evolution Solar) 3321 75th Avenue Suite F Landover MD 20785 Nick Hayes Email: nick@advanced.solar Phone: 443-981-9392 24. Sitetracker Inc Trade Payable $613,219 491 Bloomfield Ave Montclair, NJ 07042 Legal Contact Email: legal@sitetracker.com 25. Ion Solar Pros LLC Channel Partner $562,861 751 Straits Tpke Ste 2000 Middlebury CT 6762 William Barrieau Email: bbarrieau@goisp.com 26. Kamtech Restoration Channel Partner $552,045 203 B Sheridan Blvd Inwood NY 11096 Krzysztof Kaminski Email: kkaminski@kamtechsolar.com 27. Integrity Solar Channel Partner $546,143 and Home Solutions 638 Delsea Drive Sewell, NJ 08080 Cody Matthews Email: cody.m@integrity-solar.com 28. Rhythm Solar LLC Channel Partner $521,567 2000 Crawford Place Suite 300 Mt. Laurel, NJ 08054 Mariah Caraballo Email: Mariah@definesolar.com 29. 2Oceans Energy LLC Professional $500,000 11988 Barlow Lake Rd Services Middleville, MI 49333 Scott Pitsch Email: scott@2oceans.com 30. Skyline Solar Channel Partner $442,441 4 Crossroads Drive, Suite 116 Hamilton, NJ 08691 Bill Dailey Email: bill@skylinesolar.net POSIGEN PBC: Seeks Chapter 11 Bankruptcy After Loan Breach Lawsuit ------------------------------------------------------------------ Emlyn Cameron of Law360 reports that PosiGen, a residential solar energy company, has entered Chapter 11 in Texas with more than $100 million of debt, after it was sued for allegedly defaulting on its loan agreements. The suit was filed just weeks before the bankruptcy filing, highlighting how acute its cash-flow issues had become, according to report. In its Chapter 11 filing, PosiGen disclosed the magnitude of its liabilities and the scope of its restructuring challenges. The company will now work through its debt load under court supervision, aiming to stabilize operations and restructure its balance sheet, the report states. About PosiGen PBC PosiGen PBC is a residential solar energy company. PosiGen PBC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90787) on November 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Charles R. Koster, Esq. of White & Case. PURE LLC: Case Summary & Four Unsecured Creditors ------------------------------------------------- Debtor: Pure, LLC 777 Arthur Godfrey Road, Suite 402 Miami Beach, FL 33140 Business Description: Pure, LLC is categorized as a single-asset real estate entity under the definition provided in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: November 21, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-23858 Debtor's Counsel: Richard R. Robles, Esq. LAW OFFICES OF RICHARD R. ROBLES, P.A. 905 Brickell Bay Drive Suite 228 Miami, FL 33131 Tel: (305) 755-9200 E-mail: rrobles@roblespa.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Rodrigo S. Da Silva as manager. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FNJSDKQ/Pure_LLC__flsbke-25-23858__0001.0.pdf?mcid=tGE4TAMA PURE LLC: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------ On November 21, 2025, Pure LLC filed Chapter 11 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 Pure LLC Pure LLC is a limited liability company. Pure LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla., Case No. 25-23858) on November 21, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Richard R. Robles, Esq. QHSLAB INC: Reports $33,411 Net Income in 2025 Q3 ------------------------------------------------- QHSLab, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $33,411 for the three months ended September 30, 2025, compared to a net income of $49,765 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $99,156, compared to a net income of $28,350 for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $737,066 and $544,285, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $1,987,931 and $1,505,945, respectively. As of September 30, 2025, the Company had $1,734,624 in total assets, $2,345,536 in total liabilities, and $610,912 in total stockholders' deficit. Liquidity is a measure of a company's ability to generate funds to support its current and future operations, satisfy its obligations, and otherwise operate on an ongoing basis. QHSLab disclosed that on September 30, 2025, it had current assets totaling $428,599, including $158,391 of cash, $210,131 of accounts receivable, $26,619 of inventory, and $33,458 related to prepaid expenses and other current assets. At such date, the Company had total current liabilities of $2,345,536 consisting of $301,653 in accounts payable, $462,776 in other current liabilities and $1,581,107 representing the current portions of outstanding loans and convertible notes. On December 31, 2024, the Company had current assets totaling $420,827, including $157,168 of cash, $196,089 of accounts receivable, $41,779 of inventory, and $25,791 related to prepaid expenses and other current assets. At such date, the Company total current liabilities of $2,407,308 consisting of $340,962 in accounts payable, $343,945 in other current liabilities and $1,722,401 representing the current portions of outstanding loans and convertible notes. QHSLab said, "We generated cash flows of $80,085 and $87,387 from operations during the nine-month periods ending September 30, 2025 and 2024, respectively." "During the third quarter of 2021, we issued a promissory note of $750,000 in connection with our acquisition of assets related to our AllergiEnd products and an Original Issue Discount Secured Convertible Promissory Note in the principal amount of $806,000 along with warrants to purchase 930,000 shares of our common stock for aggregate consideration of $750,000. In July 2022, to supplement our cash on hand, we issued to the holder of the First OID Note an Original Issue Discount Secured Convertible Promissory Note in the principal amount of $440,000 and warrants to purchase 550,000 shares of our common stock for aggregate consideration of $400,000. "Our obligations under the OID Notes are secured by a lien on substantially all of our assets. All amounts outstanding under the First OID Note and Second OID Note were payable on August 10, 2022, and July 22, 2023, respectively. The right to exercise the warrants issued in connection with the First OID Note expired on August 9, 2024 and the right to exercise the warrants issued in connection with the Second OID Note expired on July 18, 2025. "The remaining principal and interest accrued on the Acquisition Note was $461,127 as of September 30, 2025, and we are in default under this Note. We last received a notice of forbearance from the holder of the Acquisition Note on March 20, 2025, in which it reserved all of its rights. Amounts accrued as interest under the Acquisition Note do not include interest and penalties which would be payable if the holder of such Note elects to exercise its rights under the default provisions of the Note. "The outstanding principal amount and interest accrued under the OID Notes was $1,419,075 as of September 30, 2025. "We have accrued default interest of 18% as of December 31, 2024 for the OID Notes and continue to accrue interest on the OID Notes at that rate. We last received a notice of forbearance from the manager of the then holder of the OID Notes on February 19, 2024, in which it reserved all rights it might have as a result of our defaults under the OID Notes and the related documents between us. On February 20, 2025 we received notices of default in respect of the OID Notes. "On May 12, 2025, the OID Notes were assigned to Catheter. There is no guarantee that Catheter, the holder of the OID Notes, and the holder of the Acquisition Note will continue to forbear from exercising such rights as they may have to collect amounts due, including seeking to foreclose upon such liens they may have on our assets." Plan of Operation and Funding: QHSLab also disclosed that it had an accumulated deficit of $4,430,506 at September 30, 2025, generated net losses of $99,156 and $259,239 for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively, and generated cash from operations of $80,085 in the nine months ended September 30, 2025, and used $142,437 of cash in operations in the year ended December 31, 2024. "We are currently in default of our obligations under our OID Notes and the Acquisition Note. These factors, among others, raise substantial doubt about our ability to continue as a going concern for a reasonable period of time. Our continuation as a going concern is dependent upon our ability to obtain necessary equity or debt financing and ultimately from generating revenues and positive cash flow to continue operations and, in the interim, to convince the holders of our notes to forbear from exercising any rights they might have as a result of our defaults." "Our working capital requirements are expected to increase in line with the growth of our business. We will remain highly leveraged as we seek to expand our business. Existing working capital and anticipated cash flows are expected to be adequate to fund our operations over the next twelve months, provided the holders of our notes do not initiate enforcement proceedings. If necessary, we would seek to supplement the amounts available to fund our operations through the issuance of debt or equity. "In addition to using our cash to satisfy our working capital needs, from time to time we have made payments on our outstanding indebtedness to limit the continued growth in the amount of accrued interest and penalties, and to retain the support of our lenders, and may do so in the future. While the previous holder of our OID Notes agreed to forbear from seeking to collect the amounts due, it assigned its rights in the OID Notes to Catheter. "To date, Catheter has not commenced actions seeking to enforce its rights under the OID Notes and the Company has engaged in discussions with Catheter in an effort to restructure the OID Notes. The holder of the Acquisition Note previously agreed to forbear from exercising such rights as it may have as a result of our default and to date has not commenced an action seeking to enforce its rights under the Acquisition Note. Nevertheless, at this time, there is no guarantee the holders of the OID Notes and Acquisition Notes will continue seeking to enforce their rights under their notes. "If they elect to exercise their rights, the amount of accrued interest and penalties owed under the agreements will substantially increase. Further, should they demand immediate payment of all amounts currently due and, in the case of the OID Notes, exercise rights available under the related Security Agreements, it would have a material adverse effect on our business and jeopardize our ability to continue operations. "Any future effort to restructure existing indebtedness through agreements with our current lenders to allow us to increase the amount we can devote to expanding our operations will require the consent of our current lenders and likely would require the issuance of additional debt or equity securities. Should we seek to raise additional capital to satisfy our lenders, there is no assurance sufficient amounts will be available. "While we are focused on our business, we intend to continually explore our options to raise additional capital or, when available, borrow additional funds on terms which we believe are favorable to us. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders, could require the issuance of equity securities at prices we believe are below our true value and could cause the price of our common stock to decrease. Further, such securities might have rights, preferences or privileges senior to our common stock. "Additional borrowings could require that we grant the lenders a security interest or other rights that impede our ability to operate as we deem best for our shareholders. Further, any default under a loan agreement could result in an action which could force us to seek bankruptcy protection. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to maintain or expand our existing operations, take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business and adversely impact our financial results. "Our ability to obtain funds through the issuance of debt or equity is dependent upon the state of the financial markets at such time as we may seek to raise funds. The state of the capital markets may be adversely impacted by various risks and uncertainties, including, but not limited to future and current impacts of global events such as wars in the Ukraine and Israel, increases in inflation and other risks detailed in the risk factors sections detailed in our Annual Report on Form 10-K for the year ended December 31, 2024." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3x8undfv About QHSLab, Inc. Beach, Fla.-based QHSLab, Inc. is a medical device technology and software-as-a-service company focused on enabling primary care physicians to increase their revenues by providing them with relevant, value-based tools to evaluate and treat chronic disease as well as provide preventive care through reimbursable procedures. Tampa, Fla.-based Astra Audit & Advisory LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Mar. 28, 2025, citing that the Company has only recently operated profitably, is highly leveraged and has only recently begun to generate cash from operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $1,734,624 in total assets, $2,345,536 in total liabilities, and $610,912 in total stockholders' deficit. QUEST PATENT: Widens Net Loss to $1.23MM in 2025 Q3 --------------------------------------------------- Quest Patent Research Corporation filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1,230,309 for the three months ended September 30, 2025, compared to a net loss of $591,319 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $3,196,485, compared to a net loss of $1,469,871 for the same period in 2024. As of September 30, 2025, the Company had $11,012,559 in total assets, $22,910,535 in total liabilities, and $11,897,976 in total stockholders' deficit. At September 30, 2025, the Company had current assets of approximately $194,000 and current liabilities of approximately $22,707,000. Quest said, "Our current liabilities include funding liabilities of approximately $17,799,000 payable to QPRC Finance and QF3, a non-interest bearing total monetization proceeds obligation to Intelligent Partners in the amount of approximately $2,797,000 under the Restructure Agreement, both of which are only payable from money generated from the monetization of intellectual property, loans payable of approximately $138,000, a warrant liability of approximately $132,000, accounts payable and accrued liabilities of approximately $133,000, and accrued interest of approximately $1,708,000." "As of September 30, 2025, we have an accumulated deficit of approximately $29,579,000 and a negative working capital of approximately $22,512,000. Other than salary and pension benefits to our chief executive officer, we do not contemplate any other material operating expense requiring cash in the near future other than normal general and administrative expenses and legal fees, including expenses relating to our status as a public company filing reports with the SEC. "We cannot assure you that we will be successful in generating future revenues, in obtaining any third-party funding in connection with any of our intellectual property portfolios or operating expenses or that we will receive any of the proceeds of any litigation settlements after making all required payments to counsel and funding sources and payments to Intelligent Partners, operating expenses, debt or equity financing or that and debt or equity financing will be available on terms acceptable to us. We have no credit facilities. "Although our agreement with QF3 provides for QF3 to provide us with funding to acquire intellectual property rights, subject to QF3's approval, it does not provide for financing the litigation necessary for the monetization of the intellectual property rights. "Our agreements with QPRC Finance provide for up to $3,000,000 for operating expenses, of which $750,000 was advanced in April 2025, and provides for up to $7,500,000 to fund budgeted legal expenses in connection with the monetization of the Monterey portfolio, the purchase of which was financed by QPRC Finance Except for the agreement with QPRC Finance, we do not have any credit facilities or any arrangements for us to finance the litigation necessary to monetize our intellectual property rights other than contingent fee arrangements with counsel with respect to our pending litigation. If we do not secure contingent representation or obtain litigation financing, we may be unable to monetize our intellectual property. "We cannot predict the success of any pending or future litigation. Typically, our agreements with the funding sources provide that the funding sources will participate in any recovery which is generated. We believe that our financial condition, our history of losses and negative cash flow from operations, and our low stock price make it difficult for us to raise funds in the debt or equity markets." These conditions, as well as any adverse consequences which would result from the Company's failure to meet the continued listing requirements of the OTCQB, raise substantial doubt as to the Company's ability to continue as a going concern. Although the Company may seek to raise funds and to obtain third-party funding for litigation to enforce its intellectual property rights, the terms and availability of such funds is uncertain. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2k4k3spj About Quest Patent Rye, New York-based Quest Patent Research Corporation -- http://www.qprc.com-- is an intellectual property asset management company. The Company's principal operations include the development, acquisition, licensing, and enforcement of intellectual property rights that are either owned or controlled by the Company or one of its wholly owned subsidiaries. The Company currently owns, controls, or manages eleven intellectual property portfolios, which principally consist of patent rights. As of September 30, 2025, the Company had $11,012,559 in total assets, $22,910,535 in total liabilities, and $11,897,976 in total stockholders' deficit. Somerset, New Jersey-based Rosenberg Rich Baker Berman, P.A., the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 26, 2025, 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. RB MARKETPLACE: Taps Juan C. Bigas Valedon Law Office as Attorney ----------------------------------------------------------------- RB Marketplace Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Juan C. Bigas Valedon of Juan C. Bigas Valedon Law Office to serve as counsel in its Chapter 11 case. Mr. Bigas Valedon will provide these services: (a) represent the Debtor in this bankruptcy proceedings; (b) represent Debtor in the instant case, under the terms and conditions specified; and (c) perform legal work billed against the retainer and continuing on an hourly basis as required in the case. Mr. Bigas Valedon will bill at an hourly rate of $350, plus expenses, against a retainer of $10,000 from a total agreed amount of $30,000. According to court filings, Juan C. Bigas Valedon and his law firm are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Juan C. Bigas Valedon, Esq. Juan C. Bigas Valedon Law Office P.O. Box 7011 Ponce, PR 00732-7011 Telephone: (787) 259-1000 Facsimile: (787) 842-4090 About RB Marketplace Inc. RB Marketplace Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-05025) on October 31, 2025. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $0 to $50,000. Juan C. Bigas Valedon Law Office is Debtor's legal counsel. REKOR SYSTEMS: CFO Eyal Hen Resigns; Joseph Nalepa Named Successor ------------------------------------------------------------------ Rekor Systems, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 13, 2025, Eyal Hen has submitted his resignation as Chief Financial Officer of the Company, effective November 17, 2025. Mr. Hen's resignation is not the result of any disagreement with the Company on any matter relating to its operations, policies or practices, including the preparation of its financial statements. The Company thanks Mr. Hen for his service and contributions. Following Mr. Hen's resignation, the Board of Directors of the Company appointed Joseph Nalepa as Chief Financial Officer of the Company, effective November 17, 2025, to succeed Mr. Hen in that role. Mr. Nalepa, age 36, has served as Corporate Controller of the Company since February 2020. In this role, Mr. Nalepa oversaw the expansion of the Company's accounting and finance organization to support its growth. He led financial reporting activities, including the preparation and review of the Company's SEC filings, and guided the annual budgeting and forecasting processes. He also implemented a new enterprise resource planning system to enhance financial visibility and oversaw the integration of acquired subsidiaries, including purchase accounting, systems integration, and internal control alignment. Mr. Nalepa led the development of the Company's internal control framework and worked closely with cross-functional teams on initiatives in supply-chain optimization and operational finance. Prior to his current role, Mr. Nalepa served as Financial Reporting Manager of the Company from 2019 to 2020. From 2013 to 2019, he worked at KPMG LLP in Baltimore, Maryland, where he concluded his tenure as an Audit Manager. Mr. Nalepa holds a Bachelor of Science in Accounting and a Bachelor of Science in Information Systems from Salisbury University (2012) and a Master of Business Administration from the University of Maryland (2022). He is a Certified Public Accountant. Mr. Nalepa has no family relationship with any director or executive officer of the Company. There are no arrangements or understandings with any person pursuant to which he was selected as an officer, and he is not a party to any transaction required to be disclosed under Item 404(a) of Regulation S-K. In connection with his appointment, the Company and Mr. Nalepa expect to enter into a new employment agreement, the material terms of which will be disclosed when finalized, including in the Company's definitive proxy statement for its 2026 annual meeting of stockholders. At this time, no material compensatory arrangement, plan, contract, or amendment thereto has been entered into with Mr. Nalepa in connection with his appointment as Chief Financial Officer. About Rekor Systems Rekor Systems, Inc., headquartered in Columbia, Md., is working to revolutionize public safety, urban mobility, and transportation management using AI-powered solutions designed to meet the distinct demands of each market it serves. The Company works hand-in-hand with its customers to deliver mission-critical traffic and engineering services that assist them in achieving their goals. The Company's vision is to improve the lives of citizens and the world around them by enabling safer, smarter, and greener roadways and communities. The Company works towards this by collecting, connecting, and organizing mobility data, and making it accessible and useful to its customers for real-time insights and decisioning for situational awareness, rapid response, risk mitigation, and predictive analytics for resource and infrastructure planning and reporting. As of September 30, 2025, the Company had $80,979,000 in total assets, $44,495,000 in total liabilities, and $36,484,000 in total stockholders' equity. Morristown, N.J.-based Marcum LLP, the Company's auditor since 2019, 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 December 31, 2024, citing that the Company has incurred significant losses and will need to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. REKOR SYSTEMS: Narrows Net Loss to $4.15MM in 2025 Q3 ----------------------------------------------------- Rekor Systems, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $4,149,000 for the three months ended September 30, 2025, compared to a net loss of $12,646,000 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $23,681,000, compared to a net loss of $41,055,000 for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $14,194,000 and $10,546,000, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $35,751,000 and $32,751,000, respectively. As of September 30, 2025, the Company had $80,979,000 in total assets, $44,495,000 in total liabilities, and $36,484,000 in total stockholders' equity. Management has assessed going concern uncertainty to determine whether there is sufficient cash on hand, together with expected capital raises and working capital, to assure operations for a period of at least one year from the date these consolidated financial statements are issued. As part of this assessment, based on conditions that are known and reasonably knowable to management, management has considered various scenarios, forecasts, projections, and estimates and will make certain key assumptions. These assumptions include, among other factors, its ability to raise additional capital, the expected timing and nature of the Company's programs and projected cash expenditures and its ability to delay or curtail these programs or expenditures to the extent management has the proper authority to do so and considers it probable that those implementations can be achieved within the look-forward period. Rekor said, "We have generated losses since our inception and have relied on cash on hand and external sources of financing to support cash flow from operations." "We attribute losses to non-capital expenditures related to the scaling of existing products, development of new products and service offerings and marketing efforts associated with these products and services. As of and for the nine months ended September 30, 2025, we had working capital of $6,959,000 and a net loss of $23,681,000. "Our cash decreased by $1,918,000 for the nine months ended September 30, 2025 primarily due to the net loss of $23,681,000, this amount was partially offset by external financing activity." On February 10, 2025, the Company entered into an At Market Issuance Sales Agreement with Northland Securities, Inc., pursuant to which the Company may, from time to time, offer and sell shares of the Company's common stock, par value $0.0001 per share, having an aggregate offering price of up to $25,000,000. The Agent is entitled to receive from the Company a commission in an amount equal to: (i) 3% of the gross sales price per share sold through it as agent in agency transactions and (ii) 6% of the purchase price per share sold to the Agent, as principal in principal transactions. The Company incurred issuance costs of approximately $245,000 related to legal, accounting, and other fees in connection with the Sales Agreement. These costs were charged against the gross proceeds of the Sales Agreement and presented as a reduction to additional paid-in capital on the accompanying consolidated balance sheets. On August 12, 2025, the Company elected to voluntarily terminate its Sales Agreement. As of September 30, 2025 the Company issued 18,888,832 shares of its common stock at a weighted average selling price of $1.23 per share in accordance with the Sales Agreement. Net cash provided from the Sales Agreement was $22,350,000 after paying $245,000 related to the issuance cost, as well as 3.0% or $699,000 related to cash commissions provided to the Agent. Based on the Company's current business plan assumptions and the expected cash burn rate, the Company believes that the existing cash is insufficient to fund its current level of operations. These factors raise substantial doubt regarding the Company's ability to continue as a going concern for the next 12 months. The Company's ability to generate positive operating results and execute its business strategy will depend on: (i) Its ability to continue the growth of its customer base, (ii) its ability to continue to improve its quarterly financial metrics such as net loss and cash used from operating activities (iii) the continued performance of its contractors, subcontractors and vendors, (iv) its ability to maintain and build good relationships with investors, lenders and other financial intermediaries, (v) its ability to maintain timely collections from existing customers, and (vi) the ability to scale its business processes. To the extent that events outside the Company's control have a significant negative impact on economic and/or market conditions, they could affect payments from customers, services and supplies from vendors, its ability to continue to secure and implement new business, raise capital, and otherwise, depending on the severity of such impact, materially adversely affect its operating results. As of September 30, 2025, the Company did not have any material commitments for capital expenditures. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/37ry2yc6 About Rekor Systems Rekor Systems, Inc., headquartered in Columbia, Md., is working to revolutionize public safety, urban mobility, and transportation management using AI-powered solutions designed to meet the distinct demands of each market it serves. The Company works hand-in-hand with its customers to deliver mission-critical traffic and engineering services that assist them in achieving their goals. The Company's vision is to improve the lives of citizens and the world around them by enabling safer, smarter, and greener roadways and communities. The Company works towards this by collecting, connecting, and organizing mobility data, and making it accessible and useful to its customers for real-time insights and decisioning for situational awareness, rapid response, risk mitigation, and predictive analytics for resource and infrastructure planning and reporting. Morristown, N.J.-based Marcum LLP, the Company's auditor since 2019, 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 December 31, 2024, citing that the Company has incurred significant losses and will need to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $80.1 million in total assets against $44.7 million in total liabilities. RELLIS CAMPUS: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of RELLIS Campus Data and Research Center, LLC and Optimus DataCenters, LLC. The committee members are: 1. Britt Rice Electric, LP Attn: Jeff Blanton 3002 Longmire Drive, Suite D College Station, TX 77845 (979) 693-4076 jblanton@briceco.net arourke@briceco.net Counsel: West, Webb, Allbritton & Gentry, P.C. Attn: Donald Delgado and Hanna Lee 1515 Emerald Plaza, College Station, TX 77845 (979) 694-7000 donald.delgado@westwebb.law hanna.lee@westwebb.law 2. College Station Plumbing Attn: Terry Service 716 Dover Dr. College Station, TX 77845 (979) 595-5113 tservice@csplumbing.org Counsel: West Webb Allbritton & Gentry Attn: Hanna Lee 1515 Emerald Plaza College Station, TX 77845 (979) 649-7000 hanna.lee@westwebb.law 3. Houston Building Co. Attn: Matthew Wells 550 Club Dr. Montgomery, TX (832) 316-5434 mwells@datajourney.com Counsel: Steven Mitby 1001 McKinney St #925 Houston, TX 77002 (713) 234-1446 smitby@mitbylaw.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About RELLIS RELLIS Campus Data and Research Center, LLC and Optimus DataCenters, LLC are two non-operator entities owned by TenTech-3 Holdings, LLC, formed to develop and manage a data center on Texas A&M University's RELLIS Campus in Bryan, Texas. The RELLIS Campus, designed to foster innovation and technology for public and private sector applications, provides the setting for the planned facility along State Highway 21 on its northern side. The Debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 25-90666) on November 5, 2025. At the time of the filing, RELLIS listed between $10 million and $50 million in assets and liabilities while Optimus DataCenters listed between $10 million and $50 million in assets and up to $50,000 in liabilities. Judge Alfredo R Perez oversees the cases. The Debtors tapped Christopher Adams, Esq., at Okin Adams Bartlett Curry, LLP as legal counsel and Veritas Restructuring Group as restructuring and financial advisor. RENHURST HOLDINGS: Hires Underwood Law Firm as Special Counsel -------------------------------------------------------------- Renhurst Holdings, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Underwood Law Firm, P.C. as special litigation counsel. The firm will represent the Debtor in an arbitration against Madina Construction, LLC, one of the general contractors that was used during the construction, with the matter number of AAA 01-24-007-9033, the Hyder Claims, and the KRHX3 Matter. The firm's hourly rates are: Attorneys $200 to 700 Legal Assistants $95 to 225 Underwood Law Firm is a "disinterested person" as that term is defined in Section 101(14) of the bankruptcy Code, according to court filings. The firm can be reached through: Cara Kennemer, Esq. Underwood Law Firm, P.C. 600 Bailey Ave., Suite 200 Fort Worth, TX 76107 Telephone: (817) 885-7529 Facsimile: (817) 439-9923 About Renhurst Holdings, Inc. Renhurst Holdings, Inc. manages real estate for others and provides property appraisal services and is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Renhurst Holdings, Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43905) on Oct. 7, 2025, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Qasim Saeed as president. Judge Edward L Morris presides over the case. Joseph Fredrick Postnikoff, Esq. at ROCHELLE MCCULLOUGH, LLP represents the Debtor as counsel. REVIVA PHARMACEUTICALS: Reports $4 Million Net Loss in 2025 Q3 -------------------------------------------------------------- Reviva Pharmaceuticals Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025. The Company disclosed that it has incurred losses since inception and as of September 30, 2025, the Company had a working capital surplus of approximately $3.8 million, an accumulated deficit of $180.8 million and cash and cash equivalents on hand of approximately $13.2 million. The Company's net loss for the three months ended September 30, 2025 and 2024, was approximately $4.0 million and $8.4 million, respectively. The Company's net loss for the nine months ended September 30, 2025 and 2024, was approximately $16.5 million and $23.7 million, respectively. As of September 30, 2025, the Company had $14.3 million in total assets, $9.8 million in total liabilities, and $4.5 million in total stockholders' equity. The Company expects to incur significant expenses and increased operating losses for the next several years. Furthermore, the Company expects its expenses to increase in connection with its ongoing activities to research, develop and commercialize its product candidates. The Company will need to generate significant revenues to achieve profitability, and it may never do so. The Company's current cash on hand is not sufficient to satisfy its operating cash needs for the 12 months from the filing of the Quarterly Report on Form 10-Q. The Company believes that it has adequate cash on hand to cover anticipated outlays into the second quarter of 2026 but will need additional fundraising activities and cash on hand during the 2026 fiscal year. The Company has based this estimate, however, on assumptions that may prove to be wrong, and could spend available financial resources much faster than it currently expects. The Company will need to raise additional funds to continue funding its development efforts and operations. The Company intends to secure such additional funding, although there are no guarantees or commitments for additional funding. These conditions raise substantial doubt regarding the Company's ability to continue as a going concern for at least 12 months. The amount and timing of the Company's future funding requirements will depend on many factors, including the pace and results of the Company's clinical development efforts. The Company will seek to fund its operations through public or private equity or debt financings or other sources, which may include collaborations with third parties. Adequate additional financing may not be available to the Company on acceptable terms, or at all. Should the Company be unable to raise sufficient additional capital, the Company may be required to undertake cost-cutting measures including delaying, discontinuing certain clinical activities or ceasing operations. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/d828uduf About Reviva Pharmaceuticals Holdings Cupertino, Calif.-based Reviva Pharmaceuticals Holdings, Inc. is a late-stage biopharmaceutical company that discovers, develops, and seeks to commercialize next-generation therapeutics for diseases representing unmet medical needs and burdens to society, patients, and their families. San Francisco, Calif.-based Moss Adams LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 2, 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 raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $11.63 million in total assets, $12.09 million in total liabilities, and $459,147 in total stockholders' deficit. RIDGEWOOD TOWER: Secured Party Seeks Dec. 2 Auction --------------------------------------------------- In accordance with applicable provisions of the Uniform Commercial Code as enacted in New York, by virtue of certain events of default under the Ownership Interests Pledge and Security Agreement, dated as of January 29, 2021, and September 10, 2021, executed by Ridgewood Tower Member LLC, Ridgewood Tower II Member LLC, and Ridgewood Tower III Member LLC, (the "Pledgors"), and in accordance with its rights as holder of the security, St. Nicholas Woodbine 2, LLC, the Secured Party will offer for sale at public auction: (i) all of the Pledgors' rights, title, and interest in Ridgewood Tower LLC, Ridgewood Tower II LLC, and Ridgewood Tower III LLC, and (ii) certain related rights and property relating thereto. The Secured Party's understanding is that the principal assets of the Pledged Entities is the certain fee interest in the premise located at (i) 354 St. Nicholas Avenue, aka 3-54 Saint Nicholas Avenue, aka 1637-1649 Woodbine Street, Ridgewood, New York; (ii) 54-31/54-37 Myrtle Avenue, aka 1601-1613 Woodbine Street, aka 1633 Woodbine Street, aka 1635 Woodbine Street, Ridgewood, New York; (iii) 3-36/3-36A St. Nicholas Avenue, aka 336/336A St. Nicholas Avenue, Ridgewood, New York; (iv) 3-50 St. Nicholas Avenue, aka 350 St. Nicholas Avenue, Ridgewood, New York, and (v) that certain leasehold interest in 5421-5427 Myrtle Avenue, Queens, New York. Mannion Auctions, LLC, under the direction of Matthew D. Mannion will conduct a public sale via online bidding on December 2, 2025, at 4:15 p.m., in satisfaction of an indebtedness in the approximate amount of $39,738,480.80, including principal, interest on principal and reasonable fees and costs, plus default interest through December 2, 2025. Online bidding will be made available via Zoom Meeting: Meeting link: https://bit.ly/UCCRidgewood Meeting ID: 824 5148 6676 Passcode: 655899 Interested parties who intend to bid on the Collateral must contact Greg Corbin at Northgate Real Estate Group, (212) 369-400, Greg@northgatereg.com to receive the terms and conditions of the sale and bidding instructions by December 1, 2025, at 4:00 p.m. Attorneys for Secured Party: Jerold C. Feuerstein, Esq. KRISS & FEUERSTEIN LLP 360 Lexington Ave., Suite 1200 New York, NY 10017 Tel: 212-661-2900 RIFLE RFB: Hires Wadsworth Garber Warner Conrardy as Legal Counsel ------------------------------------------------------------------ Rifle RFB, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wadsworth Garber Warner Conrardy, P.C. as counsel. The firm's services include: a. preparation on behalf of Debtor of all necessary reports, orders and other legal papers required in this chapter 11 proceeding; b. performance of all legal services for Debtor as debtor-in-possession which may become necessary herein; and c. representation of Debtor in any litigation which Debtor determines is in the best interest of the estate whether in state or federal court(s). The professionals' hourly rates are: David V. Wadsworth $500 Aaron A. Garber $500 David J. Warner $425 Aaron J. Conrardy $425 Lindsay S. Riley $325 Hallie Cooper $225 Paralegals $125 Wadsworth received a retainer in the amount of $80,000.00 from Royal LTS, LLC. Wadsworth Garber Warner Conrardy, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Telecopy: (303) 296-7600 E-mail: dwarner@wgwc-law.com About Rifle RFB LLC Rifle RFB, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17394) on November 11, 2025. In its petition, the Debtor reported estimated assets between $50,001 and $100,000 and estimated liabilities between $500,001 and $1 million. Judge Kimberley H. Tyson oversees the case. David Warner, Esq., represents the Debtor as legal counsel. RITE AID: Judge Plans to Confirm Ch.11 Plan Over Trustee Objection ------------------------------------------------------------------ Ben Zigterman of Law360 reports that a New Jersey bankruptcy judge announced he would approve drug store chain Rite Aid's Chapter 11 plan after dismissing the U.S. Trustee's challenge to the plan's opt-out process for obtaining creditor approval of third-party releases. The court concluded that the solicitation procedures complied with applicable law and did not improperly force creditor participation. The ruling clears the way for Rite Aid to proceed with its reorganization strategy, which includes operational restructuring and liability management. The plan’s confirmation brings the company closer to completing its bankruptcy proceedings and advancing its turnaround efforts, the report states. About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. S & O INVESTMENTS: Kansas Property Sale to Garden City OK'd ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Kansas has permitted S & O Investments Inc. to sell Kansas property, free and clear of liens, claims, interests, and encumbrances. The estate holds interests in two non-residential real properties located in Garden City, Kansas: approximately 4.77 acres commonly known as 3111 E. Spruce, Garden City, Kansas (Spruce Property), and approximately 3.00 acres commonly known as 2504 E. Kansas Ave., Garden City, Kansas. The Court has authorized the Debtor to sell approximately 1.79 acres of the 4.77-acre Spruce Property (Parcel) to the City of Garden City for a cash purchase price of $25,000. The Court held that proper, timely, adequate, and sufficient notice of the Motion and relief sought in the Sale Motion has been provided, and such notice was sufficient and appropriate under the particular circumstances and no other or further notice of the Sale Motion or relief sought in the Sale Motion is necessary or required. The Sale of the Property as provided in the Order is in the best interest of the bankruptcy estate and creditors of the bankruptcy estate. The City of Garden City, Kansas is a good faith purchaser. The $25,000 offered by the City represents a fair and reasonable offer to purchase the subject property under the circumstances of the case. The City is not holding themselves out to the public as a continuation of the Debtor, and no common identity of incorporators, directors, officers, managers, stockholders, members, or other equity holders exists between the City and the Debtor. The Debtor is authorized to take all actions to consummate the sale of the Property pursuant to and in accordance with the Purchase and Sale Agreement and the Order. About S & O Investments Inc. S & O Investments Inc., doing business as Notting Hill Rentals, is engaged in activities related to real estate. S & O Investments Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Lead Case No. 24-11166) on November 14, 2024. In the petition filed by Amro M. Samy, as president, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mitchell L. Herren oversees the case. The Debtor is represented by Nicholas R. Grillot, Esq. at HINKLE LAW FIRM LLC. S&G LABS: Hires Wadsworth Garber Warner Conrardy as Counsel ----------------------------------------------------------- S&G Labs Hawaii LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wadsworth Garber Warner Conrardy, P.C. as counsel. The firm's services include: a. preparation on behalf of Debtor of all necessary reports, orders and other legal papers required in this chapter 11 proceeding; b. performance of all legal services for Debtor as debtor-in-possession which may become necessary herein; and c. representation of Debtor in any litigation which Debtor determines is in the best interest of the estate whether in state or federal court(s). The professionals' hourly rates are: David V. Wadsworth $500 Aaron A. Garber $500 David J. Warner $425 Aaron J. Conrardy $425 Lindsay S. Riley $325 Hallie Cooper $225 Paralegals $125 The firm received a retainer in the amount of $25,000. Wadsworth Garber Warner Conrardy, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Telecopy: (303) 296-7600 E-mail: dwarner@wgwc-law.com About S&G Labs Hawaii LLC S&G Labs Hawaii LLC is a limited liability company. S&G Labs Hawaii LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-18335) on November 7, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by David Wadsworth, Esq. of Wadsworth Garber Warner Conrardy, P.C. SANCHEZ ENERGY: SCOTUS Refuses Review of Double-Dip Challenge ------------------------------------------------------------- Rick Archer of Law360 reports that the U.S. Supreme Court on Monday, November 24, 2025, declined to hear a challenge accusing a Texas bankruptcy judge of allowing unsecured creditors to "double-dip" on their recoveries in the Chapter 11 case of bankrupt oil driller Sanchez Energy. The petitioners argued that the judge wrongly approved a restructuring plan that handed control of the company to unsecured creditors while permitting them additional recoveries on their claims. By rejecting the petition, the Supreme Court left intact the Fifth Circuit's ruling that found no error in the plan's distribution structure. The high court's decision effectively ends the dispute and affirms the lower courts' determinations regarding the treatment of creditor claims in Sanchez Energy's bankruptcy. About Sanchez Energy Corp. Sanchez Energy Corporation and its affiliates -- https://sanchezenergycorp.com/ -- are independent exploration and production companies focused on the acquisition and development of U.S. onshore oil and natural gas resources. Sanchez Energy is currently focused on the development of significant resource potential from the Eagle Ford Shale in South Texas, and holds other producing properties and undeveloped acreage, including in the Tuscaloosa Marine Shale (TMS) in Mississippi and Louisiana. As of Dec. 31, 2018, the companies had approximately 325,000 net acres of oil and natural gas properties with proved reserves of approximately 380 million barrels of oil equivalent and interests in approximately 2,400 gross producing wells. Sanchez Energy and 10 affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 19-34508) on Aug. 11, 2019. As of June 30, 2019, the companies disclosed $2,159,915,332 in assets and $2,854,673,930 in liabilities. The cases have been assigned to Judge Marvin Isgur. The companies tapped Akin Gump Strauss Hauer & Feld LLP and Jackson Walker L.L.P. as bankruptcy counsel; Moelis & Company LLC as financial advisor; Alvarez & Marsal North America LLC as restructuring advisor; and Prime Clerk LLC as notice and claims agent. The Office of the U.S. Trustee appointed a committee of unsecured creditors on Aug. 26, 2019. The committee tapped Milbank LLP and Locke Lord LLP as its co-counsel. SCRIPPS TWO: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Scripps Two, LLC 1722 J Street, Suite 302 Sacramento, CA 95811 Business Description: Scripps Two, LLC, a California limited liability company formed in October 2022 and majority owned and managed by Jeffrey Berger, operates as a real estate holding company in Sacramento, California. The Company's primary asset is the Campus Commons Medical Dental Building at 2 Scripps Drive, a three-story, 36,000-square-foot office property built in 1973 with 201 on- site parking spaces, approximately 80% leased to medical offices and appraised at $17 million. Scripps Two also holds an adjacent 3,000-square-foot vacant lot zoned for multi-purpose housing and approved for a nine-unit multi-family development, valued at $600,000. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-26371 Judge: Hon. Fredrick E Clement Debtor's Counsel: Gabriel E. Liberman, Esq. LAW OFFICES OF GABRIEL LIBERMAN, APC 1545 River Park Drive, Suite 530 Sacramento, California 95815 Tel: (916) 485-1111 Fax: (916) 485-1111 Email: attorney@4851111.com Total Assets: $17,740,414 Total Liabilities: $13,662,507 The petition was signed by Jeffrey Berger as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JAUM5BQ/Scripps_Two_LLC__caebke-25-26371__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. A. Scott Grivas, III DDS Security Deposit $6,098 2 Scripps Drive, Suite 102 Sacramento, CA 95825 2. Active Life Healthcare, LLC Security Deposit $11,248 2 Scripps Drive, Suite 202 Sacramento, CA 95825 3. Anti-Aging Medical Solutions Security Deposit $3,807 2 Scripps Drive, Suite 302 Sacramento, CA 95825 4. Christine Tippett Security Deposit $1,857 2 Scripps Drive, Suite 306 Sacramento, CA 95825 5. City of Sacramento Utilities Utilities $2,655 1395 35th Ave Sacramento, CA 95822 6. Damon Boyd D.D.S. Security Deposit $4,042 2 Scripps Drive, Suite 301 Sacramento, CA 95825 7. Dr. Andrew LaFlamme Security Deposit $3,275 2 Scripps Drive, Suite 304 Sacramento, CA 95825 8. Elevator Technology, Inc. Vendor Debt $1,338 2050 Arroyo Vista Way El Dorado Hills, CA 95762 9. Friz Diaz DDS Security Deposit $5,084 2 Scripps Drive, Suite 201 Sacramento, CA 95825 10. Hyper Pixel CA Security Deposit $1,866 2 Scripps Drive, Suite 205 Sacramento, CA 95825 11. Janine Ma-Golding Security Deposit $3,562 2 Scripps Drive, Suite 308 Sacramento, CA 95825 12. Law Office of Services $11,352 Richard P. Bernstein Rendered PO Box 1051 Carmichael, CA 95609-1051 13. Natera Inc. Security Deposit $4,560 201 Industrial Road San Carlos, CA 94070 14. NCSRA Medical Corporation Security Deposit $22,050 2801 K Street Suite 410 Sacramento, CA 95816 15. Rhea DeMesa Security Deposit $1,300 2 Scripps Drive, Suite 203 Sacramento, CA 95825 16. River Oaks Medical Group Security Deposit $9,451 2 Scripps Drive, Suite 208 Sacramento, CA 95825 17. Sacramento Control Services $7,064 Systems Inc Rendered 11249 Sunco Drive Rancho Cordova, CA 95742 18. SMUD Utilities $5,166 P.O. Box 15830 Sacramento, CA 95852 19. TechSpace Services $7,359 1112 I Street Rendered Sacramento, CA 95815 20. Turner Building Services $7,050 Maintenence LLC Rendered 901 H St Ste 120 #156 Sacramento, CA 95814 SPEAR SECURITY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Spear Security Operations, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. At the recent hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for December 16. Spear Security Operations had executed multiple pre-bankruptcy loans with various merchant cash advance lenders, pledging accounts receivable, chattel paper, contracts, cash, and other assets as collateral. These loans, however, were all at least one month delinquent, with amounts owed ranging from approximately $15,000 to $217,500. The Debtor argues that under applicable state law -- New York law for three of the loans and Arizona law for one -- the interest rates charged were usurious and therefore unenforceable. Specifically, the New York loans exceed the 25% criminal usury limit, and the Arizona loan lacked an interest rate disclosure, limiting it to 10%, meaning the Debtor argues these liens should be treated as unsecured for the purposes of the bankruptcy case. The Debtor estimates the value of cash and accounts receivable at roughly $171,261 and intends to use these funds to meet post-petition obligations such as payroll, taxes, inventory, and equipment costs. To protect secured creditors, the Debtor offers to grant them a post-petition replacement lien on any future cash collateral. About Spear Security Operations LLC Spear Security Operations, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04144) on November 11, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Jacob A. Brown presides over the case. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. SPIRIT AIRLINES: Cuts Services Amid Management's Future Doubts -------------------------------------------------------------- Shannon Power of The U.S. Sun reports that Spirit Airlines is confronting a precarious future, with executives admitting there is "substantial doubt" over whether the airline can remain operational. Its parent company, Spirit Aviation Holdings, has already filed for bankruptcy twice this 2025 and has warned it may not survive into the new year. The Florida-based carrier recently eliminated around 150 salaried positions as part of broader cost-cutting efforts. Additional filings with the Securities and Exchange Commission reiterated the company's uncertainty about its ability to continue as a going concern, highlighting the ongoing financial strain, according to report. Operational reductions have been extensive, with about 330 pilots previously furloughed and another 270 planned for furlough in November 2025. An additional 170 pilots will be removed from schedules during the first three months of 2026, and the airline has ceased operations at five more airports, affecting cities such as Salt Lake City, Milwaukee, and San Diego, the report states. Executives have also agreed to significant pay cuts to reduce costs, aligning leadership reductions with those negotiated with pilots. Spirit CEO Dave Davis noted the broader impact of the airline's potential exit from the U.S. market, emphasizing the carrier's role in keeping air travel affordable. Despite efforts to modernize its offerings, including roomier seats and expanded fare packages, the airline continues to struggle to attract passengers willing to pay higher prices, according to report. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. SPLASHY'S LLC: Timothy Stone Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Timothy Stone of Newpoint Advisors Corporation as Subchapter V trustee for Splashy's LLC. Mr. Stone will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Stone declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Timothy Stone Newpoint Advisors Corporation 750 Old Hickory Blvd, Building Two, Suite 150 Brentwood, TN 37027 Phone: 800-306-1250/615-440-8273 Fax: (702) 543-3881 Email: tstone@newpointadvisors.us About Splashy's LLC Splashy's LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04841) on November 17, 2025, with $1,000,001 to $10 million in assets and liabilities. Judge Charles M. Walker presides over the case. Keith David Slocum, Esq. at Slocum Law represents the Debtor as legal counsel. ST. PAUL CONSERVATORY: S&P Downgrades ICR to 'B', Outlook Negative ------------------------------------------------------------------ S&P Global Ratings lowered its long-term rating to 'B' from 'B+' on St. Paul Housing and Redevelopment Authority, Minn.'s outstanding lease revenue debt issued for St. Paul Conservatory for Performing Artists (SPCPA). The outlook is negative. S&P said, "The downgrade and negative outlook reflect our view of persistent declines in enrollment, which have led to a shrinking operating base and leave the school's financial operations highly susceptible to unexpected fluctuations in enrollment. "We believe SPCPA is affected by shifts in the downtown St. Paul area, including a decline in student aged population, heightened safety concerns, and decreases in public transportation access, which the school has historically relied on for student commuting. We view the heightened safety concerns and shrinking student-aged population declines in the area as social capital risk factors that could further pressure enrollment. We analyzed the school's environmental and governance factors and consider them neutral in our analysis. "The negative outlook reflects our view of continued enrollment declines, including missed enrollment targets for fall 2024 and fall 2025, which have significantly pressured the operating budget. In our view, if enrollment continues to miss budgeted levels, management has very limited flexibility to adjust operations, which could affect its ability to meet budget expectations and result in a lower rating over the one-year outlook period. "We could consider a lower rating if enrollment declines continue without indication of stabilization, or if operating performance weakens below budgeted projections such that liquidity deteriorates. We could also lower the rating if there are any notable risks to the charter standing as the school approaches its next renewal in 2026. "We could consider revising the outlook to stable if enrollment is maintained at least at management's target of 300 students, supporting a stable market position, and if financial projections, which include modest operating surpluses and lease-adjusted maximum annual debt service (MADS) coverage above covenant levels, are achieved and sustained, alongside current liquidity metrics." STATELINE HOLDINGS: Claims to be Paid from Rental Income -------------------------------------------------------- Stateline Holdings, LLC, filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement to accompany Plan of Reorganization. The Debtor is a holding company for real estate in Dove Creek Colorado. The real estate is comprised of land and improvement on the land. The Debtor leases land to State Line Bar&Grill which operates a restaurant on the property. State Line Bar&Grill employs 10 people or little over 1% of the population of Dove Creek. The bankruptcy was prompted by a foreclosure commenced by First Southwest Bank. The loan has come due. The foreclosure would result in the closing of the restaurant, loss of jobs, and the equity in the land. The Plan provides for the reorganization of the Debtor under Chapter 11 of the Code. Pursuant to the Plan, the Debtor will restructure its debts and obligations. The Debtor will fund the Plan through its disposable income earned from ongoing business operations. Following the Effective Date of the Plan, the Debtor will deposit its disposable income into the Unsecured Creditors Account for a period of five years and will distribute such funds to unsecured creditors on a monthly basis. Holders of Class 4 Allowed General Unsecured Claims shall share on a Pro Rata basis money deposited by the Debtor into the Unsecured Creditor Account after the satisfaction of Allowed Administrative Claims for the five-year term of the Plan. Class 5 includes the Interests in the Debtor. Upon confirmation of the Plan, the interest holders in the Debtor shall continue to maintain their interests in the Debtor. The Debtor believes that the Plan, as proposed, is feasible. The funding for the Plan will come from the Debtor's continued collection of rent. The Debtor will be able to pay its Administrative Claims from cash they have on hand on the Effective Date of the Plan and from the Unsecured Creditor Account if necessary. Counsel for the Debtor may agree to reduce its claim to assure feasibility of the Plan. Tenant will pay rent of $3,360 plus insurance and taxes, which will provide sufficient funds to service the secured debt and pay the $100 a month to unsecured creditors. A full-text copy of the Disclosure Statement dated November 20, 2025 is available at https://urlcurt.com/u?l=LsH5Dt from PacerMonitor.com at no charge. Counsel to the Debtor: Aaron A. Garber, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Tel: (303) 296-1999 Fax: (303) 296-7600 Email: agarber@wgwc-law.com About Stateline Holdings LLC Stateline Holdings LLC is a holding company for real estate in Dove Creek Colorado. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Col. Case No. 25-16138) on September 23, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Thomas B Mcnamara presides over the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. STEWARD HEALTH: Trustee Broadens Case Against Insiders, Ex-CEO -------------------------------------------------------------- James Nani of Bloomberg Law reports that the trustee for bankrupt Steward Health Care System LLC has expanded his misconduct claims against former executives, including former CEO Ralph de la Torre, as he pushes to recover at least $3.4 billion on behalf of creditors. The updated filing accuses the insiders of decisions that allegedly weakened the company financially and operationally. Trustee Mark Kronfeld pointed to a $790 million dividend stemming from a 2016 sale-leaseback arrangement with Medical Properties Trust, which he claims left Steward undercapitalized and operating as a "zombie hospital chain." Though the litigation cannot reverse hospital closures or restore services, Kronfeld said it could expose the conduct that contributed to Steward's downfall, the report states. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. TATTI VINO: Charles Mouranie Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Charles Mouranie of CMM & Associates as Subchapter V trustee for Tatti Vino, Inc. Mr. Mouranie will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mouranie declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Charles M. Mouranie CTP CMM & Associates 43313 Woodward Ave., Ste. 1189 Phone: 248.767.9492 Email: cmouranie@cmmengllc.com About Tatti Vino Inc. Tatti Vino, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-32478) on November 14, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Joel D. Applebaum presides over the case. Zachary R. Tucker, Esq. represents the Debtor as legal counsel. TMK HAWK: S&P Affirms 'CCC+' Rating on Weaker Performance --------------------------------------------------------- S&P Global Ratings affirmed its ratings, including its 'CCC+' issuer credit rating on Massachusetts-based food service equipment distributor TMK Hawk Parent Corp. (TriMark) and its 'CCC+' issue-level ratings on the company's tranche A and tranche B term loans. The negative outlook reflects S&P's expectation of continued unfavorable conditions within the foodservice industry and, therefore, the potential for a downgrade if TriMark is unable to continue to improve performance amid a challenging operating environment, straining cash generation and reducing the likelihood that it will be able to refinance its revolving credit facility maturing in early 2027. TriMark reported weaker-than-expected performance in the first half of fiscal 2025 (ended June 27, 2025) amid tariff-related demand disruptions, and S&P does not expect them to fully recover lost sales and earnings this year. However, the company maintains sufficient liquidity to navigate its weaker outlook this year, including more than $100 million available under its asset-based lending (ABL) facility and a $25 million undrawn super senior facility. TriMark's liquidity position provides some runway to stabilize its operating performance following recent headwinds. The company's performance was meaningfully below budget through the first half of fiscal 2025 as tariff-related news impacted demand from its national chain customers, which make up more than half of its sales. Sales and reported EBITDA came in 8% and 36% below expectations, largely driven by weakness in the second quarter. TriMark also faces increasing cash requirements over the next 12 months. It is now subject to quarterly amortization requirements of $0.5 million under its term loans. In addition, the partial pay-in-kind (PIK) feature under its term loans expires at the end of fiscal 2025 and will increase its annual cash interest expense by upwards of $6 million. However, the company ended the second quarter with $140 million in total liquidity, nearly $90 million higher than the prior year period. Its liquidity position consists of $105 million available for borrowing under its $320 million ABL revolving credit facility, an undrawn $25 million super senior facility (available to draw before October 2026), and $11 million of cash on balance sheet. S&P said, "We also forecast S&P Global Ratings-adjusted cash interest coverage of about 1.7x-1.8x (about 0.7x-1x on a reported basis) through 2026. We expect its liquidity will modestly contract in the second half of the year as demand recovers and causes working capital benefits to unwind. Though its cushion is thinning amid increasing cash requirements and weak cash flow, we think its liquidity is sufficient to navigate the next 12 months." S&P said, "We continue to forecast high leverage and negative free operating cash flow (FOCF) amid weaker demand and a delay in its profitability improvement. We forecast S&P Global Ratings-adjusted leverage will remain around 10x-12x through fiscal 2026. We believe delayed restaurant openings and fewer large-ticket purchases by operators will challenge the company's ability to drive sales growth and restore profitability and positive cash generation. We now expect sales will decline in the mid-single-digit percent range in fiscal 2025, versus our previous expectations for a 1% decline, and remain roughly flat in fiscal 2026. Consequently, we revised downward our S&P Global Ratings-adjusted EBITDA margin expectation to 2.5% and 3% in fiscal years 2025 and 2026, respectively. This is about 50 basis points below our previous forecast. Still, this represents a meaningful improvement from the past two years of negligible S&P Global Ratings-adjusted EBITDA, driven by a deliberate shift to higher-margin business, more diligent contracting, and cost containment efforts. "We expect the company's improved profitability year over year and working capital efficiencies will enable it to significantly narrow its FOCF deficit to about $7 million in fiscal 2025 compared with $45 million in fiscal 2024. Nonetheless, we continue to view this level of profitability and FOCF as insufficient to sustain the current capital structure. "We believe TriMark's operations in the niche and cyclical food service equipment distribution industry carry additional risks. Though TriMark is the second-largest food service equipment distributor in North America, the industry remains intensely competitive and exposed to volatility in consumer spending patterns. Roughly two-thirds of the company's revenues come from equipment sales, which is dependent upon new restaurant openings, resupply, and remodels, which in turn depends on consumer spending patterns, which have been pressured by broad-based inflation. TriMark is also exposed to fluctuations in commodity and labor costs, which may lead to swings in profitability, posing a further risk. "The negative outlook reflects unfavorable conditions within the food service industry and, therefore, the potential we would lower our rating on Trimark if the company is unable to continue improving performance amid a challenging operating environment and extend its ABL maturity, straining cash generation and its liquidity position. "We could lower our rating on TriMark if we anticipate a liquidity shortfall that would cause us to envision a specific default scenario over the subsequent 12 months, including a payment default. We could also lower the rating if we believe the company is likely to pursue a distressed exchange. This could occur if the company faces elevated refinancing risk stemming from further operating disruption due to weaker customer demand, tariff-related cost pressures, or operating missteps, leading to sustained FOCF deficits." S&P could take a positive rating action on TriMark if it: -- Stabilizes sales and improves profitability, meaningfully reducing leverage; -- Consistently generates sufficient cash flow to cover its debt service requirements and growth initiatives, while reducing reliance on its ABL; and -- Faces no near- to medium-term maturities that S&P believes it may be challenged to refinance. TOPGOLF CALLAWAY: S&P Places 'B' ICR on CreditWatch Positive ------------------------------------------------------------ S&P Global Ratings placed all ratings on Carlsbad, Calif.-based Topgolf Callaway Brands Corp. (TCB), including its 'B' issuer-credit rating, on CreditWatch with positive rating implications. Resolution of the CreditWatch will focus on its assessment of the financial risk profile post-debt paydown and its expectation for financial policies at the remaining business. It will also address the impact to the business risk profile due to the remaining company's smaller scale and limited diversification. TCB announced it will divest a 60% stake in Topgolf and use the proceeds to materially reduce outstanding debt. As of the third quarter ended Sept. 30, 2025, TCB's S&P Global Ratings-adjusted leverage was approximately 5.1x, a meaningful improvement from 6.1x in the prior-year period. S&P said, "Pro forma for the transaction, we estimate TCB's adjusted leverage could decline well below 4x, though this will depend significantly on our assessment of the company's business risk profile and the extent to which available cash is netted against funded debt. This projection incorporates the expected deployment of approximately $770 million in net proceeds toward debt repayment, along with a substantial reduction in both finance and operating lease obligations." TCB also maintained a strong liquidity position as of the third quarter of 2025, with roughly $866 million of balance-sheet cash that could be available for further deleveraging or shareholder returns. Importantly, the transaction is not contingent upon financing; LGP has secured the necessary commitments, which meaningfully reduces execution risk. In addition, transition services agreements will support an orderly separation, helping ensure operational continuity for both TCB and Topgolf during the handover period. The partial asset sale reduces TCB's overall scale and business diversification. Although the transaction materially strengthens the balance sheet, the remaining stand-alone enterprise will be a smaller, more focused participant in a competitive golf equipment market that remains sensitive to broader macroeconomic conditions. TCB's core brands—Callaway, Odyssey, TravisMathew, and Ogio—generated approximately $2 billion in revenue over the 12 months ended Sept. 30, 2025, down from roughly $4 billion on a consolidated basis when Topgolf was included. The company continues to face significant competitive pressures from established global players such as Acushnet, TaylorMade, Ping, Puma, Mizuno, and Bridgestone, necessitating ongoing product innovation to sustain and grow market share. In the golf ball category specifically, TCB trails Acushnet, holding an estimated 20% share versus Acushnet's roughly 50%. Effectively navigating these competitive dynamics and external macroeconomic sensitivities will be critical to supporting TCB's long-term operating performance and overall credit profile. The divestiture meaningfully reduces operational complexity and removes TCB's exposure to the highly discretionary entertainment-venue segment. Since its acquisition in March 2021, the Topgolf business has been a persistent drag on consolidated operating performance. As of the third quarter of 2025, same-venue sales increased a modest 1% quarter over quarter, reflecting incremental traffic improvements tied to newly implemented value initiatives. TCB originally acquired Topgolf through a $2 billion all-stock transaction completed during the pandemic; however, the venue-driven model has since come under significant pressure due to rising interest rates, elevated construction costs, and intensifying competitive dynamics. TOTAL AIR: Hires Miranda & Maldonado P.C. as Legal Counsel ---------------------------------------------------------- Total Air Services, L.L.C. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas, El Paso Division, to hire Miranda & Maldonado, P.C. to serve as legal counsel in its Chapter 11 case. Miranda & Maldonado, P.C. will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) attend the Initial Debtor Conference and Section 341 Meeting of Creditors; (c) prepare on behalf of the Debtor and Debtor-in-Possession the necessary applications, answers, ballots, judgments, motions, notices, objections, orders, reports, and other legal papers; (d) review prepetition executory contracts and unexpired leases to determine which should be assumed or rejected; (e) assist the Debtor in the preparation of a Disclosure Statement, negotiation of a Plan of Reorganization with creditors, and seeking confirmation of the Plan of Reorganization; and (f) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary to effectuate a reorganization of the Bankruptcy Estate. The firm will be paid at these hourly rates: $375 for Carlos A. Miranda, Esq. $350 for Carlos G. Maldonado, Esq. $150 for Legal Assistant Miranda & Maldonado, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Carlos A. Miranda, Esq. Carlos G. Maldonado, Esq. MIRANDA & MALDONADO, P.C. 5915 Silver Springs, Bldg. 7 El Paso, TX 79912 Telephone: (915) 587-5000 Facsimile: (915) 587-5001 E-mail: cmiranda@eptxlawyers.com cmaldonado@eptxlawyers.com About Total Air Services, L.L.C. Total Air provides residential and commercial HVAC services, including installation, repair, preventive maintenance, and indoor air quality solutions for major brands such as Carrier, Trane, York, Rheem, Daikin, Fujitsu, American Standard, and Amana. Total Air Services, L.L.C. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex., El Paso Div. Case No. 25-31485-CGB) on November 11, 2025. At the time of the filing, Debtor had estimated assets of between $500,001 and $1 million, and liabilities of between $1,000,001 and $10 million. Miranda & Maldonado, P.C. is Debtor's legal counsel. TRAXX CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Traxx Construction Inc. 2637 Saint Louis Avenue Signal Hill CA 90755 Business Description: Traxx Construction Inc. provides general engineering and site development services with operations centered in Southern California, offering excavation, grading, utilities, and related civil construction work supported by a fleet that includes excavators, loaders, compact track loaders, dump trucks, trailers, and backhoes. The Company serves commercial, industrial, and infrastructure projects and is equipped to handle earthmoving, site preparation, and material-handling activities across varied job sites. Chapter 11 Petition Date: November 21, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-20463 Debtor's Counsel: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 E-mail: michael.berger@bankruptcypower.com Total Assets: $1,928,387 Total Liabilities: $7,809,269 The petition was signed by Charles Rezner as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7TZGQTI/Traxx_Construction_Inc__cacbke-25-20463__0001.0.pdf?mcid=tGE4TAMA TRAXX CONSTRUCTION: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------------- On November 21, 2025, Traxx Construction Inc. filed Chapter 11 protection in the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to approximately 100–199 creditors. About Traxx Construction Inc. Traxx Construction Inc. operates in the construction and engineering sector, delivering services for residential, commercial, and industrial projects. Its offerings include project planning, general contracting, site development, and infrastructure construction. Traxx Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20463) on November 21, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $1 million–$10 million each. The Debtor is represented by Michael Jay Berger, Esq. TRICOLOR AUTO: Trustee Seeks Fast OK for Vehicle Sales ------------------------------------------------------ Angelica Serrano-Roman of Bloomberg Law reports that the trustee overseeing Tricolor Holdings is pressing for prompt court approval to auction thousands of vehicles and other assets tied to the failed used-car business. She emphasized that immediate action is essential to maximize value for creditors. In a November 21, 2025 filing, Chapter 7 trustee Anne Elizabeth Burns told the US Bankruptcy Court for the Northern District of Texas that she has partnered with Vervent and Holman to transport and prepare the vehicles for auction. Burns said the proposed fees are appropriate and will support an efficient sale process, adding that the terms were the product of extensive negotiations with major secured lenders, including JPMorgan Chase Bank. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TROYZ TOWING: Unsecureds Creditors Will Get 100% over 120 Months ---------------------------------------------------------------- Troyz Towing & Storage, Inc., filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated November 20, 2025. The Debtor is a corporation formed under the laws of the State of Florida and operates a towing and storage facility in Jacksonville, Florida. The Debtor filed this Chapter 11 to avoid a judgment foreclosure sale. Class 8 consists of the General Unsecured Claims, specifically, this call consists of the unsecured portion of the U.S. Small Business Administration, and all other general unsecured creditors. The holders of Class 8 General Unsecured Claims shall receive 100% of the amount owed pre-petition in 120 months, paid in at a total of $4,960.00 per month commencing on the effective date of the Plan. There shall be no distribution on account of disputed claims until such objection or dispute is resolved by final Order. The Debtor shall, however, reserve funds to make the proportionate distribution to such creditors until such time as ll claim objections have been finally determined. All funds reserved on account of disallowed claims shall be distributed pro-rata to the holders of allowed unsecured claims at the conclusion of the claim objection process. Distribution to general unsecured claims shall be $4,960.00 per month over 120 months. All members of the Debtor shall retain their full equity interest in the same amounts, percentages, manner and structure as existed on the petition date. The Debtor will retain all property of the estate and such property shall re-vest in the Debtor at discharge. Thereafter, the Debtor may use, acquire and dispose of their property free of any restrictions of the Bankruptcy Code, the Bankruptcy Rules, and the Bankruptcy Court. A full-text copy of the Plan of Reorganization dated November 20, 2025 is available at https://urlcurt.com/u?l=HmIbXc from PacerMonitor.com at no charge. The Debtor's Counsel: Rehan N. Khawaja, Esq. Edward P. Jackson, Esq. NASSAU BANKRUPTCY LAWYERS, P.A. 817 North Main Street Jacksonville, FL 32202 Tel: (904) 355-8055 Fax: (904) 355-8058 E-mail: khawaja@fla-bankruptcy.com About Troyz Towing & Storage Inc. Troyz Towing & Storage Inc., a company based in Jacksonville, Florida, provides towing, roadside assistance, and vehicle storage services. The Company operates 24/7 and offers light, medium, and heavy-duty towing, flatbed transport, diesel truck repair, and related automotive support. It serves the Jacksonville area through its main facility on Old Kings Road. Troyz Towing & Storage sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02906) on August 23, 2025. In its petition, the Debtor reported total assets of $2,125,617 and total liabilities of $2,043,87. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Rehan N. Khawaja, Esq., at Nassau Bankruptcy Lawyers, P.A. UBA BROCKTON: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- UBA Brockton, LLC received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral and provide adequate protection to its sole secured creditor, Everwise Credit Union. The court authorized the Debtor to use cash collateral through December 10 in accordance with its budget. As adequate protection, Everwise Credit Union will be granted a replacement lien on the Debtor's post-petition assets to compensate for any diminution in collateral value. This lien is deemed perfected automatically without further filings. The interim is available at https://is.gd/fID6TR from PacerMonitor.com. The next hearing will be held on December 9. The Debtor, which operates a 52,000-square-foot Urban Air Adventure Park in Brockton, Massachusetts and acquired the Westgate Facility in March for approximately $5.2 million, financed primarily by a $4.6 million SBA 7(a) loan from the Bank, and assumed joint liability on the facility lease with the franchisor. Shortly after opening, the Debtor's operations were severely disrupted by a tragic shooting near the facility, which resulted in the deaths of two teenagers and delayed reopening until April 12, 2025. This incident negatively impacted revenues, which fell far short of initial projections. From April through October 2025, monthly revenues ranged from approximately $138,000 to $201,000, significantly below the anticipated $400,000 per month. To maintain operations during this period, the Debtor deferred lease payments, royalty obligations, and loan payments, prompting tensions with the landlord and franchisor, including an erroneous termination notice of the franchise agreement. As of the petition date, the Debtor's assets included $15,000 in cash, the Westgate Facility (book value $5.2 million), the franchise agreement, and the lease. Its liabilities include a secured claim of $4,626,800 owed to the Bank, prepetition vendor debts of $15,000, and potential reimbursement claims by the franchisor for rent and equipment payments. The Debtor employs over 80 part-time staff and two managers, with biweekly payroll averaging $34,000. About UBA Brockton LLC UBA Brockton, LLC doing business as Urban Air Trampoline & Adventure Park, operates an indoor entertainment center at 435 Westgate Drive in Brockton, Massachusetts, featuring trampolines, climbing walls, obstacle and warrior courses, laser tag, and slides. The facility provides recreational and amusement services for families, parties, and group events, with ticketed access and membership options. It is part of the Urban Air Adventure Park franchise network offering active indoor attractions across the United States. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12422) on November 7, 2025. In the petition signed by Thomas Ng, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Rion M. Vaughan, Esq., at RUBIN AND RUDMAN LLP, represents the Debtor as legal counsel. UNIQUE THIRD: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Unique Third Avenue, LLC and its affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral to fund operations. The court authorized the Debtors to use the cash collateral of Bank of America, N.A. for the limited purpose of meeting their payroll obligations and associated payroll taxes and vendor deductions as follows: (i) Third Avenue Imaging LLC, up to $109,116.15 as of November 21, (ii) Unique Imaging Services LLC, up to $25,000 as of November 28; and Distinguished Diagnostic Imaging P.C., up to $39,150 as of November 28. No disbursements will be made to Joel Reisman or Chaya Reisman during this period. This authorization will expire on December 3, unless further extended by agreement of the Debtors and Bank of America or by order of the court. As adequate protection, Bank of America will be granted a replacement lien on the Debtors' post-petition assets and their proceeds to the extent of any diminution in the value of its collateral, subject only to the carveout for U.S. Trustee fees. Bank of America's objection to the Debtors' use of cash collateral filed on November 18 remains in full force and effect. The Debtors previously entered into financing arrangements with multiple lenders that hold various liens on their assets. Bank of America appears to hold a first-priority blanket lien arising from a mortgage on Unique Third Avenue's real property and from business loans funding the Debtors' radiology practices. The radiology entities also operate under equipment leases that the Debtors believe are in substance purchase-money secured transactions giving the sellers senior security interests in certain equipment. In addition, the Debtors obtained secured SBA loans, and other parties may assert liens as well. Bank of America, as lender, is represented by: Michael A. Samuels, Esq. CHAPMAN AND CUTLER LLP 1270 Avenue of the Americas, 30th Floor New York, NY 10020 Phone: (212) 655-6540 Facsimile: (212) 697-7210 msamuels@chapman.com About Unique Third Avenue Unique Third Avenue, LLC and affiliates are a group of affiliated companies engaged in medical imaging and real estate operations in the Bronx, New York. The group includes Third Avenue Imaging LLC and Unique Imaging Services LLC, which operate diagnostic laboratories equipped with MRI, CT, mammography, and ultrasound systems; Distinguished Diagnostic Imaging, P.C., which provides outpatient radiology services across two accredited centers at Williamsbridge Road and East Fordham Road; and Unique Third Avenue LLC, which owns the real estate properties at 2772, 2774, and 2777-2781 Third Avenue that house the medical operations. Together, the companies maintain integrated clinical, equipment, and property assets under common beneficial ownership, offering comprehensive diagnostic imaging services to patients and referring physicians. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-12461) on November 4, 2025. In the petition signed by Nick Lavrinoff, chief restructuring officer, Unique Third Avenue disclosed $3,261,747 in assets and $11,429,935 in liabilities. Judge John P. Mastando oversees the case. Mark Frankel, Esq., at Backenroth Frankel & Krinsky, LLP, represents the Debtor as legal counsel. UNITED RENTAL: S&P Rates New $1.5BB Senior Unsecured Notes 'BB+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '4' recovery rating to the proposed $1.5 billion senior unsecured notes issued by United Rentals Inc.'s (URI) subsidiary United Rentals (North America) Inc. (URNA). The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 45%) recovery in the event of a default. The company will use proceeds from this issuance to repay its $500 million 5.5% senior unsecured notes due 2027 and a portion of the outstanding balance on its $4.5 billion asset-based lending (ABL) credit facility (approximately $2.6 billion outstanding as of Sept. 30, 2025). S&P does not expect the transaction will materially affect URI's credit profile. S&P said, "All our ratings on URI, including the 'BB+' issuer credit rating and our issue-level and recovery ratings on URNA's debt, are unchanged. "The stable outlook on URI reflects our expectation its S&P Global Ratings-adjusted debt to EBITDA will be in the low-2x area over the next 12 months amid a continued favorable rental demand environment. Although we do not forecast a downturn, URI has the capacity to absorb a potential cyclical decline in the equipment rental market, which we believe could increase its S&P Global Ratings-adjusted leverage by about a turn." Issue Ratings--Recovery Analysis Key analytical factors -- S&P's simulated default scenario considers an unexpected and drastic downturn in the nonresidential construction industry that severely strains the company's equipment usage, rental rates, revenue, and cash flow. -- Although S&P believes URI would likely reorganize after a default, it uses a discrete asset value (DAV) approach to analyze the lenders' recovery prospects, as it does for most large general equipment rental providers. S&P said, "Our DAV approach starts with the net book value of the company's assets as of Sept. 30, 2025. We assume its balance sheet accounts are partially diluted to reflect the estimated loss of appraised value through additional depreciation or expected contraction in working capital assets leading up to the hypothetical default. We then apply realization rates to the assets, reflecting the friction of selling or discounts potential buyers or restructurers would apply in distressed circumstances. "We assume realization rates of 75% for rental equipment, 80% for unsold accounts receivable (we exclude the assets and liabilities related to URI's accounts receivable special-purpose entity), 65% for inventory, and 40% for other property and nonrental equipment." Simulated default assumptions -- Simulated year of default: 2030 -- Jurisdiction: U.S. -- ABL facility: 60% drawn at default. S&P assumes the company uses a portion of the incremental draw to purchase rental equipment. -- Debt amounts include six months of prepetition interest. Simplified waterfall -- Gross enterprise value: $10.25 billion -- Net enterprise value (after 5% administrative expenses): $9.74 billion -- Collateral/noncollateral valuation split: 89%/11% -- Value distributed to priority claims (ABL) and claims at nonguarantor subsidiaries: $2.73 billion -- Collateral value available to first-lien lenders: $6.75 billion -- First-lien debt facilities (secured term loan and first-lien secured notes): $2.51 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Collateral value available to second-lien noteholders: $4.25 billion -- Secured second-lien notes: $765 million --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Total value available to unsecured claims: $3.74 billion -- Total unsecured debt: $7.78 billion --Recovery expectations: 30%-50% (rounded estimate: 45%) US MAGNESIUM: Seeks to Sell Gas Turbine at Auction -------------------------------------------------- US Magnesium LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to sell turbine auction, free and clear of liens, claims, interests, and encumbrances. Prior to the Petition Date, the Debtor attempted to sell the Asset. Specifically, the Debtor made inquiries to the original manufacturer. The Debtor also engaged with contacts at Rocky Mountain Power regarding potential customer needs. Limited interest from these initial efforts prompted the Debtor to reach out to equipment sales groups to gather potential options and as a result, the Debtor signed a marketing agreement in April of 2025 with Phoenix Equipment to pursue a sale. There were several initial proposals from Phoenix clients that could not be completed due to financing obstacles. As a result of those marketing efforts, the Debtor and The Max Henry Group, LLC d/b/a Quantum Technology, as purchaser, (Stalking Horse Bidder) have entered into the Stalking Horse Bid, dated as of November 21, 2025. The Stalking Horse Bidder proposes to purchase a 26MW GE Frame 5PA (MS5001) gas turbine for $7,000,000.00, which will serve as a competitive baseline of recovery for the Debtor’s stakeholders. The Debtor now seeks authority to market test the transaction contemplated by the Stalking Horse Agreement to ensure that the Debtor obtains the highest or otherwise best offer for the Asset. Details of the Stalking Horse Agreement can be found at https://urlcurt.com/u?l=Zch4sD. To optimally and expeditiously solicit, receive, and evaluate bids in a fair and accessible manner, the Debtor has developed and proposed the Bid Procedures. -- Asset and Purchase Price: Each Bid must be a bid to purchase the Asset, and must clearly state the Purchase Price to be paid. -- Deposit: Each Bid, other than the Stalking Horse Bid, must be accompanied by a cash deposit in the amount equal to five percent (5%) of the aggregate cash purchase price of the Bid to be held in an interest-bearing escrow account to be identified and established by the Debtor -- Minimum Bid: The aggregate cash consideration proposed by each Bid must equal, or exceed, the Initial Minimum Overbid, which is $7,500,000. -- Bid Deadline. Each bid must be transmitted via email (in .pdf or similar format) or other means so as to be actually received by the Debtor, counsel to the Debtor, the Committee Representatives, the Stalking Horse Bidder, and counsel to the Stalking Horse Bidder on or before January 9, 2026 at 12:00 p.m. (ET) -- The Auction. If the Debtor does not receive a Qualified Bid, the Debtor, in consultation with the Committee Representatives, will not conduct the Auction and shall designate the Stalking Horse Bidder’s Qualified Bid as the Successful Bid. -- Bidding Increments. Any Overbid following the initial Minimum Overbid or following any subsequent Prevailing Highest Bid shall be in increments of $250,000. The Debtor submits that the Sale Notice is reasonably calculated to provide all interested parties with timely and proper notice of the proposed Sale. The Debtor submits that the proposed Bid Procedures will encourage competitive bidding, are appropriate under the relevant standards governing auction proceedings and bidding incentives in bankruptcy proceeding. About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. US NUCLEAR: Needs Additional to Finalize Q3 Financial Statements ---------------------------------------------------------------- US Nuclear Corp. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that is unable to file, without unreasonable effort or expense, its Form 10-Q for the period ended September 30, 2025. US Nuclear says additional time is needed for the Company to compile and analyze supporting documentation in order to complete the Form 10-Q and in order to permit the Company's independent registered public accounting firm to complete its review of the consolidated financial statements included in the Form 10-Q. The Company intends to file the Form 10-Q as soon as possible. About US Nuclear US Nuclear Corp. is engaged in developing, manufacturing, and selling radiation detection and measuring equipment. The Company markets and sells its products to consumers throughout the world. As of June 30, 2025, the Company had $2.51 million in total assets, $2.26 million in total liabilities, and $750,702 in total stockholders' deficit. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated June 24, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has an accumulated deficit and net losses. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. VENUS CONCEPT: Widens Net Loss to $22.5 Million in 2025 Q3 ---------------------------------------------------------- Venus Concept Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $22.5 million for the three months ended September 30, 2025, compared to a net loss of $9.3 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $46.7 million, compared to a net loss of $39 million for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $13.8 million and $15 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $43.1 million and $49.1 million, respectively. As of September 30, 2025, the Company had $61.6 million in total assets, $58.5 million in total liabilities, and $2.7 million in total stockholders' equity. The Company has had recurring net operating losses and negative cash flows from operations. As of September 30, 2025 and December 31, 2024, the Company had an accumulated deficit of $355.5 million and $308.9 million, respectively, though, the Company was in compliance with all required covenants as of September 30, 2025, and December 31, 2024. The Company's recurring losses from operations and negative cash flows raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. The global economy, including the financial and credit markets, has recently experienced extreme volatility and disruptions, including increasing inflation rates, rising interest rates, foreign currency impacts, trade disruptions due to tariff rate increases or proposed increases, declines in consumer confidence, and declines in economic growth. All these factors point to uncertainty about economic stability, and the severity and duration of these conditions on the Company's business cannot be predicted, and the Company cannot assure that it will remain in compliance with the financial covenants contained within its credit facilities. In order to continue its operations, the Company must achieve profitable operations and/or obtain additional equity or debt financing. Until the Company achieves profitability, management plans to fund its operations and capital expenditures with cash on hand, borrowings, and issuance of capital stock. Additionally, until the Company generates revenue at a level to support its cost structure, the Company expects to continue to incur substantial operating losses and net cash outflows from operating activities. Given the economic uncertainty in U.S. and international markets, the Company cannot anticipate the extent to which the current financial market conditions and trade disruptions will continue to adversely impact the Company's business and the Company may need additional capital to fund its future operations and to access the capital markets sooner than planned. There can be no assurance that the Company will be successful in raising additional capital or that such capital, if available, will be on terms that are acceptable to the Company. If the Company is unable to raise sufficient additional capital, it may be compelled to reduce the scope of its operations and planned capital expenditures or sell certain assets, including intellectual property assets. Management Commentary: "Our third quarter results reflect our continued solid execution in a difficult environment for all companies," said Rajiv De Silva, Chief Executive Officer of Venus Concept. "Our focus remains on positioning the Company for long-term success by managing our cash burn and making targeted investments to support our future growth. We are very encouraged by the signs of stabilization in our EBD business. We were especially pleased to announce FDA 510(k) clearance for our new Venus NOVA on November 10th the first product launch from our new, focused R&D strategy. We are targeting sequential growth in the fourth quarter fueled, in part, by a limited commercial launch of this innovative new body and skin system in December. Our balance sheet and capital structure transformation carried on this quarter through multiple transactions including amendments to increase available financing capacity under our existing bridge loan facility and a debt-to-equity exchange transaction totaling $11.5 million in converted debt. While the global macro environment continues to challenge the aesthetics market, the Venus team is engaged, focused and determined. We continue to appreciate the support of Madryn Asset Management, LP as we continue our turnaround." Mr. De Silva continued: "Since we announced a definitive agreement to sell our Venus Hair Business to MHG Co. Ltd. on June 6, 2025, we have continuously worked to meet the closing conditions of the transaction. Unfortunately, we have experienced challenges with our counterparty in closing this transaction and have sought the assistance of the Delaware Court of Chancery to aid in this respect. We will continue our dedicated pursuit of closing this important strategic transaction and look forward to sharing updates with the investment community, as appropriate." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4djfvmes About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, 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 December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $63.09 million in total assets, $60.31 million in total liabilities, and $2.33 million in total stockholders' equity. VILLAGE ROADSHOW: Court Denies Bid to Stay Chapter 11 Sale of Film ------------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge on Monday, November 24, 2025, rejected Warner Bros.' attempt to stay the Chapter 11 sale of Village Roadshow's derivative film rights during its appeal of the $18.5 million sale order, finding the studio failed to satisfy the standard for obtaining a stay. The court determined that Warner Bros. had not shown it was likely to succeed in overturning the sale. The ruling clears the way for Village Roadshow to close the transaction as part of its restructuring process. The judge also emphasized that delaying the deal could disrupt the debtor's reorganization and negatively affect creditors, the report states. About Village Roadshow Entertainment Group Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Debtor's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. VOLITIONRX LTD: Reports $5.4 Million Net Loss in 2025 Q3 -------------------------------------------------------- VolitionRx Limited filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $5.4 million for the three months ended September 30, 2025, compared to a net loss of $5.9 million for the three months ended September 30, 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $627,277 and $474,522, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $1.8 million and $1 million, respectively. As of September 30, 2025, the Company had $6.4 million in total assets, $42.4 million in total liabilities, and $35.9 million in total stockholders' deficit. For the nine months ended September 30, 2025, the Company incurred a net loss of $17.2 million compared to a net loss of 21.4 million for the same period in 2024, and used cash flows in operating activities of $14.2 million for the nine months ended September 30, 2025. As of September 30, 2025, the Company had cash and cash equivalents of $0.2 million and an accumulated deficit of $246.6 million. VolitionRx has generated operating losses and has experienced negative cash flows from operations since inception. The Company has not generated significant revenues and expects to incur further losses in the future, particularly from continued development of its clinical-stage diagnostic tests and commercialization activities. The future of the Company as an operating business will depend on its ability to obtain sufficient capital contributions or, financing, and/or generate revenues as may be required to sustain its operations. Management plans to address these concerns as needed by: (a) granting licenses and/or distribution rights to third parties in exchange for specified up-front and/or back-end payments, (b) obtaining additional financing through debt or equity transactions, (c) securing additional grant funds, and (d) developing and commercializing the Company's products in an efficient manner. Management continues to exercise tight cost controls and has implemented short-term cash preservation and cost-saving initiatives to conserve cash. As part of the Company's cash conservation efforts, directors and certain employees have elected to exchange a portion of their fees earned or paid in cash or salary, respectively, for RSUs of the Company. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans. Management assessed the mitigating effect of these plans to determine if it is probable that the plans would be effectively implemented within 12 months after the condensed consolidated financial statements are issued and when implemented, would mitigate the relevant conditions or events that raise substantial doubt about the Company's ability to continue as a going concern. These plans are subject to market conditions and reliance on third parties, and there is no assurance that effective implementation of the Company's plans will result in the necessary funding to continue operations and satisfy current and expected debt obligations. The Company concluded that these plans do not alleviate the substantial doubt about the Company's ability to continue as a going concern beyond the next 12 months. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/snxs3z6h About Volition Henderson, Nev.-based VolitionRx Limited is a multinational epigenetics company. It has patented technologies that use chromosomal structures, such as nucleosomes, and transcription factors as biomarkers in cancer and other diseases. Draper, Utah.-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 31, 2025, attached in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, negative cash flows from operations and minimal revenues which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2024, VolitionRx had $13.1 million in total assets, $36 million in total liabilities, and $22.9 million in total stockholders' deficit. WAHEGURU LLC: Hires Wadsworth Garber Warner Conrardy as Counsel --------------------------------------------------------------- Waheguru LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wadsworth Garber Warner Conrardy, P.C. as counsel. The firm's services include: a. preparation on behalf of Debtor of all necessary reports, orders and other legal papers required in this chapter 11 proceeding; b. performance of all legal services for Debtor as debtor-in-possession which may become necessary herein; and c. representation of Debtor in any litigation which Debtor determines is in the best interest of the estate whether in state or federal court(s). The professionals' hourly rates are: David V. Wadsworth $500 Aaron A. Garber $500 David J. Warner $425 Aaron J. Conrardy $425 Lindsay S. Riley $325 Hallie Cooper $225 Paralegals $125 Wadsworth received a retainer in the amount of $80,000.00 from Royal LTS, LLC. Wadsworth Garber Warner Conrardy, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Telecopy: (303) 296-7600 E-mail: dwarner@wgwc-law.com About Waheguru LLC Waheguru LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17395) on November 11, 2025. In its petition, the Debtor reported estimated assets between $100,001 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Kimberley H. Tyson oversees the case. David Warner, Esq., represents the Debtor as legal counsel. WAHL TO WAHL: Seeks to Hire Mel Manasse and Son Auctioneers ----------------------------------------------------------- Wahl to Wahl Auto LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Mel Manasse and Son Auctioneers as auctioneers. The firm will sell the Debtor's assets, namely, inventory, equipment, and certain vehicles at auction. In addition, Manasse will advertise the auction in the appropriate arenas. Also, Manasse provides for online bidding as well as onsite bidding. The firm can be reached through: Mel Manasse & Son Auctioneers 12 Henry Street P.O. Box 738 Whitney Point, NY 13862 Phone: (607) 692-4540 Fax: (607) 692-4327 About Wahl to Wahl Auto LLC Wahl to Wahl Auto LLC, doing business as Wahl To Wahl Car Sales, operates a 34-acre auto recycling facility and used car dealership in Otsego County, New York. Wahl to Wahl Auto LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60846) on September 22, 2025. At the time of filing, the Debtor estimated $1,096,667 in assets and $1,925,266 in liabilities. The petition was signed by Anthony S Wahl as sole member. Peter A. Orville, Esq. at Orville & McDonald Law, P.C. represents the Debtor as counsel. WALKER EDISON: Dec. 17 Plan, Disclosures Hearing ------------------------------------------------ The U.S. Bankruptcy Court for the District of Delaware approved the Combined Disclosure Statement and Plan of WEH Liquidating LLC, f/k/a Walker Edison Holdco, LLC, and its debtor affiliates. A hearing to consider final approval of the adequacy of the disclosures in, and confirmation of, the Combined Disclosure Statement and Plan will be held on December 17, 2025, at 10:00 a.m., prevailing Eastern Time. The deadline by which ballots accepting or rejecting the Plan and the deadline for filing objections is on or before December 10, 2025, at 4:00 p.m., prevailing Eastern Time. A full-text copy of the Combined Disclosure Statement and Liquidating Plan dated November 11, 2025 is available at https://urlcurt.com/u?l=0hKaCE from Epiq Corporate Restructuring, LLC, claims agent. About Walker Edison Holdco Walker Edison, a Delaware corporation headquartered in West Jordan, Utah, designs and distributes affordable, ready-to assemble home furnishings, operating primarily through e-commerce channels rather than traditional retail stores. Its business is managed by Walker Edison Intermediate, LLC and Walker Edison Holdco, LLC, and it owns EW Furniture, LLC, a Utah-based subsidiary. The company sources most products from suppliers in Asia and Brazil, distributing them through its Ohio and California centers or directly via major e-commerce platforms including Wayfair, Amazon, Walmart, Target, and Home Depot, with gross sales of roughly $124.6 million in 2024. Walker Edison Holdco, LLC and three affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11602) on August 28, 2025. At the time of the filing, Walker Edison Holdco listed up to $50,000 in assets and between $100 million and $500 million in liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal counsel; Lincoln International, LLC as investment banker; MACCO Restructuring Group, LLC as transformation advisor. Epiq Corporate Restructuring, LLC is the Debtors' notice, claims and administrative agent. WATERBOY SPORTS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Waterboy Sports, LLC 6216 All American Blvd Orlando, FL 32810 Business Description: Waterboy Sports, LLC designs and manufactures hydration systems used in athletic programs and other industries, producing power-assisted, chiller, in-line and gravity-fed units. The Company develops its equipment based on input from athletic trainers, coaches and athletes to address on-field hydration needs. It operates as a specialized supplier of mobile and fixed hydration solutions. Chapter 11 Petition Date: November 24, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-07635 Debtor's Counsel: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: dvelasquez@lathamluna.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Robert J. Mercer as sole managing member. 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/VO2TLBI/Waterboy_Sports_LLC__flmbke-25-07635__0001.0.pdf?mcid=tGE4TAMA WATERMILLS APARTMENTS: Dec. 10, 2025 Auction Set ------------------------------------------------ A mortgagee's sale at auction will be conducted by Paul McInnis LLC on December 10, 2025, at 11:00 a.m., for Watermills Apartments, a 99-unit residential and retail complex at 330-350 Pleasant Street, in Watertown, Massachusetts. A $250,000 deposit is required at the time and place of sale. WINSLOW, AZ: S&P Affirms 'BB+' Rating on Wastewater Revenue Bonds ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' rating on the city of Winslow, Ariz.'s series 2016 wastewater system revenue obligations. The outlook remains negative. S&P said, "The negative outlook reflects our view that the wastewater system may face challenges producing consistent financials at the recently improved levels in unaudited fiscal 2025 considering the limited customer base and a recent history of all-in coverage (AIC) below 1x." The rating reflects the utility's weak risk management and oversight practices, as reflected in reactive rate-setting that led to recent poor financial metrics. Although management has initiated several credit-supportive strategies to improve financial metrics, S&P believes sustaining them hinges on its ongoing commitment to review, implement, and update these strategies. S&P said, "In our view, social capital risk factors could add strain to the system's performance. Recent rate increases, while necessary for the system's financial recovery, may limit revenue-raising flexibility for acute unbudgeted expenses or major capital needs. "In our view, environmental risks are limited for the utility's wastewater system, which tends to be less affected by weather events such as regional droughts. "The negative outlook reflects our opinion that despite modest improvements in financial metrics in unaudited fiscal 2025, we believe Winslow's wastewater system remains exposed to fluctuations in operating expenses or unbudgeted capital improvement needs. "We may lower the rating if we see the utility continue to intermittently produce AIC below 1x or have large draws on cash, which would indicate still-reactionary rate setting practices and/or challenges in raising rates sufficient to cover all financial obligations. "We may revise the outlook to stable if we see a track record of consistent AIC and liquidity at or above current levels. Any improvement to the outlook or rating would likely be contingent on evidence of proactive, rather than reactive, rate setting and customers' ability to absorb rate increases without a significant rise in delinquencies and/or bad debt write offs." WOK HOLDINGS: S&P Downgrades ICR to 'CCC+', Outlook Negative ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on U.S.-based restaurant company Wok Holdings Inc. to 'CCC+' from 'B-' and its issue-level rating on its senior secured debt to 'CCC+' from 'B-'. S&P's '3' recovery rating on the senior secured debt is unchanged. The negative outlook reflects the potential that S&P will lower its rating on the company if its liquidity becomes more constrained than it anticipates, increasing the risk of a debt restructuring or liquidity event. Wok Holdings continues to generate sustained cash flow deficits, which are constraining its liquidity and financial flexibility. S&P said, "We now view the company's capital structure as potentially unsustainable due to our expectation for weak credit-protection metrics, including thin interest coverage and elevated leverage. "The downgrade reflects Wok's continued operating underperformance and persistent cash flow deficits. The company's operating performance through the third quarter of 2025 was materially weaker than we assumed under our prior base-case forecast. Wok's revenue declined by 9.1% year over year in the third quarter (ended Sept. 30, 2025) due to a 9.7% decrease in its same-restaurant sales and a 7.8% reduction in its same-restaurant traffic. We believe increasingly challenging macroeconomic conditions, most notably sustained pressure on discretionary spending, will likely further suppress restaurant visitation, which is consistent with the trends observed across the casual dining sector this year. As such, we forecast Wok's revenue will contract by 7.6% this year. In addition, we estimate the company will open a limited number of new Bistro units over the next one to two years as management concentrates on stabilizing and improving the performance of its bistro restaurants. Nevertheless, we believe Wok faces elevated execution risk, given that it's in the early stages of implementing broad operational initiatives across its core bistro restaurants. "We forecast S&P Global Ratings-adjusted leverage of about 6.8x in 2025, improving to roughly 6.7x in 2026, primarily through a modest increase in the company's EBITDA. Due to its increased borrowing under its revolver and pressured EBITDA margins, Wok's S&P Global Ratings-adjusted leverage rose to 7.0x as of Sept. 30, 2025, from 5.7x during the same period the prior year. We forecast the company's S&P Global Ratings-adjusted margins to be 13.4% in 2025 (from 14.2% in 2024), improving to roughly 13.8% in 2026 due to its cost-management initiatives, such as its strategic floor manager reductions per restaurant and a reduction in its historical promotional discounting." Brad Hill's departure as CEO of P.F. Chang's marks a notable leadership transition. This exit represents the third CEO change at the company in the last two years. Hill brought significant institutional knowledge to P.F. Chang's, having served as CFO, COO, and--most recently--CEO for roughly six months. His exit indicates a period of further adjustment for the company. The new CEO, Jim Mazany, who took over earlier in November, is a 30-year restaurant industry veteran with experience leading national brands and turnarounds. While Mazany brings relevant operational and turnaround expertise, consecutive leadership changes in a short timeframe often lead to shifts in strategic priorities or capital allocation. From a credit perspective, S&P's focus will be on the company's ability to maintain its operating performance, cash flow generation, and covenant headroom during the leadership change while ensuring the continuity of its strategic initiatives and financial discipline. S&P said, "We revised our assessment of Wok's liquidity to less than adequate due to its sustained cash flow deficits and sharply reduced revolver availability. As of the third quarter of 2025, the company had $29 million drawn under its $30 million revolving credit facility, which left it with only $1 million of availability (compared with $23.4 million during the prior-year period). Additionally, after the third quarter Wok received a combined $10 million equity infusion from its sponsors, Paulson & Co. Inc. and TriArtisan Capital Advisors, to support its operating needs. We believe that, absent this infusion, it may have been difficult for the company to comfortably meet its fixed obligations, including interest, amortization, and capital expenditure (capex). Wok had covenant headroom of approximately 21% during the quarter; however, we view its covenant compliance as vulnerable to further declines in its EBITDA, given the ongoing pressures on its sales and traffic. "Wok reported a trailing-12-month free operating cash flow (FOCF) deficit of roughly $15 million through the third quarter of 2025, which was up from a roughly $5 million deficit in the prior-year period. For full year 2025, we project the company will generate a FOCF deficit of approximately $9 million, after roughly $20 million of planned capex largely for new unit development, refreshes, and technology investments. In our view, Wok's constrained liquidity and negative cash flow profile significantly limit its financial flexibility and may require it to implement additional reductions to its capital spending absent a material improvement in its operating performance." The company does not face any near-term maturities, given that its $30 million revolving credit facility and $480 million term loan facility mature in March and September 2029, respectively. The negative outlook reflects the risk that Wok Holdings will be unable to sufficiently improve its operating performance and restore its liquidity over the next 12 months. S&P could lower its rating if it envisions a specific default event over the next 12 months. This could occur if: -- Wok is unable to materially and sustainably improve its operating performance; and -- The company generates a larger-than-expected FOCF deficit, increasing the likelihood it will miss an interest payment or experience a liquidity crisis; or -- S&P believes management will likely pursue a debt exchange that we would view as tantamount to default. S&P could revise its outlook on Wok to stable or raise its rating if: -- S&P expects it will generate sustained positive FOCF due to a material improvement in its operating performance, such that it anticipates it will increase its liquidity and maintain sufficient revolver availability; and -- The company reduces its S&P Global Ratings-adjusted leverage and sustains reported EBITDA interest coverage of more than 1.5x. WORKSPORT LTD: Reports $4.9 Million Net loss in 2025 Q3 ------------------------------------------------------- Worksport Ltd. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $4,928,679 for the three months ended September 30, 2025, compared to a net loss of $4,134,917 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $13,123,627, compared to a net loss of $11,862,973 for the same period in 2024. Net sales for the three months ended September 30, 2025 and 2024, were $5,013,872 and $3,122,359, respectively. For the nine months ended September 30, 2025 and 2024, the Company had net sales of $11,358,835 and $5,556,535, respectively. As of September 30, 2025, the Company had $27,048,622 in total assets, $7,269,230 in total liabilities, and $19,779,392 in total stockholders' equity. As of September 30, 2025, the Company had $3,761,690 in cash and cash equivalents. The Company also has availability on its revolving line of credit of $3,291,250. The Company has generated only limited revenues and has relied primarily upon capital generated from public and private offerings of its securities. Since the Company's acquisition of Worksport in 2014, it has never generated a profit. As of September 30, 2025, the Company had an accumulated deficit of $77,617,726. As of September 30, 2025, the Company had working capital of $6,311,857 (December 31, 2024 – $7,304,110) and had an accumulated deficit of $77,617,726 (December 31, 2024 - $64,476,966). The Company has not generated profit from operations since inception and to date has relied on debt and equity financing for continued operations. The Company's ability to continue as a going concern is dependent upon the ability to generate cash flows from operations and obtain equity and/or debt financing. The Company intends to continue funding operations through equity and debt financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements in the long term. There can be no assurance that the steps management is taking to make the Company profitable will be successful. The Company has historically operated at a loss, although that may change as sales volumes increase and margins improve. As of September 30, 2025, the Company had cash and cash equivalents of $3,761,690 (December 31, 2024 - $4,883,099). Despite the Company having completed its purchasing of large manufacturing machinery for phase one output levels, operational costs are expected to remain elevated and, thus, further decrease cash and cash equivalents. Concurrently, the Company intends to continue its ramp-up of manufacturing and increasing sales volumes in 2025 and 2026, which should mitigate the effects of operational costs on cash and cash equivalents as it releases new product lines; this view is supported by the fact that the manufacturing facility of the Company was completed for initial production output in 2023 and quickly began improving output and sales during 2024 and into 2025. The Company has successfully raised cash, and it is positioned to do so again if deemed necessary or strategically advantageous. During the year ended December 31, 2021, the Company, through its Reg-A public offering, private placement offering, underwritten public offering, and exercises of warrants, raised an aggregate of approximately $32,500,000. On September 30, 2022, the Company filed a shelf registration statement on Form S-3, which was declared effective by the U.S. Securities and Exchange Commission on October 13, 2022, allowing the Company to issue up to $30,000,000 of common stock and prospectus supplement covering the offering, issuance and sale of up to $13,000,000 of common stock that may be issued and sold under an At The Market Offering Agreement dated September 30, 2022, with H.C. Wainwright & Co., LLC, as the sales agent. Pursuant to the ATM Agreement, HCW is entitled to a commission equal to 3.0% of the gross sales price of the shares of common stock sold. Through September 30, 2025, the Company cumulatively sold and issued 872,027 shares of common stock in consideration for net proceeds of $6,751,381 under the ATM Agreement. The Shelf Registration Statement expired in October 2025 and the Company will file a new shelf registration statement in November 2025. On November 2, 2023, the Company consummated a registered direct offering pursuant to which the Company issued 192,500 shares of common stock and 157,500 pre-funded warrants to an institutional investor for a total net proceeds of $4,261,542. Concurrently with the registered direct offering, the Company issued the same institutional investor 700,000 warrants in a private sale. The warrants are exercisable for 700,000 shares of common stock for $13.40 per share six months after issuance and until 5.5 years from the issuance date, subject to beneficial ownership limitations as described in the warrants. The Company registered the 700,000 shares of common stock underlying the warrants on a Form S-1 (333-276241) which was declared effective by the SEC on December 29, 2023. On March 20, 2024, the Company consummated a registered direct offering pursuant to which the Company issued 237,224 shares of common stock and 147,789 pre-funded warrants to the same institutional investor as in the Company's registered direct offering on November 2, 2023, for a total net proceeds of $2,629,083. Concurrently with the registered direct offering, the Company issued the institutional investor 770,026 warrants in a private sale. The warrants are exercisable for 770,026 shares of common stock for $7.40 per share six months after issuance until five and a half years from the issuance date, subject to beneficial ownership limitations as described in the warrants. The Company registered the 770,026 shares of common stock underlying the warrants on a Form S-1 (333-278461) which was declared effective by the SEC on April 8, 2024. On May 29, 2024, Worksport sent an inducement letter to a shareholder offering an option to exercise their warrants at a reduced exercise price of $5.198 per warrant. In turn for doing so, Worksport offered the shareholder new warrants to purchase up to 1,295,000 shares of common stock with an exercise price of $5.198. The warrants had a term of 5.5 years, with a 6-month required holding period prior to exercise. On December 13, 2024, the Company filed a prospectus supplement to amend and supplement a prospectus supplement dated as of November 5, 2024, as well as the prospectus supplement dated as of October 13, 2022, and the prospectus dated as of October 13, 2022 to increase the maximum amount of shares that we are eligible to sell pursuant to the ATM Agreement under General Instruction I.B.6. to $4,962,092 of shares of our common stock not including whatever had been sold prior to this filing date. On February 27, 2025, Worksport entered into a warrant inducement agreement with a shareholder to exercise 755,558 of 1,295,000 May 2024 Warrants at a price of $5.198 per share. The remaining unexercised 539,442 warrants are included in share subscription payable. In return, the Company issued 1,424,500 new 2025 Inducement Warrants. Each Inducement Warrant has an exercise price of $6.502, will become exercisable six months after issuance, and have a 5.5-year life. Worksport raised approximately $6,731,000 in gross proceeds before fees and expenses, with the funds earmarked for general corporate and working capital purposes. On June 13, 2025, Worksport completed the initial closing of its Regulation A offering whereby up to 3,100,000 Units may be sold at an offering price of $3.25 per unit. Each Unit consists of one share of 8% Series C Convertible Preferred Stock, par value $0.001 per share and one warrant for the right to purchase one share of common stock, $0.001 par value with an exercise price of $4.50 per share. The qualified Regulation A offering is expected to generate gross proceeds of $10,000,000. Through September 30, 2025, the Company completed twenty-four tranches and received proceeds of $6,469,202 (net of issuance costs of $665,905) and recognized share subscriptions receivable of $458,720 (net of issuance costs of $41,130). To date, the Company's principal sources of liquidity consist of net proceeds from public and private securities offerings and cash exercises of outstanding warrants. Management is focused on transitioning towards revenue as its principal source of liquidity by growing existing product offerings as well as the Company's customer base. The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus maintain sufficient cash balances for planned operations or future business developments. Future business development and demands may lead to cash utilization at levels greater than recently experienced. The Company may need to raise additional capital in the future. However, the Company cannot provide assurances it will be able to raise additional capital on acceptable terms, or at all. The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. Still, certain factors indicate the existence of a material uncertainty that cast substantial doubt about the Company's ability to continue as a going concern. Management Commentary: "Worksport's Q3 performance shows our final investments into a scalable, efficient and high growth company," said Steven Rossi, Chief Executive Officer. "Our margin has grown over 2300 BPS in 9 months, and it's projected to continue growth. Operating leverage is now visible -- revenue rose nearly 60% YoY while core expenses grew only about 20%. That balance of discipline and expansion gives us strong conviction in our outlook for 2026 profitability and sustained double-digit growth, particularly as our new SOLIS™, COR™, and HD3 are launched and transition into revenue-generating lines." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/mryjj2j4 About Worksport Ltd. West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries, designs, develops, manufactures, and owns intellectual property on a portfolio of tonneau cover, solar integration, portable power station, and NP (Non-Parasitic), Hydrogen-based green energy products and solutions for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries. Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 27, 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 an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. The Company recorded a net loss of $16,163,789 for the year ended December 31, 2024, and has an accumulated deficit of $64,476,966 as of December 31, 2024. As of Dec. 31, 2024, the Company had $25,736,660 in total assets, $8,323,029 in total liabilities, and a total stockholders' equity of $17,413,631. YUNHONG GREEN: Reports $811,000 Net Loss in 2025 Q3 --------------------------------------------------- Yunhong Green CTI Ltd. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $811,000 for the three months ended September 30, 2025, compared to a net loss of $1.2 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $1.4 million, compared to a net loss of $2.2 million for the same period in 2024. Net sales for the three months ended September 30, 2025 and 2024, were $3 million and $2.5 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had net sales of $13.2 million and $11.8 million, respectively. As of September 30, 2025, the Company had $22.2 million in total assets, $11.6 million in total liabilities, and $10.5 million in total stockholders' equity. The Company has a cumulative net loss from inception to September 30, 2025 of approximately $27 million. The Company's cash resources from operations may be insufficient to meet its anticipated needs during the next 12 months. If the Company does not execute its plan, it may require additional financing to fund its future planned operations. The ability of the Company to continue as a going concern is dependent on the Company having adequate capital to fund its operating plan and performance. Management's plans to continue as a going concern may include raising additional capital through sales of equity securities and borrowing, continuing to focus our Company on the most profitable elements, and exploring alternative funding sources on an as needed basis. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The supply chain challenges, inflationary pressures and tariffs have impacted on the Company's business operations to some extent and is expected to continue to do so and these impacts may include reduced access to capital. The ability of the Company to continue as a going concern may be dependent upon its ability to successfully secure other sources of financing and attain profitable operations. There is substantial doubt about the ability of the Company to continue as a going concern for the next 12 months. The Company's primary sources of liquidity continue to include cash and cash equivalents and borrowings available under the Credit Agreement. This credit facility has been amended and concludes on April 30, 2027. On September 30, 2021, the Company entered into a loan and security agreement with Line Financial, which provides for a senior secured financing consisting of a revolving credit facility in an aggregate principal amount of up to $7 million, as amended, subject to borrowing base provisions, and term loan facility in an aggregate principal amount of $731,250. The Senior Facilities are secured by substantially all assets of the Company. The Company has remained in compliance with all material covenants since inception. Borrowings under the Revolving Credit Facility bear interest at the prime rate + 7.82% (15.07% as of September 30, 2025), payable monthly in arrears. The Term Loan Facility bears interest at the prime rate + 1.45% (8.7% as of September 30, 2025) and is repaid in 48 monthly installments of approximately $15,000, beginning November 1, 2021. The Company also pays collateral monitoring fees of 4.62% of the eligible accounts receivable, inventory, and equipment supporting both facilities. Originally maturing September 30, 2023, the Senior Facilities were extended to April 30, 2027 pursuant to a Fifth Amendment executed on September 30, 2025, which also increased the revolving commitment from $6.0 million to $7.0 million and added a 0.75% renewal fee, payable in two equal installments in October 2025 and September 2026. A $12,500 commitment fee was also incurred. All other material terms, including borrowing base, collateral, and covenants, remained unchanged. The facility automatically renews for successive one-year periods unless either party provides written notice of termination not less than 90 days prior to the end of the then-current term. The Company may prepay the Term Loan Facility (together with accrued interest and any applicable prepayment fee) in whole, but not in part, upon at least 60 days' prior written notice. The Agreement requires the Company to maintain a minimum tangible net worth of $4.0 million, subject to adjustment by the Lender. The Company was in compliance with this covenant as of September 30, 2025 and December 31, 2024. The Agreement also limits additional indebtedness, liens, dividends, mergers, and annual capital expenditures exceeding $1.0 million. At September 30, 2025 and December 31, 2024, the term loan balance was approximately $0.6 million (net of $0 and $17,000 deferred costs, respectively), and the revolving balance was $4.6 million and $6.6 million, respectively. The December 2024 balance temporarily exceeded the then limit due to holiday-related timing and was reduced below the cap on January 3, 2025. $2.4 million remained available for borrowing under the Revolving Credit Facility as of September 30, 2025. The Company also has a subordinated note payable to John H. Schwan, Director and former Chairman of the Board, bearing 6% interest. The balance was $1.3 million at December 31, 2023; $1.0 million was repaid in January 2024, with $0.3 million remaining due at a future date to be determined. Accordingly, Company's ability to access capital on favorable terms is subject to several factors, including market conditions, lender risk appetite, and overall economic trends. There can be no assurance that such financing will be available, or available on acceptable terms, particularly considering increasingly conservative conditions in the financial markets. The Company continues to monitor its liquidity position and capital structure closely to ensure ongoing financial flexibility. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yppczzaa About Yunhong Green Barrington, Ill.-based Yunhong Green CTI Ltd develops, produces, distributes and sells a number of consumer products throughout the United States and in several other countries, and it produces film products for commercial and industrial uses in the United States. The Company's principal lines of products include Novelty Products consisting principally of foil and latex balloons and related gift items; and Flexible Films for food and other commercial and packaging applications. Boston, Mass.-based Wolf & Company, P.C, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit of $25.9 million for the year ended December 31, 2024. This raises substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $22.7 million in total assets, $11.4 million in total liabilities, and $11.4 million in total equity. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. 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