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251128.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, November 28, 2025, Vol. 29, No. 331 Headlines 1411 W. NORTH: Claims to be Paid from Investor Contribution 25350 PLEASANT: Amends Plan to Include Several Unsecured Claims 7481 CAMPO: Seeks Chapter 11 Bankruptcy in Florida 8TH STREET NE: Seeks to Extend Plan Exclusivity to Feb. 24, 2026 904 X 4: Seeks Chapter 11 Bankruptcy in Florida A.S.T. SCREENING: Hires Bush Law Firm as Legal Counsel ACCORD LEASE: Court Extends Cash Collateral Access to Dec. 19 ADTALEM GLOBAL: Moody's Ups CFR to Ba2 & Alters Outlook to Stable AG RECYCLING: May 8 Governmental Claims Bar Date AHDS BAGEL: Hires Morrison Tenenbaum PLLC as Legal Counsel AIR LITE: Seeks to Tap Steidl and Steinberg P.C as Counsel ALMENDARES CARPENTRY: Seeks Chapter 7 Bankruptcy in Florida ALTICE USA: Asset Managers Face Alleged Cartel Lawsuit AMERICAN AUTO: S&P Affirms 'B-' Rating on Senior Secured Debt AMERICAN SIGNATURE: Files Ch. 11, Launches 363 Sale with $50M DIP AMERICAN SIGNATURE: Seeks to Sell Furniture Business at Auction ANDERSON HAY: Case Summary & 20 Largest Unsecured Creditors ANTHOLOGY INC: Court OKs Sales to Ellucian & Encoura in Ch. 11 APEX TOOL: Moody's Assigns 'Caa3' CFR & Caa3-PD PDR, Outlook Stable APOLLO CONSTRUCTION: Gets OK to Use Cash Collateral Until Dec. 16 ARMY RETIREMENT: S&P Affirms 'BB+' Rating on 2016/2018 Rev. Bonds ATIF INC: 11th Circuit Upholds $80MM Asset Valuation Exclusion AYA SERVICE: Secured Party Sets Dec. 15, 2025 Auction BARMASTERS LLC: Case Summary & Six Unsecured Creditors BAUSCH HEALTH: Launches Exchange Offers for 2028 Senior Notes BESTWALL LLC: District Court Rejects Asbestos Panel's Appeal Bid BIG BRUNOS: Case Summary & 14 Unsecured Creditors BIG BRUNOS: Seeks Chapter 11 Bankruptcy in Florida BOWES IN-HOME: Court Extends Cash Collateral Access to Jan. 20 BRANDHOOT LLC: Gets Interim OK to Use Cash Collateral BRIDGE PLAZA: Unsecureds Will Get 30% of Claims over 5 Years BRIGHT ENERGY: Seeks Chapter 7 Bankruptcy in Florida BRIGHT GREEN: Unsecured Creditors Will Get 84% of Claims in Plan CABAL CONSTRUCTION: Hires J. Turner Law Group as Bankruptcy Counsel CABALLITO LLC: Seeks to Hire Rodriguez Espola as Accountant CACHCOPA LLC: Creditors to Get Proceeds From Liquidation CANTERBURY SECURITIES: Court Affirms Chapter 15 Recognition CANTON WALESKA: Continued Operations & Rental Income to Fund Plan CARBONOX INC: Seeks Chapter 11 Bankruptcy in Illinois CHARTERCARE HEALTH: S&P Discontinues 'BB-' Rating on 2025A/B Bonds CHESAPEAKE HOME: Voluntary Chapter 11 Case Summary CLEARSIDE BIOMEDICAL: Files Voluntary Chapter 11 Process CLEARSIDE BIOMEDICAL: Wins First-Day Ch.11 Relief Amid Sale Effort COMPEER FINANCIAL: S&P Withdraws 'BB+' Rating on C-1 Instruments COMPLETELY CONCRETE: Gets Final OK to Use Cash Collateral CONAIR HOLDINGS: Blue Owl Marks $31.2M 2L Loan at 41% Off COWTOWN BUS: Taps Lloyd & Hodge as Tax Accountant and Bookkeeper CTL-AEROSPACE INC: Committee Seeks to Tap Cozen O'Connor as Counsel DENOYER-GEPPERT: Gets Interim OK to Use Cash Collateral DIOCESE OF OAKLAND: Avoids Ch.11 Dismissal w/ Last-Minute Extension DOROTHY'S DANCING: Seeks Chapter 7 Bankruptcy in Illinois EAST SIDE ASSISTED: Seeks Chapter 11 Bankruptcy in Colorado ECC ENTERPRISES: Seeks Chapter 7 Bankruptcy in Idaho EDB INVESTMENTS: Gets OK to Use Cash Collateral Until Jan. 8 EDGEWELL PERSONAL: S&P Lowers ICR to 'BB-', Outlook Stable EIG MANAGEMENT: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable EKB22 INVESTMENTS: Voluntary Chapter 11 Case Summary EMMA PROPERTIES: Seeks Chapter 11 Bankruptcy in Illinois ENNIS I-45 11: Claims to be Paid from Property Sale Proceeds ENVIRI CORP: Moody's Alters Outlook on 'B1' CFR to Stable EOS FINCO: Blue Owl Marks $10.8MM 1L Loan at 75% Off EVERSTREAM SOLUTIONS: Court Confirms Joint Chapter 11 Plan EXPERT INC: Case Summary & 20 Largest Unsecured Creditors FASHIONABLE INC: Gets OK to Use Cash Collateral Until Feb. 3 FERADYNE OUTDOORS: Blue Owl Marks $677,000 1L Loan at 24% Off FIRST BRANDS: Jefferies Faces SEC Inquiry Over Disclosures FITNESS NGO 1: Taps Brian K. McMahon P.A. as Legal Counsel FK EXPRESS: Seeks Chapter 7 Bankruptcy in Illinois FLINK SE: TriplePoint Venture Marks $14.7MM Loan at 26% Off FORTUNE CIRCLE: Section 341(a) Meeting of Creditors on Dec. 16 FRANK'S IDEAL: Seeks Chapter 7 Bankruptcy in Illinois FRATELLO'S HOLDINGS: Hires Boyle Legal LLC as Bankruptcy Counsel FRUBANA INC: TriplePoint Venture Marks $2.9MM Loan at 62% Off FRUBANA INC: TriplePoint Venture Marks $8MM Loan at 62% Off GAMMA DIAGNOSTIC: Seeks Chapter 7 Bankruptcy in Florida GENERATIONS ON 1ST: Claims to be Paid from Future Rental, Financing GLENWOOD GFB: Hires Wadsworth Garber Warner Conrardy as Counsel GLOTSER LIVING: Taps the Law Office of Julio E. Portilla as Counsel GRACE ROYALS: Hires Wadsworth Garber Warner as Legal Counsel HAWKEYE ENTERTAINMENT: To Hire Stinson LLP as General Counsel HEART 2 HEART: Plan Exclusivity Period Extended to January 26, 2026 HIGHLANDS AT STONEGATE: Case Summary & 20 Top Unsecured Creditors HILL INC: Files Assignment in Bankruptcy Under Canada's BIA HOMETOWN REALTY: Seeks Chapter 7 Bankruptcy in Florida HRZN INC: Seeks to Tap Lighthouse Appraisal Company as Appraiser IN HOME PERSONAL: Court Extends Cash Collateral Access to Jan. 20 INSULATION COATINGS: Seeks to Sell Insulation Assets via Auction INTEGRATED ENDOSCOPY: Seeks to Extend Exclusivity to March 31, 2026 INTEGRITY CELEBRATIONS: Amends Citizens Bank Secured Claim INTEGRITY REAL: Taps Cox Peterson LLC as Real Estate Counsel JASS LLC: Hires Wadsworth Garber Warner as Legal Counsel JJTA23 REAL: Seeks Chapter 11 Bankruptcy in Florida JMKA LLC: Court Extends Cash Collateral Access to Dec. 12 KLIMA CONTROL: Unsecureds Will Get 22.52% of Claims over 60 Months KPOWER GLOBAL: Lease Decision Deadline Extended to March 4 LENASI INC: Unsecureds Will Get 11% of Claims over 60 Months LIMITLESS ABA: Gets Interim OK to Use Cash Collateral LINQTO TEXAS: Unsecureds to Get Share of Wind-Down Trust Proceeds LIVING FAITH: Chapter 11 Plan Due March 26 LONGBONS ENTERPRISES: Seeks Subchapter V Bankruptcy in Illinois LUMINARY ROLI: TriplePoint Venture Marks $35.4MM Loan at 72% Off LUTHERAN HOME: Unsecureds Owed $2.6M Will Get 33% of Claims MA MICRO: TriplePoint Venture Marks $1.3MM Loan at 82% Off MA MICRO: TriplePoint Venture Marks $1.3MM Loan at 82% Off MA MICRO: TriplePoint Venture Marks $4.1MM Loan at 79% Off MAUSER PACKAGING: Early Exchange Offers Shows 97%, Extends Premium MAXIMUS SUPPLY: Court OKs Continued Access to Cash Collateral MCMILLAN LOGGING: Unsecured Creditors to Split $90K in Plan MILAN SAI: To Sell Stanton Property to 11 11 IDM for $2MM MIND CANDY: TriplePoint Venture Marks $1.5MM Loan at 62% Off MIND CANDY: TriplePoint Venture Marks $1.6MM Loan at 62% Off MIND CANDY: TriplePoint Venture Marks $25.4MM Loan at 62% Off MODEL SHIPWAYS: Section 341(a) Meeting of Creditors on January 6 MODIVCARE INC: DOJ, Insurers, Creditors Object Ch. 11 Exit Plan MONJOVIC LLC: Seeks Chapter 7 Bankruptcy in Georgia MONTAUK METALS: Files Corporate Assignment Into Bankruptcy NAKDCOM ONE: TriplePoint Venture Marks $6.6MM Loan at 18% Off NATIONAL DENTEX: Blue Owl Marks $1.7MM 1L Loan at 62% Off NATIONAL DENTEX: Blue Owl Marks $2.2MM 1L Loan at 61% Off NATIONAL DENTEX: Blue Owl Marks $3.3MM 1L Loan at 61% Off NEW INSPIRATIONAL: Section 341(a) Meeting of Creditors on Dec. 17 NICKLAUS COMPANIES: Jack Nicklaus Opposes Ex-Co.'s Bankruptcy NIKOLA CORP: Court Won't Change Founder’s Ch. 11 Appeal Issues NLC PRODUCTS: Court OKs Nite Life Asset to Creative Irish NORTH JAX CONCRETE: Gets Extension to Access Cash Collateral NORTHWEST WATERPROOFING: Hires Bishop Bankruptcy Law as Counsel NORVAX LLC: Blue Owl Marks $2.8MM 2L Loan at 16% Off NORVAX LLC: Blue Owl Marks $539,000 1L Loan at 43% Off NOTORIOUS TOPCO: Blue Owl Marks $2.1MM 1L Loan at 41% Off NOTORIOUS TOPCO: Blue Owl Marks $26.6MM 1L Loan at 40% Off PARK HOTELS: Court-Appointed Receiver Completes Sale of Hotels PERATON CORP: Blue Owl Marks $14.4M 2L Loan at 41% Off PHIL KEAN: Section 341(a) Meeting of Creditors on January 5 PINE GATE: Seeks to Tap Alvarez & Marsal as Financial Advisor PLASMA BUYER: Blue Owl Marks $622,000 1L Loan at 14% Off POWIN LLC: Secures Court Confirmation for Ch. 11 Liquidation Plan PROJECT 1920: TriplePoint Venture Marks $2.1MM Loan at 78% Off PROJECT 1920: TriplePoint Venture Marks $6.6MM Loan at 78% Off PURDUE PHARMA: Court Confirms 18th Amended Chapter 11 Plan QHSLAB INC: Retires $1.4 Million Convertible Debt for $300,000 QUICK COMMERCE: TriplePoint Venture Marks $1.1MM Loan at 21% Off QUICK COMMERCE: TriplePoint Venture Marks $11.8MM Loan at 21% Off REBORN PHOENIX: Amends Unsecureds & Habib Secured Claims Pay RIFLE RFB: Hires Wadsworth Garber Warner Conrardy as Counsel RITE AID: Settles Outstanding Issue with U.S. Trustee RIZO-LOPEZ FOODS: Delays Bid to Convert Chapter 11 to Chapter 7 RJL PROFESSIONAL: Seeks Chapter 7 Bankruptcy in Florida ROADRUNNER SCOOTERS: Taps Kutner Brinen Dickey Riley as Counsel RUNITONETIME LLC: Gets Court Ok for $62.5MM Core Asset Sale S&G HOSPITALITY: RSS Loses Bid to Strike Settlement Recordings SABRE CORP: $1-Bil Offering of 11.125% Secured Notes Due 2029 SABRE CORP: Launches Exchange Offers to Extend Debt to 2030 SAMYS OC: Plan Exclusivity Period Extended to December 30 SERVICE CORP: Term Loan Upsized No Impact on Moody's Ba2 CFR SEVILLE STAFFING: Seeks Chapter 7 Bankruptcy in Illinois SHIPWRECK TREASURE: Gets Extension to Access Cash Collateral SOUND VISION: Plan Exclusivity Period Extended to Feb. 18, 2026 STEPHAN CO: Case Summary & 38 Largest Unsecured Creditors STOLI GROUP: Court Extends Cash Collateral Access to Dec. 6 TAMPA BRASS: Gets Extension to Access Cash Collateral TECHNOMECH INC: Seeks Chapter 11 Bankruptcy in Florida TGI FRIDAY'S: Plan Exclusivity Period Extended to December 27 THOMAS SUETA: Secured Party Sets Dec. 19, 2025 Auction THREEPIECEUS LLC: Court Extends Cash Collateral Access to Jan. 8 TILSON TECHNOLOGY: Completes 363 Bankruptcy Sale to ITG & ClearPlan TOGETHER GOOD: Gets Final OK to Use Cash Collateral TONIX PHARMACEUTICALS: Expands Share Repurchase Program to $35MM TOP TYCOON: Hires Rodney D. Shepherd as Legal Counsel TWO FINGER: Seeks Chapter 7 Bankruptcy in Idaho ULTIMATE PAVERS: Claims to be Paid from Continued Operations UNRIVALED BRANDS: Seeks to Extend Plan Exclusivity to March 3, 2026 UTICA TOWNSHIP: Court OKs Vehicle Sale to John Jones for $26K VERMONT AUS: Blue Owl Marks AUD$1.2MM 1L Loan at 34% Off VINCENT GALLO: Unsecureds to Split $54,600 over 60 Months VISIONARY BUILDING: Seeks Chapter 7 Bankruptcy in Hawaii WAHEGURU LLC: Hires Wadsworth Garber Warner as Legal Counsel WALKER EDISON: Blue Owl Marks $8.8MM 1L Loan at 88% Off WALKER EDISON: Blue Owl Virtually Writes Off $2.2MM 1L Loan WAND NEWCO 3: Moody's Affirms B3 CFR & Alters Outlook to Pos. WATERBOY SPORTS: Seeks Chapter 11 Bankruptcy in Florida WEABER INC: Seeks to Extend Plan Exclusivity to Jan. 28, 2026 WISDOM DENTAL: Gets Extension to Access Cash Collateral WORKSPORT LTD: Opens Missouri Facility for SOLIS & COR Launch WORLDWIDE MACHINERY: Amends Unsecureds & Caspian Loan Claims Pay WT REPAIR: Gets Extension to Access Cash Collateral YELLOW CORP: To Sell LaGrange Property to J.T. Jones Development [^] BOOK REVIEW: OIL & HONOR: The Texaco Pennzoil Wars ********* 1411 W. NORTH: Claims to be Paid from Investor Contribution ----------------------------------------------------------- 1411 W. North Avenue, PA LLC filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Disclosure Statement to accompany Chapter 11 Plan dated November 24, 2025. The Debtor is in the real estate investment business. The event that caused the filing of chapter 11 petition was a Motion for Judgment on the Pleadings and an Argument scheduled that would most likely lead to a foreclosure being scheduled. 1411 W. North Ave PA, LLC still has title to 1411 W. North Avenue, Pittsburgh, PA 15233. The company wishes to eventually sell the property and will then be dissolved. Secured creditors will retain all liens until paid in full. The Debtor does not have general unsecured non-tax claims and general unsecured tax claims. State source of funds for planned payments, including funds necessary for capital replacement, repairs, or improvements shall be investor contributions. A full-text copy of the Disclosure Statement dated November 24, 2025 is available at https://urlcurt.com/u?l=KH75ZZ from PacerMonitor.com at no charge. 1411 W. North Ave PA LLC is represented by: Rodney D. Shepherd, Esq. 2403 Sidney Street Pittsburgh, PA 15203 Telephone: (412) 471-9670 About 1411 W. North Ave PA LLC 1411 W. North Ave PA LLC is a single asset real estate company that owns property at 1411 W. North Avenue in Pittsburgh, Pennsylvania. 1411 W. North Ave PA LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21864) on July 17, 2025. In its petition, the Debtor listed assets between $100,000 and $500,000 and liabilities between $500,000 and $1 million. The Debtor is represented by Rodney D. Shepherd, Esq. 25350 PLEASANT: Amends Plan to Include Several Unsecured Claims --------------------------------------------------------------- 25350 Pleasant Valley Drive LLC submitted a Fifth Amended Disclosure Statement describing Fourth Amended Plan of Reorganization dated November 24, 2025. The Plan is a plan of reorganization, meaning that the Debtor will continue to operate its business and affairs, as a "Reorganized Debtor," following confirmation of the Plan. The Plan provides for full payment of the claims of the Debtor's administrative, secured and priority claims and for a distribution to unsecured creditors. The Plan provides for no distribution or payment to the holders of equity interests in the Debtor. However, equity will be issued in the Reorganized Debtor to E. Bayramov, B. Bayramov, Rovshan Hamidov, and Anthony Halabi, on account of significant New Value Contributions to be made under the Plan, which are necessary to support the payments called for under the Plan. Pursuant to the terms of the Plan and the forbearance agreements with NWFCU and MainStreet, the Debtor shall have 36 to 48 months to refinance the debts to those creditors. During such time, the Debtor will make payments in accord with the agreements with NWFCU and MainStreet. The Class 5 Unsecured Claim of Epic at Dulles South Condominium Unit Owner's Association consists of the of unpaid condominium fees and costs, required by the Condominium Declaration, and shall be paid the amounts indicated in the Projections. Based upon the Projections, the full amount of fees and costs will be paid. It is estimated that the amount of Epic's Class 5 Claim is approximately $49,787.62. The Class 5 Claim is impaired. The Class 6.1 Unsecured Claim of the SBA represents the unpaid balance of an EIDL Loan to the Debtor. The Class 6.1 Claim is impaired. The Class 7 Unsecured Claim of ACA represents the Debtor's guaranteed obligations of TAF owed to ACA. The current balance owed to ACA is $21,002,955 as set forth in Exhibit 4. 16 The Class 7 Claim is impaired. The Class 8 Unsecured Claim of AFC represents the Debtor's guaranteed obligations of TAF owed to AFC. The current balance owed to AFC is $5,943,409 as set forth in Exhibit 5. 17 The Class 6.3 Claim is impaired. The Class 9 Unsecured Claim of TAF represents TAF's claim against the Debtor. The balance owed to TAF is $0. Class 10 consists of Equity Interest. E. Bayramov and B. Bayramov, the members of the Debtor, will be paid nothing on account of their interests. In exchange for the New Value Contributions (totaling $1,387,000 over the Plan term), E. Bayramov, B. Bayramov, Hamidov and Halabi will receive equity interests in the Reorganized Debtor. The value of the equity in the Debtor, as of the projected confirmation date, is significantly less than the amount of the new value contributions to be made. The obligations of E. Bayramov, B. Bayramov, Hamidov, Halabi, and ADM to make the New Value Contributions will be secured by a Confessed Judgment Promissory Notes. The Class 10 Equity Interest holders are impaired under the Plan. Payments and distributions under the Plan will be funded by (a) rents received from the Debtor's tenants (as set forth in the Projections) of the Debtor's real property, and (b) new-value capital contributions made in exchange for equity interests in the Reorganized Debtor. In total, the New Value Contributions are $1,387,000, consisting of the contributions to be made by E. Baayramov, B. Bayramov, Halabi, and Hamidov as set as "Plan Contributions." As of the date of this Disclosure Statement, approximately $215,000 of the New Value Contributions have been deposited into escrow toward these Plan funding obligations. A full-text copy of the Fifth Amended Disclosure Statement dated November 24, 2025 is available at https://urlcurt.com/u?l=AJYKTF from PacerMonitor.com at no charge. 25350 Pleasant Valley Drive LLC is represented by: John P. Forest, II, Esq. 11350 Random Hills Rd., Suite 700 Fairfax, VA 22030 Telephone: (703) 691-4940 Email: john@forestlawfirm.com About 25350 Pleasant Valley Drive LLC 25350 Pleasant Valley Drive LLC filed a Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 23-11983) on Dec. 6, 2023, listing $500,001 to $1 million in both assets and liabilities. Judge Klinette H. Kindred presides over the case. The Debtor tapped John P. Forest, II, as counsel. 7481 CAMPO: Seeks Chapter 11 Bankruptcy in Florida -------------------------------------------------- On November 24, 2025, 7481 Campo Florido LLC sought Chapter 11 protection in the Southern District of Florida. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About 7481 Campo Florido LLC 7481 Campo Florido LLC is a single asset real estate company. 7481 Campo Florido LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla., Case No. 25-23958) on November 24, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Eric D. Yankwitt, Esq. 8TH STREET NE: Seeks to Extend Plan Exclusivity to Feb. 24, 2026 ---------------------------------------------------------------- 8th Street NE Partners, LLC asked the U.S. Bankruptcy Court for the District of Columbia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 24, 2026 and April 25, 2026, respectively. The Debtor is a District of Columbia corporation with its principal place of business located at 4017, 4021, 4025 8th Street, NE Washington, DC 20017 (the "Real Property"). The Debtor leases the Real Property to residential tenants. The Debtor is pursuing a sale of the Real Property. The realtors retained by the Debtor have employed a robust marketing campaign for the Real Property, and have begun to receive and negotiate offers for purchase of the Real Property. Prior to the Petition Date, the Debtor experienced a protracted period of net losses from operating the Real Property which frequently left the Debtor with negative cash flow and required the Debtor's principals to infuse cash into the business to fund expenses and avoid account overdrafts. The Debtor explains that cause exists warranting the Court's extension of the 120-Day Exclusivity Period and the 180-Day Period to the dates requested. The cornerstone of the Debtor's reorganization plan is the effort to consummate a successful sale of the Property. The Debtor is engaged in diligent efforts to procure a sale. Despite engaging in robust and diligent marketing efforts, the Property has not yet been sold. In addition, the Debtor and District Line's post-petition litigation will likely be affected, and may be resolved, by the conclusion of the sale process. As a result, the Debtor has shown progress in negotiating with its creditors, demonstrated reasonable prospects for proposing a viable plan, and has undertaken efforts to move this case forward. Proposed Attorneys for Debtor: Frances C. Wilburn, Esq. Augustus T. Curtis, Esq. Offit Kurman, P.A. 7501 Wisconsin Avenue, Suite 1000W Bethesda, MD 20814 Tel: (240) 507-1712 Fax: (240) 507-1735 Email: fwilburn@offitkurman.com About 8th Street NE Partners, LLC 8th Street NE Partners LLC is a single-asset real estate firm that owns a connected building spanning 4017, 4021, and 4025 8th Street NE in Washington, D.C. 8th Street NE Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00299) on July 29, 2025. In its petition, the Debtor reports total assets of $2,669,993 and total liabilities of $100,000. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Augustus T. Curtis, Esq. at OFFIT KURMAN, P.A. 904 X 4: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------- On November 25, 2025, 904 X 4 Inc. filed for Chapter 11 protection in the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About 904 X 4 Inc. 904 X 4 Inc. is a Florida-based company that offers specialized products or services, likely focused on the automotive or retail sector. The company caters to local and regional clients, providing solutions designed to meet market demand with a focus on practical utility and service quality. 904 X 4, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla., Case No. 25-04400) on November 25, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Bryan K. Mickle, Esq. of Mickler & Mickler. A.S.T. SCREENING: Hires Bush Law Firm as Legal Counsel ------------------------------------------------------ A.S.T. Screening, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to employ Anthony B. Bush, Esq. of The Bush Law Firm, LLC to serve as legal counsel. Mr. Bush will provide these services: (a) advising the Debtor-in-Possession as to the rights, powers and duties of a debtor-in-possession, as enumerated within 11 U.S.C. Sec. 1101, et seq.; (b) preparing and filing the documents necessary to advance this case including, but not limited to, answers, applications, motions, proposed orders, responses, schedules and other necessary and required legal documents; (c) representing the Debtor-in-Possession at the hearings in this matter; (d) preparing and filing the status report and plan; (e) defending challenges to the automatic stay set forth within 11 U.S.C. § 362(a); and (f) providing such other legal services and/or preparing and/or filing such other documents as may be necessary for Debtor-in-Possession to carry out its duties and functions in this case. Mr. Bush will receive an hourly rate of $350, with additional costs of $50 per hour for paralegal work, $0.74 per postage stamp, $0.70 per mile for non-local travel, and $0.20 per copy. He has received a $5,000 retainer. Mr. Bush 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: Anthony B. Bush, Esq. THE BUSH LAW FIRM, LLC Parliament Place Professional Center 3198 Parliament Circle 302 Montgomery, AL 36116 Telephone: (334) 263-7733 Facsimile: (334) 832-4390 E-mail: abush@bushlegalfirm.com About A.S.T. Screening, LLC A.S.T. Screening, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ala. Case No. 25-32712) on November 10, 2025. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $100,001 and $500,000. Honorable Judge Bess M Parrish Creswell handles the case. The Bush Law Firm, LLC is Debtor's legal counsel. ACCORD LEASE: Court Extends Cash Collateral Access to Dec. 19 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois issued its 13th interim order extending Accord Lease, Inc.'s authority to use its lenders' cash collateral through December 19. The interim order signed by Judge Deborah Thorne authorized the Debtor to use the cash collateral of BMO Bank N.A., and 11 other lenders to pay operating expenses in accordance with its budget and an earlier order issued by the court on Jan. 8. The 30-day budget projects total operational expenses of $75,280.53. The next hearing is set for December 17. BMO Bank, N.A. and 11 other lenders assert interests in the Debtor's cash collateral, which includes funds on deposit in accounts maintained by the Debtor and lease fees generated by the Debtor's property in which they have liens. The property purportedly secures an indebtedness of approximately of $5,432,758.20. About Accord Lease Inc. Accord Lease Inc. operates an automotive leasing and renting business in Elgin, Ill. Accord Lease filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-16518) on November 1, 2024, listing total assets of $3,773,857 and total liabilities of $5,800,404. Igor Tsapar, president of Accord Lease, signed the petition. Judge David D. Cleary handles the case. O. Allan Fridman, Esq., at the Law Office of O. Allan Fridman is the Debtors legal counsel. BMO Bank N.A., as lender, is represented by: James P. Sullivan, Esq. Chapman and Cutler, LLP 320 South Canal Street Chicago, IL 60606 Tel: 312.845.3000 jsullivan@chapman.com ADTALEM GLOBAL: Moody's Ups CFR to Ba2 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings upgraded Adtalem Global Education Inc.'s (Adtalem) corporate family rating to Ba2 from Ba3 and its probability of default rating to Ba2-PD from Ba3-PD. At the same time, Moody's upgraded the company's senior secured first lien bank credit facility rating (revolver and term loan) and senior secured notes rating to Ba2 from Ba3. The company's speculative grade liquidity rating (SGL) remains unchanged at SGL-1. The outlook was changed to stable from positive. Adtalem is a Chicago-based provider of postsecondary education and professional talent to the healthcare industry. The CFR upgrade to Ba2 recognizes the company's consistent execution of its growth with purpose strategy, strong earnings momentum, and prudent management of credit metrics and liquidity. Adtalem has maintained above-industry growth and expanded margins despite the challenging operating landscape for US higher education, while investing in technological capabilities that foster student retention and success. Moody's projects that Adtalem will sustain organic revenue growth in the mid-single digits, increase market share through investments to bring new capacity to market, and maintain strong liquidity. Although Adtalem has not publicly announced a formal leverage target, the company has steadily reduced its debt/EBITDA leverage since acquiring Walden in 2021, driven by earnings growth and voluntary debt repayments. Adtalem has demonstrated disciplined stewardship of its balance sheet, balancing capital allocation between share repurchases and debt reduction. Moody's anticipates the company may prioritize share repurchases in 2026, but Moody's expects the amount of such activity will likely be limited to internally generated cash flow. Given the complex and evolving regulatory environment for US for-profit education, maintaining conservative credit metrics, strong liquidity and disciplined capital allocation is a key credit consideration for Adtalem. Moody's projects the company will operate with a debt/EBITDA between 1.5x-2.0x (based on Moody's adjustments) and maintain very good liquidity. RATINGS RATIONALE Adtalem's Ba2 CFR incorporates the company's solid market position in the for-profit, postsecondary education market, with a primary focus on nursing specifically and the healthcare industry generally. Adtalem's medical and healthcare institutions address significant resource shortages in the US for medical profession services, for both nurses and doctors. As of September 30, 2025, Adtalem had more than 97,000 students enrolled globally and operated 28 campuses across 16 states, the Caribbean, and the UK. Moody's projects the company will sustain strong operating momentum and maintain at least mid-single digit revenue growth over the next two years. Moody's expects the company will manage its capital structure prudently, balancing between business investments, share repurchases and debt repayment, while maintaining very good liquidity and conservative credit metrics. Adtalem's rating also reflects the company's vulnerability to the complex regulatory landscape of for-profit higher education, including reliance on Title IV funding and potential reputation harm from criticisms over educational standards. Government policy shifts could affect the institution's funding, accreditation, and student recruitment, while negative publicity about educational quality or student debt levels could impact enrollments and credit standing. If legal and regulatory challenges arise and are not resolved, they may present increased risk of operational deterioration. The senior secured first lien bank credit facility (revolver and term loan) and senior secured notes are rated Ba2, the same as the company's Ba2 CFR, reflecting the preponderance of debt represented by the credit facility and notes. The senior secured notes and first lien credit facility have a first lien priority on substantially all assets of the company. The SGL-1 speculative grade liquidity rating reflects Moody's expectations that Adtalem will maintain very good liquidity over the next 12-15 months. Sources of liquidity consist of $264.7 million of unrestricted cash as of September 30, 2025, Moody's expectations for annual free cash flow of around $300 million, and full access to the $500 million revolving credit facility due 2030. Adtalem is currently subject to heightened cash monitoring requirements and must post a letter of credit to maintain eligibility to participate in Title IV programs. As of September 30, 2025, Adtalem had two surety-backed letters of credit outstanding, totaling $179 million in favor of ED. The company also posted $61.9 million of surety bonds, required by many states for licensure of private-sector postsecondary education institutions. Adtalem has no financial covenant requirements under the existing term loan. The revolving credit facility is subject to a maximum total net leverage ratio covenant that cannot exceed 3.25x at September 30, 2025. Moody's expects the company to maintain an ample cushion under its financial covenant over the next 12 to 15 months. The stable outlook reflects Moody's expectations that Adtalem will continue to demonstrate sustained conservative credit metrics, while expanding its revenue size and maintaining balanced financial policies. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Adtalem continues to demonstrate a consistent track record of strong enrollment growth in various economic cycles, while meaningfully increasing scale and revenue diversity, and sustaining strong profitability. Maintaining disciplined financial policies, strong credit metrics, including debt/EBITDA leverage sustained below 2x and very good liquidity would also support an upgrade. In addition, a ratings upgrade will also be influenced by Moody's assessments of Adtalem's financial strength relative to regulatory risks, including reducing its reliance upon student access to US federal education loan programs for the preponderance of its revenue. The ratings could be downgraded if regulatory or legal challenges result in sizeable litigation expenses, ineligibility for Title IV funding or the removal of accreditation to one of the company's learning institutions, or sustained enrollment declines. Resumption of more aggressive financial strategies, such as pursuing large debt funded acquisitions or share repurchase activity, that lead to debt/EBITDA leverage sustained above 2x, other than on a temporary basis, may also result in a downgrade. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Adtalem's Ba2 CFR rating is three notches below the scorecard-indicated outcome of Baa2. The actual rating places greater emphasis on the company's heavy reliance on Title IV funding, heightened regulatory and legal risks, and its all-secured debt capital structure than the scorecard-indicated outcome. Headquartered in Chicago, Illinois, Adtalem Global Education Inc. (NYSE: ATGE) is a provider of postsecondary education and professional talent to the healthcare industry. The company operates five for-profit educational institutions across the US and Caribbean. Moody's expects Adtalem to generate annual revenue of around $1.9 billion in the fiscal year ending June 30, 2026. AG RECYCLING: May 8 Governmental Claims Bar Date ------------------------------------------------ On November 9, 2025, AG Recycling Inc. filed for Chapter 11 protection in the Southern District of Illinois. According to court filings, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to 1–49 creditors. The deadline for filing government claims is on May 08, 2026. 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. AG Recycling Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-30862) on November 9, 2025. In its petition, the Debtor reports estimated assets in the range of $0–$100,000 and estimated liabilities between $1,000,001 and $10,000,000. Honorable Bankruptcy Judge Mary E. Lopinot handles the case. The Debtor is represented by Spencer P. Desai, Esq. of The Desai Law Firm, LLC. AHDS BAGEL: Hires Morrison Tenenbaum PLLC as Legal Counsel ---------------------------------------------------------- AHDS Bagel LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Morrison-Tenenbaum PLLC to serve as counsel. MT Law will provide these services: (a) advising the Debtor with respect to its powers and duties as Debtor-in-possession in the management of its estate; (b) assisting in any amendments of Schedules and other financial disclosures and in the preparation/review/amendment of a disclosure statement and plan of reorganization; (c) negotiating with the Debtor's creditors and taking the necessary legal steps to confirm and consummate a plan of reorganization; (d) preparing on behalf of the Debtor all necessary motions, applications, answers, proposed orders, reports and other papers to be filed by the Debtor in this case; (e) appearing before the Bankruptcy Court to represent and protect the interests of the Debtor and the estate; and (f) performing all other legal services for the Debtor that may be necessary and proper for an effective reorganization. MT Law will receive these hourly rates: Lawrence F. Morrison $660 Brian J. Hufnagel $595 associates $380 paraprofessionals $250 MT Law is a "disinterested party" within the meaning of §§101(14) and 327 of the Bankruptcy Code, according to court filings. The firm can be reached at: Lawrence F. Morrison, Esq. Brian J. Hufnagel, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Floor 2 New York, NY 10013 Phone: (212) 620-0938 E-mail: lmorrison@m-t-law.com About AHDS Bagel LLC AHDS Bagel LLC is a limited liability company. AHDS Bagel LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12251) on October 10, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 each. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by Lawrence Morrison, Esq. AIR LITE: Seeks to Tap Steidl and Steinberg P.C as Counsel ---------------------------------------------------------- Air Lite Industries LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Christopher M. Frye, Esq. of Steidl and Steinberg, P.C. to serve as counsel. Mr. Frye will perform all of the legal services required in the Debtor's Chapter 11 case. The current hourly rate for counsel is $350 per hour. A retainer totaling $5,000.00 (plus the filing fee of $1,738.00) was paid by the Debtor prior to the filing of the Chapter 11 case. According to court filings, Christopher M. Frye, Esquire and Steidl and Steinberg, P.C. do not represent any interest adverse to Debtor's estate, Debtor, or creditors of Debtor's estate, and is a "disinterested person" within the meaning of 11 U.S.C. Section 101. The firm can be reached at: Christopher M. Frye, Esq. Steidl & Steinberg Koppers Building, Suite 322 436 Seventh Avenue Pittsburgh, PA 15219 Telephone: (412) 391-8000 chris.frye@steidl-steinberg.com About Air Lite Industries LLC Air Lite Industries LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-23125) on November 18, 2025. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $0 to $50,000. Steidl and Steinberg, P.C. is Debtor's legal counsel. ALMENDARES CARPENTRY: Seeks Chapter 7 Bankruptcy in Florida ----------------------------------------------------------- On November 24, 2025, Almendares Carpentry Inc. filed for Chapter 7 protection in the Middle District of Florida. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to an estimated 1–49 creditors. About Almendares Carpentry Inc. Almendares Carpentry Inc. is a professional carpentry firm offering a range of residential and commercial woodworking services. Its expertise includes structural framing, finish carpentry, millwork installation, and renovation support. The company is recognized for delivering precision workmanship and dependable service to contractors, homeowners, and builders. Almendares Carpentry Inc. prioritizes high-quality results and consistent client communication throughout every project. Almendares Carpentry Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08832) on November 24, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by James D. Jackman, Esq. of James D. Jackman PA. ALTICE USA: Asset Managers Face Alleged Cartel Lawsuit ------------------------------------------------------ Alexander Gladstone, Becky Yerak and Soma Biswas of The Wall Street Journal report that Optimum Communications, formerly Altice USA, has filed an antitrust lawsuit against several prominent investors, including Apollo Global Management and Ares Management, claiming the firms colluded to freeze the telecommunications company out of the U.S. credit market. The lawsuit, filed Tuesday in the U.S. District Court in New York, alleges that eight lenders formed an "illegal cartel" in 2024 that blocked Optimum, formerly Altice USA, from repurchasing its debt at prevailing market rates. The suit highlights growing concerns over cooperation agreements in corporate lending, where investment firms collectively shape financing terms. Optimum asserts that such agreements have increasingly restricted competition in the loan and bond markets, citing the 2024 pact as just the latest example. Other named defendants include BlackRock, GoldenTree Asset Management, JPMorgan Chase, Loomis Sayles, PGIM, and Oaktree Capital Management. None of the firms immediately commented, the report states. According to the complaint, the lenders agreed not to engage in transactions with Optimum unless all members of the group consented, effectively boycotting the company's efforts to raise capital. The suit claims the collusion suppressed competition, controlling 99% of Optimum's outstanding loans and bonds, and leaving the company with little ability to negotiate financing on normal market terms. Optimum is represented in the lawsuit by Kellogg Hansen Todd Figel & Frederick, while Kirkland & Ellis handles its creditor negotiations. The complaint also notes that the cooperation group, represented by Akin Gump Strauss Hauer & Feld, controls 88% of the $3.1 trillion leveraged finance market. Philip Korologos, co-chair of Boies Schiller Flexner's antitrust group, said the case will test how competition law applies to creditor agreements that have long governed the leveraged finance industry, the report states. About Altice USA Inc. Altice USA, Inc. is an American cable television provider. Effective November 7, 2025, the Company will change its corporate name to Optimum Communications, Inc., pursuant to a Certificate of Amendment to the Company's Fourth Amended and Restated Certificate of Incorporation filed with the Delaware Secretary of State on November 5, 2025. As of September 30, 2025, the Company had $30.7 billion in total assets, $33 billion in total liabilities, and $2.2 billion in total stockholders' deficiency. * * * As reported by the TCR on May 17, 2024, S&P Global Ratings lowered all its ratings on Altice USA Inc. one notch, including the Company credit rating to 'CCC+', and removed them from Credit Watch, where it placed them with negative implications on May 2, 2024. The negative outlook reflects that S&P could lower its ratings if the company opts to pursue a debt restructuring over the next year. S&P said, "We believe Altice USA's capital structure is unsustainable. We believe the company is vulnerable to nonpayment long term and depends on favorable business, financial, and economic conditions to meet its financial obligations as they come due in 2027 and beyond. We believe it is more likely than not that Altice USA will enter into a distressed debt restructuring that we consider tantamount to default, or it could face bankruptcy long term." AMERICAN AUTO: S&P Affirms 'B-' Rating on Senior Secured Debt ------------------------------------------------------------- S&P Global Ratings revised its recovery rating on American Auto Auction Group LLC's (AAAG) senior secured debt to '3' (rounded estimate: 50%) from '4' (rounded estimate: 45%). S&P's 'B-' issue-level rating on the company's senior unsecured debt remains unchanged and in line with the 'B-' issuer credit rating. S&P said, "This revision follows AAAG's issuance of a $175 million add-on to its first-lien term loan, which was lower than the $300 million add-on we previously expected. The reduced amount of debt issuance improves the recovery prospects for the secured debtholders in our hypothetical default scenario. "Our 'B-' issuer credit rating and stable outlook on the company are unchanged. We continue to forecast AAAG's auction volumes will gradually improve over the next 12 months and support its ability to generate free operating cash flow and maintain adequate liquidity." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario assumes that AAAG defaults in 2027 because of heightened competitive pressure, the loss of customer relationships, or challenges passing through inflationary cost pressures. -- S&P expects these conditions would reduce the company's auction volumes, revenue, and profitability, which would lead to a cash flow deficit and reduced liquidity. -- Based on the company' s capital structure and our assumption of higher borrowing costs in a default scenario, it estimates that its EBITDA would need to decline to nearly $123 million to trigger a default. Simulated default assumptions -- Year of default: 2027 -- Jurisdiction: U.S. -- LIBOR: 250 basis points -- $150 million cash flow revolver: Standard 85% drawn at default All debt includes six months of accrued interest -- Administrative claims: 5% of gross enterprise value Simplified waterfall -- Gross enterprise value: $679 million -- Administrative expenses: $34 million -- EBITDA at emergence: $123 million -- Enterprise value multiple: 5.5x -- Net enterprise value: $645 million -- Obligor/nonobligor valuation split: 100%/0% -- Priority claims: None -- Total collateral value for secured debt: $645 million -- Total first-lien debt: $1,214 million --Recovery expectations: 50%-70% (rounded estimate: 50%) AMERICAN SIGNATURE: Files Ch. 11, Launches 363 Sale with $50M DIP ----------------------------------------------------------------- American Signature, Inc., one of the nation's leading home furnishings retailers and the parent company of Value City Furniture and American Signature Furniture, announced on November 23, 2025, that it has filed voluntary petitions for Chapter 11 relief in the United States Bankruptcy Court for the District of Delaware. In order to maximize value, the Company has commenced a sale process pursuant to Section 363 of the U.S. Bankruptcy Code in the hope of a competitive auction within approximately 45 days to elicit higher value for the benefit of all stakeholders. ASI expects to enter into a stalking horse asset purchase agreement (the "APA") with ASI Purchaser LLC under which, subject to Court approval, ASI Purchaser LLC will acquire substantially all of the Company's assets and assume certain related liabilities. Value City Furniture and American Signature Furniture stores and websites remain open at this time and will continue to fulfill customer orders and provide ongoing customer service to the best of its ability throughout the court-supervised process. Customers can benefit from discounts on a wide selection of home furnishings including living room, dining room, and bedroom collections in addition to decor, lighting, mattresses, and rugs for the holidays. Prior to the chapter 11 filing, certain Value City Furniture and American Signature Furniture stores commenced store closing sales and are offering deep discounts while merchandise lasts. A complete list of Value City Furniture and American Signature Furniture locations can be found at the Store Locator. "For nearly 75 years, American Signature has served as a family-owned furniture destination that communities could rely on to provide style, quality, and value," said Rudy Morando, Co-Chief Restructuring Officer for ASI. "In the face of the ongoing macroeconomic headwinds that have impacted the entire home furnishing industry, the Company has carefully evaluated its options to assess the best path forward in the current operating environment. Through that review, we determined that entering a court-supervised process will provide the best opportunity to maximize value. We deeply appreciate our team members, customers, and partners and are determined to serve them throughout this process." Additional Information about the Court-Supervised Process: ASI has secured approximately $50 million in debtor-in-possession financing from Second Avenue Capital Partners LLC. Subject to Court approval, this financing will support certain operations and the Company's efforts to maximize value through the chapter 11 cases and sale process. Additionally, ASI is filing a number of customary motions seeking, among other things, authorization to continue payment of employee wages and benefits, maintain certain customer programs, and satisfy post-petition obligations to vendors and partners. The Company expects to receive Court approval for these requests. Additional information is available at https://www.veritaglobal.net/americansignature. Stakeholders with questions may call the Company's claims agent, Verita, at (877) 726-6511 (U.S./Canada) or +1 (424) 236-7251 (International), or email at https://www.veritaglobal.net/americansignature/inquiry. Advisors Pachulski Stang Ziehl & Jones LLP is serving as legal counsel, BRG is serving as financial advisor, SSG Capital Advisors is serving as investment banker, SB360 Capital Partners has been retained to assist with inventory sales, and C Street Advisory Group is serving as strategic communications advisor for the Company. Reflect Advisors has been engaged as Independent Director with Goodwin Procter LLP acting as legal counsel to the Independent Director. About American Signature, Inc. Founded in 1948, American Signature, Inc. is a family-owned and operated furniture retailer based in Columbus, Ohio. It is the parent company of Value City Furniture and American Signature Furniture, with stores across the U.S. The business believes everyone has the right to a well-furnished life and is known for designer furniture at incredible prices. For more information, please visit www.americansignaturefurniture.com. AMERICAN SIGNATURE: Seeks to Sell Furniture Business at Auction --------------------------------------------------------------- American Signature Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. On November 22, 2025, each Debtor filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code. The Debtor, together with its subsidiaries, is a residential furniture company operating across its Value City Furniture and American Signature Furniture brands and serving as a furniture destination consumers can rely on for style, quality, and value. Headquartered in Columbus, Ohio, the Company operates more than 120 stores across 17 states, with the largest concentrations in Ohio (20), Michigan (16), and Illinois (11). The Company employs approximately 3,000 team members. The Debtors have faced a challenging economic environment exacerbated by high inflation, softer consumer purchases in the furniture environment, and limited liquidity. In addition, the national housing crisis, rising inflation and higher interest rates, and newly established tariffs have dimmed consumer demand for homeware. While the Debtors have entered into the Stalking Horse Agreements, the Aggregate Assets remain available for purchase by a Successful Bidder who provides a higher and better offer for all or a portion of all of the Aggregate Assets, including bidders who may wish to continue the Debtors’ operations, or who otherwise may which to purchase the Aggregate Assets without the store sales contemplated under the Stalking Horse Agency Agreement. The Debtors have obtained sufficient postpetition financing to allow them, with the assistance of their professionals, robustly market the sale of the Aggregate Assets through the closing of the sale of the Aggregate Assets to the Stalking Horse Bidder or Successful Bidder. The Debtors propose Bid Procedures for the sale of the Assets, establishing the following dates and deadlines: a. Bid Deadline: December 30, 2025, at 4:00 p.m. (prevailing Eastern time) b. Auction: January 5, 2026, at 10:00 a.m. (prevailing Eastern time) c. Sale Objection Deadline: December 30, 2025, at 4:00 p.m. (prevailing Eastern time) d. Sale Hearing: January 7, 2026, as the date for the Court to consider approval of the sale of the Aggregate Assets. The Debtors also seeks to provide the Stalking Horse Bidder, with an expense reimbursement not to exceed $1.5 million on account of expenses incurred by the Stalking Horse Bidder in connection with the sale of the Aggregate Assets. The Bid Procedures and the Debtors' proposed timeline for this sale process are a product of good-faith, arm’s length negotiations and reflect the best option available for the Debtors to maximize the value of their Aggregate Assets under the circumstances. Completion of the sale process in a timely manner will also maximize the value of the Aggregate Assets. The proposed dates governing the sale of the Aggregate Assets, marketing, and auction process are within the Sale Milestones provided under the Interim DIP Order. Failure to adhere to the Sale Milestones with respect to the sale of the Aggregate Assets would constitute a default under the Interim DIP Order. A summary of the Stalking Horse Agreement of the Debtor and ASI Purchaser LLC (and/or its designee(s)), with SEI Inc. as guarantor, is also provided at: https://urlcurt.com/u?l=r3CYYd The Debtors retained SSG Capital Advisors, LLC in November 2025 to serve as their investment bankers to develop a sale and marketing plan to maximize the value of the Debtors’ assets for the benefit of their estates and their creditors. The Debtors believe that the Bid Procedures proposed hereby will therefore enable the efficient consummation of the sale of the Aggregate Assets at an auction to the highest or best bidder. About American Signature Inc. American Signature Inc., together with its subsidiaries, is a residential furniture company operating across its Value City Furniture and American Signature Furniture brands and serving as a furniture destination consumers can rely on for style, quality, and value. Headquartered in Columbus, Ohio, the Company operates more than 120 stores across 17 states, with the largest concentrations in Ohio (20), Michigan (16), and Illinois (11). The Company employs approximately 3,000 team members. American Signature sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Dela. Case No. 25-12105 (JKS) on November 22, 2025. Judge J. Kate Stickles presides over the case. David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal counsel. ANDERSON HAY: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Seven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Anderson Hay Enterprise, Inc. (Lead Case) 25-02074 910 S. Anderson Road Ellensburg, WA 98926 Anderson Hay & Grain Co., Inc. 25-02075 Anderson Agri LLC 25-02076 M T A Farms LLC 25-02077 Anderson Pet Holdings LLC 25-02078 M T A Holdings, L.L.C. 25-02079 MTA Ranch, LLC 25-02080 Business Description: Anderson Hay Enterprise, Inc., together with its subsidiaries, supplies Pacific Northwest-grown forage products, including three-tie hay, bagged forage, compressed hay, and MAG bales, serving both consumer and commercial markets such as horse owners, small-acreage farms, retailers, and agricultural operations. The Company operates domestically and internationally, distributing hay to partners in more than 30 countries. Founded in 1960 and family-led since its inception, it focuses on producing consistent forage and maintaining long-term relationships across its supply chain. Chapter 11 Petition Date: November 26, 2025 Court: United States Bankruptcy Court Eastern District of Washington Judge: Hon. Whitman L Holt Debtors' General Bankruptcy Counsel: James L. Day, Esq. BUSH KORNFELD LLP 601 Union St., Suite 5000 Seattle, WA 98101-2373 Tel: (206) 292-2110 E-mail: jday@bskd.com Lead Debtor's Estimated Assets: $10 million to $50 million Lead Debtor's Estimated Liabilities: $50 million to $100 million The petitions were signed by Steve Gordon as CFO. Full-text copies of two of the Debtors' petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/QVIMU6I/Anderson_Hay_Enterprise_Inc__waebke-25-02074__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/TMFSPOA/Anderson_Hay__Grain_Co_Inc__waebke-25-02075__0001.0.pdf?mcid=tGE4TAMA List of Anderson Hay Enterprise's Eight Unsecured Creditors: Entity Nature of Claim Claim Amount 1. AgWest Farm Credit $19,999,627 Services, PCA 2001 S. Flint Rd Spokane, WA 99224 2. Anderson Agri LLC $3,812,365 PO Box 99 Ellensburg, WA 98926 3. Anderson Export, Inc. $772 PO Box 99 Ellensburg, WA 98926 4. Anderson Financial LLC $1,955,000 PO Box 99 Ellensburg, WA 98926 5. Anderson Harvesting LLC $568,021 PO Box 99 WA 98892-6000 6. Anderson Overseas $2,602 PO Box 99 Ellensburg, WA 98926 7. MTA Farms LLC $10,566,080 PO BOX 99 Ellensburg, WA 98926 8. PGIM Real Estate Finance, LLC $15,419,560 c/o Loan Services 2100 Ross Ave., Suite 2500 Dallas, TX 75201 List of Anderson Hay & Grain Co., Inc.'s 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. AGWest Farm Credit Equipment $759,936 2001 S. Flint Rd Spokane, WA 99224 2. AgWest Farm Credit $19,999,627 Services, PCA 2001 S. Flint Rd Spokane, WA 99224 3. Anderson Agri LLC $1,679,756 PO BOX 99 Ellensburg, WA 98926 4. Anderson Hay $20,098,904 Enterprise, Inc. PO Box 99 Ellensburg, WA 98926 5. Corrales AG Inc. (G) $403,050 7090 N Wahluke Othello, WA 99344 6. Duane Lashaw $787,363 Farms Inc (G) 15626 S Jackson Rd Valleyford, WA 99036 7. Fondomonte California LLC (G) $1,186,820 250 N Litchfield Rd, Suite 101 Goodyear, AZ 85338 8. Green Prairie International $298,960 210072 Township Rd 90B Lethbridge T1J5P1 9. Jim Fredrickson (G) $226,490 1675 Hwy 99 Troy, ID 83871 10. Mark Lashaw Farms Inc (G) $1,543,507 18304 S Starr Rd Rockford, WA 99030 11. MHB Trust (G) $203,419 Keybank National Association 21344 Rd 18 NE Marlin, WA 98832 12. MTA Holdings LLC $334,492 Po Box 99 Ellensburg, WA 98926 13. NH-Hay, Inc. $1,330,727 33757 Columbus St SE Albany, OR 97322 14. PGIM Real Estate Inventory & $15,419,560 Finance, LLC Equipment C/O Loan Services 2100 Ross Ave., Suite 2500 Dallas, TX 75201 15. RNS Farms Inc (G) $255,248 281 Cottonwood Dr Pasco, WA 99301 16. Ron And Robin Anderson $1,320,787 Po Box 99 Ellensburg, WA 98926 17. Spring Valley Farms LLC (G) $599,322 1015 Auslam Troy, ID 83871 18. Tarp-It Inc. $269,335 3000 Wilson Creek Rd Ellensburg, WA 98926 19. Three Bar G $848,520 Bob Gregrich (G) Cashmere Valley Bank 4491 S Thorp Hwy Ellensburg, WA 98926 20. Ty Cobb (G) $249,879 4528 Rd A NW Moses Lake, WA 98837 ANTHOLOGY INC: Court OKs Sales to Ellucian & Encoura in Ch. 11 -------------------------------------------------------------- Anthology announced on November 24, 2025, that the U.S. Bankruptcy Court for the Southern District of Texas has approved these transactions in connection with the Company's previously announced Chapter 11 sale process: -- Ellucian Company LLC will acquire the Enterprise Operations business, including Anthology Student, Finance & HCM, Student Verification, and Enterprise Ops Legacy. -- Encoura LE LLC will acquire the Lifecycle Engagement business, including Anthology Encompass, Reach, Engage, Advance, and the Student Success business. Separately, the Company plans to align its focus on its core Teaching & Learning Business (focused on Blackboard, Ally, and adjacent solutions) to be rebranded as Blackboard Inc. upon emergence. The stand-alone recapitalization of Blackboard will allow the Company to emerge on a debt-free basis with the backing of a group of investors led by affiliates of funds managed by Oaktree Capital Management, L.P. and Nexus Capital Management LP. "With Court approval we are one step closer to the close of the sale transactions and positioning our EdTech Solutions for long-term growth," said Bruce Dahlgren, Chief Executive Officer of Anthology. "These transactions are a testament to the hard work and dedication of our team--and we're thankful to Ellucian, Encoura, and our lenders for the confidence they have demonstrated in the future of these businesses and their commitment to advancing exceptional student outcomes well into the future." All transactions are subject to certain customary closing conditions. In the meantime, the Company will continue to deliver the highest quality solutions to facilitate more efficient processes for its customers. Additional Information Additional information about Anthology's sale and restructuring process is available at https://connect.anthology.com/anthologyrestructuring.com. Bankruptcy Court filings and other information regarding the case can be found at https://cases.stretto.com/Anthology, or by contacting Stretto, Inc., the Company's noticing and claims agent, at (833) 882-2627 (toll-free) and (949) 617-2255 (international). Anthology is advised in this matter by Kirkland & Ellis LLP and Haynes and Boone, LLP as legal counsel, FTI Consulting, Inc. as financial and communications advisor, and PJT Partners LP as investment banker. The ad hoc lender group is advised by Davis Polk & Wardwell LLP as legal counsel and Lazard Frères & Co. LLC as financial advisor. About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher- education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. The other affiliates are Blackboard Campuswide of Texas, Inc., OrgSync, Inc., Admissions US, LLC, Blackboard LLC, Blackboard Holdings, LLC, Blackboard Super Holdco, LLC, Edcentric Holdings, LLC, Astra Acquisition Corp., Astra Intermediate Holding Corp., Campus Management Acquisition Corp., Academic Management Systems, LLC, Edcentric Midco, Inc., Edcentric, Inc., Anthology Inc. of Missouri, Anthology Inc. of NY, ApplyYourself, Inc., AY Software Services, Inc., BB Acquisition Corp., BB Management LLC, Blackboard Collaborate Inc., Blackboard Student Services Inc., Blackboard Tennessee LLC, Higher One Real Estate SP, LLC, MyEdu Corporation, Blackboard International LLC, and Perceptis, LLC. Judge Alfredo R. Perez presides over the case. The Debtors' Local Bankruptcy & Conflicts Counsel is Charles A. Beckham, Jr., Esq., Arsalan Muhammad, Esq., Kourtney Lyda, Esq., and Re'Necia Sherald, Esq., at HAYNES AND BOONE, LLP, in Houston Texas; and Charles M. Jones II, Esq., at HAYNES AND BOONE, LLP, in Dallas, Texas. The Debtors' Bankruptcy Counsel is Chad J. Husnick, P.C., and Charles B. Sterrett, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in Chicago, Illinois; and Melissa Mertz, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in New York. The Debtors' Investments Banker is PJT PARTNERS LP. The Debtors' Restructuring Advisor is FTI CONSULTING, INC. The Debtors' Claims & Noticing Agent STRETTO INC. APEX TOOL: Moody's Assigns 'Caa3' CFR & Caa3-PD PDR, Outlook Stable ------------------------------------------------------------------- Moody's Ratings assigned a new Caa3 corporate family rating and a Caa3-PD probability default rating to Apex Tool Ultimate Holdings, LLC ("Apex Tool Ultimate Holdings"), a newly created holding company in the group and the issuer of the new loans. Concurrently, Moody's appended a limited default designation ("/LD") to the company's PDR, following the distressed exchange of the group's debt. At the same time, Moody's assigned new ratings to the loans issued by Apex Tool Ultimate Holdings, LLC and took rating actions on the existing loans issued by Apex Tool Group, LLC ("Apex Tool Group"), which is indirectly wholly-owned by Apex Tool Ultimate Holdings, LLC. Moody's have withdrawn the Caa2 CFR and Caa2-PD PDR previously assigned to Apex Tool Group, LLC. The rating action reflects the group's exchange offer undertaken to solicit the existing loan lenders to exchange into new series of debt, including the super priority term loan, tranche A-1, tranche A-2, tranche B-1, and tranche B-2 term loans. The small remaining lenders of the existing term loans are left in a subordinated position relative to the exchanged and new money term loans created in this transaction. Moody's considers this up-tiering transaction a default and appended a "/LD" designation to Apex Tool Ultimate Holdings' PDR. Moody's will remove the "/LD" designation from the PDR in approximately three business days. "The Caa3 corporate family rating of Apex Tool Ultimate Holdings reflects the group's very high debt load and leverage after the group's second distressed exchange, following the one in March 2024. Pro forma of the exchange, Moody's expects the debt/EBITDA leverage to remain around 14.5x, higher than the 14.1x for the 12 months that ended on September 30, 2025. Despite meaningful improvement in liquidity with new money term loans -- paying down $100 million of revolver draw and adding about $45 million of cash to the balance sheet -- Moody's expects the company's debt capital structure to remain untenable amid limited operational improvement for the next couple of years in Moody's base case scenario," said Motoki Yanase, VP - Senior Credit Officer at Moody's Ratings. "The stable outlook reflects Moody's expectations that the enhanced liquidity through the debt restructuring will support the company's operation for the next 12-18 months. The debt maturities were also extended through the transaction," added Yanase. Governance considerations are relevant to the rating action, including risks from an aggressive financial policy with an elevated debt load. RATINGS RATIONALE Apex Tool Ultimate Holdings' Caa3 CFR reflects its credit weaknesses, including weak sales of its hand tools, sold through large retailers, and continued negative free cash flow Moody's expects over the next 12 months. Despite the second debt restructuring, limited prospects for material improvements in cash flow generation will constrain the company's ability to pay down debt and keep its high leverage at over 11x debt/EBITDA through 2026 in Moody's base case scenario. These credit weaknesses are mitigated by the geographic diversification of its business, diverse end-market industries and popular product brands. The rating also takes into consideration the group's improved liquidity and pay-in-kind (PIK) interest for part of the new loans that supports the company's cash flow. Moody's expects Apex Tool Ultimate Holdings to have weak liquidity over the next 12-18 months. This is driven by the company's weak internal cash flow sources led by the negative free cash flow Moody's expects during this period, despite increased headroom under the revolver and larger cash balance on hand. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if Apex Tool Ultimate Holdings meaningfully recovers its profit and attains a more sustainable capital structure. Moody's also expects the company to maintain at least adequate liquidity before considering an upgrade. Moody's could further downgrade the ratings if liquidity deteriorates, in case of an increased likelihood of another debt restructuring, or an expectation of weaker recovery in the event of default. LIST OF AFFECTED RATINGS Issuer: Apex Tool Ultimate Holdings, LLC Assignments: LT Corporate Family Rating, Assigned Caa3 Probability of Default Rating, Assigned Caa3-PD / LD Backed Senior Secured Super Priority Term Loan, Assigned B3 Backed Senior Secured Term Loan A1, Assigned Caa2 Backed Senior Secured Term Loan A2, Assigned Caa3 Backed Senior Secured Term Loan B1, Assigned Ca Backed Senior Secured Term Loan B1.5, Assigned Ca Backed Senior Secured Term Loan B2, Assigned Ca Outlook Actions: Outlook, Assigned Stable Issuer: Apex Tool Group, LLC. Downgrades: Senior Secured First Lien Revolving Credit Facility, Downgraded to B3 from B2 Senior Secured First Lien Term Loan B due 2030, Downgraded to C from Caa2 Senior Secured First Lien Term Loan B due 2029, Downgraded to C from Caa3 Senior Secured Second Lien Term Loan, Downgraded to C from Ca Withdrawals: LT Corporate Family Rating, Withdrawn, previously rated Caa2 Probability of Default Rating, Withdrawn, previously rated Caa2-PD Senior Secured First Lien Term Loan A, Withdrawn, previously rated B3 Senior Secured First Lien Delayed Draw Term Loan, Withdrawn, previously rated B2 Outlook Actions: Outlook, Changed To Stable From Negative The principal methodology used in these ratings was Manufacturing published in September 2025. Apex Tool Ultimate Holdings' Caa3 CFR is two notches below the scorecard-indicated outcome of Caa1 for the next 12-18 months. The difference reflects the company's very high debt load and Moody's expectations of negative free cash flow during this period. Apex Tool Ultimate Holdings, LLC, headquartered in Charlotte, North Carolina, is a global manufacturer of hand and power tools for industrial, commercial, and retail customers. After the debt restructuring and receipt of regulatory approvals, the company will be substantially owned by a group of lenders led by TPG Angelo Gordon and American Industrial Partners. The company recorded about $1.3 billion of revenues for the 12 months that ended in September 2025. APOLLO CONSTRUCTION: Gets OK to Use Cash Collateral Until Dec. 16 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, extended Apollo Construction & Engineering Services, Inc.'s authority to use cash collateral from November 24 to December 16. The court authorized the Debtor to use cash collateral to pay the expenses set forth in its budget and pay additional amounts subject to approval by secured creditor, Thomas Kamprath. As protection for the Debtor's use of the cash collateral, Mr. Kamprath will receive a monthly payment of $9,000. In addition, the secured creditor will be granted a first priority perfected post-petition lien on the cash collateral, matching the validity, priority and scope of his pre-bankruptcy liens. The Debtor must also maintain insurance, comply with U.S. Trustee guidelines, and provide weekly reports, including accounts receivable aging, budget variances, and cash flow statements. The order remains in effect through December 16, unless the Debtor's Chapter 11 case is converted or dismissed, a trustee is appointed, a bankruptcy plan is confirmed, or the Debtor's authority to use cash collateral is terminated. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/K8oTh from PacerMonitor.com. The next hearing is scheduled for December 16. Apollo is a construction company that purchased its business from Mr. Kamprath prior to filing for bankruptcy. As part of the purchase, Mr. Kamprath holds a security interest in the Debtor's accounts, receivables, and other business assets. About Apollo Construction & Engineering Apollo Construction & Engineering Services, Inc. provides full-service general contracting and construction services across Florida, specializing in commercial, industrial, and government projects. Operating since 1987, the Company delivers direct project accountability, seamless coordination, and union-certified workforce solutions to support construction of commercial properties, public infrastructure, healthcare facilities, schools, and transportation hubs. It holds active state licenses in mechanical engineering, plumbing and piping, concrete and structural work, fire protection, and general contracting, offering end-to-end solutions from planning to build-out. Apollo filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06058) on August 25, 2025, with $1,135,031 in assets and $1,931,003 in liabilities. Ahmed Zahran, vice president of Apollo, signed the petition. Judge Catherine Peek McEwen presides over the case. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace represents the Debtor as legal counsel. ARMY RETIREMENT: S&P Affirms 'BB+' Rating on 2016/2018 Rev. Bonds ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term rating on Bexar County Health Facilities Development Corp., Texas' series 2016 and 2018 revenue bonds, and on New Hope Cultural Education Finance Corp.'s series 2022 revenue bonds, issued for Army Retirement Residence Foundation (doing business as the Army Residence Community; ARC). The outlook is stable. S&P said, "We view social risk as neutral in our credit rating analysis but note that labor turnover rates for long-term care facilities are generally higher than in the acute care sector. However, ARC has done well to mitigate this concern with overall lower turnover rates than sector peers. We consider environmental and governance factors neutral within our credit rating analysis." The stable outlook reflects ARC' s healthy balance sheet, which has provided a cushion through recent softer operating performance and should remain supportive of the rating, particularly as management expects increasing DCOH through the outlook period and has no further debt plans. S&P's outlook further reflects the organization' s stable enterprise position and recent efforts to expand and improve eligibility and demand. S&P said, "We could consider a negative outlook or lower the rating should ARC' s operating performance not improve as expected, if the organization issues debt, or if there is not improvement in unrestricted reserves to more historical levels. We would also view negatively a weakening in ARC's enterprise profile, particularly due to lower occupancy and/or demand. "Given recent operating results and ARC' s small revenue base, we do not consider a higher rating or improved outlook as likely over the two-year period." ATIF INC: 11th Circuit Upholds $80MM Asset Valuation Exclusion -------------------------------------------------------------- Carolina Bolado of Law360 Bankruptcy Authority reports that the Eleventh Circuit on Monday, November 24, 2025, upheld a bankruptcy court's decision to exclude an expert's $80 million valuation of ATIF Inc.'s 2015 transfer of two real estate parcels and certain intellectual property assets to Old Republic National Title Insurance Co. The appellate court found no error in the lower court's determination, affirming that the valuation methodology did not meet the evidentiary standards required for inclusion in the bankruptcy proceedings. The ruling allows the bankruptcy case to move forward without the disputed valuation, which had been challenged by creditors seeking to maximize recoveries. According to the court, the lower court acted within its discretion in weighing the reliability of expert testimony and the relevance of the proposed valuation in the context of the estate's overall accounting of asset transfers, the report states. About ATIF Inc. ATIF, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 17-01712) on March 2, 2017. In the petition signed by Gerard A. McHale, its chief executive officer, the Debtor listed up to $500,000 in assets and up to $50 million in liabilities. Michael C. Markham, Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP and Buell & Elligett, P.A. serve as the Debtor's bankruptcy counsel and special counsel, respectively. On April 13, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee retained Messana, P.A., as its bankruptcy counsel, and Becker & Poliakoff, P.A., as its special counsel. On July 5, 2018, the bankruptcy court entered an order confirming the second amended Chapter 11 plan and explanatory disclosure statement filed by the creditors' committee for ATIF, Inc. The plan establishes the ATIF Inc. Creditor Trust and appointed Daniel Stermer as the trustee. r. Stermer hired Messana, P.A. as bankruptcy counsel and Buchanan Ingersoll & Rooney, PC, as special counsel. AYA SERVICE: Secured Party Sets Dec. 15, 2025 Auction ----------------------------------------------------- 47 West LLC will offer for sale, at public auction, the right, title and interest of AYA Service 1 LLC in and to 100% of the membership interests to 321-323-325 West 42nd Street, LLC, which owns the real property known as 321, 323, and 325 West 42nd Street, in New York, on December 15, 2025, at 1:00 p.m., in order to satisfy the amounts due to the Secured Party in the amount of $3,468,288.29, plus interest at the rate of 24% per annum from September 1, 2025, reasonable fees, costs and disbursements permitted, less any credits due. The rights secured by the Secured Party are subject to a senior loan and first-priority mortgage on the Property and the obligations and liabilities set forth in the Senior Loan documents. The auction will be conducted by Matthew D. Mannion of Mannion Auctions, LLC, virtually. Attorneys for Secured Party: Evan M. Newman, Esq. JACOBOWITZ NEWMAN TVERSKY LLP 377 Pearsall Ave., Suite C Cedarhurst, NY 11516 Tel: (516) 545-0996 Fax: 212 671-1883 BARMASTERS LLC: Case Summary & Six Unsecured Creditors ------------------------------------------------------ Debtor: Barmasters LLC 2453 Westhorpe Dr Malabar, FL 32950 Chapter 11 Petition Date: November 26, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-07727 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 E-mail: dvelasquez@lathamluna.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Dylan Forsythe as sole-managing member. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HYOWRAQ/Barmasters_LLC__flmbke-25-07727__0001.0.pdf?mcid=tGE4TAMA BAUSCH HEALTH: Launches Exchange Offers for 2028 Senior Notes ------------------------------------------------------------- Bausch Health Companies Inc. announced on November 24, 2025, the commencement of offers to exchange the Company's outstanding 4.875% Senior Secured Notes due 2028 and 11.00% Senior Secured Notes due 2028 for up to $1.6 billion aggregate principal amount of new 10.00% Senior Secured Notes due 2032 issued by 1261229 B.C. Ltd., the Company's indirect wholly-owned subsidiary , in each case, pursuant to the terms described in a confidential exchange offer memorandum dated November 24, 2025. The New Notes will be treated as a single series with the Issuer's $4.4 billion principal amount of 10.00% Senior Secured Notes due 2032 that were issued in April 2025 and will be issued under the same indenture. Further, the New Notes are expected to have the same CUSIP numbers as (except that New Notes issued pursuant to Regulation S under the Securities Act of 1933, as amended will trade separately under a different CUSIP number until at least 40 days after the issue date of the New Notes and thereafter, subject to the terms of the indenture and the applicable procedures of the depositary), and to be fungible for trading purposes with, the Existing NumberCo Notes. The Offers are scheduled to expire on December 23, 2025, unless extended in accordance with applicable laws and the terms of the Offers. The Company is conducting the Offers to manage its intermediate term debt maturities as permitted under its outstanding debt agreements. Subject to the conditions to the Offers, the Offerors expect to accept validly tendered (and not validly withdrawn) Existing Senior Secured Notes such that: (x) the 11.00% Notes will comprise 52.6% of the aggregate principal amount of the Existing Senior Secured Notes accepted and (y) the 4.875% Notes will comprise 47.4% of the aggregate principal amount of the Existing Senior Secured Notes accepted, subject to adjustment as set forth in the Exchange Offer Memorandum, in each case on a pro rata basis among the Eligible Holders of each such series of Existing Senior Secured Notes in proportion to the aggregate principal amount of each such series of Existing Senior Secured Notes validly tendered (and not validly withdrawn) at or prior to the Early Tender Time or Expiration Time (each as described in the Exchange Offer Memorandum), as applicable, up to the Maximum Notes Amount. If acceptance of any series of Existing Senior Secured Notes in accordance with the Target Ratio would result in the Maximum Notes Amount of New Notes failing to be issued, then the Offerors would, subject to the conditions to the Offers, accept additional Existing Senior Secured Notes of the other series to permit the Maximum Notes Amount of New Notes to be issued on the settlement date. Existing Senior Secured Notes validly tendered (and not validly withdrawn) at or prior to the Early Tender Time will be accepted first for exchange on a pro rata basis subject to the Target Ratio with such other Existing Senior Secured Notes validly tendered (and not validly withdrawn) at or prior to the Early Tender Time and only thereafter will Existing Senior Secured Notes validly tendered after the Early Tender Time and before the Expiration Time be accepted for exchange on a pro rata basis subject to the Target Ratio with such other Existing Senior Secured Notes validly tendered after the Early Tender Time, in each case subject to the Maximum Notes Amount. Certain holders of the Existing Senior Secured Notes, who hold approximately $1,545 million aggregate principal amount of existing Senior Secured Notes, collectively representing approximately 46% of the aggregate principal amount of the outstanding Existing Senior Secured Notes, including approximately: (i) 39% of the 4.875% Notes and (ii) 52% of the 11.00% Notes, have entered into a transaction support agreement with the Offerors, dated November 24, 2025, pursuant to which the Participating Holders have agreed to, subject to the terms and conditions thereof, timely participate in the Offers and exchange and tender (or cause to be tendered) all of their Existing Senior Secured Notes in accordance with the terms of the Offers. In addition, the Transaction Support Agreement provides that the Offerors and the Participating Holders will support and take all commercially reasonable actions necessary to facilitate the implementation and consummation of the Offers, including, without limitation: (i) taking commercially reasonable actions to support and complete the Offers, and (ii) refraining from taking any actions inconsistent with or that would frustrate the purpose and intent of the Offers. In addition, the Transaction Support Agreement contains certain covenants on the part of the Offerors, which may limit or otherwise restrict the rights of the Offerors with respect to the Offers. About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of September 30, 2025, the Company had $26.82 billion in total assets, $26.47 billion in total liabilities, and $356 million in total equity. The Company had an accumulated deficit of $9.56 billion as of September 30, 2025. * * * In May 2025, Fitch Ratings has affirmed and withdrawn Bausch Health Companies Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA) Company Default Ratings (IDRs) at 'CCC+'. Prior to the withdrawal, the ratings remained in the 'CCC' category reflecting the long-term refinancing risk, non-zero risk of a distressed debt exchange for later maturities, and a weakening balance sheet when XIFAXAN revenues decline and if BHC separates Bausch + Lomb Corporation. Fitch has also affirmed and withdrawn the instrument ratings including the first lien debt issued by 1261229 B.C. Ltd and BHC at 'B' with a Recovery Rating of 'RR2', the second lien debt (issued by BHC) at 'CCC-'/'RR6' and the unsecured notes (issued by BHC and BHA) at 'CC'/'RR6'. BESTWALL LLC: District Court Rejects Asbestos Panel's Appeal Bid ---------------------------------------------------------------- Chief Judge Frank W. Volk of the United States District Court for the Western District of North Carolina denied the consolidated motion for leave to appeal filed by Wilson Buckingham, Agelika Weiss, Robert Semian and Other Clients of MRHFM, and the Official Committee of Asbestos Personal Injury Claimant in the bankruptcy case of Bestwall LLC. In November 2017, Bestwall petitioned for relief under Chapter 11. In 2018, the Official Committee of Asbestos Claimants sought dismissal of Bestwall's Chapter 11 petition under section 1112(b), contending the petition was filed in bad faith inasmuch as Bestwall was a solvent entity. Applying the two-prong test for bad faith dismissals articulated by the Court of Appeals in Carolin Corp. v. Miller, 886 F.2d 693, 700-01 (4th Cir. 1989) and its progeny, the bankruptcy court denied the Committee's Motion. The Committee subsequently sought leave to appeal to the district court under 28 U.S.C. Sec. 158(a)(3). The Committee again moved to dismiss in 2023, this time contending the bankruptcy court lacked subject-matter jurisdiction over a solvent debtor like Bestwall. Appellant Wilson Buckingham also sought dismissal at this time inasmuch as he had not yet been diagnosed with mesothelioma when the Committee first moved to dismiss in 2018. Like the Committee previously, Mr. Buckingham moved to dismiss on bad faith grounds under Carolin. The bankruptcy court denied both the Committee and Mr. Buckingham's Motions. Respecting Mr. Buckingham's Motion, the bankruptcy court concluded its 2019 Opinion and Order rejecting the Committee's identical bad faith contentions under Carolin was the law of the case inasmuch as neither the new facts, nor law cited by Mr. Buckingham warranted reconsideration of its previous ruling. In denying their dismissal motions, Appellants contend the bankruptcy courts in this District have misapplied Carolin to avoid the foundational issue of bad faith and have thus effectively denied the right of thousands of claimants to a jury trial. They assert leave to appeal is warranted inasmuch as this appeal involves: (1) a controlling issue of law, (2) as to which there are substantial grounds for differences of opinion, and (3) immediate appeal will materially advance the termination of the litigation. Appellants assert the bankruptcy courts' dismissal orders demonstrate there is substantial ground for a difference of opinion as to the primary issue of whether the Debtors' full-pay bankruptcy cases should be permitted to continue. They contend an immediate appeal of the bad faith issue will materially advance the termination of these cases given that reversal of the dismissal orders will dispose of the entirety of all pending Texas Two-Step cases in this District. The Debtors disagree. The Debtors assert Appellants' requested appeal involves no controlling question of law inasmuch as Appellants' asserted issue is merely a challenge to the bankruptcy courts' application of settled precedent. They contend the requested appeal does not involve any of the exceptional circumstances needed to break from the standard practice of leaving appellate review until final judgment. Judge Volk holds, "The controlling decision in Carolin, and its rigorous bad faith dismissal standard, governs both solvent and insolvent debtors. The bankruptcy courts simply applied settled precedent. Although the result is doubtless frustrating for Appellants, their consolidated request to appeal is plainly meritless." A copy of the Court's Memorandum Opinion and Order dated November 12, 2025, is available at https://urlcurt.com/u?l=ACG76B from PacerMonitor.com. About Bestwall LLC Bestwall LLC -- http://www.Bestwall.com/-- was created in an internal corporate restructuring and now holds asbestos liabilities. Bestwall's asbestos liabilities relate primarily to joint systems products manufactured by Bestwall Gypsum Company, a company acquired by Georgia-Pacific in 1965. The former Bestwall Gypsum entity manufactured joint compounds containing small amounts of chrysotile asbestos; the manufacture of these asbestos-containing products ceased in 1977. Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC ("PlasterCo"), develops, manufactures, sells and distributes gypsum plaster products, including gypsum floor underlayment, industrial plaster, metal casting plaster, industrial tooling plaster, dental plaster, medical plaster, arts and crafts plaster, pottery plaster and general purpose plaster. On Nov. 2, 2017, Bestwall sought Chapter 11 protection (Bankr. W.D.N.C. Case No. 17-31795) in an effort to equitably and permanently resolve all its current and future asbestos claims. The Debtor estimated assets and debt of $500 million to $1 billion. It has no funded indebtedness. The Hon. Laura T. Beyer is the case judge. The Debtor tapped Jones Day as bankruptcy counsel; Robinson, Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as special litigation counsel for medicine science issues; King & Spalding as special counsel for asbestos matters; and Bates White, LLC, as asbestos consultants. Donlin Recano LLC is the claims and noticing agent. On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an official committee of asbestos claimants in the Debtor's case. The committee retained Montgomery McCracken Walker & Rhoads, LLP as legal counsel; and Hamilton Stephens Steele + Martin, PLLC and JD Thompson Law as local counsel. On Feb. 22, 2018, the court approved the appointment of Sander L. Esserman as the future claimants' representative in the Debtor's case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP, as legal counsel; Hull & Chandler, P.A., as local counsel; Ankura Consulting Group, LLC, as claims evaluation consultant; and FTI Consulting, Inc., as financial advisor. BIG BRUNOS: Case Summary & 14 Unsecured Creditors ------------------------------------------------- Debtor: Big Brunos Bites LLC 3990 Curry Ford Road Orlando, FL 32806 Business Description: Big Brunos Bites LLC is a Florida-based limited liability company that operates a casual dining establishment at 3990 Curry Ford Road in Orlando, offering pizza, pasta, sandwiches, and beverages. Chapter 11 Petition Date: November 25, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-07692 Judge: Hon. Grace E Robson Debtor's Counsel: Keenan D. Smith, Esq. NARDELLA & NARDELLA, PLLC 135 W. Central Blvd Suite 300 Orlando, FL 32801 Tel: 407-966-2680 Fax: 407-966-2681 E-mail: ksmith@nardellalaw.com Total Assets: $96,390 Estimated Liabilities: $1,155,879 The petition was signed by Bruno G. Zacchini, III as manager. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TTRAQPQ/Big_Brunos_Bites_LLC__flmbke-25-07692__0001.0.pdf?mcid=tGE4TAMA BIG BRUNOS: Seeks Chapter 11 Bankruptcy in Florida -------------------------------------------------- On November 25, 2025, Big Brunos Bites LLC filed for Chapter 11 protection in the Middle District of Florida. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Big Brunos Bites LLC Big Bruno’s Bites LLC is a Florida-registered LLC that specializes in food service, including quick-serve offerings and catering solutions for private and corporate events. The company emphasizes fresh ingredients, efficient service, and satisfying customer experiences. Big Brunos Bites LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla., Case No. 25-07692) on November 25, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtor is represented by Keenan David Smith, Esq. of Nardella & Nardella, PLLC. BOWES IN-HOME: Court Extends Cash Collateral Access to Jan. 20 -------------------------------------------------------------- Bowes In-Home Care, Inc. received third interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The court's third interim order authorized the Debtor to use the cash collateral of the U.S. Small Business Administration through January 20, 2026, subject to the terms of the budget. No deviations or additional payments are allowed without prior written consent from the SBA or further court order. The Debtor projects total operational expenses of $119,800 for December and January 2026. The SBA asserts a blanket lien on all assets of the Debtor in the amount of at least $1.85 million. In case of any diminution in value of its pre-bankruptcy collateral, SBA will be granted replacement liens on all existing and future assets of the Debtor including accounts receivable, inventory, equipment, and the proceeds thereof. These replacement liens maintain the same validity, priority and extent as those held prior to the petition date. As additional protection, the Debtor was authorized to use cash collateral to pay insurance premiums to cover the collateral from damage. A status hearing is scheduled for January 20, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/fOQae from PacerMonitor.com. About Bowes In-Home Care Bowes In-Home Care, Inc. is a Medicare-certified home health agency that provides skilled nursing, therapy, and care management services in home settings. Operating with a multidisciplinary approach, the company offers programs aimed at managing chronic conditions, preventing hospital readmissions, and promoting patient independence. Services include wound care, infusion therapy, physical and occupational therapy, and tele-health, with 24/7 nurse intake and coordination with hospital teams. Bowes In-Home Care sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10234) on July 3, 2025, with $1,028,214 in assets and $3,546,860 in liabilities. Michael Collura, president of Bowes In-Home Care, signed the petition. Judge Janet S. Baer presides over the case. James A. Young, Esq., at James Young Law represents the Debtor as bankruptcy counsel. BRANDHOOT LLC: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Minnesota entered an interim order allowing Brandhoot, LLC to temporarily use cash collateral. The court determined that the Debtor has an immediate need to access cash collateral to prevent irreparable harm to the business and that there is a reasonable likelihood the Debtor will obtain final approval. The court authorized the Debtor to use cash collateral until the final hearing on December 1 in accordance with its cash flow projections for the interim period. The U.S. Small Business Administration and any creditor claiming a lien on the cash collateral will be granted replacement liens on post-petition property, with the same validity, priority, and effect as their pre-bankruptcy liens. The replacement liens do not apply to Chapter 5 causes of action and their proceeds. The Debtor believes that the SBA is the only creditor that has an interest in its cash collateral, given the size of its debts and the actual amount of cash collateral on hand. As of the petition date, the Debtor's cash collateral has an estimated value at liquidation of $66,512.24. About Brandhoot LLC BrandHoot, LLC is a Rochester, Minnesota-based web design and mobile app development firm that provides digital strategy, UI/UX design, and custom software solutions. It develops and operates technology products, including Easy Board, a board management software platform. BrandHoot also maintains affiliated retail operations through New Spin Bicycle Shop, which sells bicycles and related goods under a separate trade name. Brandhoot, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Minn. Case No. 25-33565) on November 7, 2025, listing between $500,001 and $1 million in assets and between $500,001 and $1 million in liabilities. Judge Mychal A. Bruggeman presides over the case. Jeffrey H. Butwinick, Esq., represents the Debtor as legal counsel. BRIDGE PLAZA: Unsecureds Will Get 30% of Claims over 5 Years ------------------------------------------------------------ Bridge Plaza Condominium Association, Inc. filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Plan of Reorganization dated November 25, 2025. Established in 1988, the Debtor was formed to administer, regulate, and maintain the common elements of Bridge Plaza Condominiums and serve as the owners' association for a commercial condominium office complex situated in Manalapan, New Jersey. Its main role is to oversee the management and upkeep of the common areas and shared amenities within the office park for the benefit of the unit owners as well as collecting dues, imposing assessments as needed, and performing the day-to-day operational functions necessary to manage the association effectively. Faced with significant judgments, costly litigation outcomes, and a diminishing revenue stream, the Debtor determined that reorganization under Chapter 11 was necessary to stabilize its finances, preserve essential operations, and pursue an orderly restructuring for the benefit of the entire membership. This is a reorganization plan, wherein the Proponent seeks to accomplish payments under the plan by reorganizing its assets and liabilities under Chapter 11, Subchapter V. The Effective Date of the proposed plan is the later of (a) thirty days following the date on which the Order of confirmation is signed by the United States Bankruptcy Court, or (b) the date on which the order of confirmation becomes final. Class 1 consists of General Unsecured Claims. The allowed unsecured claims total $1,271,118.49. This Class shall be paid 30% of allowed claims paid monthly over 5 years. This Class shall receive a monthly payment of $6,335.60. This Class is impaired. The Plan will be funded primarily through dues and assessments collected from unit owners, collection of accounts receivable and other claims, and the potential reduction or elimination of the Debtor's two largest unsecured claims through the appellate process. To meet its obligations to pay administrative expenses on the Effective Date, the Debtor anticipates imposing a special assessment on its members. Thereafter, as monthly installments come due under the Plan, the Debtor will fund such installments through additional assessments, and, if necessary, increased association fees imposed on members. A substantial portion of the funds necessary to implement and support the Plan will be generated through these assessments, which have increased over the past several years. Accordingly, payment of thirty of the allowed unsecured claims represents the maximum feasible distribution the Debtor can reasonably commit to under the current financial circumstances, given the ongoing contributions required of the unit owners to sustain the Plan. The Debtor's financial projections are to be provided. Under the Plan, a thirty percent distribution to unsecured creditors over a five-year period will require the Debtor to make sixty monthly installments of approximately $6,335.60 per month. The Debtor intends to raise the funds necessary to satisfy these obligations through assessments and, if needed, increased association fees imposed on the unit owners. A full-text copy of the Disclosure Statement dated November 25, 2025 is available at https://urlcurt.com/u?l=SHyYM2 from PacerMonitor.com at no charge. Bridge Plaza Condominium Association, Inc.: Andrew J. Kelly, Esq. The Kelly Firm, P.C. 101 Highway 71, Suite 200 Spring Lake, NJ 07762 Telephone: (732) 449-0525 Email: akelly@kbtlaw.com About Bridge Plaza Condominium Bridge Plaza Condominium Association, Inc., manages a commercial condominium complex located at 70 - 260 Bridge Plaza Drive in Manalapan, New Jersey. The association oversees property maintenance, governance, and common area services for unit owners within the development. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-17396) on July 15, 2025, with $1,236,128 in assets and $1,187,363 in liabilities. Marc Feingold, president, signed the petition. Judge Christine M. Gravelle presides over the case. Andrew J. Kelly, Esq., at The Kelly Firm, P.C. represents the Debtor as legal counsel. BRIGHT ENERGY: Seeks Chapter 7 Bankruptcy in Florida ---------------------------------------------------- On November 25, 2025, Bright Energy Experts Inc. filed for Chapter 7 protection in the Middle District of Florida. According to court filings, the Debtor reports between $0–$100,000 in debt owed to 1–49 creditors. About Bright Energy Experts, Inc. Bright Energy Experts Inc. operates in the renewable-energy sector, offering tailored solar installations and energy-management solutions. The company assists clients through every phase of the solar adoption process, from site evaluation and system design to installation and ongoing service. Bright Energy Experts Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. M.D. Fla., Case No. 25-04384) on November 25, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $0–$100,000. Honorable Chief Judge Jacob A. Brown handles the case. The Debtor is represented by Tate Morgan Russack, Esq. of RLC, PA Lawyers & Consultants. BRIGHT GREEN: Unsecured Creditors Will Get 84% of Claims in Plan ---------------------------------------------------------------- Bright Green Corporation filed with the U.S. Bankruptcy Court for the District of New Mexico a Disclosure Statement describing Chapter 11 Plan dated November 25, 2025. The Debtor is a publicly-traded startup company founded in 2019 and focused on production of plant-derived controlled substances for multiple markets, including pharmaceutical companies and government and university research institutions. The Debtor's only significant, marketable asset is a specially designed agricultural production facility in Grants, New Mexico (the "Facility"), which is valued at approximately $5.6 million. The Facility consists of a 70-acre parcel of land on agricultural property, which includes a completed 22-acre greenhouse structure, and a 40-acre parcel of land nearby. To date, the Debtor's operations have consisted of preparation for the intended future production of controlled substances, including (i) acquiring the real estate where the Facility is located, (ii) constructing the Facility itself, and (iii) obtaining necessary government approvals for Debtor's intended operations. The Plan proposes to issue convertible Preferred Shares to Lynn Stockwell ("Stockwell"), who is its CEO, senior secured lender, and Administrative Claimant in the Case. All Secured and Unsecured Claims held by Stockwell will be fully satisfied in exchange for Preferred Shares. Additionally, Stockwell will pay $5,000,0000 (the "New Value Funding") in exchange for the convertible Preferred Shares. The New Value Funding will be used to satisfy claims against the Debtor's bankruptcy estate. The Debtor estimates that general unsecured creditors will receive approximately 84% of the value of their claims under the Plan, substantially more than they would receive in a liquidation scenario. Further, because all Administrative Claimants and Creditors' Claims will be fully satisfied (even if such Creditors do not receive payment of 100% of their Claims) through the New Value Funding, the Disclosure Statement does not include financial projections of income and expenses, as the Reorganized Debtor's post-confirmation operations are irrelevant to the payments afforded to Creditors under the Plan. Under the Plan, Holders of Common Shares in the Debtor will retain such Shares in the Reorganized Debtor but will undergo a Reverse Stock Split transaction at a 1-for-50 ratio. Because the Preferred Shares that Stockwell will receive will convert to Common Shares, the proportionate interests of Holders of Common Shares are subject to dilution. Class 3 consists of Allowed General Unsecured Claims. After Administrative Expenses and Class 2 Claims have been satisfied out of the New Value Funding, Class 3 claims will receive a pro rata share of the remaining amount of the New Value Funding, up to 100% of the Allowed amount of each Claim and without interest. The Debtor estimates that Class 3 Claims will receive a Cash distribution equal to approximately 84% of their Claims. Class 3 is Impaired, and Holders are entitled to vote on the Plan. Class 5 consists of Allowed Equity Interests in the Debtor, namely Common Shares and Warrants in the Debtor. Immediately on the Effective Date, all Common Shares held by Holders of Allowed Class 5 Interests will undergo the Reverse Stock Split. As a result of the Reverse Stock Split, all shareholders will receive 1 common share in exchange for every 50 common shares held prior to the Reverse Stock split (a 1-for-50 ratio). The Plan will be consummated through two primary transactions: the Preferred Shares Issuance and the Reverse Stock Split. Preferred Shares Issuance and the New Value Funding. The Plan will consummate the Preferred Share Issuance that was previously approved at the Annual Meeting without the need for further corporate action. The Preferred Shares will be convertible into common shares of the Reorganized Debtor at a rate of 14 Common Shares per Preferred Share. In consideration for the Preferred Shares, Stockwell will (1) pay $5,000,000 in New Value Funding to the Debtor, (2) forego any Cash distribution on account of her Class 1 Claim, and (3) forego any Cash distribution on account of any accrued and unpaid Administrative Expense Claims. The New Value Funding is the sole source of funding used to satisfy Claims against the Debtor. Reverse Stock Split. The Plan also consummates the Reverse Stock Split as previously approved at the Annual Meeting, under which all Holders of Common Shares will receive 1 common share in exchange for every 50 Common Shares held prior to the Reverse Stock Split. Any de minimis "odd lots" which result in retention of less than 100 Shares after the Reverse Stock Split shall be canceled. The Debtor may implement the Reverse Stock Split without the need for further corporate action. The Bankruptcy Court has scheduled a preliminary hearing to consider confirmation of the Plan pursuant to Section 1129 of the Bankruptcy Code on February 4, 2026 at 9:30 a.m. A full-text copy of the Disclosure Statement dated November 25, 2025 is available at https://urlcurt.com/u?l=4kJUQB from PacerMonitor.com at no charge. Attorneys for the Debtor: Justin M. Mertz, Esq. Michael Best & Friedrich LLP 790 N. Water St., Ste. 2500 Milwaukee, WI 53202 Telephone: (414) 271-6560 Facsimile: (414) 277-0656 Email: jmmertz@michaelbest.com About Bright Green Corporation Bright Green Corporation was among the first entrants in the U.S. federally authorized cannabis space for research and medical development. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D.N.M. Case No. 25-10195-11) on Feb. 22, 2025. The Debtor hired NEPHI D. HARDMAN ATTORNEY AT LAW, LLC, as counsel. CABAL CONSTRUCTION: Hires J. Turner Law Group as Bankruptcy Counsel ------------------------------------------------------------------- Cabal Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of California to hire Jason E. Turner of J. Turner Law Group, APC to serve as bankruptcy counsel. Mr. Turner will provide these services: (a) represent Debtor at its Initial Debtor Interview; (b) represent Debtor at its meeting of creditors pursuant to Bankruptcy Code Section 341(a), or any continuance thereof; (c) represent Debtor at all hearings before the United States Bankruptcy Court involving Debtor as debtor in possession and as reorganized debtor, as applicable; (d) prepare on behalf of Debtor, as debtor in possession, all necessary applications, motions, orders, and other legal papers; (e) advise Debtor regarding matters of bankruptcy law, including Debtor's rights and remedies with respect to Debtor's assets and the claims of its creditors; (f) deal with the U.S. Trustee and the Subchapter V Trustee on behalf of Debtor; (g) represent Debtor with regard to all contested matters; (h) represent Debtor with regard to the negotiation, preparation, and implementation of a plan of reorganization; (i) analyze any secured, priority, or general unsecured claims that have been filed in Debtor’s bankruptcy case; (j) negotiate with Debtor's secured and unsecured creditors regarding the amount and payment of their claims; (k) object to claims, as may be appropriate; (l) prepare and file Debtor's Subchapter V Plan, and to represent Debtor through confirmation of said Plan; and (m) perform all other legal services for Debtor as debtor in possession as may be necessary. According to the application, Mr. Turner will bill at an hourly rate of $300 for postpetition services. The Debtor has already paid $7,000, exclusive of the $1,738 filing fee, for prepetition legal services. J. Turner Law Group states it is a "disinterested person" under Section 101(4) of the Bankruptcy Code and does not hold or represent an interest adverse to the Debtor or its estate, according to court filings. The firm can be reached at: Jason E. Turner, Esq. J. TURNER LAW GROUP, APC 823 Anchorage Place Chula Vista, CA 91914 Telephone: (619) 946-7193 Facsimile: (619) 872-0923 E-mail: Jturner@jturnerlawgroup.com About Cabal Construction Inc. Cabal Construction Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Calif. Case No. 25-04495) on October 31, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Christopher B. Latham presides over the case. Jason E. Turner, Esq., at J. Turner Law Group, Apc represents the Debtor as bankruptcy counsel. CABALLITO LLC: Seeks to Hire Rodriguez Espola as Accountant ----------------------------------------------------------- CABALLITO LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Jerry Rodriguez Espola, managing partner of Rodriguez Espola, LLC, to serve as accountant in its Chapter 11 case. Mr. Rodriguez Espola will provide these services: (a) review of accounting records for preparation of month and year end accounting and financial reports; (b) prepare monthly reconciliations of all bank accounts; (c) accumulate payroll transactions to produce quarterly and annual payroll tax returns; (d) prepare liquidation analysis, financial projections, claim reconciliation and related financial documents as support for a Plan of Reorganization; and (e) prepare the Monthly Operating Reports to be filed with the Court. Mr. Rodriguez Espola will receive a fixed rate of $500 monthly. According to the application, the accountant is a disinterested person within the meaning of 11 U.S.C. §101(14), has no prior connection with the debtor, creditors, any party in interest, or the U.S. Trustee's Office, and has no agreement to share compensation with any other party. The accountant can be reached at: Jerry Rodriguez Espola Rodriguez Espola (RELLC), LLC PO Box 16036 San Juan PR 00908 Tel. (787) 903-1156 E-mail: jerry@rodriguezespola.com About Caballito LLC Caballito LLC is a limited liability company. Caballito LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. P.R. Case No. 25-04578) on October 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Mildred Caban handles the case. The Debtor is represented by Jose M. Prieto Carballo, Esq. of JPC Law Office. CACHCOPA LLC: Creditors to Get Proceeds From Liquidation -------------------------------------------------------- Cachcopa, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Liquidation dated November 24, 2025. The Debtor is a career consulting firm that historically specialized in helping C-level executive and senior professionals navigate career transitions and secured new leadership opportunities. The Debtor was involved in a series of transactions beginning on or about May 1, 2023 that resulted in its present state of insolvency. In the months and years following the 2023 transaction, the Debtor's financial condition deteriorated, likely due to the obligations imposed upon the Debtor under the share repurchase agreement. The Debtor's financial condition continued to deteriorate markedly following the December 12, 2024 transaction. Compounding those issues, the management transition between incumbent management and Ms. Ballinger-Moles was not properly implemented. As a result of the foregoing issues, the Debtor filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code on August 26, 2025 (the "Petition Date"). Subsequent to the Petition Date, the Debtor determined that its financial condition and deteriorated level of operations would preclude an effective reorganization. Consequently, the Debtor shifted its efforts to achieving a structured wind-down of operations that would result in the maximum recovery possible for priority and unsecured creditors. To that end, the Debtor has prioritized collecting accounts receivable, completing outstanding customer engagements, and taking steps necessary to enable former employees to access and withdraw their 401k account balances. The Debtor has also entered into a compromise with its European affiliate that will provide certain financial support through the liquidation process. The Debtor believes that this Chapter 11 liquidating plan will result in the maximum recovery for priority and unsecured creditors. This is a liquidating plan. The payments to be made under this Plan are contingent upon the Debtor's ability to collect further accounts receivable and to obtain recoveries on account of estate Causes of Action. Class 4 includes all Unsecured Claims. Class 2 is impaired by this Plan. Each Creditor holding an Allowed Unsecured Claim shall receive its Pro Rata Share of any funds available from the liquidation of the Debtor's assets as soon as practicable following the Effective Date and after payment in full of any Allowed Administrative Expense Claims, Priority Tax Claims, and Allowed Class 1 Claims, which Distribution(s) shall be in full satisfaction of any liabilities of the Debtor and the Estate arising out of the Class 4 Claims. Class 5 includes Equity Security Holders of the Debtor. Class 5 is impaired by the Plan. Equity Security Holders shall retain their ownership in the Debtor. A full-text copy of the Subchapter V Liquidating Plan dated November 24, 2025 is available at https://urlcurt.com/u?l=oEj5ps from PacerMonitor.com at no charge. Counsel for the Debtor: Erik Johanson, Esq. Joseph R. Boyd, Esq. Erik Johanson PLLC 3414 W. Bay to Bay Boulevard, Suite 300 Tampa, FL 33629 Email: erik@johanson.law About Cachcopa LLC Cachcopa, LLC is a career consulting firm that historically specialized in helping C-level executive and senior professionals navigate career transitions and secured new leadership opportunities. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01657) on August 26, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Caryl E. Delano presides over the case. Erik Johanson PLLC represents the Debtor as bankruptcy counsel. CANTERBURY SECURITIES: Court Affirms Chapter 15 Recognition ----------------------------------------------------------- In the appeal styled ERIN WINCZURA, Appellant,-v- KAREN SCOTT and RUSSELL HOMER, Foreign Representatives of Canterbury Securities, Ltd., Appellees, Case No. 25-cv-2502 (Bankr. S.D.N.Y.), Judge Paul A. Engelmayer of the United States District Court for the Southern District of New York affirmed the decision of the United States Bankruptcy Court for the Southern District of New York that granted recognition of Canterbury Securities, Ltd.'s Cayman Islands bankruptcy proceeding and related relief under Chapter 15 of the U.S. Bankruptcy Code. In the Bankruptcy Court, Erin Winczura, Canterbury's former owner and director, opposed recognition and the related relief, and moved to dismiss the Chapter 15 proceeding. Winczura now appeals the Bankruptcy Court's denial of that motion. Winczura is a Canadian national and Cayman Islands resident Karen Scott and Russell Homer, the appellees in this case, are the joint official liquidators of Canterbury. They were appointed such by the Financial Services Division of the Grand Court of the Cayman Islands. FDL Lawsuit Between approximately 2015 and late 2023, Winczura, Canterbury's founder, was its owner and chief executive. In May 2018, Canterbury entered into a brokerage agreement with Fortunate Drift Ltd., a company incorporated in the British Virgin Islands, to hold certain NASDAQ-listed shares ("YRIV shares") on behalf of FDL. To help FDL raise more capital, Winczura introduced FDL representatives to PFS Ltd., a Cayman Islands company she owned, as a potential source of financing. In approximately late 2018, FDL filed suit against Canterbury in the Cayman Court. It alleged that Canterbury had unlawfully: (1) refused to return FDL's YRIV shares, worth more than $50 million; (2) sold $20 million of such shares; and (3) kept the sale proceeds and FDL's remaining YRIV shares. FDL brought common law claims for breach of fiduciary duty, breach of contract, conversion, and unjust enrichment. Canterbury filed counterclaims and asserted affirmative defenses based on, inter alia, illegality, unclean hands, and conspiracy. In brief, it alleged that FDL had falsely induced it to provide brokerage services as part of a scheme to manipulate YRIV's share price. The Cayman Court found for FDL on its breach of contract claim and reserved as to the amount of damages, subject to the Nevada Court's determination whether PFS had waived the put option. The Cayman Court rejected Canterbury's affirmative defenses and counterclaims as unsupported. It found no evidence of market manipulation concerning YRIV, no evidence of unclean hands, and no evidence of fraudulent representation as to FDL's beneficial ownership in connection with the brokerage agreement. Appeal Winczura argues that recognizing the Cayman proceedings and granting related relief is manifestly contrary to U.S. public policy under Section 1506, and that the Bankruptcy Court erred in denying her motion to dismiss. She claims that the Cayman proceedings revealed "a multimillion-dollar securities fraud," in which FDL and other unspecified actors sold securities at artificially inflated prices in violation of U.S. securities laws. Were the foreign representatives to return assets to Canterbury's creditors, she argues, they would be transferring "fraud proceeds" in violation of anti–money laundering laws and regulations. She argues that the Bankruptcy Court read Section 1506 too narrowly in purportedly holding that, absent procedural error in the Cayman case, it was compelled to recognize the Cayman proceedings. Reversal is necessary, she argues, because recognition would offend U.S. public policy of "maintaining fair and transparent securities markets and curtailing money laundering." The foreign representatives defend the Bankruptcy Court's application of Section 1506. It correctly concluded, they argue, that there was no basis to find that either: (1) the Cayman proceedings were procedurally deficient, or (2) recognition and related relief would harm U.S. statutory or constitutional rights. They assert that the evidence developed in those proceedings does not support Winczura's allegations of wrongdoing by the foreign representatives, FDL, or persons other than herself; that the Cayman Court rightly found that Winzcura misappropriated more than $20 million from the debtor and repeatedly violated court orders to provide information as to the missing money's whereabouts; and that the Cayman proceedings gave Winczura a full opportunity to make the arguments she makes here. They cast Winczura's Section 1506 challenge as an improper collateral attack on the Cayman proceedings. Judge Engelmayer holds, "The foreign representatives are correct. The Bankruptcy Court correctly found Section 1506 inapplicable, because recognition of the Cayman proceedings and related relief would not offend U.S. public policy." A copy of the Court's Opinion & Order dated November 19, 2025, is available at https://urlcurt.com/u?l=MVu4j4 from PacerMonitor.com. About Canterbury Securities Ltd Canterbury Securities, Ltd is a limited liability company incorporated in the Cayman Islands. Canterbury Securities Ltd sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11814) on October 21, 2024. The firm's foreign representative: Karen Scott and Russell Homer Shedden Road PO Box 2499 Grand Cayman KY1-1104 Cayman Islands The Foreign Representative's counsel: John E. Jureller, Jr., Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street 17th Floor New York, NY 10036 Tel: (212) 972-3000 Email: jjureller@klestadt.com CANTON WALESKA: Continued Operations & Rental Income to Fund Plan ----------------------------------------------------------------- Canton Waleska Flower and Gift Shop, LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Plan of Reorganization dated November 24, 2025. The Debtor operates a flower shop that provides flower delivery services for its clients in Canton, Georgia. Debtor was formed and incorporated in Georgia in 2016. The Debtor is owned 100% by Susan Appling who also serves as Debtor's sole manager. Ms. Appling receives a weekly salary of $500.00. Debtor does not maintain any other employees. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. Class 6 consists of general unsecured claims not otherwise specifically classified in the Plan, including deficiency claims pursuant to Section 506 of the Bankruptcy Code and any Allowed rejection damages (the "Class 6 General Unsecured Claims"). The Class 6 Claims are Impaired by the Plan and the holders of the Class 6 Claims are entitled to vote to accept or reject the Plan. Class 7 consists of the Interest Claims. Susan Appling shall retain her 100% ownership interest in Debtor. "Administrative and General Unsecured Creditors Payment" means the projected disposable income of the Debtor to be received in the five-year-period beginning on the Effective Date of the Plan. The Administrative and General Unsecured Creditors Payment shall be fixed based upon the amount set forth on the Budget. The Debtor shall pay the Administrative and General Unsecured Creditors Payment in full satisfaction of its obligations to (i) administrative claims and (ii) Class 6 General Unsecured Claims. Upon confirmation, Debtor will be charged with administration of the Case. Debtor will be authorized and empowered to take such actions as are required to effectuate the Plan. Debtor will file all post-confirmation reports required by the United States Trustee's office. Debtor will also file the necessary final reports and may apply for a final decree after substantial consummation at such time as Debtor deems appropriate unless otherwise required by the Bankruptcy Court. The source of funds for the payments pursuant to the Plan is the continued operations of Debtor and rental income form Debtor's real property. A full-text copy of the Plan of Reorganization dated November 24, 2025 is available at https://urlcurt.com/u?l=EFkWuP from PacerMonitor.com at no charge. Counsel to the Debtor: Leslie M. Pineyro, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 Email: lpineyro@joneswalden.com About Canton Waleska Flower and Gift Shop Canton Waleska Flower and Gift Shop, LLC operates a flower shop that provides flower delivery services for its clients in Canton, Georgia. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41305) on August 29, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Paul W. Bonapfel presides over the case. Leslie M. Pineyro, at Jones and Walden, LLC, is the Debtor's legal counsel. CARBONOX INC: Seeks Chapter 11 Bankruptcy in Illinois ----------------------------------------------------- On November 10, 2025, Carbonox Incorporated filed for Chapter 11 protection in the Southern District of Illinois. According to court filings, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to 1–49 creditors. The deadline for filing of government claims is on May 11, 2026. About Carbonox Incorporated Carbonox Incorporated is a private wholesale distributor based in Mascoutah, Illinois. Carbonox Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-30865) on November 10, 2025. In its petition, the Debtor reports estimated assets in the range of $0–$100,000 and estimated liabilities between $1,000,001 and $10,000,000. Honorable Bankruptcy Judge Mary E. Lopinot handles the case. The Debtor is represented by Spencer P. Desai, Esq. of The Desai Law Firm, LLC. CHARTERCARE HEALTH: S&P Discontinues 'BB-' Rating on 2025A/B Bonds ------------------------------------------------------------------ S&P Global Ratings discontinued its 'BB-' rating on Rhode Island Health & Educational Building Corp.'s $127.4 million series 2025A tax-exempt revenue bonds and $13.1 million series 2025B taxable revenue bonds, issued for CharterCARE Health of Rhode Island Inc., because the proposed bond issues never sold. CHESAPEAKE HOME: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Chesapeake Home Health Care, Inc. 8300 Corporate Drive Landover, MD 20785 Business Description: Chesapeake Home Health Care, Inc. provides professional home health services in Maryland, including Charles, Prince George's, Montgomery, Calvert, St. Mary's, Howard, Baltimore, and Anne Arundel counties, through teams of skilled nurses, caregivers, and administrators. The Company offers a range of services such as skilled nursing care, pediatric care, personal care, senior and companionship care, private duty nursing, and respite care, delivering care in clients' homes. Its operations emphasize patient safety, infection control, and clinical quality management to support continuous care and reduce the risk of re- hospitalization. Chapter 11 Petition Date: November 24, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-21083 Judge: Hon. Maria Ellena Chavez-Ruark Debtor's Counsel: Steven H Greenfeld, Esq. LAW OFFICES OF STEVEN H. GREENFELD 325 Ellington Blvd, #610 Gaithersburg, MD 20878 E-mail: steveng@cohenbaldinger.com Total Assets: $316,811 Total Liabilities: $1,559,475 The petition was signed by Erica Clifton as president and CEO. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/32ZLU6I/Chesapeake_Home_Health_Care_Inc__mdbke-25-21083__0001.0.pdf?mcid=tGE4TAMA CLEARSIDE BIOMEDICAL: Files Voluntary Chapter 11 Process -------------------------------------------------------- Clearside Biomedical, Inc., a biopharmaceutical company revolutionizing the delivery of therapies to the back of the eye through the suprachoroidal space SCS(R), announced on Nov. 24, 2025, that it has filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. As part of the case, Clearside also intends to file a motion seeking authorization to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code. The proposed bidding procedures, if approved by the court, would require interested parties to submit binding offers to acquire Clearside's assets in whole or in part, which would be purchased free and clear of liens and interests. "Our Board of Directors and management team have thoroughly assessed all of our strategic options and believe that this Chapter 11 structured process represents the best possible option for Clearside and its stakeholders," said George Lasezkay, PharmD, JD, President and Chief Executive Officer. "We believe that we have attractive assets based on our clinically proven SCS Microinjector(R) platform and associated intellectual property, our successful suprachoroidal CLS-AX (axitinib injectable suspension) clinical development program, multiple suprachoroidal licensing agreements and other related assets." Clearside has filed a series of motions with the court seeking to ensure the continuation of normal operations during this process. Additional information about this process and proposed asset auction and sale, as well as other documents related to the restructuring and reorganization proceedings, is available through Clearside's claims agent, Epiq Bankruptcy Solutions LLC, at https://dm.epiq11.com/ClearsideBiomedical. The petition was filed in United States Bankruptcy Court for the District of Delaware, Case No. 25-12109. Advisors Cooley LLP and Richards, Layton & Finger, P.A. are serving as legal counsel and Berkeley Research Group LLC (BRG) is serving as financial restructuring advisor to Clearside. About Clearside Biomedical, Inc. Clearside Biomedical, Inc. is a biopharmaceutical company focused on revolutionizing the delivery of therapies to the back of the eye through the suprachoroidal space. Incorporated in the State of Delaware on May 26, 2011, the Company has its corporate headquarters in Alpharetta, Georgia. Atlanta, Georgia.-based Ernst & Young LLP, the Company's auditor since 2014, 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 December 31, 2024, citing that the Company has recurring losses, negative cash flows from operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $15.33 million in total assets, $64.07 million in total liabilities, and $48.73 million in total stockholders' deficit. CLEARSIDE BIOMEDICAL: Wins First-Day Ch.11 Relief Amid Sale Effort ------------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that Clearside Biomedical Inc., a developer of therapies for severe eye diseases, won court approval Tuesday, November 25, 2025, to pay employee-related expenses and certain prepetition taxes as it launches its Chapter 11 case in Delaware. The company told the court that these payments are essential to maintaining operations and preserving the value of its assets as it pursues a sale. The debtor said it intends to move quickly through the restructuring, emphasizing that stabilizing its workforce and covering necessary obligations will help ensure an efficient marketing process. With first-day relief in hand, Clearside can begin soliciting bids for its assets as it works toward a value-maximizing transaction. About Clearside Biomedical Inc. Clearside Biomedical, Inc. is a biopharmaceutical firm specializing in the development and commercialization of treatments for eye diseases. Clearside Biomedical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on November 23, 2025. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $50 million–$100 million. The Debtor is represented by Daniel J. DeFranceschi, Esq. COMPEER FINANCIAL: S&P Withdraws 'BB+' Rating on C-1 Instruments ---------------------------------------------------------------- S&P Global Ratings withdrew its 'BB+' issue-level credit rating on Compeer ACA's US$300 million resettable perpetual noncumulative series C-1 instruments following the identification of a conflict of interest in the rating process. S&P Global Ratings intends to issue a new rating on Compeer's preferred instruments promptly, after convening a new rating committee. S&P Global Ratings' Conflicts of Interest Policy and regulations applicable to credit rating agencies include a prohibition on the issuance or maintenance of a credit rating where the fee for the rating was negotiated, discussed, or arranged by someone who has responsibility for participating in determining credit ratings. S&P said, "We have identified that an analyst participated in a discussion regarding the fee for the rating on Compeer's above-mentioned instruments. In compliance with our policies and applicable regulations, we have determined that we are required to withdraw the rating." The withdrawal is not related to any action taken by Compeer. COMPLETELY CONCRETE: Gets Final OK to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California entered a final order authorizing Completely Concrete Structures Inc. to use cash collateral. The court authorized the Debtor to use cash collateral in accordance with the budget. The Debtor may vary overall spending by up to 15% and may shift amounts within approved budget categories, provided that no unauthorized categories are added. Payments to insiders are prohibited until all Bankruptcy Code and Local Rule 2014-1 requirements are satisfied, including notice and disclosures. As adequate protection for secured creditors, the Debtor must make monthly payments of $1,800 to the California Employment Development Department, $2,550 to the U.S. Small Business Administration, and $3,000 to the Internal Revenue Service. In addition, these secured creditors will be granted replacement liens on post-petition assets and proceeds, with the same validity, priority and amount as their pre-bankruptcy liens. The Debtor must also remain current on all post-petition taxes and maintain insurance coverage as additional adequate protection. A copy of the final order and the budget is available at https://shorturl.at/jmAIz from PacerMonitor.com. The Debtor's assets, valued at approximately $638,000 as of the petition date, consist of roughly $60,000 in bank accounts, vehicles, construction equipment, receivables, and supplies. Secured debts total approximately $7.96 million, with key secured creditors including the SBA ($500,000), the IRS (over $7.1 million from two tax liens), and the California Employment Development Department (multiple tax liens totaling nearly $900,000). The Debtor asserts that the California Employment Development Department holds the first-priority lien, followed by the SBA, while the IRS, which filed its tax liens later, is deemed to be wholly unsecured based on the asset values. About Completely Concrete Structures Completely Concrete Structures Inc., based in Los Angeles, California, provides structural concrete contracting services, specializing in commercial, multi-family, and mixed-use developments. The Company offers expertise in shoring, superstructure construction, and value engineering. Completely Concrete Structures Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18746) on October 1, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. CONAIR HOLDINGS: Blue Owl Marks $31.2M 2L Loan at 41% Off --------------------------------------------------------- Blue Owl Capital Corporation has marked its $31,280,000 loan extended to Conair Holdings LLC to market at $18,455,000 or 59% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a Second Lien Senior Secured Loan to Conair Holdings LLC. The loan accrues interest at a rate of 7.5% per annum. The loan matures on May 2029. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Conair Holdings LLC Conair Holdings LLC operates as a holding company. The Company, through its subsidiaries, provides personal care products such as hair dryers, air brushes, flat irons, hot rollers, wavers, facial rollers and trimmer, eye masks, mask applicators, shaver, wand massager, and other beauty products with delivery services. Conair Holdings serves customers worldwide. COWTOWN BUS: Taps Lloyd & Hodge as Tax Accountant and Bookkeeper ---------------------------------------------------------------- Cowtown Bus Charters, Inc. and Cowtown Transportation Company, LLC seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Lloyd & Hodge, PLLC Nunc Pro Tunc as tax accountant and bookkeeper. The firm will provide these services: (a) preparation of reports, income tax returns, Texas franchise tax returns, K-1's, and other documents required for federal and state taxing authorities; (b) preparation of other bookkeeping and financial reporting documents as requested by the Debtors; (c) bankruptcy support including assisting with the preparation of MOR's, asset sales, and plan confirmation disclosure; (d) related tax services and monthly operating reports as bookkeeping advice; and (e) additional services including support for tax return filings, defense of a franchise tax audit, preparation of documents necessary to support the potential sale of assets, and assistance with plan restructuring matters. Lloyd & Hodge, PLLC will be compensated at $875 per month for ordinary course work, with all other services billed at the firm's current hourly or flat rates. According to court filings, Lloyd & Hodge, PLLC and Laura Lloyd, CPA, are “disinterested” within the meaning of the Bankruptcy Code. The firm can be reached at: Laura Lloyd, CPA Lloyd & Hodge, PLLC 1617 Park Place Ave, Suite 110-LH Fort Worth, TX 76110 Telephone: (817) 831-0097 E-mail: laura@lloydandhodge.com About Cowtown Bus Charters, Inc. and Cowtown Transportation Company, LLC Cowtown Bus Charters, Inc. and Cowtown Transportation Company, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-43242) on September 6, 2024. At the time of the filing, Debtors had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Mark X. Mullin oversees the case. GRIFFITH, JAY & MICHEL, LLP is Debtors' legal counsel. CTL-AEROSPACE INC: Committee Seeks to Tap Cozen O'Connor as Counsel ------------------------------------------------------------------- The Official Committee of Unsecured Creditors of CTL-Aerospace, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire Cozen O'Connor to serve as legal counsel. Cozen O'Connor will provide these services: (a) rendering legal advice regarding the Committee's organization, duties, and powers in this case; (b) attending meetings of the Committee and meetings with the Debtor, and its counsel and other professionals, and participating in negotiations with these parties, as requested by the Committee; (c) assisting the Committee in preparing all necessary motions, retention applications, and other pleadings in connection with the administration of this case; (d) taking all necessary action to protect and preserve the interests of the Committee; and (e) performing all other necessary legal services in connection with the bankruptcy case that the Committee deems necessary and appropriate and that are not specifically being performed by other counsel engaged by the Committee. Cozen O'Connor's principal attorneys and paraprofessionals will charge hourly rates ranging from $355 for paralegals to $940 for shareholders. Cozen O'Connor 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: Brian L. Shaw, Esq. Ira Bodenstein, Esq. Cozen O'Connor 123 North Wacker Dr, Suite 1800 Chicago, IL 60606 Telephone: (312) 382-3100 E-mail: bshaw@cozen.com ibodenstein@cozen.com About CTL-Aerospace Inc. CTL-Aerospace, Inc. is a family-owned composites manufacturer based in West Chester, Ohio, specializing in advanced fiber-reinforced polymer structures and component repair and overhaul. Founded in 1946, the Company operates as a full-service NADCAP- and AS9100D-certified facility supplying the U.S. government and major aerospace firms. Its products serve aerospace and industrial markets, leveraging its location in the Cincinnati aerospace corridor for cost and supply chain advantages. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-12226) on September 8, 2025. In the petition signed by Scott Crislip, president and COO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Beth A. Buchanan oversees the case. Patricia Friesinger, Esq., at Coolidge Wall Co., L.P.A., represents the Debtor as legal counsel. DKOF VI Trading Subsidiary LP, as DIP lender, is represented by: Cozen O'Connor 123 N. Wacker Dr., Suite 1800 Chicago, IL 6060 Phone: (312) 382-3100 (877) 992-6036 Fax: (312) 382-8910 DENOYER-GEPPERT: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Denoyer-Geppert Science Company received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through January 7, 2026, in accordance with its budget, with disbursements capped at 110% of budgeted amounts. As protection, the court granted secured creditors and taxing authorities, including the IRS and the Illinois Department of Unemployment Security replacement liens on all post-petition property of the Debtor, matching the validity, priority, and scope of their pre-bankruptcy liens. As additional protection, the Debtor was ordered to maintain insurance, keep its property in good repair, and deposit all funds into its post-petition accounts, using them only as permitted by the order. The interim order is available at https://is.gd/EgtABk from PacerMonitor.com. The next hearing is set for January 6, 2026. Although Denoyer-Geppert is not currently operating, its business and assets retain significant value and that a purchaser is being secured who is expected to pay most or all outstanding debt. The Debtor asserts that immediate but limited use of cash collateral is necessary to preserve asset value and stabilize the business while a sale is being completed. Prior to the bankruptcy filing, three merchant cash advance companies -- Bizfunder, Cloudfund, and ODK Capital -- filed UCC-1 financing statements purporting to secure future receivables, though the Debtor questions the validity and perfection of those liens. In addition, the IRS and Illinois Department of Employment Security hold tax liens. About Denoyer-Geppert Science Company Denoyer-Geppert Science Company manufactures scientific models, charts and simulators -- particularly for human anatomy, biology and chemistry education -- from its headquarters in Illinois, serving educators and medical professionals since its founding in 1916. Denoyer-Geppert Science Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11605) on July 30, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Judge Jacqueline P. Cox handles the case. The Debtor is represented by David R Herzog, Esq., at Law Office of David R. Herzog, LLC. DIOCESE OF OAKLAND: Avoids Ch.11 Dismissal w/ Last-Minute Extension ------------------------------------------------------------------- Randi Love of Bloomberg Law reports that the Diocese of Oakland, Calif., received another extension on its deadline to reach a settlement on compensating child sex abuse claimants, allowing its Chapter 11 case to continue. The case narrowly avoided dismissal after the diocese reached a last-minute agreement with mediators and the survivors' committee in the Northern District of California bankruptcy court. Up against a 5 p.m. PT cutoff to show meaningful progress, the parties secured additional time, pushing the next deadline to December 10, 2025. The diocese, its insurers, and the committee have been engaged in months-long mediation in hopes of finalizing a comprehensive 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. DOROTHY'S DANCING: Seeks Chapter 7 Bankruptcy in Illinois --------------------------------------------------------- On November 23, 2025, Dorothy's Dancing Unlimited Inc. filed for Chapter 7 protection in the Northern District of Illinois. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to 1–49 creditors. About Dorothy's Dancing Unlimited Inc. Dorothy's Dancing Unlimited, Inc., based in Schaumburg, Illinois, was a community dance studio offering classes for children and adults across various styles and levels. Founded in 1980, the studio operated for over four decades, providing a welcoming, encouraging environment focused on dance education, confidence building and long-term student‑instructor relationships. Dorothy's Dancing Unlimited Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-18116) on November 23, 2025. In its petition, the Debtor reports estimated assets in the range of $0–$100,000 and estimated liabilities in the range of $0–$100,000. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Joseph P. Doyle, Esq. of Law Office of Joseph P. Doyle. EAST SIDE ASSISTED: Seeks Chapter 11 Bankruptcy in Colorado ----------------------------------------------------------- On November 21, 2025, East Side Assisted Living LLC filed for Chapter 11 protection in the District of Colorado bankruptcy court. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About East Side Assisted Living LLC Eastside Active Living, situated in Hollywood, Florida, offers a senior living community with both Assisted Living and Independent Senior Living options, allowing residents to choose the level of support that suits their lifestyle. East Side Assisted Living LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-17663) on November 21, 2025. In its petition, the Debtor reports estimated assets in the range of $0–$100,000 and estimated liabilities in the range of $100,001–$1,000,000. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by Jeffrey Weinman, Esq. of Michael Best & Friedrich LLP. ECC ENTERPRISES: Seeks Chapter 7 Bankruptcy in Idaho ---------------------------------------------------- On November 14, 2025, ECC Enterprises filed for Chapter 7 protection in the District of Idaho. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About ECC Enterprises ECC Enterprises is a private limited‑liability company headquartered in Shelley, Idaho. ECC Enterprises sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-40775) on November 14, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Brent R. Wilson handles the case. The Debtor is represented by R. Fred Cooper. EDB INVESTMENTS: Gets OK to Use Cash Collateral Until Jan. 8 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered a second interim order authorizing EDB Investments, LLC to use cash collateral. The interim order authorized limited use of cash collateral through January 8, 2026, in accordance with the Debtor's budget, subject to a 10% variance. As adequate protection, secured creditors will be granted replacement liens on the cash collateral and any property acquired by the Debtor after its Chapter 11 filing that is similar to their pre-bankruptcy collateral. The order is available at https://shorturl.at/ApHxl from PacerMonitor.com. A final hearing is scheduled for January 6, 2026. EDB Investments' assets consist of cash deposits, equipment, restaurant furniture, inventory, food product and general intangibles worth approximately $35,000. Proceeds of the collateral constitute cash collateral of secured creditors. The Debtor has several merchant cash advance loans with these creditors that assert a security interest in its assets: Vox Funding, LLC, Everest Business Funding, First Data Merchants Services, LLC, Revenued, LLC, G and G Funding Group, Funding Metrics LLC, WebBank, and Timeless Funding, LLC. Based on the Illinois Secretary of State UCC's filings, the claims of these creditors total $362,453.24. Vox Funding holds a first priority lien and a $52,670.24 claim. About EDB Investments LLC EDB Investments, LLC, doing business as D.A.'s Corn Beef Stand, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-16172) on October 21, 2025. Janice Seyedin serves as Subchapter V trustee. At the time of the filing, the Debtor listed up to $50,000 in assets and between $500,001 and $1 million in liabilities. Gregory K. Stern, Esq., at Gregory K. Stern, P.C. represents the Debtor as legal counsel. EDGEWELL PERSONAL: S&P Lowers ICR to 'BB-', Outlook Stable ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based Edgewell Personal Care Co. and its issue-level rating on its senior unsecured debt to 'BB-' from 'BB'. The recovery rating on the senior unsecured debt remains '3', indicating its expectations for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. The stable outlook reflects our view that Edgewell will reduce S&P Global Ratings-adjusted leverage to about 4.5x by the end of fiscal 2026 despite a challenging operating environment and elevated restructuring and divestiture-related costs. This assumes the company will prioritize using the proceeds from the sale of its feminine care business to deleverage as opposed to shareholder returns. Edgewell reported weaker-than-expected fourth-quarter fiscal 2025 financial results and guidance for 2026. S&P said, "We view the announced sale of the underperforming feminine care business to Essity as a credit positive and margin accretive, notwithstanding stranded costs that will weigh on near-term cash flow and credit metrics. "As a result, we no longer believe the company will strengthen credit metrics in fiscal 2026 consistent with our prior expectations, which had included reducing adjusted leverage to below 4x. Rather, we now forecast leverage to remain elevated at about 4.5x in fiscal 2026. "The downgrade reflects our view that credit-measure improvement will take longer than previously anticipated and could be further delayed if macroeconomic conditions, competitive pressures, or both don't ease. For the fiscal year ended Sept. 30, 2025, Edgewell reported a 1.3% decline in net sales and a 15% decline S&P Global Ratings-adjusted EBITDA." Its performance was hurt by: -- Weaker consumption trends; -- Execution missteps in its feminine care business earlier in the year that contributed to items being out of stock and a subsequent loss of market share; -- Another weak sun care season, exacerbated by intense competition that resulted in heavy promotional behavior; -- Substantial restructuring costs related to its North American business streamlining and facility consolidation; and -- Meaningful exposure to tariffs. In addition, adjusted debt was higher than expected, as the company used its revolver to fund inventory purchases ahead of tariff implementation and to fund share repurchases. Consequently, adjusted leverage deteriorated to 4.9x at the end of fiscal 2025 compared to our previous forecast of 4.2x. S&P said, "We expect most of the headwinds will persist into fiscal 2026, which will continue to pressure Edgewell' s performance. We forecast flat organic revenues in fiscal 2026, affected by weak consumer spending and heavy competition but partially offset by benefits from increased advertising and promotional spending. Retailer planograms next reset in February/March 2026, which will provide the company an opportunity to increase sales. We expect adjusted EBITDA margins will remain well below historical levels at about 12.4% in fiscal 2026, down from 12.9% in fiscal 2025, weighed down by the impact of tariffs, limited pricing power, and continued promotional intensity in most of its sub-segments. Our forecast assumes meaningful sequential margin improvement in the second half of fiscal 2026 and in fiscal 2027 as the company cycles through the higher cost of raw materials and restructuring-related costs. This--along with a reduction of gross debt using the feminine care asset sale proceeds--should improve adjusted leverage to about 4.5x by fiscal 2026 and about 4x by fiscal 2027. "We consider the announced sale of the feminine care business to Essity as a credit positive, notwithstanding stranded costs that will weigh on near-term cash flow and credit metrics. Although Edgewell' s feminine care portfolio includes recognized brands such as Playtex, Carefree, and Stayfree, this segment has consistently underperformed the rest of the business (a reported segment profit margin of 6% in fiscal 2025 compared to a company-consolidated profit margin of 14%). We believe this is indicative of the heavy competition with much larger, well-capitalized operators as well as its recent execution missteps relating to the Carefree rollout. It's our understanding that the feminine care business was run largely separately from the rest of the business, including dedicated production and marketing teams. In addition, management believes that although the sales teams are integrated with the rest of the business, it won't face any material revenue dis-synergies following the divestiture. Therefore, we don't incorporate any potential loss of sales in the remaining business. Our base-case forecast excludes the feminine care business from the beginning of fiscal 2026. "We expect the company will focus on deleveraging in line with its net leverage target of 2x-3x. This compares to 3.9x as of Sept. 30, 2025. We assume Edgewell will focus on repaying its outstanding revolver borrowings of about $140 million as of Sept. 30, 2025, primarily using the net proceeds from the sale of the feminine care business, which we estimate will be about $270 million after taxes and transaction costs. Further, we expect the company will maintain a prudent capital-allocation policy. This will include modest dividends of about $30 million annually and share repurchases limited to offsetting dilution of about $15 million annually until it can reduce net leverage to its target range. While the company hasn't provided a definitive guide on the use of the asset sale proceeds, we assume it will use them primarily for debt repayment and for ongoing operations (including reinvesting in the brands and capital expenditure related to the consolidation of its facilities). The company might also occasionally undertake bolt-on acquisitions that could temporarily weaken its credit metrics. We also note the board has authorized a new share-buyback program of up to $100 million, effective Nov. 13, 2025, which we expect the company will use sparingly over the near term. "We continue to assess the company' s business risk as fair. Our view is underpinned by its participation in relatively stable categories, well-recognized brands with decent market share, a portfolio of innovative smaller brands (Billie, Cremo, Bulldog), long-standing retailer relationships, and broad geographic diversification. At the same time, we also consider the highly competitive nature of the industry--both from well-established brands owned by larger operators such as Procter & Gamble Co. (P&G), Unilever U.S. Inc., and Kenvue Inc., as well as from innovative new brands. The industry also has substantial seasonality and relies on satisfactory weather conditions for its sun care business. Further, Edgewell needs to continuously innovate and spend on advertising and promotions to maintain its market share. We view its recent organizational changes--including the simplification of its North American operations and efforts to streamline its wet shave production facilities (such as consolidating the Mexican facilities into one facility and building a new, highly automated blade manufacturing plant)--as beneficial in the medium term once the costs related to these efforts cycle off, which will likely be in fiscal 2027. Further, we expect management' s renewed focus on reinvesting in its five core brands (Schick, Billie, Hawaiian Tropic, Banana Boat, and Cremo) in the U.S., which account for about 80% of total sales in the region, will benefit top-line and market-share growth over the coming quarters. This is partially offset by weak overall category growth in a challenging macroeconomic environment. Edgewell' s international business continues to perform well, posting positive organic growth consistently over the past five years. "The stable outlook reflects our view that Edgewell will improve S&P Global Ratings-adjusted leverage to about 4.5x by end of fiscal 2026, despite a challenging operating environment and elevated restructuring and divestiture-related costs. This view is supported by our expectation that the company will prioritize using the feminine care business sale proceeds to deleverage as opposed to shareholder returns." S&P could lower its ratings if it expects leverage will be sustained above 5x or we unfavorably reassess Edgewell' s business risk profile. This could happen if: -- Operating performance falls short of our expectations due to reduced consumer spending, persistent inflation, or tariff headwinds; -- Competition from larger rivals--including online--escalates, resulting in market-share losses; -- Contributions from productivity initiatives are lower than expected; -- The company experiences supply-chain disruptions or loses shelf space at retailers; or -- Financial policies become more aggressive than we expect, including materially higher share repurchases, multiple bolt-on acquisitions, or a transformational acquisition. Although unlikely over the next year, S&P could raise the rating if Edgewell improves its operating performance and demonstrates conservative financial policies, such that S&P Global Ratings-adjusted leverage is sustained below 4x. This could happen if: -- The company successfully executes its growth, innovation, and cost-savings strategy; -- Consumption trends for the company's products remain healthy; and -- It reduces gross debt using the feminine care divestiture proceeds. EIG MANAGEMENT: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings affirmed the Ba2 long term corporate family rating and Ba2-PD probability of default rating of EIG Management Company LLC ("EIG"), and the Ba2 ratings on the company's backed senior secured revolving credit facility due May 2027 and backed senior secured term loan B due May 2029. The outlook remains stable. RATINGS RATIONALE The Ba2 rating reflects the growth in the company's assets under management and decrease in leverage over the last twelve months, after a strong period of distributions over the last five years. This comes after EIG had a few funds and investments wind down over the last year, and consequently has experienced declining revenue due to lower management and advisory fees and unrealized performance allocations. Low commodity prices have also been a headwind, but investment in green energy and carbon transition projects should pick up in coming years in part as a result of the spike in artificial intelligence infrastructure investments amid the growing global demand for power generation. Additionally, EIG has some funds ramping up and approximately over $3 billion in dry powder for new investments, and should see the benefits of these initiatives emerge over the next few years. The rating affirmation is supported by the long-term performance of EIG's investment funds, the expected growth of assets under management from its current fundraising activities, and the increasing duration of the company's assets under management from recent strategic initiatives. The Ba2 rating reflects EIG's long experience investing in energy, infrastructure, and power sectors; breadth and global diversity of both its investment program and client base within its areas of expertise. The company's rating is constrained by its modest scale, specialization in a single sector of investment expertise and industries related to carbon extraction, leverage on a pro forma basis of approximately 4.6x, as calculated by us, and a difficult fundraising environment. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The following factors could lead to an upgrade of EIG's rating: 1) increased scale (annual revenue growth in excess of 10%); 2) further balance sheet deleveraging, sustaining debt/EBITDA (as defined by us) below 3.0x, and; 3) greater diversification of its sources of capital, including additional permanent capital vehicles. The following factors could lead to a downgrade of EIG's rating: 1) leverage elevated above 4.5x for a sustained period; 2) challenges in raising new investment funds; 3) decline in scale due to performance weakness or AUM instability, and; 4) weak response to ESG challenges, particularly carbon transition opportunities. EIG Management Company LLC, headquartered in Washington DC, is an alternative asset manager with over $24 billion in AUM as of September 30, 2025. The principal methodology used in these ratings was Asset Managers published in May 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. EKB22 INVESTMENTS: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: EKB22 Investments, LLC Pando Ridge Ventures 13894 South Bangerter Parkway Draper, Utah 84020 Business Description: EKB22 Investments, LLC, also known as Pando Ridge Ventures, is a private investment firm that provides capital and centralized operational support in areas including sales, marketing, public relations, accounting, and legal services, working closely with management teams to implement strategies. The firm invests in technology, manufacturing, healthcare, consumer goods and services, building and construction materials, data centers, and renewable energy, targeting sectors with high growth potential and operational needs. Pando Ridge Ventures combines financial investment with strategic guidance, leveraging industry expertise, networks, and resources to drive long-term value for its portfolio companies. Chapter 11 Petition Date: November 26, 2025 Court: United States Bankruptcy Court District of Utah Case No.: 25-27199 Judge: Hon. Peggy Hunt Debtor's Counsel: Dustin L. Heugly, Esq. HEUGLY & BLUDWORTH, PLLC 11576 S. State St. #202 Draper Utah 84020 Tel: 801-316-0245 Email: dh@utahslawyers.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Erik Blomquist as manager. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/52CVQ6I/EKB22_Investments_LLC__utbke-25-27199__0001.0.pdf?mcid=tGE4TAMA EMMA PROPERTIES: Seeks Chapter 11 Bankruptcy in Illinois -------------------------------------------------------- On November 10, 2025, Emma Properties LLC initiated Chapter 11 bankruptcy proceedings in the Northern District of Illinois. The Debtor reports liabilities between $100,001 and $1,000,000 owed to 1–49 creditors. About Emma Properties LLC Emma Properties LLC is a limited liability company. Emma Properties LLC filed for Chapter 11 protection under the U.S. Bankruptcy Code (Bankr. Case No. 25-17369) on November 10, 2025. Its petition lists estimated assets in the range of $0–$100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Deborah L. Thorne oversees the case. ENNIS I-45 11: Claims to be Paid from Property Sale Proceeds ------------------------------------------------------------ Ennis I-45 11 Acre, LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement describing Plan of Liquidation dated November 24, 2025. The Debtor is a Texas limited liability company that operates a luxury RV Park (the "RV Park") at 590 S Interstate 45, Ennis, Texas 75119 (the "Real Property"), within 30 miles of Dallas and less than a quarter mile from Buc-ee's on I-45. On April 25, 2025, the Debtor filed an application with the Bankruptcy Court to retain Marcus & Millichap Inc. ("M&M"), effective as of the Petition Date. The Bankruptcy Court approved M&M's employment on June 4, 2025. By May 20, 2025, M&M had commenced a multifaceted marketing effort and conducted two rounds of offers on the Property on June 4 and June 11, 2025. At the Bankruptcy Court's direction, M&M continued to market the Property past June 18, 2025, and was able to obtain a Letter of Intent from Granite EP 2 LLC (the "Purchaser") on September 18, 2025, for $6,000,000 in cash. The Debtor continued to seek higher and better offers but was unable to obtain any offer higher or otherwise superior to the offer from the Purchaser. The Debtor intends to seek the approval of the sale to the Purchaser (the "Sale Transaction") through a separate motion (the "Sale Motion"). The Debtor believes that a sale of the Property is necessary to preserve and maximize the value of its estates for the benefit of creditors. On February 2, 2026, the ad valorem property taxes for 2025 will become due and payable and interest on the claims will start accruing interest under applicable law. The Debtor lacks sufficient funds or Cash flow to continue its operations, satisfy these property taxes, and adequately market the property to increase revenue. The Plan proposes that the Debtor's main asset—the Real Property located at 590 S Interstate 45, Ennis, Texas 75119, and attendant Personal Property—be sold to the Purchaser. The Debtor has conducted a six-month marketing campaign for the Property through M&M. The result of this campaign is a Cash offer from the Purchaser in the amount of $6,000,000.00, subject to standard prorations, that will be reflected in the Purchase Agreement. The Debtor will seek approval of the Sale according to the Purchase Agreement through a separate motion under Bankruptcy Code section 363. The Plan provides that the net proceeds of the Purchase Price for the Property (the "Sale Proceeds") will be delivered to a Plan Administrator to be appointed under the Plan and used to fund the Plan and distributions thereunder. After the payment of Allowed Administrative Claims, Allowed Priority Tax Claims, and Other Secured Tax Claims, and setting aside funds for the Plan Administration Reserve, the Remaining Cash will be held by the Plan Administrator in an interest-bearing account or otherwise invested in a commercially reasonable manner pending the resolution of the Equitable Subordination Litigation. Upon resolution of the Equitable Subordination Litigation, the Plan Administrator shall distribute the Remaining Cash according to the Distribution Waterfall to the Holders of Claims in Class 2 (REH Secured Claim), Class 3 (Bay Point Secured Claim), Class 4 (General Unsecured Claims), Class 5 (REH Subordinated Claim), and/or Class 6 (Interests). The Plan Administrator will effectuate the windup of the Debtor's business according to the Plan, serve as distribution agent, and investigate and, if appropriate, pursue the claims and causes of action of the Debtor that will be retained under the Plan as "Retained Actions." Any proceeds from the Retained Actions will be held by the Plan Administrator in the Plan Administration Reserve until the Plan Administrator determines additional distributions can be made or final distributions are made under the Plan, at which time the Plan Administrator will distribute any excess from the Plan Administration Reserve according to the Distribution Waterfall. Class 4 consists of General Unsecured Claims. Promptly after the determination of the Equitable Subordination Litigation pursuant to a Final Order, each Holder shall receive payment from Remaining Cash according to the Distribution Waterfall in an amount not to exceed the Allowed amount of such General Unsecured Claim. The allowed unsecured claims total $281,341.32 to $12,384,802.51. The Debtor shall file with the Bankruptcy Court a separate motion for the Sale of the Property pursuant to Bankruptcy Code section 363 under the terms and conditions of the Purchase Agreement free and clear of any Claims, Liens and Interests other than Assumed Liabilities as defined in the Purchase Agreement and agreed upon between the Debtor and the Purchaser. A full-text copy of the Disclosure Statement dated November 24, 2025 is available at https://urlcurt.com/u?l=bfryLq from PacerMonitor.com at no charge. Counsel to the Debtor: Kyung S. Lee, Esq. Robert J. Shannon, Esq. Ella A. Cornwall, Esq. Shannon & Lee LLP 2100 Travis Street Houston, TX 77002 Tel: (713) 714-5770 Email: klee@shannonleellp.com rshannon@shannonleellp.com ecornwall@shannonleellp.com About Ennis I-45 11 Acre Ennis I-45 11 Acre, LLC (doing business as Ennis Luxury RV Resort) is an upscale RV park located just outside of Dallas, Texas, in Ennis. Ennis I-45 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31219) on April 1, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The petition was signed by John McGaugh as manager. Kyung S. Lee, at Shannon and Lee, LLP is the Debtor's legal counsel. Real Estate Holdings, LLC, as secured creditor, is represented by: Marc W. Taubenfeld, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard St., Suite 4000 Dallas TX 75201 Telephone: (214) 855-7523 Facsimile: (214) 855-7585 mtaubenfeld@munsch.com Bay Point Capital Partners II, LP, as secured creditor, is represented by: Jeff P. Prostok, Esq. Emily S. Chou, Esq. J. Blake Glatstein, Esq. Vartabedian Hester & Haynes, LLP 301 Commerce St., Suite 3635 Fort Worth, TX 76102 Telephone: (817)214-4990 Facsimile: (214)817) 214-4988 Jeff.prostok@vhh.law Emily.chou@vhh.law Blake.glatstein@vhh.law ENVIRI CORP: Moody's Alters Outlook on 'B1' CFR to Stable --------------------------------------------------------- Moody's Ratings affirmed the B1 corporate family rating and B1-PD probability of default rating for Enviri Corporation (Enviri, fka Harsco Corporation). Concurrently, Moody's downgraded the rating on the senior secured bank credit facility, consisting of the company's revolving credit facilities expiring in 2026 and 2029 and term loan due 2028, to B1 from Ba3. Additionally, Moody's affirmed the B3 rating on the company's senior unsecured notes. Moody's also changed the outlook to stable from negative. The SGL-3 speculative grade liquidity rating remains unchanged. The rating action follows the company's announcement of the sale of its Clean Earth (CE) business for a total cash consideration of $3.04 billion. Enviri plans to use $1.5 billion to $1.7 billion of the proceeds to repay debt (roughly $1.35 billion), support the execution of its rail segment's engineered-to-order (ETO) contracts (up to $200 million) and pay transaction-related costs ($150 million). The capital structure pro forma for the sale of the CE business is expected to comprise a re-sized term loan of approximately $375 million and a $150 million revolving credit facility to be undrawn at transaction close. The transaction is expected to close by mid-2026. The rating affirmation and outlook change to stable reflects Enviri's significantly lower financial leverage following the CE divestiture. Moody's estimates debt-to-EBITDA (including Moody's standard adjustments) to fall below 3.5x at year-end 2025 pro forma for the transaction, from over 6x as of September 30, 2025. The rating action also considers the cyclicality and ongoing end market pressures facing the company's remaining business segments, Harsco Environmental (HE) and Harsco Rail (Rail), which will weigh on Enviri's margins. Moody's expects the company to maintain adequate liquidity. The downgrade of the senior secured bank credit facility rating to B1 reflects the preponderance of this class of debt in the capital structure pro forma for the transaction. RATINGS RATIONALE The B1 CFR reflects Enviri's sizeable services under contract at Harsco Environmental (HE) that provide revenue visibility, underpinned by longstanding customer relationships. The HE business is well positioned with high barriers to entry and diversification by region, end market and customer. Demand for HE's services is driven in part by the need for customers to comply with environmental regulations for waste. However, the operating landscape for HE's environmental services is fragmented and competitive. HE also has cyclical exposure with sales correlated to steel production volumes and is sensitive to prolonged slowdowns in steel mill production or excess production capacity. Steel production remains subdued in most regions globally, amid weak economic growth, cheaper alternatives from Asia and shifting trade policies. This is tempered by higher volumes in fast-growing areas such as India and the Middle East. The rating also reflects Rail's global presence and sizeable installed base that provides good longer term prospects for higher margin aftermarket demand. However, the company's rail business is cyclical and facing weaker demand fundamentals as customer spending remains cautious with ongoing macroeconomic uncertainty. Weaker operating results at Rail have contributed largely to Enviri's high leverage and sustained negative free cash flow. Rail continues to face cash flow pressures and the risk of losses on its large European ETO rail contracts into 2026, though efforts to reduce the risk by amending the agreements and continued progress toward completing the contracts will reduce the company's cash consumption. While the CE sale leaves a business with lower margin and cash flow generation, Moody's expects credit metrics to improve over the next 12-18 months, including adjusted EBITDA margin approaching 12% through 2026. This will be supported by HE's new contracts wins to replace site closures and exits, higher pricing, and efficiency actions at existing sites helping to offset cost inflation pressures. As well, positive trends in US steel production as tariffs to protect US producers take effect and an improvement in European steel markets over the next year will also support improving results. Moody's also expects the company to benefit from a focus on operational execution and cost measures at Rail, along with a gradual recovery in demand. Lower cash flow generation of the post-CE sale operations will be tempered by significantly reduced interest costs with less pro forma debt. Enviri's adequate liquidity, as reflected by the SGL-3 speculative grade liquidity rating, is based on Moody's expectations of a healthy cash balance and near-full availability under a $150 million revolving credit facility. Moody's expects free cash flow to be negative through 2026 but the cash burn will likely lessen as the company works to complete its large ETO contracts as well as smaller ETOs over the next 12-18 months. Earnings growth, reduced interest expense and some rail milestone payments will also help improve free cash flow. There are no material debt maturities until the senior unsecured notes in 2027. Moody's expects the company to maintain adequate headroom under its financial covenants following an amendment to its credit agreement in November 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded with good operational execution, demonstrated by consistent top line growth and meaningfully stronger margins. Quantitatively, Moody's would expect to see adjusted debt-to-EBITDA sustained below 3.5x, adjusted EBIT to interest expense above 2x and EBIT margin improving and sustained above 6.5% for a ratings upgrade. The maintenance of good liquidity, including consistent positive free cash flow along with ample revolver availability and covenant headroom, would also be required for an upgrade. The ratings could be downgraded if debt-to-EBITDA is sustained above 4.5x, margins decline due to execution challenges or weakening business fundamentals, or EBIT to interest is sustained below 1x. Any deterioration in liquidity, including weaker than expected free cash flow or declining headroom in complying with covenants, could also result in a ratings downgrade. A meaningful increase in expected losses related to continued delays on delivering under key European rail contracts or the company's inability to execute on its plan related to these contracts could also drive a ratings downgrade. Lastly, evidence of a more aggressive posture on capital allocation, including debt funded acquisitions or dividends that weaken the metrics could also drive a ratings downgrade. The principal methodology used in these ratings was Environmental Services and Waste Management published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Enviri Corporation, with headquarters in Philadelphia, PA, is a global provider of environmental solutions for industrial and specialty waste streams through Harsco Environmental and Clean Earth business segments, and innovative equipment and technology for the rail sector through Harsco Rail. Revenue was approximately $2.3 billion for the twelve months ended September 30, 2025. EOS FINCO: Blue Owl Marks $10.8MM 1L Loan at 75% Off ---------------------------------------------------- Blue Owl Capital Corporation has marked its $10,870,000 loan extended to EOS Finco S.A.R.L to market at $2,726,000 or 25% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a First Lien Senior Secured Loan to EOS Finco S.A.R.L. The loan accrues interest at a rate of 6.00% per annum. The loan matures on October 2029. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About EOS Finco S.A.R.L Eos Finco Sàrl, located in Luxembourg, is a holding company involved in acquiring, holding, and managing participations in Luxembourg and foreign companies. EVERSTREAM SOLUTIONS: Court Confirms Joint Chapter 11 Plan ---------------------------------------------------------- Judge Christopher Lopez of the United States Bankruptcy Court for the Southern District of Texas confirmed the Third Amended Joint Chapter 11 Plan of Everstream Solutions LLC and its affiliated debtors. The Plan and each of its provisions are confirmed pursuant to section 1129 of the Bankruptcy Code. Holders of Claims in Class 7 (Intercompany Claims) (only in the event that Intercompany Claims are not reinstated), Holders of Claims in Class 8 (Subordinated Claims), and Holders of Claims in Class 9 (HoldCo Equity Interests) are deemed to reject the plan. The Plan satisfies the requirements of section 1129(b) of the Bankruptcy Code and, accordingly, can be confirmed. The Plan does not discriminate unfairly because holders of Claims and Interests with similar legal rights will not receive materially different treatment under the Plan. Additionally, the Plan is fair and equitable with respect to each Class of Claims and Interests that has not accepted the Plan because no holders of Claims or Interests junior to such Classes will receive or retain any property under the Plan on account of such Claims or Interests. The Debtors, the Released Parties, and the Exculpated Parties have acted in good faith in all aspects with respect to the Plan, including within the meaning of section 1125(e) of the Bankruptcy Code. The Debtors have proposed the Plan (and all documents necessary to effectuate the Plan) in good faith and not by any means forbidden by law. The Debtors' good faith is evident from the facts and record of the Chapter 11 Cases, the Disclosure Statement, the record of the Confirmation Hearing, and other proceedings held by this Court in the Chapter 11 Cases. The Plan (including all documents necessary to effectuate the Plan) was negotiated at arm's length among the Debtors, the Prepetition Lenders, the DIP Lenders, and the Creditors' Committee, other parties in interest, and each of their respective advisors. According to the Troubled Company Reporter on Sept. 19, 2025, the Debtors filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for Joint Chapter 11 Plan dated September 10, 2025. Debtor Midwest Fiber Holdings LP ("HoldCo") is the ultimate Debtor parent of 13 direct and indirect subsidiaries that, collectively with Everstream Solutions LLC, are Debtors in the Chapter 11 Cases. Everstream was founded in 2014 as a for-profit subsidiary of OneCommunity, a Cleveland-based nonprofit organization, to provide fiber, data, and network services to businesses across northeast Ohio. Since its founding, the Company has expanded through a combination of organic growth and strategic acquisitions. Everstream classifies its suite of services into three broad categories: (i) connectivity services, (ii) communications solutions, and (iii) network security. On July 22, 2025, the Debtors held a live auction (the "Auction") that included multiple rounds of competitive bidding among the Qualified Bidders and resulted in the designation of Bluebird's final bid, which provided for an aggregate cash purchase price of $384.6 million (subject to certain purchase price adjustments) plus certain assumed liabilities, as the Successful Bid. The Debtors also selected Metro Comm's final bid, which provided for an aggregate cash purchase price of $366 million (subject to certain purchase price adjustments) plus certain assumed liabilities, including the liabilities associated with the Pennsylvania Business, as the Back-Up Bid (as defined in the Bidding Procedures Order). The Successful Bid and Back-Up Bid were the culmination of the extensive eight-month WholeCo Prepetition Sale Process, the 50-day Postpetition Sale Process, and a competitive Auction. Each bid also marked a significant improvement from the Stalking Horse Bid to the benefit of the Debtors' estates, creditors, and all parties in interest. On August 1, 2025, upon a hearing held to approve the WholeCo Sale Transaction, the Bankruptcy Court entered an order approving (i) that certain Asset Purchase Agreement, dated as of July 31, 2025, memorializing the WholeCo Sale Transaction (the "Bluebird APA") with Bluebird as the Successful Bidder and (ii) the designation of Metro Comm as the Back-Up Bidder and its bid as the Back-Up Bid pursuant to the terms of that certain Asset Purchase Agreement (the "Metro Comm APA," and, as applicable between the Metro Comm APA and the Bluebird APA, in each case, together with the exhibits thereto, as may be amended, supplemented, or otherwise modified from time to time in accordance with the terms thereof, the "WholeCo APA"). The Plan contemplates the distribution of proceeds from the WholeCo Sale Transaction with the Successful Bidder and a wind down of the Debtors' remaining assets. To implement the provisions of the Plan, the Plan contemplates the appointment of a plan administrator (the "Plan Administrator") to facilitate the wind down of the Debtors' remaining assets after the Effective Date (the "Wind Down"). The Plan further provides that, on the Effective Date, an Entity or Entities that, in the discretion of Debtors with the consent of the Requisite Prepetition Lenders, may be established or otherwise designated for the benefit of holders of Claims against the Debtors (the "Wind Down Co") in connection with the distribution of cash on hand, proceeds from the WholeCo Sale Transaction, and any other assets of the Debtors. Wind Down Co will be funded with Cash equal to the aggregate amount of projected disbursements (plus any additional amounts recovered or realized by Wind Down Co in accordance with the Wind Down) (the "Wind Down Fund"), which shall be used in accordance with a budget (the "Wind Down Budget") to be agreed upon between the Debtors and Prepetition Lenders holding, in the aggregate, at least 75% of each of the outstanding DIP Loans, OpCo Loans, and HoldCo Loans (the "Requisite Prepetition Lenders"). Plan Distributions to holders of Claims entitled to a recovery under the Plan will be funded by Cash on hand, the Sale Proceeds, Cash proceeds from the sale or liquidation of any of the Debtors' assets that are not Transferred Assets, and, with respect to distributions on account of Allowed HoldCo Lender Secured Claims, any Cash in the Credit Card Program Bank Account. Plan Distributions will be made in accordance with the following distribution priority (in each case, until paid in full in Cash) (the "Waterfall Recovery Priority"): (i) first, on account of Allowed Administrative Expense Claims, Allowed DIP Claims, Allowed Priority Tax Claims, and Allowed Other Priority Claims (if any); (ii) second, on account of Allowed Other Secured Claims (if any); and (iii) third, on account of Allowed OpCo Lender Secured Claims. As further set forth in the Plan, following completion of the Wind Down, the Plan Administrator will distribute to the OpCo Lenders the amount (if any) remaining in the Wind Down Fund after the Plan Administrator completes all of its duties under the Plan before the dissolution of Wind Down Co. As of the Petition Date, the Debtors estimate that there is approximately $37.5 million on account of Claims against the Debtors that are neither secured by collateral nor entitled to priority under the Bankruptcy Code or any order of the Court. Class 4 consists of OpCo General Unsecured Claims. All OpCo General Unsecured Claims shall be cancelled, released, and extinguished as of the Effective Date, and will be of no further force or effect, and holders of Allowed OpCo General Unsecured Claims shall not receive any distribution on account of such Allowed OpCo General Unsecured Claims. This Class will receive a distribution of 0% of their allowed claims. This Class is impaired. Class 6 consists of HoldCo General Unsecured Claims. All HoldCo General Unsecured Claims shall be cancelled, released, and extinguished as of the Effective Date, and will be of no further force or effect, and holders of Allowed HoldCo General Unsecured Claims shall not receive any distribution on account of such Allowed HoldCo General Unsecured Claims. This Class will receive a distribution of 0% of their allowed claims. This Class is impaired. A full-text copy of the Disclosure Statement dated Sept. 10, 2025 is available at https://urlcurt.com/u?l=f3MIe7 from Stretto Inc., claims agent. A copy of the Court's Findings of Fact, Conclusions of Law, and Order dated November 19, 2025, is available at https://urlcurt.com/u?l=oofR2F from PacerMonitor.com. About Everstream Networks Everstream Networks LLC is a business-focused provider of data, internet, and communications services, operating a fiber network spanning over 34,000 miles across 13 states in the U.S. Midwest and Northeast. Headquartered in Cleveland, Ohio, the Company offers enterprise-grade solutions such as dedicated internet access, dark fiber, Ethernet, and network security. Founded in 2014 as a subsidiary of nonprofit OneCommunity, Everstream has expanded through a mix of organic growth and acquisitions. Everstream Networks LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90144) on May 28, 2025. In its petition, the Debtor reports estimated assets (on a consolidated basis) between $500 million and $1 billion and estimated liabilities (on a consolidated basis) between $1 billion and $10 billion. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel A. Morgan, Esq., Clifford W. Carlson, Esq., Matthew S. Barr, Esq., Andriana Georgallas, Esq., and Alexander P. Cohen, Esq. at WEIL, GOTSHAL & MANGES LLP. The Debtors' Special Counsel is RICHARDS, LAYTON & FINGER, P.A. BANK STREET GROUP LLC is the Debtors' M&A Advisor. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Financial Advisor. STRETTO, INC. is the Debtors' Claims, Noticing & Solicitation Agent. EXPERT INC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Expert, Inc. d/b/a Expert Solar One Progress Plaza 200 Central Ave S, Floor 4 Saint Petersburg, FL 33701 Business Description: Expert, Inc., doing business as Expert Solar, provides solar, HVAC, electrical, and facility maintenance solutions to federal, commercial, and industrial clients across the United States, focusing on energy efficiency, sustainability, and operational reliability. The Company designs, installs, and maintains renewable energy systems, advanced battery storage, and integrated energy management infrastructure, supporting clients with long-term performance optimization and compliance with evolving energy standards. Chapter 11 Petition Date: November 26, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-08928 Debtor's Counsel: Buddy D. Ford, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Fax: (813) 877-5543 E-mail: All@tampaesq.com Total Assets: $85,491 Total Liabilities: $3,188,008 The petition was signed by Juan Garcia as co-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/MRPAAZI/Expert_Inc__flmbke-25-08928__0001.0.pdf?mcid=tGE4TAMA FASHIONABLE INC: Gets OK to Use Cash Collateral Until Feb. 3 ------------------------------------------------------------ Fashionable, Inc. received sixth interim approval from the U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, to use cash collateral. The sixth interim order authorized the Debtor to use cash collateral to pay its operating expenses from November 21 through February 3, 2026. Clear Finance Technology Corp. and other lienholders will be granted replacement liens on all property acquired by the Debtor after the petition date, with the same priority as their pre-bankruptcy liens. As additional protection, CFT will receive biweekly payments of $5,000. The final hearing is scheduled for February 3. The Debtor's cash collateral comprises cash accounts and inventory proceeds. UCC-1 filings indicate several creditors -- Clear Finance Technology, Onward Group, MCA Servicing Solutions, ALO Capital Group, CFG Merchant Solutions, and Brian Waller as collateral agent -- may claim an interest in this cash. Clear Finance Technology is represented by: Justin Sveadas, Esq. Baker, Donelson, Bearman, Caldwell & Berkowitz, PC 633 Chestnut Street, Suite 1900 Chattanooga, TN 37450 Phone: 423.209.4184 Fax: 423.752.9589 jsveadas@bakerdonelson.com About Fashionable Inc. Fashionable, Inc., doing business as ABLE, is a Nashville-based women's clothing and accessories brand offering a thoughtfully curated range of apparel, leather goods, jewelry, and footwear. Fashionable sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01501) on April 8, 2025, listing between $1 million and $10 million in both assets and liabilities. Misti Blasko, chief executive officer of fashionable, signed the petition. Judge Randal S. Mashburn oversees the case. R. Alex Payne, Esq., at Dunham Hildebrand Payne Waldron, PLLC is the Debtor's legal counsel. FERADYNE OUTDOORS: Blue Owl Marks $677,000 1L Loan at 24% Off ------------------------------------------------------------- Blue Owl Capital Corporation has marked its $677,000 loan extended to Feradyne Outdoors, LLC to market at $516,000 or 76% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a First Lien Senior Secured Loan to Feradyne Outdoors, LLC. The loan accrues interest at a rate of 3.15% per annum. The loan matures on May 2028. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Feradyne Outdoors, LLC Feradyne Outdoors, LLC manufactures outdoor sports goods. The Company offers bow-hunting products including bows, arrows, trail cameras, optics, blinds and other archery products. Feradyne Outdoors serves customers in the United States. FIRST BRANDS: Jefferies Faces SEC Inquiry Over Disclosures ---------------------------------------------------------- Olivia Tam of Bloomberg News reports that the U.S. Securities and Exchange Commission has launched an early-stage inquiry into Jefferies’ dealings with First Brands Group, according to the Financial Times, which cited people familiar with the matter. Investigators are examining whether Jefferies adequately informed investors in its Point Bonita fund about their exposure to the auto-parts business and are also reviewing the bank’s internal controls and potential conflicts of interest across its operations. Jefferies declined to comment on the probe, while the SEC also did not provide further details to the Financial Times. The investigation remains preliminary, and it is not yet known whether it will lead to any allegations of wrongdoing, the report cites. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Wilmington Savings Fund Society, FSB, as DIP agent, is represented by Jeffery R. Gleit, Esq., and Matthew R. Bentley, Esq., at ArentFox Schiff, LLP, in New York; and Eric J. Fromme, Esq., in Los Angeles, California. FITNESS NGO 1: Taps Brian K. McMahon P.A. as Legal Counsel ---------------------------------------------------------- Fitness NGO 1, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Brian K. McMahon of Brian K. McMahon, P.A. to serve as legal counsel. Mr. McMahon will provide these services: (a) give advice to the debtor with respect to its powers and duties as a debtor in possession; (b) advise the debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the debtor in all matters pending before the court; and (e) represent the debtor in negotiation with its creditors in the preparation of a plan. Mr. McMahon has agreed to accept a $2,000 retainer, and his current hourly rate is $450. According to court filings, neither Mr. McMahon nor his firm represent any interest adverse to the debtor and they are disinterested persons as required by 11 U.S.C. Section 327(a). The firm can be reached at: Brian K. McMahon, Esq. BRIAN K. MCMAHON, P.A. 1401 Forum Way, Suite 730 West Palm Beach, FL 33401 Telephone: (561) 478-2500 E-mail: brian@bkmbankruptcy.com About Element PT Houston, LLC Element PT Houston, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23758) on November 20, 2025. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $500,001 to $1 million. Brian K. McMahon, P.A. is Debtor's legal counsel. FK EXPRESS: Seeks Chapter 7 Bankruptcy in Illinois -------------------------------------------------- On November 14, 2025, FK Express Inc. filed for Chapter 7 protection in the Northern District of Illinois. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About FK Express Inc. FK Express Inc., headquartered at 655 Pheasant Ridge Dr, Lake Zurich, Illinois, is a privately owned interstate freight transportation company. FK Express Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-17683) on November 14, 2025. In its petition, the Debtor reports estimated assets in the range of $100,001–$1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by David M. Siegel, Esq. of David M. Siegel & Associates. FLINK SE: TriplePoint Venture Marks $14.7MM Loan at 26% Off ----------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $14,709,000 loan extended to Flink SE to market at $10,876,000 or 74% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Capital Growth Loan to Flink SE. The loan accrues interest at a rate of 9.75% PIK interest, 6.75% EOT payment per annum. The loan matures on August 31, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Flink SE Flink SE is a German on-demand delivery service that delivers everyday items directly to consumers from called "dark stores", hyper-local grocery warehouses not accessible to the public. FORTUNE CIRCLE: Section 341(a) Meeting of Creditors on Dec. 16 -------------------------------------------------------------- On November 12, 2025, Fortune Circle LLC filed for Chapter 11 protection in the Northern District of Illinois. According to court filings, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on December 16, 2025 at 01:30 PM at Appear by Teams. About Fortune Circle LLC Fortune Circle LLC is a real estate company whose primary asset is a hotel property at 239 St. Robert Boulevard in Saint Robert, Missouri. Fortune Circle LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-17508) on November 12, 2025. In its petition, the Debtor reports estimated assets in the range of $1,000,001–$10,000,000 and estimated liabilities in the range of $1,000,001–$10,000,000. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by William J. Factor, Esq. FRANK'S IDEAL: Seeks Chapter 7 Bankruptcy in Illinois ----------------------------------------------------- On November 14, 2025, Frank's Ideal Welding Inc. voluntarily filed for Chapter 7 bankruptcy in the Northern District of Illinois. Court filings indicate the company owes between $100,001 and $1,000,000 to 1–49 creditors. About Frank's Ideal Welding Inc. Frank's Ideal Welding, Inc. is a custom metal‑fabrication company based in Broadview and Melrose Park, Illinois. The firm specializes in bespoke iron‑work for residential and commercial clients, including fences, gates, railings, and interior or exterior metal accents. The Debtor filed for Chapter 7 relief under the U.S. Bankruptcy Code (Bankr. Case No. 25-17657) on November 14, 2025. Its petition lists estimated assets of $0–$100,000 and estimated liabilities in the range of $100,001–$1,000,000. Honorable Bankruptcy Judge Michael B. Slade presides over the case. The Debtor is represented by David M. Siegel, Esq. of David M. Siegel & Associates. FRATELLO'S HOLDINGS: Hires Boyle Legal LLC as Bankruptcy Counsel ---------------------------------------------------------------- Fratello's Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Boyle Legal, LLC and attorney Michael L. Boyle to serve as bankruptcy counsel in its Chapter 11 case. Mr. Boyle will provide these services: (a) give Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued reorganization of its debts; (b) take necessary actions to avoid liens against Debtor's property, remove restraints against Debtor's property and such other actions to remove any encumbrances and liens which are avoidable, which were placed against the property of the Debtor prior to the filing of the Petition and at a time when the Debtor was insolvent; (c) take necessary action to enjoin and stay until final decree any attempts by secured creditors to enforce liens upon property of the Debtor in which the Debtor has substantial equity; (d) represent Debtor, as Debtor-in-Possession, in any proceedings instituted in this Court by Debtor, Creditors, or other Parties-in-Interest; (e) prepare necessary pleadings, answers, orders, reports, and other legal papers; and (f) perform all other Bankruptcy legal services for Debtor-in-Possession or employ attorneys or other Professionals for such other non-Bankruptcy legal services during the pendency of the Case. Mr. Boyle will receive an hourly rate of $400, and paralegal rates range from $100 to $150. The Debtor has remitted a $12,000 retainer. Boyle Legal, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Michael L. Boyle BOYLE LEGAL, LLC 64 2nd Street Troy NY 12180 Telephone: (518) 407-3121 E-mail: mike@boylebankruptcy.com About Fratello's Holdings, LLC Fratello's Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.D.N.Y. Case No. 25-11385) on November 20, 2025. At the time of the filing, Debtor had estimated assets of between $500,001 to $1 million and liabilities of between $1,000,001 to $10 million. Honorable Judge Patrick G. Radel oversees the case. Boyle Legal, LLC is Debtor's legal counsel. FRUBANA INC: TriplePoint Venture Marks $2.9MM Loan at 62% Off ------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $2,948,000 loan extended to Frubana Inc. to market at $1,131,000 or 38% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Capital Growth Loan to Frubana Inc. The loan accrues interest at a rate of Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment per annum. The loan matures on October 31, 2026. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Frubana Inc. Frubana Inc. operates grocery store. The Company offers fruits and vegetables, meat, fish, drinks, bakery, and dairy products. Frubana operates in Colombia, Mexico, and Brazil. FRUBANA INC: TriplePoint Venture Marks $8MM Loan at 62% Off ----------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $8,000,000 loan extended to Frubana Inc. to market at $3,069,000 or 38% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Capital Growth Loan to Frubana Inc. The loan accrues interest at a rate of Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment per annum. The loan matures on October 31, 2026. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Frubana Inc. Frubana Inc operates grocery store. The Company offers fruits and vegetables, meat, fish, drinks, bakery, and dairy products. Frubana operates in Colombia, Mexico, and Brazil. GAMMA DIAGNOSTIC: Seeks Chapter 7 Bankruptcy in Florida ------------------------------------------------------- On November 23, 2025, Gamma Diagnostic Lab LLC voluntarily filed for Chapter 7 bankruptcy in the Southern District of Florida. Court filings indicate the company has liabilities between $100,001 and $1,000,000 owed to 1–49 creditors. About Gamma Diagnostic Lab LLC Gamma Diagnostic Lab, LLC is a private clinical laboratory based in Doral, Florida, offering a comprehensive suite of diagnostic testing, from basic chemistry and hematology to advanced immunology, toxicology, microbiology, and molecular diagnostics. The company filed for Chapter 7 relief under the U.S. Bankruptcy Code (Bankr. Case No. 25-23906) on November 23, 2025. Its petition lists estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. The case is overseen by Honorable Bankruptcy Judge Laurel M. Isicoff. The Debtor is represented by Kevin C. Gleason, Esq. GENERATIONS ON 1ST: Claims to be Paid from Future Rental, Financing ------------------------------------------------------------------- Generations on 1st, LLC, filed with the U.S. Bankruptcy Court for the District of North Dakota a Disclosure Statement for Fist Amended Plan of Reorganization dated November 25, 2025. Formed on March 4, 2020, Generations was created for purposes of constructing and operating a residential apartment building at 26 1st Avenue in Watertown, South Dakota (the "Real Estate"). A number of factors went into initial development of the Real Estate, including an assessment of the housing demand in Watertown, the availability of tax increment financing ("TIF") from the local government, and the promised provision of both construction and completion funding from Red River State Bank ("RRSB"). The Debtor commenced operations with detailed projections, and seized upon the industry experience of Mr. Craig. Yet Generations' development thereafter proceeded in a hardly typical manner. Myriad disputes presently exist between RRSB and the Debtor concerning what did— and did not—happen along the way. Where appropriate, this Disclosure Statement addresses the Debtor's position as to those disputes, which are most pertinently being advanced through the pending case of Generations on 1st, et al. v. Red River State Bank, Case No. 25-07009 (Bankr. D.N.D. 2025) (the "Adversary Proceeding"). Specifically, Generations petitioned for chapter 11 protection on January 6, 2025. The core of Generations claims against RRSB is a contention that the bank is the recipient of a fraudulent conveyance, in the form of a forbearance agreement containing both a broad release and an increase in applicable interest rates. Generations also contends that RRSB lacked the authority and resources to honor lending commitments, leading to the bank acting in an irrational manner at odds with prevailing industry norms and, ultimately, causing the institution to service the loans, and declare defaults, in a predatorily aggressive and bad faith manner. Critically, the Plan is not dependent upon success in the Adversary Proceeding. Rather, in an effort to ensure Generations may emerge from chapter 11 before the litigation reaches a conclusion (a process that may take some measure of time), the Plan proposes to pay RRSB's claim based on an estimated sum (which is not significantly lower than that asserted by RRSB), with payments to be reamortized once the Adversary Proceeding concludes and a precise sum may be calculated. The Debtor fervently asserts the Plan is feasible even if the Adversary Proceeding is not ultimately successful, with Plan payments being pegged to future rental streams and takeout financing. Success in the Adversary Proceeding will make Plan obligations easier (and, in the biased view of the Debtor, advance the interests of justice); success in the Adversary Proceeding, however, is not a condition precedent to the making of payments to creditors under the Plan. Class 5 consists of General Unsecured Trade Creditors. Class 5 consists of the Claims of CP Business Management, White Glove Cleaning, HME, and Cannon Electric LLC. Each of these Claims are derivative of obligations attendant to the care and maintenance of the Real Estate, whether directly (as with White Glove Cleaning and Cannon Electric LLC) or derivatively (as with CP Business Management and HME, both of which assert themselves to have fronted monies for the payment of ordinary trade creditors during their respective times operating the Real Estate prepetition). This Class will be paid, pari passu, with Class 4, Class 6 and Class 7, over a period of five years from the Plan Payment Commencement Date. Class 5 is an impaired class. Class 6 consists of the Unsecured Claim of Red River State Bank. Class 6 consists of the Claim of Red River State Bank that is both an allowed Claim and an unsecured Claim. This claim is in the amount of $2,678,457.38, subject to setoff. This claim is also likely to be reduced based on the allocation of various notes on which Mulinda Craig is personally obligated, secured by the Real Estate, and upon which a separate debtor in bankruptcy Parkside Place LLC, is also bound. These obligations will be paid by the Debtor and Parkside in such a manner as to ensure they are paid in full, without any "double" payment thereupon being made. This Class will be paid, pari passu, with Class 4, Class 5 and Class 7, over a period of five years from the Plan Payment Commencement Date, in a sum adjusted to ensure the full retirement of Ms. Craig's notes between this Plan and that of Parkside. Class 6 is an impaired class. Class 7 consists of the unsecured Claim of Blacktail Investments, LLC, being monies loaned directly to Generations for the sole and express purpose of retaining bankruptcy counsel. Insofar as this Claim is not comparable to that of a trade creditor, nor comparable to that of a construction lender with a putative deficiency, this Claim is separately classified. This Class will be paid, pari passu, with Class 4, Class 5 and Class 6, over a period of five years from Plan Payment Commencement Date. Class 7 is an impaired class. Class 8 consists of the Debtor's equity interest. The Debtor's equity interest shall remain unchanged insofar as this Plan proposes to pay all Claim Holders in full. Class 8 is an unimpaired class. The payments, distributions and other treatment afforded to holders of allowed claims and interests under the Plan shall be in full and complete satisfaction, discharge and release of such allowed claims or interests against the Debtor. A full-text copy of the Disclosure Statement dated November 25, 2025 is available at https://urlcurt.com/u?l=kJvaq1 from PacerMonitor.com at no charge. Counsel for the Debtor: Maurice B. VerStandig, Esq. THE DAKOTA BANKRUPTCY FIRM 1630 1st Avenue N Suite B PMB 24 Fargo, North Dakota 58102-4246 Phone: (701) 394-3215 Email: mac@dakotabankruptcy.com About Generations on 1st and Parkside Place Generations on 1st, LLC, a company in Fargo, N.D., and its affiliate Parkside Place, LLC, filed Chapter 11 petitions (Bankr. D. N.D. Lead Case No. 25-30002) on January 6, 2025. In their petitions, Generations on 1st reported total assets of $13,567,037 and total liabilities of $12,137,102 while Parkside Place reported $7,221,882 in assets and $5,599,522 in liabilities. Judge Shon Hastings handles the cases. The Debtors are represented by Maurice VerStandig, Esq. at The Dakota Bankruptcy Firm. Red River State Bank, as lender, is represented by Drew J. Hushka, Esq., at Vogel Law Firm. 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. to serve as legal counsel. The firm will provide these services: (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 firm's professionals hourly rates are: David V. Wadsworth $500 Aaron A. Garber $500 David J. Warner $425 Aaron J. Conrardy $425 Lindsay S. Riley $325 Hallie Cooper $225 Paralegals $125 Wadsworth Garber Warner Conrardy, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: David V. Wadsworth, Esq. David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Facsimile: (303) 296-7600 E-mail: dwadsworth@wgwc-law.com 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 filed a petition under Chapter 11, Subchapter V of the 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. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Kimberley H. Tyson handles the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. represents the Debtor as legal counsel. GLOTSER LIVING: Taps the Law Office of Julio E. Portilla as Counsel ------------------------------------------------------------------- Glotser Living LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Julio E. Portilla, Esq. of the Law Office of Julio E. Portilla, P.C. to serve as legal counsel. Mr. Portilla 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) negotiate, draft, and pursue all documentation necessary for this Chapter 11 case, including debtor-in-possession financing arrangements and the disposition of the Debtor's assets; (c) prepare on behalf of the Debtor and Debtor-in-Possession the necessary applications, motions, answers, orders, reports, and other legal papers; (d) negotiate with the Debtor's creditors, prepare a reorganization plan, and take necessary steps to implement that plan, including plan financing if needed; (e) appear in court and safeguard the interests of the Debtor before the Court; (f) attend meetings and negotiate with representatives of creditors, the United States Trustee, and other interested parties; (g) provide legal advice on bankruptcy law, corporate law, corporate governance, tax, litigation, and other matters related to the Debtor's business operations; (h) take all necessary actions to protect and preserve the Debtor's estate, including prosecuting and defending actions, and representing the Debtor in litigation-related negotiations; and (i) perform other legal services as necessary or requested by the Debtor and reasonably acceptable to JEP Law. Mr. Portilla will receive an hourly rate of $475 to $575, and paralegals will bill at an hourly rate of $125. The Law Office of Julio E. Portilla, 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: Julio E. Portilla, Esq. LAW OFFICE OF JULIO E. PORTILLA, P.C. 380 Lexington Avenue, Suite 446 New York, NY 10168 Telephone: (212) 365-0292 Facsimile: (212) 365-4417 E-mail: jp@julioportillalaw.com About Glotser Living LLC Glotser Living LLC is a single-asset real estate company, as defined under U.S. bankruptcy law, holding a single property as its primary business. Glotser Living LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code Bankr. S.D.N.Y. Case No. 25-11765) on August 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Judge Lisa G. Beckerman oversees the case. The Debtor is represented by Julio E. Portilla, Esq. GRACE ROYALS: Hires Wadsworth Garber Warner as Legal Counsel ------------------------------------------------------------ Grace Royals, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wadsworth Garber Warner Conrardy, P.C. to serve as legal counsel. WGWC will provide these services: (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). WGWC will receive these hourly rates: 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 WGWC 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 V. Wadsworth, Esq. David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Facsimile: (303) 296-7600 E-mail: dwadsworth@wgwc-law.com dwarner@wgwc-law.com About Grace Royals Inc. Grace Royals, Inc., doing business as Evans Fast Break and Kersey Supermarket, is a Colorado-based company that operates convenience stores and gas stations at leased properties in Evans and Kersey, Colorado. It holds leasehold interests in these locations and conducts retail fuel and grocery sales to local customers. Grace Royals filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17391) on November 11, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Kimberley H. Tyson presides over the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. represents the Debtor as legal counsel. HAWKEYE ENTERTAINMENT: To Hire Stinson LLP as General Counsel ------------------------------------------------------------- Hawkeye Entertainment, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Stinson LLP as general bankruptcy counsel in its Chapter 11 case, in place of Leech Tishman Fuscaldo & Lampl, Inc. Stinson will provide these services: (a) advise the Debtor as to the requirements of the Bankruptcy Court, the Bankruptcy Code, FRBP, LBR, and the Office of the United States Trustee as they pertain to the Debtor; (b) advise the Debtor as to certain rights and remedies of its bankruptcy estate and the rights, claims, and interests of creditors and/or other parties in interest; (c) assist the Debtor with the negotiation, documentation, and any necessary Court approval of transactions disposing of property of the estate; (d) represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving the bankruptcy estate unless the Debtor is represented in such hearing or proceeding by special counsel; (e) conduct examinations of witnesses, claimants and/or adverse parties and represent the Debtor in any adversary proceeding except to the extent that such adversary proceeding is outside of Stinson's expertise or beyond Stinson's staffing capabilities; (f) prepare and assist the Debtor in preparation of reports, applications, and pleadings; (g) prepare and assist the Debtor in the negotiations, formulation, preparation, and confirmation of a plan of reorganization as modified or amended and the preparation and approval of a disclosure statement in connection with the Plan; (h) advise the Debtor as to its power and duties as a debtor-in-possession in the continued operation of its business and management of its property; (i) perform any other services, which may be necessary and appropriate in the representation of the Debtor during the Bankruptcy Case; (j) continue to represent the Debtor in all adversary matters pending before the Bankruptcy Court and in connection with the assumption of the Lease; and (k) continue to represent the Debtor in pending state court matters. Stinson's current hourly billing rates for attorneys and paralegals: National Rate Discounted Rate Sandford L. Frey $1,120 $795 Mark Lonergan $1,020 $795 Dennette Mulaney $970 $725 Lisamarie McDermott $630 $500 Stinson's compensation arrangement includes a post-petition retainer in the amount of $300,000. Stinson 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: Sandford Frey, Esq. STINSON LLP 1901 Avenue of the Stars, Suite 450 Los Angeles, California 90067 Telephone: (310) 730-7020 Facsimile: (310) 730-7019 E-mail: sandford.frey@stinson.com About Hawkeye Entertainment Hawkeye Entertainment, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-11501) on Oct. 18, 2023. In the petition signed by Adi McAbian, president of Saybian Gourmet, Inc., member of Hawkeye, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Martin R. Barash oversees the case. Sandford L. Frey, Esq., at Leech Tishman Fuscaldo & Lampl, LLC, is the Debtor's legal counsel. HEART 2 HEART: Plan Exclusivity Period Extended to January 26, 2026 ------------------------------------------------------------------- Judge David L. Bissett of the U.S. Bankruptcy Court for the Northern District of West Virginia extended Heart 2 Heart Volunteers, Inc. d/b/a Serenity Hills Life Center's exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 26, 2026 and March 27, 2026, respectively. As shared by Troubled Company Reporter, the Debtor was temporarily shut down pre-petition by the West Virginia Department of Health and Human Resources and/or the West Virginia Office of Health Facility and Licensure Certification but subsequently reopened after a successful administrative hearing where the closure was determined to be unsupported. The Debtor explains that its primary focus at this juncture is approval of licensing from the Joint Commission. This approval is necessary for the Debtor to continue operations and highlights the Debtor's high standards of healthcare quality and patient safety. Such accreditation is a necessary tool in growing Debtor's business. The Debtor serves, and will continue to serve, a vulnerable and at-risk population, providing an important service to the citizens of West Virginia. It is imperative that the Debtor be afforded the opportunity to maximize the chapter 11 process, to continue its service of this population. The Debtor claims that no creditor has contacted the company to allege any failure to pay bills as timely due. In connection with its present ability to pay bills as due, the Debtor has a viable path toward reorganization. Finally, not only is the Debtor seeking this extension request in good faith, and not to place any pressure on creditors, the Debtor's creditors will not be prejudiced by the requested extension; on the contrary, the Debtor's creditors will be best served with an extension of the Exclusivity Periods, as it will help ensure the plan proposed by the Debtor is a realistic Chapter 11 Plan of Reorganization that is capable of being substantially consummated. Heart 2 Heart Volunteers Inc. is represented by: Kirk B. Burkley, Esq. Bernstein-Burkley, PC 601 Grant Street, 9th Floor Pittsburg, PA 15219 Telephone: (412) 456-8100 Email: kburkley@bernsteinlaw.com About Heart 2 Heart Volunteers Inc. Heart 2 Heart Volunteers Inc., doing business as Serenity Hills Life Center, operates three addiction recovery centers and treatment facilities. Heart 2 Heart Volunteers sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00087) on February 27, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge David L. Bissett oversees the case. The Debtor is represented by Kirk B. Burkley, Esq., at Bernstein Burkley, P.C. Deborah L. Fish is the patient care ombudsman appointed in the Debtor's Chapter 11 case. HIGHLANDS AT STONEGATE: Case Summary & 20 Top Unsecured Creditors ----------------------------------------------------------------- Debtor: The Highlands at Stonegate North Condominium Association 11020 South Pikes Peak Drive Suite 350 Parker, CO 80138 Business Description: Highlands at Stonegate North Condominium Association manages a residential community in Parker, Colorado, overseeing maintenance of common areas and shared amenities such as pools and landscaping. The association enforces community standards, collects assessments, and coordinates with property management to ensure operational and regulatory compliance. Chapter 11 Petition Date: November 26, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-17804 Judge: Hon. Thomas B McNamara Debtor's Counsel: Jenny M.F. Fujii, Esq. KUTNER BRINEN DICKEY RILEY PC 1660 Lincoln St. Denver, CO 80264 Tel: (303) 832-2400 E-mail: jmf@kutnerlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sherri Rosselot as president of the Board. A copy of the Debtor's list of 20 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ADFE2PA/The_Highlands_at_Stonegate_North__cobke-25-17804__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D3NMVKY/The_Highlands_at_Stonegate_North__cobke-25-17804__0001.0.pdf?mcid=tGE4TAMA HILL INC: Files Assignment in Bankruptcy Under Canada's BIA ----------------------------------------------------------- Hill Incorporated, formerly Hill Street Beverage Company Inc., announced on November 21, 2025, that it has made an assignment in bankruptcy pursuant to the Bankruptcy and Insolvency Act (Canada). Due to dramatic price compression, difficulty in collections of accounts receivable, and other significant challenges in the cannabis industry affecting the Company's DehydraTECH licensing business, along with the significant cash outlays and costs required in the Company's alcohol-free wine business, the Company is unable to address its obligations as they become due. After careful consideration of the Company's financial position and strategic alternatives, the board of directors concluded that it had no viable option but to make an assignment in bankruptcy under the BIA. Albert Gelman Inc. has been appointed as the trustee in the Bankruptcy Proceeding by the Official Receiver, subject to affirmation of the Company's creditors at the first meeting of creditors. Further information may be obtained from the Trustee at info@albertgelman.com or 416-504-1650. For more information, contact: Albert Gelman Inc. Email: info@albertgelman.com Phone: (416) 504-1650 HOMETOWN REALTY: Seeks Chapter 7 Bankruptcy in Florida ------------------------------------------------------ On November 21, 2025, Hometown Realty of Duval Inc. sought Chapter 7 bankruptcy protection in the Middle District of Florida. According to filings, the Debtor reports debt ranging from $100,001 to $1,000,000 owed to 1–49 creditors. About Hometown Realty of Duval Inc. Hometown Realty of Duval Inc., operating under the trade name WEICHERT REALTORS HOMETOWN FIRST, is a Jacksonville‑area real estate brokerage and property‑management firm located at 8382 Baymeadows Road, Ste. 5. The company serves clients with residential real-estate transactions and offers full management services for rental homes, condos, and small multi‑family properties—handling tenant placement, maintenance, rent collection, and lease administration. Hometown Realty of Duval Inc. filed for relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-04323) on November 21, 2025. The petition estimates assets at $0–$100,000 and liabilities at $100,001–$1,000,000. Honorable Bankruptcy Judge Jason A. Burgess presides over the case. The Debtor is represented by Kevin B. Paysinger, Esq. of Lansing Roy, PA. HRZN INC: Seeks to Tap Lighthouse Appraisal Company as Appraiser ---------------------------------------------------------------- HRZN, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ William Voss of Lighthouse Appraisal Company to serve as appraiser. Mr. Voss will provide these services: (a) perform a comprehensive inventory and valuation of the Debtor’s Equipment for use during the bankruptcy case; (b) assist the Debtor with valuation required for analysis under 11 U.S.C. §506; (c) provide appraisal information for the Debtor’s Disclosure Statement and/or Plan of Reorganization under 11 U.S.C. Sections 1125 and 1129; (d) conduct a site visit, take photos, capture hours and mileage, and prepare the full appraisal report; and (e) appear for testimony at a deposition or hearing for a fee of $250 per appearance. Mr. Voss will receive a flat fee of $4,500.00, which includes the valuation of approximately 123 assets, excluding small tools. According to court filings, Mr. Voss and Lighthouse Appraisal Company are a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The appraiser can be reached at: William Voss Lighthouse Appraisal Company 8183 West 22nd Way Lakewood, CO 80214 Telephone: (303) 233-4400 About HRZN Inc. HRZN Inc. is a Colorado company, founded in 1983, that provides commercial landscaping and grounds maintenance services including lawn care, irrigation, snow removal, and landscape enhancements. It also offers interior plantscaping through its Plant Escape brand, serving businesses, property managers, and commercial clients across the Denver metro area. HRZN Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-15925) on September 15, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by K. Jamie Buechler, Esq., at Buechler Law Office, LLC. IN HOME PERSONAL: Court Extends Cash Collateral Access to Jan. 20 ----------------------------------------------------------------- In Home Personal Services, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The court's ninth interim order authorized the Debtor to use the cash collateral of the U.S. Small Business Administration from November 18 through January 20, 2026, strictly according to its budget. The Debtor projects total operational expenses of $168,500 for December and January 2026. The Debtor is prohibited from making any payments or distributions other than those projected in the budget without prior written consent from SBA. As protection, SBA will be granted a replacement lien on the assets, including accounts receivable, inventory, equipment, and the proceeds thereof, to the extent there is diminution in the value of its collateral. The next hearing is scheduled for January 20. SBA has a blanket lien on the Debtor's assets, with claims exceeding $2,182,378.09. About In Home Personal Services In Home Personal Services Inc. operates a health care business in Carpentersville, Ill. In Home Personal Services sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-08842) on June 15, 2024, with total assets of $744,226 and total liabilities of $3,509,818. Michael Collura, president of In Home Personal Services, signed the petition. Judge Jacqueline P. Cox oversees the case. The Debtor tapped James A. Young, Esq., at James Young Law as bankruptcy counsel and Lois West, CPA, at KRD Accountants Ltd. as accountant. INSULATION COATINGS: Seeks to Sell Insulation Assets via Auction ---------------------------------------------------------------- Insulation Coatings & Consultants LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania, to sell Property, free and clear of liens, claims, interests, and encumbrances. On August 9, 2022, the Debtor filed a voluntary Petition for Relief under Chapter 11, Subchapter V of the Bankruptcy Code. The Debtor maintains a place of business at 9008 Kidder Road, Sherman, New York 14781. The lienholders of the Property are Genesis Commercial Capital and CIT Bank, a Division of First Citizens Bank & Trust Company, Partners Capital d/b/a LEAF Capital Funding, LLC, Americredit Financial Services, Inc. d/b/a GM Financial, M&T Bank, First National Bank of Pennsylvania, and the United States of America, Internal Revenue Service. The Debtor employs CIA Industrial, LLC, 2020 Dunlap Street, Cincinnati, Ohio 45214 (internet: www.cia-auction.com) (email: info@cia-auction.com), for the purpose of selling the Debtor's personal property at a public auction sale to be held on February 17, 2026. The Debtor has entered into a Standard Form Auction Contract for CIA to sell at public auction the personal property of Insulation Coatings & Consultants, LLC. The Auction Contract provides that the auction will be held on or about February 17, 2026, subject to Bankruptcy Court approval. The assets to be sold are identified on Exhibit B. The Debtor and the Auctioneer may add or delete items from the list of assets on Exhibit B prior to the hearing on this motion. https://urlcurt.com/u?l=XZ4L4J The proposed auction sale will maximize the value of the Assets for the benefit of the estate and creditors by exposing the Assets to competitive bidding at a public auction which is conducted by an experienced auctioneer. the Debtor requests that the Court authorize sale of the Assets by public auction free and clear of liens and claims there against, including the Respondents' security interests. Moreover, the Debtor requests that the costs of sale of the within proceeding be paid in advance of any distribution of the proceeds of sale to any creditor claiming an interest in the Assets. About Insulation Coatings & Consultations Insulation Coatings & Consultants, LLC, provides acoustical and thermal insulations that have been used in commercial, industrial and institutional projects nationwide. The Debtor serves the New York, Pennsylvania, and Ohio areas. Insulation Coatings & Consultants sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-10340) on Aug. 9, 2022. In the petition signed by its manager, Charles C. Sorce, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Gregory L. Taddonio oversees the case. The Debtor tapped Guy C. Fustine, Esq., at Knox McLaughlin Gornall & Sennett, PC as bankruptcy counsel; Colligan Law, LLP, as special counsel; and Schaffner Knight Minnaugh & Co. as accountant. INTEGRATED ENDOSCOPY: Seeks to Extend Exclusivity to March 31, 2026 ------------------------------------------------------------------- Integrated Endoscopy, Inc. asked the U.S. Bankruptcy Court for the Central District of California to extend its exclusivity periods to file a plan of reorganization March 31, 2026. The Debtor explains that factors demonstrate that "cause" for an extension of the exclusivity period exists. * Factor 1: The size and complexity of the case. The Debtor's bankruptcy case presents complex issues of corporate law that must be considered when resolving the TCY Claim as well as claims of the Debtor's former officers and/or employees, including Brad Sharp and Andrew Sharp. RCT has not filed a proof of claim. The Bar Date has not passed, which is set for February 1, 2026. Therefore, the Debtor will not know the full extent of its liability, whether or not unliquidated and/or contingent, until after at least February 1, 2026. * Factor 2: The necessity of sufficient time to permit the debtor to negotiate a plan of reorganization and prepare adequate information. The Debtor's largest creditor is the RCT. RCT has not filed a proof of claim. Moreover, the Debtor is still investigating the RCT Claim and actions of RCT, which may lead to claims the Debtor may have against RCT and/or Brad Sharp. * Factor 3: The existence of good faith progress toward reorganization. Regarding the third factor, the Debtor is making good faith progress toward reorganization. The Debtor is working hard to increase its profitability while resolving the claims against it so that it can propose a plan of reorganization and emerge from the Chapter 11 case. Thus, this factor also shows cause exists for an extension to the exclusivity period. * Factor 4: The fact that the debtor is paying its bills as they become due. The fourth factor also shows cause exists because the Debtor is paying its bills as they become due. * Factor 5: Whether the debtor has demonstrated reasonable prospects for filing a viable plan. Regarding the fifth factor, the Debtor is a start-up company that seeks to continue its operations, preserve the jobs of its employees, and generate revenue for the benefit of all creditors based on its products that just recently obtained FDA approval. Integrated Endoscopy Inc. is represented by: David R. Haberbush, Esq. Vanessa M. Haberbush, Esq. Lane K. Bogard, Esq. Haberbush LLP 444 West Ocean Boulevard, Suite 1400 Long Beach, CA 90802 Telephone: (562) 435-3456 Facsimile: (562) 435-6335 E-mail: dhaberbush@lbinsolvency.com About Integrated Endoscopy Inc. Integrated Endoscopy Inc. develops wireless arthroscopic and single-use rigid endoscope technology for surgical applications. Headquartered in Irvine, California, the privately held Company was founded in 1996 following its acquisition of Micro Optics Development Engineering Labs' optical design assets and markets its Nuvis Single-Use Arthroscope with plans to extend into additional procedure-specific endoscopes. Its intellectual property portfolio includes 19 issued patents across the U.S., Europe, Japan, Australia, and Canada covering lens systems, LED lighting, and molded glass optics. Integrated Endoscopy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12121 on July 31, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Vanessa H. Haberbush, Esq., at Haberbush, LLP. INTEGRITY CELEBRATIONS: Amends Citizens Bank Secured Claim ---------------------------------------------------------- Integrity Celebrations LLC, submitted a First Amended Disclosure Statement describing First Amended Plan dated November 25, 2025. This case was primarily filed to restructure the Debtor's construction loan with Citizens Bank. The Plan seeks to impose commercially reasonable repayment terms on the claim of Citizens Bank. Class 1 consists of Citizens Bank Claim. Citizens Secured Claim is Allowed, is fully secured, and Citizens is entitled to its accrued and accruing interest, costs, and reasonable attorney fees after the Petition Date and to the Effective Date both under the terms of the Citizens Loan Documents and applicable law. Citizens may file a supplemental Claim to account for such interest, costs, and fees, for that period, and giving credit for adequate protection payments received. The Debtor asserts that Citizens has the benefit of a substantial equity cushion in its collateral. In connection with its pre bankruptcy attempts to refinance, the Debtor was advised that the Debtor's Property was appraised for $1,880,000. Based on that value, and based on the Citizens claim filed in this case ($1,229,345.80), the Citizens claim has a 65% loan-to-value ratio. As to the balance due as of the Effective Date on Citizens' claim, commencing on the first day of the month following the Effective Date, the Debtor will make 35 equal monthly payments of $10,474.83, based on a 20-year amortization, with per annum interest at a rate of 8.25%. The Debtor may prepay any portion of Citizens' claim without penalty. Any unpaid portion of the Citizens' Secured Claim will be due and paid in full on the first day of the 36th month following the Effective Date. Like in the prior iteration of the plan, the Debtor scheduled 7 nonpriority unsecured claims in the total amount of $3,771.94 as noncontingent, liquidated, and nondisputed. None of the scheduled creditors filed a proof of claim before the May 7, 2025 bar date. However, the IRS and the DOR both filed proofs of claim with nonpriority unsecured components totaling $2,040.00, withdrew or amended the entirety of their claims to $0.00. The Debtor will pay the entire Class 3 General Unsecured Claim in full on or before the first day of the month following the Effective Date from a personal contribution from the Debtor's sole manager, Cynthia Schweitzer. Class 3 is unimpaired and the holders of Class 3 Claims are not entitled to vote to accept or reject the Plan. The Debtor will make Plan payments through a combination of: * monthly rents received from Integrity Funeral Services Inc. in the amount of $15,250 to fund payments to Class 1. Following the Effective Date, Celebrations and Funeral will amend their lease to include a rental amount of $15,250, and may amend their lease from time to time to include a rental amount sufficient to fund payments to Class 1; * lump sum payments from personal contributions from the Debtor's sole manager, Cynthia Schweitzer, to Class 2 ($10,727.09) and Class 3 ($3,771.94); * funds from the security retainer held in trust by the Debtor's bankruptcy counsel for payment of approved fees of professionals, including post-petition legal services and expenses. As of the date of this Disclosure Statement, counsel continues to hold $155,533.50 in its trust account and estimates its post-petition legal fees and expenses through the Confirmation Date will be approximately $35,000.00; and * if needed, contributions from Cynthia Schweitzer personally to fund monthly payments to Class 1. The Bankruptcy Court will consider confirmation of the Plan at a hearing scheduled for January 13, 2026, at 10:00 a.m., in Courtroom 149 of the United States Courthouse located at 517 East Wisconsin Avenue, Milwaukee, Wisconsin 53202. Any party entitled to vote to accept or reject the Plan must return their ballot on or before January 2, 2026, or it will not be counted. Objections to confirmation of the Plan must be filed with the Court and served upon the Debtor's Counsel, the Office of the United States Trustee, and all other creditors and/or interested parties who have filed notices of appearances and requests for special notice on or before January 2, 2026. A full-text copy of the First Amended Disclosure Statement dated November 25, 2025 is available at https://urlcurt.com/u?l=I4Fkrv from PacerMonitor.com at no charge. Counsel for the Debtor: Craig E. Stevenson, Esq. Michael C. Jurkash, Esq. Swanson Sweet LLP 107 Church Avenue Oshkosh, WI 54901 Tel: (920) 235-6690 About Integrity Celebrations LLC Integrity Celebrations LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Integrity Celebrations LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No.: 25-20595) on February 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Rachel M. Blise handles the case. The Debtor is represented by Craig Stevenson, Esq. at SwansonN Sweet, LLP. Citizens Bank, as secured lender, is represented by: Daniel J. Habeck, Esq. Beth M. Brockmeyer, Esq. Cramer Multhauf LLP 1601 E. Racine Ave., Suite 200 Waukesha, WI 53186 Email: djh@cmlawgroup.com bb@cmlawgroup.com INTEGRITY REAL: Taps Cox Peterson LLC as Real Estate Counsel ------------------------------------------------------------ Integrity Real Estate, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Cox Peterson LLC to serve as successor general real estate counsel. Cox Peterson LLC will provide these services: (a) all services previously provided by the Cox Firm under the Retainer Relationship Agreement, including Client Specific Services and Common Interest Projects; (b) Client Specific Services such as presentations at sales meetings, drafting, discussing mediation and arbitration strategy, reviewing complaints filed against individual brokers, helping with Division of Real Estate audits, potential claims against clients, and providing a legal hotline for advice regarding specific transaction issues; (c) Common Interest Projects including updating office policy manuals to comply with changes to Colorado law, training on legal impacts of the National Association of Realtors settlement related to broker commissions, reviewing and updating attorney-drafted forms for Real Estate Commission-approved contracts, webinars on Division of Real Estate audits, wire fraud and fraud regarding property ownership, financing issues including VA and FHA requirements, foreclosures, and reviewing new Commission rules, statements, and approved forms; (d) other legal services for Debtor in matters related to real estate broker license law and contracts as needed. The Cox Peterson Firm will receive a flat monthly fee of $850, subject to periodic review by the Court. For services not covered by the Retainer Agreement, the Firm will charge an hourly rate of $400. Cox Peterson LLC 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: Damian L. Cox, Esq. Cox Peterson LLC 718 Wilcox St. Castle Rock, CO 80104 About Integrity Real Estate Integrity Real Estate, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 24-16853) on November 15, 2024, listing under $1 million in both assets and liabilities. Judge Thomas B. McNamara handles the case. Allen Vellone Wolf Helfrich & Factor PC serves as the Debtor's counsel. JASS LLC: Hires Wadsworth Garber Warner as Legal Counsel -------------------------------------------------------- Jass, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wadsworth Garber Warner Conrardy, P.C. to serve as legal counsel. WGWC will provide these services: (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). WGWC received a retainer in the amount of $80,000. WGWC billed the Debtor $1,062.50 for attorneys' fees and $1,738.00 in costs through the Petition Date, which were paid in full from the prepetition retainer. 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 WGWC 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 V. Wadsworth, Esq. David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Facsimile: (303) 296-7600 E-mail: dwadsworth@wgwc-law.com dwarner@wgwc-law.com About Jass LLC Jass, LLC operates a gas station in Longmont, Colorado. Jass filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No.25-17392) on November 11, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Kimberley H. Tyson oversees the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. represents the Debtor as legal counsel. JJTA23 REAL: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------- On November 25, 2025, JJTA23 Real Properties LLC filed for Chapter 11 protection in the Middle District of Florida. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 1–49 creditors. About JJTA23 Real Properties LLC JJTA23 Real Properties LLC is a Florida-registered LLC engaged in real estate operations, including property acquisition, rental management, and tenant services. The company aims to deliver well-managed and profitable real estate solutions to residential and commercial clients alike. JJTA23 Real Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla., Case No. 25-04383) on November 25, 2025. In its petition, the Debtor reports estimated assets of $10 million–$50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq. of BransonLaw PLLC. JMKA LLC: Court Extends Cash Collateral Access to Dec. 12 --------------------------------------------------------- JMKA, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral to fund operations. The 12th interim order, signed by Judge David Cleary, authorized the Debtor to use its secured lenders' cash collateral through December 12 to pay the expenses set forth in its budget, subject to a 5% variance. The lenders include the U.S. Small Business Administration, BayFirst National Bank, Funding Circle, Transportation Alliance Bank, Cashfloit LLC, and Funders App, LLC. These lenders assert security interests in all assets of the Debtor, including cash, bank deposits and accounts receivable, which constitute their cash collateral. The Debtor was ordered to provide the secured lenders with protection in the form of replacement liens on its assets, with the same priority, validity and extent as their pre-bankruptcy liens. In addition, the Debtor was ordered to pay $439 to SBA, $1,000 to BayFirst Financial, $500 to Funding Circle, $500 to Transportation Alliance Bank, $3,000 to Cashfloit, and $2,000 to Funders App. The next hearing is set for December 10. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/6Zqks from PacerMonitor.com. About JMKA LLC JMKA, LLC is a boutique childcare center in downtown Elmhurst, Ill. It operates as Elmhurst Premier Childcare. JMKA filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-00036) on January 3, 2025, with up to $50,000 in assets and up to $10 million in liabilities. Judge David D. Cleary oversees the case. Ben L. Schneider, Esq., at The Law Offices of Schneider & Stone is the Debtor's bankruptcy counsel. Ameris Bank, as secured lender, is represented by: Jillian S. Cole, Esq. Taft Stettinius & Hollister, LLP 111 E. Wacker Drive, Suite 2600 Chicago, IL 60601 (312) 836-4019 jcole@taftlaw.com Cashfloit LLC, as secured lender, is represented by: Fred S. Kantrow, Esq. The Kantrow Law Group, PLLC 732 Smithtown Bypass, Suite 101 Smithtown, NY 11787 (516)703-3672 fkantrow@thekantrowlawgroup.com KLIMA CONTROL: Unsecureds Will Get 22.52% of Claims over 60 Months ------------------------------------------------------------------ Klima Control Air Conditioning & Heating LLC and Klima Control Air Conditioning & Supply, Inc. filed with the U.S. Bankruptcy Court for the Southern District of Florida an Amended Joint Subchapter V Plan of Reorganization dated November 24, 2025. The Debtors, Klima Control Air Conditioning & Heating LLC is a limited liability company organized under the laws of the State of Florida. Since 2010, the Debtors have operated as a wholesale distributor of HVAC equipment in South Florida, serving commercial contractors, residential buyers, and other businesses. Between 2017 and 2022, the Debtors expanded from one to four locations, incurring significant costs and operational challenges that strained finances as revenues declined. Issues with brand integration, supplier defaults, inventory imbalances, and rising tariffs worsened the situation. Additionally, the sole member's serious health issues limited business oversight. These combined factors made reorganization necessary to restructure debts, reduce costs, and stabilize operations for long-term viability. The Debtor anticipates generating approximately $250,000 in projected disposable income during the Plan term, all of which will be distributed to Class 4 general unsecured creditors. The Debtor's leaner operations, reduced overhead, and continued customer relationships support the Debtor's ability to perform under the Plan. Based on these updated projections and the Debtor's ongoing operational stability, the Plan is feasible and not likely to be followed by liquidation or the need for further reorganization. Creditors have filed claims in the Debtors' cases totaling $4,060,974.37. After reclassifying certain claims to executory contracts, the Debtors estimate that the total amount of allowed general unsecured claims is $1,110,005.47. Ford Motor Credit Corporation may amend its rejected lease claim to assert a deficiency; none has been filed to date. By this Plan, the Debtors will be restructuring these obligations such that the Debtors can remain viable as a going concern. Class 4 consists of General Unsecured Claims. Allowed unsecured claims will receive pro rata distributions from projected disposable income over the Plan's commitment period. Estimated recovery is approximately 22.52%. The allowed unsecured claims total $1,110,005.47. This Class is impaired. Class 5 consists of all allowed equity interests in the Debtors, which includes interest in any share of stock or membership interest(s), common stock or other instruments evidencing an ownership interest in the Debtors. All Equity Security Holders of the Debtors will retain their interest(s) in the Debtors as such interest(s) existed prior to the Petition Date, with Enrique Pototsky retaining a 100% membership interest in Klima LLC. The Plan spans five years, during which the Debtors will commit all projected disposable income to unsecured creditors. Secured claims will be paid in full. Unsecured creditors are projected to receive approximately $250,000in quarterly distributions over a 60-month period. A full-text copy of the Amended Joint Plan dated November 24, 2025 is available at https://urlcurt.com/u?l=0YdGig from PacerMonitor.com at no charge. Counsel to the Debtors: Shirley A. Palumbo, Esq. Assouline & Berlowe, P.A. Miami Tower 100 SE 2nd Street, Suite 3650 Miami, FL 33131 Telephone: (305) 567-5576 Email: sap@assoulineberlowe.com About Klima Control Air Conditioning & Heating Klima Control Air Conditioning & Heating, LLC is an air conditioning and heating services provider operating as Super Cool in Florida. It specializes in HVAC installation, maintenance, and repair services with locations in Pompano Beach and West Palm Beach. Klima Control Air Conditioning & Heating sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17717) on July 7, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Scott M. Grossman handles the case. Shirley Palumbo, Esq., is the Debtor's legal counsel. Gemaire Distributors, LLC, as secured creditor, is represented by: Scott S. Sheffler, Esq. Worman & Sheffler, P.A. 2600 Lake Lucien Drive, Suite 405 Maitland, FL 32751 Tel: (407) 843-5353 Fax: (407) 841-9516 ssheffler@wormanlaw.com KPOWER GLOBAL: Lease Decision Deadline Extended to March 4 ---------------------------------------------------------- Judge Jennie D. Latta of the United States Bankruptcy Court for the Western District of Tennessee granted the motion filed by C. Jerome Teel, Jr., KPower Global Logistics LLC's Chapter 11 Trustee, for additional time within which to assume or reject unexpired leases of non-residential real property in the bankruptcy case. The Trustee's period of time within which to assume or reject the leases is extended for 90 days from and after December 4, 2025, or March 4, 2026. There are a number of unexpired leases of non-residential real property that have not expired, but that have not yet been assumed or rejected. The Trustee had only been appointed and in place for barely one week's time at the time of the filing of the motion. He has not had the opportunity to get fully informed as to the feasibility of assumption or to make an informed business judgment with respect to the assumption or rejection of the Leases. The Trustee has until 210 days after the filing of the petition, which is December 4, 2025, within which to assume or reject the leases, so the motion was filed well before that period expires. The Trustee submits that he needs additional time within which to make an informed business judgment decision with respect to the assumption or rejection of the leases. While the Debtor's period of exclusivity has now expired, the Trustee has not made the decision as to whether or not he will file and prosecute a disclosure statement and plan of reorganization. Any plan will, necessarily, include assumption/rejection of the leases as a part of any reorganization. A copy of the Court's Order dated November 21, 2025, is available at https://urlcurt.com/u?l=a0jrBW from PacerMonitor.com. About KPower Global Logistics KPower Global Logistics LLC provides third-party logistics services specializing in customized supply chain solutions across the United States. The Company offers staffing, warehousing, bulk storage, consulting, packaging, and special project services for distribution centers and manufacturing operations. KPower Global Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22294) on May 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Judge Jennie D. Latta handles the case. The Debtor is represented by the Law Offices of Craig M. Geno, PLLC. Craig M. Geno, PLLC/Law Offices of Geno and Steiskal, PLLC and Payne Law Firm were later relieved as counsel in light of the appointment of C. Jerome Teel, Jr. as Chapter 11 Trustee. LENASI INC: Unsecureds Will Get 11% of Claims over 60 Months ------------------------------------------------------------ Lenasi, Inc., submitted an Amended Subchapter V Plan dated November 24, 2025. Lenasi is the party proposing this Plan, which is a reorganizing plan that proposes to make distributions as set forth herein over a five-year year period of time. The Debtor will fund the plan via its business income as set forth in the projections. To fund the Plan debtor needs to maintain its operations to continue generating income. Class 4 consists of all unsecured claims where the amount owed to the claimants is not in dispute. This class of claims will be with 60 monthly payments of $1,100.00 per month. This will result in the total recovery for this class of $66,000.00, or at least estimated 11% of the total amount owed. Payments will begin on the first of the month following the Effective Date of the Plan and continue for 59 months thereafter. The allowed unsecured claims total $764,500.98. Class 4 is impaired. John Harutuniani shall retain his 100% ownership interest in Lenasi, Inc. The Debtor will fund the plan via business income as set forth in the projections attached hereto as Exhibit 2 to fund the Plan. At the time of confirmation of this Plan Debtor estimates that it will have about $75,250.00 in its Debtor in possession accounts, which will be used to make the administrative claim payments. Additionally, while Debtor expects small surplus each month from its operation, that surplus will be used as a security for any unexpected expense or liability to be paid during the term of the plan, and will be maintained as a financial cushion. A full-text copy of the Amended Subchapter V Plan dated November 24, 2025 is available at https://urlcurt.com/u?l=iqVhzB from PacerMonitor.com at no charge. Counsel to the Debtor: Vahe Khojayan, Esq. YK LAW, LLP 445 S. Figueroa Street, Ste 2280 Los Angeles, CA 90071 Tel: (213) 401-0970 Fax: (213) 529-3044 Email: vkhojayan@yklaw.us About Lenasi Inc. Lenasi, Inc., is engaged in sales of outdoor furniture in the state of California. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11328) on July 24, 2025, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Victoria S. Kaufman presides over the case. Vahe Khojayan, Esq. at Yk Law, LLP, is the Debtor's legal counsel. LIMITLESS ABA: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida entered an interim order authorizing Limitless ABA, LLC to use cash collateral. The court authorized the Debtor to use cash collateral solely to pay the amounts expressly authorized by the court including payments to the Subchapter V Trustee, and the expenses set forth in its budget. Any use of cash collateral outside of these limits is prohibited. The Debtor projects total operational expenses of $77,251 for November; $87,741 for December; $77,553 for January 2026; $65,525 for February 2026; $71,346 for March 2026; and $70,346 for April 2026. As adequate protection, potential secured creditors Byzfunder NY, LLC and Forward Funding, LLC will be granted post-petition liens on cash collateral existing as of the petition date and any arising post-petition, with the same validity and priority as any pre-bankruptcy liens, subject to later court review. The order does not prejudice creditors from seeking additional protection. The Debtor owes approximately $87,000 to Byzfunder and $48,000 to Forward Funding. The next hearing is scheduled for December 8. At the time of its Chapter 11 filing, the Debtor had cash collateral consisting of $11,957.21 in cash on hand, $37.32 in bank accounts, and $88,488.03 in accounts receivable, totaling $100,482.56. On October 22, TriCare deposited about $35,000 into the Debtor’s account. Byzfunder is represented by: Mitun Mitra, Esq. P.O. Box 1018 Sarasota, FL 34230 (248) 462-7111 mmitra@kaminskilawpllc.com About Limitless ABA LLC Limitless ABA, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03824) on October 21, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Jacob A. Brown presides over the case. Lisa C. Cohen, Esq., at Ruff & Cohen, PA represents the Debtor as legal counsel. LINQTO TEXAS: Unsecureds to Get Share of Wind-Down Trust Proceeds ----------------------------------------------------------------- Linqto Texas, LLC, and its affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for the Joint Chapter 11 Plan dated November 25, 2025. Founded in 2010 by Bill Sarris as a technology and software development company providing services to financial technology firms, Linqto, Inc. evolved into a financial technology platform that was intended to enable investors to indirectly invest in private-market startups and pre-IPO companies. From February 2020 through March 14, 2025, Linqto, Inc. operated an online platform that purported to allow customers to indirectly invest in private companies, with a focus on the technology sector. More specifically, Debtor Liquidshares would purchase and hold Liquidshares Portfolio Companies. With respect to a limited number of transactions at the start of the platform's operation, Linqto, Inc. would loan money to Liquidsharesto fund its purchase of Platform Securities. Following the acquisition of Platform Securities, the Platform Securities were held in Liquidshares' inventory. After arms'-length negotiations, the Debtors, the Committee, and the Deaton Parties (collectively, the "Settlement Parties") reached a compromise regarding funding the administration of the Chapter 11 Cases and the treatment of the claims or interests of Customers (the "Settlement"). The Settlement resolved objections to the DIP Financing Motion and the Ripple Motion and set forth terms for the treatment of the claims or interests of Customers pursuant to a plan of reorganization, subject to Sections 1125, 1126, and 1129 of the Bankruptcy Code. Pursuant to the terms of the Settlement, the Debtors are authorized to finance the administration of the Chapter 11 Cases through use of (i) the proceeds of Reserved Securities, (ii) the Platform Securities Proceeds (including the Ripple Tender Proceeds), and (iii) DIP financing in an aggregate amount of up to $25,000,000, in accordance with the Approved Budget. In exchange, the Debtors agreed to the treatment of Customer claims or interests under a plan of reorganization to be proposed, the principal terms of which are set forth in the "Customer Securities Treatment Term Sheet" (as defined in the Settlement Motion). The Debtors, with the support of the Committee, propose the Plan to maximize value for all stakeholders. The Plan provides for the creation of three vehicles: a Wind-Down Trust, a Liquidating Trust, and a Closed-End Fund. Customers may elect to have their Customer Interests contributed to the Liquidating Trust, the Closed-End Fund, or a combination of the two, subject to the terms and limitations in the Plan. Each vehicle has a distinct purpose: * The Wind-Down Trust will be responsible for monetizing certain assets including the Reserved Securities and the Retained Causes of Action. It will also be responsible for the reconciliation of Claims against the Estates, and the administrative tasks associated with the winding up of the Debtors, subject to the terms of the Plan. Except for Customer Claims, which get the treatment described in 2 and 3, the Wind-Down Trust is the vehicle through which all Claims will recover through the Plan. * The formation of the Liquidating Trust will allow Customers, other than those who indirectly hold any Designated Platform Securities, to contribute their Customer Interest to the Liquidating Trust in exchange for Liquidating Trust Interests that represent the Customers' economic interest in a Liquidshares Portfolio Company. The Liquidating Trust will terminate upon the earlier of (i) five years from the Effective Date (subject to periodic extensions as may be approved by the Bankruptcy Court) and (ii) the occurrence of certain events as set forth in the Liquidating Trust Agreement. The Liquidating Trust is designed to allow most Customers to keep their envisioned investment as close to their original intent as possible. * The formation of the Closed-End Fund will allow Customers, including those who indirectly hold any Designated Platform Securities, to contribute their Customer Interest to the Closed-End Fund in exchange for publicly traded shares. The Closed-End Fund will not have a termination date. The Closed-End Fund will allow Customers to obtain intraday liquidity and to hold their investment long-term. All contributed Customer Interests will be pooled in the Closed-End Fund, and Electing Customers will receive shares of the Closed-End Fund equal to the value of such Electing Customers' contribution. Class 7 consists of Other General Unsecured Claims. Each Holder of an Allowed Other General Unsecured Claim shall receive a beneficial interest in the Wind-Down Trust. Such interest shall entitle each Holder of an Allowed Other General Unsecured Claim to its share of the proceeds from the WindDown Trust Assets pursuant to the WindDown Trust Waterfall. As of the Effective Date, the Debtors' liability for all Other General Unsecured Claims shall be (i) assumed by the WindDown Trust without further act, deed, or Court order and (ii) administered and paid from the Wind-Down Trust as set forth in the Wind-Down Trust Agreement. The Debtors shall fund or make distributions under the Plan, as applicable, with: (i) the Closed-End Fund Assets, (ii) the Liquidating Trust Assets, and the (iii) Wind-Down Trust Assets. The Liquidating Trust shall be formed on the Effective Date to effect the liquidation of Liquidshares and applicable Liquidating Trust Assets, (other than the Closed-End Fund Assets), including without limitation, the Platform Securities attributable to the Liquidating Trust Beneficiaries as well as any and all transactions incidental thereto, in accordance with the Plan, the Confirmation Order, and the Liquidating Trust Agreement. The corpus of the Liquidating Trust will consist of the Liquidating Trust Assets. Solely for the purpose of raising sufficient proceeds to administer the operations of the Liquidating Trust, pursuant to the terms of the Liquidating Trust Agreement, (i) the Liquidating Trust may establish a formal relationship for Liquidshares and/or the Liquidating Trust with or more Secondaries Platforms that can permit Liquidshares to sell Funding Securities for the benefit of the Liquidating Trustee and/or (ii) sell a pro rata slice of Platform Securities to the Closed-End Fund in exchange for Closed End Fund Shares. A full-text copy of the Disclosure Statement dated November 25, 2025 is available at https://urlcurt.com/u?l=h5Q3Ct from Epiq Corporate Restructuring, LLC, claims agent. The Debtors' Counsel: Gabrielle A. Hamm, Esq. Veronica A. Polnick, Esq. Renee D. Wells, Esq. Athanasios E. Agelakopoulos, Esq. SCHWARTZ PLLC 440 Louisiana Street, Suite 1055 Houston, Texas 77002 Tel: (713) 900-3737 Fax: (702) 442-9887 E-mail: ghamm@nvfirm.com vpolnick@nvfirm.com rwells@nvfirm.com aagelakopoulos@nvfirm.com - and - Samuel A. Schwartz, Esq. 601 East Bridger Avenue Las Vegas, Nevada 89101 Tel: (702) 385-5544 Fax: (702) 442-9887 E-mail: saschwartz@nvfirm.com About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is represented by its attorneys: Kristen L. Perry, Esq. Faegre Drinker Biddle & Reath, LLP 2323 Ross Avenue, Suite 1700 Dallas, TX 75201 Tel: (469) 357-2500 Fax: (469) 327-0860 Email: kristen.perry@faegredrinker.com -- and -- Richard J. Bernard, Esq. Faegre Drinker Biddle & Reath, LLP 1177 Avenue of the Americas, 41st Floor New York, NY 10036 Tel: (212) 248-3263 Fax: (212) 248-3141 Email: richard.bernard@faegredrinker.com -- and -- Michael R. Stewart, Esq. Adam C. Ballinger, Esq. Faegre Drinker Biddle & Reath, LLP 2200 Wells Fargo Center 90 South 7th Street Minneapolis, MN 55402 Telephone: (612) 766-7000 Facsimile: (612) 766-1600 Email: michael.stewart@faegredrinker.com adam.ballinger@faegredrinker.com Sandton may also be reached through: Robert Rice Sandton Capital Partners 16 West 46th Street, 11th Floor New York, NY 10036 Direct: 310-600-3980 Office: 212-444-7200 LIVING FAITH: Chapter 11 Plan Due March 26 ------------------------------------------ On November 25, 2025, Living Faith Tabernacle Inc. filed for Chapter 11 protection in the Northern District of Georgia. According to court filings, the Debtor reports between $100,001–$1,000,000 in debt owed to 1–49 creditors. Chapter 11 Plan due by March 25, 2026 and Disclosure Statement due by March 25, 2026. About Living Faith Tabernacle Inc. Living Faith Tabernacle, Inc. is a church located at 5880 Old Dixie Road in Forest Park, Georgia, providing worship services, spiritual guidance, and community programs for its congregation. The organization conducts faith-based activities and outreach within the local community. It operates as a nonprofit entity in the religious services sector. Living Faith Tabernacle Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga., Case No. 25-63773) on November 25, 2025. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $100,001–$1,000,000. Honorable Judge Jeffery W. Cavender handles the case. The Debtor is represented by Kenneth Mitchell, Esq. of Giddens, Mitchell & Associates, P.C. LONGBONS ENTERPRISES: Seeks Subchapter V Bankruptcy in Illinois --------------------------------------------------------------- On November 10, 2025, LONGBONS ENTERPRISES, LTD. filed for Chapter 11 protection in the Central District of Illinois. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. The deadline for filing of government claims is on January 20, 2026 About Longbons Enterprises Ltd. Longbons Enterprises, Ltd. provides residential and commercial janitorial services under the Merry Maids trade names in Illinois. Longbons Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Ill. Case No. 25-70921) on November 10, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Michael R. Longbons, president of Longbons Enterprises, signed the petition. Judge Mary P. Gorman oversees the case. Sumner A. Bourne, Esq., at Rafool & Bourne, P.C., represents the Debtor as legal counsel. LUMINARY ROLI: TriplePoint Venture Marks $35.4MM Loan at 72% Off ---------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $35,492,000,000 loan extended to Luminary Roli Limited to market at $9,980,000 or 28% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Luminary Roli Limited. The loan accrues interest at a rate of zero percent per annum. The loan matures on August 31, 2026. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Luminary Roli Limited Luminary Roli Limited is a music technology company. The Company offers hardware, software, sounds, and accessories. Luminary Roli serves customers in the United Kingdom. LUTHERAN HOME: Unsecureds Owed $2.6M Will Get 33% of Claims ----------------------------------------------------------- Lutheran Home and Services for the Aged, Inc., and affiliates filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Disclosure Statement relating to Joint Plan of Reorganization dated November 24, 2025. The Debtors are Illinois and Indiana not-for-profit corporations that own and operate one skilled nursing facility and three retirement communities in Illinois and Indiana known as (i) the Lutheran Home, (ii) Luther Oaks, (iii) Pleasant View, and (iv) Wittenberg Village (each a "Community" and collectively the "Communities"). Each of the Communities is affiliated with and operated as part of the network of senior care facilities referred to as the "LLM System." Debtors Luther Oaks, Inc., Pleasant View Luther Home, Inc., Wittenberg Lutheran Village, Inc. and Wittenberg Lutheran Village Endowment Corporation operate as continuing care retirement communities (collectively, the "CCRC Communities"). On April 11, 2025, the Debtors filed the Motion of Debtors for Entry of an Order (I) Establishing Transaction Procedures for (A) the Sale of Substantially all Assets of the Debtors Or (B) An Alternate Transaction, (II) Scheduling Certain Dates And Deadlines with Respect Thereto, (III) Approving the Form and Manner of Notice Thereof, and (IV) Granting Related Relief (the "Transaction Procedures Motion"). Thereafter, on May 14, 2025, the Court entered the Order (I) Establishing Transaction Procedures for (A) the Sale of Substantially all Assets of the Debtors Or (B) An Alternate Transaction, (II) Scheduling Certain Dates And Deadlines with Respect Thereto, (III) Approving the Form and Manner of Notice Thereof, and (IV) Granting Related Relief (the "Transaction Procedures Order") approving the Transaction Procedures Motion and establishing the Transaction Procedures. The Designation Notice attached a copy of the Stalking Horse Asset Purchase Agreement, which provided that the purchase price for the assets is $85,000,000 of which $80,500,000 was to be paid in cash. That proposed sale agreement also provided for a Breakup Fee (as defined in the Transactions Procedures) of $2,550,000 with an Expense Reimbursement of $250,000 payable to AE CCRC LLC. Upon the Effective Date, the Unsecured Creditor Trust will be formed, into which the Unsecured Creditor Trust Assets, shall be transferred. Holders of Unsecured Creditor Trust Interests shall consist of Holders of Allowed Claims in Classes 7A. For the avoidance of doubt, any claims the Debtor may have against the Trustee, ONB, or any holder of the Series 2019 Bonds will be released and will not be included among the Retained Causes of Action that are transferred to the Unsecured Creditor Trust. For the further avoidance of doubt, as of the date hereof, the Debtors are unaware of any such claims against the Trustee, ONB, or any holders of the Series 2019 Bonds. Class 7A consists of Non-Resident General Unsecured Claims against the Obligated Group Debtors. Class 7A is Impaired and entitled to vote on the Plan. This Class consists of all Non-Resident General Unsecured Claims against Obligated Group Debtors. Each Holder of a Class 7A claim shall recover its Pro Rata share of any recovery of the Unsecured Creditor Trust to be distributed upon the terms and in accordance with the Unsecured Creditor Trust Agreement. The allowed unsecured claims total $2,617,057. This Class will receive a distribution of 33% of their allowed claims. Class 7B consists of Non-Resident General Unsecured Claims against the Non-Obligated Group Debtors. Class 7B is Unimpaired and not entitled to vote on the Plan. This Class consists of all Non Resident General Unsecured Claims against Non-Obligated Group Debtors. On the Effective Date (or as soon thereafter as practicable), each Holder of a Class 7B claim shall receive payment in Cash in the amount of its Allowed Non-Resident General Unsecured Claim Against Non-Obligated Group Debtors. The allowed unsecured claims total $32,425. This Class will receive a distribution of 0% of their allowed claims. Class 9 is Unimpaired and deemed to accept the Plan. This Class consists of the Interests in each Debtor. There will be no Distribution on account of any Interests and all Interests will remain in place and full force and effect on the Effective Date. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan with Cash on hand, and such funds released from the Entrance Fee Escrow pursuant to the Plan. Consistent with the Plan Term Sheet, on the Effective Date, the Obligated Group Debtors shall execute the 2026 Bond Documents and effectuate the related bond restructuring, which shall include the exchange of the Series 2019A Bonds for the Series 2026A Bonds, the Series 2019B-1 Bonds and the Series 2019-B2 Bonds for the Series 2026B Bonds and the execution of the 2026 MIF LOC Documents. A full-text copy of the Disclosure Statement dated November 24, 2025 is available at https://urlcurt.com/u?l=kiMtK4 from Stretto, claims agent. Counsel to the Debtors: Stephen D. Lerner, Esq. SQUIRE PATTON BOGGS (US) LLP 201 E. Fourth St., Suite 1900 Cincinnati, OH 45202 Tel: (513) 361-1200 Fax: (513) 361-1201 Email: stephen.lerner@squirepb.com - and - Jeffrey R. Rothleder, Esq. 2550 M Street, NW Washington, DC 20037 Tel: (202) 457-6000 Fax: (202) 457-6315 Email: jeffrey.rothleder@squirepb.com - and - Maura P. McIntyre, Esq. 1000 Key Tower 127 Public Square Cleveland, OH 44114 Tel: (216) 479-8715 Fax: (216) 479-8780 Email: maura.mcintyre@squirepb.com -and- David A. Agay, Esq. Marc Carmel, Esq. Nicholas M. Miller, Esq. Maria G. Carr, Esq. Ashley Jericho, Esq. MCDONALD HOPKINS LLC 300 North LaSalle Street, Suite 1400 Chicago, Illinois 60654 Tel: (312) 280-0111 Email: dagay@mcdonaldhopkins.com mcarmel@mcdonaldhopkins.com nmiller@mcdonaldhopkins.com mcarr@mcdonaldhopkins.com ajericho@mcdonaldhopkins.com About Lutheran Home and Services for the Aged Lutheran Home and Services for the Aged, Inc., is a non-profit, mission-driven community offering a range of services including assisted living, memory care, skilled nursing, and short-term rehabilitation, along with extensive outpatient rehabilitation therapy. Lutheran Home and its affiliates filed Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 25-01705). At the time of the filing, Lutheran Home reported between $100 million and $500 million in both assets and liabilities. The Debtors tapped Squire Patton Boggs (US), LLP as bankruptcy counsel; McDonald Hopkins, LLC as Illinois counsel; and one point Partners, LLC as financial advisor. Stretto is the claims, noticing, solicitation, balloting, and tabulation agent. MA MICRO: TriplePoint Venture Marks $1.3MM Loan at 82% Off ---------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $1,389,000,000 loan extended to MA Micro Limited to market at $252,000 or 18% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to MA Micro Limited. The loan accrues interest at a rate of zero percent per annum. The loan matures on December 31, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About MA Micro Limited MA Micro Limited is a UK-based private limited company, incorporated in England on January 14, 2022, with a registered office address in London. MA MICRO: TriplePoint Venture Marks $1.3MM Loan at 82% Off ---------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $1,389,000,000 loan extended to MA Micro Limited to market at $252,000 or 18% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to MA Micro Limited. The loan accrues interest at a rate of zero percent per annum. The loan matures on December 31, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About MA Micro Limited MA Micro Limited is a UK-based private limited company, incorporated in England on January 14, 2022, with a registered office address in London. MA MICRO: TriplePoint Venture Marks $4.1MM Loan at 79% Off ---------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $4,166,000,000 loan extended to MA Micro Limited to market at $860,000 or 21% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to MA Micro Limited. The loan accrues interest at zero percent per annum. The loan matures on December 31, 2026. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About MA Micro Limited MA Micro Limited is a UK-based private limited company, incorporated in England on January 14, 2022, with a registered office address in London. MAUSER PACKAGING: Early Exchange Offers Shows 97%, Extends Premium ------------------------------------------------------------------ Mauser Packaging Solutions Holding Company announced on Nov. 21, 2025, the results as of 5:00 p.m., New York City time, on November 21, 2025, of its offers to exchange: (i) any and all $2,695.8 million of its outstanding principal amount of 7.875% Senior First Lien Notes due 2027 for newly issued 7.875% Senior First Lien Notes due 2030 and (ii) any and all $1,343.5 million of its outstanding principal amount of 9.25% Senior Secured Second Lien Notes due 2027 for newly issued 9.25% Senior Secured Second Lien Notes due 2030, each upon the terms and conditions set forth in the Confidential Offering Memorandum and Consent Solicitation Statement dated November 7, 2025. As of the Early Tender Time, a total of $2,636,050,000 principal amount of Old First Lien Notes and $1,298,646,000 principal amount of Old Second Lien Notes had been tendered in the Exchange Offers, representing approximately 97.78% of the outstanding Old First Lien Notes and 96.66% of the outstanding Old Second Lien Notes. Accordingly, Mauser has received consents sufficient to approve the proposed amendments to the indenture governing the Old First Lien Notes and the indenture governing the Old Second Lien Notes. Mauser and the trustee and collateral agent for the Old Notes will enter into supplemental indentures relating to the Old Notes containing such Proposed Amendments, and the Proposed Amendments will become operative concurrent with the settlement of Old Notes accepted for tender as of the Early Tender Time. The Exchange Offers are conditioned upon, among other things, the valid tender by eligible holders representing at least 80% of the aggregate principal amount of the applicable Old Notes outstanding. The Minimum Tender Condition for each series of Old Notes has been met as of the Early Tender Time and initial settlement of the Exchange Offers is currently expected to take place on November 26, 2025. Mauser is also amending the Exchange Offers by offering the "Early Tender Premium" of $50 in principal amount of applicable New Notes in respect of all applicable Old Notes that are validly tendered by 5:00 p.m., New York City time, on December 9, 2025, and that are accepted for exchange, regardless of whether such Old Notes were tendered before or after the Early Tender Time. Accordingly, eligible holders who tender their Old Notes after the Early Tender Time but before the Expiration Time will be eligible to receive the applicable Total Consideration, which is $1,000 principal amount of applicable New Notes per $1,000 principal amount of applicable Old Notes. The Expiration Time of the Exchange Offers continues to be 5:00 p.m., New York City time, on December 9, 2025, unless extended. The withdrawal deadline has passed, and holders no longer have the right to withdraw any Old Notes previously tendered and will not have the right to withdraw any Old Notes tendered through the Expiration Time. The final settlement date for the Exchange Offers will occur promptly after the Expiration Time, and is currently expected to be December 11, 2025. Other than the extension of the Early Tender Premium, all other terms of the Exchange Offers remain unchanged. In connection with the Exchange Offers, Mauser expects to enter into an amendment to the credit agreement governing its existing term loan facility to refinance the existing term loan facility with a new $1,000.0 million term loan facility maturing April 15, 2030 and to extend the maturity date of the cash flow revolver facility thereunder to January 14, 2030. Additionally, in connection with the Exchange Offers, Mauser expects to enter into an amendment to, among other things, extend the maturity date of Mauser's asset-based revolving facility to January 14, 2030. The New Term Loan Facility, as amended by the Cash Flow Agreement Amendment, will equally and ratably share in the collateral with Mauser's current first lien debt. Available Documents and Other Details: Documents relating to the Exchange Offers and Consent Solicitations will only be distributed to eligible holders who complete and return an eligibility form confirming that they are either a "qualified institutional buyer" under Rule 144A under the Securities Act of 1933, as amended, or not a "U.S. person" under Rule 902 under the Securities Act. Holders of Old Notes who desire to complete an eligibility form should either visit the website www.dfking.com/mauser for this purpose or request instructions by sending an e-mail to mauser@dfking.com or calling D. F. King & Co., Inc., the information agent for the Exchange Offers and Consent Solicitations, at (877) 297-1746 (U.S. Toll-free) or (646) 981-1289 (Collect). The New Notes will not be registered under the Securities Act or any other applicable securities laws and, unless so registered, the New Notes may not be offered, sold, pledged or otherwise transferred within the United States or to or for the account of any U.S. person, except pursuant to an exemption from the registration requirements thereof. Accordingly, the New Notes are being offered and issued only to persons: (i) reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) and (ii) who are not "U.S. persons" (as defined in Rule 902 under the Securities Act). Non U.S.-persons may also be subject to additional eligibility criteria. About Mauser Mauser is a global supplier of rigid packaging products and services. Mauser currently operates manufacturing locations in over 20 countries serving industry-leading customers on an international basis. MAXIMUS SUPPLY: Court OKs Continued Access to Cash Collateral ------------------------------------------------------------- Maximus Supply Chain Holdings, LLC and its affiliates received 10th interim approval from the U.S. Bankruptcy Court for the Northern District of Indiana, Hammond Division at Lafayette, to continue to use cash collateral. The 10th interim order authorized the Debtors to use cash collateral for operating expenses in accordance with their budget, subject to a 10% variance. The Debtors' budget shows projected expenses of $55,151 for the week ending November 28; $191,928 for the week ending December 5; $91,729 for the week ending December 12; $57,087 for the week ending December 19; and $55,151 for the week ending December 26. A status conference on further cash use is scheduled for December 16. The Debtors' relationship with their primary lender negatively impacted their liquidity. The lender cut off access to credit-line advances and then took unlawful actions against the Debtors. The Debtors estimate $10,217,941.46 in short-term debt and $25,186,734.16 in long-term debt, with approximately $35,587,571.33 in secured and $6,402,648.39 in unsecured obligations. About Maximus Supply Chain Holdings Maximus Supply Chain Holdings, LLC develops innovative solutions and products servicing a variety of industries including automotive, commercial vehicle, agricultural equipment, RVs, and power manufacturing industries. Maximus and its affiliates filed their voluntary petitions for Chapter 11 protection (Bankr. N.D. Ind. Lead Case No. 24-40167) on June 25, 2024. At the time of the filing, Maximus reported up to $50,000 in both assets and liabilities. Sam Bazzi, president and chief executive officer of Maximus, signed the petitions. Judge Robert E. Grant oversees the cases. The Debtor is represented by: Sarah L. Fowler, Esq. Blackwell, Burke & Ramsey, P.C. Tel: 317-533-7869 Email: sfowler@bbrlawpc.com MCMILLAN LOGGING: Unsecured Creditors to Split $90K in Plan ----------------------------------------------------------- McMillan Logging, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Florida a Plan of Reorganization dated November 24, 2025. The Debtor operates a logging business in Liberty County, Florida, and has since 2007. The Debtor had a highly profitable enterprise until catastrophic hurricanes and the closing of multiple paper mills in the North Florida area caused a significant downturn in revenue. The Debtor filed this case to restructure its debts and reach an agreement with John Deere to be able to retain its equipment. While the Debtor has experienced financial issues as indicated, the Debtor strongly believes there is a path to a successful reorganization in this case. Since the filing of this case, the Debtor has reached an agreement with John Deere. The Plan will be funded by the Debtor's ongoing business operations. This Plan provides for the payment of four classes of secured claims, one class of general unsecured claims, and one class of equity security holders. This Plan provides for the payment of administrative and priority claims in full. Class 5 consists of General Unsecured Claims. General Unsecured claims (total claim amounts reflected not the total dividend) held by creditors: John Deere Financial: $526,479.06; Cecil Hinson's Flint River Timber Co. of GA., Inc.: $0.00; Transit Safety: $3,779.46; John Paul McCoy: $1,596,993.73; Bank of America: $57,562.62; Beard Equipment Co.: $23,562.95; Chipola Ford: $4,066.55; Cintas Corporation: $1,134.35; and PowerPlan: $40,036.97. Class 5 Claimants shall receive a total dividend of $90,000.00 paid pro-rata amongst the creditors in this class. Installment payments (to be disbursed pro rata) in the amount of $4,500.00 shall commence on the fifteenth day of the month, on the first month that begins more than sixty days after the Effective Date and shall continue every ninety days thereafter for a total of twenty payments. Class 6 consists of Equity Security Holder James McMillan. Post confirmation, the equity security holder will continue to receive his salary. He will retain his ownership interest. The Debtor shall fund its Plan from its continued operations. Unless otherwise ordered by the Court, the Debtor will make the payments under this Plan, rather than the Subchapter V Trustee. A full-text copy of the Plan of Reorganization dated November 24, 2025 is available at https://urlcurt.com/u?l=Mdfmm9 from PacerMonitor.com at no charge. Counsel to the Debtor: Byron Wright III, Esq. Bruner Wright, PA 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 About McMillan Logging Inc. McMillan Logging Inc. is a Florida-based logging contractor that engages in timber harvesting and related hauling services. McMillan Logging Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40405) on August 25, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Byron W. Wright III, Esq., and Robert C. Bruner, Esq., at Bruner Wright, PA. MILAN SAI: To Sell Stanton Property to 11 11 IDM for $2MM --------------------------------------------------------- Milan Sai Joint Venture, LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. Mark Weisbart was been appointed as the Subchapter V Trustee of the case. The Debtor owns the real property and improvements thereon located at 3432 I10, Stanton, Texas 79728. The property is currently under Purchase and Sale Agreement with 11 11 IDM Investments LLC. The Debtor seeks to sell the real property and improvements located at 3432 I-10, Stanton, Texas 79728 to 1111 IDM Investments LLC for $2,000,000.00. The sale shall be free and clear of all liens, claims and encumbrances, and such liens, claims and encumbrances shall attach to the sales proceeds. The sales proceeds will be held by the title company pending an order of distribution approved by the Court. Gregory S. Milligan, in his capacity as court-appointed receiver for Pride of Austin High Yield Fund 1, LLC, is the Debtor's Secured Lender. The Property is also encumbered with liens to the taxing authorities for 2024 and 2025 ad valorem taxes and Super 8 Worldwide, Inc. for unpaid franchise fees. The reasonable and necessary closing costs associated with the sale shall be paid at the time of closing, including payment of a 6% commission to Debtor’s broker, Marcus & Millichap. The Debtor requests that the property be sold free and clear of all liens claims and encumbrances. About Milan Sai Joint Venture Milan Sai Joint Venture, LLC operates in the traveler accommodation industry. Milan Sai Joint Venture sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33560) on November 4, 2024, with up to $10 million in both assets and liabilities. Sunil Kumar Patel, managing member, signed the petition. Judge Michelle V. Larson oversees the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's bankruptcy counsel. MIND CANDY: TriplePoint Venture Marks $1.5MM Loan at 62% Off ------------------------------------------------------------ TriplePoint Venture Growth BDC Corp. has marked its $1,544,000,000 loan extended to Mind Candy Limited to market at $594,000 or 38% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Mind Candy Limited. The loan accrues interest at a rate of 9.00% PIK per annum. The loan matures on December 31, 2025. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Mind Candy Limited Mind Candy is the BAFTA award-winning company behind Moshi Monsters, Moshi Kids, Moshi Play, Petlandia and World of Warriors. MIND CANDY: TriplePoint Venture Marks $1.6MM Loan at 62% Off ------------------------------------------------------------ TriplePoint Venture Growth BDC Corp. has marked its $1,655,000,000 loan extended to Mind Candy Limited to market at $636,000 or 38% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Mind Candy Limited. The loan accrues interest at a rate of 9.00% PIK per annum. The loan matures on December 31, 2025. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Mind Candy Limited Mind Candy is the BAFTA award-winning company behind Moshi Monsters, Moshi Kids, Moshi Play, Petlandia and World of Warriors. MIND CANDY: TriplePoint Venture Marks $25.4MM Loan at 62% Off ------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $25,451,000,000 loan extended to Mind Candy Limited to market at $9,563,000 or 38% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Mind Candy Limited. The loan accrues interest at a rate of 12.00% PIK per annum. The loan matures on December 31, 2025. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Mind Candy Limited Mind Candy is the BAFTA award-winning company behind Moshi Monsters, Moshi Kids, Moshi Play, Petlandia and World of Warriors. MODEL SHIPWAYS: Section 341(a) Meeting of Creditors on January 6 ---------------------------------------------------------------- On November 21, 2025, Model Shipways Inc. filed for Chapter 11 protection in the Southern District of Florida. According to court filings, the Debtor reports between $1,000,000 and $10,000,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be Held on 1/6/2026 at 03:30 PM by TELEPHONE. About Model Shipways Inc. Model Shipways Inc., doing business as Model Expo, designs and manufactures scale model kits covering historic ships, aircraft, artillery, and Western vehicles from its facility in Miami, Florida. The Company produces wood and metal kits using in-house laser-cutting and casting processes and supplies replacement parts for its product lines, including Model Shipways, Model Airways, Model Trailways, and Guns of History. It distributes its kits to scale model builders worldwide. Model Shipways Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-23837) on November 21, 2025. In its petition, the Debtor reports estimated assets in the range of $0–$100,000 and estimated liabilities in the range of $1,000,000–$10,000,000. Honorable Bankruptcy Judge handles the case. The Debtor is represented by Joe M. Grant, Esq. of LORIUM LAW. MODIVCARE INC: DOJ, Insurers, Creditors Object Ch. 11 Exit Plan --------------------------------------------------------------- Randi Love of Bloomberg Law reports that ModivCare Inc.'s proposed Chapter 11 exit plan is facing pushback from multiple sides, including insurers, the US Trustee's Office, and the unsecured creditors' committee, all of whom argue the current terms are inadequate. The objectors say the structure of the plan fails to provide a reliable path forward for the medical transportation provider. The Colorado-based company is seeking to eliminate more than $1 billion in debt through what it calls a distribution framework, but the creditors' committee says the plan is built on an artificially low valuation—roughly one-third of what ModivCare was worth just a year ago. The filing asserts that the company's "overly pessimistic projections" reflect management messaging rather than its actual performance, the report states. About Modivcare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MONJOVIC LLC: Seeks Chapter 7 Bankruptcy in Georgia --------------------------------------------------- On November 25, 2025, Monjovic LLC filed for Chapter 7 protection in the Middle District of Georgia. According to court filings, the Debtor reports between $100,001–$1,000,000 in debt owed to 1–49 creditors. About Monjovic LLC Monjovic LLC operates within the real estate investment and property management industry, handling a range of responsibilities from property acquisition to day-to-day management. The company oversees rental properties, manages tenant relations, and coordinates maintenance and operational needs for its portfolio. Monjovic LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. M.D. Ga., Case No. 25-30676) on November 25, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Austin E. Carter handles the case. The Debtor is represented by William A. Rountree, Esq. of Rountree Leitman Klein & Geer, LLC. MONTAUK METALS: Files Corporate Assignment Into Bankruptcy ---------------------------------------------------------- Montauk Metals Inc. filed a corporate assignment into bankruptcy pursuant to the Bankruptcy and Insolvency Act (Canada). The filing comes after the Board was unable to reach a settlement with its creditors. The Fuller Landau Group Inc. has been appointed as the Licensed Insolvency Trustee under the bankruptcy proceedings. Montauk's three directors and officers resigned immediately prior to the bankruptcy proceedings. All further matters will be handled by the Trustee. The Trustee will administer the process of distributing any realizable assets to proven creditors, which consist of cash balances which are less than liabilities with no surplus for distribution to shareholders. The Trustee's contact information and details of the bankruptcy proceeding can be found at fullerllp.com/services/corporate-restructuring-and-insolvency/selected-active-engagements/. Trading in the shares of the Company has been suspended by the TSX Venture Exchange and cease trade orders have been issued by Canadian Securities Administrators for failure to file its audited annual financial statements, management's discussion and analysis, and related CEO and CFO certifications for the year ended December 31, 2024, by the prescribed deadline of April 30, 2025, as required under National Instrument 51-102 -- Continuous Disclosure Obligations. It is not anticipated that the Company will be reactivated. About Montauk Metals Inc. (formerly Galway Gold Inc.) The gold property on which Montauk Metals conducted exploration and had the rights to was expropriated without compensation by the government of Colombia. The Company had delineated significant gold ounces at very high grades (224,900 ounces M&I at 10.5 g/t plus 377,000 ounces Inferred at 10.3 g/t). The Company estimates it suffered more than USD $16 million in sunk costs and total loss of the value of the gold property. The Company went to international court to get restitution; it lost a 2-1 judgement. The Company was unable to get another mineral property despite numerous bids. The Board sought the support of its largest creditor to advance a formal proposal under the BIA, which support was necessary for the success of such a proposal. However, the Board was unable to secure support. NAKDCOM ONE: TriplePoint Venture Marks $6.6MM Loan at 18% Off ------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $6,620,000,000 loan extended to Nakdcom One World AB to market at $5,460,000 or 82% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Capital Growth Loan to Nakdcom One World AB. The loan accrues interest at a rate of Prime + 8.25% interest rate, 11.50% floor, 10.00% EOT payment per annum. The loan matures on December 31, 2026. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Nakdcom One World AB Nakdcom One World AB is the legal name for the Swedish online fashion company, NA-KD.com, a digital fashion house that sells clothing and accessories online. NATIONAL DENTEX: Blue Owl Marks $1.7MM 1L Loan at 62% Off --------------------------------------------------------- Blue Owl Capital Corporation has marked its $1,766,000 loan extended to National Dentex Labs LLC (fka Barracuda Dental LLC) to market at $678,000 or 38% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a First Lien Senior Secured Loan to National Dentex Labs LLC (fka Barracuda Dental LLC). The loan accrues interest at a rate of 9% per annum. The loan matures on April 2026. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About National Dentex Labs LLC (fka Barracuda Dental LLC) National Dentex Labs LLC provides dental products and services. The Company offers crowns and bridges, dentures, partials, implants, headache therapy, dental sleep medicine, and other products with advanced technology in digital dentistry and surgical planning through consulting services. National Dentex Labs serves customers in the United States. NATIONAL DENTEX: Blue Owl Marks $2.2MM 1L Loan at 61% Off --------------------------------------------------------- lue Owl Capital Corporation has marked its $2,2109,000 loan extended to National Dentex Labs LLC (fka Barracuda Dental LLC) to market at $8,622,000 or 39% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a First Lien Senior Secured Loan to National Dentex Labs LLC (fka Barracuda Dental LLC). The loan accrues interest at a rate of 10.0% per annum. The loan matures on April 2026. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About National Dentex Labs LLC (fka Barracuda Dental LLC) National Dentex Labs LLC provides dental products and services. The Company offers crowns and bridges, dentures, partials, implants, headache therapy, dental sleep medicine, and other products with advanced technology in digital dentistry and surgical planning through consulting services. National Dentex Labs serves customers in the United States. NATIONAL DENTEX: Blue Owl Marks $3.3MM 1L Loan at 61% Off --------------------------------------------------------- Blue Owl Capital Corporation has marked its $3,347,000 loan extended to National Dentex Labs LLC (fka Barracuda Dental LLC) to market at $1,305,000 or 39% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a First Lien Senior Secured Loan to National Dentex Labs LLC (fka Barracuda Dental LLC). The loan accrues interest at a rate of 12% per annum. The loan matures on April 2026. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About National Dentex Labs LLC (fka Barracuda Dental LLC) National Dentex Labs LLC provides dental products and services. The Company offers crowns and bridges, dentures, partials, implants, headache therapy, dental sleep medicine, and other products with advanced technology in digital dentistry and surgical planning through consulting services. National Dentex Labs serves customers in the United States. NEW INSPIRATIONAL: Section 341(a) Meeting of Creditors on Dec. 17 ----------------------------------------------------------------- On November 11, 2025, New Inspirational M.B. Church, NFP filed for Chapter 11 protection in the Northern District of Illinois. According to court filings, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on December 17, 2025 at 01:30 PM at Appear by Teams. About New Inspirational M.B. Church, NFP New Inspirational M.B. Church, NFP is a nonprofit religious organization based in Chicago, Illinois. The church conducts worship services and community outreach programs including food assistance, senior support, and local relief efforts. New Inspirational M.B. Church, NFP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-17418) on November 11, 2025. In its petition, the Debtor reports estimated assets in the range of $1,000,001–$10,000,000 and estimated liabilities in the range of $1,000,001–$10,000,000. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Laxmi P. Sarathy, Esq. of Whitestone, P.C. NICKLAUS COMPANIES: Jack Nicklaus Opposes Ex-Co.'s Bankruptcy ------------------------------------------------------------- Dietrich Knauth of Reuters reports that Jack Nicklaus' attorneys alleged Tuesday that his former business partner is exploiting bankruptcy to retain control of Nicklaus Companies LLC while dodging a $50 million defamation judgment. The company filed for Chapter 11 in Delaware on November 21, 2025 week, shortly after a Florida jury found it had made false statements about Nicklaus. Howard Milstein, a long-time investor since 2007, currently controls the business. Nicklaus, who left the company in 2017 following a falling out with Milstein, has been involved in litigation since 2022. At a Delaware bankruptcy hearing, attorney Eugene Stearns said Nicklaus aims to reacquire his former business but opposes a proposed $17 million loan from Milstein-controlled entities. Stearns argued the additional debt would only reduce the company's attractiveness to buyers, including Nicklaus himself, according to report. "No one wants the company to succeed more than Jack Nicklaus," Stearns said. Judge Craig Goldblatt approved the initial $10 million of the requested loan, while confirming that Nicklaus can challenge the legality of Milstein's pre-bankruptcy funding. The court will rule on final loan approval in January 2026. In its filing, Nicklaus Companies said it cannot afford to appeal the $50 million defamation verdict and plans to sell assets including its golf course design division and golf apparel and equipment under the Jack Nicklaus and Golden Bear brands. Stearns further indicated Nicklaus intends to dispute a $462 million claimed debt owed to Milstein, which could affect who ultimately has the ability to acquire the business during the bankruptcy sale. About Nicklaus Companies LLC Nicklaus Companies LLC, also known as Golden Bear Financial Services, is a worldwide golf enterprise established to uphold and expand the legacy of golf icon Jack Nicklaus. It operates across several areas of the industry, including golf course design, branded products, licensing, and overall brand management. Its goal is to provide high-quality golf experiences and products that reflect the Nicklaus name's global reputation for excellence, innovation, and integrity. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12088) on November 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Zachary I. Shapiro, Esq. of Richards, Layton & Finger, P.A. NIKOLA CORP: Court Won't Change Founder’s Ch. 11 Appeal Issues ---------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge on Tuesday, November 25, 2025, refused to limit the scope of Trevor Milton's appeal of the court's order confirming Nikola Corp.’s Chapter 11 plan. Milton -- the company's founder, who was pardoned earlier this 2025 by President Donald Trump on securities fraud charges -- had sought to narrow the issues under review, but the court said doing so would be improper at this stage, according to the report. The judge explained that the appeal must proceed on the full record, noting that the matters Milton challenged were intertwined with the broader confirmation ruling. With the request denied, Milton will have to pursue a comprehensive appeal, and Nikola can continue advancing post-confirmation steps while monitoring the challenge, the report states. 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. NLC PRODUCTS: Court OKs Nite Life Asset to Creative Irish --------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Arkansas, Central Division has permitted NLC Products Inc., to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor intends to sell all right, title, and interest of its "Night Lite" division of assets, which is expected to result in returns to creditors at a higher rate than dismissal or conversion. Due to the need for speed in liquidating certain real estate which is currently burdensome to the estate. The Court has authorized the Debtor to sell "Creative Irish Gifts" for $150,000.00 to Creative Irish Gifts, LLC, an unrelated third party. The terms of the Letter of Intent are the result of an arms-length negotiation and the consideration set forth therein is fair and adequate. In accordance with the business judgment of the Debtor's management, the terms of the Letter of Intent are fair and reasonable and in the best interests of creditors. The Proceeds from the sale will be paid and distributed at closing as follows: a. Sale expenses. b. Paydown of the outstanding secured and perfected indebtedness of Arvest Bank. The sale of assets to Inglis will be made pursuant to the authority of Bankruptcy Code Section 363 free and clear of all liens and other claims of creditors. Any and all claims of creditors will transfer to sales proceeds, which will be distributed as noted above. About NLC Products Inc. NLC Products Inc. is a privately held company specializing in niche catalog and e-commerce retail. Based in Arkansas, it operates a range of brands across various lifestyle segments, including gifts, apparel, and specialty merchandise. One of its notable subsidiaries is SGT GRIT, a brand dedicated to United States Marine Corps-themed apparel and accessories, which NLC acquired to expand its patriotic and military-focused offerings. NLC Products Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-11264) on April 14, 2025. In its petition, the Debtor reported total assets of $4,144,606 and total liabilities of $3,997,628. Judge Phyllis M. Jones handles the case. The Debtor is represented by Kevin P. Keech, Esq., at Keech Law Firm, PA. NORTH JAX CONCRETE: Gets Extension to Access Cash Collateral ------------------------------------------------------------ North Jax Concrete and Construction, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. At the recent hearing, the court granted the Debtor's bid to use cash collateral pending the final hearing on January 6, 2026. The court's two previous interim orders authorized the Debtor to utilize cash collateral to pay the expenses set forth in its budget and the amounts expressly authorized by the court, including payments to the Subchapter V trustee. The prior orders granted the lenders a replacement lien on the Debtor's cash collateral, matching the validity, priority and extent of their pre-bankruptcy liens. North Jax has financed its operations on a cash basis and via business credit cards. The Debtor has three pre-bankruptcy merchant cash advance lenders that have a lien on its cash and receivables. Those lenders are Forward Financing, LLC, Fora Financial, and the U.S. Small Business Administration. The Debtor relies on current revenues to fund its operations. The Debtor primarily generates income from engaging in the concrete and construction industry. At the time of filing, the Debtor had a total balance of approximately $22,000 in its business checking account. The business generates approximate gross receipts of $22,840.46 per month. About North Jax Concrete and Construction LLC North Jax Concrete and Construction LLC a concrete contractor based in Jacksonville, Florida. It provides concrete construction services in the Jacksonville area, working with various concrete suppliers and equipment rental companies. North Jax Concrete and Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02841) on August 18, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Thomas C. Adam, Esq., at Adam Law Group, P.A. NORTHWEST WATERPROOFING: Hires Bishop Bankruptcy Law as Counsel --------------------------------------------------------------- Northwest Waterproofing, LLC seeks approval from the U.S. Bankruptcy Court for the District of Oregon to hire Bishop Bankruptcy Law, LLC to serve as legal counsel. The Firm will render these services: (a) representing it for all purposes related to the petition for relief including if necessary and among other things, negotiating financing orders; (b) obtaining authorization for use of cash collateral; (c) reviewing and evaluating the status and validity of secured claims; (d) litigation implementing their avoidance powers; (e) formulating a plan of reorganization; and (f) giving investigation, analysis and preparation of chapter 11 filing and assistance with all Client's duties relevant thereto including preparation, filing and initial implementation of Plan. The Firm will receive these hourly rates: - Noah Bishop, Managing Attorney $450 - Office Staff $100 Bishop Bankruptcy Law, LLC is a "disinterested person" within the meaning of the Bankruptcy Code, according to court filings. The firm can be reached at: Noah Bishop, Esq. BISHOP BANKRUPTCY LAW, LLC 10365 SE Sunnyside Rd., Suite 240 Clackamas, OR 97015 Telephone: (503) 741-9529 E-mail: Noah@BishopBankruptcyLaw.com About Northwest Waterproofing, LLC Northwest Waterproofing, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Or. Case No. 25-33899) on November 20, 2025. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $500,001 to $1 million. Judge Teresa H. Pearson oversees the case. Bishop Bankruptcy Law, LLC is Debtor's legal counsel. NORVAX LLC: Blue Owl Marks $2.8MM 2L Loan at 16% Off ---------------------------------------------------- Blue Owl Capital Corporation has marked its $2,800,000 loan extended to Loparex Midco B.V. to market at $23,660,000 or 85% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a Second Lien Senior Secured Loan to Loparex Midco B.V. The loan accrues interest at a rate of 8.75% per annum. The loan matures on July 2027. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Loparex Midco B.V. Loparex is a supplier of engineered release liner solutions, enabling sustainable performance with in-depth material science expertise. NORVAX LLC: Blue Owl Marks $539,000 1L Loan at 43% Off ------------------------------------------------------ Blue Owl Capital Corporation has marked its $539,000 loan extended to Norvax, LLC (dba GoHealth) to market at $309,000 or 57% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a First Lien Senior Secured Loan to Norvax, LLC (dba GoHealth). The loan accrues interest at a rate of 5.5% per annum. The loan matures on November 2029. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Norvax, LLC (dba GoHealth) Norvax, LLC operates as GoHealth, Inc., a prominent health insurance marketplace in the United States. NOTORIOUS TOPCO: Blue Owl Marks $2.1MM 1L Loan at 41% Off --------------------------------------------------------- Blue Owl Capital Corporation has marked its $2,113,000 loan extended to Notorious Topco, LLC (dba Beauty Industry Group) to market at $1,257,000 or 59% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a First Lien Senior Secured Revolving Loan to Notorious Topco, LLC (dba Beauty Industry Group). The loan accrues interest at a rate of 6.75% per annum. The loan matures on May 2027. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Notorious Topco, LLC (dba Beauty Industry Group) Notorious Topco, LLC, doing business as Beauty Industry Group, provides beauty products. The Company offers hair extensions, cosmetic, and ancillary beauty products. Notorious Topco serves customers worldwide. NOTORIOUS TOPCO: Blue Owl Marks $26.6MM 1L Loan at 40% Off ---------------------------------------------------------- Blue Owl Capital Corporation has marked its $26,610,000 loan extended to Notorious Topco, LLC (dba Beauty Industry Group) to market at $15,833,000 or 60% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a First Lien Senior Secured Loan to Notorious Topco, LLC (dba Beauty Industry Group). The loan accrues interest at a rate of 4.75% per annum. The loan matures on November 2027. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Notorious Topco, LLC (dba Beauty Industry Group) Notorious Topco, LLC, doing business as Beauty Industry Group, provides beauty products. The Company offers hair extensions, cosmetic, and ancillary beauty products. Notorious Topco serves customers worldwide. PARK HOTELS: Court-Appointed Receiver Completes Sale of Hotels -------------------------------------------------------------- Park Hotels & Resorts Inc. announced that on November 21, 2025 the court-appointed receiver completed the sale of the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco -- a Hilton Hotel, which secured a $725 million non-recourse CMBS Loan. As previously announced, the Hilton San Francisco Hotels were placed in a court-ordered receivership in October 2023, when the receiver took full authority and control over the hotels' operations and Park no longer had any economic interest in the operations of the hotels. Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, "We are extremely pleased that the court-appointed receiver successfully completed a sale of the Hilton San Francisco Hotels after a years-long process. While Park no longer has any economic interest in these assets, with the completion of this sale, Park is now able to remove the legacy items from our financial statements that remained following the transfer of these assets into receivership in 2023. As we look ahead to 2026, Park continues to remain laser-focused on executing our strategic plan to sell non-core assets, invest in ROI projects within our core portfolio and continue to strengthen our balance sheet." During the receivership, interest, default interest and fees related to the SF Mortgage Loan were reflected on the Company's statement of operations, and the SF Mortgage Loan plus accrued interest and fees (which totaled $874 million as of October 31, 2025) were reflected on the Company's balance sheet. In conjunction with the sale of the Hilton San Francisco Hotels to (and the related assumption of the SF Mortgage Loan by) the buyer, the SF Mortgage Loan and associated accrued interest and fees through and including the date of the sale, as well as other items on the Company's consolidated financial statements associated with the receivership, were derecognized with no effect on the statement of operations. About Park Hotels & Resorts Park is one of the largest publicly-traded lodging real estate investment trusts with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 38 premium-branded hotels and resorts with over 24,000 rooms primarily located in prime city center and resort locations. PERATON CORP: Blue Owl Marks $14.4M 2L Loan at 41% Off ------------------------------------------------------ Blue Owl Capital Corporation has marked its $14,494,000 loan extended to Peraton Corp. to market at $8,571,000 or 59% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a Second Lien Senior Secured Loan to Peraton Corp. The loan accrues interest at a rate of 7.75% per annum. The loan matures on February 2029. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Peraton Corp. Peraton Inc. is a privately held American national security and technology company formed in 2017. It is headquartered in Reston, Virginia. Its service areas include space, intelligence, cyber, defense, homeland security, citizen security, and health. PHIL KEAN: Section 341(a) Meeting of Creditors on January 5 ----------------------------------------------------------- On November 25, 2025, Phil Kean Designs Inc. filed for Chapter 11 protection in the Middle District of Florida. According to the court filing, the Debtor reports between $1 million and $10 million in debt owed to approximately 1–49 creditors. Meeting of Creditors scheduled for January 5, 2026, at 11:00 a.m. telephonically via US Trustee - Orlando. Filed by U.S. Trustee United States Trustee - ORL. About Phil Kean Designs Inc. Phil Kean Designs Inc., based in Winter Park, Florida, provides integrated architecture, interior design, and residential construction services, specializing in luxury custom homes for clients in Central Florida and surrounding coastal areas. Phil Kean Designs Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-07667) on November 25, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Daniel A. Velasquez, Esq. of Latham, Luna, Eden & Beaudine, LLP. PINE GATE: Seeks to Tap Alvarez & Marsal as Financial Advisor ------------------------------------------------------------- Pine Gate Renewables, LLC, et. al. seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Alvarez & Marsal North America, LLC to serve as its financial advisor. The firm will provide these services: (a) assistance with financial and liquidity forecasting, including, but not limited to, the development of a 13-week cash flow and liquidity forecast; (b) assistance with preparation of information and analysis required pursuant to the Debtors' debtor-in-possession financing facility; (c) assistance in the identification (and implementation) of cost reduction and operations improvement opportunities; (d) assistance in developing materials for the Debtors board of directors' (including the board's special committee of independent managers, the “Board”); (e) attendance at meetings and assistance in discussions with case constituents, as requested; (f) assistance in the preparation of information for distribution to creditors in response to information requests; (g) assistance with analysis related to assumption and rejection of executory contracts; (h) assistance in the evaluation and analysis of avoidance actions; (i) assistance in preparation of information and analysis in support of the Debtors' plan of reorganization and disclosure statement; (j) assistance in the preparation of financial-related disclosures required by the Court, including the Debtors' Schedules of Assets and Liabilities, Statements of Financial Affairs and Monthly Operating Reports and other information required in connection with bankruptcy requirements; (k) assisting in preparation of information or analysis in support of the Debtors and Debtors' legal counsel regarding various motions or pleadings during the pendency of the bankruptcy; (l) 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; (m) assistance with various tax-related matters in connection with the bankruptcy; and (n) rendering other assistance as requested or directed by the CEO or the Board or other Debtors personnel as authorized by the Board, and agreed to by A&M that is not duplicative of services provided by other professionals in this proceeding. Alvarez & Marsal North America, LLC will be compensated at these hourly rates: CRO $1,375 Other Managing Directors $1,100 - $1,575 Directors $850 - $1,100 Associates $625 - $825 Analysts $450 - $600 Alvarez & Marsal North America, LLC 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: Alvarez & Marsal North America, LLC 540 West Madison Street, Suite 1800 Chicago, IL 60661 Phone: (312) 601-4220 Fax: (312) 332-4599 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 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90669) on November 6, 2025. In the petition signed by Ray Shem as president and chief financial officer, the Debtor disclosed estimated assets on a consolidated basis of $1 billion to $10 billion and estimated liabilities on a consolidated basis of $1 billion to $10 billion. One hundred nineteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Pine Gate Renewables, LLC (Lead Case) 25-90669 BF Dev Holdco Pledgor, LLC 25-90691 BF Dev Holdco, LLC 25-90694 Blue Northern Power, LLC 25-90697 Blue Ridge Power Holding Company, LLC 25-90703 Blue Ridge Power, LLC 25-90707 Blue Ridge Solar, LLC 25-90713 BRP Construction, Inc. 25-00008 BRP HBC Guarantor, LLC 25-00009 BRP HBC Holdco, LLC 25-00010 Cascade Dev Holdco, LLC 25-00011 Cascade NTP Holdco, LLC 25-00012 Cascade Pledgor, LLC 25-00013 Catalina Solar Borrower, LLC 25-00014 Catalina Solar Holdings, LLC 25-00015 FP 2021 Dev Holdco, LLC 25-00016 GA Solar 5, LLC 25-00017 GH Pledge Borrower, LLC 25-00018 Grande Holdco Borrower II, LLC 25-00019 Grande Holdco Borrower, LLC 25-00020 Grande Holdco, LLC 25-00021 Limewood Bell Renewables LLC 25-00022 Lotus Solar, LLC 25-00023 Magnolia Solar Development LLC 25-00024 NPA 2023 Holdco, LLC 25-90671 NPA PGR Blocker Holdco, LLC 25-90673 NPA Polaris DevCo Holdco, LLC 25-90675 NPA Polaris DevCo Pledgor, LLC 25-90678 NPA Polaris OpCo Holdco, LLC 25-90682 Old Hayneville Solar, LLC 25-00030 PG Dev Carver Holdco, LLC 25-90686 PGC Solar Holdings Holdco I, LLC 25-90698 PGC Solar Holdings Holdco II, LLC 25-90702 PGC Solar Holdings I Managing Member, LLC 25-90705 PGC Solar Holdings I, LLC 25-90708 PGR 2020 Lessor 7, LLC 25-90711 PGR 2021 Fund 13, LLC 25-00037 PGR 2021 Fund 17, LLC 25-00038 PGR 2021 Fund 18, LLC 25-00039 PGR 2021 Fund 4, LLC 25-00040 PGR 2021 Fund 9, LLC 25-00041 PGR 2021 Holdco 11, LLC 25-00042 PGR 2021 Holdco 12, LLC 25-00043 PGR 2021 Holdco 13, LLC 25-00044 PGR 2021 Holdco 15, LLC 25-00045 PGR 2021 Holdco 17, LLC 25-90670 PGR 2021 Holdco 18, LLC 25-90674 PGR 2021 Holdco 19, LLC 25-90676 PGR 2021 Holdco 4, LLC 25-00049 PGR 2021 Holdco 9, LLC 25-00050 PGR 2021 Manager 13, LLC 25-00051 PGR 2021 Manager 17, LLC 25-90685 PGR 2021 Manager 18, LLC 25-90687 PGR 2021 Manager 4, LLC 25-90679 PGR 2021 Manager 9, LLC 25-90680 PGR 2022 Fund 1, LLC 25-90689 PGR 2022 Fund 2, LLC 25-90690 PGR 2022 Fund 4, LLC 25-90693 PGR 2022 Fund 5, LLC 25-90695 PGR 2022 Fund 8, LLC 25-90696 PGR 2022 Fund 9, LLC 25-90699 PGR 2022 Holdco 1, LLC 25-90700 PGR 2022 Holdco 2, LLC 25-90704 PGR 2022 Holdco 8, LLC 25-90706 PGR 2022 Holdco 9, LLC 25-90709 PGR 2022 Manager 1, LLC 25-90712 PGR 2022 Manager 2, LLC 25-00067 PGR 2022 Manager 4, LLC 25-00068 PGR 2022 Manager 5, LLC 25-00069 PGR 2022 Manager 8, LLC 25-00070 PGR 2022 Manager 9, LLC 25-90672 PGR 2022 Sponsor Holdco, LLC 25-90677 PGR 2023 Fund 1, LLC 25-90681 PGR 2023 Fund 6, LLC 25-90688 PGR 2023 Holdco 1, LLC 25-90692 PGR 2023 Lessee 6, LLC 25-90701 PGR 2023 Manager 1, LLC 25-90710 PGR 2023 Manager 6, LLC 25-00078 PGR 2024 Sponsor Holdco, LLC 25-00079 PGR Blocker Holdco, LLC 25-00080 PGR Blue Ridge Power Holdings, LLC 25-00081 PGR Carver Holdco, LLC 25-00082 PGR CC Affiliate Purchaser LLC 25-00083 PGR Guarantor, LLC 25-00084 PGR Holdco GP, LLC 25-00085 PGR Holdco, LP 25-00086 PGR MS Affiliate Purchaser LLC 25-00087 PGR Procurement, LLC 25-00088 PGR Signature Fund 1 Manager, LLC 25-00089 Pine Gate Asset Management, LLC 25-00090 Pine Gate Assets, LLC 25-00091 Pine Gate Carver Holdings, LLC 25-00092 Pine Gate Dev Holdco, LLC 25-00093 Pine Gate Development, LLC 25-00094 Pine Gate Energy Capital, LLC 25-00095 Pine Gate EPC, LLC 25-00096 Pine Gate Fund Management, LLC 25-00097 Pine Gate O&M, LLC 25-00098 Polaris DevCo Borrower A, LLC 25-00099 Polaris DevCo Borrower B, LLC 25-00100 Polaris DevCo Pledgor A, LLC 25-00101 Polaris DevCo Pledgor B, LLC 25-00102 Polaris OpCo Borrower B, LLC 25-00103 Polaris OpCo Pledgor A, LLC 25-00104 Polaris OpCo Pledgor B, LLC 25-00105 PW Blocker Holdco, LLC 25-00106 PW Revolver Borrower, LLC 25-00107 Rio Lago Solar, LLC 25-90668 Solar Carver 1, LLC 25-00109 Solar Carver 3, LLC 25-00110 Stowe Solar, LLC 25-00111 Sunstone Solar 1, LLC 25-00112 Sunstone Solar 2, LLC 25-00113 Sunstone Solar 3, LLC 25-00114 Sunstone Solar 4, LLC 25-00115 Sunstone Solar 5, LLC 25-00116 Sunstone Solar 6, LLC 25-00117 Sunstone Solar, LLC 25-00118 West River Solar, LLC 25-00119 The Judge is Hon. Christopher M. Lopez. The Debtors' Bankruptcy Co-Counsel is Timothy A. ("Tad") Davidson II, Esq., at Hunton Andrews Kurth LLP, in Houston, Texas, and LATHAM & WATKINS LLP. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is LAZARD FRERES & CO. LLC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. PLASMA BUYER: Blue Owl Marks $622,000 1L Loan at 14% Off -------------------------------------------------------- Blue Owl Capital Corporation has marked its $622,000 loan extended to Plasma Buyer LLC (dba PathGroup) to market at $568,000 or 86% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a First Lien Senior Secured Loan to Plasma Buyer LLC (dba PathGroup). The loan accrues interest at a rate of 5.75% per annum. The loan matures on May 2029. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Plasma Buyer LLC (dba PathGroup) Plasma Buyer LLC, operating as PathGroup, is a premier provider of pathology services in the United States. POWIN LLC: Secures Court Confirmation for Ch. 11 Liquidation Plan ----------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a New Jersey bankruptcy judge on Tuesday, November 25, 2025, confirmed Powin LLC's Chapter 11 liquidation plan, clearing the way for the green energy storage manufacturer to wind down its operations. The ruling came after the court overruled an objection from the U.S. Trustee's Office, which challenged the plan's opt-out structure for securing creditor consent to third-party releases, according to the report. The judge found the mechanism permissible under the circumstances, noting that creditors had adequate notice and opportunity to object. With confirmation granted, Powin can now move forward with distributing proceeds to stakeholders and completing the final steps of its court-supervised liquidation, according to report. About Powin LLC Powin, LLC, is a manufacturer of utility-scale battery energy storage systems. It specializes in designing and manufacturing advanced energy storage solutions for utility, commercial, and industrial applications. Powin and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16137) on June 10, 2025. In its petition, Powin listed assets and liabilities between $100 million and $500 million. Bankruptcy Judge Michael B. Kaplan handles the cases. The Debtors tapped Togut, Segal & Segal LLP and Dentons US LLP as counsel, and Huron Transaction Advisory LLC as investment banker. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Powin LLC and its affiliates. The Committee retained Genova Burns LLC and Brown Rudnick LLP as its co-counsel. PROJECT 1920: TriplePoint Venture Marks $2.1MM Loan at 78% Off -------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $2,100,000,000 loan extended to Project 1920, Inc. to market at $456,000 or 22% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Revolver Loan to Project 1920, Inc. The loan accrues interest at a rate of Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment per annum. The loan matures on March 25, 2024. "Debt is on non-accrual status as of December 31, 2024 and is therefore considered non-income producing. Non-accrual investments as of December 31, 2024 had a total cost and fair value of $38.1 million and $20.6 million, respectively." Triple said. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Project 1920, Inc. Project 1920, Inc., doing business as SENREVE, designs and markets handbags. The Company distributes handbags, wallets, pouches, folios, and other products. SENREVE serves customers worldwide. PROJECT 1920: TriplePoint Venture Marks $6.6MM Loan at 78% Off -------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $1,927,000,000 loan extended to Project 1920, Inc. to market at $419,000 or 22% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Capital Growth Loan to Project 1920, Inc. The loan accrues interest at a rate of Prime + 6.25% interest rate, 9.50% floor, 6.50% EOT payment per annum. The loan matures on March 31, 2025. "Debt is on non-accrual status as of December 31, 2024 and is therefore considered non-income producing. Non-accrual investments as of December 31, 2024 had a total cost and fair value of $38.1 million and $20.6 million, respectively." Triple said. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Project 1920, Inc. Project 1920, Inc., doing business as SENREVE, designs and markets handbags. The Company distributes handbags, wallets, pouches, folios, and other products. SENREVE serves customers worldwide. PURDUE PHARMA: Court Confirms 18th Amended Chapter 11 Plan ---------------------------------------------------------- Judge Sean Lane of the United States Bankruptcy Court for the Southern District of New York entered a modified bench ruling granting confirmation of the Eighteenth Amended Joint Chapter 11 plan of reorganization of Purdue Pharma L.P. and its affiliated debtor. The terms of this Plan reflect numerous related settlements that the Court finds are fair and equitable and in the best interest these bankruptcy estates. The Plan satisfies all applicable requirements of the Bankruptcy Code for confirmation. Of particular importance, the releases in the Plan for the Sackler Parties who are providing funds to claimants is consistent with the Supreme Court's 2024 decision in these cases. That is because the releases are provided only on a consensual basis, with claimants being given the choice to provide the releases -- to "opt in" using the terms of the bankruptcy world -- and, by doing so, to obtain the additional value provided as part of the Sackler settlement. But no one is required to do so. Parties are free to preserve their right to sue the Sackler Parties, with such a right preserved unless the party takes the affirmative step of opting in to the release. The Plan is supported by nearly all of the Debtors' creditor constituencies, including the Official Committee of Unsecured Creditors appointed in the Debtors' cases, the negotiating group for the States Attorney General, the Ad Hoc Committee of Governmental and Other Contingent Litigation Claimants, the Multi-State Governmental Entity Group, the Native American Tribes Group, the Ad Hoc Group of Individual Victims, the Ad Hoc Group of Hospitals, the ER Physicians, the Third-Party Payor Group, the Ratepayer Mediation Participants, the NAS Committee, and the Public School District Claimants. Ninety-nine percent of creditors have voted to approve the Plan. All counseled objections to confirmation of the Plan have either been resolved or withdrawn. Numerous parties have objected to confirmation of the Plan on a pro se basis, but the Court overrules these objections and grants confirmation of the Plan. The Plan incorporates a number of interrelated settlements, including, but not limited to: (i) the Shareholder Settlement Agreement; (ii) the Public Entity Settlements; (iii) the Private Entity Settlements; (iv) the Public Entity Allocation; (v) other intracreditor allocations; and (vi) certain fee arrangements. The settlements are a global resolution of claims and controversies against the Debtors and a comprehensive, consensual resolution of claims against the Sackler Parties arising out of the Debtors' production, marketing, and sale of opioid medications. These value-maximizing settlements are the product of years of diligent investigations, several rounds of mediation, and hard-fought negotiations, and will result in up to $7 billion contributed by the Sackler Parties being provided to public and private creditor trusts, including approximately $865.8 million for distribution to qualified personal injury claimants. Only certain aspects of these many settlements -- for example the Estate Claims Settlement and the settlement of direct claims held by Personal Injury Claimants and Third-Party Payors -- are directly implemented by the Plan. As such, it is only those portions of those settlements -- together with the additional compromises contained in the Plan (which the Debtors refer to as the "Plan Settlement") -- for which Debtors seek approval. However, the remaining components of the Settlements -- such as the Direct Claims Settlement Agreements -- are interrelated with the Plan Settlement. The Court finds that the Debtors have satisfied the provisions of Section 1129 of the Bankruptcy Code by a preponderance of the evidence. The Plan's classification scheme satisfies Section 1122. Under the Plan, claims and interests are classified into 21 classes based on, among other things, their legal rights to the Debtors' property, their priority, and their relative treatment as agreed to by the relevant holders of those claims pursuant to the Plan Settlement. For example, the Plan appropriately classifies certain claims asserting domestic opioid litigation liability together -- including those filed by States and local government entities in Class 4 -- because these opioid litigation claims are all unsecured claims for damages arising out of the Debtors' manufacturing, marketing, and sale of opioid medications in the United States. Similarly, claims of adults on account of "alleged opioid-related personal injury" are classified together, regardless of the alleged mechanism of injury or nature of damages, because such claims have the same legal nature and relationship to the property of the estates. There is also a reasonable basis for the Plan's classification of similar opioid litigation claims into separate classes. That classification framework, which arranges opioid litigation claims into nine classes (Classes 3 through 10(b)), reflects the results of the first phase of mediation in these cases and is consistent with a similar classification framework used as part of the Twelfth Amended Plan. Consistent with the prior plan, the Plan channels opioid claims to respective Creditor Trusts that will either fund abatement programs across the United States or make cash distributions to creditors pursuant to trust distribution procedures. This approach is consistent with numerous mass tort and other large-scale Chapter 11 plans involving multi-trust distribution frameworks. The Plan satisfies Section 1123(a)(4) of the Bankruptcy Code because each class of claims or interests under the Plan receives the same opportunity to recover as every other claim or interest in such class. For example, Classes 4 through 10(b) consist of different classes of opioid litigation claims, each of which will be channeled to separate Creditor Trusts where the claims in each such class will receive distributions consistent with the applicable trust distribution procedures. Sections 10.6(b) and 10.7(b) of the Plan provide for consensual non-debtor Third-Party Releases by the Releasing Parties of certain direct and derivative claims and causes of action against the Released Parties and Shareholder Released. The Plan Injunction and Channeling Injunction are consistent with the Bankruptcy Code and the Supreme Court's decision in this case, and they are approved. As the Plan contains only consensual non-debtor releases, the Plan Injunction and Channeling Injunction will not have the effect of releasing any creditor's claim absent consent. Purdue Pharma L.P. announced on June 20, 2025, that the United States Bankruptcy Court for the Southern District of New York approved the Company's disclosure statement for its Chapter 11 Plan of Reorganization. The disclosure statement provides creditors with detailed information on the terms of the Plan and will accompany the ballots that will be sent to the more than 600,000 claimants eligible to vote. Purdue's Plan of Reorganization includes these terms: -- Assuming full creditor participation, the Sacklers will make settlement payments of approximately $6.5 billion in installments over the next 15 years, subject to certain reserves. They will pay $1.5 billion on the day the Plan becomes effective. -- Purdue will contribute 100% of its assets, with an expected $900 million in cash available for distribution on the day of emergence. -- Notably, the Plan is the only opioid settlement to date that meaningfully compensates individual victims. Assuming full participation, individual victims will receive more than $850 million. -- In addition to this cash value, the Plan creates a new company with a public minded mission. The new company will provide millions of doses of lifesaving opioid use disorder treatment and overdose reversal medicines at no profit. -- The Sacklers, who exited the Board of Purdue by the end of 2018 and have had no involvement in Purdue since that time, will have no role whatsoever in the new company. -- Purdue Pharma L.P. will be liquidated following emergence. -- The Plan also provides a historic level of transparency. It creates a document repository that will make available to the public millions of documents, including privileged documents, related to Purdue's historical sales and marketing practices. -- The Plan does not contain third-party releases and fully complies with the Supreme Court's June 2024 decision in Harrington. The disclosure statement approved on June 20th provides the full details about the material aspects of the plan. A copy of the Court's Modified Bench Ruling dated November 20, 2025, is available at https://urlcurt.com/u?l=awGtw4 from PacerMonitor.com. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. QHSLAB INC: Retires $1.4 Million Convertible Debt for $300,000 -------------------------------------------------------------- QHSLab, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 18, 2025, the Company consummated a Note Repurchase Agreement with the holder of the Company's outstanding convertible promissory notes originally issued on August 10, 2021 and July 19, 2022. The Notes, which had been in default and bore interest at a default rate of 18 percent per annum, had an aggregate outstanding balance consisting of principal and accrued interest in excess of $1.4 million as of the date of redemption. Under the terms of the Repurchase Agreement, the Company purchased the Notes for a cash payment of $300,000. The Repurchase Price is being funded through a combination of available Company funds generated from operations and a short-term advance provided by the Company's President and Chief Executive Officer. Upon payment of the Repurchase Price, the Notes were deemed fully satisfied, cancelled, and extinguished, and all security interests, liens, guarantees, claims, rights, and obligations relating to the Notes were released and terminated. The redemption resulted in the termination of all conversion rights associated with the Notes, including rights to convert into shares of the Company's common stock at a conversion price of $0.20 per share. Troy Grogan, President and CEO of QHSLab, commented: "Through the first nine months of 2025, we continued to demonstrate strong operational momentum and revenue growth across our digital health and integrated service program. Our 35 percent year-over-year revenue increase in the third quarter reflects the effectiveness of our technology, the engagement of our physician customers, and the scalability of our solutions within primary care settings." "The repurchase of our legacy convertible notes is another important step forward. Eliminating over $1.4 million in defaulted debt obligations significantly strengthens our balance sheet, reduces interest expense going forward, and removes a large conversion overhang that posed a significant dilution risk to our shareholders. This action positions QHSLab for a healthier financial trajectory as we plan our next phase of growth." "Looking ahead to 2026, we remain focused on advancing our digital medicine ecosystem, strengthening our relationships with primary-care providers, and expanding collaborative efforts with behavioral health groups. We continue to pursue new opportunities in population health, cognitive assessment, allergy diagnostics, and preventive care. Our priorities include growing recurring revenues, improving cash flow, and leveraging strategic partnerships to support long-term, sustainable profitability. With a cleaner capital structure and stronger financial footing following the retirement of our legacy debt, we believe QHSLab is well-positioned to expand its market presence and deliver lasting value for our shareholders." A full-text copy of the Note Repurchase Agreement is available at https://tinyurl.com/27fkmf9j 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. QUICK COMMERCE: TriplePoint Venture Marks $1.1MM Loan at 21% Off ---------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $1,127,000 loan extended to Quick Commerce Ltd. to market at $886,000 or 79% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Capital Growth Loan to Quick Commerce Ltd. The loan accrues interest at a rate of 6.00% PIK interest, 7.50% EOT payment per annum. The loan matures on December 31, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Quick Commerce Ltd. Quick Commerce Ltd, doing business as Zapp, operates an on demand delivery business. The Company delivers drinks, groceries, snacks, ice cream, pharmacy, baby and pet essentials, and other products. Zapp serves customers in the United Kingdom. QUICK COMMERCE: TriplePoint Venture Marks $11.8MM Loan at 21% Off ----------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $11,838,000 loan extended to Quick Commerce Ltd. to market at $9,300,000 or 79% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Capital Growth Loan to Quick Commerce Ltd. The loan accrues interest at a rate of 6.00% PIK interest, 7.50% EOT payment per annum. The loan matures on December 31, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Telephone: (650) 854-2090 About Quick Commerce Ltd. Quick Commerce Ltd, doing business as Zapp, operates an on demand delivery business. The Company delivers drinks, groceries, snacks, ice cream, pharmacy, baby and pet essentials, and other products. Zapp serves customers in the United Kingdom. REBORN PHOENIX: Amends Unsecureds & Habib Secured Claims Pay ------------------------------------------------------------ Reborn Phoenix Management, Inc., submitted an Amended Disclosure Statement describing Amended Plan of Reorganization dated Nov. 24, 2025. The Debtor was formed on March 29, 2016 for the purpose of acquiring and managing property. On May 31, 2018 the Debtor purchased commercial property located at 1015-1021 Woodfield Road, West Hempstead, New York 11552 (the "Property"). The Property has four leased spaces that produce income and some referral income which pays the Debtor's expenses and will be used to fund the Plan. Each space's rent increases by approximately 5% per year per the leases as reflected in the projections. All payments due under the Plan will be funded by the post petition income of the Reorganized Debtor from rent and contributions from the Debtor's principal. The Class II Secured Claim of Habib is secured against the Property. The Habib Note matures in May of 2028 (the "Maturity Date"). The Debtor shall pay Habib under the terms of the Note until the Maturity Date, and upon the passing of the Maturity Date, the note shall be modified as follows: * The maturity date shall be extended for five years from the maturity date, May 1, 2028, at the interest rate Habib utilizes at the time of maturity; * Upon maturity of the loan, May 1, 2028, the debtor will provide Habib with an updated appraisal for the real property; * The debtor must remain current and not be in default at the maturity date and thereafter and provide yearly current financial statements; * No other terms of the loan shall be modified. Class III consists of all General Unsecured Claims that are not subject to dispute or setoff. Class III consists of the claims of the New York State Department of Taxation & Finance (Claim No. 1) and the undisputed scheduled debt to AMWINS Group, Inc. and the claim of Best Deal Global Inc. (Claim No. 3). Class III shall receive payment of said claims in full $337,190.33 over 127 monthly payments beginning on the Effective Date. Such payments shall be made at an interest rate of 9% to provide the present value of the claims as of the effective date to Class III creditors. Within these monthly payments, the Debtor's equity owner is providing $20,000.00 with the first payment as subsequent new value in support of her retaining her interest. Class III is impaired and cannot vote on the Plan. Class IV includes only the membership interests of Julia Chai. The organizing records of the company reflect 100% membership interest. Under the Plan, Class IV retains its interest, is not entitled to vote, and is deemed to have accepted the Plan. As provided in the Plan, all payments, distributions, and transfers of cash or property under the Plan are in full and final satisfaction, settlement and release of all claims whatsoever existing as of the Confirmation Date against the Debtor, the Estate and the Reorganized Debtor, of any kind or nature whatsoever. These releases shall be effective upon Substantial Consummation of the Plan. A full-text copy of the Amended Disclosure Statement dated November 24, 2025 is available at https://urlcurt.com/u?l=PNg8Uo from PacerMonitor.com at no charge. Counsel to the Debtor: THE LAW OFFICE OF RONALD D. WEISS, P.C. John Lehr, Esq. 445 Broadhollow Road, Suite CL-10 Melville, NY 11747 (631) 271-3737 Email: jlehr@li-bankruptcy.com About Reborn Phoenix Management Reborn Phoenix Management Inc. is a single asset real estate management company. Reborn Phoenix Management Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41897) on April 18, 2025. In its petition, the Debtor reported assets and liabilities between $500,000 and $1 million. Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Ronald D. Weiss, Esq. at Ronald D. Weiss, P.C. RIFLE RFB: Hires Wadsworth Garber Warner Conrardy as Counsel ------------------------------------------------------------ Rifle RFB LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wadsworth Garber Warner Conrardy PC to serve as legal counsel. WGWC will provide these services: (a) preparation on behalf of the Debtor of all necessary reports, orders and other legal papers required in this Chapter 11 proceeding; (b) performance of all legal services for the Debtor as debtor-in-possession which may become necessary herein; and (c) representation of the Debtor in any litigation which the Debtor determines is in the best interest of the estate whether in state or federal courts. The firm received an $80,000 retainer paid by Royal LTS LLC and has billed the Debtor $1,062.50 in attorneys fees and $1,738.00 in costs for bankruptcy-related services. Hourly rates for professionals 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 According to court filings, WGWC does not hold or represent any interest adverse to the Debtor and is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: David V. Wadsworth, Esq. David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY PC 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Facsimile: (303) 296-7600 E-mail: dwadsworth@wgwc-law.com 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. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. RITE AID: Settles Outstanding Issue with U.S. Trustee ----------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that Rite Aid has resolved its last outstanding dispute with the U.S. Trustee's Office over the company's Chapter 11 plan, eliminating a key obstacle as it moves toward plan confirmation. The agreement addresses objections related to certain releases and administrative matters, clearing the way for the debtor to proceed without further challenge from the watchdog agency. With the issue now settled, Rite Aid told the court it is positioned to advance its restructuring efforts and finalize the terms of its reorganization. The company said the resolution supports a smoother path to confirmation and reflects the substantial progress it has made as it works to emerge from bankruptcy with a more sustainable operating structure, 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. RIZO-LOPEZ FOODS: Delays Bid to Convert Chapter 11 to Chapter 7 --------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that cheese producer Rizo-Lopez Foods Inc. on Tuesday, November 25, 2025, delayed a scheduled motion to convert its Chapter 11 case into a Chapter 7 liquidation, setting a new hearing for December 18, 2025. The company told the court that since it initially filed the conversion request, it has made meaningful progress in stabilizing operations and negotiating with key stakeholders. Rizo-Lopez said the additional time will allow it to continue pursuing a reorganization and potentially maximize value for creditors. The company emphasized that the postponement reflects improvements in cash flow and operational performance since the motion was first filed, giving it a chance to avoid liquidation. About Rizo-Lopez Foods Inc. Rizo-Lopez Foods, Inc. produces Mexican-style dairy products including cheeses, sour creams, and desserts under the Tio Francisco and Don Francisco brands. Rizo-Lopez Foods filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ca. Case No. 25-25004) on September 15, 2025. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. The petition was signed by Edwin Rizo as chief executive officer. Judge Christopher M Klein presides over the case. Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP represents the Debtor as legal counsel. RJL PROFESSIONAL: Seeks Chapter 7 Bankruptcy in Florida ------------------------------------------------------- On November 24, 2025, RJL Professional Associates LLC filed for Chapter 7 protection in the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About RJL Professional Associates LLC RJL Professional Associates is a business services firm that provides consulting and administrative support to companies seeking improved efficiency and organizational structure. The firm specializes in helping clients optimize operations through tailored solutions and strategic guidance. RJL Professional Associates LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. M.D. Fla., Case No. 25-08812) on November 24, 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 Caryl E. Delano handles the case. The Debtor is represented by Buddy D. Ford, Esq. of Ford & Semach, P.A. ROADRUNNER SCOOTERS: Taps Kutner Brinen Dickey Riley as Counsel --------------------------------------------------------------- RoadRunner Scooters LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Kutner Brinen Dickey Riley, P.C. to serve as legal counsel. The firm will provide these services: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until final decree herein continuation of pending proceedings and to enjoin and stay until final decree herein commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Sec. 362; and (e) perform all other legal services for the Debtor which may be necessary herein. The firm's customary hourly rates are: Jeffrey S. Brinen $540 Jenny Fujii $440 Jonathan M. Dickey $400 Keri L. Riley $390 Paralegal $100 The Firm received a retainer of $25,000, of which $18,302 remained on the Petition Date. According to court filings, Counsel has no connection or relationship with creditors and is disinterested as defined in the Bankruptcy Code. The firm can be reached at: KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 E-mail: jmd@kutnerlaw.com About Roadrunner Scooters LLC Roadrunner Scooters LLC operates in the motor scooters and electric vehicle industry, offering scooter sales, maintenance, and parts services. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-17643) on November 20, 2025. In its petition, the Debtor reports total assets of $216,516 and total liabilities of $2,912,451. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Jonathan Dickey, Esq. of Kutner Brinen Dickey Riley, P.C. RUNITONETIME LLC: Gets Court Ok for $62.5MM Core Asset Sale ----------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge on Tuesday, November 25, 2025, approved Maverick Gaming's proposed $62.5 million sale of its core assets after the casino operator reached a tentative deal with unsecured creditors and the secured lenders set to purchase the business. The agreement resolved the last objections standing in the way of a prompt closing. With the compromise in place, Maverick told the court it can now move forward with a transaction that maximizes value for the estate and preserves operations during the transition. The company said it expects to finalize sale documents soon and begin implementing its post-sale wind-down, according to report. About RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. RunItOneTime LLC and 67 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14, 2025. In its petition, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. S&G HOSPITALITY: RSS Loses Bid to Strike Settlement Recordings -------------------------------------------------------------- Judge Mina Nami Khorrami of the United States Bankruptcy Court for the Southern District of Ohio denied RSS COMM2015-PCI-OH BL, LLC's amended motion to strike certain recordings and testimony that it believes are inadmissible as settlement negotiations in the bankruptcy case of S&G Hospitality Inc. RSS holds secured claims against each Debtor and has filed the same proof of claim in each of the Debtors' cases. The loan that is currently held by RSS and which forms the basis for the RSS Claims was originally incurred by the Debtors in 2015, and it is secured by mortgages on all of the Debtors' real properties and a blanket security interest on all of the Debtors' personal property. There is no dispute about these loans, their validity, or the priority of the liens held by RSS. The Debtors dispute the value of the collateral securing the RSS Claims and therefore the extent to which the RSS Claims are secured under 11 U.S.C. Sec. 506, which will be resolved in a separate valuation proceeding. Further, the Claims Objection seeks to disallow portions of the RSS Claims related to interest, default interest, prior default interest, and various fees which RSS has included in its proofs of claim. In the Claims Objection, the Debtors quoted from a recording of a Zoom videoconference held in April 2020 between the principal of the Debtors and the representative of the servicer of the loan. The Debtors also referenced a recording of a second Zoom videoconference held in May 2020 and provided a summary of that videoconference. In the Motion to Strike, RSS requests that the Quoted Statements be stricken from the Claims Objection, and that any recordings of both videoconferences (including, without limitation, the Quoted Statements) be excluded from evidence at the hearing on the Claims Objection. RSS argues that Rule 408 of the Federal Rules of Evidence makes the Quoted Statements inadmissible because they were either offers to compromise or were made during a settlement discussion. The Debtors contest the Motion to Strike for several reasons. They argue that Rule 408 does not apply because the Quoted Statements set forth an unconditional statement and were not proposing a compromise. They also argue that the Quoted Statements are not offered to establish the invalidity of the RSS Claims or their amount. The Court has determined that the Quoted Statements are admissible under Rule 408. According to the Court, there is no evidence that at the point in the April Zoom Videoconference when the Quoted Statements were made, the parties were discussing any kind of compromise, and therefore the statements cannot be viewed as having been made during a compromise negotiation. The Court finds RSS has not met the demanding burden of showing that the Quoted Statements are clearly inadmissible on all potential grounds. Therefore, the Quoted Statements are admissible at the Claims Objection Hearing, and they will not be stricken from the Claims Objection. The Motion to Strike is therefore denied. A copy of the Court's Memorandum Opinion and Order dated November 12, 2025, is available at https://urlcurt.com/u?l=vjxJwm from PacerMonitor.com. About S&G Hospitality Inc. S&G Hospitality, Inc. operates in the traveler accommodation industry. S&G Hospitality filed Chapter 11 petition (Bankr. S.D. Ohio Case No. 23-52859) on August 18, 2023, listing up to $10 million in assets and up to $1 million in liabilities. Abijit Vasani, president of S&G Hospitality, signed the petition. Judge Mina Nami Khorrami oversees the case. The Debtor is represented by: David Alan Beck, Esq. Carpenter Lipps & Leland LLP Tel: 614-365-4100 Email: beck@carpenterlipps.com SABRE CORP: $1-Bil Offering of 11.125% Secured Notes Due 2029 ------------------------------------------------------------- Sabre Corporation priced an offering by its wholly-owned subsidiary Sabre Financial Borrower, LLC of $1,000,000,000 aggregate principal amount of 11.125% Senior Secured Notes due 2029. The offering of the Secured Notes is expected to close on December 5, 2025, subject to customary closing conditions. The Secured Notes will pay interest semi-annually in arrears, at a rate of 11.125% per year, and will mature on June 15, 2029. The Secured Notes will be guaranteed, jointly and severally, on a secured basis by Sabre Financing Holdings LLC, Sabre Financial's direct parent company, and, up to an amount of $400 million, certain of Sabre's existing and future foreign subsidiaries. The Secured Notes and related note guarantees will be secured up to an amount of $400 million, subject to permitted liens, by a first-priority security interest in substantially all present and hereafter acquired property and assets of Foreign Guarantors (other than certain excluded assets). In addition, the collateral will also consist of a pledge by Sabre Financial of its loan receivables under the intercompany loan and a pledge of all equity interests in Sabre Financial held by Sabre Financing. Certain Foreign Guarantor guarantees and collateral will be granted after the issue date of the Secured Notes. Sabre Financial will use the gross proceeds from the sale of the Secured Notes to fund an intercompany loan to Sabre GLBL, Inc. Sabre GLBL intends to use the proceeds from the intercompany loan, together with cash on hand, to prepay, redeem, repurchase or extend certain of its existing indebtedness in the open market, in privately negotiated transactions, through tender or exchange offers, or otherwise, including pursuant to the Sabre GLBL's concurrently announced offers to exchange certain of Sabre GLBL's existing secured notes and refinancing of certain Sabre GLBL's existing term loans, and/or pursuant to the terms of the agreements governing such indebtedness, as well as to pay related accrued and unpaid interest, premium, fees and expenses. The Secured Notes and the related note guarantees have been offered in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act. The Secured Notes and the related note guarantees have not been, and will not be, registered under the Securities Act or any state securities laws. The Secured Notes and the related note guarantees may not be offered or sold in the United States or to, or for the benefit of, U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the Securities Act and applicable state securities laws. About Sabre Sabre Corporation is a leading technology company that takes on the biggest opportunities and solves the most complex challenges in travel. Sabre harnesses speed, scale and insights to build tomorrow's technology today -- empowering airlines, hoteliers, agencies and other partners to retail, distribute and fulfill travel worldwide. Headquartered in Southlake, Texas, USA, with employees across the world, Sabre serves customers in more than 160 countries globally. SABRE CORP: Launches Exchange Offers to Extend Debt to 2030 ----------------------------------------------------------- Sabre Corporation announced on Nov. 20, 2025, that Sabre GLBL Inc., a wholly-owned subsidiary of Sabre, has commenced exchange offers to exchange: (i) any and all of its outstanding 8.625% Senior Secured Notes due 2027 and 11.250% Senior Secured Notes due 2027 and (ii) up to the 2029 Notes Maximum Exchange Amount of its 10.750% Senior Secured Notes due 2029 for Sabre GLBL's new 10.750% Senior Secured Notes due 2030, upon the terms and subject to the conditions described in the confidential offering circular, dated as of November 20, 2025, for the Exchange Offers. The primary purpose of the Exchange Offers is to improve the Company's maturity profile by extending the maturity date of the indebtedness represented by the Existing Notes from 2027 and 2029, as applicable, to 2030. The aggregate principal amount of New Notes to be issued pursuant to the Exchange Offers is subject to a minimum principal amount of $300 million. The maximum aggregate principal amount of New Notes that Sabre GLBL will issue in the Exchange Offer for the 2029 Notes equals to $379 million (as such amount may be amended by Sabre GLBL in its sole discretion, the "2029 Notes Maximum Exchange Amount"). If the aggregate principal amount of 2029 Notes validly tendered on or before the Early Exchange Date constitutes a principal amount of 2029 Notes that, if accepted by us, would exceed the 2029 Notes Maximum Exchange Amount, we will not accept any 2029 Notes tendered for exchange after the Early Exchange Date. In addition, if the aggregate principal amount of 2029 Notes validly tendered on or before the Early Exchange Date constitutes a principal amount of 2029 Notes that, if accepted by us, would not exceed the 2029 Notes Maximum Exchange Amount, we will accept all such tendered 2029 Notes for exchange before any 2029 Notes tendered after the Early Exchange Date and on or before the Expiration Date are accepted. If acceptance of all validly tendered 2029 Notes on any Settlement Date is less than the 2029 Notes Maximum Exchange Amount, we will accept all validly tendered 2029 Notes. If acceptance of all validly tendered 2029 Notes on any Settlement Date would result in us exceeding the 2029 Notes Maximum Exchange Amount, the tendered 2029 Notes will be accepted on a pro rata basis. If the principal amount of 2029 Notes returned to a holder as a result of proration would result in less than the applicable minimum denomination of the 2029 Notes being returned to such holder, we will either accept or reject all of such holder's 2029 Notes validly tendered (and not validly withdrawn) pursuant to the Exchange Offer for the 2029 Notes. The New Notes will mature on March 15, 2030 and will bear interest at a rate per annum equal to 10.750%. The New Notes will first be redeemable, at Sabre GLBL's option, starting on March 15, 2027, at 105.375% of their outstanding principal amount, plus accrued interest, and under certain other circumstances described in the Offering Circular. The New Notes and the guarantees thereof will be senior secured indebtedness and will rank equal in right of payment with all of the existing and future senior secured indebtedness of Sabre GLBL and the guarantors. The New Notes will initially be jointly and severally, irrevocably and unconditionally guaranteed by Sabre Holdings Corporation and all of Sabre GLBL's current and future restricted subsidiaries that are borrowers under or guarantee Sabre GLBL's senior secured credit facilities under certain of its existing credit agreements or certain other secured indebtedness. The New Notes and the guarantees thereof will be secured, subject to permitted liens, by a first-priority security interest in substantially all present and hereinafter acquired assets of Sabre GLBL and each of the guarantors (other than certain excluded assets). The New Notes will be guaranteed by the same parties and on the same basis, and secured by the same assets and on the same basis, as the Existing Notes. In addition, the covenants in the indenture for the New Notes will be substantially the same as the covenants applicable to the Existing Notes. The Exchange Offers will expire at 5:00 p.m., New York City time, on December 19, 2025, unless extended, unless earlier terminated. Tenders of Existing Notes may be withdrawn from the Exchange Offers at or prior to, but not after, 5:00 p.m., New York City time, on December 4, 2025, unless extended. Eligible Holders must validly tender their Existing Notes at or prior to 5:00 p.m., New York City time, on December 4, 2025, unless extended, to be eligible to receive the Total Exchange Consideration, which includes the Early Exchange Premium for such Existing Notes. Eligible Holders tendering Existing Notes after the Early Exchange Date and on or before the Expiration Date will only be eligible to receive the Exchange Consideration, which will equal the Total Exchange Consideration for such series of Existing Notes less the applicable Early Exchange Premium. In addition to the Total Exchange Consideration or Exchange Consideration, as applicable, Eligible Holders whose Existing Notes are accepted for exchange will be paid the accrued and unpaid interest, if any, on the Existing Notes to, but not including, the early settlement date, which is expected to be December 8, 2025, unless extended on such Existing Notes; provided, however, that since any New Notes issued on the final settlement date, which is expected to be December 23, 2025, unless extended will be issued with accrued interest from the Early Settlement Date up to, but not including, the Final Settlement Date, the amount of such accrued interest on any such New Notes will be deducted, from the cash payable as accrued interest on the Existing Notes exchanged on the Final Settlement Date, provided further that such net amount will not be below zero. For the avoidance of doubt, Eligible Holders (as defined below) who validly tender Existing Notes of a series after the Early Exchange Date but on or before the Expiration Date, will not receive accrued and unpaid interest, if any, on such Existing Notes from the Early Settlement Date through the Final Settlement Date. In addition, Eligible Holders of the December 2027 Notes whose tenders are settled after December 1, 2025 and before December 15, 2025 will be deemed to have consented to giving up any claim to the interest payment due on December 15 in respect of the December 2027 Notes that they might otherwise have as a result of the related interest payment record date of December 1, 2025, and will receive only the accrued interest. Interest on the New Notes will accrue from (and including) the Early Settlement Date. Interest on the New Notes will accrue from (and including) the Early Settlement Date. Sabre GLBL's obligation to accept for exchange the Existing Notes validly tendered and not validly withdrawn in each Exchange Offer is subject to the satisfaction or waiver of certain conditions as described in the Offering Circular, including the New Notes Issuance Minimum and the consummation of the SPV Notes Private Offering (as defined below). Such conditions may be waived by Sabre GLBL in its sole discretion, subject to applicable law. Any waiver of a condition by Sabre GLBL will not constitute a waiver of any other condition. For avoidance of doubt, the Exchange Offer in respect of one series of Existing Notes is not conditioned on the Exchange Offer in respect of another series of Existing Notes, or vice versa. Sabre GLBL reserves the right to extend, amend or terminate any Exchange Offer for any reason or for no reason. In addition, Sabre GLBL reserves the right to increase, decrease or otherwise change the Maximum Exchange Amount in its sole discretion without extending the Early Exchange Date or the Withdrawal Deadline or otherwise reinstating withdrawal rights, subject to compliance with applicable law and the terms of outstanding indebtedness. Sabre GLBL will not receive any cash proceeds from the Exchange Offers and will not incur additional indebtedness in excess of the aggregate principal amount of Existing Notes that are exchanged in the Exchange Offers. Concurrently with the Exchange Offers, Sabre GLBL is offering to its lenders to refinance certain of its existing term loans. In addition, Sabre Financial Borrower, LLC, a subsidiary of Sabre GLBL, has commenced a private offering (the "SPV Notes Private Offering") of $1.0 billion aggregate principal amount of senior secured notes due 2030. The SPV Notes will be guaranteed by Sabre Financing Holdings LLC, Sabre Financial's direct parent company, and, up to an amount of $400 million, certain of Sabre GLBL's existing and future foreign subsidiaries organized under the laws of Australia, England and Wales, Iceland, Luxembourg, Poland, Singapore and Uruguay. The SPV Notes will not be guaranteed by Sabre GLBL, Sabre Holdings, or the other guarantors of the New Notes. The proceeds from the SPV Notes Private Offering will be lent by Sabre Financial to Sabre GLBL pursuant to a secured loan, which will be guaranteed by Sabre Holdings and the same subsidiaries of Sabre GLBL that guarantee the Existing Notes and will guarantee the New Notes and will be secured equally and ratably by liens on the same assets of Sabre GLBL, and the guarantors that guarantee the Existing Notes and will guarantee the New Notes. Sabre GLBL currently anticipates, subject to execution of definitive documentation and certain customary closing conditions, that the proceeds from the SPV Notes Private Offering will result in Sabre GLBL's receipt of gross proceeds which, together with cash on hand, will be sufficient to fund the cash portion of the Exchange Offers, including accrued interest for all Existing Notes validly tendered pursuant to the Exchange Offers and accepted for purchase by Sabre GLBL, subject to the terms and conditions of the Exchange Offers, as well as the cash consideration to be provided in the Term Loan Refinancing. No assurances can be given that the SPV Notes Private Offering will be completed. The SPV Notes Private Offering is being made only to holders of Existing Notes that: (i) we either reasonably believe to be "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933, as amended or (ii) are located outside the United States and are not "U.S. persons" as defined in Rule 902 under the Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy the SPV Notes, and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful. Any offers of the SPV Notes will be made only by means of a private offering memorandum. The consummation of each Exchange Offer is not subject to, or conditioned upon, the consummation of the Term Loan Refinancing. The consummation of the Term Loan Refinancing is not subject to, or conditioned upon, the consummation of any Exchange Offer. The Term Loan Refinancing and the SPV Notes Private Offering are subject to market conditions and there can be no assurance that any or all of them will in fact be consummated in the manner described herein or at all. The Exchange Offers are being made only to holders of Existing Notes that have certified, by submitting an instruction to the clearing system, that they are either: (i) "qualified institutional buyers" as defined in Rule 144A or (ii) are located outside the United States and are not "U.S. persons" as defined in Rule 902 under the Securities Act. Only Eligible Holders are authorized to receive or review the Offering Circular or to participate in the Exchange Offers. Non U.S.-persons may also be subject to additional eligibility criteria. Perella Weinberg Partners is acting as a capital markets advisor in connection with the Exchange Offers. Information Relating to the Exchange Offers: The complete terms and conditions of the Exchange Offers are set forth in the Offering Circular. The Offering Circular contains important information and Eligible Holders are encouraged to read it in its entirety. The Offering Circular will only be distributed to Eligible Holders who complete and return an eligibility form confirming that they are either a "qualified institutional buyer" under Rule 144A or not a "U.S. person" under Regulation S under the Securities Act for purposes of applicable securities laws. Holders of Existing Notes who desire to complete an eligibility form should either visit www.dfking.com/sabre or request instructions by sending an e-mail to sabre@dfking.com or by calling D.F. King & Co., Inc., the information and exchange agent for the Exchange Offers, at (toll-free) (800) 578-5378 or (banks and brokers) (646) 981-1288. None of Sabre, Sabre Holdings, Sabre GLBL, their affiliates, their respective boards of directors and stockholders, the Exchange Agent or Computershare Trust Company, N.A., as trustee for the Existing Notes and New Notes, are making any recommendation as to whether holders should tender any Existing Notes in response to the Exchange Offers. Holders must make their own decision as to whether to tender any of their Existing Notes, and, if so, the principal amount of Existing Notes to tender. The New Notes have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. The New Notes have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the Offering Circular. About Sabre Sabre Corporation is a leading technology company that takes on the biggest opportunities and solves the most complex challenges in travel. Sabre harnesses speed, scale and insights to build tomorrow's technology today -- empowering airlines, hoteliers, agencies and other partners to retail, distribute and fulfill travel worldwide. Headquartered in Southlake, Texas, USA, with employees across the world, Sabre serves customers in more than 160 countries globally. SAMYS OC: Plan Exclusivity Period Extended to December 30 --------------------------------------------------------- Judge Mitchell L. Herren of the U.S. Bankruptcy Court for the District of Kansas extended Samys OC, LLC's ("SOCL") exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 30, 2025 and March 1, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that it has since decided to close the Lawrence KS restaurant and list the property for sale. The property is currently list for sale. The Debtor continues to try to resolve the IRS claim. The Debtor asserts that its Counsel has been working to review the pleadings filed in the case, the pleadings filed in the related cases, and has been working with the Debtor and Creditors to formulate its Chapter 11 Plan. Counsel for the Debtor and the Debtor believe that additional time is needed to allow Counsel for the Debtor, the Debtor, and Creditors to continue to work to formulate the Debtor's Chapter 11 Plan. The Debtor further asserts that the extension of time for the filing of the Plan and Disclosure Statement and the extension of time for the exclusivity periods will not work a hardship on creditors and is in the best interest of all parties to allow the Proof of Claim deadlines to expire and to allow Counsel for the Debtor and the Debtor to continue to work to formulate the Debtor's Chapter 11 Plan. Samys OC, LLC is represented by: Colin N. Gotham, Esq. Evans & Mullinix, PA 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 Email: cgotham@emlawkc.com About Samys OC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L. Herren presides over the case. Colin N. Gotham, at Evans & Mullinix, PA, serves as the Debtor's counsel. SERVICE CORP: Term Loan Upsized No Impact on Moody's Ba2 CFR ------------------------------------------------------------ Moody's Ratings said that Service Corporation International's (SCI) announced senior unsecured bank credit facility extension to $2.5 billion does not affect its ratings. The extension includes an increase in the term loan to $750 million from the current $629 million and an upsizing of the revolving credit facility to $1.75 billion from $1.5 billion. The maturity of the facility has also been extended to November 2030 from January 2028. Proceeds from the issuance will be used to repay the current revolver draw and refinance the existing revolver and term loan. As a result of the transaction, debt/EBITDA leverage will remain unchanged, at around 4.0x for the twelve month period ending September 30, 2025. SCI's ratings, including the Ba2 corporate family rating, Ba2-PD probability of default rating, Baa3 senior unsecured bank credit facility ratings and Ba3 senior unsecured notes ratings remain unchanged at this time. The outlook remains stable. Moody's considers the transaction credit positive because it reprices and extends SCI's maturity profile while increasing the company's revolver borrowing capacity by $250 million. In addition, SCI will reprice the facility, which is expected to lower its interest expense and support cash flow generation. The transaction is neutral from a financial leverage perspective. Moody's views the company's liquidity profile to be very good as indicated by the speculative grade liquidity rating (SGL) of SGL-1. Service Corporation International (NYSE: SCI) is North America's largest provider of funeral, cemetery and cremation products and services, catering to both at-need and pre-need arrangements. As of September 30, 2025, the company operates an industry-leading network of 1,487 funeral service locations and 499 cemeteries across 44 states, 8 Canadian provinces, the District of Columbia, and Puerto Rico. Moody's anticipates revenue of about $4.4 billion in 2026. SEVILLE STAFFING: Seeks Chapter 7 Bankruptcy in Illinois -------------------------------------------------------- On November 11, 2025, Seville Staffing LLC filed for Chapter 7 protection in the Northern District of Illinois. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Seville Staffing LLC Seville Staffing is a privately held employment‑services firm headquartered in Chicago, Illinois. Seville Staffing LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-17431) on November 11, 2025. In its petition, the Debtor reports estimated assets in the range of $0–$100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by Scott R. Clar, Esq. of Crane, Simon, Clar & Goodman. SHIPWRECK TREASURE: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Shipwreck Treasure Ventures Corp. received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral to fund operations. The second interim order authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the Subchapter V trustee, and current and necessary operating expenses outlined in its budget. This authorization will continue until further hearing. The budget projects total operational expenses of $17,105.00 for period from November 3 to December 2. Secured creditors will be granted a replacement lien on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy lien. The next hearing is scheduled for December 8. The Debtor's cash collateral includes revenue, which it uses to fund ongoing business operations. Four merchant cash advance lenders assert an interest in the cash collateral: LCF Group (approximately $5,000), JRG Funding (approximately $50,000), Merchant's Cash Group (approximately $65,000), and High Octane Funding (approximately $15,000). These lenders have pre-petition liens on all of the Debtor's assets and receivables. About Shipwreck Treasure Ventures Corp. Shipwreck Treasure Ventures Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03374) on September 23, 2025, with up to $50,000 in assets and between $100,001 and $500,000 liabilities. Thomas C. Adam, Esq., at Adam Law Group, P.A. represents the Debtor as bankruptcy counsel. SOUND VISION: Plan Exclusivity Period Extended to Feb. 18, 2026 --------------------------------------------------------------- Judge Louis A. Scarcella of the U.S. Bankruptcy Court for the Eastern District of New York extended Sound Vision Care, Inc., and its debtor affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 18, 2026 and April 19, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that these Chapter 11 cases have been pending for only two months, and meaningful progress has already been made. However, to propose a viable plan, the Debtors must still assess the full scope of claims against the estates and determine the value that can be realized from their retail optometry operations. At present, the Debtors' limited staff and resources remain focused on stabilizing operations and monetizing remaining assets. The Debtors claim that until the Bar Dates pass and claims are reviewed and reconciled, formulating a confirmable plan would be premature. Certain claims may also require an extended resolution timeline. Extending the Exclusive Periods will ensure the Debtors can propose a plan that reflects both the economic realities of the business and the claims' landscape, while also providing creditors with the information they need to evaluate the plan and disclosure statement. The Debtors assert that they remain committed to filing a consensual plan, if possible, and will endeavor to continue to work with its key constituents to maximize value for creditors. The Debtors are continuing to operate their retail optometry offices in a manner that maximizes efficiency and the returns to the estates. The requested enlargements of the Exclusivity Periods are also appropriate because the Debtors have been paying, and will continue to pay, its undisputed postpetition debts as they come due. The Debtors' Counsel: Robert L. Rattet, Esq. Craig M. Price, Esq. John D. Molino, Esq. DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue 34th Floor New York, NY 10158 Tel: 212-557-7200 Fax: 212-286-1884 E-mail: rlr@dhclegal.com About Sound Vision Care Inc. Sound Vision Care, Inc. provides comprehensive eye care services, including eye exams, treatment for various eye conditions, and personalized fittings for eyeglasses and contact lenses. Operating in Riverhead, Southold, and Southampton, New York, the practice serves patients of all ages and needs. The clinic is staffed by trained professionals and led by Dr. Jeffrey Williams, who offers referrals to ophthalmologists for surgical care. Sound Vision Care and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 25-72421) on June 23, 2025. In its petition, Sound Vision Care reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtors are represented by Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP. STEPHAN CO: Case Summary & 38 Largest Unsecured Creditors --------------------------------------------------------- Debtor: The Stephan Co. d/b/a Williamsport Bowman Barber Supply d/b/a 614 Barber Supply d/b/a Appleton Barber Supply d/b/a Morris Flamingo d/b/a Norva Barber Supply d/b/a MD Barber Supply 7901 4th St N, Suite 300 St. Petersburg, FL 33702 Business Description: The Stephan Co., based in St. Petersburg, Florida, distributes barber, beauty, and personal care products through a network of companies including Morris Flamingo, Williamsport Bowman Barber Supply, MD Barber, 614 Barber Supply, Appleton Barber Supply, and Norva Barber Supply. Founded in 1897 in Worcester, Massachusetts, it was the first professional men's hair care company in the United States and pioneered distribution through the barber shop channel. The Company markets brands such as Campbell's, Latherking, Stephan, Barbermate, Stix Fix, and SuperCut, serving the professional beauty and barber products industry. Chapter 11 Petition Date: November 26, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-08937 Debtor's Florida Co-Counsel: Patricia A. Redmond, Esq. STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A. 150 West Flagler Street, Miami, FL 33130 Tel: (305) 789-3553 E-mail: predmond@stearnsweaver.com Debtor's General Bankruptcy Counsel: VERRILL DANA LLP Debtor's Financial Advisor: GETZLER HENRICH Estimated Assets: $10 million to $50 million Estimated Liabilities: $50 million to $100 million The petition was signed by Henry Jacobi as chief executive officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7KDR2ZY/The_Stephan_Co__flmbke-25-08937__0001.0.pdf?mcid=tGE4TAMA List of Debtors' 38 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. The Gori Law Firm Litigation Undetermined 156 N Main St (306 cases) Edwardsville, IL 62025 Christopher T. Layloff, Esq. Phone: (618) 753-4754 Email: clayloff@gorilaw.com 2. Maune Raichle Hartley French Litigation Undetermined & Mudd, LLC (93 cases) 777 S. Harbour Island Blvd Suite 255 Tampa, FL 33602 Dawn M. Besserman, Esq. Phone: (800) 358-5922 Email: dbesserman@mrhfmlaw.com 3. Weitz & Luxenberg PC Litigation Undetermined 700 Broadway (82 cases) New York, NY 10003 Justin Weitz, Esq. Phone: (212) 558-5500 Email: JWeitz@weitzlux.com 4. Mierowitz & Wasserberg Litigation Undetermined 1040 6th Avenue, Suite 12B (53 cases) New York, NY 10018 Daniel Wasserberg, Esq. Phone: (212) 897-1988 Email: dw@mwinjurylaw.com 5. SWMW Law, LLC Litigation Undetermined 701 Market Street, Suite 1000 (38 cases) St. Louis, MO 63101 Benjamin R. Schmickle, Esq. Phone: (314) 480-5180 Email: ben@swmwlaw.com 6. Simmons Hanly Conroy Litigation Undetermined 55 Market Street, Suite 1270 (28 cases) San Francisco, California 94105 Benjamin Goldstein, Esq. Phone: (415) 536-3986 Email: bgoldstein@simmonsfirm.com 7. Simon Greestone Panatier, PC Litigation Undetermined 3760 Kilroy Airport Way (18 cases) Suite 680 Long Beach, California 90806 Stuart J. Purdy, Esq. Tel: (562) 590-3400 Email: spurdy@sgpblaw.com 8. Levy Konigsberg LLP Litigation Undetermined 605 3rd Ave, 33rd Floor (15 cases) New York, NY 10158 Amber R. Long, Esq. Phone: (800) 315-3806 Email: ALong@levylaw.com 9. Belluck & Fox LLP Litigation Undetermined 546 5th Ave 5th Floor (14 cases) New York, NY 10036 Joseph W. Belluck, Esq. Phone: (646) 736-4441 Email: jbelluck@bellucklaw.com 10. Dean Omar Branham Shirley, LLP Litigation Undetermined 1801 N Lamar St (14 cases) Suite 300 Dallas, TX 75202 Leonard Sandoval, Esq. Phone: (214) 722-5990 Email: lsandoval@dobslegal.com 11. Menges Law Firm Litigation Undetermined 6400 W Main St Suite 1G (14 cases) Belleville, IL 62223 Carson Menges, Esq. Phone: (618) 277-6649 Email: cmenges@mengesfirm.com 12. Shrader & Associates LLP Litigation Undetermined 3 Professional Park Dr. (8 cases) Suite A Maryville, IL 62062 Ross D. Stomell, Esq. Phone: (713) 782-0000 Email: ross@shraderlaw.com 13. Shepard O'Donnell Litigation Undetermined 160 Federal Street (6 cases) Boston, MA 02110 Michael Shepard, Esq. Phone: (617) 451-9191 Email: mshepard@shepardlawfirm.com 14. Cohen, Placitella & Roth Litigation Undetermined 2001 Market Street, Suite 2900 (5 cases) Philadelphia, PA 19103 Christopher M. Placitella, Esq. Phone: (215) 567-3500 Email: cplacitella@cprlaw.com 15. Frost Law Firm, PC Litigation Undetermined 273 W 7th St (5 cases) San Pedro, CA 90731 Andrew Seitz, Esq. Phone: (866) FLF-MESO Email: andrew@frostlawfirm.com 16. Early, Lucarelli, Sweeney & Litigation Undetermined Meisenkothen (4 cases) One Century Tower, 11th Floor 265 Church Street New Haven, CT 06510 Chris Meisenkothen, Esq. Phone: (203) 777-7799 Email: cmeisenkothen@elslaw.com 17. Law Offices of Litigation Undetermined Michael P. Joyce PC (4 cases) One International Pl Suite 840 Boston, MA 02110 Michael P. Joyce, Esq. Phone: (617) 720-1222 Email: mpjoyce@mpjoycelaw.com 18. Karst & von Oiste, LLP Litigation Undetermined 23923 Gosling Rd., Suite A (3 cases) Spring, TX 77389 Erik P. Karst, Esq. Phone: (281) 970-9988 Email: epk@karstvonoiste.com 19. Kassel McVey Attorneys Litigation Undetermined 1330 Laurel St (3 cases) Columbia, SC 29201 Theile B. McVey, Esq. Phone: (803) 256-4242 Email: tmcvey@kassellaw.com 20. McDermott & Hickey LLC Litigation Undetermined 20525 Center Ridge Rd. (3 cases) Suite 200 Rocky River, OH 44116 Christopher J. Hickey, Esq Phone: (216) 712-7452 Email: chip@mesohio.com 21. Thornton Law Firm Litigation Undetermined 84 State Street 4th Fl. (3 cases) Boston, MA 02109 Leslie- Anne Taylor, Esq. Phone: (617) 720-1333 Email: ltaylor@tenlaw.com 22. Vogelzang Law Litigation Undetermined 120 N. LaSalle St. Suite 3100 (2 cases) Chicago, IL 60602 Michael Maienza, Esq. Phone: (312) 466-1669 Email: mmaienza@vogelzang.com 23. Sieben Polk P.A. Litigation Undetermined 2600 Eagan Woods Dr (2 cases) Suite 50 Eagan, MN 55121 Chad C. Alexander, Esq. Phone: (651) 437-3148 Email: calexander@siebenpolklaw.com 24. Lipsitz, Ponterio & Litigation Undetermined Comerford LLC (2 cases) 424 Main Street Buffalo, NY 14202 John P. Comerford, Esq. Phone: (716) 844-6590 Email: jpc@lipsitzponterio.com 25. Gold Law Firm Litigation Undetermined 591 Redwood Highway (1 case) Suite 5280 Mill Valley, CA 94941 Roger E. Gold Email: rgold@rgoldlegal.com Phone: (415) 869-6990 26. Horton Law Firm Litigation Undetermined 114 NW 6th Street, Suite 201 (1 case) Oklahoma City, OK 73102 Steven T. Horton, Esq. Phone: (405) 606-8080 Email: shorton@coxinet.net 27. Landry & Swarr, LLC Litigation Undetermined 1100 Poydras St. (1 case) Suite 2000 New Orleans, LA 70163 Frank J. Swarr, Esq. Phone: (504) 299-1214 Email: fswarr@landryswarr.com 28. OnderLaw Litigation Undetermined 110 E Lockwood Ave (1 case) St. Louis, MO 63119 James G. Onder, Esq. Phone: (314) 866-7994 Email: onder@onderlaw.com 29. Gianaris Trial Lawyers Litigation Undetermined One Court Street (1 case) Alton, IL 62002 Ted Gianaris, Esq. Phone: (618) 681-9999 Email: tgianaris@lawforpeople.com 30. Morgan Theeler LLP Litigation Undetermined 1718 North Sanborn Blvd. (1 case) Mitchell, SD 57301 Richard J. Rylance, II, Esq. Phone: (605) 996-5588 Email: rjrylance@morgantheeler.com 31. Nass Cancelliere Litigation Undetermined Two Penn Center (1 case) 1500 JFK Blvd., Suite 404 Philadelphia, PA 19102 Casey R. Coburn, Esq. Phone: (215) 546-8200 Email: ccoburn@nasscancelliere.com 32. Iola Gross & Forbes-King LLP Litigation Undetermined 3141 Hood Street, Suite 450 (1 case) Dallas, TX 75240 Rachel A. Gross, Esq. Phone: 214-838-1844 Email: rgross@iolagross.com 33. Gettys Law Group, APLC Litigation Undetermined 9191 Siegen Lane, Bldg. 7 (1 case) Baton Rouge, LA 70810 Lawrence G. Gettys, Esq. Phone: (225) 308-2616 Email: lawrence@gettyslaw.com 34. Worthington & Caron, PC Litigation Undetermined 273 West 7th Street (1 case) San Pedro, CA 90731 John M. Caron, Esq. Phone: (310) 221-8090 Email: john@worthingtoncaron.com 35. Weinstein Caggiano Litigation Undetermined 600 University Street, (1 case) Suite 1620 Seattle, WA 98101 Brian D. Weinstein, Esq. Phone: (206) 508-7070 Email: brian@weinsteincaggiano.com 36. Shapiro & Sternlieb LLC Litigation Undetermined 176 U.S. 9 #303 (1 case) Englishtown, NJ 07726 Gary S. Shapiro, Esq. Phone: (732) 617-8050 Email: gshapiro@shapirosternlieb.com 37. The Early Law Firm Litigation Undetermined 122 E 42nd St, Rm 4700 (1 case) New York, NY 10168 Brian F. Early, Esq. Phone: (212) 986-2233 Email: bearly@elslaw.com 38. Schroeter, Goldmark & Bender Litigation Undetermined 401 Union Street (1 case) Suite 3400 Seattle, WA 98101 Craig T. Sims, Esq. Phone: 206-622-8000 Email: csims@sgb-law.com STOLI GROUP: Court Extends Cash Collateral Access to Dec. 6 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas approved the 13th stipulation allowing Stoli Group (USA), LLC and Kentucky Owl, LLC to continue to use the cash collateral of Fifth Third Bank, National Association. The stipulation extended the Debtors' authority to use the lender's cash collateral from November 15 to December 6 to pay the expenses set forth in their latest budget. The Debtors were authorized to make a payment of $250,000 to the lender on account of the lender's professional fees and expenses. A copy of the stipulation and the budget is available at https://shorturl.at/T9iH1 from PacerMonitor.com. As of the petition date, the Debtors' aggregate principal outstanding funded debt obligations total approximately $78,374,334.30. Fifth Third Bank holds valid, senior, perfected, and enforceable liens on the collateral, including cash proceeds and other cash equivalents, which constitute the lender's cash collateral. About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's legal counsel. Fifth Third Bank, N.A., as lender, is represented by: Brent McIlwain, Esq. Christopher A. Bailey, Esq. Holland & Knight, LLP 1722 Routh Street, Suite 1500 Dallas, TX 75201 Telephone: 214.969.1700 Email: brent.mcilwain@hklaw.com chris.bailey@hklaw.com -- and -- Jeremy M. Downs, Esq. Steven J. Wickman, Esq. Goldberg Kohn, Ltd. 55 East Monroe Street, Suite 3300 Chicago, IL 60603 Telephone: 312.201.4000 Email: jeremy.downs@goldbergkohn.com steven.wickman@goldbergkohn.com TAMPA BRASS: Gets Extension to Access Cash Collateral ----------------------------------------------------- Tampa Brass and Aluminum Corporation received another extension from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral to fund operations. The court's 14th interim order authorized the Debtor to access cash collateral until the earlier of the Chapter 11 plan's effective date or a further hearing on December 11. The Debtor intends to use its cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by First Florida Integrity Bank. As adequate protection, First Florida and other lenders with a security interest in the cash collateral will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy lien. In addition, the Debtor was ordered to keep its property insured in accordance with its loan and security agreements with the lenders. First Florida, Breakout Capital, LLC and the U.S. Small Business Administration are the lenders identified by the Debtor that may assert an interest in the cash collateral. The Debtor owes First Florida approximately $5.625 million under an asset-based financing facility. First Florida asserts a first priority, blanket lien on substantially all of the Debtor's assets. Meanwhile, the Debtor has two loans with SBA in the total amount of $3.25 million, which are secured by junior liens, and a merchant cash advance loan with Breakout Capital, which asserts a lien on accounts receivable. A copy of the court's order is available at https://urlcurt.com/u?l=EgT33n from PacerMonitor.com. About Tampa Brass and Aluminum Corporation Tampa Brass and Aluminum Corporation -- https://tampabrass.com/about/ -- is a supplier of cast machined parts for the commercial and defense industries. The company is based in Tampa, Fla. Tampa Brass and Aluminum filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00105) on January 9, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A. is the Debtor's legal counsel. The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. TECHNOMECH INC: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------ On November 23, 2025, Technomech Inc. of Maryland filed for Chapter 11 protection in the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Technomech Inc. of Maryland Technomech is a technical-services provider committed to engineering excellence and personalized client support. It offers a suite of services including consulting, design, equipment installation, and ongoing maintenance. Technomech Inc. of Maryland sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-04339) on November 23, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Robert C. Bruner, Esq. of Bruner Wright, P.A. TGI FRIDAY'S: Plan Exclusivity Period Extended to December 27 ------------------------------------------------------------- Judge Judge Stacey G. Jernigan of the U.S. Bankruptcy Court for the Northern District of Texas extended TGI Friday's Inc. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 27, 2025 and February 25, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that ample cause exists to grant the relief requested by this Motion in these Chapter 11 Cases. The relevant factors strongly weigh in favor of an extension of the Exclusivity Periods include: * The Debtors' chapter 11 cases are large and complex. As reflected by the Court's Order Granting Chapter 11 Complex Case Treatment, the Debtors' significant number of creditors and assets make these cases large and complex. * The terms of a chapter 11 plan depended on the outcome of the sales process. The Debtors marketed, held an auction, and obtained Court approval for sales of their assets pursuant to the results of the auction. Sale Order. Thereafter, the Debtors continued to pursue asset sales, culminating in Court approval for the sales of certain assets to two additional parties. Yadav and Sugarloaf Sale Order. The sale process has also led to the sale of numerous liquor licenses, and the Debtors continue to market and pursue sales of the remaining liquor licenses. * Since the Petition Date, the Debtors have negotiated in good faith and worked collaboratively with their stakeholders. The Debtors' time and resources have been productively spent on (i) ensuring a smooth chapter 11 process with minimal disruption to the Debtors' operations, preserving the Debtors' assets to the benefit of all parties in interest; (ii) administering value maximining sales processes; (iii) engaging the various stakeholders to ensure the closing of the various asset sales; (iv) filing procedures for the sale of the Debtors' remaining liquor licenses; (v) transitioning the Debtors' operations to the new owners pursuant to the asset sales; and (vi) negotiating support with the Debtors' other constituents, including the Committee and contract counter parties. Counsel to the Debtors: Chris L. Dickerson, Esq. Rahmon J. Brown, Esq. ROPES & GRAY LLP 191 North Wacker Drive, 32nd Floor Chicago, IL 60606 Tel: (312) 845-1200 Fax: (312) 845-5500 E-mail: chris.dickerson@ropesgray.com rahmon.brown@ropesgray.com Holland N. O'Neil, Esq. Mark C. Moore, Esq. Zachary C. Zahn, Esq. FOLEY & LARDNER LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Tel: (214) 999-3000 Fax: (214) 999-4667 E-mail: honeil@foley.com mmoore@foley.com zzahn@foley.com About TGI Friday's Inc. TGI Friday's Inc., doing business as Wow Bao, operates a chain of restaurants. The Company provides appetizers, sizzlings, seafood, salads, sandwiches, entres, desserts, and non-alcoholic and alcoholic beverages. Wow Bao serves customers in the United States. TGI Friday's Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-80069) on Nov. 2, 2024, listing $100 million to $500 million in both assets and liabilities. Judge Stacey G Jernigan presides over the case. Holland N. O'Neil, at Foley & Lardner LLP, is the Debtor's counsel. THOMAS SUETA: Secured Party Sets Dec. 19, 2025 Auction ------------------------------------------------------ 100 Mile Northeast, LLC (the "Secured Party") will offer for sale at public auction all right, title and interest of Thomas Sueta and Carney Vetrano (collectively, "Debtor") in and to the following collateral: (i) 100% of the stock in 35 Brew, Inc., (ii) all furniture, fixtures, and equipment owned by 35 Brew and sited at 1401 Highway 35 South, Neptune, New Jersey, (iii) the Debtor's and 35 Brew's right, title, and interest in the plenary retail consumption liquor license no. 1334-33-011-003 issued by the Township of Neptune, and (iv) all proceeds of the foregoing. The Subject Collateral is security for the mortgagor's obligations under a Mortgage and Security Agreement dated as of November 16, 2022, among New York Concourse, L.L.C., 35 Brew, Inc., and the Secured Party. Final disposition of the Liquor License is subject to NJABC and Township of Neptune approval. Bidding procedures can be obtained by contacting Mannion Auctions, LLC: Matthew Mannion – mdmannion@jpandr.com – 212-267-6698 The auction will be on December 19, 2025, at 2:30 P.M. via a web-based video confereing and telephonic conferencing program selected by the Secured Party. THREEPIECEUS LLC: Court Extends Cash Collateral Access to Jan. 8 ---------------------------------------------------------------- Threepieceus, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the November 24 hearing, the court granted the Debtor interim approval to use cash collateral until the next hearing scheduled for January 8, 2026. The court's three previous interim orders allowed the Debtor to access its secured creditors' cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditors. The interim orders granted secured creditors replacement liens, matching the priority and scope of their pre-bankruptcy liens. The secured creditors include U.S. Bank, N.A., U.S. Bank Equipment Finance, I.S. Bank Equipment Finance, and the U.S. Small Business Administration. About Threepieceus LLC Threepieceus, LLC is a Florida-based company that designs and sells custom wheels and automotive accessories, operating an online storenat its Largo headquarters. The Company offers a range of products including rims, wheel and tire packages, and accessories from brands such as Work, CCW, SSR, and Fuel Forged. Threepieceus, LLC sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Fla. Case No. 25-07261) on October 1, 2025, listing $270,753 in assets and $1,395,402 in liabilities. Jake Owens, manager, signed the petition. Judge Roberta A. Colton oversees the case. Ford & Semach, P.A. serves as the Debtor's legal counsel. U.S. Bank, N.A., as secured creditor, is represented by: Mark E. Steiner, Esq. Liebler Gonzalez & Portuondo Courthouse Tower - 25th Floor 44 West Flagler Street Miami, FL 33130 Tel: (305) 379-0400 mes@lgplaw.com TILSON TECHNOLOGY: Completes 363 Bankruptcy Sale to ITG & ClearPlan ------------------------------------------------------------------- Woodward Park Partners is pleased to announce that it served as exclusive investment banking advisor to Tilson Technology Management, a leading provider of network deployment, consulting and utility services, on its sale under Section 363 of the U.S. Bankruptcy Code to ITG Communications and ClearPlan Consulting. The acquisitions combine Tilson's broadband and wireless consulting, engineering and infrastructure expertise with ITG's large-scale field services and ClearPlan's government program management capabilities. Together, the companies are positioned to meet rising demand for broadband and critical infrastructure deployment, including opportunities driven by federal digital-equity initiatives. "Tilson has long been recognized as one of the most innovative firms in telecommunications and utility infrastructure," said Andrew Bracy, Managing Director at Woodward Park Partners. "We are proud to have advised Tilson through a complex process and believe these combinations enhance strategic platforms to address the nation's most pressing infrastructure needs." About ITG ITG Communications (www.itgcomm.com), based in Hendersonville, Tennessee, is a national provider of installation, maintenance and construction services to leading broadband and telecommunications operators. Operating in more than 40 states, ITG's team of technicians delivers high-quality, customer-facing field services with a strong record of safety, reliability and execution. The company is a trusted partner to major carriers and network providers supporting large-scale buildouts across the U.S. About ClearPlan ClearPlan Consulting (www.clearplanconsulting.com), headquartered in Westborough, Massachusetts, provides program management and earned value services to aerospace, defense, construction and technology clients. Its certified experts specialize in EVMS compliance, scheduling integration and data-driven performance analytics for mission-critical programs. About Woodward Park Partners Woodward Park Partners is a middle-market focused investment banking firm. The firm specializes in providing high-touch advisory services with unparalleled senior professional involvement to financial sponsors, private business owners and publicly traded companies. The firm's expertise covers a wide spectrum of transaction types, including private company sales, divestitures, mergers & acquisitions and other financial advisory engagements. For more information, contact us at info@woodwardparkpartners.com. About Tilson Technology Management Inc. Tilson Technology Management Inc. is a telecommunications infrastructure construction and technology management firm based in Portland, Maine, specializes in building and managing telecommunications infrastructure projects across the United States. The company works with various construction, technology, and service providers to deploy telecommunications networks. Tilson Technology Management Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10949) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Evan T. Miller, Esq. at Saul Ewing LLP. TOGETHER GOOD: Gets Final OK to Use Cash Collateral --------------------------------------------------- Together Good Deeds IV LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Texas to use cash collateral. The final authorized the Debtor to use cash collateral to pay operating expenses set forth in its budget. The Debtor's weekly disbursements must not exceed 10% of the total monthly budget and disbursements for any single line item expense must not exceed 20% of the monthly budgeted amount, according to the final order. The Debtor's authority to use cash collateral will terminate upon confirmation of a Chapter 11 plan; 10 days after the appointment of a Chapter 11 or 7 trustee in its bankruptcy case; or upon occurrence of an event of default that is not cured, whichever comes first. As adequate protection, creditors asserting a lien on the cash collateral will be granted a replacement lien on any property acquired by the Debtor after its Chapter 11 filing that is similar to their pre-bankruptcy collateral. The replacement lien will have the same validity, priority and extent as the creditors' pre-bankruptcy lien. The final order is available at https://is.gd/enuQDP from PacerMonitor.com. Together Good Deeds has several pre-bankruptcy financing arrangements. These include a $2.4 million loan from Gulf Coast Bank and Trust Company secured by all assets, along with various financing and factoring agreements with Billd Exchange, Astra Holdings, LP and Vintree Realty, LLC. These agreements are structured either as master contractor agreements or master pay app agreements. As of the petition date, the Debtor owed $707,180.79 to Billd and $350,000 to each of Astra and Vintree. About Together Good Deeds IV LLC Together Good Deeds IV LLC, based in Texas, provides professional architectural, engineering, and related consulting services under NAICS code 5413. Together Good Deeds IV sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33215) on August 22, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Vickie L. Driver, Esq., at Driver Stephenson, PLLC. TONIX PHARMACEUTICALS: Expands Share Repurchase Program to $35MM ---------------------------------------------------------------- Tonix Pharmaceuticals Holding Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 18, 2025, the Board of Directors approved an increase to its share repurchase program pursuant to which the Company may repurchase up to an additional $25 million in value of its outstanding common stock, bringing total authorized shares under the program to $35 million. About Tonix Pharmaceuticals Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully integrated biopharmaceutical company focused on developing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. As of September 30, 2025, the Company had $252.4 million in total assets, $21.3 million in total liabilities, and $231.1 million in total stockholders' equity. Iselin, N.J.-based EisnerAmper LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2025, citing that the Company has continuing losses and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. TOP TYCOON: Hires Rodney D. Shepherd as Legal Counsel ----------------------------------------------------- Top Tycoon Property Group, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Rodney D. Shepherd, an attorney practicing in Pennsylvania, to serve as legal counsel. Mr. Shepherd will provide these services: (a) represent the Debtor in the pending bankruptcy case; (b) prepare on behalf of the Debtor the necessary applications, answers, orders, reports and other legal papers; (c) perform legal services for the Debtor that may be necessary in the case; and (d) provide legal representation through the conclusion of the Chapter 11 proceedings. The Debtor has paid an up-front retainer of $3,000, paid pre-petition. Should the retainer become exhausted, Counsel plans to bill at the hourly rate of $300 through a fee petition approved by the Court upon the conclusion of the case. According to court filings, Mr. Shepherd has no connection with the Debtor or any other party in interest, holds no position or interest adverse to the Debtor, and is a disinterested person under applicable provisions of the Bankruptcy Code. Mr. Shepherd can be reached at: Rodney D. Shepherd, Esquire 2403 Sidney Street Suite 208 Pittsburgh, PA 15203 Telephone: (412) 471-9670 About Top Tycoon Property Group, LLC Top Tycoon Property Group, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. W.D. Pa. Case No. 25-23042) on November 10, 2025. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $100,001 to $500,000. Rodney D. Shepherd is the Debtor's legal counsel. TWO FINGER: Seeks Chapter 7 Bankruptcy in Idaho ----------------------------------------------- On November 20, 2025, Two Finger Knife LLC filed for Chapter 7 protection in the District of Idaho. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Two Finger Knife LLC Two Finger Knife LLC (doing business as Schenk Knives) is a specialized cutlery manufacturer founded around 2005 and headquartered in Idaho Falls, ID. Two Finger Knife LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-40790) on November 20, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Brent R. Wilson handles the case. The Debtor is represented by R. Fred Cooper, Esq. ULTIMATE PAVERS: Claims to be Paid from Continued Operations ------------------------------------------------------------ Ultimate Pavers Inc., and Eduardo Fernandez filed with the U.S. Bankruptcy Court for the Middle District of Florida an Amended Joint Plan of Reorganization under Subchapter V dated November 24, 2025. Ultimate Pavers is a Florida profit corporation and was formed under the laws of the State of Florida on October 27, 2010. Since its inception, Ultimate Pavers has been primarily engaged in the business of designing and installing brick pavers and other outdoor features at commercial and residential properties. Ultimate Pavers' operations have historically generated income through contracts for projects primarily in Hillsborough County and Pinellas County, Florida. Eduardo Fernandez owns 100% of Ultimate Pavers and works full time in the operations of Ultimate Pavers. This Plan proposes to pay the Creditors of the Debtors with the revenues generated from the continued operation of Ultimate Pavers and the income received by Fernandez over the Term of the Plan. The term of this Plan (the "Plan Term" or "Term of the Plan") shall begin on the Effective Date and shall continue for 36 months. This Plan provides for the payment in full of all Allowed Administrative Claims, Allowed Priority Claims, and Allowed Priority Tax Claims as required by Section 1129(a)(9) of the Bankruptcy Code. Each Holder of an Allowed Secured Claim will receive payment in full of such Claim, or other treatment consistent with Section 1129(b)(2)(A) of the Code, as set forth in Article 4 of this Plan. Class 6 is comprised of the Allowed Unsecured Claims of Ultimate Pavers in the Corporate Case. The total amount of liquidated, scheduled, and filed Claims comprising Class 6 is approximately $105,533.24, which is subject to change based on any objections to such Claims. The liquidation value or amount that unsecured creditors would receive in a chapter 7 case is approximately $0.00. Accordingly, Ultimate Pavers proposes to pay each Holder of an Allowed Claim in Class 6 its pro rata share of $1,500. Distributions to Holders of Allowed Claims in Class 6 shall not exceed the Allowed Amount of such Claims. The pro rata share of Distributions on account of any Allowed Claim in Class 6 will be calculated as a fraction of the amount of any such Distribution, the numerator of which shall be the Allowed Amount of the Class 6 Claim of any particular Holder of a Class 6 Claim and the denominator of which shall be the aggregate amount of all Allowed Claims in Class 6. Distributions to Holders of Allowed Class 6 Claims will be paid in full on or before the first Business Day that is 90 days after the Effective Date. Class 6 is impaired. Class 7 consists of All Equity Interests in the Debtor. Holders of Equity Interests shall be entitled to retain such Interests; provided, however, that Holders of Allowed Equity Interests shall not be entitled to any Distribution from the Estate on account of such Equity Interests until the earlier of: (i) the end of the term of this Plan; or (ii) such time as all Allowed Unsecured Claims in Class 6 are paid in full. Class 9 is comprised of the Allowed Unsecured Claims of Fernandez in the Individual Case. The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 liquidation is $20,300.45, with the majority of that amount being paid to the IRS as a Priority Tax Claim. Accordingly, the Debtor proposes to pay each Holder of an Allowed Claim in Class 9 its pro rata share of $1,500. Distributions to Holders of Allowed Claims in Class 9 shall not exceed the Allowed Amount of such Claims. The pro rata share of Distributions on account of any Allowed Claim in Class 9 will be calculated as a fraction of the amount of any such Distribution, the numerator of which shall be the Allowed Amount of the Class 9 Claim of any particular Holder of a Class 9 Claim and the denominator of which shall be the aggregate amount of all Allowed Claims in Class 9. Distributions to Holders of Allowed Claims in Class 9 will be made in a single payment on or before the first Business Day that is 180 days after the Effective Date. Class 9 is impaired. Payments required under the Plan will be funded from the Cash held by the Debtor on the Effective Date and revenue or other funds received by the Debtor after the Effective Date after payment of operating expenses including from the net proceeds from the pursuit of any Causes of Action held by the Debtor on the Effective Date. With the foregoing assets, the Debtor believes it will be able to (i) pay in full all Allowed Administrative Expense Claims, and (ii) make a Distribution to Holders of Allowed Unsecured Claims in an amount greater than those parties would receive in a chapter 7 liquidation. A full-text copy of the Amended Plan dated November 24, 2025 is available at https://urlcurt.com/u?l=v9AVGY from PacerMonitor.com at no charge. Counsel for Eduardo Fernandez: Richard J. McIntyre, Esq. MCINTYRE THANANASIDES BRINGGOLD ELLIOTT GRIMALDI & GUITO, P.A. 1228 E. 7th Ave., Suite 100 Tampa, FL 33605 Telephone: (813) 229-2800 Email: rich@mcintyrefirm.com sheridan@mcintyrefirm.com Counsel for the Ultimate Pavers Inc.: Andrew J. Wit, Esq. JENNIS MORSE 606 East Madison Street Tampa, Florida 33602 Telephone: (813) 229-2800 Email: awit@jennislaw.com karon@jennislaw.com ecf@jennislaw.com About Ultimate Pavers Inc. Ultimate Pavers Inc. is a Tampa, Florida-based construction company specializing in paving services (NAICS 2389). Ultimate Pavers Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05696) on August 12, 2025. In its petition, the Debtor estimated assets and liabilities between $100,000 and $500,000 each. The Honorable Bankruptcy Judge Catherine Peek Mcewen handles the case. The Debtor is represented by Andrew J. Wit, Esq. at Jennis Morse. UNRIVALED BRANDS: Seeks to Extend Plan Exclusivity to March 3, 2026 ------------------------------------------------------------------- Unrivaled Brands, Inc. and Halladay Holding, LLC asked the U.S. Bankruptcy Court for the Central District of California to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 3, 2026 and April 30, 2026, respectively. The Debtors explain that the opposition of Greenlane to the Abandonment Motion and the result of that contested matter will have to be taken into account in the companies' finalized amended plan and disclosure statement. Accordingly, the Debtors submit this factor weights in favor of a further extension so that the Debtors are allowed sufficient time to resolve the pending issues before them. The Debtors claim that they have demonstrated substantial good faith progress in these cases and have diligently sought to advance these cases since the Petition Date. The Debtors have been working to incorporate the settlement into an amended plan and disclosure statement. The Debtors are operating in good faith and intend to work collaboratively with their creditors as evidenced by the Debtors' success on the global settlement. The Debtors cite that their bankruptcy cases have been pending for approximately one year, and this is the Debtors' fourth request for an extension of their plan exclusivity periods. This will be the last request for an extension of the exclusivity deadlines. Under Section 1121(d)(2)(A) of the Bankruptcy Code, the exclusive deadline may not be extended more than 18 months after the Petition Date. The proposed extended deadline of March 3, 2026 falls within 16 months of the Petition Date. The Debtors assert that their request for an extension of their plan exclusivity periods is being made in good faith and is not being made for the purpose of pressuring creditors into acceding to certain plan terms. The goal of the requested extension is to continue productive negotiations with Greenlane for the benefit of all creditors. The Debtors further assert that they will need additional time to finalize an amended plan and disclosure statement to account for the results of the pending litigation concerning the Abandonment Motion. The Debtors submit that these contingencies warrant an extension of their plan exclusivity periods. Accordingly, the Debtors respectfully submit that this factor also weighs in favor of an extension of the Debtors' plan exclusivity periods. The Debtors' Counsel: John Patrick M. Fritz, Esq. Robert M. Carrasco, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Email: jpf@lnbyg.com About Unrivaled Brands Business Description: Unrivaled owns 100% membership interests in Halladay, and Halladay is Unrivaled's wholly owned subsidiary. Halladay's primary asset is a commercial real property building. Unrivaled Brands, Inc. in Downey, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Lead Case No. 24-19127) on Nov. 6, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Sabas Carrillo as chief executive officer, signed the petition. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. serves as the Debtor's legal counsel. UTICA TOWNSHIP: Court OKs Vehicle Sale to John Jones for $26K ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana, New Albany Division, has permitted Utica Township Volunteer Fire Fighters Association and its affiliates, to sell vehicles, free and clear of liens, claims, interests, and encumbrances. The vehicles that are up for sale are: 2023 Cadillac Escalade - $110,000.00 2023 Cadillac CT5-V - $40,000.00 2023 Cadillac Escalade - $75,000.00 2023 Cadillac CT5-V - $40,000.00 The Court has determined that a notice of Motion was given as required by the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure. The Debtors have articulated reasonable and sufficient business justifications for the proposed sale. The proposed purchase price for the property is fair and reasonable, is the highest and best offer for the property, is in the best interest of the Debtor's bankruptcy estates, will provide by any other practicable available alternative, and constitutes reasonably equivalent value and full, adequate, and fair consideration for the property. The terms of the sale have been negotiated by the Debtors and the buyer, John Jones Salem Dealerships, Inc., in good faith within the meaning of the Bankruptcy code. John Jones is not an insider of the Debtors. The proposed sale represents an arm's-length transaction, made without fraud or collusion; there has been no attempt to take unfair advantage or to control the price. The Court has authorized the Debtor but not required to sell some or all of the vehicles to the buyer on the terms of the proposal for $26,000. The Court held that the buyer shall take the property free and clear of all liens, claims, interests, and encumbrances, known and unknown. The first $111,999.41 from the proceeds of the Property shall be paid to New Washington State Bank in full satisfaction of its liens against the Property. The New Washington State Bank shall be entitled to file a supplemental proof of claim for its post-petition interest and attorney's fees after the conclusion of the sale. About Utica Township Volunteer Fire Fighters Association Utica Township Volunteer Fire Fighters Association is a nonprofit organization based in Clarksville, Indiana, providing volunteer fire protection and emergency services for Utica Township and surrounding areas. Utica Township Volunteer Fire Fighters Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-90840) on July 22, 2025. In its petition, the Debtor reports total assets of $3,023,08 and total liabilities of $1,076,837. Honorable Bankruptcy Judge Andrea K. McCord handles the case. The Debtor is represented by William P. Harbison, Esq. at SEILLER WATERMAN LLC. VERMONT AUS: Blue Owl Marks AUD$1.2MM 1L Loan at 34% Off -------------------------------------------------------- Blue Owl Capital Corporation has marked its AUD$1,287,000 loan extended to Vermont Aus Pty Ltd. to market at AUD$853,000 or 66% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a First Lien Senior Secured AUD Term Loan to Vermont Aus Pty Ltd. The loan accrues interest at a rate of 5.75% per annum. The loan matures on March 2028. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Vermont Aus Pty Ltd. Vermont Aus Pty Ltd operates as an investment company. The Company provides investment services. VINCENT GALLO: Unsecureds to Split $54,600 over 60 Months --------------------------------------------------------- Vincent Gallo & Sons, Inc. filed with the U.S. Bankruptcy Court for the Small Business Plan of Reorganization dated November 24, 2025. The Debtor is a Landscaping and Property Maintenance Contractor. The Debtor was formed on or about 1969 and maintains long standing relationships and contracts for landscaping and property maintenance work with both commercial and residential clients. The Debtor was initially successful and produced significant revenues from its Landscaping and Property Maintenance contracting until unfortunately operations were significantly impacted by the COVID pandemic in 2020. As a result, the Debtor's operations and ability to manage projects were hampered. Moreover, as was the case with many other contracting companies, the Debtor post-COVID faced severe supply chain disruptions, extreme pricing volatility and a labor shortage. Unfortunately, as a result, the Debtor fell behind on payments to the taxing authorities and separately, the Debtor's longtime bookkeeper and accountant developed significant health issues preventing his ability to provide critical services to the Debtor, eventually leading regrettably to his passing. The Debtor is proposing to satisfy its allowed creditor claims in part from future operations and revenues derived from ongoing and long-standing landscaping and property maintenance contracts as well as newly acquired snow plowing contracts. The Debtor has also taken affirmative steps to increase its net profits by acquiring new contracts, adjusting its monthly pricing and reducing operating expenses. Class 3 consists of General Unsecured Claims. The allowed unsecured claims total $258,504.08. The Debtor is proposing to pay the allowed General Unsecured a fixed sum of $54,600.00 over a sixty-month term as follows: * Year 1 ($6,000): Monthly Payments of $500 commencing on the Effective Date. * Year 2 ($9,000): Monthly Payments of $750 commencing on the thirteenth month following the effective date. * Year 3 ($10,800): Monthly Payments of $900 commencing on the twenty fifth month following the effective date. * Year 4 ($13,200): Monthly Payments of $1,100 commencing on the thirty-seventh month following the effective date. * Year 5 ($15,600): Monthly Payments of $1,300 commencing on the forty-ninth month following the effective date. Class 4 consists of Equity Interest Holders. Paid to the extent available after payment of all other creditor claims. The Debtor is proposing to satisfy its allowed creditor claims in part from future operations and revenues derived from ongoing and long-standing landscaping and property maintenance contracts as well as newly acquired snow plowing contracts. The Debtor has also taken affirmative steps to increase its net profits by acquiring new contracts, adjusting its monthly pricing and reducing operating expenses. On 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. A full-text copy of the Plan of Reorganization dated November 24, 2025 is available at https://urlcurt.com/u?l=fwoIAs from PacerMonitor.com at no charge. Counsel to the Debtor: Eugene D. Roth, Esq. LAW OFFICE OF EUGENE D. ROTH 2520 Highway 35, Ste. 307 Manasquan, NJ 08736 Tel: (732) 292-9288 About Vincent Gallo & Sons Vincent Gallo & Sons, Inc., is a landscaping and property maintenance contractor. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15384) on May 20, 2025, listing between $100,001 and $500,000 in assets and up to $50,000 in liabilities. Judge Stacey L. Meisel presides over the case. The Debtor tapped Eugene D. Roth, Esq., at the Law Office of Eugene D. Roth as counsel and Maldjian & Citta PC as accountant. VISIONARY BUILDING: Seeks Chapter 7 Bankruptcy in Hawaii -------------------------------------------------------- On November 12, 2025, Visionary Building Group LLC filed for Chapter 7 protection in the District of Hawaii. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Visionary Building Group LLC Visionary Building Group LLC is a Hawaii‑based general contractor, founded in 2014 and headquartered in Waipahu. The firm delivers full‑spectrum residential and commercial construction services, including new home building, custom homes, home additions and expansions, remodeling (kitchens, bathrooms, basements), structural work (foundations, concrete, flooring, siding), and full‑scale renovations. Visionary Building Group LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-01023) on November 12, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities in the range of $100,001–$1,000,000. Honorable Bankruptcy Judge Robert J. Faris handles the case. The Debtor is represented by Ross Uehara-Tilton, Esq. of Damon Key Leong Kupchak Hastert. WAHEGURU LLC: Hires Wadsworth Garber Warner as Legal Counsel ------------------------------------------------------------ Waheguru, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wadsworth Garber Warner Conrardy, P.C. to serve as legal counsel in its Chapter 11 case. WGWC will provide these services: (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 firm's professional 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 WGWC 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 V. Wadsworth, Esq. David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Facsimile: (303) 296-7600 E-mail: dwadsworth@wgwc-law.com 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. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. WALKER EDISON: Blue Owl Marks $8.8MM 1L Loan at 88% Off ------------------------------------------------------- Blue Owl Capital Corporation has marked its $8,851,000 loan extended to Walker Edison Furniture Company LLC to market at $1,036,000 or 12% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a First Lien Senior Secured Loan to Walker Edison Furniture Company LLC. The loan accrues interest at a rate of 6.75% per annum. The loan matures on March 2027. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Walker Edison Furniture Company LLC Walker Edison Furniture Company LLC provides furniture online. The Company offers coffee desks, dining tables and chairs, bar cabinets, bunk and metal beds. WALKER EDISON: Blue Owl Virtually Writes Off $2.2MM 1L Loan ----------------------------------------------------------- Blue Owl Capital Corporation has marked its $2,247,000 loan extended to Walker Edison Furniture Company LLC to market at $118,000 or 5% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a First Lien Senior Secured Revolving Loan to Walker Edison Furniture Company LLC. The loan accrues interest at a rate of 6.25% per annum. The loan matures on March 2027. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Walker Edison Furniture Company LLC Walker Edison Furniture Company LLC provides furniture online. The Company offers coffee desks, dining tables and chairs, bar cabinets, bunk and metal beds. WAND NEWCO 3: Moody's Affirms B3 CFR & Alters Outlook to Pos. ------------------------------------------------------------- Moody's Ratings changed Wand NewCo 3, Inc.'s (dba Caliber Collision, "Caliber") outlook to positive from stable. At the same time, Moody's affirmed Caliber's B3 corporate family rating, B3-PD probability of default rating and the B3 ratings on the senior secured revolving credit facility, term loan B and 2032 senior secured notes. The change in outlook to positive reflects Caliber's improving operating performance amid industry headwinds with positive same store sales, increasing EBITDA and consistent positive free cash flow. The positive outlook also considers Caliber's voluntary term loan repayment over the required amortization. The company's debt/EBITDA has improved to 5.6x as of September 2025 from 6.5x as of year-end 2024 while EBITA/interest expense has also improved to 1.5x from 1.1x during the same period. Over the next 12 months, Moody's expects debt/EBITDA will modestly improve in the mid 5x range and EBITA/interest will remain around 1.5x, on the back of continued momentum in topline growth from both existing and new locations, cost efficiencies and modest reduction in debt despite a weak consumer environment. RATINGS RATIONALE Caliber's B3 CFR is supported by its scale and industry-leading position in the highly-fragmented collision repair industry. Caliber, with nearly full national coverage, has approximately the same number of body shop locations as its next two biggest competitors combined. The rating is also supported by Caliber's long-standing relationships with most major national insurance carriers, which represent the vast majority of the company's revenues. In addition, vehicle miles traveled continue to grow while cost of repairs, driven by increasing complexity of technology in automobiles, continue to rise. However, the company also contends with shortages of skilled auto technicians amid a challenging consumer environment. The B3 CFR also reflects Caliber's geographic concentration in certain markets as well as aggressive financial strategies under private equity ownership including prior sizable debt-funded shareholder distributions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Caliber demonstrates continued solid operating performance and demonstrates that its financial policies can support EBITA/interest coverage sustained above 1.5x and debt/EBITDA sustained below 6.0x as well as robust free cash flow generation and good liquidity. Ratings could be downgraded should Caliber's liquidity weaken, if EBITA/interest coverage is sustained below 1.0x and/or if Caliber fails to maintain positive free cash flow to debt. Debt-funded distributions to shareholders would also be a factor. Wand NewCo 3, Inc. is a leading collision repair provider currently operating 1,853 locations in the United States under the Caliber Collision banner with revenues of about $7.7 billion for the twelve-month period ended September 2025. The company is majority owned by Hellman & Freidman LLC. The principal methodology used in these ratings was Retail and Apparel published in September 2025. Wand NewCo 3, Inc.'s B1 scorecard-indicated outcome is two notches above the assigned B3 corporate family rating reflecting its aggressive financial strategies, including a tolerance for high leverage and debt-funded dividends. WATERBOY SPORTS: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------- On November 24, 2025, Waterboy Sports LLC commenced Chapter 11 proceedings in the Middle District of Florida. Court documents show the Debtor carries between $1 million and $10 million in debt and lists 1–49 creditors. About Waterboy Sports LLC Waterboy Sports, LLC is a Florida-registered LLC operating from Orlando that supplies hydration systems and water-distribution equipment to sports teams, schools, and recreational leagues. Waterboy Sports LLC filed for Chapter 11 protection under the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07635) on November 24, 2025. The petition reflects estimated assets of $0–$100,000 and estimated liabilities in the range of $1 million to $10 million. The matter is assigned to Honorable Bankruptcy Judge Tiffany P. Geyer. The Debtor is represented by Daniel A. Velasquez, Esq. of Latham, Luna, Eden & Beaudine, LLP. WEABER INC: Seeks to Extend Plan Exclusivity to Jan. 28, 2026 ------------------------------------------------------------- Weaber Inc. asked the U.S. Bankruptcy Court for the Middle District of Pennsylvania to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 28, 2026 and March 28, 2026, respectively. The Debtor explains that it has met its burden of showing "good cause" to extend the Exclusivity Period because it has actively been engaged in developing a plan for its operations as a reorganized company and has performed its duties as a Debtor in a timely manner to date. The Debtor claims that it has filed an omnibus motion to reject three contracts, and another motion to reject one contract, which is part of its reorganization plan. The Debtor has been in active negotiation regarding a multi-million-dollar fire loss. The Debtor has also been in serious and fruitful negotiations with its largest secured creditor which must be completed before a plan can be filed. The Debtor believes that extending the Exclusivity Period to file a plan and solicit acceptances will further the interests of the Debtor and its estate by enabling the Debtor to refine its plan for business operations post-confirmation and complete negotiations with all of its different creditor constituency. The Debtor believes that if the Exclusivity Period are not extended as requested, the Debtor's efforts to reorganize will be compromised. Further, the Debtor alleges that no harm or prejudice will inure to the creditors of the Debtor if the Exclusivity Period is not extended. Weaber Inc. is represented by: Albert Ciardi, III, Esq. Nicole M. Nigrelli, Esq. Sonali D. Doshi, Esq. Ciardi Ciardi & Astin 1905 Spruce St. Philadelphia, PA 19103 Telephone: (215) 557-3550 Email: aciardi@ciardilaw.com About Weaber Inc. Weaber Inc. manufactures and distributes hardwood lumber products across the United States. Combining advanced production technology with strict quality standards, it supplies flooring, trim, paneling and other specialty hardwood components in both full-truckload and small-lot deliveries. Weaber Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02167) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Henry W. Van Eck handles the case. The Debtor is represented by Albert A. Ciardi, III, Esq. at Ciardi Ciardi and Astin. WISDOM DENTAL: Gets Extension to Access Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division issued a third interim order authorizing Wisdom Dental, P.A. to use cash collateral effective as of the petition date. The third interim order signed by Judge Caryl Delano authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including Subchapter V trustee interim compensation; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts expressly approved by secured claimants. The Debtor projects total operational expenses of $637,181 for a 17-week period. The U.S. Small Business Administration and 19 other secured creditors will receive replacement liens on post-petition collateral, with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtor was ordered to keep its property insured in accordance with the obligations under the loan and security documents with the secured creditors. The next hearing is set for February 18, 2026. As of the petition filing, the Debtor reported $850 in cash and $170,420.28 in accounts receivable. It also listed 20 secured parties that may have valid pre-bankruptcy liens on its cash or receivables such as Seacoast National Bank, U.S. Small Business Administration, Fresh Funding Solutions, and others, some of whom have already been paid in full. About Wisdom Dental P.A. Wisdom Dental, P.A. operates a dental clinic under the name Ave Maria Dentistry from its ocation in Ave Maria, Florida. The practice provides preventive, restorative, and cosmetic dental services and is led by Dr. Wisdom D. Akpaka. The company was incorporated in Florida in 2015. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01508) on August 6, 2025. In the petition signed by Wisdom Akpaka, president, the Debtor disclosed $223,970 in assets and $2,851,770 in liabilities. Judge Caryl E. Delano oversees the case. Michael Dal Lago, Esq., at DAL LAGO LAW, represents the Debtor as legal counsel. WORKSPORT LTD: Opens Missouri Facility for SOLIS & COR Launch ------------------------------------------------------------- Worksport Ltd. announced on November 18, 2025, a strategic expansion of its U.S. operation capability with the opening of a newly leased facility in Missouri that will serve as the Company's dedicated assembly center for the SOLIS solar-integrated tonneau cover. This milestone marks a significant progression in Worksport's growth strategy, elevating the Company's operational scale, geographic reach, engineering integration, and commercial readiness as it moves into the clean-tech commercialization phase. A Strategic Operation Decision That Strengthens Worksport's Growth Path SOLIS solar-integrated tonneau covers are assembled in Missouri, using advanced engineering to integrate imported solar and electronic systems with U.S.-based assembly, testing, and distribution. The decision to initiate SOLIS assembly in Missouri is rooted in both operational strategy and long-term scalability. Missouri provides a central U.S. location that optimizes national shipping routes, reduces outbound logistics costs, and offers access to a skilled workforce co-located with Worksport's experienced industrial engineering team. This expansion more than triples the footprint of Worksport's previous Missouri based R&D only location. The Company has secured the new facility under a three-year lease and anticipates the need for additional expansion before the term concludes due to ongoing optimization efforts and growing demand. While the Company's 152,000 sq ft Buffalo, NY facility continues scaling production of its AL-platform covers, Missouri will take on the new growth phase of Worksport, the SOLIS solar cover. Missouri will also serve as a distribution hub for the Worksport COR. "Missouri positions Worksport at the center of U.S. logistics and gives us critical access to our engineering talent that can support the technical requirements of SOLIS," said Steven Rossi, CEO of Worksport. "This is an investment in efficiency, capacity, and quality. It is also a strong signal that Worksport is strategically scaling." Direct Oversight Between Engineering and Assembly Enhances Quality and Speed The Missouri facility is located alongside the Company's expanded R&D center, creating a direct integration between engineering, testing, and final assembly for the solar cover platform. This proximity allows Worksport to refine the SOLIS assembly process in real time, improve product performance, and accelerate the transition from early assembly to high volume operations. SOLIS requires specialized operators trained in electronic wiring, circuitry, and solar assembly to attach specialized solar panels to Worksport's tonneau cover platform. Consolidating these capabilities near the engineering team strengthens quality control and ensures rapid iteration as the product moves into expanded volumes. "We can literally walk prototypes from the lab into the assembly area, validate improvements, and deploy them immediately," Rossi continued. "This is how premium products are developed, and this structure gives us a competitive advantage." High Operational Leverage With Minimal Capital Expenditure Worksport reports that the expansion in Missouri required very little capital investment, thanks to compatibility with existing equipment and processes. This low-CapEx expansion increases operational leverage at a time when the Company is scaling into higher-margin products for significantly broader markets. The Company highlights the following advantages: * More capacity without significant spend * Faster commercialization timelines for SOLIS * Lower risk and higher returns on the Company's growth initiatives 'Build-to-Order' System Elevates Customer Experience and Financial Efficiency Final SOLIS units will be produced in the USA from domestic and imported components, using Missouri assembly; Worksport's 'build-to-order' model offers several advantages over traditional inventory-based manufacturing: * Every cover incorporates the most up-to-date components, firmware, and engineering * Units ship directly to customers, reducing storage damage risks and handling costs. * The system supports higher-quality output, tighter cost controls, and improved working capital efficiency. * Capacity naturally scales with demand, offering strong operational flexibility. This model aligns Worksport with best practices seen in high-end electronics and premium automotive manufacturing. Availability and launch timing: The SOLIS Solar Cover and COR Portable Energy System will be available for order on November 28, 2025. 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 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. WORLDWIDE MACHINERY: Amends Unsecureds & Caspian Loan Claims Pay ---------------------------------------------------------------- Worldwide Machinery Group, Inc. and its affiliated debtors submitted an Amended Combined Disclosure Statement and Joint Chapter 11 Plan dated November 24, 2025. The Plan is a liquidation plan. Under the Plan, the ABL Administrative Agent and the ABL Lenders will retain the $54 million from the closing of the Going-Concern Transaction that they have already received in full satisfaction of their claims against the Debtors and shall receive a release from the Debtors. The remaining Cash from the Going-Concern Sale and from the Debtors' operations prior to the Going-Concern Sale shall be used to pay priority claims, Administrative Claims (including Professional Fees) and to fund the activities of the Plan Administrator. The Plan Administrator shall pursue various Retained Estate Claims and Causes of Action, including a Claim against Gordon Brothers for violating a non-disclosure agreement and certain avoidance actions. The proceeds from the Causes of Action (net of costs) will be available to pay certain Administrative Claims for Professional Fees and to make distributions to unsecured creditors, including General Unsecured Creditors and the deficiency claims of the Caspian Lenders. Although the Debtors believe that some of their Causes of Action have merit, litigation is by its nature risky and there is no guaranty that the Debtors will receive any proceeds therefrom. Recoveries to unsecured creditors occur only if the Plan Administrator is successful in recovering proceeds from Causes of Action. The Plan further provides for the termination of all Interests in the Debtors, the dissolution and wind-up of the affairs of the Debtors and their Affiliates, and the vesting of any remaining assets in the Wind-Down Debtors on the Effective Date. Class 3 consists of any Caspian Loan Claims against any Debtor. Each Holder of an Allowed Caspian Loan Claim shall receive its Pro Rata share of Distributable Cash and Wind-Down Debtor Assets net of Wind-Down Debtor Expenses (which shall be distributed to all Holders of Allowed Class 3 and Class 4 Claims on a Pro Rata basis); provided that any distributions on account of the Wind Down Debtor Assets shall only be made following payment in full of, or reserve for, Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims, and Allowed Professional Fee Deficiency Claims. Class 4 consists of any General Unsecured Claims against any Debtor. Each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of Distributable Cash and Wind-Down Debtor Assets net of Wind-Down Debtor Expenses (which shall be distributed to all Holders of Allowed Class 3 and Class 4 Claims on a Pro Rata basis); provided that any distributions on account of the Wind-Down Debtor Assets shall only be made following payment in full of, or reserve for, Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims, and Allowed Professional Fee Deficiency Claims. Class 4 is Impaired under the Plan. As of the Effective Date, each Claim against the Debtors shall be deemed satisfied, settled, and released as to the Debtors as provided with respect to each such Claim under this and, except as otherwise set forth in this Plan or other Final Orders of the Bankruptcy Court, any Holder of an Allowed or Disputed Claim against the Debtors will have recourse solely to the Wind-Down Debtor Assets net of Wind-Down Debtor Expenses, as applicable, for the payment of any such Claim that is Allowed or becomes Allowed in accordance with the Plan and the Plan Administrator Agreement; provided, however, the recovery provided to any Holder of a Claim that is Allowed or becomes Allowed shall be limited to and consistent with the terms of the Plan. Distributions under the Plan shall be funded by (i) the proceeds of the Going-Concern Transaction, and (ii) the Wind-Down Debtors from the Wind-Down Debtor Assets; provided, however, that Allowed Professional Fee Claims (other than Allowed Professional Fee Deficiency Claims) shall be paid from the Professional Fee Escrow Account or Distributable Cash, as applicable. The Wind-Down Debtor Assets shall be used to pay the Wind-Down Debtor Expenses (including the compensation of the Plan Administrator and any professionals retained by the Wind-Down Debtors), the Allowed Professional Fee Deficiency Clams, and to satisfy payment of Allowed Claims and Interests as set forth in the Plan. A hearing to consider the final approval of the Disclosure Statement and Confirmation of the Plan has been set for December 22, 2025, at 1:00 p.m. Objections to the final approval of the Disclosure Statement or objections to Confirmation of the Plan must be filed with the Bankruptcy Court and served on counsel for the Debtors on or before December 17, 2025. A full-text copy of the Amended Combined Disclosure Statement and Plan dated November 24, 2025 is available at https://urlcurt.com/u?l=gjF8Dm from PacerMonitor.com at no charge. The Debtors' Counsel: Charles R. Koster, Esq. WHITE & CASE LLP 609 Main Street, Suite 2900 Houston Texas 77002-4403 Tel: (713) 496-9700 Email: charles.koster@whitecase.com - and - Roberto Kampfner, Esq. Patrick Wu, Esq. WHITE & CASE LLP 555 South Flower Street, Suite 2700 Los Angeles, California 90071 Tel: (213) 620-7700 Email: rkampfner@whitecase.com patrick.wu@whitecase.com - and - David M. Turetsky, Esq. Samuel P. Hershey, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, New York 10020 Tel: (212) 819-8200 Email: david.turetsky@whitecase.com sam.hershey@whitecase.com - and - Fan B. He, Esq. Kristin Schultz, Esq. WHITE & CASE LLP 200 South Biscayne Boulevard, Suite 4900 Miami, Florida 33131 Tel: (305) 371-2700 Email: fhe@whitecase.com kristin.schultz@whitecase.com About Worldwide Machinery Group Inc. Worldwide Machinery Group Inc. is a construction equipment sales and rental company. Worldwide Machinery and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90379) on Sept. 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Bankruptcy Judge Christopher M. Lopez handles the case. The Debtors are represented by Fan B. He, Esq., Samuel P. Hershey, Esq., Roberto J. Kampfner, Esq., David Michel Turetsky, Esq., Kristin Elyse Schultz, Esq., and Charles R. Koster, Esq. at White Case LLP. WT REPAIR: Gets Extension to Access Cash Collateral --------------------------------------------------- WT Repair, LLC received another extension from the U.S. Bankruptcy Court for the District of Kansas to use the cash collateral of First National Bank and Trust to fund operations. The court issued a second interim order authorizing the Debtor to use cash collateral for the period from the expiration of its June 9 initial order to 30 days after the conclusion of the sale of equipment pursuant to the October 31 order that granted FNBT partial relief from automatic stay. As adequate protection, FNBT will continue to receive a monthly payment of $3,000. The secured creditor reserves the right to argue that amount is insufficient. In addition, FNBT will be granted replacement liens on post-petition assets that are similar to its pre-bankruptcy collateral and are automatically perfected without further documentation. These replacement liens do not apply to Chapter 5 avoidance actions. The Debtor must maintain insurance, file and pay post-petition taxes timely, provide monthly operating reports by the 21st of each month, and provide weekly documentation of transactions exceeding $1,000. All cash collateral must be deposited into the DIP account with documented sources. The second interim order is available at https://is.gd/C03O5R from PacerMonitor.com. First National Bank and Trust, as secured creditor, is represented by: Patricia A. Reeder, Esq. Woner, Reeder & Girard, P.A. P.O. Box 67689 Topeka, KS 66667-0689 Phone: (785) 235-5330 Fax: (785) 235-1615 reeder@wrglaw.com About WT Repair LLC WT Repair, LLC is an independently owned used equipment dealer and service shop based in Beloit, Kansas. It specializes in buying, selling, and servicing farm machinery, including tractors, harvesters, and used trucks. WT Repair is also a full-line dealer for Bush Hog, Farm King, MacDon, Geringhoff, Quicke, Kelly Ryan, and HyGrade. WT Repair sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan.) on May15, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Dale L. Somers presides over the case. Colin N. Gotham at Evans & Mullinix, P.A. represents the Debtor as legal counsel. YELLOW CORP: To Sell LaGrange Property to J.T. Jones Development ---------------------------------------------------------------- Yellow Corp. and its affiliates, seek permission from the U.S. Bankruptcy Court for the District of Delaware, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Bidding Procedures provide that the Debtors, in their business judgment and in consultation with the Committee, may enter into private sale transactions for their Real Property Assets. As described, pursuant to the March 2025 Sale Process Notice and in accordance with the Bidding Procedures, each of the Sale Dates and Deadlines have been rescheduled to dates and times to be determined; and, entry into and consummation of the Asset Purchase Agreement by private sale represent, in the Debtors' business judgment following the Debtors’ consultation with the Committee, the value-maximizing alternative for the Subject Property, 677 Hudson Road, LaGrange, Georgia 30240. On November 25, 2025, the Debtors’ advisors shared advanced drafts of the Motion and the proposed Order with the advisors to the Committee. The Asset Purchase Agreement was executed on November 24, 2025. On November 26, 2025, the Debtors filed the Motion, seeking approval of the Asset Purchase Agreement and the transactions contemplated. The Debtors retained Ducera to serve as their investment banker. Moreover, in August 2024, the Debtors retained CBRE Inc. as their exclusive real estate broker for the properties comprising their Remaining Real Estate Portfolio, including the Subject Property. The Debtors, in an exercise of their sound business judgment and in consultation with the Committee, seek to enter into and consummate the Asset Purchase Agreement. The Debtors' request for this relief follows intensive, hard-fought, and good-faith negotiations with the Purchaser regarding the terms and provisions of the Asset Purchase Agreement and follows thorough marketing of the Subject Property. The Debtors believe that it is beneficial to their stakeholders and will maximize the value of the Subject Property (and, in turn, their estates and creditor recoveries) to consummate the Sale Transactions under the Asset Purchase Agreement. The Purchase Price proceeds to be obtained by the Debtors' estates under the Asset Purchase Agreement is approximately $275,000 with the buyer, J.T. Jones Development Company. The Debtors believe that the total consideration provided by the Purchaser under the Asset Purchase Agreement is fair and reasonable, and that the Sale Transactions under the Asset Purchase Agreement maximize the value of the Subject Property. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. [^] BOOK REVIEW: OIL & HONOR: The Texaco Pennzoil Wars ------------------------------------------------------ Author: Thomas Petzinger, Jr. Publisher: Beard Books Paperback: 495 Pages List Price: $34.95 Order your personal copy at http://www.amazon.com/exec/obidos/ASIN/1893122077/internetbankrupt This is a fun read. Fun enough to take the beach, although at 500 pages it's a bit hefty to hold up while you lounge in the sandy towel. It's got all the elements of great entertainment: a trainload of money, courtroom melodrama, and a host of extremely odd characters, including a couple of Texas state court judges who could make California's Judge Ito look like Justice Brandeis. You might even throw in a biblical analogy -- many pundits did -- although for my money Pennzoil chair J. Hugh Liedtke was a little too wily and a lot too flush to be David-with-a-slingshot. Everyone knows the story. In 1984 Texaco bought Getty Oil for $9.98 billion, days after the Getty board had made a handshake deal with Pennzoil to sell three-sevenths of its assets for a 10 percent lower price per share. Did Texaco tortiously interfere with Pennzoil's oral contract, or was Getty free (and in fact duty-bound) to accept Texaco's higher offer? I'll leave you there on the edge of your seat. Yes, the plot is familiar, but as they say, God is in the details, and the Pulitzer Prize-winning author, a professional journalist who covered the trial for the Wall Street Journal, gives us details aplenty. He's sieved the most intriguing and significant facts from a daunting amount of evidence: 50,000 pages of affidavits, hours of video testimony, 250 interviews. You'll collect your favorite factoids as you go along. Mine have to do with the succession of judges, the first of whom had a close relationship with Pennzoil attorney Joe Jamail, while the second hadn't read the trial record when he took over the gavel and made his ignorance of the governing New York law seem almost a point of pride. The flamboyant Jamail (who collected $400 million fee for his work, of which $50 million reportedly has been given to charities) was known previously, the author tells us, for such feats as convincing a jury that the City of Houston was negligent for planting a tree that his client ran into while drunk. Here, he won the verdict for his client, in part, by exploiting that shopworn cliche‚ of trial practice -- the local good ol' boys versus the big city pinstripes. Is an oral agreement in principle a binding contract? Metaphorically shrugging, Mr. Jamail told the jury, "Sure looks like a deal to me." It worked like a charm. Engrossing as the deal, trial, and verdict are, the author offers more. His first 150 pages provide useful background on the respective oil empires, and chronicles Getty's history in detail. But don't take my word that this book is worth the money. Read what the white-shoe critics had to say when this book first came out in 1987. "A riveting drama," said the New York Times Book Review. "Pure excitement . . . More fun than flying on corporate jet," per the Dallas Times Herald, with presumably more experience in flying on corporate jets than I can claim. "A real-life script fit for TV's Dallas . . . Harold Robbins and Robert Ludlum let loose in the world of Texas good ol' boys and New York takeover specialists," opined the Washington times. So maybe you'll drop this one into your carry-on bag after all. Thomas Petzinger, Jr. has spent over two decades at The Wall Street Journal, as a beat reporter, weekly columnist, investigative reporter, bureau chief and Washington economics editor. He is a winner of the Gerald Loeb Prize, the highest award in business and financial journalism. Petzinger was born in May 1955 and grew up in Youngstown, Ohio. He received his journalism degree from Northwestern University, where he was a Richter International Scholar. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***