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251201.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, December 1, 2025, Vol. 29, No. 334 Headlines 202-204 OCEAN: Seeks to Hire Estelle Miller CPA as Accountant 23ANDME HOLDINGS: Bankruptcy Plan Wins Approval After Breach Deals 23ANDME: Landlord's Objections to Plan Confirmation Overruled 2507 WOODBROOK: Seeks to Hire Gary S. Poretsky as Counsel 384 WASHINGTON: Seeks Chapter 7 Bankruptcy in Massachusetts 6201 ROBINSON: Seeks Chapter 11 Bankruptcy in Kansas 9 CROSBY: Seeks Cash Collateral Access A PLUS HOME: Seeks Chapter 7 Bankruptcy in Louisiana A.B. INTERNATIONAL: Retains Kamini Fox PLLC as Legal Counsel ADELAIDA CELLARS: Employs FBA Capital LLC as Merger Consultant ADVANS IT: Seeks Chapter 7 Bankruptcy in Massachusetts AEROFAB INDUSTRIES: Gets Interim OK to Use Cash Collateral AG RECYCLING: Seeks Cash Collateral Access AGI SOURCING: Amends Unsecureds & AGI Critical Vendors Claims Pay AIM TO INSPIRE: Seeks Chapter 7 Bankruptcy in Maryland ALGORHYTHM HOLDINGS: Jay B. Foreman Steps Down from Board ALL SOD NURSERY: Gets Interim OK to Use Cash Collateral ALTA LOMA: Taps the Law Office of W. Derek May as Counsel AMBIPAR EMERGENCY: Hires Ordinary Course Professionals AMBIPAR EMERGENCY: Hires Quinn Emanuel as Counsel to the Board AMBIPAR EMERGENCY: Hires Simpson Thacher & Bartlett as Counsel AMBIPAR EMERGENCY: Seeks to Hire Gray Reed as Co-Counsel AMERICAN PAVING: Section 341(a) Meeting of Creditors on Dec. 17 AMERICAN SIGNATURE: Dec. 1 Deadline for Panel Questionnaires ANNALEE DOLLS: Court Extends Cash Collateral Access to Dec. 31 BAND OF CODERS: Hires Rountree Leitman Klein as Counsel BARRACUDA PARENT: Blue Owl Marks $22.8MM 1L Loan at 17% Off BARRACUDA PARENT: Blue Owl Marks $55.8MM 2L Loan at 24% Off BELLAVIVA AT WHISPERING: U.S. Trustee Unable to Appoint Committee BELLE MEADE: Hires Law Offices of Scott Alan Orth as Counsel BELLEROSE TERRACE: Hires Van Dam Law LLP as Counsel BK & MK LLC: Seeks Subchapter V Bankruptcy in Illinois BLACKBEARD MARINE: Trustee Hires Luke Homen Law as Counsel BLACKSTONE CLAIM: Eric Terry Named Subchapter V Trustee BLOCK COMMUNICATIONS: S&P Downgrades ICR to 'B', Outlook Negative BLOCK INC: Moody's Upgrades CFR to Ba1, Alters Outlook to Stable BLUE BANK: Seeks to Hire Beaman & Bennington as Legal Counsel BRENT COPELAND: Seeks Chapter 7 Bankruptcy in Illinois BRUNELLO REALTY: Hires Law Firm of Nicholas B. Bangos as Counsel BRUNELLO REALTY: Hires Tosi Real Estate as Real Estate Broker BUCKINGHAM SENIOR: Gets Interim OK for DIP Financing From UMB BUILT LLC: Seeks Cash Collateral Access CADUCEUS PHYSICIANS: Unsecureds Will Get 1.3% in Liquidating Plan CALIFORNIA PREMIER: Unsecureds Owed 10K+ to Get 14.65% in 36 Months CAPITOL STREET: Gets Final OK to Use Cash Collateral CARDON SALES: Seeks Chapter 7 Bankruptcy in Louisiana CARHAVEN INC: Section 341(a) Meeting of Creditors on Dec. 31 CARING FOR YOU: Hires Tydings & Rosenberg as Special Counsel CARZONE AND AUTO: Hires Nathaniel J. Webb III as Legal Counsel CASTILLO GRAND: Employs GrayRobinson P.A. as Special Counsel CDR TRANS: Court Orders Appointment of Chapter 11 Trustee CEMTREX INC: Signs Agreement to Acquire Invocon in $7MM Deal CENTRAL JUNCTION: Hires Marcus D. Ward PLLC as Legal Counsel CFN ENTERPRISES: Reports $433,796 Net Loss in 2025 Q3 CHAINCE DIGITAL: Institutional Holdings Expand After Rebrand CHARLIE'S HOLDINGS: Reports $624,000 Net Income in 2025 Q3 CHESAPEAKE HOME: Seeks Subchapter V Bankruptcy in Maryland CIPHER COMPUTE: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable CITY PARK: Files Amendment to Disclosure Statement CLA GENERAL: Seeks Chapter 7 Bankruptcy in Massachusetts CLEAN ENERGY: Reports $2.1 Million Net Loss in 2025 Q3 COCOS MARISCOS: Hires Neeleman Law Group PC as Counsel CONKLIN MEDIA: Files Emergency Bid to Use Cash Collateral CONKLIN MEDIA: Leona Mogavero Named Subchapter V Trustee CREATIVE REALITIES: Completes Series A Financing with North Run CROWN CARS: Seeks Subchapter V Bankruptcy in Illinois CRS SERVICES: Files Emergency Bid to Use Cash Collateral CUENTAS INC: Yarel + Partners Raises Going Concern Doubt CVR ENERGY: Fitch Affirms 'B+' IDR, Outlook Stable CVR ENERGY: Moody's Affirms 'B2' CFR & Alters Outlook to Stable CYTOPHIL INC: Unsecured Creditors to Split $1M over 10 Years DANPOWER64 LLC: Amends Unsecured Claims Pay Details DDJ INC: Seeks to Use Cash Collateral DELTA ABSORBENTS: Hires Crown Appraisals Inc. as Appraiser DODGE CONSTRUCTION: Blue Owl Marks $6MM 1L Loan at 18% Off ENVELOPE 1 INC: Seeks Cash Collateral Access EUCLID REALTY: Hires Martin Law Group P.C. as Counsel FIRST ADVANTAGE: Moody's Alters Outlook on 'B1' CFR to Stable FIRST BRANDS: UMB Bank Seeks Chapter 11 Trustee Appointment FIRST BRANDS: US Trustee to Update Court on Examiner Appointment FOREST GOOD: Court OKs Restaurant Biz Sale to Chow F&B FXI HOLDINGS: Moody's Alters Outlook on 'Caa3' CFR to Stable FXI HOLDINGS: S&P Upgrades ICR to 'CCC', Outlook Negative GEC TRANSPORT: Gets Final Approval to Use Cash Collateral GRACE BAPTIST: Seeks to Hire Kiem Law PLLC as Counsel GREAT CANADIAN GAMING: S&P Alters Outlook to Neg, Affirms 'B-' ICR GREAT LAKES IX: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes GREENWAVE TECHNOLOGY: Nasdaq Grants Stay Through Jan. 13 Hearing GREENWAVE TECHNOLOGY: Reports $7.7MM Net Loss in 2025 Q1 GRIT PRODUCTIONS: Gets Interim OK to Use Cash Collateral GROFF TRACTOR: Court OKs Continued Cash Collateral Access HANNA JESIONOWSKA: Hires Martin Tax Group as Accountant HANSEN-MUELLER: Seeks to Use Cash Collateral HARVEST SHERWOOD: Butterball Out as Committee Member HEALTHLYNKED CORP: Reports $851,800 Net Loss in 2025 Q3 HEART 2 HEART: Quality of Care Maintained, 4th PCO Report Says HESS MIDSTREAM: Moody's Ups Rating on Senior Unsecured Notes to Ba1 HILLSIDE APARTMENTS: Case Summary & Six Unsecured Creditors HRZN INC: Seeks Cash Collateral Access HUDSON 1701/1706: U.S. Trustee Appoints Creditors' Committee I.G GENERAL: Seeks Chapter 7 Bankruptcy in Illinois INFINITE GROUP: M&K CPAs Replaces Freed Maxick P.C. as Auditor INNOVATIVE PLUMBING: Hires Bush Law Firm LLC as Counsel INSIGHT ENTERPRISES: S&P Affirms 'BB+' ICR Despite Rising Leverage INTERNATIONAL LAND: Widens Net Loss to $2.2MM in 2025 Q3 JACKS DONUTS: U.S. Trustee Appoints Creditors' Committee JAGUAR HEALTH: Amends Royalty Agreements & Extends Note Maturity JAMES MILLER: Seeks Cash Collateral Access JAY4 INC: Seeks Cash Collateral Access JHW PLUMBING: Seeks to Use Cash Collateral JL HARRIS: Seeks Chapter 7 Bankruptcy in Illinois JRCP RESTAURANTS: Tom Howley Named Subchapter V Trustee JVL COMPANY: Nicole Nigrelli Named Subchapter V Trustee KEESTONE PROPERTIES: No Supply Concerns, PCO Report Says KENNEDY CONSTRUCTION: Gets Extension to Access Cash Collateral KLEOPATRA FINCO: U.S. Trustee Disbands Creditors Committee LANDMARK RECOVERY: No Patient Care Concern, 1st PCO Report Says LORDON ENTERPRISES: Court OKs Deal on Cash Collateral Access LUGANO DIAMONDS: U.S. Trustee Appoints Creditors' Committee MACHIKO MANAGEMENT: Taps Shaw & Hanover PC as General Counsel MARELLI AUTOMOTIVE: Taps Brian Worrell as Financial Consultant MAXIMIZED RESTORATION: Seeks Chapter 7 Bankruptcy in Illinois MCCALLSON TAX: Seeks Chapter 11 Bankruptcy in Kansas MCHUGH JUNK: Seeks Chapter 11 Bankruptcy in Massachusetts MEDLINE BORROWER: S&P Affirms 'BB-' ICR, On CreditWatch Positive MI WINDOWS: S&P Alters Outlook to Negative, Affirms 'B+' ICR MIL 21 E: Seeks Chapter 7 Bankruptcy in Massachusetts MIM LANDSCAPE: Section 341(a) Meeting of Creditors on Dec. 23 MONUMENT ACADEMY: S&P Assigns 'BB' Long-Term ICR, Outlook Negative MUNDO EDITORIAL: Court Bars Access to Cash Collateral MYELLA INC: Gets Final OK to Use Cash Collateral NEED SPACE: Hires Marcus D. Ward PLLC as Legal Counsel NEIGHBORHOOD HANDYMAN: Seeks Chapter 7 Bankruptcy in Illinois NEW FORTRESS: Extends Letter of Credit Maturity to March 2026 NICKLAUS COMPANIES: Deadline for Panel Questionnaires Set for Dec 1 NIGHTFOOD HOLDINGS: Widens Net Loss to $3.7MM in 2026 Q1 NORCOLD LLC: Retains Hilco Corporate Finance as Investment Banker NORCOLD LLC: Seeks to Hire Stretto Inc. as Administrative Advisor NU-CAST STEP: Livonia Appeal Tossed for Lack of Jurisdiction NYC ALPHA: Seeks Cash Collateral Access ODYSSEY LOGISTICS: Moody's Cuts CFR to Caa1, Outlook Stable OFFICE PROPERTIES: Hires Latham & Watkins as Bankruptcy Co-Counsel OFFICE PROPERTIES: Retains AP Services as Restructuring Officer OFFICE PROPERTIES: Retains Quinn Emanuel Urquhart as Counsel OFFICE PROPERTIES: Retains Sullivan & Worcester as Special Counsel OFFICE PROPERTIES: Taps Hunton Andrews Kurth LLP as Co-Counsel OLD FASHION: Seeks to Use Cash Collateral OLD STONE: Unsecured Creditors to Split $180K over 60 Months OLIVER CORNERS: Files Emergency Bid to Use Cash Collateral OMNICARE LLC: Committee Hires Dundon Advisers as Financial Advisor OMNICARE LLC: Committee Hires Vartabedian Hester as Co-Counsel OMNICARE LLC: Committee Taps Huron Consulting as Financial Advisor OMNICARE LLC: Seeks to Hire KPMG LLP as Analyst ONTARIO GAMING: S&P Alters Outlook to Negative, Affirms 'B-' ICR ORIGINCLEAR INC: Reports $3.3 Million Net Loss in 2025 Q3 OUT THE GATE: U.S. Trustee Appoints Creditors' Committee PARKERVISION INC: Raises $3.46MM via Registered Direct Offering PAULAZ ENTERPRISES: Amends Administrative & Priority Tax Claims PEGRUM CREEK: Claims to be Paid from Asset Sale Proceeds PERATON CORP: Blue Owl Marks $84.5MM 2L Loan at 41% Off PINE GATE: Employs Hunton Andrews Kurth as Bankruptcy Co-Counsel PINE GATE: To Hire Lazard Freres & Co. LLC as Investment Banker POLAR POWER: Swings to $4.1M Q3 Net Loss, Delinquent in Rent POWER RIG: Seeks Chapter 7 Bankruptcy in Louisiana PRIMO WATER: Faces Securities Class Action Lawsuit PROGRESSIVE STEPS: Seeks Chapter 7 Bankruptcy in Maryland PROSPECT MEDICAL: Court OKs Additional DIP Loan From MPT PROSPECT MEDICAL: Waterbury Hospital Sale to UCHCFC Waterbury OK'd PURCELL HOLDINGS: Seeks Chapter 11 Bankruptcy in Maryland PURE BIOSCIENCE: Appoints Jeffrey Kitchell as President PYRAMID HOUSE: Leo Congeni Named Subchapter V Trustee QHSLAB INC: Retires Convertible Notes, Strengthens Balance Sheet RANAL INC: Seeks Chapter 7 Bankruptcy in Illinois RAZZOO'S INC: Committee Hires Dykema Gossett as Counsel REBORN COFFEE: Widens Net Loss $3.4 Million in 2025 Q3 RITE AID: Bankruptcy Nears Close as DOJ Settlement Looms ROADRUNNER SCOOTERS: Mark Dennis Named Subchapter V Trustee RUNITONETIME LLC: Court OKs Casino Assets Sale to Multiple Buyers RUNITONETIME LLC: Court OKs Casino Assets Sale to TIL Gaming S & S SERVICES: Files Emergency Bid to Use Cash Collateral SANDISK CORP: Fitch Affirms BB LongTerm IDR, Outlook Stable SCRIPPS TWO: Seeks to Use $96,500 of Cash Collateral SERRA GAUCHA: Dawn Maguire Named Subchapter V Trustee SHERLAND & FARRINGTON: Seeks to Use Cash Collateral SHIELD NURSING: No Resident Complaints, Ombudsman Report Says SIEPSER PROPERTIES: U.S. Trustee Unable to Appoint Committee SILVERLINE MECHANICAL: Hires Ritter Spencer Cheng PLLC as Counsel SLEEP COUNTRY: DBRS Confirms BB Issuer Rating SNARK 66: Seeks Chapter 7 Bankruptcy in Illinois SOLANA COMPANY: Posts $352.8MM Q3 Loss; Lifts Going Concern Doubt SPAC RECOVERY: Hires Motor City Law as Special Litigation Counsel SPEEDCAST HOLDINGS III: S&P Places 'B-' ICR on Watch Positive SPLASH BEVERAGE: Widens Net Loss to $9.9 Million in 2025 Q3 ST. AUGUSTINE FOOT: Hires William G. Haeberle as Accountant STONEPEAK TAURUS: Moody's Cuts CFR to B3 & Alters Outlook to Stable STRUNZ MILK: Gets Interim OK to Use Cash Collateral SUITECENTRIC LLC: Unsecureds Will Get 100% of Claims in Plan SURGERY CENTER: Gets Final Approval to Use Cash Collateral TAPESTRY CHARTER SCHOOL: S&P Affirms 'BB+' Rating on 2017A/B Bonds TAPS RANCH II: Gets Interim OK to Use Cash Collateral Until Dec. 31 TECHNICAL ARTS: Gets Interim OK to Use Cash Collateral TECHNICAL ARTS: Hires CohnReznick Advisory as Financial Advisor TIBERTI COMPANY: Claims to be Paid From Future Operations TRICORBRAUN HOLDINGS: Moody's Alters Outlook on B3 CFR to Negative TRILLION ENERGY: To Issue 3.57M Shares to Settle Consultant Debt TRINSEO PLC: S&P Downgrades ICR to 'CCC', Outlook Negative TRUST CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Massachusetts TWISTED SKY: Files Emergency Bid to Use Cash Collateral UMAMAHESH LLC: Seeks to Tap Mullin Hoard & Brown as Counsel UNIQUE THIRD: Retains Backenroth Frankel & Krinsky as Counsel VERMONT AUS: Blue Owl Marks AUD$12.8MM 1L Loan at 34% Off VISTRA CORP: Moody's Affirms 'Ba1' CFR & Alters Outlook to Positive VIVAKOR INC: ClearThink Converts $323,000 Note to 3.9MM Shares VIVAKOR INC: J.J. Astor Converts $300,000 Note to 4MM Shares VIVAKOR INC: Widens Net Loss to $54.4 Million in 2025 Q3 WILLIAMS TREE: Unsecureds to Get Share of Income for 5 Years WINDTREE THERAPEUTICS: Widens Net Loss to $28.1 Million in 2025 Q3 WKH LLC: Hires Law Offices of Gary S. Poretsky as Legal Counsel XCEL BRANDS: Reports $8 Million Net Loss in 2025 Q3 YELLOW CORP: Reaches Pension-Plan Deals in Ongoing Ch. 11 Case ZUUM TRANSPORTATION: U.S. Trustee Appoints Creditors' Committee ********* 202-204 OCEAN: Seeks to Hire Estelle Miller CPA as Accountant ------------------------------------------------------------- 202-204 Ocean Ave Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Estelle Miller as accountant. Ms. Miller will provide these services: (a) gather and verify all pertinent information required to compile and prepare monthly operating reports; (b) prepare, review, and file monthly operating reports for the Debtor during the course of the bankruptcy case. Ms. Miller will bill at a rate of $300 per report. The Debtor has paid an initial retainer of $3,000 from 8808 Liberty Ave Holdings LLC. According to court filings, Estelle Miller, CPA does not hold or represent any adverse interest to the estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Estelle Miller Certified Public Accountant 1620 Ocean Ave Suite 1A Brooklyn, NY 11230 Telephone: (347) 570-7002 E-mail: estellemillercpa@gmail.com About 202-204 Ocean Ave Holdings LLC 202-204 Ocean Ave Holdings LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42218) on May 8, 2025, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Nancy Hershey Lord presides over the case. Alla Kachan, Esq. at Law Offices Of Alla Kachan P.C. represents the Debtor as counsel. 23ANDME HOLDINGS: Bankruptcy Plan Wins Approval After Breach Deals ------------------------------------------------------------------ Angelica Serrano-Roman of Bloomberg Law reports that 23andMe, the DNA testing company hit by a massive data breach, obtained approval Wednesday, November 26, 2025, for a bankruptcy plan that includes up to $62 million in settlements to compensate affected customers. Judge Brian C. Walsh of the Eastern District of Missouri approved the plan after dismissing the bulk of creditor objections and pushback from breach victims, noting that several issues raised were either no longer relevant or not yet ripe for consideration, according to report. Many former customers who filed objections did not participate in the court hearing. Meanwhile, concerns raised by the Justice Department’s bankruptcy watchdog and a coalition of state attorneys general were resolved prior to confirmation, the report states. About 23andMe Holding Co. 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 23ANDME: Landlord's Objections to Plan Confirmation Overruled ------------------------------------------------------------- Judge Brian C. Walsh of the United States Bankruptcy Court for the Eastern District of Missouri overruled KR OP Tech, LLC's objections to the confirmation of the Fourth Amended Joint Plan of Chrome Holding Co. and its debtor affiliates pursuant to Chapter 11 of the Bankruptcy Code. Debtor ChromeCo, Inc., formerly known as 23andMe, Inc., sold its assets under Section 363 of the Bankruptcy Code earlier in this case. It then rejected its lease of a building in San Francisco owned by KR OP Tech, LLC, which filed a proof of claim for rejection damages of approximately $9.7 million. The Landlord objects to confirmation of the Plan on three principal grounds. First, it argues that Section 502(b)(6) should not operate to cap a landlord's claim for rejection damages if the debtor is solvent. Second, the Landlord argues that the Plan violates the best-interests-of-creditors test of 11 U.S.C. Sec. 1129(a)(7) because the Landlord would recover more in a hypothetical Chapter 7 liquidation than it will under the Plan. And third, the Landlord argues that the Plan indirectly discharges its debt even though the Debtor is not eligible for a discharge. Judge Walsh explains, "The Debtor has classified the Landlord's class as impaired, apparently because of uncertainty about whether and when the claims of unsecured creditors may be paid in full. But in a case involving fewer creditors and a debtor that is unquestionably solvent, the debtor might classify a landlord separately, commit to paying its capped claim in full upon plan confirmation, and thus treat the landlord as unimpaired. The landlord in that hypothetical case, with an obviously solvent debtor, would not be able to invoke the best-interests test, while the Landlord in this case, with a potentially solvent debtor, claims that the best-interests test requires payment of its claim in full, without regard to the cap. That is an absurd result." The Landlord takes issue with language providing that all creditors are bound by the Plan and that the Debtor's assets will vest in the Plan Administration Trust free and clear of creditors' claims. This language does not enjoin the Landlord from commencing or continuing an action to recover from the Debtor, which is what a discharge would do. But the Landlord contends that it has the same effect and, moreover, that it is inconsistent with Sections 1141(a) and (c) of the Bankruptcy Code. Because Section 1141(d)(3) is the Code provision that denies a discharge to a liquidating corporate debtor, the Landlord argues that such a debtor cannot bind creditors to the terms of a plan or have its assets emerge from Chapter 11 free and clear of claims. According to Judge Walsh, "But if the Landlord's interpretation of Section 1141 were correct, there would be little -- perhaps nothing -- for a liquidating debtor to gain from confirmation of a plan, because creditors could ignore the plan and pick the debtor's assets apart at will. If this were the result that Congress intended, it would have been simpler for it to preclude liquidating corporations from confirming Chapter 11 plans in the first place." The Landlord also objects to eight provisions of the plan that, in its view, attempt to deem its rejection-damages claim to be fully satisfied, purport to impose on the Landlord a settlement to which it has not agreed, or otherwise are inconsistent with the lack of a discharge for a liquidating corporate debtor. At the confirmation hearing, the Landlord argued that the Plan does not comply with the absolute-priority rule of Section 1129(b)(2)(B) of the Bankruptcy Code because it does not specifically adopt one of the two options set forth there: payment in full of allowed claims of unsecured creditors or elimination of the interests of shareholders. The Landlord did not include this argument in its written objection to confirmation, but it argues -- correctly -- that the ballot report showing that the Landlord's class of creditors voted to reject the Plan was not filed until after the objection deadline. According to the Court, nevertheless, the objection is not sound. The absolute-priority rule requires one of two outcomes in this case, and the Plan will yield one or the other. The Court says the waterfall built into the Plan ensures that shareholders will not be paid before allowed claims of creditors are satisfied. Section 1129(b)(2)(B) requires no more than that. A copy of the Court's Memorandum Opinion dated November 26, 2025, is available at https://urlcurt.com/u?l=ZTgLKR from PacerMonitor.com. About 23andMe Holding Co. 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 2507 WOODBROOK: Seeks to Hire Gary S. Poretsky as Counsel --------------------------------------------------------- 2507 Woodbrook, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ The Law Offices of Gary S. Poretsky, LLC as bankruptcy counsel. The firm will provide these services: (a) advise the Debtor of its rights, powers and duties; (b) advise the Debtor regarding matters of bankruptcy law; (c) represent the Debtor in proceedings and hearings in this court; (d) review the nature and validity of liens asserted against the property of the Debtor and advise it of enforceability of such liens; (e) prepare on behalf of Debtor all necessary and appropriate applications, motions, pleadings, drafter orders, notices, and other documents, and review all financial and other reports to be filed in the its chapter 11 case; (f) advise the Debtor concerning, and prepare responses to, legal papers that may be filed and served in the Debtor's Chapter 11 case; and (g) perform all other legal services for and on behalf of the Debtor that may be necessary or appropriate in the administration of the its Chapter 11 case. The firm's attorneys will be billed at $495 per hour plus expenses. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Gary Poretsky, Esq., an attorney at the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gary S. Poretsky, Esq. The Law Offices of Gary S. Poretsky, LLC 6 Church Lane Pikesville, MD 21208 Telephone: (443) 738-5432 Email: gary@plgmd.com About 2507 Woodbrook, LLC 2507 Woodbrook, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 25-20424) on Nov. 4, 2025. The Debtor hires The Law Offices of Gary S. Poretsky, LLC as bankruptcy counsel. 384 WASHINGTON: Seeks Chapter 7 Bankruptcy in Massachusetts ----------------------------------------------------------- On November 24, 2025, 384 Washington LLC sought Chapter 7 protection in the District of Massachusetts. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About 384 Washington LLC 384 Washington LLC is a limited-liability company that likely operates in the real estate sector, functioning as a property-holding or rental business. 384 Washington LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12546) on November 24, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. The case is assigned to Honorable Bankruptcy Judge Christopher J. Panos, and the Debtor is represented by Doug Surprenant, Esq. of the Law Office of Doug Surprenant. 6201 ROBINSON: Seeks Chapter 11 Bankruptcy in Kansas ---------------------------------------------------- On November 21, 2025, 6201 Robinson Street LLC sought Chapter 11 protection in the District of Kansas. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About 6201 Robinson Street LLC 6201 Robinson Street, LLC operates an indoor shooting range and firearms retail facility in Kansas City, providing access to shooting lanes, training classes, and tactical bays for various skill levels. The Company offers instruction in concealed carry, tactical training, women-focused defense courses, and first aid, alongside retail sales of firearms, ammunition, accessories, and on-site gunsmithing services. 6201 Robinson Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-40807) on November 21, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $1 million–$10 million. The case is being handled by Honorable Chief Judge Dale L. Somers. The company is represented by Ryan A. Blay, Esq. of WM Law. 9 CROSBY: Seeks Cash Collateral Access -------------------------------------- 9 Crosby LLC asks the U.S. Bankruptcy Court for the Southern District of New York for authority to use cash collateral and provide adequate protection. The Debtor is the owner and operator of the NoMo SoHo Hotel located at 150 Lafayette Street/9 Crosby Street, New York, filed a Chapter 11 petition to facilitate the sale of the Hotel as a going concern, with a stalking horse bid submitted by DH 9 Crosby LLC, an entity affiliated with Dan Hotels Ltd., for $125 million, subject to higher or competing bids. Contemporaneously, the Debtor filed a motion seeking approval of sale procedures and a motion requesting authorization to use cash collateral pursuant to 11 U.S.C. sections 361, 362, and 363, and applicable Federal and Local Bankruptcy Rules. The Debtor's cash collateral consists of substantially all receipts from hotel operations, including rents, room revenues, and other income, which are necessary to continue ordinary course operations, maintain services, pay employees, and preserve the value of the Hotel pending sale. Mishmeret Trust Company Limited, as trustee under a prepetition Deed of Trust, holds first-priority liens on the Hotel's real estate, operating assets, and personal property, including accounts, accounts receivable, deposits, and revenue, secured by a Promissory Note of $90.1 million plus fees and interest. Mishmeret's interest is also protected through replacement liens on post-petition property, a superpriority administrative expense claim, and maintenance of the existing deposit account control (DACA) structure, which channels operating revenue into a DIP account to pay budgeted expenses. The Debtor and Mishmeret agreed to a 15-week post-petition operating budget, which governs the use of cash collateral and ensures ordinary operations continue without interruption. The Debtor asserts that immediate access to cash collateral is critical to avoid irreparable harm, maintain hotel operations, and maximize the value of the estate for all parties. The motion requests interim and final orders authorizing use of cash collateral and adequate protection to Mishmeret, while granting the lender rights to terminate the Debtor's use of collateral upon certain termination events. Use of cash collateral is conditioned on compliance with agreed-upon milestones, including approval of the sale procedures, filing and confirmation of a plan of reorganization, and the ultimate closing of the sale within 150 days, subject to brief extensions. A copy of the motion is available at https://urlcurt.com/u?l=6xH8jF from PacerMonitor.com. About 9 Crosby LLC 9 Crosby LLC owns and operates the NoMo SoHo Hotel at 150 Lafayette Street, also known as 9 Crosby Street, in New York, NY, featuring 264 guest rooms and suites, meeting and event spaces, and a restaurant. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-12559) on November 17, 2025. In the petition signed by Daniel Sasson, manager, the Debtor disclosed $126,638,227 in assets and $102,847,791 in liabilities. Judge Lisa G. Beckerman oversees the case. Kevin J. Nash, Esq. at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP represents the Debtor as legal counsel. A PLUS HOME: Seeks Chapter 7 Bankruptcy in Louisiana ---------------------------------------------------- On November 21, 2025, A Plus Home Care Services LLC sought Chapter 7 protection in the Western District of Louisiana. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to an estimated 1–49 creditors. About A Plus Home Care Services LLC A Plus Home Care Services LLC is a home care provider dedicated to assisting clients who need non-medical support in their residences. The company offers personalized services such as personal care, meal preparation, household assistance, and one-on-one companion care. A Plus Home Care Services LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D. La., Case No. 25-51081) on November 21, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $0–$100,000. Honorable Bankruptcy Judge John W. Kolwe handles the case. The Debtor is represented by Thomas E. St. Germain, Esq. of Weinstein & St. Germain, LLC. A.B. INTERNATIONAL: Retains Kamini Fox PLLC as Legal Counsel ------------------------------------------------------------ A.B. International Market Inc. d/b/a A B International Market Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Kamini Fox, PLLC to serve as legal counsel. Kamini Fox, PLLC will provide these services: (a) represent the Debtor, as debtor-in-possession, in all aspects of this subchapter V Chapter 11 case; (b) prepare and file all necessary motions, applications, answers, orders, monthly reports, adversary proceedings, and other necessary and appropriate documents in connection with the administration of the Debtor's estate; (c) advise the Debtor of its responsibilities and duties as a debtor and debtor-in-possession in the continued management and operation of its financial affairs and ensure insofar as practicable that it complies with its responsibilities; (d) appear at all appropriate meetings before this Court, any appellate courts, and the U.S. Trustee, and protect the interests of the Debtor's estate before such courts and the U.S. Trustee; (e) represent the Debtor in actions to protect and preserve the Debtor's estate; (f) assist the Debtor in formulating and negotiating a plan of reorganization; and (g) perform such other further legal services to the Debtor which may be necessary herein. Kamini Fox, PLLC has received a retainer of $15,000. Hourly rates are set at the firm's regular rates for similar cases, consistent with the Local Bankruptcy Rules for the Southern District of New York. Fox Law 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: Kamini Fox, Esq. KAMINI FOX, PLLC 825 East Gate Blvd., Suite 308 Garden City, NY 11530 Telephone: (516) 493-9920 Fax: (516) 255-6905 E-mail: kamini@kfoxlaw.com About A.B. International Market Inc. A.B. International Market Inc., doing business as A B, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12533) on November 13, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge John P. Mastando, III presides over the case. Kamini Fox, Esq., at Kamini Fox, PLLC represents the Debtor as legal counsel. ADELAIDA CELLARS: Employs FBA Capital LLC as Merger Consultant -------------------------------------------------------------- Adelaida Cellars, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ FBA Capital LLC dba FoodBevAg as its mergers and acquisitions consultant in its Chapter 11 case. FBA Capital will provide these services: (a) assist the Company in pursuing a Transaction, including preparing due diligence, negotiating the purchase and sale agreement, and closing the Transaction; (b) assist the Company with estimates of the Consultant’s opinion of the value of its assets on a liquidation basis; (c) prepare the marketing materials and the supporting documents and information in a manner which Consultant determines to be necessary to facilitate the Transaction, based upon the practices of various Buyers in the marketplace; (d) provide Company ideas and advice concerning discussions with Buyer; (e) create a data room to assist a Buyer in undertaking and performing due diligence; (f) schedule, facilitate, and conduct meetings with Buyers, handle due diligence requests, coordinate the information exchanged, and provide overall management of the Transaction process through the closing; (g) review, analyze, and advise on negotiating the offers or letters of intent related to the Transaction; and (h) assist qualified professionals engaged to assist the Company and coordinate their efforts in negotiating agreements for the Transaction and the closing the Transaction. FBA Capital will receive a success fee of 4% of the total value of the Property, to be paid from escrow at closing. The fee will be split equally between FBA Capital and Ciao Consulting, LLC. FBA Capital will also be entitled to reimbursement of out-of-pocket expenses up to $5,000, with any expense over $500 requiring advance approval. According to court filings, FBA Capital is not a creditor, an equity security holder or an insider of the Debtor and does not have any previous connection with any insider except as disclosed in the application. The firm can be reached at: FBA CAPITAL LLC 1550 Tiburon Blvd Suite G #100 Tiburon, CA 94920 Tel: (415) 503-9120 www.FoodBevAg.com About Adelaida Cellars Adelaida Cellars, Inc. is a family-owned and operated winery in Paso Robles, Calif. Adelaida Cellars sought Chapter 11 petition (Bankr. C.D. Calif. Case No. 24-11409) on December 13, 2024, with $10 million to $50 million in both assets and liabilities. Nicholas D. Rubin, chief restructuring officer of Adelaida Cellars, signed the petition. Judge Ronald A Clifford, III oversees the case. The Debtor is represented by Hamid R. Rafatjoo, Esq., at Raines Feldman Littrell, LLP. ADVANS IT: Seeks Chapter 7 Bankruptcy in Massachusetts ------------------------------------------------------ On November 19, 2025, Advans IT Services Inc. sought Chapter 7 protection in the District of Massachusetts. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to an estimated 1–49 creditors. About Advans IT Services Inc. Advans IT Services Inc. specializes in providing technology-focused services, including consulting, custom software solutions, IT infrastructure management, and digital transformation support. The company positions itself as a partner for organizations seeking modern, scalable, and secure IT systems that align with evolving business demands. Advans IT Services Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Mass., Case No. 25-41252) on November 19, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Chief Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by Marques C. Lipton, Esq. of Lipton Law Group. AEROFAB INDUSTRIES: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Aerofab Industries, Inc. and Excell Aerofab, LLC received another extension from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral to fund operations. The court extended the Debtors' authority to use cash collateral through February 28, 2026, and approved the Debtors' latest budget, which projects total monthly operational expenses of $134,614.57. This approval is subject to the terms of the final cash collateral order previously entered on October 1, which remains fully in effect except where modified by the new budget and the interim order. The order is effective immediately and is binding on the Debtors, creditors, and all parties in interest along with their successors. It will remain fully enforceable through the extended period ending February 28, 2026. Additionally, the court retains jurisdiction to resolve any issues related to implementing, interpreting, or enforcing this order. Based on a search conducted on August 26, and a review of loan documents, the Debtor identified seven UCC-1 financing statement filers but only three asserted to have a valid interest in the Debtor's cash collateral: Craft3, FC Marketplace, LLC (doing business as Funding Circle) and Fundamental Capital, LLC (doing business as Nexi Finance). The total cash collateral value as of the petition date is estimated at $269,326, consisting of $9,123 in bank deposits, $257,203 in accounts receivable, and $3,000 in inventory. The total secured debt is approximately $313,277.16. About Aerofab Industries Inc. Aerofab Industries Inc. provides metal fabrication services, offering custom manufacturing, on-site installation, and emergency repair solutions for clients across the food, industrial, medical, and architectural sectors. The Company focuses on quality and timely delivery, supported by a management team with over 59 years of combined experience and a sales team with more than 65 years of combined experience. Aerofab Industries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12454) on September 3, 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 Timothy W. Dore handles the case. The Debtor is represented by Jennifer L. Neeleman, Esq., at Neeleman Law Group, P.C. AG RECYCLING: Seeks Cash Collateral Access ------------------------------------------ AG Recycling, Inc., Surmeier Holdings, LLC, Surmeier Holdings Gregan, LLC, Carbonox, Inc., and Eco Recycling, Inc. ask the U.S. Bankruptcy Court for the Southern District of Illinois for authority to use cash collateral, which consists of funds and assets secured by their creditors. The secured creditors in this case are PNC Bank, St. Louis Bank, and the U.S. Small Business Administration, each holding liens on the Debtors' assets. PNC holds a first-position lien on Carbonox's assets, including equipment, inventory, and accounts receivable. STLB is the junior secured creditor for both Carbonox and Eco Recycling, Inc., with several loan agreements and promissory notes extending over various amounts. The SBA holds senior secured positions for both Eco Recycling, Inc. and AG Recycling, Inc., each with their own specific promissory notes, amounts owed, and collateralized assets. The Debtors are requesting to use the cash collateral for day-to-day operations and to continue running the business during the Chapter 11 process. They plan to use the cash collateral to cover operational costs for the next 60 days, as outlined in the proposed cash collateral budget. However, since using cash collateral without consent from creditors or the court violates bankruptcy rules, the Debtors have proposed that the secured creditors will be adequately protected by the value of the Debtors' secured assets, which will be monitored throughout the bankruptcy case. To further protect the secured creditors, the Debtors propose an "Adequate Protection Payment" of $15,000 per month to STLB to cover partial post-petition interest. The first payment would be made on November 30, 2025. Additionally, the secured creditors will maintain their pre-petition liens on the Debtors' assets, with a carve-out provided for specific administrative and professional fees, including those due to the Office of the United States Trustee. A copy of the motion is available at https://urlcurt.com/u?l=LQZp2L from PacerMonitor.com. About AG Recycling, Inc. AG Recycling, Inc. is a recycling and aggregate materials company based in Mascoutah, Illinois, engaged in processing concrete, asphalt, and soil for reuse in construction and infrastructure projects. The Company provides mobile crushing, materials recovery, and related recycling services across Illinois. It is affiliated with Surmeier Holdings LLC, Surmeier Holdings Gregan LLC, Carbonox Incorporated, and Eco Recycling, Inc. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Lead Case No. 25-30862) on November 9, 2025. In the petition signed by Timothy L. Surmeier, president and manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Mary E. Lopinot oversees the case. Spencer Desai, Esq. at THE DESAI LAW FIRM, represents the Debtor as legal counsel. AGI SOURCING: Amends Unsecureds & AGI Critical Vendors Claims Pay ----------------------------------------------------------------- AGI Sourcing, LLC and Rousso Apparel Group, LLC submitted an Amended Joint Disclosure Statement in support of Joint Chapter 11 Plan dated November 25, 2025. Pursuant to an Order entered on October 3, 2025, the Chapter 11 Cases are jointly administered for procedural purposes only. Class 2 consists of the Allowed Claims of the AGI Critical Vendors which total approximately $830,000, the holders of which shall receive a payment, in Cash, from the Reorganized Debtor, no later than ninety days after the Effective Date, in the amount of 50% of their Allowed Claim. In consideration for the foregoing preferential treatment under this Plan, the AGI Critical Vendors will enter into written agreements, in form and substance acceptable to AGI, providing for their continued provision of goods and/or services (as applicable) postEffective Date at the negotiated rates and with the same (or better) credit terms. These agreements will ensure AGI's continued viability post Confirmation and the feasibility of the Plan. The holders of Allowed Class 2 Unsecured Claims are Impaired pursuant to Section 1124 of the Bankruptcy Code and are entitled to vote to accept or reject the Plan. Class 3 consists of the Allowed Unsecured Claims against RAG which total approximately $5 million dollars, which includes $200,000 held by the SBA, in connection with an EIDL loan issued during the pandemic, which has been reclassified under the Plan from a Secured to an Unsecured Claim, and $2.3 million held by AGI, an insider and affiliate of RAG. The Allowed Claim of AGI shall be subordinated to the remaining Allowed Class 3 Claims and as such, shall receive no distribution under the Plan. The holders of the remaining Allowed Class 3 Claims shall receive payment, in Cash, from RAG (or the Reorganized Debtor following the commencement of the Debtors' Consignment Agreement), on or before the first anniversary of the Effective Date, in an amount equal to 2% of their Allowed Claims, not to exceed $50,000 in the aggregate, which distribution shall be funded from the net proceeds of liquidation of RAG's assets; followed by the MFC Carveout. The holders of the Class 3 Claims are Impaired. The Plan shall be funded from the following sources: (a) the Debtors' respective Cash on hand on the Effective Date, (b) advances from MFC from the DIP Factoring Facility including the MFC Carveout, (c) proceeds from the liquidation of the assets of RAG, (d) net profit from ordinary course business operations of the Reorganized Debtor, and (e) the Plan Contribution. A full-text copy of the Amended Joint Disclosure Statement dated November 25, 2025 is available at https://urlcurt.com/u?l=HRt1U0 from PacerMonitor.com at no charge. Counsel to the Debtor: Erica R. Aisner, Esq. Kirby Aisner & Curley LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 Telephone: (914) 401-9500 Email: eaisner@kacllp.com About AGI Sourcing LLC AGI Sourcing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-12102-pb) on September 26, 2025. In the petition signed by Victor Rousso, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Philip Bentley oversees the case. Erica Aisner, Esq., at Kirby Aisner & Curley LLP, represents the Debtor as legal counsel. AIM TO INSPIRE: Seeks Chapter 7 Bankruptcy in Maryland ------------------------------------------------------ On November 25, 2025, Aim to Inspire Care Forever Limited filed for Chapter 7 protection in the District of Maryland. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Aim to Inspire Care Forever Limited Aim to Inspire Care Forever Limited specializes in providing high-quality home and community care services designed to enhance daily living and promote independence. Aim to Inspire Care Forever Limited sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Md., Case No. 25-21135) on November 25, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1–$10 million. The case is assigned to Honorable Judge Nancy V. Alquist. The Debtor is represented by Marc A. Ominsky, Esq., Law Offices of Marc Ominsky. ALGORHYTHM HOLDINGS: Jay B. Foreman Steps Down from Board --------------------------------------------------------- Algorhythm Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that effective November 14, 2025, Jay B. Foreman resigned from the Board of Directors and as a member of the Board's audit committee, compensation committee, nominating and corporate governance committee, and executive committee. Mr. Foreman's resignation was not the result of any disagreements with the Company regarding any matters related to its operations, policies, practices, or otherwise. About Algorhythm Holdings Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc. -- http://www.singingmachine.com/-- is a holding company for an AI enabled software logistics business operated through its SemiCab Holding subsidiary and a home karaoke consumer products company that designs and distributes karaoke products globally to retailers and ecommerce partners through the Singing Machine subsidiary. Philadelphia, Penn.-based Marcum LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $10,845,000 in total assets, $10,745,000 in total liabilities, and a total stockholders' equity of $100,000. ALL SOD NURSERY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, issued an interim order authorizing All Sod Nursery, Inc. to use cash collateral, effective as of the petition date. The interim order signed by Judge Luis Ernesto Rivera II 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 subject to approval by secured creditors. This authorization will continue until further order of the court. As adequate protection, secured creditors will be granted replacement liens, with the same priority as any asserted pre-bankruptcy liens. All Sod Nursery must also maintain insurance, perform all obligations required of a debtor-in-possession, and give secured creditors access to records and premises upon reasonable notice. The order is without prejudice to lien challenges or future modification requests and is immediately effective without the Rule 6004(h) 14-day stay. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/VFHdd from PacerMonitor.com. The next hearing is scheduled for December 17. All Sod Nursery has identified these creditors that may assert perfected, pre-bankruptcy security interests in the cash collateral: CashFloIt LLC, DME Capital LLC/Apollo Funding, and U.S. Small Business Administration. These creditors perfected their security interests via UCC-1 financing statements in the Florida Secured Transaction Registry. The SBA claims it is owed $994,314.97. About All Sod Nursery Inc. All Sod Nursery Inc., a company based in Naples, Florida, supplies premium sod and plants for pickup or delivery in the local market. Established in 2012, this family-owned and operated business operates within the retail nursery and garden-supply industry, serving homeowners and commercial landscapers alike. All Sod Nursery filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02172) on October 31, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Miguel Cancio, president of All Sod Nursery, signed the petition. Judge Luis Ernesto Rivera II presides over the case. Michael Dal Lago, Esq., at Dal Lago Law represents the Debtor as bankruptcy counsel. ALTA LOMA: Taps the Law Office of W. Derek May as Counsel --------------------------------------------------------- Alta Loma Vivative, LP seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire W. Derek May of the Law Office of W. Derek May to serve as general insolvency counsel in its Chapter 11 case. Mr. May will provide these services: (a) advise the Debtor concerning the requirements of the Bankruptcy Court, the Federal Rules of Bankruptcy Procedure, the Local Rules of the Central District of California, Local Rules; and with respect to compliance with the requirement of the Office of the United State Trustee; (b) advise the Debtor regarding matters of bankruptcy law, including the rights and remedies of the Debtor in regard to its assets and the claims of its creditors; (c) conduct examinations of witnesses, claimants, or adverse parties with respect to any necessary or pending litigation arising in Bankruptcy; (d) prepare and assist in the preparation of reports, accounts, applications, motions, complaint, orders and or any other pleadings of any kind required in the case; (e) represent the Debtor in any proceedings or hearings in this Court and any proceedings in any other court where the Debtor's rights under the Bankruptcy Code may be litigated or affected; (f) file any motion, applications or other pleadings appropriate to effectuate the reorganization of the Debtor; (g) review claims filed in the Debtor' case, and, if appropriate, to prepare and file objections to disputed claims; (h) assist the Debtor in negotiation, formulation, confirmation and implementation of a Chapter 11 plan of reorganization; (i) assist the Debtor in negotiation with the Estate's secured creditors; (j) serve as the Debtor's general insolvency counsel in cooperation with any special counsel or other professional(s) retained by the Debtor in the case; (k) represent the Debtor in any adversary proceedings filed in the case; and (l) take such other action and perform such other services as the Debtor may require of the Firm in connection with its Chapter 11 case. Mr. May will receive an hourly rate of $450. The Law Office of W. Derek May 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: W. Derek May, Esq. LAW OFFICE OF W. DEREK MAY 400 N. Mountain Ave. Suite 236 Upland, CA 91786 Telephone: (909) 920-0443 Facsimile: (909) 912-8114 E-mail: wdmlaw17@socalbankruptcy.net About Alta Loma Vivative, LP Alta Loma Vivative, LP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Cal. Case No. 6:25-bk-16799-SY) on September 22, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Scott H. Yun oversees the case. The Law Office of W. Derek May is Debtor's legal counsel. AMBIPAR EMERGENCY: Hires Ordinary Course Professionals ------------------------------------------------------ Ambipar Emergency Response seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ the following ordinary course professionals. Walkers (Cayman) LLP Cayman Islands 190 Elgin Avenue, George Town, Legal Counsel Grand Cayman KY1-9001, Cayman Islands About Ambipar Emergency Response Ambipar Emergency Response is a global environmental and emergency response firm. Ambipar Emergency Response sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90524) on October 20, 2025. In its petition, the Debtor reports more than $1 billion in assets and $328.2 million in liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Jason S. Brookner, Esq. of Gray Reed & Mcgraw LLP. AMBIPAR EMERGENCY: Hires Quinn Emanuel as Counsel to the Board -------------------------------------------------------------- Ambipar Emergency Response seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Quinn Emanuel Urquhart & Sullivan, LLP as counsel to the Independent Special Committee of the Board of Directors of the Debtor. The firm will provide these services: (i) identify and evaluate, all matters in which a conflict of interest exists or is reasonably likely to exist between the Debtor and certain related parties; and (ii) execute an independent investigation of potential claims and causes of action that the Company may have against certain related parties. The firm will be paid at these rates: Partners $1,860 to $3,000 per hour Counsels $1,775 to $2,725 per hour Associates $1,035 to $1,665 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Appendix B, Paragraph D.1 of the Fee Guidelines: Question: Did the Firm agree to any variations from, or alternatives to, the Firm's standard billing arrangements for this engagement? Answer: No. Question: Do any of the Firm's professionals in this engagement vary their rate based on the geographical location of the Debtor's Chapter 11 Case? Answer: No. The hourly rates used by Quinn Emanuel in representing the Committee are consistent with the rates that the Firm charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. Question: If the Firm has represented the Debtor in the 12 months pre-petition, disclose the Firm's billing rates and material financial terms for the pre-petition engagement, including any adjustments during the 12 months pre-petition. If the Firm's billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Quinn Emanuel was retained on November 3, 2025. Question: Has the Debtor approved Quinn Emanuel's budget and staffing plan, and if so, for what budget period? Answer: Neither the Debtor nor the Committee has requested a budget and/or staffing plan. Quinn Emanuel will work with the Debtor and the Committee to ensure services are rendered in an efficient manner. Benjamin Finestone, Esq., a partner at Quinn Emanuel Urquhart & Sullivan, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin I. Finestone, Esq. Quinn Emanuel Urquhart & Sullivan, LLP 711 Louisiana, Suite 500 Houston, TX 77002 Tel: (713) 221-7000 Fax: (713) 221-7100 Email: benjaminfinestone@quinnemanuel.com About Ambipar Emergency Response Ambipar Emergency Response is a global environmental and emergency response firm. Ambipar Emergency Response sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90524) on October 20, 2025. In its petition, the Debtor reports more than $1 billion in assets and $328.2 million in liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Jason S. Brookner, Esq. of Gray Reed & Mcgraw LLP. AMBIPAR EMERGENCY: Hires Simpson Thacher & Bartlett as Counsel -------------------------------------------------------------- Ambipar Emergency Response seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Simpson Thacher & Bartlett LLP as counsel. The firm's services include: a) advising the Debtor with respect to its powers and duties as debtor in possession in the continued management and operation of its business; b) advising and consulting on the conduct of this chapter 11 case, including all of the legal and administrative requirements of operating in chapter 11; c) attending meetings and negotiating with representatives of creditors and other parties in interest; d) taking all necessary actions to protect, preserve, and maximize the value of the Debtor's estate; e) preparing pleadings in connection with this chapter 11 case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; f) if necessary, representing the Debtor in connection with postpetition financing or sales of assets; g) appearing before the Court and any appellate courts to represent the interests of the Debtor's estate; h) if necessary, taking any action on behalf of the Debtor to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto, or such other resolution of this chapter 11 case consistent with the RJ Proceedings; and i) performing all other necessary legal services for the Debtor in connection with this chapter 11 case that the Debtor determines necessary and appropriate. The firm will be paid at these rates: Partners $2,220 to $2,730 per hour Senior Counsel $2,050 per hour Counsel $1,995 per hour Associates $895 to $1,690 per hour Paraprofessionals $470 to $725 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in paragraph D.1 of the Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. Sec. 330 by Attorneys in Larger Chapter 11 Cases (the "U.S. Trustee Guidelines"): Question: Did Simpson Thacher agree to any variations from, or alternatives to, Simpson Thacher's standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of Simpson Thacher's professionals included in this engagement vary their rate based on the geographical location of the Debtor's chapter 11 case? Answer: No. The hourly rates used by Simpson Thacher in representing the Debtor are consistent with the rates that Simpson Thacher charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. Question: If Simpson Thacher has represented the Debtor in the 12 months prepetition, disclose the Firm's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Simpson Thacher represented the Ambipar Group in connection with its global restructuring prior to the Petition Date using the same hourly rates as disclosed herein, and such rates have not changed postpetition. Question: Has the Debtor approved Simpson Thacher's prospective budget and staffing plan, and if so, for what budget period? Answer: Simpson Thacher has provided a good faith estimate of its expected fees and expenses during the course of this chapter 11 case, along with the staffing plan outlined in the Application. Mr. Zylberberg disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David R. Zylberberg, Esq. Nicholas E. Baker, Esq. Moshe A. Fink, Esq. Rachael L. Foust, Esq. Zachary J. Weiner, Esq. Simpson Thacher & Bartlett LLP 425 Lexington Avenue New York, NY 10016 Telephone: (212) 455-2000 Facsimile: (212) 455-2502 Email: david.zylberberg@stblaw.com nbaker@stblaw.com moshe.fink@stblaw.com rachael.foust@stblaw.com zachary.weiner@stblaw.com About Ambipar Emergency Response Ambipar Emergency Response is a global environmental and emergency response firm. Ambipar Emergency Response sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90524) on October 20, 2025. In its petition, the Debtor reports more than $1 billion in assets and $328.2 million in liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Jason S. Brookner, Esq. of Gray Reed & Mcgraw LLP. AMBIPAR EMERGENCY: Seeks to Hire Gray Reed as Co-Counsel -------------------------------------------------------- Ambipar Emergency Response seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Gray Reed as co-counsel. The firm will provide these services: a) provide legal advice and services regarding local rules, practices, and procedures, including Fifth Circuit law; b) provide certain services in connection with the administration of the chapter 11 case, including preparing agendas, hearing notices, witness and exhibit lists, and hearing binders of documents and pleadings; c) review and comment on proposed drafts of pleadings to be filed with the Court; d) at the request of the Debtor, appear in Court, at any meeting with the United States Trustee for the Southern District of Texas (the "U.S. Trustee"), and any meeting of creditors at any given time on behalf of the Debtor as its local co-counsel; e) perform all other services assigned by the Debtor to Gray Reed as co-counsel; and f) provide independent counsel to the Debtor. The firm will be paid at these rates: Jason S. Brookner, Partner $1,095 per hour Aaron M. Kaufman, Partner $935 per hour Lydia R. Webb, Partner $875 per hour Emily F. Shanks, Associate $655 per hour Veronica Salazar, Paralegal $425 per hour Prior to the Petition Date, Gray Reed received a retainer in the aggregate amount of $75,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. The following is provided in response to the request for additional information set forth in paragraph D.1 of the Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. § 330 by Attorneys in Larger Chapter 11 Cases: Question: Did the Firm agree to any variations from, or alternatives to, the Firm's standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the Firm professionals included in this engagement vary their rate based on the geographical location of the Debtor's chapter 11 case? Answer: No. The hourly rates used by Gray Reed in representing the Debtor are consistent with the rates that Gray Reed charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. Question: If the Firm has represented the Debtor in the 12 months prepetition, disclose the Firm's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Gray Reed represented the Debtor during the days immediately prior to the Petition Date, using the same hourly rates as disclosed herein, and such rates have not changed postpetition. Question: Has the Debtor approved the Firm's prospective budget and staffing plan, and if so, for what budget period? Answer: Gray Reed has provided a good faith estimate of its expected fees and expenses during the course of this chapter 11 case, along with the staffing plan outlined in the Application. Mr. Brookner disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jason S. Brookner, Esq. Lydia R. Webb, Esq. Gray Reed 1300 Post Oak Blvd., Suite 2000 Houston, TX 77056 Telephone: (713) 986-7000 Facsimile: (713) 986-7100 Email: jbrookner@grayreed.com lwebb@grayreed.com About Ambipar Emergency Response Ambipar Emergency Response is a global environmental and emergency response firm. Ambipar Emergency Response sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90524) on October 20, 2025. In its petition, the Debtor reports more than $1 billion in assets and $328.2 million in liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Jason S. Brookner, Esq. of Gray Reed & Mcgraw LLP. AMERICAN PAVING: Section 341(a) Meeting of Creditors on Dec. 17 --------------------------------------------------------------- On November 16, 2025, American Paving Services, Inc. sought Chapter 11 protection in the Northern District of Indiana. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on December 17, 2025 at 10:30 AM via Telephonic Meeting with Assistant US Trustee (Line 1). About American Paving Services, Inc. American Paving Services, Inc. provides asphalt paving, resurfacing, sealcoating, maintenance, excavating, crack-filling, sweeping, and related pavement services for commercial, industrial, and private-lane projects. The Company operates across multiple communities in Indiana, including Porter, Portage, and Valparaiso, and extends its services into Illinois in areas such as Chicago, Bolingbrook, and Franklin Park. American Paving Services, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind., Case No. 25-22370) on November 16, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $1 million and $10 million. Honorable Judge James R. Ahler handles the case. The Debtor is represented by Ben Schneider, Esq. of Schneider and Stone Inc. AMERICAN SIGNATURE: Dec. 1 Deadline for Panel Questionnaires ------------------------------------------------------------ The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of American Signature Inc., et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/ycdesj8n and return by email it to Asher Bublick -- asher.bublick@usdoj.gov –- at the Office of the United States Trustee so that it is received no later than 4:00 p.m, on December 1, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. 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 and eight of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12105 (JKS) on November 22, 2025. In their petition, the Debtors estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The petitions were signed by Rudy Morando as chief restructuring officer. Judge J. Kate Stickles presides over the cases. David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal counsel. Berkeley Research Group, LLC serves as restructuring advisor to the Debtors, SSG Capital Advisors LLC serves as investment banker, and Kurtzman Carson Consultants LLC dba Verbita Global is claims and noticing agent to the Debtors. ANNALEE DOLLS: Court Extends Cash Collateral Access to Dec. 31 -------------------------------------------------------------- Annalee Dolls, LLC received a one-month extension from the U.S. Bankruptcy Court for the District of New Hampshire to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use up to $754,923.76 in cash collateral from December 1 to 31 to pay the expenses set forth in its budget. The Debtor projects total operational expenses of $685,646.76 for December. As protection for Customers Bank and other lienholders, the Debtor was ordered to grant the lienholders replacement liens, with the same validity, priority and enforceability as their pre-bankruptcy liens; and to maintain insurance policies, naming the lienholders as mortgagees or loss payees. As additional protection, Customers Bank will receive $32,442 by December 15. The next hearing is set for December 29. The deadline for filing objections is on December 26. The interim order is available at https://is.gd/uRh94p from PacerMonitor.com. About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by William S. Gannon, Esq., at William S. Gannon, PLLC. BAND OF CODERS: Hires Rountree Leitman Klein as Counsel ------------------------------------------------------- Band of Coders, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Rountree, Leitman, Klein & Geer, LLC as attorneys. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the management of its property; (b) prepare on behalf of the Debtor as Debtor-in-Possession necessary schedules, applications, motions, answers, orders, reports and other legal matters; (c) assist in examination of the claims of creditors; (d) assist with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and (e) perform all other legal services for the Debtor as Debtor-in-Possession that may be necessary herein. The firm's attorneys and personnel will bill at hourly rates ranging from $595 for partners to $300 for associates, and from $225 to $290 for paralegals. The firm received a pre-petition retainer of $45,000. Mr. Rountree disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: William A. Rountree, Esq. Rountree, Leitman, Klein & Geer, LLC Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wrountree@rlkglaw.com About Band of Coders, LP Band of Coders LP operates in the management, scientific, and technical consulting services sector. Band of Coders, LP filed a petition under Chapter 11, Subchapter V of the Bankruptcy Codee (Bankr. N.D. Ga. Case No. 25-21485) on October 17, 2025, listing between $1 million and $10 million in assets and between $500,001 and $1 million in liabilities. Judge Laurel M. Isicoff oversees the case. William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC, represents the Debtor as legal counsel. BARRACUDA PARENT: Blue Owl Marks $22.8MM 1L Loan at 17% Off ----------------------------------------------------------- Blue Owl Technology Finance Corp. has marked its $22,859,000 loan extended to Barracuda Parent, LLC to market at $19,085,000 or 83% 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 Barracuda Parent, LLC. The loan accrues interest at a rate of 4.50% per annum. The loan matures on August 2029. Blue Owl is a Maryland corporation formed on July 12, 2018. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, technology-related companies, specifically software companies, based primarily in the United States. The Company originates and invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company's investment objective is to maximize total return by generating current income from its debt investments and other income producing securities, and capital appreciation from its equity and equity-linked investments. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Technology Finance Corp 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Barracuda Parent, LLC Barracuda Parent, LLC is the holding company for Barracuda Networks, a global cybersecurity company that provides a cloud-first, AI-powered platform for data security, applications, and networking products and services. BARRACUDA PARENT: Blue Owl Marks $55.8MM 2L Loan at 24% Off ----------------------------------------------------------- Blue Owl Technology Finance Corp. has marked its $55,875,000 loan extended to Barracuda Parent, LLC to market at $42,186,000 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 second lien senior secured loan to Barracuda Parent, LLC. The loan accrues interest at a rate of 4.50% per annum. The loan matures on August 2030. Blue Owl is a Maryland corporation formed on July 12, 2018. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, technology-related companies, specifically software companies, based primarily in the United States. The Company originates and invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company's investment objective is to maximize total return by generating current income from its debt investments and other income producing securities, and capital appreciation from its equity and equity-linked investments. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Technology Finance Corp 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Barracuda Parent, LLC Barracuda Parent, LLC is the holding company for Barracuda Networks, a global cybersecurity company that provides a cloud-first, AI-powered platform for data security, applications, and networking products and services. BELLAVIVA AT WHISPERING: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Bellaviva at Whispering Hills, according to court dockets. About Bellaviva at Whispering Hills Bellaviva at Whispering Hills LLC, a company based in Orlando, Florida, develops and manages residential real estate, focusing on the Whispering Hills subdivision in Lake County. It is a single-asset real estate entity whose activities are concentrated on designing, building, and promoting residential properties in this development. Bellaviva at Whispering Hills LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06655) on October 16, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by Stewart J. Subjinski, Esq., at Lippes Athias, LLP. BELLE MEADE: Hires Law Offices of Scott Alan Orth as Counsel ------------------------------------------------------------ Belle Meade Studios, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ the Law Offices of Scott Alan Orth, P.A. as counsel. The Debtors require legal counsel to: a. give advice with respect to the powers and duties of the Debtors in the continued management of their business operations; b. give advice with respect to the responsibilities of the Debtors in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; c. prepare legal documents; d. protect the interest of the Debtors in all matters pending before the court; and e. represent the Debtor in negotiation with creditors in the preparation of a Chapter 11 plan. The firm will be paid based upon their normal and usual hourly billing rates and will be reimbursed for out-of-pocket expenses incurred. The firm received the filing fee plus $3,262 prepetition to advise the Debtor as to Chapter 11 proceedings. Scott Alan Orth, Esq., a partner at the Law Offices of Scott Alan Orth, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Scott Alan Orth, Esq. Law Offices of Scott Alan Orth, P.A. 3860 Sheridan St Ste A Hollywood, FL 33021 Tel: (305) 757-3300 Email: scott@orthlawoffice.com About Belle Meade Studios, LLC Belle Meade Studios LLC, located in Miami, Florida, offers creative services such as audio recording, video production, and photography, operating from a professional studio at 7625 Biscayne Blvd, Suite 1, catering to artists and content creators. Belle Meade Studios LLC in Miami, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 25-22016) on Oct. 13, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Rachel Dugger signed the petition as authorized manager, signed the petition. LAW OFFICES OF SCOTT ALAN ORTH, P.A. serve as the Debtor's legal counsel. BELLEROSE TERRACE: Hires Van Dam Law LLP as Counsel --------------------------------------------------- Bellerose Terrace LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Van Dam Law LLP as counsel to handle its Chapter 11 case. The firm has agreed to represent the Debtor for an hourly fee of $450 and a retainer of $31,748. As disclosed in court filings, Van Dam Law does not hold any interest adverse to the interest of the Debtor. The firm can be reached through: Michael Van Dam, Esq. Van Dam Law LLP 233 Needham Street, Suite 540 Newton, MA 02464 Tel: (617) 969-2900 Fax: (617) 964-4631 Email: mvandam@vandamlawllp.com About Bellerose Terrace LLC Bellerose Terrace LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12499) on November 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor is represented by Michael Van Dam, Esq., of Van Dam Law LLP. BK & MK LLC: Seeks Subchapter V Bankruptcy in Illinois ------------------------------------------------------ On November 24, 2025, BK & MK LLC sought Chapter 11 protection in the Northern District of Illinois. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About BK & MK LLC BK & MK LLC operates a trucking and freight transportation business with a fleet of Class 8 Freightliner tractors and Wabash trailers used for long-haul cargo hauling. BK & MK LLC filed for relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill., Case No. 25-18130) on November 24, 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 Judge Deborah L. Thorne handles the case. The Debtor is represented by David Freydin. BLACKBEARD MARINE: Trustee Hires Luke Homen Law as Counsel ---------------------------------------------------------- Luke Homen, the Trustee of Blackbeard Marine, Inc., seeks approval from the U.S. Bankruptcy Court for the Eastern District of Oklahoma to employ Luke Homen Law PLLC as counsel to handle its chapter 11 case. The firm will be paid at these rates: Luke Homen $450 per hour Associates $350 per hour Paralegals $75 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Homen disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Luke Homen, Esq. Luke Homen Law PLLC 10313 Greenbriar Parkway Oklahoma City, OK 73159 Tel: (405) 639-2099 Fax: (405) 252-1654 About Blackbeard Marine, Inc. Blackbeard Marine, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D. Okla. Case No. 25-20424) on Nov. 4, 2025. The Debtor hires Luke Homen Law PLLC. BLACKSTONE CLAIM: Eric Terry Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 7 appointed Eric Terry as Subchapter V trustee for Blackstone Claim Services, Inc. Mr. Terry will charge $450 per hour for his services as Subchapter V trustee and $75 per hour for his support staff working under his direct supervision. The Subchapter V trustee will seek reimbursement for work-related expenses incurred. Mr. Terry declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Eric Terry 3511 Broadway San Antonio, TX 78209 Phone: (210)468-8274 Email: eric@ericterrylaw.com About Blackstone Claim Services Inc. Blackstone Claim Services, Inc. is a Kerrville, Texas-based property loss management firm that provides public adjusting, appraisal and umpire services, litigation and mediation support, and building consulting. The Company, founded in 1999 as Pennington & Associates, serves residential and commercial policyholders seeking assistance with property insurance claims. It operates under the ownership of Gary Pennington. Blackstone filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Texas Case No. 25-52804) on November 19, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Gary Pennington, president of Blackstone, signed the petition. Ronald Smeberg, Esq., at The Smeberg Law Firm represents the Debtor as bankruptcy counsel. BLOCK COMMUNICATIONS: S&P Downgrades ICR to 'B', Outlook Negative ----------------------------------------------------------------- S&P Global Ratings lowered all our ratings on U.S.-based cable provider Block Communications Inc. by one notch, including the issuer credit rating, to 'B' from 'B+'. The negative outlook reflects the potential that the company's FOCF will remain weak on continued earnings declines. Block Communications Inc. faces heightened competition in broadband, which has pressured earnings and limited free operating cash flow (FOCF). The downgrade reflects intensified competition in its cable segment, which has pressured earnings and limited FOCF. S&P said, "We revised our forecast to account for lower earnings in cable following weaker-than-expected operating performance for the first nine months of 2025. We now expect consolidated earnings declines of 8%-9% in 2025, lower than our previous estimate of flat growth, primarily driven by a 10%-12% earnings decline in cable due to a roughly 6%-7% decrease in broadband subscribers, as well as one-time restructuring costs associated with its union settlement agreements and expenses associated with its strategic review. We believe this will result in negative FOCF of about $5 million in 2025. In 2025, we expect capital expenditures (capex) to decrease to about $60 million from about $102 million in 2024, as the company pulls back on fiber-to-the home (FTTH) overbuild spending. In 2026, we believe earnings will decline modestly by about 2% as roughly $20 million in video programming cost savings, $10 million in lower corporate expenses, and $5 million fewer losses in publishing are offset by 12%-13% revenue declines in cable and the sale of broadcast. Even with these improvements, we believe FOCF will remain near break-even on capex of roughly $60 million and $3 million-$4 million of interest expense savings on lower debt balances." S&P said, "Longer-term, we project Block's FOCF could be limited if the company cannot stabilize operating trends at its cable segment. Furthermore, if the company is unable to secure favorable financing when it looks to refinance its maturities in 2027 and 2028, we believe its FOCF could remain low on incremental interest expense of $2 million-$5 million annually. Still, in our view the company has the capacity to further pull back on capex by $5 million-$10 million annually, which would support FOCF. "We believe high speed data (HSD) revenue will decline about 5% in 2026, more than previously expected. We project the company's broadband subscriber base will contract by about 8,000 subscribers in 2025 on flat average revenue per user (ARPU) growth. We believe more intense competition from operators offering FTTH and fixed wireless access (FWA), and headwinds from non-pay disconnects, primarily driven by the discontinuation of the Affordable Connectivity Program, have contributed to significant HSD subscriber losses. "In 2026, we forecast the company will lose 6,000-7,000 broadband subscribers on modestly lower ARPU driven by a more competitively priced broadband offering. This comes as customer additions remain under pressure thanks to fewer copper wire-based customers converting to cable and instead opting for cheaper FWA service. "Intensifying competition from FTTH and FWA providers will pressure Block's subscriber metrics. We project Block's broadband penetration will decline to the 37% area in 2026 from a peak of about 47% in 2021. Greater competition from other broadband providers is pressuring both the rate of broadband ARPU growth and causing subscriber declines. In addition, wireless carriers are offering in-home broadband with FWA, which limits Block's ability to take share from digital subscriber line (DSL) providers because many consumers are switching to cheaper FWA service instead of converting to cable. "We believe losses at Block's publishing segment will persist but likely shrink in 2026. We expect losses in publishing will remain flat year over year at $14 million-$15 million this year as cost reductions due to the resolution with the Teamsters at the Pittsburgh Post-Gazette are offset by one-time restructuring costs related to the newspaper union settlement. However, in 2026, we believe deficits will improve to about $10 million on the full realization of its cost savings initiatives and lower one-time expenses. "We view the proposed sale of its television stations business as a modest credit positive. Block plans to divest its television stations business to Gray Media Inc. for $80 million and use the net proceeds to reduce prepayable debt. The sale includes WDRB and WBKI in Louisville, Ky.; WAND in Springfield-Champaign-Decatur, Ill.; and WLIO in Lima, Ohio, which account for less than 15% of Block's consolidated revenues. "We believe the transaction will support deleveraging to the high-4x in 2026, from about 5.7x as of Sept. 30, 2025, on earnings declines of about 2%. However, if Block is unable to stabilize operating trends at its cable segment, we believe leverage could return to the mid- to high-5x area longer term. We expect the sale to close in the first quarter of 2026." The negative outlook reflects the potential that FOCF remains weak on continued earnings declines. S&P said, "We could lower ratings if operating trends do not improve such that there is not a clear path to generating positive FOCF or if its ability to refinance upcoming maturities at par becomes more uncertain. "We could revise our outlook on Block to stable within the next 12 months if FOCF to debt is on a path toward approaching 5%, which would likely be driven by modest revenue growth in HSD combined with continued improvements in publishing." BLOCK INC: Moody's Upgrades CFR to Ba1, Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings upgraded Block, Inc.'s (Block) corporate family rating and senior unsecured rating one notch each to Ba1 from Ba2. Moody's also affirmed Block's probability of default rating at Ba1-PD. The speculative grade liquidity (SGL) rating remains SGL-1. The outlook is revised to stable from positive. The upgrade reflects Block achieving profitability improvement as reflected by the company's EBITDA margin (Moody's adjusted) as a percentage of gross profit improving from near breakeven in 2022 to high teens in the LTM period ended September 30th, 2025. The company's strategic focus on cost discipline has further supported sustained free cash flow growth from also near breakeven to materially positive over the same period. RATINGS RATIONALE Block's Ba1 CFR reflects the company's strong market position built upon scaled offerings across its two ecosystems - Square and Cash App - each with sizable addressable markets that are benefiting from secular growth drivers. While gross profit growth has slowed considerably from strong double digit rates seen during the pandemic, Moody's sees the current mid-teens growth rate as healthy and sustainable over the medium term, supported by the company's growth initiatives. At the same time, an increasing share of gross profit is generated by the company's lending products. Additionally, the company has expanded its share repurchase authorization meaningfully. Block's exposure to governance risks reflects ownership and management control concentrated with a high-vote class of shares. Two directors including the current CEO control just over half of voting power. The Ba1 rating on Block's senior unsecured notes, in line with CFR of Ba1, reflects the fact that the senior unsecured notes are pari passu with the convertible notes and the unsecured revolving credit facility. Block's SGL-1 reflects very good liquidity, supported by cash, cash equivalents and short-term marketable securities of about $8.7 billion at September 30, 2025. Liquidity is further supported by Moody's expectations of about $2 billion in free cash flow (before origination of lending products) in 2026. Block's liquidity is also supported by its $775 million revolving credit facility, expiring in 2028 and undrawn at September. In addition, the company has access to $1.5 billion of warehouse facilities used to fund buy now pay later (BNPL) receivables, of which about $500 million was drawn at September. The stable outlook reflects Moody's expectations for mid-teens gross profit growth with 1-2 points expansion of EBITDA margin as a percentage of gross profit (Moody's adjusted) leading to debt/EBITDA (Moody's adjusted) sustained below 4x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Block's debt/EBITDA (Moody's adjusted) is expected to be sustained below 3x, if the company achieves stronger operating results than anticipated, and if the company shifts to a more conservative financial policy possibly with the articulation of a leverage target. The ratings could be downgraded if Block's debt/EBITDA is expected to be sustained above 4x, operating results are materially weaker than expected, lending product performance weakens materially, or the company shifts to a more aggressive financial policy. Founded in 2009, Block is a financial technology company providing payments and related financial services to merchants and consumers. The company's business consists of two principal ecosystems, Square and Cash App. Revenue was approximately $24.0 billion and gross profit was approximately $9.8 billion for the LTM period ended September 30, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Block's Ba1 rating is two notches below the scorecard-indicated outcome of Baa2. The two notch differential reflects among other factors, risks related to the company's lending products. BLUE BANK: Seeks to Hire Beaman & Bennington as Legal Counsel ------------------------------------------------------------- Blue Bank Music, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division to hire Jennifer K. Bennington of Beaman & Bennington, PLLC to serve as legal counsel. Ms. Bennington 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) prepare on behalf of the Debtor and Debtor-in-Possession the necessary applications, answers, orders, reports and other legal papers; (c) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary herein; and (d) represent the Debtor and the estate generally throughout the administration of the Chapter 11 proceeding. A retainer of $11,000 was paid to Beaman & Bennington, PLLC on behalf of the Debtor, which included $1,738 for the Chapter 11 filing fee and $8,000 for pre-petition services and expenses. The remaining balance of $1,262 is held in trust for services to be provided and approved by the Court. Jennifer K. Bennington is a disinterested person as contemplated under Section 327(a) of the Bankruptcy Code. The firm can be reached at: Jennifer K. Bennington, Esq. BEAMAN & BENNINGTON, PLLC 304 Nash Street NE Wilson, NC 27893 Telephone: (252) 237-9020 Facsimile: (252) 243-5174 E-mail: jbennington@beamanlaw.com About Blue Bank Music LLC Blue Bank Music, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04559) on November 14, 2025, listing between $100,001 and $500,000 in assets and liabilities. Judge Pamela W. Mcafee presides over the case. Jennifer K. Bennington, Esq,. at Stephen L. Beaman, PLLC represents the Debtor as legal counsel. BRENT COPELAND: Seeks Chapter 7 Bankruptcy in Illinois ------------------------------------------------------ On November 21, 2025, Brent Copeland Electric Services & Consultants LLC filed for Chapter 7 protection in the Northern District of Illinois. According to court filings, the Debtor reports between $0–$100,000 in debt owed to 1–49 creditors. About Brent Copeland Electric Services & Consultants LLC Brent Copeland Electric Services is an electrical contracting company providing a range of residential, commercial, and light industrial electrical services. The company's work typically includes electrical installations, wiring, system upgrades, maintenance, and troubleshooting. Known for practical field expertise and dependable service delivery, the business serves clients seeking licensed, compliant, and safety-focused electrical work. Brent Copeland Electric Services & Consultants LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ill., Case No. 25-18073) on November 21, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $0–$100,000. The case is assigned to Honorable Judge Jacqueline P. Cox. The Debtor is represented by David M. Siegel, Esq. of David M. Siegel & Associates. BRUNELLO REALTY: Hires Law Firm of Nicholas B. Bangos as Counsel ---------------------------------------------------------------- Brunello Realty LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Law Firm of Nicholas B. Bangos, P.A. as counsel to handle its Chapter 11 case. The firm will be paid at these rates: Senior Partner $750 per hour Associates $200 to $400 per hour Paralegal $100 to $150 per hour On October 20, 2025, Alexandre Brandstatter, owner and Manager of the Debtor, paid the firm a retainer of $26,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Nicholas Bangos, Esq., disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Nicholas B. Bangos, Esq. Nicholas B. Bangos, PA 2560 RCA Blvd., Suite 114 Palm Beach Gardens, FL 33410 Telephone: (561) 781-0202 Email: nick@nbbpa.com About Brunello Realty LLC Brunello Realty LLC is a limited liability company. Brunello Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22681) on October 27, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by Nicholas B. Bangos, Esq. of NICHOLAS B. BANGOS, PA. BRUNELLO REALTY: Hires Tosi Real Estate as Real Estate Broker ------------------------------------------------------------- Brunello Realty LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Tosi Real Estate as real estate broker. The firm will market and sell the Debtor's real property, a single family residence/condominium located at 19575 Collins Avenue, Unit 5, Sunny Isles, Florida 33161. The firm will be paid a commission of 4 percent of the sales price. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Filippo Vannucci Tosi Real Estate 115 Venetian Way Dilido Is. Miami, FL 33139 Tel: (786) 699-3027 About Brunello Realty LLC Brunello Realty LLC is a limited liability company. Brunello Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22681) on October 27, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by Nicholas B. Bangos, Esq. of NICHOLAS B. BANGOS, PA. BUCKINGHAM SENIOR: Gets Interim OK for DIP Financing From UMB ------------------------------------------------------------- Buckingham Senior Living Community, Inc. got the green light from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral and obtain post-petition financing to get through bankruptcy. At the recent hearing, the court granted the Debtor's motion to access cash collateral and get post-petition financing on an interim basis and scheduled a final hearing for December 16. The financing consists of a $4 million senior secured, superpriority debtor-in-possession loan from UMB Bank, N.A., which will be made available in two stages: $1 million immediately upon entry of the interim order, and the remaining $3 million upon entry of the final order. The DIP facility is due and payable on the earliest to occur of: (a) March 31, 2026; (b) the closing date of any sale of all or substantially all of the Debtor's assets pursuant to an order entered by the Court in the Chapter 11 case; (c) the acceleration of the DIP Loans and the termination of the DIP facility by the DIP lender following the occurrence or during the continuation of an event of default and passing of any applicable cure periods; or (d) the effective date of a plan of reorganization or liquidation for the Debtor in the Chapter 11 case. The DIP facility will be documented in a DIP Indenture, and the Debtor seeks authority to execute all related DIP Loan Documents, incur the associated obligations—including principal, interest, fees, costs, and other expenses—and take all actions necessary to implement the DIP financing. The DIP facility is structured to grant UMB Bank post-petition liens on substantially all assets of the Debtor and superpriority administrative expense claims, providing the lender with priority over other creditors, while also granting adequate protection to the pre-petition bond trustee and bondholders to preserve their interests in pre-petition collateral and cash collateral. The Debtor requests limited modification of the automatic stay to permit enforcement of remedies under the DIP facility, waivers of rights under 11 U.S.C. section 506(c) and the "equities of the case" doctrine, and scheduling of a final hearing to approve the DIP facility on a permanent basis. The DIP facility and use of cash collateral are critical for the Debtor to maintain liquidity during the Chapter 11 case, ensuring the continuation of operations at the senior living community, including payment of employee wages and benefits, procurement of necessary goods and services, funding of administrative and corporate expenses, and delivery of high-quality care to residents. Without access to financing, the Debtor risks operational disruption, cessation of services, and potential liquidation, which would materially impair value for stakeholders. The Debtor's pre-petition indebtedness consists of approximately $168.8 million in outstanding principal and $11.5 million in accrued interest on Series 2021 Bonds issued under a prior confirmed Chapter 11 plan. These bonds -- comprising Series 2021A-1, Series 2021A-2, and Series 2021B -- were issued by New Hope Cultural Education Facilities Finance Corporation and loaned to the Debtor to fund capital improvements, including refurbishment of the lobby, renovation of resident units, other designated capital projects, repayment of resident refund obligations, reserves, and bankruptcy-related costs. The Series 2021 Bonds are secured under a master indenture, granting the master trustee a security interest in substantially all of the Debtor's assets, including real property, personal property, accounts, revenues, and certain funds and accounts held by the master trustee. The Debtor confirms that the DIP facility does not provide for priming of pre-petition liens or cross-collateralization and does not "roll up" pre-petition debt. The Debtors are required to comply with these milestones: (i) On Thursday of every other week (or such other date as may be agreed upon by the Parties), the Debtor must make available representatives reasonably acceptable to the DIP lender and the trustee for a conference call with the DIP lender, the trustee, the bondholders, and their respective agents, advisors, and/or representatives to discuss cash flow, the operations of the facility, the marketing and sale process and such other information as reasonably requested by the DIP lender, the trustee or the bondholders; (ii) No later than one business day after the petition date, the Debtor must file a bid procedures and sale motion, in form and substance acceptable to the trustee, with respect to a sale of substantially all of the Debtor's assets; (iii) On or before 35 days after the petition date, one or more orders (x) approving the bid procedures and (y) granting the related relief requested in the sale motion, each in form and substance reasonably acceptable to the trustee, must be entered; (iv) Each milestone date set forth in the Bid Procedures Order, which must constitute a Bankruptcy Milestone for purposes of the Interim Order; and (v) On or before 35 days after the petition date, the final order on the motion must be entered. UMB Bank, as DIP lender, is represented by: J. Frasher Murphy, Esq. David L. Staab, Esq. HAYNES AND BOONE, LLP 2801 N. Harwood St., Suite 2300 Dallas, TX 75201 Telephone: 214.651.5000 Facsimile: 214.651.0517 frasher.murphy@haynesboone.com david.staab@haynesboone.com -and- Daniel S. Bleck, Esq. Eric R. Blythe, Esq GLOVSKY AND POPEO, P.C. One Financial Center Boston, MA 02111 Telephone: 617.348.4913 Facsimile: 617.542.2241 DSBleck@mintz.com ERBlythe@mintz.com About Buckingham Senior Living Community The Buckingham Senior Living Community, Inc., a Houston-based continuing care retirement community (CCRC), filed a voluntary petition for Chapter 11 protection (Bankr. S.D. Texas Case No. 21-32155) on June 25, 2021, disclosing between $100 million and $500 million in both assets and liabilities. Michael Wyse, chair of the board, signed the petition. The case is handled by Judge Marvin Isgur. The Debtor tapped McGuireWoods LLP as its lead bankruptcy counsel, Thompson & Knight, LLP as special counsel, and B. Riley Advisory Services as financial advisor. Stretto is the claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtor's Chapter 11 case on July 12, 2021. The committee is represented by Hunton Andrews Kurth, LLP. Daniel S. Bleck, Esq., at Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., represents UMB Bank, N.A., in its capacity as Bond Trustee and DIP lender. 2nd Attempt The Buckingham Senior Living Community, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80595) on November 17, 2025. In its petition, the Debtor reports assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtor is represented by Marcus Alan Helt, Esq. of Mcdermott Will & Schulte LLP. BUILT LLC: Seeks Cash Collateral Access --------------------------------------- Built LLC asks the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, for authority to use cash collateral and provide adequate protection. The Debtor, acting as debtor-in-possession, seeks court approval to use cash, accounts receivable, and operating revenues because several creditors—Midland Equipment Finance, the U.S. Small Business Administration, U.S. Bank Equipment Finance, and Verity Legal Services—may hold blanket liens on its cash, inventory, and receivables. Their asserted liens arise from multiple UCC-1 filings between 2020 and 2025, securing debts exceeding $1.3 million. The Debtor estimates that only $136,777 in cash, $9,888 in collectible receivables, and $2,000 in inventory secure these claims. The Debtor needs immediate authority to use this cash collateral to fund operating and administrative expenses, stressing that continued access to income is essential to avoid irreparable harm and preserve business value. As adequate protection, the Debtor proposes granting post-petition replacement liens equal in validity and priority to any pre-petition liens, permitting creditor inspections on 48-hours’ notice, and providing monthly financial reporting. The Debtor also submits a budget outlining required expenditures and requests flexibility to exceed any budget line item by up to 10%, or by more if total variances stay within 10% overall. A copy of the motion is available at https://urlcurt.com/u?l=m4XCpJ from PacerMonitor.com. About Built, LLC Built, LLC, founded in 2013 and based in Tampa, Florida, provides custom cabinetry, furniture, and architectural millwork for residential and commercial clients. The Company collaborates with interior designers, builders, and homeowners to provide design and fabrication services, with a focus on craftsmanship and attention to detail. Built operates as a small team delivering tailored design and construction solutions across the Tampa region. Built, LLC in Tampa, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Fla. Case No. 25-08415) on Nov. 10, 2025, listing $348,465 in assets and $1,785,505 in liabilities. Andrew Watson as manager, signed the petition. Judge Catherine Peek McEwen oversees the case. FORD & SEMACH, P.A. serve as the Debtor's legal counsel. CADUCEUS PHYSICIANS: Unsecureds Will Get 1.3% in Liquidating Plan ----------------------------------------------------------------- Caduceus Physicians Medical Group, a Professional Medical Corporation d/b/a Caduceus Medical Group, and Caduceus Medical Services, LLC filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing First Amended Chapter 11 Plan of Liquidation dated November 25, 2025. CPMG was incorporated in California and founded in November 1998 by Dr. Gregg DeNicola. CPMG is a multi-specialty medical group with a wrap-around staff model and was among the largest remaining doctor-owned medical practices in the Orange County service area. CPMG provided medical care at its offices in Irvine, Laguna Beach, and Yorba Linda. Additionally, CPMG operated various urgent care facilities in Orange County under the trade name PDQ Urgent Care and More. Among all office locations, CPMG's medical staff provided 125,000 to 130,000 patient visits annually. The Debtors' pursuit of funding or a sale transaction generated significant interest from parties with active medical practices in Orange County. However, to ensure that Debtors were prepared for a sale transaction, the chapter 11 cases were filed. On February 5, 2025, the Debtors filed a motion for approval of sale and bidding procedures for sale of certain tangible and intangible assets ("Purchased Assets"), used in connection with Debtors’ medical practices operated at the Debtors' clinic located at 18200 Yorba Linda Boulevard, Suite 111, Yorba Linda, California 92886 (the "Clinic," and the medical practices operated at the Clinic referred to herein as the "Business") ("Bid Procedure Motion"). Through the Bid Procedure Motion, the Debtors' set forth the schedule for the marketing, and sale of the Debtors' assets. On February 12, 2025, the Court entered an order approving the Bid Procedure Motion ("Bid Procedures Order"). On February 26, 2025, the Debtors filed a motion to approve the sale under the Bid Procedures Order ("Sale Motion"), and thereafter, on April 4, 2025, the Court entered an order approving the Sale Motion ("Sale Order"). On May 7, 2025, the Court entered an amended Sale Order with Anchor Medical Group, P.C. ("Anchor Medical") and Anchor Medical Management, Inc. ("Anchor Management" and collectively with Anchor Medical, "Anchor") as the back-up bidder ("Amended Sale Order") and attaching the Asset Purchase Agreement by and among Caduceus Medical Services, LLC and Caduceus Physicians Medical Group, as Sellers, and Anchor Medical Group, P.C., and Anchor Medical Management, Inc., as Buyers, dated May 6, 2025 ("APA") and the accompanying Interim Administrative Services Agreement ("ASA"). Since the entry of the Amended Sale Order, the sale contemplated therein successfully closed to Anchor. Pursuant to the Plan, the Debtors propose an orderly liquidation of their remaining assets. The Plan provides for the transfer all assets of the Debtors' Estates into a Liquidating Trust that will be administered by the Liquidating Trustee. The Liquidating Trustee will be responsible for administering and liquidating the assets, including the pursuit and resolution of any Causes of Action, and making distributions to creditors in accordance with the terms of the Plan and in accordance with the distributive priorities of the Bankruptcy Code and the Plan. The Debtors' assets will be transferred to the Liquidating Trust on the Effective Date of the Plan. Class 1 consists of General Unsecured Claims, including the unsecured deficiency claims of Despierta LLC, Austin Business Finance LLC dba Backd, LendSpark Corporation, and Rise Health Services, Inc., Entities known or believed by the Debtors to hold or otherwise assert Class 2 Claims are identified in the Plan. Allowed Class 1 Claims will be transferred to the Liquidating Trust. Unless otherwise agreed by the Holder of a Class 1 Claim, each Holder of a Class 1 Claim will be paid pro rata from funds received by the Liquidating Trust after payment of U.S. Trustee Fees, Professional Fee Claims, Other Administrative Expense Claims, Priority Tax Claims, and the expense of administration of the Liquidating Trust. Class 1 is Impaired. Based on the scheduled claims in the case, it is expected that the total Allowed General Unsecured Claims will be approximately $6,423,136. The Debtors project that approximately $82,246 will be available to satisfy the Allowed Claims in Class 1 (General Unsecured Claims). The actual amount distributed to Holders of Class 1 General Unsecured Claims (and the timing any such distributions) will vary based on the assets recovered. Holders of Classes 2 and 3 Interests will not receive a distribution under the Plan. This Class will receive a distribution of 1.3% of their allowed claims. Class 2 consists of Interests in CPMG. The Holder of an Interest in CPMG is (1) Dr. Michael Hall (who owns 50.0% of the company); (2) Dr. Dennis Ponzio (who owns 41.38% of the company); and (3) Dr. Thomas Parsa (who owns 8.62% of the company). On the Effective Date, all Interests in CPMG shall be cancelled, annulled, and extinguished and of no further force or effect without any further action by any party. Class 3 consists of Interests in CMS. The only Holder of an Interest in CMS is CPMG. On the Effective Date, all Interests in CMS shall be cancelled, annulled, and extinguished and of no further force or effect without any further action by any party. Holders of Class 3 Interests are not entitled to vote to accept or reject the Plan because they are deemed to have rejected the Plan because Class 3 will not receive or retain any property under the Plan on account of Class 3 Interests in the Debtors. Pursuant to the Sale Order, the Debtors sold substantially all assets of the Estates to Anchor. Under the APA. On the Effective Date, all property of the Estates, including any remaining Cash and the ERC shall vest in the Liquidating Trustee, on behalf of the Liquidating Trust, free and clear of all Liens, Claims, and other interests of creditors and equity security holders. A full-text copy of the Disclosure Statement dated November 25, 2025 is available at https://urlcurt.com/u?l=iQHxhJ from PacerMonitor.com at no charge. Counsel to the Debtors: David A. Wood, Esq. Matthew W. Grimshaw, Esq. Sarah R. Hasselberger, Esq. MARSHACK HAYS WOOD LLP 870 Roosevelt Irvine, CA 92620-3663 Tel: (949) 333-7777 Fax: (949) 333-7778 Email: dwood@marshackhays.com About Caduceus Physicians Medical Group Caduceus Physicians Medical Group, a Professional Medical Corporation, d/b/a Caduceus Medical Group, is a physician owned and managed multi-specialty medical group with locations in Yorba Linda, Anaheim, Orange, Irvine, and Laguna Beach. It specializes in primary care, pediatrics, and urgent care. Caduceus Physicians Medical Group and Caduceus Medical Services, LLC, filed Chapter 11 petitions (Bankr. C.D. Cal. Lead Case No. 24-11946) on August 1, 2024. The petitions were signed by CRO Howard Grobstein. At the time of the filing, Caduceus Physicians reported $1 million to $10 million in both assets and liabilities while Caduceus Medical reported up to $50,000 in both assets and liabilities. Judge Theodor Albert presides over the cases. David A. Wood, at Marshack Hays Wood, LLP, is the Debtors' legal counsel. CALIFORNIA PREMIER: Unsecureds Owed 10K+ to Get 14.65% in 36 Months ------------------------------------------------------------------- Ronald E. Stadtmueller, court-appointed Chapter 11 Trustee ("Trustee") for California Premier Office Solutions, Inc., submitted a First Amended Joint Disclosure Statement in support of Joint Chapter 11 Plan of Reorganization dated November 25, 2025. The Debtor is a California corporation formed in 2019. Jesus M. Varela is the 100% owner and chief executive officer, and he manages the business on a day-to-day basis. The Debtor is headquartered in San Diego, and operates an office furniture installation business, providing services that include, among other things, office furniture installation, furniture warehousing, architectural wall installation and office relocation services. The Trustee anticipates that the Debtor's business income will be used to fund the ordinary costs of business operations, including payroll, maintain business relationships and pay other business expenses. Failure to make payroll would almost certainly cause the employees to look elsewhere for work and failure to pay other expenses essential to its operations would cause irreparable harm. The Debtor is in no position to borrow any additional funds. The Plan, at its core, is a true reorganization plan. The Plan is not a 100-cent-on-the dollar payment plan, with holders of allowed general unsecured claims being paid pro-rata an estimated fourteen percent (14.65%) over thirty-six months, if not sooner. The Trustee estimates there is one secured claim totaling approximately $347,749.92 (balance as of September 4, 2025) (the SBA, claim no. 19), and priority tax claims totaling about $87,000 (comprised of the priority tax claims of approximately $59,000 (the IRS, claim no. 2) and $28,000 (the FTB, claim no. 10)). Post-confirmation the SBA claim will be paid at the same monthly rate as currently provided in accordance with the orders approving their cash collateral stipulations. The term of the note under which the SBA is entitled to payment is thirty years from May 27, 2020, thus it matures and become fully due and payable in May 2050. So the Trustee expects that, once the plan has been completed, and the Debtor emerges from bankruptcy, the Debtor will continue to pay the SBA under the terms of the note. The total allowed priority tax claims totaling approximately $87,000 shall be paid in full from cash on hand by the Debtor no later than ninety days after the Effective Date. Only after the Debtor has paid all allowed costs of administration and the priority tax claims, and assuming the Debtor has net funds available after paying all ordinary monthly expenses and the monthly payment to the SBA, may the Debtor begin making pro rata payments to all allowed general unsecured claims. To the extent that there is a postconfirmation need to recapitalize the Reorganized Debtor, which will allow the Debtor to perform the Plan, Mr. Varela, the Debtor's pre-petition CEO and 100% owner, has agreed to contribute. The Reorganized Debtor will be funded with income from operations (after expenses) and loans from Mr. Varela (to the extent necessary) for the Reorganized Debtor to: (i) make all payments required to be made on the Effective Date of the Plan ("Effective Date"); and (ii) thereafter make all future payments on Allowed Claims of creditors as required by the Plan. Class 3A consists of Allowed General Unsecured Claims $10,000 or under. This class may include any claims by lessees on leases which have been rejected. The Trustee estimates that the 7 claims which make up this class will be paid a total of $24,214.70 if they elect to be treated in this class. This Class is impaired. These allowed unsecured Claims shall be paid in full up to either the full amount of their claim (if the actual claim is less than $5,000) or $5,000 (if the actual claim is between $5,0001 to $10,000) by no later than 30 days after the effective date of the claim. Claims in this class whose allowed amount is between $5,000 $10,000 may receive this $5,000 payment if they elect to so received it in the space indicated on their ballot. By electing payment in this class, such creditors agree to waive the balance of their claims over $5,000. If a claimant listed on Exhibit D does not elect treatment in this class, then their claim will be treated as provided in Class 3B. Class 3B consists of Allowed General Unsecured Claims over $10,000. This class includes any claims by lessees on leases which have been rejected. The estimated total of claims in this class (filed and listed on schedules as undisputed) total $621,908.39. This Class is impaired. The allowed unsecured Claims shall be paid, pro rata, approximately 14.65% of their Allowed Claims over the course of thirty-six months from the Effective Date of the Plan. Such payments will begin only after the Debtor has paid all allowed costs of administration and the priority tax claims, and assuming the Debtor has net funds available after paying all ordinary monthly expenses and the monthly payment to the SBA, may the Debtor begin making pro rata payments to all allowed general unsecured claims. If any Class 3A creditor rejects treatment of its claim in Class 3A, it will be treated in this class. Class 7 consists of the Allowed equity interests of the Debtor existing on the Petition Date. As of the Petition Date, the Debtor had one shareholder who held 100% of the interest in the Debtor, Jesus M. Varela. The Allowed equity interests of the Debtor existing on the Petition Date (if any) shall not receive any distributions under the Plan until such time as the Debtor successfully completes the confirmed plan and has paid all senior classes of creditors in full, with interest (if available). The Reorganized Debtor will make the distributions required under the Plan to holders of Allowed Claims by using cash received from the then-existing cash in the Debtor's bank account, and from continued post-confirmation operation. The Reorganized Debtor will pay all Monthly post-confirmation expenses within thirty days of the date such expenses are due. Monthly expenses include, but are not limited to professional fees and litigation costs as well as the ordinary costs of doing business. A full-text copy of the First Amended Disclosure Statement dated November 25, 2025 is available at https://urlcurt.com/u?l=3DT14p from PacerMonitor.com at no charge. Attorneys for Ronald E. Stadtmueller, Chapter 11 Trustee: Gary B. Rudolph, Esq. James P. Hill, Esq. Kathleen Cashman-Kramer, Esq. FENNEMORE LLP 600 B Street, Ste. 1700 San Diego, CA 92101 Tel: (619) 233-4100 Fax: (619) 231-4372 Email: grudolph@fennemorelaw.com About California Premier Office Solutions California Premier Office Solutions, Inc., is a business specializing in providing office solutions, which may include services such as office supplies, equipment leasing, and workspace management. The company aims to deliver comprehensive solutions to meet the diverse needs of its clients, ranging from small businesses to larger enterprises. California Premier Office Solutions filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 24-03230) with $1,503,578 in assets and $2,081,389 in liabilities. John K. Green, president signed the petition. Judge J. Barrett Marum. presides over the case. Shana Y. Stark, Esq., represents the Debtor as bankruptcy counsel. CAPITOL STREET: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana entered a final order authorizing Capitol Street Surgery Center, LLC to use cash collateral. The court authorized the Debtor to use cash collateral to operate and preserve its business strictly in accordance with the budget. Spending in any budget category may not exceed the allocation by more than 10%, and net cash flow must remain at least 90% of projections. Depository institutions were ordered to release funds necessary for the approved use. As adequate protection, secured creditors will be granted replacement liens on post-petition assets with the same scope and priority as their pre-petition liens. The order reserves all parties' rights to later challenge the validity, extent, and priority of liens. The authority to use cash collateral may terminate if certain events of default occur, including case dismissal or conversion, failure to follow the budget, or noncompliance with reporting obligations. The Debtor must continue operations in the ordinary course, maintain insurance, preserve property, and provide financial reporting, including monthly variance reports. The final order is available at https://is.gd/D16sBS from PacerMonitor.com. A status conference to review performance against the budget is scheduled for February 9, 2026. The Debtor represents that its net collectible accounts receivable as of the petition date were approximately $485,000; its cash was negligible and inventory was approximately $60,000. Prior to the petition date, the Debtor's liquidity needs were met primarily through the daily operation of the business resulting in the collection of operating revenue. When operations were critically compromised by the failure of its primary doctor to maintain regular services and thus generate regular revenue, it turned to high interest internet lenders for liquidity. The Debtor has a putative secured transaction with an entity owned and controlled by Zak Khan, the Debtor's principal, that claims first priority. About Capitol Street Surgery Center, LLC Capitol Street Surgery Center, LLC, based in Indianapolis, Indiana, operates an independent ambulatory surgery center offering a range of specialized surgical services, including orthopedic, general, plastic, and OB/GYN procedures. Capitol Street Surgery Center, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06216) on October 12, 2025, listing up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Zak Khan as CEO. Judge James M Carr presides over the case. KC Cohen, Esq. at KC Cohen, Lawyer, PC represents the Debtor as counsel. CARDON SALES: Seeks Chapter 7 Bankruptcy in Louisiana ----------------------------------------------------- On November 21, 2025, Cardon Sales Company LLC filed for Chapter 7 protection in the Western District of Louisiana. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Cardon Sales Company LLC Cardon Sales Company LLC is a privately held firm delivering industrial and energy-sector supplies across the Gulf Coast Cardon Sales Company LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D. La., Case No. 25-51084) on November 21, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge John W. Kolwe handles the case. The Debtor is represented by David Patrick Keating, Esq. CARHAVEN INC: Section 341(a) Meeting of Creditors on Dec. 31 ------------------------------------------------------------ On November 24, 2025, Carhaven Inc. sought Chapter 11 protection in the District of Maryland. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on December 31, 2025 at 10:00 AM via Conference Call - Chapter 11 Baltimore: Phone number 1-888-330-1716, Access Code 6624329#. About Carhaven Inc. Carhaven, Inc. operates a used vehicle dealership in Millersville, Maryland, offering pre-owned cars, trucks, and SUVs to retail customers in the region. Carhaven Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md., Case No. 25-21081) on November 24, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Judge Nancy V. Alquist handles the case. The Debtor is represented by Craig Palik, Esq. of McNamee Hosea. CARING FOR YOU: Hires Tydings & Rosenberg as Special Counsel ------------------------------------------------------------ Caring For You Assisted Living, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Tydings & Rosenberg as special litigation counsel. The Debtor needs the firm's legal assistance in connection with the complaint investigations at the living facility, Caring for You II, conducted by the State of Maryland Department of Health, Office of Health Care Quality. The firm will be paid at the rate of $470 per hour. Mr. Stillman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ferrier R. Stillman, Esq. Tydings & Rosenberg LLP 1 East Pratt Street, Suite 901 Baltimore, MD 21202 Tel: (410) 752-9700 Email: fstillman@tydings.com About Caring For You Assisted Living, LLC Caring For You Assisted Living LLC is a healthcare provider operating multiple assisted living facilities in Baltimore, Maryland. Caring For You Assisted Living LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-13464) on April 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. The Debtor is represented by Aryeh E. Stein, Esq. at Meridian Law, LLC. CARZONE AND AUTO: Hires Nathaniel J. Webb III as Legal Counsel -------------------------------------------------------------- Carzone and Auto Brokers LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Nathaniel J. Webb, III as counsel. The firm will provide these services: a. prepare the petition, lists, schedules and statements required by 11 U.S.C. §521; the pleadings, motions, notices and orders required for the orderly administration of the estate and to ensure the progress of this case; and to consult with and advise the Debtor in the reorganization of its financial affairs and/or the liquidation of its assets; b. prepare for, prosecute, defend, and represent the Debtor's interests in all contested matters, adversary proceedings, and other motions and applications arising under, arising in, or related to this case; c. advise and consult concerning administration of the estate in this case, concerning the rights and remedies with regard to the Debtor's assets; concerning the claims of administrative, secured, priority, and unsecured creditors and other parties in interest; d. investigate the existence of other assets of the estate; and, if any exist, to take appropriate action to have the same turned over to the estate; and e. prepare a Disclosure Statement and Plan of Reorganization for the Debtor, and negotiate with all creditors and parties in interest who may be affected thereby; to obtain confirmation of a Plan of Reorganization, and perform all acts reasonably calculated to permit the Debtor to perform such acts and consummate a Plan of Reorganization. The firm received from the Debtor a retainer of $3,262, plus $1,738 filing fee. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Webb, III disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Nathaniel J. Webb, III 708-C Thimble Shoals Blvd Newport News, VA 23606 Tel: (757) 240-4300 Fax: (757) 240-4308 About Carzone and Auto Brokers LLC Carzone and Auto Brokers LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 25-51096-FJS) on Nov. 18, 2025. The Debtor hires Nathaniel J. Webb, III as counsel. CASTILLO GRAND: Employs GrayRobinson P.A. as Special Counsel ------------------------------------------------------------ Castillo Grand seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Jack R. Reiter, Esq. of GrayRobinson, P.A. to serve as special counsel. Mr. Reiter will provide these services: (a) serve as state counsel in the Pending Appeal, Castillo Grand Hotel Condominium Residences Association, Inc. v. Watermark Capital Partners, LLC, et. al., Case No. 4D2025-1718; (b) provide legal representation in post judgment enforcement actions related to the Debtor, previously commenced before the filing of the bankruptcy case. Jack Reiter and Sydney D'Angelo will perform most of the legal work on this matter and serve as lead attorneys. Mr. Reiter's current rate is $725.00 per hour, and Ms. D'Angelo's current rate is $425 per hour. As of the Petition Date, Proposed Counsel is holding $8,688 which will only be applied against fees and costs incurred upon Court approval. GrayRobinson, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jack R. Reiter, Esq. GRAYROBINSON, P.A. 333 SE 2nd Avenue, Suite 3200 Miami, FL 33131 Telephone: (305) 416-6880 Facsimile: (305) 416-6887 E-mail: Steven.Solomon@gray-robinson.com About Castillo Grand Hotel Condominium Residences Association, Inc. Castillo Grand Hotel Condominium Residences Association, Inc. is a Florida-based not-for-profit corporation that manages property operations and resident affairs at 1 North Fort Lauderdale Beach Boulevard in Fort Lauderdale, overseeing the Castillo Grand Hotel Residences condominium complex. Castillo Grand Hotel Condominium Residences Association, Inc. in Fort Lauderdale, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 25-23247) on Nov. 7, 2025, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Bruno R. Mazzotta signed the petition as president, signed the petition. TRIPP SCOTT, P.A. serve as the Debtor's legal counsel. CDR TRANS: Court Orders Appointment of Chapter 11 Trustee --------------------------------------------------------- Judge Dennis Montali of the U.S. Bankruptcy Court for the Northern District of California directed the U.S. Trustee to appoint a Chapter 11 trustee for CDR Trans, LLC. Judge Montali further ordered that CDR Trans pay wages to all employees earned post-petition. Pre-bankruptcy wages cannot be paid without further order by the court. A copy of the order is available for free at https://urlcurt.com/u?l=4VQGRJ from PacerMonitor.com. About CDR Trans LLC CDR Trans, LLC offers freight transportation services in the U.S., operating trucks to move general goods, with its headquarters in South San Francisco, California. CDR Trans sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30895) on October 30, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Christopher H. Dela Rosa, chief executive officer of CDR Trans, signed the petition. Judge Dennis Montali oversees the case. Arasto Farsad, Esq., at Farsad Law Office, P.C. represents the Debtor as bankruptcy counsel. CEMTREX INC: Signs Agreement to Acquire Invocon in $7MM Deal ------------------------------------------------------------ Cemtrex, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 13, 2025, the Company entered into a Share Purchase Agreement with Karl F. Kiefer, an individual resident of Texas, and Invocon, Inc., a Texas corporation for the purchase of Invocon. The Company expects to complete the transaction on or around January 1, 2026, and is contingent on customary closing conditions. The Agreement is for the purchase of 100% of the issued and outstanding shares of Invocon for the purchase price of $7,060,000. Invocon is a systems-engineering firm located near Houston, Texas. Invocon provides turnkey solutions for demanding applications in extreme environments for aerospace, defense, and civil structure monitoring. Invocon has a team of engineers and technicians who research, develop, and produce systems that are supplied to major corporations, government entities, and universities. Upon the completion of this acquisition, Cemtrex plans to establish a new segment for reporting, Aerospace & Defense. The Buyer may be reached through: Cemtrex Inc. 135 Fell Ct Hauppauge, N.Y. 11788 Attention: Saagar Govil, Chairman & CEO Email: sgovil@cemtrex.com The Seller may be reached through: Karl F. Kiefer, President Invocon, Inc. 19221 IH 45 S. Conroe, Texas 77385 A full-text copy of the Share Purchase Agreement is available at https://tinyurl.com/4t9bdvp2 About Cemtrex Cemtrex, Inc. was incorporated in 1998 in the state of Delaware and has evolved through strategic acquisitions and internal growth into a multi-industry Company. Jericho, New York-based Grassi & Co, CPAs, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated Dec. 30, 2024, citing that the Company has sustained net losses and has significant short-term debt obligations, which raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $46,960,823 in total assets and $43,108,827 in total liabilities. Total equity was $3,851,996, consisting of $3,617,758 in Cemtrex stockholders' equity and $234,238 in non-controlling interest. CENTRAL JUNCTION: Hires Marcus D. Ward PLLC as Legal Counsel ------------------------------------------------------------ Central Junction, LLC seeks approval from the U.S. Bankruptcy Court for the Wester District of Tennessee to employ Marcus D. Ward, PLLC as counsel to handle its Chapter 11 case. The firm will be paid at these rates: Attorneys $250 per hour Paraprofessionals $100 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Ward disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Marcus D. Ward, Esq. Marcus D. Ward, PLLC 3385 Airways Blvd., Suite #229 Memphis TN 38116 Tel: (901) 661-1811 Email: MDWard@mdwpllc.com About Central Junction, LLC Central Junction, LLC is classified as a single-asset real estate debtor under Section 101(51) of the U.S. Bankruptcy Code. Central Junction, LLC in Memphis TN, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Tenn. Case No. 25-25292) on Oct. 15, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Marion Threatt as member, signed the petition. Judge Denise E Barnett oversees the case. MARCUS D. WARD, PLLC serve as the Debtor's legal counsel. CFN ENTERPRISES: Reports $433,796 Net Loss in 2025 Q3 ----------------------------------------------------- CFN Enterprises Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $433,796 for the three months ended September 30, 2025, compared to a net income of $972,900 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $5,231,262, compared to a net loss of $926,009 for the same period in 2024. Net revenues for the three months ended September 30, 2025 and 2024, were $6,645,241 and $6,771,741, respectively. For the nine months ended September 30, 2025 and 2024, the Company had net revenues of $31,222,344 and $16,510,295, respectively. As of September 30, 2025, the Company had $5,527,251 in total assets, $28,243,714 in total liabilities, and $22,716,463 in total stockholders' deficit. As of September 30, 2025, the Company had $102,324 in unrestricted cash and $7,550,716 in notes payable. The Company had a working capital deficit of $24,352,182 and an accumulated deficit of $84,393,485 as of September 30, 2025. Management's plan to continue as a going concern includes raising capital in the form of debt or equity, growing its existing business acquired under the Ranco Agreement, growing the J Street Business, managing and reducing operating and overhead costs and continuing to pursue strategic transactions and opportunities including launching an e-commerce network focused on the sale of general wellness CBD, products. These matters, among others, raise substantial doubt about the ability of the Company to continue as a going concern. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/msvdrd3n About CFN Enterprises Inc. CFN Enterprises Inc owns and operates as a media agency. The Company offers creative and media network solutions for cannabis industry. CFN Enterprises serves customers in the United States. As of June 30, 2025, the Company had $7,064,876 in total assets, $29,692,543 in total liabilities, and a total stockholders' deficit of $22,627,667. Los Angeles, Calif.-based RBSM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. CHAINCE DIGITAL: Institutional Holdings Expand After Rebrand ------------------------------------------------------------ Chaince Digital Holdings Inc. announced on Nov. 18, 2025, that recent institutional ownership reports filed with the U.S. Securities and Exchange Commission show growing participation from a broad range of global asset managers, hedge funds, banks and ETF sponsors. A review of the most recent Form 13F filings from October and November 2025, compared with prior periods, reflects an expansion in both the number and diversity of institutions reporting positions in Chaince Digital. Filers showing increased or newly reported holdings include BlackRock, Inc., State Street Corporation, Mirae Asset Global ETFs Holdings Ltd., UBS Group AG, Northern Trust Corporation, and other global asset managers. Both new filers and additional positions from existing institutions contributed to the increase in institutional exposure. Although these acquisitions may be primarily mechanical, reflecting index-related or passive investment activity, and should not be viewed as a strategic endorsement of the Company, Chaince Digital views the expanding institutional presence as an acknowledgment of its ongoing transformation. The Company also previously announced its rebranding from Mercurity Fintech Holding Inc. to Chaince Digital Holdings Inc. and the change of its Nasdaq ticker symbol from "MFH" to "CD," which became effective on November 13, 2025. The rebranding reflects Chaince Digital's evolution into an integrated platform focused on tokenization, on-chain innovation, and regulated capital markets solutions, anchored by its wholly-owned broker-dealer subsidiary, Chaince Securities, LLC, and its AI/HPC infrastructure initiatives. "We are pleased to see continued interest from a wide range of institutional investors, from global index providers to thematic ETFs and specialist hedge funds," said Shi Qiu, Chief Executive Officer of Chaince Digital Holdings Inc. "As we execute on our strategy in tokenized real-world assets, regulated brokerage, and AI-driven infrastructure, our goal is to build a business that can meet the due diligence standards of sophisticated institutions while delivering long-term value for all shareholders." About Chaince Digital Holdings Inc. (formerly Mercurity Fintech Holding Inc.) Chaince Digital Holdings Inc. -- http://www.chaincedigital.com/-- (Nasdaq: CD, effective November 13, 2025) is a fintech group powered by blockchain infrastructure, offering technology and financial services. Through its subsidiaries, including Chaince Securities, LLC, Chaince Digital Holdings Inc. aims to be an industry leader in tokenization and on-chain innovation solutions, offering services spanning digital assets, financial advisory, and capital markets solutions. In an audit report dated April 30, 2025, the Company's auditor, Onestop Assurance PAC, issued a "going concern" qualification, citing that at Dec. 31, 2024, the Company has incurred recurring net losses of $4.5 million and negative cash flows from operating activities of $3.6 million and has an accumulated deficit of $680 million, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million in total assets, $11.60 million in total liabilities, and $24.09 million in total shareholders' equity. CHARLIE'S HOLDINGS: Reports $624,000 Net Income in 2025 Q3 ---------------------------------------------------------- Charlie's Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $624,000 for the three months ended September 30, 2025, compared to a net loss of $1,022,000 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net income of $4,368,000, compared to a net loss of $3,034,000 for the same period in 2024. Product net revenues for the three months ended September 30, 2025 and 2024, were $7,084,000 and $1,624,000, respectively. For the nine months ended September 30, 2025 and 2024, the Company had revenues of $11,934,000 and $6,718,000, respectively. As of September 30, 2025, the Company had $10,558,000 in total assets, $7,319,000 in total liabilities, and $3,239,000 in total stockholders' equity. For the nine months ended September 30, 2025, the Company's revenue increased, the Company generated a loss from operations of approximately $2,042,000, and a consolidated net income of approximately $4,368,000. Net cash used in operating activities was approximately $6,172,000. During the nine months ended September 30, 2025, the Company's working capital was increased to $3,079,000 from a deficit of $1,855,000 as of December 31, 2024. Given these factors, remains a substantial doubt about the Company's ability to continue as a going concern. During the nine months ended September 30, 2025, the Company entered into and closed an Asset Purchase Agreement and subsequent amendment with R.J. Reynolds Vapor Company pursuant to which the Buyer purchased 16 of the Company's PACHA synthetic products and related assets that are covered by a premarket tobacco application first submitted by the Company in 2022. The combined purchase price for the Assets was $6.5 million paid at closings in April and May 2025, and an additional $1.0 million paid at closings in August 2025, plus a contingent one-time payment of up to $4.2 million based on product sold by the Buyer during the one-year following the first day of commercialization of the Assets. These asset sales have substantially improved the Company's debt and working capital short-term concerns, and the Company's cash position. Charlie's Holdings said, "Our plans and growth depend on our ability to increase revenues, procure cost-effective financing, and continue our business development efforts." "The Company may require additional financing in the future to support the development of new product categories as well as general operations. There can be no assurance that additional financing will be available on acceptable terms, or at all, and there can be no assurance that any such arrangement, if required or otherwise sought, would be available on terms deemed to be commercially acceptable and, in the Company's best interests. "The financial statements do not include any adjustments to the carrying amount and classification of recorded assets and liabilities should the Company be unable to continue operations. If we do not have sufficient funds to continue operations, we could be required to seek bankruptcy protection or other alternatives that would likely result in our stockholders losing some or all their investment in us." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4pxzyxhs About Charlie's Holdings Charlie's Holdings, Inc. formulates, markets, and distributes nicotine-based and alternative alkaloid vapor products through its subsidiary. Its products are manufactured by contract partners and sold via specialty retailers, distributors, and online resellers across the United States and select international markets. As of June 30, 2025, the Company had $5.98 million in total assets, $3.79 million in total liabilities, and $2.19 million in total stockholders' equity. In an audit reported dated May 29, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has incurred significant operating losses, negative cash flows from operations, and has an accumulated deficit. The Company is dependent on its ability to increase revenues and obtain financing to continue operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. CHESAPEAKE HOME: Seeks Subchapter V Bankruptcy in Maryland ---------------------------------------------------------- On November 24, 2025, Chesapeake Home Health Care Inc. sought Chapter 11 protection in the District of Maryland. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Chesapeake Home Health Care Inc. 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. Chesapeake Home Health Care Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md., Case No. 25-21083) on November 24, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $1 million–$10 million. The case is handled by the Honorable Judge Maria Ellena Chavez-Ruark. The Debtor is represented by Steven H. Greenfeld, Esq., Law Offices of Steven H. Greenfeld, LLC. CIPHER COMPUTE: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has assigned Cipher Compute LLC a 'BB-' Long-Term Issuer Default Rating (IDR). Fitch has also assigned the company's $1.4 billion senior secured notes and additional project expansion's $333 million senior secured notes a 'BB-' rating with a Recovery Rating of 'RR3'. The Rating Outlook is Stable. RATING RATIONALE The 'BB-' rating reflects Fitch's view of elevated completion risk for Barber Lake, a 300 MW (Phase 1: 244 MW + Phase 2 expansion: 56 MW) data center under construction by Cipher Compute LLC. Although the scope is relatively straightforward, the project remains in the early construction phase and has not fully locked in a price with its contractor, Quanta Infrastructure Solutions Group, LLC (a subsidiary of Quanta Services Inc., rated BBB/Stable by Fitch), exposing it to cost escalation risks. The independent engineer (IE) notes the budget, including contingencies, is below industry benchmarks, indicating the expected cost efficiencies are unproven. The roughly one-year implementation schedule for Phase 1 is aggressive and offsets the benefits of lower complexity. Mitigants include Quanta's role as the contractor, its strong experience in digital and energy infrastructure, and firm commitments for a significant portion of long-lead equipment by the project. The IE acknowledges the schedule is aggressive but views it as achievable given secured production slots for long lead equipment, offsite fabrication, and an experienced team. Labor availability is a risk amid rising regional demand. However, the IE believes modular strategies such as prefabrication of key systems can enable parallel construction and diversify work across multiple labor markets. This would support a 12-month delivery with a target completion date (TCD) of Sept. 30, 2026 (Phase 1). The IE also views on-budget completion as likely. The outside completion date permits up to a six-month delay. Any further delay in any outstanding phase could trigger lease termination without compensation and the loss of the tenant's revenue streams from Fluidstack, as well as support under the Google agreements that back Fluidstack's lease obligations. Delays may also generate rent credits. However, a six-month debt service reserve, fully funded at financial close, provides some liquidity to absorb delay costs and late-delivery credits applied against base rent once the lease begins. The project recently announced a 56MW expansion via a new data hall at the existing facility. The expansion introduces incremental completion risk; delays beyond the six-month outside date would allow the tenant to terminate the lease for any outstanding phase without compensation and end backstop support under the Google agreement. However, these risks are mitigated by the reuse of the validated Barber Lake design and the limited scope of expansion within the same facility. The four additional months in the construction schedule and a staggered delivery profile with Phase 2's TCD on Jan. 31, 2027, also mitigate the schedule risk. The IE indicates that leveraging the established design compresses engineering, accelerates procurement and vendor readiness, and provides a schedule advantage. Management reports that 84% of long lead items for both phases have been secured. According to the IE, Cipher Compute's scaled design and stable supply chain, including an uninterrupted vendor transition from the initial phase to expansion manufacturing, positions the expansion for on-time delivery. Despite the IE's views for both phases, Fitch still considers completion risk elevated due to the project's early construction status and additional expansion. Fitch will continue to monitor progress. During the operating phase, both the project and expansion benefit from Google's backstop. If Fluidstack defaults or files for bankruptcy, Google is expected to assume Fluidstack's lease obligations or make termination payments sufficient to repay total outstanding debt, materially reducing downside risk. Cipher Mining Inc., the parent and operator, runs two wholly owned bitcoin mining data centers in Texas with similar capacities to Barber Lake, although these are not built for high performance computing workloads. The IDR is equalized with the debt facilities' ratings, given their equal senior position and lack of other subordinate liabilities. Fitch has also assigned a Recovery Rating of 'RR3'. KEY RATING DRIVERS Completion Risk - Weaker Fitch's assessment reflects a straightforward data center build and the involvement of an experienced construction partner, Quanta Infrastructure Solutions Group, LLC. These strengths are offset by the lack of a fixed-price construction contract for a budget that is below benchmarks even after contingencies, by a tight about one-year implementation schedule, and incremental construction risk due the 56 MW expansion. Quanta's involvement provides risk-transfer benefits, but the construction price will be locked in only through a progressive guaranteed maximum price (GMP) to be finalized and executed under the existing master EPC agreement as design and construction advance. In addition, owner-furnished equipment makes up more than 50% of the construction contract price and is outside the contractor's scope and exposed to cost-overrun and trade-tariff risks. Several major equipment packages are sourced from Mexico (chillers, main power transformers, CRAHs) and South Korea (MV switchgear), and could be affected by tariffs. The project's relatively remote Texas location may also constrain labor availability and pressure the aggressive one-year construction schedule on Phase 1. These cost-escalation risks are mitigated by the IE's positive view of supply-chain alignment, early manufacturer engagement, and design efficiency. For the owner-furnished equipment, management confirmed that 84% of long-lead items for both the initial phase and expansion have firm commitments, and the budget includes suitable tariff contingency on equipment cost. Management confirms that no permits are required for construction in this region of Texas. Per the IE, the 56MW expansion leverages the validated Barber Lake design to cut engineering from 12-16 weeks to a few weeks, pulling forward procurement, submittals, and vendor readiness to deliver a schedule advantage. The IE notes that a 10week float between the early floor access (EFA) for the four data halls (Phase 1) and the fifth data hall (Phase 2), coupled with vendors' confirmed uninterrupted transition, mitigate manufacturing, construction, and site readiness risks for Phase 2. The outside completion date, six months beyond the target, provides an above-average schedule cushion. However, breaching this date for any outstanding phase could result in lease termination without compensation. The IE acknowledges the schedule is aggressive but believes it is achievable given secured long-lead production slots, modular construction and prefabrication strategies, and an experienced team. Despite a six-month debt service reserve, available during construction which can cover debt service costs during potential delays, it is not fully sufficient to cover all potential rent credits for delayed delivery. Operation Risk - Midrange The 'Midrange' operating risk assessment reflects a clear modified gross plus electric (MG+E) cost framework, with electricity costs passed through to the tenant and the landlord responsible for maintaining core building systems to high uptime and reliability standards calibrated for AI training. Redundancy is provided by on-site generators and uninterruptable power supply backed critical power with lithium-ion batteries. Although Cipher Mining (operator) has been operating two wholly owned bitcoin mining data centers in Texas, Fitch views their experience as relatively modest compared to other experienced data center developers operating high-performance computing data centers. Supply Risk - Stronger The site is fully energized with 300MW of approved interconnection and has entered agreements necessary to participate in the Electric Reliability Council of Texas (ERCOT) market for both the initial phase and expansion. According to management, no additional transmission infrastructure is required to secure power. The site features a newly constructed and energized high-to-mid voltage substation. The project will be upgrading the existing substation to N+1 redundancy and adding two transformers to align with tenant's requirements. The transformers are scheduled for delivery in December 2025 for both the initial and expansion phases. The reliability at this voltage level is strong and force majeure-related power interruptions do not constitute SLA breaches, highlighting the project's ability to meet service requirements supported by the presence of on-site generators. The project has access to favorable waterflow rates that support multiple cooling applications. Revenue Risk - Composite - Stronger Revenues are fully contracted under a 10-year MG+E lease, with two five-year extension options, covering the project's 168MW critical IT load (244MW gross capacity) as well as the additional expansion of 39MW IT load (50MW gross). While the amended and restated (A&R) lease is with unrated tenant, Fluidstack, this is mitigated by Google's recognition agreement and financial support agreement. The agreements require Google to assume the leases (in case it is not able to find a replacement tenant in 90 days) or pay termination fees sized to cover outstanding debt under defined conditions in case Fluidstack defaults or enters into bankruptcy. The Google lease backstop under the amended lease recognition agreement will become effective on the facility's Phase 1's commencement date under the Fluidstack lease. It will cover total outstanding debt, including additional notes for the expansion. If Google choses to assume the lease, it will, for the first 90 months, pay the lesser between base rent or modified rent which covers at least the sum of the costs to operate the facility and applicable financing costs including principal and interest. This modified rent mechanism will not apply to Barber Lake expansion phase lease; standard base rent will apply. Mandatory amortization and lockbox controls reinforce cash flow certainty and deleveraging within the initial term, and Google's investment in Cipher Mining Inc. underscores the asset's strategic importance. The project is in Mitchell County, Texas (approximately 250 miles West of Dallas) off Interstate 20 highway near Colorado City. It benefits from diverse fiber routes to major metropolitan areas with low latency to major metro areas, including Dallas, Houston, Austin and San Antonio, and high bandwidth. Infrastructure Dev. & Renewal - Stronger Once constructed, the project and expansion will comprise a newly built data center with a total of 207 MW of critical IT load for High-Performance Computing (HPC) data center operations. Electrical and mechanical systems are designed with N+1 redundancy, ensuring concurrent maintainability while maintaining full operational capacity during maintenance or single failure conditions. Landlord obligations require diligent operation and upkeep of core infrastructure. Maintenance exposure is moderated by efficient design, permanent generator backup, and a lease framework that allocates computing hardware maintenance to the tenant while the landlord maintains the building and essential services. Most major mechanical and electrical components have useful lives of longer than 10 years. Major replacements typically occur after the debt repayment period, thereby offsetting the absence of a major maintenance reserve. Technological obsolescence risk is limited because debt fully amortizes within the 10 years of Google backstop. Debt Structure - 1 - Weaker The issuance is $1.733 billion of senior secured notes due 2030, secured by a first-priority lien on all assets, contracts, grid connections and cash flows, and supported by Google's recognition agreements and financial support agreement. Debt service liquidity includes a $140 million debt service reserve account funded at closing and sized to six months of debt service, in addition to funded interest during construction. In case of payment default or bankruptcy by the tenant, lease or termination payments by Google are deposited into agent-controlled lockbox accounts, mitigating exposure due to claw-back actions under insolvency or bankruptcy of the tenant. The payments flow through a cash waterfall that prioritizes operating expenses and is followed by mandatory amortization and interest payments. Exposure to refinancing risk in 2030 is mitigated by Google support for ten years, which is adequate to amortize the debt fully during this term. The structure has a fixed interest rate and includes distribution controls, debt-incurrence limits, separateness requirements and adequate covenants. These include negative covenants preventing the borrower from commingling funds with the parent or guaranteeing the parent's obligations. The financing documents require the borrower to operate as a special-purpose entity with no business other than developing and operating the project, though it may pursue other comparable data center projects. There are clauses permitting the issuer to pursue M&A and invest in joint ventures, which is an atypical and weaker feature versus other project finance structures. However, any M&A activity or investment in joint ventures cannot increase senior debt beyond the capacity supported under the Google's support agreements, which partly mitigates the risks. Under the recognition agreement, defined conditions require Google to assume the lease or pay a termination fee sized to cover outstanding senior debt. The project continues to have ability to raise incremental debt for an additional project. However, if such debt is raised, the principal amount must be backed by a qualified backstop that is substantially similar to the existing backstop and provided by a counterparty rated at least as highly as Google by any rating agency. The restricted payment test is not linked to requirements to maintain any specific coverage ratios. Financial Profile The operating phase financial profile is strong, with an average DSCR of 1.40x over the initial lease term (2026-2036) and a PLCR at maturity (2030) of 1.60x under Fitch's rating case, which incorporates stressed operating costs and escalation. Coverage ratios are improving due to the expansion higher lease rate compared to the initial phase rate. Google's backstop, together with a fully funded six-month debt service reserve, provides additional credit enhancement. While these metrics are consistent with a higher rating, the rating remains constrained by completion risk, lack of an operational track record in relation to high performance computing data centers and the project's ability to raise additional debt for an expansion or additional project. PEER GROUP WULF Compute, LLC (BB/Stable) is a comparable publicly rated peer developing a 450MW data center at the Lake Mariner campus in western New York state. The rating is constrained by completion risk and a limited operating track record, with additional risks from the absence of a fixed-price construction contract and an aggressive schedule. The project has MG+E lease with Fluidstack for 10 years, with two five-year extension options, and benefits from Google's backstop during the operating phase, which is expected to cover Fluidstack's lease obligations or termination payments sufficient to repay outstanding debt in the event of a Fluidstack default or bankruptcy. The financial profile is strong, with an average DSCR of 1.26x over the initial debt term (2026-2035) and a PLCR at maturity (year five) of 1.70x under Fitch's rating case, which incorporates stressed operating costs and escalation. However, operating track record is relatively modest with only one of the smaller HPC data centers operational. Cipher compute faces similar completion risk. It lacks a fixed-price contract, and the construction schedule is aggressive. The scope includes generator installation, and rent credits are linked to early access instead of target completion date. WULF has two other smaller HPC operating data centers that could provide liquidity during the construction. Cipher benefits from a 10-year initial lease term with Fluidstack and a Google backstop mechanism during the operating phase to cover Fluidstack's obligations under the lease. Cipher operating revenues depend on one site including the initial phase and expansion, while WULF has three sites with staggered completion, each with its own backstop. The financial profile remains strong, but weaker than WULF with an average DSCR of 1.40x over the initial debt term (2026-2036) and a PLCR at maturity (year five) of 1.60x under Fitch's rating case, which incorporates stressed operating costs and escalation. The operator track record is yet to be established for Cipher given it has not operated HPC data centers at all. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Construction delays for any of the two phases that exceed allowable times as indicated in the lease terms, leading to potential tenant termination; - Degradation of the financial performance leading to sustained DSCR below 1.1x; - The rating could be downgraded if any further expansion or additional project faces elevated completion risk from delays or cost overruns despite a new backstop, or if it raises the existing project's completion risk due to interface issues. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Satisfactory commissioning of Barber Lake data center in line with the requirements of the Fluidstack lease, coupled with sustained operational and financial performance with DSCR above 1.2x. TRANSACTION SUMMARY Cipher Mining Inc., through its wholly owned Cipher Compute LLC, issued $1.4 billion in senior secured notes to fund the construction of a 168 MW IT load (244 MW gross) data center at Barber Lake. In addition, the project includes a $333 million expansion for 39 MW critical IT load (56 MW gross), with terms and structure identical to the initial phase. The $1.733 billion notes carry a five-year tenor at a fixed rate and are secured by a first-priority lien on all assets, contracts, and cash flows of Cipher Compute LLC and Cipher Barber Lake LLC, together with the Fluidstack lockbox account and, during construction, a pledge of Google warrants. The debt service reserve, required to cover a minimum of six months of principal and interest through the life of the debt, is fully funded at financial close (in addition to funded interest during construction). The payment waterfall prioritizes operating expenses, mandatory principal and interest payments, and the debt service reserve before any other uses, with an Excess Cash Flow Offer to redeem notes up to 50% of available excess cash flow. All capacity at Barber Lake is pre-leased under a 10-year lease to Fluidstack, and cash flows are deposited directly into accounts under the collateral agent's control and the only permitted payees are Cipher Compute LLC or, upon an event of default, the collateral agent. If the tenant defaults or experiences insolvency, Google's backstop cash flows are directed to the lockbox. Mandatory amortization is aligned with the Google backstop amortization schedule. Google provides credit enhancements comprising up to $1.733 billion of backstop covering Fluidstack's lease obligations and a pledge of warrants as additional collateral during the construction period for both phases. Under the Google Recognition Agreement, after a Fluidstack default, Cipher and Google have 90 days to agree on a new tenant, which will assume the obligations of the outstanding lease. If none, Google may: (i) assume the lease under modified base rent covering operating costs plus principal and interest; (ii) reject the lease and pay the termination fee (only if six years have passed or equipment can consume under 50% of baseline capacity); or (iii) for payment defaults, defer the decision while covering unpaid and ongoing rent for Fluidstack. Project sources and uses reflect $1.733 billion of secured debt (71%) and a $710 million parent equity contribution (29%). The equity for the initial phase has been contributed and the equity for the expansion will be contributed at close of the additional notes. Uses include approximately $2,157 million of capex and approximately $286 million of interest, OID, DSRA, and financing fees. The expansion phase mirrors the initial phase in lease, security, credit enhancement, waterfall, amortization alignment, and covenant framework. A parent completion guarantee obligates Cipher Mining to provide the issuer with the funds necessary to ensure completion and delivery of the data center both phases. Special purpose entity covenants apply to both the issuer and subsidiary guarantor with restrictions around comingling of funds with the parent or guaranteeing obligations of the parent. formation of additional subsidiaries or changes in legal structure. While Fitch has received final financing and security documents for the initial issuance of $1.4 billion, it has not received the lockbox agreement that will be provided within 60 days of issuance. This agreement does not impact the construction phase of the project. The total notes of $1.7 billion (including the $333 million for expansion) will constitute additional notes under the existing indenture and will have identical terms as the existing notes. FINANCIAL ANALYSIS Fitch Base Case The Fitch base case reflects the sponsor's view of revenue generation under normal conditions, applying a 5% stress to operating expenses during the debt term and a 3% annual opex escalation. The case assumes the project will demonstrate strong operating performance post-completion. Under these assumptions, the average DSCR is 1.40x over 2026-2035, with a minimum of 0.87x in 2026 during ramp-up. The 2026 dip is not expected to be an issue, as the DSRA can provide coverage. PLCR at year five (expected maturity) is 1.61x. Fitch Rating Case The Fitch rating case applies a 10% stress to operating expenses relative to the sponsor case while maintaining similar revenue projections and opex escalation as the base case. Under this scenario, the average DSCR is 1.40x over 2026-2036, with a minimum of 0.86x in 2026 during ramp-up. The 2026 dip is not expected to be an issue, as the DSRA can provide coverage. PLCR at year five is 1.60x. Fitch considers the refinancing interest rate in line with the sponsor case at 7.125%. Although the transaction is exposed to refinancing risk, Fitch has not applied an interest rate stress at refinancing because the project is expected to be completed and stabilized by that time, with demonstrated cash flow performance and a lower risk profile, likely supporting access to more favorable terms than the current 7.125%. SECURITY The debt is secured by all assets, revenues, and cash flows from the Fluidstack lease, which benefits from the Google backstop arrangement that provides credit enhancement to the underlying cash flows. Climate Vulnerability Signals The Climate.VS for 2035 is 15 out of 100, which indicates that no downward rating pressure is foreseen. This reflects a physical risk (VSp) component signal of 10 and a transition risk (VSt) component signal of 15. Any potential future impact on the rating may differ from the illustrative rating impact in the Climate.VS framework, reflecting the evolution of Fitch's assessment of the global risks, action the entity might take to adapt to or mitigate the exposure, and any other relevant factors. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Cipher Compute LLC LT IDR BB- New Rating BB-(EXP) Cipher Compute LLC/Senior Secured Notes/1 LT LT CITY PARK: Files Amendment to Disclosure Statement -------------------------------------------------- City Park Storage Ventures, LP, submitted an Amended Disclosure Statement describing Chapter 11 Plan dated November 26, 2025. On November 14, Debtor filed its Plan of Reorganization (the "Original Plan") and accompanying Disclosure Statement. A hearing on the Amended Motion to Reconsider was held on November 24, 2025. The Court granted the Motion to Reconsider and vacated its previous Order lifting the automatic stay but indicated that the Plan as filed was unconfirmable as a matter of law. The Court, therefore, directed the Debtor to file a confirmable Plan of Reorganization by November 28, 2025. The Court also scheduled a hearing on the Motion for Stay Relief for December 3, 2025, to determine if this Amended Plan has a reasonable possibility of being confirmed within a reasonable time. The Debtor has never generated any revenue. Debtor obtained the Construction Loan for $8,004,000 but only amount arguably owed under the Construction Loan is $44,583.18 from an unsolicited protective advance used to pay property taxes. A retainer of $6,800 was paid to Debtor's counsel prior to the filing of the Chapter 11 Case. That money was paid by a member of the General Partner. To the extent that expenses, such as insurance premiums, have arisen during the pendency of the Chapter 11 Case, they have been paid by a member of the General Partner through advances into the Debtor's DIP account. The Debtor has no unsecured Creditors. Debtor only has secured Creditors, and they will receive at least as much as they would under a Chapter 7 Liquidation because their recovery is tied to the value of the collateral. The Proposed Plan, therefore, calls for the secured Creditors to be paid in full, and with interest and cost allowable under applicable law. Therefore, the best interest of creditors test set forth in Section 1129(a)(7) of the Bankruptcy Code is satisfied. The value of the Property is at least 73.9% higher than the Secured Claims. Stated differently, there is a 42.5%3 equity cushion in the Property to protect the secured Creditors' interests. Because of the large equity cushion, there is a high likelihood that Debtor will be able to either: (a) sell the Property or (b) raise new capital at an amount sufficient to pay the Secured Claims in full. Accordingly, the Proposed Plan satisfies the "feasibility" requirement under Section 1129(a)(11) of the Bankruptcy Code. Under the Proposed Plan, the Reorganized Debtor intends to distribute cash generated from either: (a) the sale of the Property or (b) an infusion of capital from new investors to holders of Allowed Claims. To the extent that the Property is sold to a third-party, the proceeds from the sale remaining after payment of Allowed Claims will be distributed, pro rata, to the Debtor's Equity Interest Holders who comprise Class 2 under the Proposed Plan. The Proposed Plan provides for the treatment of Claims and interests as follows, and as more fully described herein: * Two classes of Secured Claims: Class 1-1 C2R Secured Debt Fund 1, LP will be paid in full upon the Effective Date from either: (i) the sale of the Property; or (ii) upon receipt of capital from new investors; Class 1-2 C2R Secured Debt I, LP will be paid in full upon the Effective Date from either: (i) the sale of the Property; or (ii) upon receipt of capital from new investors. * Equity Interest: Class 2 The General Partner owns about 30% of the Debtor's equity interest and the Limited Partners own the remaining 70% of the Debtor's interest. The members of this class will maintain their current ownership interest in the Reorganized Debtor, and to the extent that the Property is sold to a third-party, the proceeds from the sale remaining after payment of Allowed Claims will be distributed, pro rata, to the Debtor's Equity Interest Holders who comprise Class 2 under the Proposed Plan. A full-text copy of the Amended Disclosure Statement dated November 26, 2025 is available at https://urlcurt.com/u?l=OmRKw4 from PacerMonitor.com at no charge. Counsel to the Debtor: Lloyd A. Lim, Esq. Rachel T. Kubanda, Esq. KEAN MILLER LLP 711 Louisiana Street, Suite 1800 South Tower Houston, TX 77002 Telephone: (713) 362-2550 E-mails: Lloyd.Lim@KeanMiller.com Rachel.Kubanda@KeanMiller.com About City Park Storage Ventures City Park Storage Ventures, LP is the owner of a 4.5-acre tract of partially developed land in the Houston area (the "Property"). The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35121) on August 29, 2025, listing between $1 million and $10 million in assets and liabilities. Lloyd A. Lim, at Kean Miller LLP, is the Debtor's legal counsel. CLA GENERAL: Seeks Chapter 7 Bankruptcy in Massachusetts -------------------------------------------------------- On November 18, 2025, CLA General Construction Inc. sought Chapter 7 protection in the District of Massachusetts. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to an estimated 1–49 creditors. About CLA General Construction Inc. CLA General Construction Inc. operates within the construction and contracting industry, offering services such as new construction, remodeling, site development, and property improvements. CLA General Construction, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Mass., Case No. 25-41247) on November 18, 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 Chief Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by Marques C. Lipton, Esq. of Lipton Law Group. CLEAN ENERGY: Reports $2.1 Million Net Loss in 2025 Q3 ------------------------------------------------------ Clean Energy Technologies, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2,102,321 for the three months ended September 30, 2025, compared to a net loss of $1,299,391 for the three months ended September 30, 2024. Total income for the three months ended September 30, 2025 and 2024, were $773,554 and $235,183, respectively. As of September 30, 2025, the Company had $14,798,895 in total assets, $7,703,762 in total liabilities, and $7,095,133 in total stockholders' equity. The Company had a total stockholder's equity of $7,095,133 and a working capital deficit of 1,523,862 as of September 30, 2025, the Company also had an accumulated deficit of $30,922,858 as of September 30, 2025 and used 6,218,085 in net cash from operating activities for the nine months ended September 30, 2025. Therefore, there is substantial doubt about the ability of the Company to continue as a going concern. There can be no assurance that the Company will achieve its goals and reach profitable operations, and is still dependent upon its ability to: (1) obtain sufficient debt and/or equity capital and/or (2) generate positive cash flow from operations. For the nine months ended September 30, 2025, the Company's total revenue was $1,801,769, compared to $1,944,333 for the same period in 2024. The decrease was primarily due to minimal contributions (less than 3%) from its Vermont Renewable Gas project, as the project is currently undergoing review for a Certificate of Public Good with the Public Utility Commission. The Company currently has an estimated $10 million backlog associated with this project. For the nine months ended September 30, 2025, gross profit was $1,135,315, compared to $641,575 for the same period in 2024. The increase in gross profit and margin was primarily due to the sale of higher-margin refurbished systems, which contributed more favorably to overall profitability compared to prior periods. For the nine months ended September 30, 2025, operating expenses were $3,301,052, compared to $3,193,447 for the same period in 2024. The increase in expenses was primarily due to costs associated with a consulting agreement related to a potential acquisition, partially offset by lower reduction in general and administrative costs. For the nine months ended September 30, 2025, the Company recorded a net loss of $3,522,342, compared to $3,550,669 for the same period in 2024. The net loss remained relatively steady year-over-year, reflecting reduced salary expenses, lower general, legal and accounting costs, and improved margins from our U.S.-based business activities. For the quarter ended September 30, 2025, stockholders' equity increased to $7,095,133, compared to $2,938,502 as of December 31, 2024, primarily due to higher increase from investments. CETY has successfully repositioned itself as a diversified clean energy solutions provider by establishing four distinct business segments designed to support scalable, stable, and diversified revenue growth. These segments include: * Clean Energy HRS (Heat Recovery Systems) * Waste-to-Energy (via Pyrolysis Technology) * Engineering, Procurement, and Consulting (EPC) * CETY HK (Natural Gas Trading and Acquisitions) Revenue for the first quarter was primarily driven by the Clean Energy HRS and CETY Renewables segments. Looking ahead, the Company anticipates stronger revenue contributions from its Waste-to-Energy, Heat Recovery, and EPC segments in the latter half of the year, segments which are expected to deliver higher gross margins. CETY's pilot Waste-to-Energy facility in Vermont, which integrates all of the company's proprietary technologies and operational expertise into a unified, turnkey solution, is currently pending final approval from the Vermont Public Utility Commission. Meanwhile, demand for Heat Recovery solutions is accelerating across both the U.S. and Europe. In parallel, CETY is actively scaling its Engineering and project management operations to deliver comprehensive self-generation energy solutions on a global scale. Management believes this 4-segment strategy has created many operational synergies and cross-selling opportunities across different markets. The growth in the non-China operations in the nine months ended of 2025 vs. the same period in 2024 was a result of this strategy. CETY believes that it will continue to deliver growth on these segments this year. The main macro factor benefiting the Company is the global commitment to push renewable energy to the forefront from governments across the world. Another catalyst that will potentially help the Company, is a continuously improving our global supply chain and lowering its cost. CETY expects to and will continue to execute its corporate strategy to build sustained and profitable growth by providing end to end fully integrated solutions and technologies, expand our global sales and marketing, production, research & development, as well as search for synergistic acquisition opportunities. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/dmfh3ht5 About Clean Energy Headquartered in Irvine, California, Clean Energy Technologies, Inc. -- http://www.cetyinc.com-- develops renewable energy products and solutions and establishes partnerships in renewable energy that make environmental and economic sense. The Company's mission is to be a segment leader in the Zero Emission Revolution by offering eco-friendly energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. The Company targets sustainable energy solutions that are profitable for it, profitable for its customers, and represent the future of global energy production. Diamond Bar, California-based TAAD, LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has an accumulated deficit and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $14,785,544 in total assets, $7,029,856 in total liabilities, and total stockholders' equity of $7,755,688. COCOS MARISCOS: Hires Neeleman Law Group PC as Counsel ------------------------------------------------------ Cocos Mariscos & Bar, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Neeleman Law Group, PC as counsel. The firm will provide these services: (a) assist the Debtor in the investigation of the financial affairs of the estate; (b) advise and assist the Debtor with respect to matters relating to this case and creditor distribution; (c) prepare all pleadings necessary for proceedings arising under this case; and (d) perform all necessary legal services for the estate in relation to this case. The firm will be paid at these hourly rates: Principals $600 per hour Associate $475 per hour Paralegal $250 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $6,738 from the Debtor. Jennifer Neeleman, Esq., an attorney at Neeleman Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jennifer L. Neeleman, Esq. Neeleman Law Group, PC 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Email: jennifer@neelemanlaw.com About Cocos Mariscos & Bar, LLC Cocos Mariscos & Bar Inc. is a dining establishment specializing in Mexican cuisine and seafood dishes. Cocos Mariscos & Bar Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12833) on October 9, 2025. In its petition, the Debtor reported estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Christopher M. Alston handles the case. The Debtor is represented by Jennifer L. Neeleman, Esq., at Neeleman Law Group, P.C. CONKLIN MEDIA: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- Conklin Media, LLC asks the U.S. Bankruptcy Court for the Eastern District of Pennsylvania for authority to use cash collateral and provide adequate protection. The Debtor's primary secured creditor is East Hudson Capital (EHC), which holds a prepetition lien on all of the Debtor's future receipts, perfected via a UCC-1 filing with the Pennsylvania Department of State on September 4, 2025. The Debtor's cash and cash equivalents generated in the ordinary course of business are considered “cash collateral,” which it cannot use without EHC's consent or Court authorization. The Debtor asserts that immediate access to cash collateral is critical to maintain ongoing operations, including paying payroll, utility and vendor obligations, insurance premiums, and other essential post-petition expenses. Failure to use cash collateral would force the company to shut down, causing immediate and irreparable harm and severely reducing the value of the bankruptcy estate. To protect EHC's interest in the cash collateral, the Debtor proposes providing adequate protection in the form of replacement liens under 11 U.S.C. Section 361, ensuring that EHC’s secured interest is maintained despite the post-petition use of cash. The Debtor requests an interim order authorizing limited cash collateral use pending a final hearing and seeks the scheduling of that final hearing to consider full approval. The Debtor supports the request with a monthly budget detailing projected post-petition expenses and emphasizes that relief is urgently needed under F.R.B.P. 6003 to avoid immediate and irreparable harm. A copy of the motion is available at https://urlcurt.com/u?l=tTCJlo from PacerMonitor.com. About Conklin Media, LLC Conklin Media, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14673-pmm) on November 17, 2025. In the petition signed by Jodi Conklin, owner, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Patricia M. Mayer oversees the case. Lawrence V. Young, Esq., at CGA Law Firm, represents the Debtor as legal counsel. CONKLIN MEDIA: Leona Mogavero Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Leona Mogavero, Esq., at Zarwin Baum as Subchapter V trustee for Conklin Media, LLC. Ms. Mogavero will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mogavero declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leona Mogavero, Esq. Zarwin Baum One Commerce Square 2005 Market Street, 16th Floor Philadelphia, PA 19103 Phone: (267) 765-9630 Email: lmogavero@zarwin.com About Conklin Media LLC Conklin Media, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14673) on November 17, 2025, with up to $50,000 in assets and liabilities. Judge Patricia M. Mayer presides over the case. Lawrence V. Young, Esq., at Cga Law Firm represents the Debtor as bankruptcy counsel. CREATIVE REALITIES: Completes Series A Financing with North Run --------------------------------------------------------------- Creative Realities, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 6, 2025, the Company completed a financing transaction in which the Company issued and sold to North Run Strategic Opportunities Fund I, LP and NR-SOF I (Co-Invest I), LP shares of the Company's newly established Series A Convertible Preferred Stock. The closing of the purchase and sale of the Preferred Shares occurred on November 6, 2025. In connection with such closing, and pursuant to the Securities Purchase Agreement governing the transaction, the Company increased the size of its Board of Directors to seven directors and appointed to the Board two designees of the Lead Investor, Thomas B. Ellis and Michael P. Bosco. Following such appointments, Nasdaq advised the Company that it considers the Lead Investor's rights to appoint directors representing 20% or more of the Board's voting power to be a "change of control" under Nasdaq Rule 5635(b). In order to maintain compliance with such rule, Mr. Bosco resigned as a director effective as of November 19, 2025, the Company reduced the size of the Board to six directors, and the Buyers have agreed not to exercise their right to designate a second director for appointment or nomination to the Board unless and until the Company's shareholders approve the "change of control" as a result of the North Run Financing in accordance with Nasdaq Listing Rule 5635(b). The Company currently intends to hold its 2025 annual meeting of shareholders on December 29, 2025, at which it intends to seek the Shareholder Approval. If the proposal for the Shareholder Approval is approved by the Company's shareholders, the Company has agreed to increase the size of the Board to seven directors and re-appoint Mr. Bosco to the Board promptly following the approval. About Creative Realities Headquartered in Louisville, Ky., Creative Realities -- https://cri.com/ -- designs, develops and deploys digital signage-based experiences for enterprise-level networks utilizing its Clarity, ReflectView, and iShowroom Content Management System (CMS) platforms. The Company is actively providing recurring SaaS and support services across diverse vertical markets, including but not limited to retail, automotive, digital-out-of-home (DOOH) advertising networks, convenience stores, foodservice/QSR, gaming, theater, and stadium venues. In addition, the Company assists clients in utilizing place-based digital media to achieve business objectives such as increased revenue, enhanced customer experiences, and improved productivity. This includes the design, deployment, and day to day management of Retail Media Networks to monetize on-premise foot traffic utilizing its AdLogic and AdLogic CPM+ programmatic advertising platforms. As of September 30, 2025, the Company had $61.3 million in total assets, $39.4 million in total liabilities, $21.9 million in total stockholders' equity. The independent registered public accounting firm's report on the Company's Consolidated Financial Statements for the fiscal year ended Dec. 31, 2024, included a note stating that there is significant uncertainty regarding the Company's ability to continue as a going concern within one year from the date the Consolidated Financial Statements are issued. Grant Thornton LLP, the Company's auditor since 2014 and based in Cincinnati, Ohio, emphasized that the Company is facing challenges in generating adequate cash flow to meet its contingent consideration obligations, which raises considerable doubt about its ability to remain a going concern. CROWN CARS: Seeks Subchapter V Bankruptcy in Illinois ----------------------------------------------------- On November 20, 2025, Crown Cars and Limousines, Inc. filed for Chapter 11 protection in the Northern District of Illinois. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Crown Cars and Limousines, Inc. Crown Cars & Limousines, Inc. provides chauffeured ground transportation services, offering corporate travel, airport transfers, and event-related black-car service in the Chicago metropolitan area from its base in Itasca, Illinois. Crown Cars and Limousines, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill., Case No. 25-17979) on November 20, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by William J. Factor, Esq. CRS SERVICES: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------- CRS Services, Limited, a Nevada limited liability company, d/b/a CRS Homes Services, asks the U.S. Bankruptcy Court for the District of Nevada for authority to use cash collateral and provide adequate protection. CRS, founded in 2003 and owned by Steve and Cristina Boyer, operates as an authorized Brinks Home security dealer offering security systems, smart-home technology, surveillance equipment, and solar products. It services the entire Las Vegas Valley from leased offices and maintains several active commercial websites. The bankruptcy filing is driven by significant secured and unsecured obligations, including approximately $480,000 in SBA Economic Injury Disaster Loans borrowed during the COVID-19 pandemic, roughly $340,000 in merchant cash advances, and about $540,000 in unsecured loans and trade debts. The Debtor explains that the SBA holds a sweeping, perfected first-priority lien over virtually all of CRS’s personal property—including inventory, equipment, accounts, deposit accounts, and general intangibles—based on 2020 and 2025 UCC filings. The outstanding SBA balance is approximately $483,000. The MCAs, which include agreements with Mulligan Funding, Revenued, and Alliance Funding Group, also purport to grant broad security interests in substantially all assets; however, the Debtor's investigation shows that only some MCA lenders appear to have properly filed financing statements, and those filings occurred after the SBA perfected, making them junior and likely unsecured in practical value. The Debtor additionally references a $150,000 BayFirst loan, partially SBA-backed, but notes that no security agreement could be located. A financing statement filed on December 17, 2024 may relate to BayFirst, but any such lien would still be subordinate to the SBA’s earlier-perfected interest. The Debtor asserts that the liquidation value of its assets is far below the SBA debt, leaving no residual value to which the MCA or BayFirst liens could attach, effectively rendering those liens “underwater.” Critically, the Debtor emphasizes that no creditor has a validly perfected security interest in its cash or bank accounts, because perfection of such collateral requires physical possession or a deposit account control agreement—which none of the lenders hold. As a result, the Debtor maintains that its cash on hand and bank balances as of the petition date are unencumbered property of the estate. To continue operating, paying payroll, utilities, vendor expenses, insurance, and other indispensable obligations, the Debtor seeks authorization for emergency interim use of cash and cash collateral in accordance with a detailed budget, allowing a 10% aggregate monthly variance. A copy of the motion is available at https://urlcurt.com/u?l=zevNHk from PacerMonitor.com. About CRS Services, Limited CRS Services, Limited provides home security systems, alarm systems, UL-listed monitoring, and video surveillance services for residential and commercial clients across Nevada through its CRS Home Services division, and it also offers smart home automation systems that integrate with Brinks Home Security monitoring. The Company additionally provides solar panel and battery backup solutions along with water filtration systems and operates from Henderson, Nevada. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-16917) on November 17, 2025. In the petition signed by Steven D. Boyer, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge August B. Landis oversees the case. Matthew C. Zirzow, Esq. at LARSON & ZIRZOW, LLC, represents the Debtor as legal counsel. CUENTAS INC: Yarel + Partners Raises Going Concern Doubt -------------------------------------------------------- Cuentas, Inc. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2024, that its auditor has expressed substantial doubt about the Company's ability to continue as a going concern. The Company incurred a net loss of $3,309,000 for the year ended December 31, 2024, as compared to a net loss of $2,196,000 for the year ended December 31, 2023. Revenues during the year ended December 31, 2024, totaled $676,000 compared to $2,346,000 for the year ended December 31, 2023. Cuentas said, "As a result of our current lack of financial liquidity, our auditors' report for our 2024 consolidated financial statements contains a statement concerning substantial doubt regarding our ability to continue as a going concern. Our lack of sufficient liquidity could make it more difficult for us to secure additional financing or enter into strategic relationships on terms acceptable to us, if at all, and may materially and adversely affect the terms of any financing that we may obtain and our public stock price generally." Yarel + Partners, the Company's auditor since 2023, issued a "going concern" qualification in its report dated November 18, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred net losses since its inception, and has not yet generated sufficient revenues to support its operations. As of December 31, 2024, there is an accumulated deficit of approximately $58.3 million and a negative working capital of approximately $3.2 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon raising capital from financing transactions and revenue from operations. Management anticipates their business will require substantial additional investments that have not yet been secured. Management is continuing in the process of fund-raising in the private equity and capital markets as we will need to finance future activities. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to us. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on the Company's operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/yp2d7c9u About Cuentas Cuentas, Inc. was incorporated under the laws of the State of Florida on September 21, 2005. The Company, together with its subsidiary, Meimoun and Mammon, LLC (100% owned), is mainly focused on financial technology services, delivering mobile financial services and digital content services to unbanked, underbanked and underserved communities. As of December 31, 2024, the Company had $1,111,000, $4,281,000 in total liabilities, and $3,170,000 in total stockholders' deficit. CVR ENERGY: Fitch Affirms 'B+' IDR, Outlook Stable -------------------------------------------------- Fitch Ratings has affirmed CVR Energy, Inc.'s and CVR Refining, LP's (CVI) Issuer Default Ratings (IDRs) at 'B+'. Additionally, Fitch has affirmed CVR Refining's Term Loan B at 'BB+' with a Recovery Rating of 'RR1' and CVR Energy's senior unsecured notes at 'BB-'/'RR3'. The Rating Outlook is Stable. The affirmation reflects a recovery from weak crack spreads in the refining sector in 2024 and early 2025, improving leverage, geographically advantaged operations, and relatively low operating costs. In addition, the Nitrogen Fertilizer segment is nonrecourse but can provide cash at times through its approximately 37% ownership and corresponding distributions. Offsetting factors include the company's relatively limited scale, exposure to volatile crack spreads, and lack of recourse non-refining diversification. Key Rating Drivers Improved Refining Fundamentals: Crack spreads have improved materially through 2025 resulting in YTD margin capture and EBITDA performance outstripping 2024. YTD benchmark PADD II Group 3-2-1-1 crack spreads as of end-September averaged $22.62/barrel (bbl), from $19.25/bbl a year-ago. Fitch expects cracks to continue to be supported by minimal global capacity additions, planned California refinery closures, and supply growth following the end of the OPEC+ curtailments. Deleveraging Actions: Management has methodically directed cash flows toward gross debt reduction through September 2025. The company has reduced the outstanding amount on the term loan by $90 million. Fitch expects management to continue targeting deleveraging as cash flows allow through 2026. Fitch forecasts CVI's refinery segment EBITDA leverage to return to within Fitch's leverage sensitivities through-the-cycle as EBITDA generation recovers from 2024's nadir. Size and Regional Concentration: CVI's ratings reflect the business risk associated with its medium-sized operations, albeit with strong asset quality and advantageous geographic locations, resulting in price-advantaged crude oil production in the Midcontinent. Operationally, it has the flexibility to take advantage of light, heavy and sour crude. Its combined crude oil processing capacity is 206,500 barrels per day (bpd), with an average complexity of 10.8, and its plants are in Group 3 of Petroleum Administration for Defense District (PADD) II. The company's two refineries are strategically located near Cushing, OK, with access to over 250,000bpd of production in the region. However, CVI is an inland refiner with limited export options. Small Refinery Exemption: The EPA granted CVI's subsidiary Wynnewood Refining Company, LLC a 100% small refinery exemption for the 2019 and 2021 compliance periods and a 50% exemption for the 2020 and 2022-2024 compliance periods. This resulted in a RFS liability reduction of $488 million which materially benefits the company's credit profile. Fitch expects the company can effectively manage the remaining RVO liabilities and that future small refinery exemptions (SRE) are possible due to the U.S. administration's refining-friendly stance but does not view them as a certainty. Turnaround Raises Capex: Fitch expects elevated capex in 2025, driven by completion of a major turnaround at the Coffeyville refinery. Management has indicated that cash flows in 2026 will be split between deleveraging and capex with the reinstatement of shareholder returns a tertiary priority. CVR Partners, LP Affiliate: CVR Partners is nonrecourse to the debt issued at CVI and CVR Refining, LP. Fitch does not expect CVI to provide credit support to CVR Partners, which must distribute its available cash, less reserves (as defined), to unitholders. Fitch expects this to be a source of cash for CVI, given its ownership of 37% of CVR Partners' common units, which could be material during periods of high ammonia and urea and ammonium nitrate prices. Peer Analysis CVI's ratings reflect its status as a medium-sized Midcontinent complex refiner with two refineries and approximately 206mbpd of nameplate capacity. The company's refining capacity is smaller than peers PBF Holding Company LLC (PBF; BB/Negative) with 1,023mbpd, Par Petroleum, LLC (B+/Stable) with 219mbpd, and Delek US Holdings, Inc. (B+/Stable) with 302mbpd. The company's refining asset quality is strong and advantaged in several ways, such as geographically, with a concentration of price-advantaged crude oil sourcing in the Midcontinent, and operationally, with flexibility to take advantage of light, heavy and sour crude. CVI also has a strong logistics system that allows the company to easily transport and store crude oil and refined products. The major differentiators between the non-investment-grade peer group and 'BBB' peers is primarily size, geographic diversification, and business-line diversification. Key Assumptions - Brent price assumptions of $70/bbl in 2025, $65/bbl in 2026, $65/bbl in 2027 and $60/bbl thereafter; - West Texas Intermediate oil prices of $65/bbl in 2025, $60/bbl in 2026, $60/bbl in 2027 and $57/bbl thereafter; - PADD II Group 3 2-1-1 Crack recovers in 2025 and 2026 before trending toward midcycle through rest of forecast; - Capex in line with management guidance; - Chatham Financial Fed Median interest rate assumptions. Recovery Analysis Fitch examined CVI on both a going concern (GC) and liquidation value (LV) basis and expects it would be reorganized as a GC in the event of bankruptcy. Fitch has assumed an 80% draw of the $345 million ABL facility. Fitch notes that CVI has a crude oil supply agreement in place with Gunvor USA LLC to reduce the amount of inventory held at certain locations and mitigate crude oil pricing risk. This facility expires in 2029 and is subject to automatic one-year renewals provided neither party provides 180 days' notice of termination. Fitch understands that once crude enters the company's tanks, inventory and title transfer. Given the lack of public information, Fitch does not analyze this agreement in the recovery model at this stage. Fitch applied a 10% administrative claim to the GC enterprise value (EV). Fitch's GC EBITDA reflects CVI's recovery from a scenario in which near-term liquidity constraints result in default and bankruptcy. Fitch uses a 5.5x EBITDA multiple to arrive at its GC EV. The multiple is the same as that of peers Par Pacific Holdings, Inc. (B+/Stable) and Delek US Holdings, Inc. (B+/Stable). Fitch assumes a GC EBITDA of $250 million. This figure is based on the last year in its stress-case scenario. The GC EBITDA also reflects increased long-term midcycle price expectations. The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' for the first-lien secured Term Loan B, and 'RR3' for the senior unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Material reduction in liquidity over a sustained period; - A change in financial policy from debt reduction following the term loan B issuance; - Refinery segment midcycle EBITDA leverage sustained above 4.0x; - Material regulatory changes that can potentially reduce earnings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Greater earnings diversification and scale, or evidence of lower cash flow volatility; - Reduced exposure to environmental and regulatory obligations due to increased focus on renewables; - Refinery segment midcycle EBITDA leverage sustained at or below 3.0x. Liquidity and Debt Structure At the end of 3Q25, CVI has $670 million of cash on hand and $316 million of availability under CVR Energy's ABL Credit Agreement. CVR Partner's non-recourse ABL agreement is undrawn with $50 million of availability. The company's term loan matures in December 2027 and the senior unsecured notes mature in 2028 and 2029 respectively. Fitch expects the company to generate adequate cash flow to repay the term loan and have adequate cash flow and/or capital market access to address the unsecured notes' maturities in a timely manner. CVR Partner's non-recourse Senior Secured Notes mature in 2028. Issuer Profile CVR Energy is a diversified holding company engaged in petroleum refining and nitrogen fertilizer manufacturing at two Midcontinent refineries and associated logistics assets. CVR's fertilizer business, CVR Partners, LP, is nonrecourse to the refinery business and structured as an MLP. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations CVR Energy, has an ESG Relevance Score of '4' for Governance Structure, as Icahn Enterprises, L.P. and its affiliates including Carl C. Icahn own approximately 70% of the company's outstanding common stock. The substantial ownership concentration has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- CVR Energy, Inc. LT IDR B+ Affirmed B+ senior unsecured LT BB- Affirmed RR3 BB- CVR Refining, LP LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ CVR ENERGY: Moody's Affirms 'B2' CFR & Alters Outlook to Stable --------------------------------------------------------------- Moody's Ratings has revised the outlook for CVR Energy, Inc. (CVI) and CVR CHC, LP to stable from negative. Concurrently, Moody's affirmed CVI's B2 Corporate Family Rating, B2-PD Probability of Default Rating, and B3 rating on its senior unsecured notes. Moody's also affirmed CVR CHC, LP's Ba3 senior secured term loan rating. CVI's Speculative Grade Liquidity (SGL) rating was upgraded to SGL-2 from SGL-3. "The change in CVR Energy's outlook to stable reflects benefits to its financial profile from improved market conditions and refining margins, expectation for positive free cash flow supporting continued debt reduction in 2026, and sizable cash balance that supports liquidity," commented Jonathan Teitel, a Moody's Vice President. RATINGS RATIONALE The stable outlook reflects Moody's expectations for the company to maintain supportive credit metrics under improved market conditions while prioritizing further debt reduction and maintaining good liquidity, including by proactively extending its debt maturity profile. CVI's B2 CFR reflects its high debt levels, modest scale, and geographic concentration. CVI's debt capacity is primarily supported by its refining operations, which are exposed to the volatility in the sector. CVI owns the general partner and 37% of the common units of CVR Partners, LP (CVR Partners, B1 stable), a nitrogen fertilizer producer, from which it receives periodic distributions. Given the cyclical nature of the refining business, CVI's EBITDA and cash flows are exposed to large movements, and there can be sizable shifts in leverage. The company completed the turnaround at its Coffeyville refinery in 2025 and has no planned turnarounds in 2026. The next planned turnaround, at its Wynnewood refinery, is in 2027. CVI's dividend is currently suspended, preserving cash. CVI meaningfully benefits from the mix of partial and full small refinery exemptions for the 2019 through 2024 compliance periods, granted in August 2025, to Wynnewood Refining Company, LLC. As a result, CVI's accrued liability under the Renewable Fuel Standard reflected a reduction of $488 million in its balance as of September 30, 2025. CVI's SGL-2 rating reflects good liquidity. As of September 30, 2025, CVI had $514 million in cash, which excludes $156 million at CVR Partners. As of the same date, the refining business had $316 million available under its undrawn $345 million ABL revolving credit facility which matures in June 2027, with $25 million in outstanding letters of credit. The borrowing base was $341 million. The revolver includes a springing minimum fixed charge coverage ratio covenant of 1.0x, triggered by an availability threshold. CVI relies on a crude oil supply agreement that expires in January 2029 to support working capital needs. CVI's senior unsecured notes due 2028 and 2029 are rated B3, one notch below the CFR, due to the effective seniority of the senior secured term loan and ABL revolver. The Ba3-rated term loan has a first lien on non-ABL priority collateral and a second lien on the more liquid ABL priority collateral. CVR CHC, LP and other indirect, wholly owned subsidiaries of CVI are borrowers and/or guarantors under the ABL revolver and term loan. The notes are guaranteed by wholly owned subsidiaries of CVI with the exception of CVR Partners and CVR Partners' subsidiaries, and certain immaterial wholly owned subsidiaries of CVI. CVR Partners' notes are non-recourse to CVI. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include positive free cash flow and improving liquidity, debt reduction, and sustaining debt/EBITDA for the refining business below 4x. Factors that could lead to a downgrade include EBITDA/interest below 1.5x, weakening liquidity, or debt-funded distributions or acquisitions. CVI, headquartered in Sugar Land, Texas, is a publicly traded holding company focused on petroleum refining. It also owns the general partner and 37% of the common units of CVR Partners, a nitrogen fertilizer producer. As of September 30, 2025, Icahn Enterprises L.P. (B1 stable) and its affiliates owned approximately 70% of CVI's outstanding common stock. The principal methodology used in these ratings was Refining and Marketing published in August 2021. 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. CYTOPHIL INC: Unsecured Creditors to Split $1M over 10 Years ------------------------------------------------------------ Cytophil, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Wisconsin a Plan of Reorganization dated November 25, 2025. The Debtor proposes the following Plan of Reorganization pursuant to Section 1121 of the Code. Class 1 consists of Allowed Unsecured Claims. Creditors with Allowed Unsecured Claims shall share on a pro rata basis from a total of $1,000,000 paid over 10 years in equal annual installments. Distributions will be made annually on or before the last day of the month after the completion of a Plan year. By way of example, if the Effective Date occurs October 2025, the first annual disbursement would be due before the last day of December 2026. If the Reorganized Debtor is unable to make the full annual distribution of $100,000, the ten year period may be extended for up to three additional years provided that i) the annual distribution that year is not less than $50,000; ii) the amount of the annual distribution extended will be paid with interest at the prime rate applicable as of the last month of a Plan year; and iii) the Reorganized Debtor provides notice to all Creditors with Allowed Unsecured Claims of their share of the annual distribution extended. The Allowed Claims in Class 1 are impaired. Class 2 consists of Opt-In Allowed Unsecured Claims. All Creditors with Class 1 Allowed Unsecured Claims shall have the option of opting-in to have 50% of their Class 1 Allowed Unsecured Claim treated as an Opt-In Allowed Unsecured Claim in Class 2. Creditors must affirmative mark and return their ballot to opt-in to Class 2. Opt-In Allowed Unsecured Claims in Class 2 shall be satisfied as follows: * 50% of Allowed Unsecured Claim. Any Creditor opting into Class 2 shall have half (50%) of their Allowed Claim entitled to treatment under Section 4.1 as a Class 1 Allowed Unsecured Claim, the remaining half (50%) shall be treated as an Opt-In Allowed Unsecured Claim entitled to treatment under Section 4.2(b). * New Class B Common Stock Shares Issued. -- Number of Shares. After deducting the Opt-In Allowed Claim by the 50%, the balance of the Opt-In Allowed Unsecured Claims in Class 2 shall receive New Class B Common Stock on a Pro Rata Basis issued on the Effective Date. Creditors that opt-in will receive one share for each dollar converted. -- Voting Rights. The New Class B Common Stock shall have voting rights equal to a total of 10% of the entire voting rights in the Reorganized Debtor and shall have the right, but not the obligation, to elect one director to the board of directors of the Reorganized Debtor. If such election is made, the Reorganized Debtor's number of board of directors shall be increased by one to accommodate the election. The election shall be by a plurality of the votes cast by Class B shareholders with each vote tallied by the amount of shares held by the voting shareholder. -- Payments. The holders of the New Class B Common Stock shall receive, on a Pro Rata Basis, 25% of the Reorganized Debtor’s Net Profits 6.11(d)), on an annual basis paid on the 30th day of the first month after the close of the financial year. (i.e., January 30). -- Redemption Rights. In its discretion, the board of the Reorganized Debtor has the right to redeem the New Class B Common Stock upon the aggregate of the payments made on account of the New Class B Common Stock being redeemed totaling the portion of the amount of the Allowed Claim converted to the New Class B Common Stock being redeemed, plus interest at the rate of 3% per annum from the Effective Date. The payments include amounts received from the Reorganized Debtor's Net Profits or otherwise. Upon redemption of all the New Class B Common Stock, the Reorganized Debtor's Net Profits shall be paid 100% to the New Class A Common Stock, and there shall no longer be a Class B Director. Class 3 consists of Allowed Voting Common Stock Interests. The Allowed Voting Common Stock Interests in the Debtor in Class 3 shall be cancelled. They shall receive New Class A Common Stock on a Pro Rata Basis equal to the same number of shares they held before the Petition Date. The New Class A Common Stock shall be issued within thirty days after the Effective Date. The New Class A Stock shall collectively have voting rights equal to 90% of the entire voting rights in the Reorganized Debtor. The holders of the New Class A Common Stock shall receive 75% of the Reorganized Debtor's Net Profits unless all New Class B Common Stock is redeemed in which case Class A Common Stock shall receive 100% of the Reorganized Debtor's Net Profits. The holders of the New Class A Common Stock shall also be subject to a new shareholders' agreement in substantially the same format as the one that existed as of the Petition Date. The Allowed Voting Common Stock Interests are impaired under the Plan. Cash necessary to fund payments on or shortly after the Effective Date shall be from cash on hand and the regular business income of the Reorganized Debtors. A full-text copy of the Plan of Reorganization dated November 25, 2025 is available at https://urlcurt.com/u?l=hFxPln from PacerMonitor.com at no charge. Cytophil Inc. is represented by: Evan P. Schmit, Esq. Kerkman & Dunn 839 N. Jefferson St., Ste. 400 Milwaukee, WI 53202-3744 Tel: (414) 277-8200 Email: eschmit@kerkmandunn.com About Cytophil Inc. Cytophil Inc., doing business as RegenScientific, operates in the field of manufacturing medical devices. Cytophil sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wisc. Case No. 25-20576) on February 4, 2025. In its petition, the Debtor reported total assets of $1,131,109 and total liabilities of $3,520,398 as of September 30, 2024. Judge G. Michael Halfenger handles the case. The Debtor is represented by Evan P. Schmit, Esq. at Kerkman & Dunn. DANPOWER64 LLC: Amends Unsecured Claims Pay Details --------------------------------------------------- DanPower64, LLC submitted a Disclosure Statement with regards to First Amended Plan of Liquidation dated November 25, 2025. The Plan is a liquidating plan that provides for the sale of the Debtor's primary asset, the Real Property, which is located at 197 Havre St., East Boston, MA 02128. Distributions under the Plan will be funded from the Net Proceeds of the sale. Based on the Debtor's estimate of the Claims that will be Allowed Claims, the Debtor estimates that holders of Class 3 Claims, i.e. the General Unsecured Claims, will receive payment in full. In this case, the Debtor began marketing the Real Property as-is as a single project in late May. The Debtor listed the Real Property on MLS and scheduled three consecutive days of open houses. However, notwithstanding the bankruptcy filing, Crowd Lending was also advertising a foreclosure sale of the Real Property for June 17, 2025. While the Real Property generated significant interest after being listed on MLS, the looming foreclosure date discouraged parties from making an offer to purchase the Real Property. The Debtor removed the listing for the Property from MLS until after the sale date passed. Thereafter, because the construction is nearly complete, the Debtor determined that it would be in the best interest of the estate to market the Real Property as five individual units. The Real Property is most valuable as five individual units rather than a single building. The Debtor intends to sell the Real Property as condominiums. Since the Debtor filed its initial plan on July 19, 2025, the Debtor and Crowd Lending have been in negotiations as to the treatment of Crowd Lending's claim under the Plan. The Debtor and Crowd Lending have reached an agreement and incorporated the agreement into the Plan filed herewith. The Plan provides for the sale of the Real Property as five individual units and provides that all creditors will be paid in full no later than March 28, 2026. If the Debtor fails to meet certain benchmarks as to the timing and closing of sales, the Plan authorizes Crowd Lending to exercise its rights against the Real Property. Class 3 consists of the General Unsecured Claims against the Estate. The holder of a Class 3 Allowed Claim shall receive payment in full plus interest at the federal judgment rate applicable on the Effective Date, from the Unit Excess until paid in full. Class 3 Claimants Six Progress Corp. and All Coastal Services, Inc. have agreed to waive their Claims for purposes of receiving a distribution pursuant to the Plan. Class 3 is Impaired under the Plan. Each holder of an Allowed Class 3 Claim is entitled to vote to accept or reject the Plan. Class Four consists of the Equity Interests in the Debtor. The holders of Equity Interests shall receive any residual Unit Excess after payment of the Class 3 Claims. The holders of Equity Interests will retain their respective Equity Interests in the Debtor. The Plan contains appropriate provisions consistent with sections 1123(a)(5) and 1142(a) of the Bankruptcy Code for its implementation. The funds needed to make distributions and other payments required by this Plan shall be from the proceeds of the sale of the Real Property. The Debtor intends to sell the Real Property as individual condominium units to maximize the value for the bankruptcy estate. A full-text copy of the Disclosure Statement dated November 25, 2025 is available at https://urlcurt.com/u?l=9xUzPU from PacerMonitor.com at no charge. Counsel to the Debtor: Kate E. Nicholson, Esq. Nicholson Devine LLC 21 Bishop Allen Dr. Cambridge, MA 02139 Telephone: (857) 600-0508 Email: kate@nicholsondevine.com About DanPower64 LLC DanPower64 LLC is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B), with its primary property situated at 197 Harve Street, Boston, MA 02128. DanPower64 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10790) on April 21, 2025. In its petition, the Debtor listed assets and liabilities between $1 million and $10 million. The Debtor is represented by Kate E. Nicholson, Esq. at Nicholson Devine LLC. DDJ INC: Seeks to Use Cash Collateral ------------------------------------- DDJ Inc., LLC asks the U.S. Bankruptcy Court for the Western District of Texas, El Paso Division, for authority to use cash collateral and provide adequate protection. The Debtor asserts that ongoing use of cash collateral is essential to maintaining normal business activities and preserving the value of the estate. Several taxing authorities including the Internal Revenue Service, the Texas Comptroller of Public Accounts, the Texas Workforce Commission, and the City of El Paso hold statutory liens against the Debtor's assets, and additional creditors may also assert lien rights. As adequate protection for the use of such collateral, the Debtor proposes to grant replacement liens on its cash and assets up to the amount of existing claims, to commence payments to taxing authorities in accordance with statutory requirements as soon as an interim order is entered, and to limit expenditures to the ordinary course of business under an operating budget that may not exceed 110% of total budgeted amounts or any individual line item without the prior written consent of the taxing authorities. The Debtor also agrees to provide access to monthly operating reports, maintain required insurance, and ensure that all taxes—including those for the 2025 tax year payable in 2026—are fully addressed in its forthcoming plan of reorganization, while clarifying that the proposed adequate-protection terms do not alter priority among taxing-authority liens. DDJ Inc. requests that the court approve these terms on an interim basis, subject to notice and a later final hearing, so that it may continue operating while negotiating final cash-collateral arrangements. A copy of the motion is available at https://urlcurt.com/u?l=Mzo3en from PacerMonitor.com. About DDJ Inc. LLC DDJ, Inc., LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-31269) on Oct. 1, 2025. In its petition, the Debtor disclosed under $1 million in both estimated assets and liabilities. Honorable Bankruptcy Judge Christopher G. Bradley handles the case. The Debtor is represented by Jim K. Jopling, Esq. DELTA ABSORBENTS: Hires Crown Appraisals Inc. as Appraiser ---------------------------------------------------------- Delta Absorbents of America, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to employ Crown Appraisals, Inc. as appraiser. The firm will provide appraisal services to the Debtor in the chapter 11 proceedings. The firm will be paid $7,000 lump sum for appraisals, plus travel expenses and hourly rate of $500 if additional services are required including court appearances. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeff Berg Crown Appraisals, Inc. 2750 7th Avenue S. Fargo North Dakota 58103-8710 Tel: (701) 478-3130 About Delta Absorbents of America, Inc. Delta Absorbents of America, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-11985) on June 25, 2025, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. R. Michael Bolen, Esq. at Hood & Bolen, Attorneys At Law represents the Debtor as counsel. DODGE CONSTRUCTION: Blue Owl Marks $6MM 1L Loan at 18% Off ---------------------------------------------------------- Blue Owl Technology Finance Corp. has marked its $6,050,000 loan extended to Dodge Construction Network LLC to market at $4,931,000 or 82% 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 Dodge Construction Network LLC. The loan accrues interest at a rate of 4.75% per annum. The loan matures on February 2029. Blue Owl is a Maryland corporation formed on July 12, 2018. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, technology-related companies, specifically software companies, based primarily in the United States. The Company originates and invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company's investment objective is to maximize total return by generating current income from its debt investments and other income producing securities, and capital appreciation from its equity and equity-linked investments. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Technology Finance Corp 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Dodge Construction Network LLC Dodge Construction Network delivers the most accurate and comprehensive data solutions to help you strategically plan and connect with the projects. ENVELOPE 1 INC: Seeks Cash Collateral Access -------------------------------------------- Envelope 1, Inc. asks the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, for authority to use cash collateral. The Debtor requests interim use of cash collateral to fund operations, asserting that continued operations are critical to generating new revenues and receivables. The Debtor submitted a proposed budget covering November 15 to December 15, allowing a 10% variance in expenditures to account for potential fluctuations in paper procurement and other operational needs. Envelope 1's personal property, valued at $7,911,967, adequately secures the claims of Spectrum Commercial Services ($700,000), US Eagle Federal Credit Union ($1.15 million) and the U.S. Small Business Administration (more than $1.9 million), and likely protects the merchant cash advance creditors, assuming the loans are valid and not usurious. The MCA lenders have claimed account balances ranging from $60,000 to $1.92 million. No additional liens, cash payments, or adequate protection are proposed pending a final hearing. Envelope 1, which manufactures and mails commercial envelopes and their contents, voluntarily filed for Chapter 11 on November 12, 2025, and continues to operate as a debtor-in-possession. About Envelope 1 Inc Envelope 1, Inc manufactures and mails commercial envelopes and their contents. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23400) on November 12, 2025. In the petition signed by Tarry Pidgeon, president, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Susan D. Lasky, Esq., at Susan D. Lasky, PA, represents the Debtor as legal counsel. EUCLID REALTY: Hires Martin Law Group P.C. as Counsel ----------------------------------------------------- Euclid Realty Capital V, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ Martin Law Group, P.C. to handle its Chapter 11 case. The firm will be paid at the rates of $365 to $575 per hour. Martin Law Group received from the Debtor a retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffery T. Martin, Jr., Esq., a partner at Martin Law Group, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffery T. Martin, Jr., Esq. Martin Law Group, P.C. 8065 Leesburg Pike, Suite 750 Vienna, VA 22182 Telephone: (703) 834-5550 About Euclid Realty Capital V, LLC Euclid Realty Capital V LLC functions as a real estate lessor and holds a single property located at 501 Chesapeake St SE in Washington, DC, which an expert has valued at about $1.45 million. Euclid Realty Capital V LLC in Washington, DC, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D.C. Case No. 25-00518) on Nov. 11, 2025, listing $1,461,962 in assets and $1,215,645 in liabilities. Andrea Pericli as managing member, signed the petition. Judge Elizabeth L Gunn oversees the case. MARTIN LAW GROUP PC serve as the Debtor's legal counsel. FIRST ADVANTAGE: Moody's Alters Outlook on 'B1' CFR to Stable ------------------------------------------------------------- Moody's Ratings affirmed First Advantage Corporation's (First Advantage) B1 corporate family rating and B1-PD probability of default rating. Concurrently, Moody's affirmed First Advantage Holdings, LLC 's backed senior secured first-lien bank credit facilities, which includes a $250 million revolver expiring 2029 and a $2,165 million term loan due 2031, at B1. The company's speculative grade liquidity (SGL) rating remains unchanged at SGL-1. The outlooks at both entities were changed to stable from negative. The affirmation of the B1 CFR and change in outlook to stable from negative reflects the company's solid progress in executing on the integration of Sterling Check Corp.'s (Sterling) operations following the largely debt financed October 2024 acquisition. The company has realized synergies at a faster pace than Moody's had expected. Moody's anticipates low to mid-single digit organic revenue growth despite the tough hiring environment and profit margin expansion to drive debt/EBITDA to under 5x by the end of 2026. RATINGS RATIONALE First Advantage's B1 CFR is primarily constrained by the company's high debt/EBITDA leverage of roughly 5.4x as of September 30, 2025, pro forma for the October 2024 Sterling Check Corp. acquisition and including Moody's adjustments. The company's credit profile is also negatively impacted by corporate governance concerns related to First Advantage's concentrated equity ownership. Moody's expects the company will continue to realize significant post-merger cost synergies (largely headcount and third-party vendor related) over the next 12 to 18 months, driving Moody's anticipations for profit margin improvement and debt leverage reduction over the period, building upon the momentum from the company's $70.5 million term loan repayment during 2025. The considerable implementation costs and overall scale of the Sterling integration (which Moody's projects will conclude in 2026) still presents some execution risk in the form of possible business disruption. However, these risks have been somewhat mitigated by the company's successful efforts in executing on the integration process, realizing synergies earlier than Moody's had expected. The company's exposure to macroeconomic cyclicality due to changes in labor market conditions as well as competitive pressures from its direct rivals including HireRight Holdings Corporation (B3 stable), niche providers, and potential new market entrants could negatively impact First Advantage's operating performance and overall credit quality. First Advantage's customer centric approach, which has kept retention high, requires ongoing investments in technology and automation capabilities, as well as in its efforts to improve operational and back end efficiencies. The company's credit profile is supported by its global market position and screening capabilities, which have been significantly bolstered by the Sterling acquisition. The company's credit profile is also supported by a diversified end market mix, as well as long-standing relationships and high retention rates with its blue-chip customers. The realization of additional synergies will also augment First Advantage's already strong profitability margins while driving improved free cash flow generation. Moody's considers First Advantage's liquidity profile to be very good, reflected in the SGL-1 speculative grade liquidity rating. Support is provided by a $217 million cash balance as of September 30, 2025 and an undrawn $250 million backed senior secured revolving credit facility that expires in October 2029. Moody's expects First Advantage will generate healthy free cash flow over the next 12 to 15 months, with free cash flow/debt increasing to the mid to high single-digit percentage range as additional synergies are realized. Additionally, Moody's don't expect the company to renew their share repurchase program until they reach their publicly stated net leverage target of 2x-3x (currently at 4.2x as of September 30, 2025), which Moody's anticipates could be sometime during 2027. While the company's term loan is not subject to financial maintenance covenants, the revolving credit facility is subject to a springing maximum first-lien net leverage ratio of 7.75x if the amount drawn exceeds 40% of the revolving credit facility. Moody's do not expect the company to draw on the revolver over the next 12-15 months, but if the covenant is tested, Moody's expects First Advantage to remain well in compliance. The affirmation of First Advantage Holdings, LLC's backed senior secured first lien bank credit facility rating at B1 reflects the affirmation of First Advantage's B1 CFR. As the company's debt capital structure is principally comprised of this single class of debt, the B1 facility ratings are the same as the B1 CFR. The rated debts are secured by asset pledges and unconditionally guaranteed jointly and severally by First Advantage and all of its current and future material domestic wholly-owned subsidiaries. The stable outlook reflects Moody's expectations that First Advantage's debt/EBITDA will fall and remain below 5x as the company generates low to mid-single digit organic revenue growth and the gradual realization of cost synergies fuels improved profitability rates and free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if First Advantage's operating performance exceeds Moody's expectations and the company adopts more balanced financial policies (including a reduction of private ownership in the company to 50% or less), resulting in debt/EBITDA maintained below 4x, while sustaining very good liquidity. The ratings could be downgraded if First Advantage's operating performance and liquidity meaningfully deteriorate or if the company adopts more aggressive financial policies, resulting in debt/EBITDA sustained above 5x and free cash flow/debt remaining below 5%. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. 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. First Advantage Corporation (NASDAQ:FA) is headquartered in Atlanta, GA and majority-owned by Silver Lake Partners. The company provides employment background screening, identity, and verification solutions to a variety of industries, including transportation, healthcare, financial services, retail and e-commerce, and business and professional services. Moody's expects the company to generate revenue of over $1.5 billion in 2026. FIRST BRANDS: UMB Bank Seeks Chapter 11 Trustee Appointment ----------------------------------------------------------- UMB Bank, N.A., the administrative agent for certain lenders, asked the U.S. Bankruptcy Court for the Southern District of Texas to appoint a Chapter 11 trustee for First Brands Group, LLC and affiliates. In a court filing, UMB Bank raised the need to appoint an independent trustee to manage the bankruptcy cases, saying that there are "fundamental and irreconcilable conflicts of interest" involving First Brands Group and its subsidiaries; special purpose entities Global Assets, LLC and Global Assets GmbH; and non-debtor affiliates including Ultinon Motion Germany GmbH and Ultinon Motion Delaware, LLC. Global Assets, LLC and Global Assets GmbH are affiliates (but not subsidiaries) of First Brands Group. They were formed as special purpose entities with the primary purpose of buying inventory from the Ultinon business and financing that inventory pursuant to a pre-bankruptcy revolving credit facility with their parent Carnaby Capital Holdings, LLC, First Brands Group, UMB Bank and the lenders. According to UMB Bank, the Global Assets SPEs and the Ultinon entities are fighting over ownership of the inventory. There is no way for the Global Assets SPEs, on the one hand, and Ultinon and First Brands Group, on the other hand, to have a fair negotiation when they are represented by the same counsel and same decision-makers. In addition, the overlapping management structure makes it impossible to ensure disinterested decision making with respect to intercompany transactions, allocation of expenses and the pursuit of causes of action. By design, the Global Assets SPEs' structure and purpose inherently conflict with those of First Brands Group because the Global Assets SPEs are designed to be special purpose entities with creditors and interests entirely distinct from First Brands Group, according to UMB Bank. The agent cited how these conflicts are further compounded by the fact that these fiduciaries have been permitting Ultinon to take estate assets from the Global Assets SPEs without court approval. As a result, the purported fiduciaries cannot faithfully discharge their duties to the Global Assets SPEs. An impartial fiduciary will provide the neutrality required to administer the Global Assets SPEs' cases and address issues from an unbiased perspective, UMB Bank said. UMB Bank claimed that the Global Assets SPEs are currently managed by the same individuals who control all other affiliates, creating inherent conflicts of interest and divided loyalties that prevent management from acting solely in the best interests of the Global Assets SPEs' estates and their creditors. Moreover, the Global Assets SPEs' status as special purpose entities heightens these concerns about conflicts of interest and the ability of First Brand Group's management to act as a fiduciary. Appointment of a neutral, independent trustee is therefore necessary to ensure accountability, protect the estates' assets, and protect the interests of creditors, according to UMB Bank. A court hearing is scheduled for December 22. A copy of the motion is available for free at https://urlcurt.com/u?l=7QOqVh Counsel for UMB Bank: Alston & Bird, LLP Jared M. Slade, Esq. 2200 Ross Avenue Dallas, TX 75201 Tel: (214) 922-3424 Jared.Slade@alston.com -and- Stephen M. Blank, Esq. Alston & Bird, LLP 90 Park Avenue New York, New York 10016 Tel: (212) 210-9400 Stephen.Blank@alston.com -and- Jacob Johnson, Esq. Christopher A. Riley, Esq. Alston & Bird, LLP 1201 West Peachtree Street Atlanta, GA 30309 Tel: (404) 881-7000 Jacob.Johnson@alston.com Chris.Riley@alston.com About First Brands 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. Matthew R. Bentley, Esq. ArentFox Schiff, LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Tel: (212) 484-3900 Jeffrey.Gleit@afslaw.com Matthew.Bentley@afslaw.com -and- Eric J. Fromme, Esq. 555 South Flower Street, 43rd Floor Los Angeles, CA 90071 Tel: (213) 629-7400 Eric.Fromme@afslaw.com FIRST BRANDS: US Trustee to Update Court on Examiner Appointment ---------------------------------------------------------------- The office of the United States Trustee is slated to submit a status report today, Dec. 1, 2025, to update the Bankruptcy Court on his search for a Chapter 11 examiner for First Brands Group. As widely reported, Bankruptcy Judge Christopher Lopez granted the request of Raistone Capital LLC and Raistone Purchasing LLC – Series XXXII for appointment of an independent examiner to investigate the issues, facts and circumstances surrounding First Brands' factored accounts receivable. "[S]uch an appointment is in the best interests of creditors under section 1104(c)(1) because it allows for a thorough and independent assessment into how more than $2 billion of collections disappeared. Moreover, based on the Debtors' admissions regarding accounting 'irregularities', the Debtors cannot credibly dispute the need for an examiner and a truly independent investigation," Raistone had argued. Raistone XXXII and certain of the Debtors and their non-debtor affiliates are parties to a Sixth Amended and Restated Receivables Purchase Agreement under which Raistone XXXII purchased accounts receivable from the Debtor Sellers in connection with goods and services that the Debtor Sellers provided to non-debtor third parties. Raistone says the transactions covered in the agreement constitute "true sales" of the Purchased Receivables. As of the Sept. 29 Petition Date, Raistone claims it is entitled to no less than $172 million in connection with Purchased Receivables to which it acquired title u The U.S. Trustee had originally expected to appoint an examiner as early as the Thanksgiving week. On Nov. 20, the U.S. Trustee advised the Court "the anticipated timeline is not feasible given the need to engage in a thorough process to appoint an examiner, including opportunities for stakeholder input." The U.S. Trustee said he has received more than 50 nominations and recommendations of candidates, and expected "to receive more in the coming days." "The U.S. Trustee is reviewing them as expeditiously as possible to ensure interviews include a comprehensive and representative sample of candidates. Given the importance of this appointment for all parties in interest, the U.S. Trustee has also determined he should conduct in-person interviews. With the upcoming holidays and the need for travel, the U.S. Trustee will interview candidates as expeditiously as possible, with an appointment following thereafter. To keep the Court apprised of the U.S. Trustee's expeditious efforts, the U.S. Trustee will file a status report on December 1, 2025, updating the Court on the progress of appointment," Trial Attorney Jayson B. Ruff said. "The U.S. Trustee believes this process will serve the U.S. Trustee Program's mission of preserving the integrity of the bankruptcy system and will ensure the appointment of an examiner who will be a true asset within the particular facts and circumstances of these cases," according to Ruff. In his Nov. 19 written order, Judge Lopez laid out the scope of the Examiner's work. The examiner is directed to investigate the facts and circumstances, including general corporate practices, concerning the Debtors' prepetition factoring processes and factoring transactions related to: -- allegations that the Debtors' prepetition third-party factoring transactions included (A) fraudulent or inaccurate invoices and the related accounts receivable in the Debtors' books and records and audit reports; and (B) accounts receivable factored more than once and, in each case of (A) and (B), the persons or entities responsible for any of the Factoring Transactions; -- Transactions and/or transfers between any of (A) the Debtors, (B) any insiders or affiliates of the Debtors, and (C) entities owned or controlled by an insider or affiliates, and (D) the unaffiliated third party factors concerning (X) the Factoring Transactions and (Y) the transfers and use of the proceeds of such Factoring Transactions; and -- any accounting with respect to the proceeds of the Factoring Transactions and any property of third parties received by the Debtors that the Examiner deems appropriate. The Examiner also must investigate the facts and circumstances, including general corporate practices, concerning the Debtors' Off-Balance Sheet Financing Transactions, related to any transactions and/or transfers in connection therewith. The "Off-Balance Sheet Financing Transactions" are the (i) Aequum Facilities, (ii) CarVal Facilities, (iii) Evolution Facilities, and (iv) Onset Master Leases. The cost of the Examination must not exceed $7 million, inclusive of all costs, fees, and expenses of the Examiner and any professionals or services retained by or for the Examiner. Within seven business days of entry of the Order approving the Examiner's appointment, the Examiner must confer with the Debtors, the U.S. Trustee, Raistone, the Committee, the DIP Secured Parties, and the Third-Party Factors, counterparties to the OffBalance Sheet Financing Transactions and file a work plan, which will address, at a minimum: 1) a timeline for the filing reports, 2) the degree of cooperation needed from the parties to complete such reports, 3) procedures to obtain access to documents or information the Debtors or any other party asserts a claim of privilege, or otherwise objects to disclosing and 4) a discovery process that may be needed to complete the final report. The Examiner will have no role in the prosecution of any claims or causes of action. 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. FOREST GOOD: Court OKs Restaurant Biz Sale to Chow F&B ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, has permitted Forest Good Eats LLC (FGE) and its wholly-owned subsidiary, the Heritage Grille & Wine Barrel LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Court has approved the terms and provisions of the Asset Purchase Agreement (APA) transaction between the Debtors, Optimal Living (landlord), and Chow F&B LLC, and/or their successor/assign as purchaser, free and clear of liens, claims, and encumbrances. The purchase price is $50,000.00. FGE, a limited liability company organized and existing under the laws of the State of North Carolina, filed a voluntary petition seeking relief under chapter 11 of the Bankruptcy Code on May 30, 2025 . Heritage Grille, a wholly-owned subsidiary of FGE, filed a separate voluntary petition seeking relief under chapter 11 of the Bankruptcy Code on the Petition Date, BK Case No. 25-02019-5-DMW. FGE is the sole member of Heritage Grille and, as a result, holds all membership interests in Heritage Grille. The Purchaser is a limited liability company organized and existing under the laws of the State of North Carolina, which has no affiliation or relationship (familial or otherwise) whatsoever with the Debtors, Thomas, or Wisenbaker. Based upon the favorable terms agreed upon with the Purchaser, the sale of the Purchased Assets and summarized in the Transaction Approval Motion, would generate the highest return for their creditors, with the lowest risk to the Debtors, the bankruptcy estates, and their creditors. By virtue of the Transaction, and based upon the Sales Proceeds generated thereby and the waiver/release of any liability associated with the Lease, the sum of $50,000.00 will be available for distribution and payment of creditors in both of the Bankruptcy Cases. All lienholders, interest holders, and claimants in the Bankruptcy Cases were served with a copy of the Transaction Approval Motion and received notice of the sale of the Purchased Assets free and clear of liens and other interests subject to the conditions and terms of the Order. Purchaser is not an "insider" or "affiliate" of the Debtors as those terms are defined in the Bankruptcy Code, and no common identity of incorporators, directors, officers or equity-holders exist between Purchaser and the Debtors. The Purchaser does not assume, have any liability for, or otherwise become responsible for any liabilities or obligations of the Debtor, whether in rem or in personam. About Forest Good Eats Forest Good Eats, LLC operates Real McCoy's, a restaurant and sports bar in Wake Forest, North Carolina. The establishment offers American cuisine and craft beer in a casual setting. Forest Good Eats sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02018) on May 30, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge David M. Warren handles the case. Joseph Zachary Frost, Esq., at Buckmiller & Frost, PLLC is the Debtor's legal counsel. Gulf Coast Bank & Trust Company, as secured creditor, is represented by Lisa P. Sumner, Esq., at Maynard Nexsen, PC, in Raleigh, North Carolina. FXI HOLDINGS: Moody's Alters Outlook on 'Caa3' CFR to Stable ------------------------------------------------------------ Moody's Ratings has affirmed FXI Holdings, Inc.'s (FXI) Caa3 long-term corporate family rating following the company's completion of debt exchanges. Moody's views the transactions as a distressed exchange and affirmed the company's probability of default rating at Caa3-PD/LD with the "/LD" appended to reflect the limited default. Moody's also assigned a Caa2 rating to FXI's $831 million new 11% backed senior secured notes due 2030 and a Ca rating to the $488 million new 16%/14% backed junior senior secured notes due 2029 that were issued in exchange for the 12.25% senior secured notes due 2026 issued on November 07, 2019 and 12.25% senior secured notes due 2026 issued on May 1, 2023. Moody's also assigned a B2 rating to the $50 million new 11% backed super senior secured notes due 2030. Moody's downgraded the ratings on the remaining 12.25% senior secured notes due 2026 that were not exchanged to Ca from Caa3. The outlook was changed to stable from negative. Moody's affirmed the Caa3 CFR because continued softness in FXI's end markets will make it challenging to reduce the company's very high leverage, generate enough positive free cash flow to offset growth in the pay-in-kind (PIK) interest, and improve the company's weak liquidity. Weak consumer demand and mattress volumes stem from sluggish home sales. Debt-to-EBITDA leverage pro forma for the transaction remains very high at over 10x (incorporating Moody's adjustments) for the last 12 months ended September 2025. The new money term loan increases debt while the high average rates on the exchanged term loans including PIK interest will add to the debt burden. Moody's believes liquidity remains weak because FXI utilized the bulk of the proceeds from the new money term loan to fund accrued interest and transaction fees, the cash balance remains minimal, and revolver capacity is limited. FXI had approximately $67 million drawn on the asset-based revolver upon closing of the transaction. Access to the revolver is constrained by a minimum 12.5% availability covenant and several step downs in the $187 million revolver commitment to a final level of $137.5 million nine months after the closing. The company's roughly $42 million of excess availability as of September 2025 (factoring in a $4 million paydown from the transactions) on the revolver provides limited capacity to fund seasonal working capital outlays, capital investment and the semiannual interest rate payments. The maintenance covenant for the sponsors to invest $140 million to pay down the junior secured notes will support deleveraging, but Moody's continues to believe the willingness of the sponsors to fund the investment will likely depend on the company's performance over the next few years. Considerable improvement in revenue and the EBITDA margin is necessary to grow earnings by enough to reduce leverage to a sustainable level and to generate positive free cash flow once interest on the junior notes begins to pay in cash. A violation of the sponsor capital contribution covenant would constitute an event of default on the notes. Moody's changed the outlook to stable from negative because the transaction improves liquidity by addressing the 2026 maturities and reducing cash interest expense. Moody's anticipates the company will generate modestly positive free cash flow in 2026 and 2027 when a portion of the interest expense is PIK. The improved liquidity provides the company with additional time to execute its growth strategies. The company amended the revolver to extend the expiration to the earlier of: 1) December 15, 2029 or 2) 91 days before the junior notes mature if they are outstanding. Moody's consider the transaction a distressed exchange because the company does not have sufficient funds or alternatives to address the maturities and the leverage is at an unsustainable level. The transaction subordinates a portion of the existing notes into a new junior lien security and results in a portion of the interest transitioning to pay-in-kind. Stripping collateral, guarantees and covenant protections on unexchanged notes also created an incentive to accept the exchange offer to avoid becoming subordinate to a material amount of debt. The transaction will increase interest by approximately $25 million. Moody's projects free cash flow will be roughly negative $35 million in 2025 as profitability is weak but will turn modestly positive over the next 12-18 months as cash interest declines due to the transaction and as a result of an expected modest improvement in EBITDA. Moody's expects some stabilization in the mattress and furniture end-markets in 2026 from very depressed levels and for recent distribution gains in FXI's retail business as well as recent pricing and cost saving initiatives to support earnings growth. Exchanging lenders received $618 ($553 if accepted after the early tender date of November 04, 2025) of new 11% senior secured notes due 2030 and $397 of new 16%/14% junior secured notes due 2029 for every $1,000 of existing 12.25% senior secured notes due 2026, issued in 2019, and 12.25% senior secured notes due 2026, issued as part of a previous exchange offer in 2023. Interest on the junior notes of 16% will be "Paid-in-Kind" until November 2028 at which point the notes will pay 14% in cash interest until they mature. Note holders approved the company's consent solicitation to remove most covenant and default protections and releases the collateral on the existing 12.25% notes due in 2026. The ratings on the 11% new money super senior secured notes, 11% senior secured notes and 16%/14% junior secured notes reflect Moody's recovery expectations based on the relative positioning in the revised debt structure. Moody's downgraded the rating on the remaining 12.25% two existing notes due 2026 issued in 2021 to Ca from Caa3 to reflect that the notes are now unsecured and effectively subordinated to the material amount of secured debt. The subordination weakens recovery in a default scenario. RATINGS RATIONALE FXI's Caa3 CFR reflects the company's very high leverage, weak free cash flow, good market position and cyclical exposure. Soft consumer demand across the furniture and mattress end-markets continue to weigh on profitability. Earnings improvement in FXI's retail business has not been sufficient to offset the weakness in its other operations. Liquidity is weak because of a minimal cash balance and constrained availability on the ABL revolver provide limit flexibility to fund seasonal working capital needs, capital investment and debt service. Moody's projects the roughly $57 million reduction in run rate cash interest due to the transactions should lead to positive free cash flow in 2026. The PIK interest will nevertheless lead to a growing debt balance and make it challenging to reduce the very high debt-to-EBITDA leverage that Moody's projects will be around 9x in 2026. FXI operates in cyclical mattress, furniture and automotive markets and profitability is sensitive to downturns in the economic cycle as consumers reduce spending on discretionary goods. Leverage is very high as a result of the large debt funded acquisition of Innocor Inc. in 2020 and ongoing earnings pressure. An aggressive financial policy and steps such as distressed exchanges that preserve FXI's private equity ownership positions create high governance risk. Positive factors include the company's large scale, strong market position in the US foam manufacturing industry and good end market diversity through its retail bedding, OEM bedding and furniture, transportation and medical & technical segments. FXI partially mitigates earnings volatility associated with chemical prices with its pass-through contracts. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if the company earnings and free cash flow do not improve. The ratings could also be downgraded if FXI liquidity deteriorates or the risk of a default increases. Ratings could also be downgraded if recovery values weaken. The ratings could be upgraded if the company demonstrates sustained operational improvement including higher revenue and EBITDA that leads to lower leverage and sustained positive free cash flow. An upgrade would also require a substantial improvement in liquidity. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Durables published in September 2021. The Caa3 CFR is two notches below the Caa1 scorecard-indicated outcome. The difference reflects the execution risk to improve earnings, reduce the company's very high leverage and generate sustained positive free cash flow amid challenging end market conditions. PROFILE Headquartered in Radnor, Pennsylvania, FXI is a North American comfort technologies provider serving multiple end-markets at scale. End-markets and applications include bedding, furniture, comfort and acoustic applications in transportation, surgical applicators, and filtration and industrial acoustic management. The company is owned by One Rock Capital Partners LLC (One Rock) and Bain Capital Private Equity, LP. This follows One Rock's acquisition of FXI in 2017 and FXI's subsequent acquisition of Innocor Inc. in February 2020. Revenue was approximately $1.2 billion for the 12 months ended September 2025. FXI HOLDINGS: S&P Upgrades ICR to 'CCC', Outlook Negative --------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on FXI Holdings Inc., a U.S.-based producer of engineered polyurethane foam solutions, to 'CCC' from 'D'. S&P said, "At the same time, we assigned a 'B-' issue-level and '1' recovery rating to the new super senior secured notes due 2030, a 'CCC' issue-level and '3' recovery rating to the new senior secured notes due 2030 and a 'CC' issue-level, and '6' recovery rating to the new junior secured notes due 2029. "The negative outlook reflects our view of the company's minimal liquidity cushion in the near term to withstand any unanticipated weakness in cash flows that could pressure covenant compliance." FXI Holdings completed a debt restructuring that has extended its debt maturity profile and reduced its cash debt-servicing needs materially. S&P expects liquidity will be limited in the near term and debt leverage will remain unsustainably high over the next 12 months, as earnings improvements are partially offset by increasing debt balances due to payment-in-kind (PIK) interest. As a result of the debt exchange, FXI has materially reduced its cash interest expenses resulting in positive FOCF expectations in the next few years, but there is limited liquidity cushion. Post restructuring, annual run rate cash interest requirements have decreased by about $53 million for 2026-2028, primarily due to the new debt containing a meaningful PIK component across this period. S&P said, "As a result, we expect positive S&P Global Ratings-adjusted FOCF in those years. While this is a positive credit factor, we currently view FXI's liquidity as less than adequate given current its liquidity sources are still around 1x its uses for the next 12 months including a seasonal working-capital build, cash interest payments, and maintenance capital expenditures (capex). The asset-based lending (ABL) facility has limited capacity, constrained by the minimum excess availability financial covenant. Despite our base-case forecast of an improvement in cash flows and liquidity over the next 12 months, we note risks to these expectations given subdued consumer discretionary spending, continued high interest rates and inflation, competition in home furnishings, and potential for liquidity and covenant compliance becoming challenged due to underperformance." S&P said, "FXI has extended its debt maturities, but we consider its leverage metrics unsustainable in the long term. It exchanged nearly all of its aggregate principal under its two 12.25% senior notes tranches due in November 2026 for new notes with maturities in 2029 and 2030. The company also amended the maturity year on its ABL facility to 2029. As a result, FXI effectively extended its debt maturity profile by at least three years. However, its S&P Global Ratings-adjusted debt to EBITDA is 10x-11x on a weighted-average basis, which we consider unsustainably high. We expect the metric to stay above 10x before dropping below this range in 2027 due to EBITDA growth which is partially offset by higher debt that largely stems from the 16% PIK coupon on the junior secured notes until November 2028. With its improved cash flows next year, FXI is pursuing commercial opportunities in its retail business, which has a higher margin than other segments. We believe this will support EBITDA improvement in late 2026 and 2027, coupled with a modest resumption of consumer spending and some tailwinds from U.S. tariffs on China (low-cost bedding imports). "We anticipate post-restructuring cash flow improvements will enable FXI to pursue strategic growth initiatives and focus on expanding its higher margin retail business. During the first nine months of 2025, FXI's consolidated operating performance was down year-over-year, primarily due to persistent demand softness and competition in the original equipment manufacturer (OEM) bedding and furniture segment. This was partially offset by strength in its engineered solutions business while retail was slightly down. We expect S&P Global Ratings-adjusted EBITDA for 2025 will be modestly lower than for 2024." FXI has performed relatively well in its retail business, which largely offers bedding products, including mattresses, toppers, pillows, and play furniture. The company benefits from a largely local, vertically integrated supply chain. It produces most of its retail and OEM bedding and furniture products in the U.S., with some engineered solutions products made in Mexico and exempt from U.S. tariffs. S&P said, "In 2026 and 2027, we expect revenue growth in FXI's retail segment will benefit from commercial execution including new product launches and share gains within the U.S. market while overall softness in the home furnishings space persists through at least most of 2026 due to macroeconomic uncertainty and low consumer confidence limiting discretionary spending. We expect FXI--with its largely domestic manufacturing footprint--to benefit somewhat from the current tariff environment, which has diminished the cost competitiveness of lower-cost imported mattresses. We expect EBITDA margins in FXI's OEM bedding and furniture segment to remain weak due to competition. Overall, we expect its S&P Global Ratings-adjusted EBITDA margins will improve gradually because of an increased concentration of higher-margin retail sales and better fixed-cost absorption." S&P notes the acquisition of the largest U.S. bedding retailer by the largest bedding manufacturer in early 2025 and will continue to monitor any resulting adverse impacts on the industry's competitive dynamics. The negative outlook on FXI reflects at least a one in three chance of a downgrade within the next few quarters if volume and demand challenges--particularly in its OEM bedding and furniture segment--are greater than anticipated. This could deteriorate earnings, cash flow, and liquidity. It could also reduce the cushion under its covenants over the next 12 months, especially after the interest payments on its notes each year in May and November. S&P said, "We expect the material reduction in annual cash interest costs will enable growth spending for FXI in the next few years. In our base case, we expect modestly positive FOCF in 2026 and an improvement in 2027. We anticipate the company's S&P Global Ratings-adjusted debt to EBITDA metric to be 10x-11x on a weighted-average basis." S&P could lower its rating on FXI over the next 12 months if: -- Free cash flow deficits lead to liquidity challenges; -- It breaches its minimum excess availability covenant under its ABL facility; -- It skips an interest payment; or -- Earnings don't improve as S&P expects due to a prolonged slowdown in consumer spending hindering end-market demand, a loss of market share for FXI's customers, or its commercial execution with new and existing customers being slower than it anticipates. S&P could take a positive action on FXI over the next 12 months if: -- Its liquidity improves significantly on positive free cash flow generation or other cash-generation avenues such that its liquidity sources approach 1.2x its uses over the next 12 months; and -- Earnings improve more than S&P expects due to successful commercial execution, particularly in the retail segment, faster-than-anticipated improvement in end-market demand, or reduced competition in the U.S. bedding and furniture markets. Before any positive rating action, S&P would also expect the company's S&P Global Ratings-adjusted debt to EBITDA metric to remain below 10x. GEC TRANSPORT: Gets Final Approval to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, McAllen Division, issued a final order authorizing GEC Transport Solutions, LLC to use the cash collateral of its secured creditors to fund operations. The court authorized the Debtor to use the cash collateral of Commercial Credit Group, JD Factors, Alpine Advance 5, LLC and the U.S. Small Business Administration to pay the expenses outlined in its approved budget, with a 15% variance allowed per month. Unused funds can be carried forward or reallocated to other budget line items as necessary. As adequate protection, the 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. In case of any diminution in the value of their collateral, the secured creditors will receive a superpriority administrative claim. Additionally, the final order includes a carveout provision allowing up to $15,000 for approved professional fees and $50,000 for trustee expenses under Section 726(b) of the Bankruptcy Code, ensuring administrative costs are covered before creditor recoveries. All liens and superpriority claims of the secured lenders remain subject to this carveout. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/HI99O from PacerMonitor.com. About GEC Transport Solutions LLC GEC Transport Solutions, LLC is a logistics and transportation company based in Pharr, Texas, operating a fleet of 131 trucks and trailers nationwide. GEC Transport Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-70297) on October 6, 2025, listing up to $10 million in both assets and liabilities. Benjamin Cavazos, company owner, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Susan Tran Adams, Esq., at Tran Singh, LLP, represents the Debtor as legal counsel. J D Factors LLC, as DIP lender, is represented by: Trent L. Rosenthal, Esq Rosenthal Law Firm, P.L.L.C. 675 Bering, Suite 150 Houston, TX 77057 Telephone: (713) 647-8177 Facsimile: (713) 647-8127 trosenthal@rosenthallaw.com GRACE BAPTIST: Seeks to Hire Kiem Law PLLC as Counsel ----------------------------------------------------- Grace Baptist Church St. Lucie, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Kiem Law PLLC as counsel. The firm will provide these services: (a) give advice to the Debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the debtor in all matters pending before the court; (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at these rates: Attorneys $450 per hour Paralegals $100 to $250 per hour The firm will be paid a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Kiem disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Tarek K. Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 Fax: (561) 763-7355 Email: tarek@kiemlaw.com About Grace Baptist Church St. Lucie, Inc. Grace Baptist Church St. Lucie Inc., based on SE Lennard Road in Port Saint Lucie, Florida, delivers religious services and community-focused programs for a diverse, multi-generational congregation, including worship services, Bible studies, and children's activities, and functions within the U.S. religious institutions sector. Grace Baptist Church St. Lucie Inc.sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22641) on October 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Tarek K Kiem, Esq. of KIEM LAW PLLC. GREAT CANADIAN GAMING: S&P Alters Outlook to Neg, Affirms 'B-' ICR ------------------------------------------------------------------ S&P Global Ratings revised the outlook on Canada-based regional gaming operator Great Canadian Gaming Corp. (GCGC) to negative. At the same time, S&P affirmed the 'B-' issuer credit rating on the company. S&P also affirmed its 'B' issue-level rating and '2' recovery rating. S&P will reassess the recovery ratings once the British Columbia asset sales are completed. S&P said, "The negative outlook reflects the probability that we will lower our ratings over the next 12 months if we forecast GCGC's FFO cash interest coverage approaches 1x due to prolonged weakness because of poor macroeconomic conditions and if the company faces persistent challenges in ramping up the Ontario assets." GCGC's operating performance continues to trend below our expectations, and we expect revenue and EBITDA could be pressured through 2026 such that leverage will remain elevated and funds from operations (FFO) cash interest coverage could be below 1.5x. In addition, the company plans to use proceeds from its British Columbia casino properties sales for debt repayment. Nevertheless, given S&P's expectation for lackluster operating performance, the debt repayment will likely result in very modest improvement in credit metrics. The divestiture also reduces the company's scale and geographic diversity. S&P said, "The negative outlook reflects our view that GCGC's operating performance could remain weak through 2026. We expect the company's leverage to remain elevated--we forecast it will improve by only about 0.5x--following debt paydown compared with the 8.8x leverage the company exited with in its last quarter. "Its year-to-date September 2025 operating performance is below our expectations. The company's revenues declined by close to 12% relative to the same period last year and EBITDA declined by almost 25%." This weak operating performance is due to softness at its subsidiary, Ontario Gaming GTA L.P. (OTG) and the ongoing impact of the Casino Operating Servicing Agreement (COSA) contract reversion. Macroeconomic softness and lower-than-expected visitations continued to affect OTG's gaming revenues. Furthermore, higher costs such as one-time artist fees and marketing expenses weighed on OTG's EBITDA. Separately, the adverse impact of east and west GTA COSA contract reversions continue to affect GCGC's consolidated EBITDA more prominently on a last-12-month (LTM) basis as the company rolls off stronger quarters from the previous year. As a result, its S&P Global Ratings-adjusted debt to EBITDA for LTM ended September 2025 remained elevated at about 8.8x and FFO to cash interest coverage deteriorated to 1.2x. S&P said, "Based on our recent economic research, we envision that amid macroeconomic uncertainty, the adverse impact of trade tensions and rising unemployment rates could weaken any consumer resiliency in 2025 and limit spending growth in 2026. In order to reflect this risk, we further revised our 2026 EBITDA forecast downward relative to our previous forecast. Even without factoring in the EBITDA loss from proposed asset sales, we now expect its 2026 EBITDA could be 12%-13% weaker relative to our previous forecast for 2026. As a result. we expect GCGC to exit 2026 with FFO to cash interest coverage of 1.2x-1.3x, which is weaker than our downside threshold of 1.5x." Following asset sales, GCGC's performance will hinge on OTG's operations. Between Oct 31st and Nov 10th 2025, GCGC announced definitive agreements to sell four of its casino properties in British Columbia, including its RiverRock Casino resort. RiverRock Casino Resort is its largest and most strategically located casino property in the Vancouver Lower Mainland area. S&P believes the asset divestitures will not only meaningfully erode GCGC's market position as the No. 1 gaming operator in British Columbia but will also shrink its EBITDA scale as well as geographic diversity. S&P said, "Pro forma the sale of the assets, we estimate the Ontario bundles will constitute about 60% of GCGC's overall combined EBITDA. Therefore, after the sale and absent COSA contract negotiations, GCGC's performance will largely depend on the OTG's performance. This could result in greater EBITDA volatility should the operating performance at OTG remain lackluster in the near term. "GCGC management has stated it will use C$650 million-C$675 million of proceeds from asset sales toward debt repayment. However, considering its subdued operating performance and incorporating a meaningful and stable EBITDA lost from asset sales, we estimate the overall impact of debt repayment, pro forma the asset sale, will likely result in a very modest improvement in credit measures. "We expect GCGC to maintain a sufficient liquidity cushion despite lower free cash flow. As a result of weaker EBITDA pro forma the asset sales, we now forecast GCGC's free operating cash flow after lease payments to be break-even in 2026. That said, the company has cash of about C$300 million and full availability under the C$233 million cash flow revolver facility. Therefore, we believe it will have a sufficient liquidity cushion for the next 12 months to operate amid a challenging operating environment. "The negative outlook reflects the probability that we will lower our ratings over the next 12 months if we forecast GCGC's FFO cash interest coverage will approach 1x due to prolonged weakness because of poor macroeconomic conditions and if the company faces persistent challenges in ramping up Ontario assets. "We could lower our rating if we expect GCGC's EBITDA to further weaken such that FFO cash interest coverage approaches 1x, the company's cash flow deteriorates to significant deficits, and liquidity weakens such that we view the capital structure as unsustainable." Such a situation could occur if: -- The macroeconomic situation continues to weaken such that visitations and gaming revenues continue to decline; or -- Financial owners pursue aggressive debt-funded dividends, which could increase debt on an already heavily debt-loaded balance sheet. S&P said, "We could revise the outlook on GCGC to stable if its operating performance strengthens such that FFO to cash interest coverage improves over 1.5x on a sustained basis and we no longer view the capital structure as unsustainable." Such a scenario could occur if east and west GTA region EBITDA is restored to historical levels, and management's initiatives in the Toronto and Pickering casinos result in positive revenue and EBITDA growth. GREAT LAKES IX: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to Great Lakes CLO IX Ltd./Great Lakes CLO IX LLC's floating-rate debt. The debt issuance is a CLO securitization governed by investment criteria and backed primarily by middle market speculative-grade (rated 'BB+' or lower) senior secured term loans. The transaction is managed by BMO Asset Management Corp. The preliminary ratings are based on information as of Nov. 26, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect S&P's view of: -- The diversification of the collateral pool; -- The credit enhancement provided through subordination, excess spread, and overcollateralization; -- The experience of the collateral manager's team, which can affect the performance of the rated debt through portfolio identification and ongoing management; and -- The transaction's legal structure, which is expected to be bankruptcy remote. Preliminary Ratings Assigned Great Lakes CLO IX Ltd./Great Lakes CLO IX LLC Class X, $4.50 million: AAA (sf) Class A-1, $161.00 million: AAA (sf) Class A-1L loans, $100.00 million: AAA (sf) Class A-2, $9.00 million: AAA (sf) Class B, $36.00 million: AA (sf) Class C (deferrable), $36.00 million: A (sf) Class D (deferrable), $27.00 million: BBB- (sf) Class E (deferrable), $27.00 million: BB- (sf) Subordinated notes, $53.50 million: NR NR--Not rated. GREENWAVE TECHNOLOGY: Nasdaq Grants Stay Through Jan. 13 Hearing ---------------------------------------------------------------- As previously announced on November 20, 2025, Greenwave Technology Solutions, Inc., received a Staff Determination Letter from the Nasdaq Listing Qualifications Staff based on the Company's non-compliance with Nasdaq Listing Rule 5250(c)(1) because the Company had not yet filed its Quarterly Reports on Form 10-Q for the periods ended March 31, 2025, June 30, 2025 and September 30, 2025, with the Securities and Exchange Commission. On November 21, 2025, the Company timely requested a hearing before the Nasdaq Hearings Panel and also requested that the automatic stay of suspension be extended through the completion of the hearings process and the expiration of any additional extension period granted by the Panel following the hearing. The hearing is scheduled for January 13, 2026, and the Company's request for the automatic stay of suspension was granted. The Company filed its Quarterly Report on Form 10-Q for the period ended March 31, 2025 on November 19, 2025, and is actively working towards the filing of the Quarterly Reports on Form 10-Q for the periods ended June 30, 2025 and September 30, 2025 as promptly as possible in order to ensure full compliance with the Filing Rule. About Greenwave As an operator of 13 metal recycling facilities, Greenwave Technology Solutions, Inc. -- https://www.gwav.com/ -- supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With steel being one of the most recycled materials worldwide, Greenwave supplies the raw metal utilized in critical infrastructure projects and U.S. warships vital to American national security interests. Headquartered in Chesapeake, Virgina, the Company has 167 employees with metal recycling operations across Virginia, North Carolina, and Ohio. New York, N.Y.-based RBSM LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has net loss, has generated negative cash flows from operating activities, and has an accumulated deficit, which raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2025, the Company had $67,519,865 in total assets, $25,986,815 in total liabilities, and $41,533,050 in total stockholders' equity. GREENWAVE TECHNOLOGY: Reports $7.7MM Net Loss in 2025 Q1 -------------------------------------------------------- Greenwave Technology Solutions, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss available to common stockholders of $7,665,703 during the three months ended March 31, 2025, compared to $33,460,778 during the same period in 2024. For the three months ended March 31, 2025, the Company generated $7,333,710 in revenues, as compared to $8,504,777 during the same period in 2024. As of March 31, 2025, the Company had $67,519,865 in total assets, $25,986,815 in total liabilities, and $41,533,050 in total stockholders' equity. As of March 31, 2025, the Company had cash of $5,501,755 and a working capital deficit of $7,478,957. The accumulated deficit as of March 31, 2025 was $503,978,049. These conditions raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. If the Company raises additional funds by issuing equity securities, its stockholders would experience dilution. Additional debt financing, if available, may involve covenants restricting its operations or its ability to incur additional debt. Any additional debt financing or additional equity that the Company raises may contain terms that are not favorable to it or its stockholders and require significant debt service payments, which diverts resources from other activities. The Company's ability to raise additional capital will be impacted by market conditions and the price of the Company's common stock. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/p7btsbyz About Greenwave As an operator of 13 metal recycling facilities, Greenwave Technology Solutions, Inc. -- https://www.gwav.com/ -- supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With steel being one of the most recycled materials worldwide, Greenwave supplies the raw metal utilized in critical infrastructure projects and U.S. warships vital to American national security interests. Headquartered in Chesapeake, Virgina, the Company has 167 employees with metal recycling operations across Virginia, North Carolina, and Ohio. New York, N.Y.-based RBSM LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has net loss, has generated negative cash flows from operating activities, and has an accumulated deficit, which raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $63,087,617 in total assets, $26,132,634 in total liabilities, and a total stockholders' equity of $36,954,983. GRIT PRODUCTIONS: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Grit Productions, LLC and its affiliates got the green light from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. At the recent hearing, the bankruptcy court authorized the Debtors' interim use of cash collateral and scheduled a final hearing for December 11. The Debtors intend to use cash collateral strictly in accordance with their budget to pay expenses, preserve equipment and inventory, collect receivables, maintain vendor and customer confidence, and fund administrative costs. All available cash is claimed as cash collateral of PlainsCapital Bank. To satisfy section 363(e) of the Bankruptcy Code, the Debtors offer adequate protection in the form of post-petition replacement liens, superpriority administrative claims for any diminution in collateral value (subject to a professional-fee carve-out), and payments of $150,000 once funds held by Authorize.net are released. Grit Productions and its affiliates are high-growth companies in the live events and production industry. Their decade of expansion accelerated between 2021 and 2024 when revenues exceeded $20 million and led to more than $7 million in equipment acquisitions, staff expansion, and reliance on interim financial advisors during a CFO search. These advisors introduced merchant cash advance loans that became unsustainable. Concurrently, the Debtors pursued extensive financing arrangements with PlainsCapital in 2023, resulting in multiple notes and revolving credit lines totaling more than $5.2 million, all secured by a first-priority lien on substantially all assets, including accounts and receivables. PlainsCapital perfected these liens through several UCC filings. Meanwhile, junior lienholders appear undersecured and the Debtors dispute many asserted liens. Financial pressures intensified in 2025 when the Debtors' largest client abruptly cut more than $5 million in expected spending due to market conditions such as tariffs, leaving Grit with rising operational obligations, heavy leverage, and liquidity shortfalls. Facing these constraints, the Debtors chose Chapter 11 as the most responsible way to protect employees, customers, and long-term enterprise value. About Grit Productions LLC Grit Productions, LLC, Grit Expositions, LLC, Grit Transportation Services, LLC, and Grit Holding Company, LLC operate as an integrated group providing event-industry services that include general services contracting, event production, video production, content development, studio services, logistics support, and event freight transportation. The companies offer single-source solutions for live events, meetings, and expositions across their production, planning, and transportation segments. They also engage in community-focused initiatives related to industry development, sustainability, and local outreach. Grit Productions and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-44447) on November 13, 2025. At the time of the filing, Grit Productions listed between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Mark X. Mullin oversees the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP, represents the Debtors as legal counsel. GROFF TRACTOR: Court OKs Continued Cash Collateral Access --------------------------------------------------------- Groff Tractor Mid Atlantic, LLC and affiliates received an extension from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral and debtor-in-possession financing from CNH Industrial Capital America, LLC. The court issued a second interim order granting the Debtors approval to continue to operate under the floorplan financing agreements with CNH, and to use cash collateral and DIP financing until December 12 while the Debtors negotiate broader DIP financing with Manufacturers and Traders Trust Company. The second interim order is substantively similar to the first but includes additional terms such as requiring Groff to pay all outstanding floorplan obligations; granting CNH Capital first priority liens securing those amounts; authorizing CNH to apply credits generated by Groff toward pre-bankruptcy debt; preserving CNH's audit and inspection rights; requiring Groff to pay for extended warranty and insurance costs on units previously sold; and allowing CNH, at its discretion and within the interim budget, to continue short-term financing for presold trade-in inventory. The second interim order is available at https://is.gd/dut0ku from PacerMonitor.com. The final hearing is set for December 11. The deadline for filing objections is on December 4. About Groff Tractor Mid Atlantic Groff Tractor Mid Atlantic, LLC and subsidiaries operate a network of construction equipment dealerships serving the Mid-Atlantic region of the United States. The company sells, rents, and services heavy and compact construction machinery, offering parts and attachments for brands such as Wirtgen, Hamm, Vogele, Transtech, Thunder Creek, John Deere Equipment, and TopCon. Groff Tractor Mid Atlantic sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-90010) on October 14, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor tapped Bonds Ellis Eppich Schafer Jones, LLP as legal counsel; Michael Juniper of CR3 Partners, LLC as chief restructuring officer; and TM Capital as investment banker. Epiq Corporate Restructuring, LLC is the Debtor's claims and noticing agent. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. HANNA JESIONOWSKA: Hires Martin Tax Group as Accountant ------------------------------------------------------- Hanna Jesionowska Practice LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Martin Tax Group as accountant. The firm's services include: (a) preparing the Monthly Operating Reports; (b) preparing all the financial information to proceed with a Plan of Reorganization and Disclosure Statement; (c) responding to all requests for financial information from creditors and the United States Trustee's Office; (d) assisting the Debtor in determining from the Debtor's books and records whether there exist any fraudulent conveyances, avoidable preferences, or causes of action that may benefit the Debtor's estate; (e) consulting with the Debtor with respect to any matters regarding taxation, including the filing of appropriate returns; and (f) performing such other reasonably necessary accounting services that the Debtor my require. The firm will be paid at these rates: Partners $300 per hour Managers $260 per hour Staffs $180 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Martin disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert Martin Martin Tax Group 3930 Richmond Avenue, Suite 103 Staten Island, NY 10312 Tel: (347) 279-4857 About Hanna Jesionowska Practice LLC Hanna Jesionowska Practice LLC operates a medical practice specializing in obstetrics and gynecology at 159 East 74th Street, Unit 1, New York, serving patients in the area. Hanna Jesionowska Practice LLC in New York NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-12501) on Nov. 7, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Hanna Jesionowska as manager and sole member, signed the petition. LAW OFFICE OF LEO FOX, ESQ. serve as the Debtor's legal counsel. HANSEN-MUELLER: Seeks to Use Cash Collateral -------------------------------------------- Hansen-Mueller Co. asks the U.S. Bankruptcy Court for the District of Nebraska for authority to use cash collateral and provide adequate protection to BMO Bank, N.A. BMO Bank, N.A., acting as administrative and collateral agent for certain secured lenders under a series of credit and security agreements originally executed on March 30, 2023, and subsequently amended multiple times. The secured lenders' liens cover both personal property and real estate collateral, including accounts, inventory, equipment, intellectual property, and other assets. As of November 14, 2025, the Debtor owes approximately $50.9 million under the loan, plus a $2.6 million deficiency fee, and holds roughly $6 million in cash collateral. The Debtor's immediate post-petition liquidity needs include bi-weekly payroll of approximately $430,000, insurance obligations of $215,000 per month, taxes of $500,000, and ongoing operational expenses, making access to cash collateral critical for continuing operations and preserving going concern value. The proposed interim order grants adequate protection to BMO and other secured lenders, including replacement liens, superpriority claims, payment of postpetition fees, and automatic termination of the automatic stay upon certain events of default. The Debtor’' stipulations regarding the validity, priority, and enforceability of the secured claims are binding on the Debtor but without prejudice to third-party rights. The Debtor also seeks authorization to process checks and electronic transfers in accordance with the approved budget and requests the scheduling of a final hearing on the Debtor's use of cash collateral. A copy of the motion is available at https://urlcurt.com/u?l=qLsJ2m from PacerMonitor.com. About Hansen-Mueller Co. Hansen-Mueller Co. is a nationwide agribusiness company headquartered in Omaha, Nebraska, engaged in grain merchandising and processing with a diversified platform spanning the central United States, including nine grain elevators, four port terminals, and an oats processing facility producing pet food and animal feeds in Toledo, Ohio. The Company operates four complementary business units -- Oat Trading, Wheat Merchandising, Cross-Country Trading, and a Houston Joint Venture -- and maintains grain trading offices in multiple states, supported by a private railcar fleet and multi-modal transportation network for domestic and international flows. Founded in 1979, Hansen-Mueller employs approximately 120 people across its operations in the U.S. and conducts business in 44 states and 24 countries, focusing on niche crops, international trade, and vertically integrated processing. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 25-81226) on November 17, 2025. In the petition signed by Michael Compton, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Thomas L. Saladino oversees the case. The Debtor tapped KOLEY JESSEN P.C., L.L.O. As legal counsel, SILVERMAN CONSULTING as restructuring advisor, MICHAEL G. COMPTON as chief restructuring officer and financial advisor, ASCENDANT CONSULTING PARTNERS, LLC as investment banker, and EPIQ BANKRUPTCY SOLUTIONS, LLC as notice, claims, and solicitation agent. HARVEST SHERWOOD: Butterball Out as Committee Member ---------------------------------------------------- The U.S. Trustee for Region 6 disclosed in a notice that these creditors are the remaining members of the official committee of unsecured creditors in the Chapter 11 cases of Harvest Sherwood Food Distributors, Inc. and its affiliates: 1. Ryder Truck Rental, Inc. Michael Mandell Corporate Collection and Bankruptcy Manager 2333 Ponce De Leon Blvd., Suite 700 Coral Gables, FL 33134 954-439-4477 mandms@ryder.com 2. Viz Cattle Corporation, doing business as SuKarne Edwin Botero, President Viz Cattle 17800 Castleton Street, Suite 435 City of Industry, CA 91748 310-702-7319 ebotero@sukarneusa.com 3. 1970 Group, Inc. Jonathan Harris, General Counsel 33 Benedict Place, 2nd Floor Greenwich, CT 06830 917-449-4285 jharris@1970group.com 4. Christiano I. Di Pasquale 818-974-1386 cdipasquale444@gmail.com 5. Atlantic Veal & Lamb LLC Bill Anello, Controller 275 Morgan Avenue Brooklyn, NY 11211 718-599-3510 bill.anello@atlanticveal.com 6. Alex Deli Inc., d/b/a Alexâ€™s Deli David Negron, VP of Sales and Operations 4951 W. Diversey Ave Chicago, IL 60639 773-237-2919 dnegron@alexdeli.com Butterball, LLC was previously identified as member of the creditors committee. Its name no longer appears in the new notice. About Harvest Sherwood Food Distributors Harvest Sherwood Food Distributors, Inc. is an independent wholesale food distributor in Wilmington, Del. Harvest Sherwood Food Distributors and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80109-11) on May 5, 2025. Eric Kaup, chief restructuring officer of Harvest Sherwood Food Distributors, signed the petitions. At the time of the filing, the Debtors disclosed between $1 billion and $10 billion in assets and between $500 million and $1 billion in liabilities. The Debtors tapped Thomas R. Califano, Esq., at Sidley Austin, LLP, as legal counsel; Meru, LLC as financial advisor; and Hilco Commercial Industrial, LLC and Hilco Receivables, LLC as restructuring advisors. Epiq Corporate Restructuring, LLC is the Debtors' noticing and claims agent. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. McDermott Will & Schulte, LLP and Province, LLC serve as the committee's legal counsel and financial advisor, respectively. JPMorgan Chase Bank, N.A., as Prepetition Agent and DIP Agent, is represented by: Timothy A. Davidson II, Esq. Ashley L. Harper, Esq. Philip M. Guffy, Esq. Hunton Andrews Kurth LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Telephone: (713) 220-4200 taddavidson@hunton.com ashleyharper@hunton.com pguffy@hunton.com -- and -- James Ktsanes, Esq. Latham & Watkins LLP 330 North Wabash Avenue, Suite 2800 Chicago, IL 60611 Telephone: (312) 876-7700 james.ktsanes@lw.com -- and -- Randall Carl Weber-Levine, Esq. Latham & Watkins LLP 1271 Avenue of the Americas New York, NY 10020 Telephone: (212) 906-1200 randall.weber-levine@lw.com HEALTHLYNKED CORP: Reports $851,800 Net Loss in 2025 Q3 ------------------------------------------------------- HealthLynked Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $851,800 for the three months ended September 30, 2025, compared to a net loss of $1,973,119 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $2,603,777, compared to a net loss of $4,901,273 for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $388,545 and $590,124, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $1,755,113 and $2,389,434, respectively. As of September 30, 2025, the Company had $1,764,557 in total assets, $7,197,972 in total liabilities, and $5,433,415 in total shareholders' deficit. Management considered the Company's current financial condition and liquidity sources, including current funds available, forecasted future cash flows and the Company's obligations due before November 19, 2026. The Company is subject to a number of risks, including uncertainty related to product development and generation of revenues and positive cash flow from its Digital Healthcare Division and a dependence on outside sources of capital. The attainment of profitable operations is dependent on future events, including obtaining adequate financing to fulfill the Company's growth and operating activities and generating a level of revenues adequate to support the Company's cost structure. As of September 30, 2025, the Company had cash balances of $10,911, a working capital deficit of $5,201,336 and an accumulated deficit of $50,768,392. For the nine months ended September 30, 2025, the Company had a net loss of $2,603,777 and used cash from operating activities of $1,294,380. The Company expects to continue to incur net losses and have significant cash outflows for at least the next 12 months. Management has evaluated the significance of the conditions described above in relation to the Company's ability to meet its obligations and concluded that, without additional funding, the Company will not have sufficient funds to meet its obligations within the next 12 months. During the nine months ended September 30, 2025, the Company received: (i) Net proceeds from the issuance of notes payable to related parties and third parties totaling $1,696,000 and made repayments on existing and new notes payable to third parties totaling $476,950, and (ii) $10,000 proceeds from the sale of its common stock. Without raising additional capital, there is substantial doubt about the Company's ability to continue as a going concern through November 19, 2026. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/wsu7eh53 About HealthLynked Corp. HealthLynked Corp. is a healthcare technology company based in Nevada, founded on Aug. 6, 2014. It operates in three main divisions: Digital Healthcare, Medical Distribution, and Health Services, focusing on enhancing patient care, reducing costs, and creating long-term value for shareholders. In an audit report dated March 31, 2025, the Company's auditor RBSM LLP, issued a "going concern" qualification citing that the Company has recurring losses from operations, limited cash flow, and an accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $1.8 million in total assets, $6.6 million in total liabilities, and a total shareholders' deficit of $4.8 million. HEART 2 HEART: Quality of Care Maintained, 4th PCO Report Says -------------------------------------------------------------- Deborah Fish, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of West Virginia her fourth report regarding the quality of patient care provided by Heart 2 Heart Volunteer's, Inc. The PCO reported that the healthcare provider is operating without a case manager, leaving other staff to cover unsustainably and risking impacts on resident care. The PCO was told that state investigators heard resident concerns about unmet needs, inconsistent policy enforcement, and the CEO extending graduation dates even after treatment-team approval. She noted that the CEO handles all inquiries and initial assessments of potential residents, a concern the PCO has raised in prior reports. Ms. Fish noted that, pursuant to Section 333(b)(3), the quality of patient care provided to residents of Heart 2 Heart has been maintained. Although staffing continues to present challenges, operations remain stable and current employees are consistently meeting resident needs and program requirements. The ombudsman may be reached at: Deborah L. Fish 211 West Fort Street Suite 705 Detroit, MI 48226 313.309.3171 Email: dfish@allardfishpc.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. HESS MIDSTREAM: Moody's Ups Rating on Senior Unsecured Notes to Ba1 ------------------------------------------------------------------- Moody's Ratings upgraded Hess Midstream Operations LP's (HESM Opco) senior unsecured notes rating to Ba1 from Ba2, while affirming the company's Ba1 Corporate Family Rating and Ba1-PD Probability of Default Rating. Moody's concurrently downgraded the ratings on the company's senior secured term loan and senior secured revolving credit facility to Ba1 from Baa1. The SGL-2 Speculative Grade Liquidity Rating was unchanged. The outlook remains stable. "The unsecured notes and bank credit facilities are both now rated at the Ba1 CFR level, reflecting the company's completely unsecured capital structure," said Sajjad Alam, Moody's Vice President. "The affirmation of the CFR acknowledges the benefits of Chevron's controlling interest; however, Moody's are not providing any rating lift to HESM Opco due to significant third-party ownership and Moody's views of the company's relative strategic importance to Chevron." RATINGS RATIONALE HESM Opco's Ba1 Corporate Family Rating is underpinned by its long-term, fee-based contracts with Chevron Corporation (Chevron, Aa2 stable), its principal customer and one of the world's leading energy companies. The rating also reflects HESM Opco's highly integrated midstream assets aligned with Chevron's production operations in the Williston Basin, as well as a demonstrated history of prudent financial management and maintaining low financial leverage. Moody's expects HESM Opco's leverage to stay around 3x, with flat EBITDA through 2026 supported by its high proportion of minimum volume commitment contracts. The company will spend less capital in 2026 as a result of decreased rig activity by Chevron, while free cash flow is projected to increase compared to 2025. HESM Opco's CFR is limited by its single basin focus and narrow operational diversification compared to higher rated midstream companies. The company's credit profile benefits from the governance structure and Chevron's control of HESM Opco through the ownership of its general partner, and Chevron's 37.9% limited partner ownership interests. However, Moody's have not incorporated rating lift into HESM Opco's ratings given the considerable third-party public ownership, as well as Moody's assessments of the company's relative strategic importance to Chevron. The upgrade of the unsecured notes and the downgrade of the secured term loan and revolving credit facility reflects the collateral requirement falling away following the company receiving an investment grade rating from another agency. The senior notes, term loan, and revolving credit facility now rank pari passu, and therefore, share the same Ba1 rating. These debt ratings are aligned with the Ba1 CFR, reflecting a single class of debt in the capital structure. Moody's expects the company to maintain good liquidity through 2027, which is reflected in the SGL-2 rating. HESM Opco has a $1 billion committed revolving credit facility that had an outstanding balance of $356 million as of September 30, 2025. The company should be able to comfortably fund its capex and distributions from internal sources through 2027. Any surplus free cash flow may be applied to repurchase shares or pay down revolver borrowings. The revolver expires in July 2027. There is ample cushion under the financial covenant governing the credit facility - a debt/EBITDA ratio not to exceed 5.0x. The company does not have any material debt maturities until July 2027, when the $400 million term loan matures. The stable outlook reflects Moody's expectations of stable cash flow and financial leverage through 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The CFR could be upgraded if HESM Opco can meaningfully diversify its basin exposure while maintaining its strong contractual position and low financial leverage. An upgrade could also occur if Chevron provides more direct support to the company's credit profile or undertakes measures that demonstrate increased strategic importance that would support providing lift to the ratings. The ratings could be downgraded should leverage exceed 3.5x or should contract structure erode resulting in increased cash flow volatility and leverage. Hess Midstream Operations LP is the principal subsidiary of Hess Midstream LP, which is a publicly traded midstream energy company that provides fee-based services to Chevron Corporation and its non-operated partners in the Williston Basin area of North Dakota. The principal methodology used in these ratings was Midstream Energy published in October 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. HILLSIDE APARTMENTS: Case Summary & Six Unsecured Creditors ----------------------------------------------------------- Debtor: Hillside Apartments LLC 2935 Fulton Avenue Sacramento CA 95821 Business Description: Hillside Apartments LLC is a single-asset real estate entity, as defined under 11 U.S.C. Section 101(51B), and its primary property is an apartment asset located at 6267 Martin Luther King Jr. Blvd in Sacramento, California. Chapter 11 Petition Date: November 24, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-26602 Judge: Hon. Christopher M Klein Debtor's Counsel: Jonathan Madison, Esq. THE MADISON FIRM 345 California Street, Ste 600 San Francisco, CA 94104 Tel: 415-779-3177 Email: Jmadison@themadisonfirm.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Asad Khan as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IVZ2JEA/Hillside_Apartments_LLC__caebke-25-26602__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Six Unsecured Creditors: Entity Nature of Claim Claim Amount 1. PG&E Gas Utility $58,394 Attn: Law Claims Department 300 Lakeside Drive Oakland, CA 94612 Tel: 1(877) 660-6789 Email: bankruptcy@pge.com 2. SMUD Electricity $3,158 SMUD Headquarters Building Utility 6201 S Street Sacramento, CA 95817 Tel: (888) 742-7683 Email: bankruptcy@smud.com 3. California-American Water Utility $16,336 Water Company 555 Montgomery Street, Ste. 816 San Francisco, CA 94111 Tel: 1-888-237-1333 Email: sawc.customeradvocacy@amwater.com 4. Kingdom Tree Services Tree Contractor $12,000 2621 26th Ave Sacramento, CA 95820 Tel: 1(916) 270-7941 Email: Kingdomtreeservices91@yahoo.com 5. Bay City Boilers Boiler Repair/ $25,000 23312 Cabot Blvd Service Company Hayward, CA 94545 Tel: (510) 786-3711 Email: mikek@baycityboiler.com 6. Waste Management Garbage Service $12,005 Attn: Legal Department Provider 800 Capitol Street, Suite 3000 Houston, TX 77002 Tel: 1-866-909-4458 Email: wmcares@wm.com HRZN INC: Seeks Cash Collateral Access -------------------------------------- HRZN, INC., doing business as Horizon Property Services, asks the U.S. Bankruptcy Court for the District of Colorado for authority to use cash collateral and provide adequate protection. The Debtor needs to use cash collateral to continue operating its commercial landscaping and snow-removal business during its Chapter 11 case. HRZN filed for Subchapter V relief on September 15, later seeking conversion to a traditional Chapter 11, and continues to operate as a debtor-in-possession with a Subchapter V trustee appointed. HRZN, a Colorado corporation led by President Steven Brown, provides comprehensive landscaping and winter-services to high-profile Denver clients such as Denver Botanic Gardens, UC Health, Downtown Aquarium, Top Golf, and others. Historically, the Debtor consisted of multiple companies acquired by Mr. Brown through transactions financed by KeyBank, N.A. and Wells Fargo Bank, N.A. under SBA-backed lending programs; those entities were operated operationally as a single business and later formally merged into HRZN, Inc. The Debtor employs approximately 50 full-time, part-time, and seasonal workers, all essential to ongoing operations. To retain these employees and fund ordinary-course expenses, the Debtor requires immediate access to its cash, accounts receivable, and other income, which may be subject to several competing secured claims. The Debtor's capital structure is complex, consisting of numerous equipment loans and SBA-backed term financing. Various lenders including Beacon Funding Corporation, Finwise Bank, Pawnee Equipment Financing, PNC Bank, Sheffield Financial, Wells Fargo Vendor Financial Services, and the U.S. Small Business Administration hold purchase-money or blanket security interests in equipment, vehicles, and other assets, many of which are now worth substantially less than the debt they secure. KeyBank and Wells Fargo (now the SBA) each asserts large secured claims arising from acquisition financing used to purchase predecessor landscaping businesses, with both banks holding UCC-perfected blanket liens and vehicle liens securing millions in asserted obligations. The SBA also holds an EIDL loan exceeding $497,000, which the Debtor believes is junior to other liens and likely undersecured given asset values. The Debtor additionally lists priority tax obligations to Colorado and the IRS, and notes potential additional tax liabilities arising from prepetition returns and shareholder pass-through tax obligations. The Debtor expressly disputes the validity, priority, and enforceability of all such claims and continues to investigate whether any creditor holds a properly perfected security interest in the Operating Funds. HRZN seeks an order authorizing the interim and continuing use of cash collateral so it can meet payroll, pay operating expenses, maintain insurance, and avoid immediate harm to its business. It argues that uninterrupted access to cash is essential to maintaining operations, preserving asset value, and avoiding significant losses to the estate. The Debtor proposes to use funds in accordance with a six-month budget and offers a comprehensive adequate-protection package to any secured creditors with valid liens. This includes (i) adequate protection payments under the budget, (ii) replacement liens on post-petition cash collateral and operating funds to protect against diminution in collateral value, subject to a carveout for professional fees and U.S. Trustee obligations, (iii) maintenance of insurance, (iv) full reporting compliance with Code and local rules, (v) adherence to the budget with a 20% variance cap unless creditor consent is obtained, (vi) preservation and repair of all collateral, (vii) a prohibition on granting post-petition liens without creditor consent or court order, and (viii) curing and filing all delinquent state tax filings and paying all post-petition taxes in a timely manner. A copy of the motion is available at https://urlcurt.com/u?l=BgfcXO from PacerMonitor.com. KeyBank is represented by: Scott W. Drusch, Esq. BROWN DUNNING WALKER FEIN DRUSCH PC 7995 E. Prentice Avenue, Suite 101E Greenwood Village, CO 80111 Telephone: 303-329-3363 Fax: 303-393-8438 sdrusch@bdwfd.com 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. HUDSON 1701/1706: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Hudson 1701/1706, LLC and its affiliates. The committee members are: 1. 356W58 Ground Lessor LLC Attn: Max Nipon 2801 N. Harwood Street, Suite 1200 Dallas, TX 75201 Phone: 214-545-5573 Email: nipon@mspcm.com 2. The Abadi Group Attn: Nicole Vaknin 151 Industrial Way East, Suite A5 Eatontown, NJ 07724 Phone: 732-710-9200 Email: Nicole.vaknin@theabadigroup.com 3. AJP Contracting Corp. Attn: Antonios Pappas 1357 Seneca Ave. Bronx, NY 10474 Phone: 646-296-7060 Email: apappas@ajpcontracting.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About HUDSON 1701/1706 LLC Hudson 1701/1706, LLC and Hudson 1702, LLC are Delaware limited liability companies engaged in activities related to real estate under NAICS code 5313. The entities manage and administer real property interests at 353 West 58th Street in New York City, with Hudson 1701/1706 associated with the tenth floor and Hudson 1702 with Unit 2 of the same building. The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11853) on October 22, 2025. At the time of the filing, the Debtors listed between $100 million and $500 million in assets and liabilities. Hudson 1701/1706 is a corporation with Tax ID 88-1290281 and listed between 1 and 49 creditors in its petition. Honorable Judge Karen B. Owens oversees the cases. The Debtor tapped Chipman Brown Cicero & Cole, LLP as bankruptcy counsel; DLA Piper LLP (US) as special corporate and litigation counsel; FTI Consulting, Inc. as restructuring advisor; and Verita Global, LLC as claims and noticing agent. I.G GENERAL: Seeks Chapter 7 Bankruptcy in Illinois --------------------------------------------------- On November 14, 2025, I.G General Contractors LLC 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 I.G General Contractors LLC I.G General Contractors LLC is a construction and contracting firm specializing in new builds, remodeling, and property improvement projects. The company works with homeowners, developers, and commercial clients to provide turnkey construction services, including site preparation, structural work, finish installations, and project oversight. I.G General Contractors LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-17651) on November 14, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $0–$100,000. Honorable Bankruptcy Judge David D. Cleary handles the case. The Debtor is represented by David P. Lloyd, Esq. of David P. Lloyd, Ltd. INFINITE GROUP: M&K CPAs Replaces Freed Maxick P.C. as Auditor -------------------------------------------------------------- Infinite Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 13, 2025, Freed Maxick P.C. resigned as the Company's independent registered public accounting firm. During the Company's two most recent fiscal years ended December 31, 2024 and 2023, there were no "disagreements" between the Company and Freed on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure which, if not resolved to the satisfaction of Freed, would have caused Freed to make reference to the subject matter of the disagreements in connection with its reports on the Company's financial statements. During this same period, Freed advised the Company that there were no material weaknesses in the Company's internal control over financial reporting. There were no other "reportable events" (within the meaning of Item 304(a)(1)(v) of Regulation S-K). Freed's audit reports for the two most recent fiscal years ended December 31, 2024 and 2023 contained an explanatory paragraph about the existence of substantial doubt concerning the Company's ability to continue as a going concern. The decision to replace Freed was approved by the Audit Committee of the Board of Directors of the Company. Following the resignation of Freed, the Company appointed M&K CPAS, PLLC as its new independent registered public accounting firm, effective November 18, 2025. M&K has been retained to audit the Company's financial statements as of and for the fiscal year ended December 31, 2025, and to perform reviews of the Company's interim financial statements for the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025. During the two most recent fiscal years and through November 18, 2025, the Company has not consulted with M&K regarding either: (1) the application of accounting principles to any specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements; or (2) any matter that was either the subject of a "disagreement" or a "reportable event" (as described in paragraph (a)(1)(v) of Item 304 of Regulation S-K). About Infinite Group Headquartered in Pittsford, New York, Infinite Group, Inc. is a developer of cybersecurity software and related cybersecurity consulting, advisory, and managed information security services. The Company principally sells software and services through indirect channels such as Managed Service Providers, Managed Security Services Providers, agents and distributors and government contractors, whom the Company refers to collectively as its channel partners. As of December 31, 2024, the Company had $1.5 million in total assets, $11.7 million in total liabilities, and $10.2 million in total stockholders' deficiency. Rochester, New York-based Freed Maxick P.C., the Company's auditor since at least 1995, issued a "going concern" qualification in its report dated October 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, has negative working capital, and has total liabilities in excess of its total assets. This raises substantial doubt about the Company's ability to continue as a going concern. INNOVATIVE PLUMBING: Hires Bush Law Firm LLC as Counsel ------------------------------------------------------- Innovative Plumbing Concepts, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to employ The Bush Law Firm, LLC as counsel. The firm will provide these services: a. advise 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. prepare and file 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. represent the Debtor-in-Possession at the hearings in this matter; d. prepare and file status reports and the plan; e. defend challenges to the automatic stay set forth within 11 U.S.C. Sec. 362(a); and f. provide such other legal services and preparing or filing such other documents as may be necessary for Debtor-in-Possession to carry out its duties and functions in this case. The firm will be paid at these rates: Attorney $350 per hour Paralegal $50 per hour The firm received a retainer in the amount of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Anthony B. Bush. Esq., a partner at Bush Law Firm, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: 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 Email: abush@bushlegalfirm.com About Innovative Plumbing Concepts, LLC Innovative Plumbing Concepts, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Ala. Case No. 25-81461) on Nov. 17, 2025. The Debtor hires The Bush Law Firm, LLC as counsel. INSIGHT ENTERPRISES: S&P Affirms 'BB+' ICR Despite Rising Leverage ------------------------------------------------------------------ S&P Global Ratings affirmed its issuer credit rating of 'BB+' and the stable outlook on U.S.-based IT solutions and digital transformation services provider Insight Enterprises Inc. S&P also affirmed its 'BB+' issue-level and '3' recovery ratings on its senior unsecured notes. The stable outlook reflects its base case expectations of deleveraging in 2026 towards the mid 2x area. Insight recently lowered its full-year 2025 financial expectations based on sluggish enterprise IT spend. The company also closed on two tuck-in acquisitions, financed by draws on its asset-based lending (ABL) revolving credit facility. S&P said, "As a result, we expect its S&P Global Ratings-adjusted leverage to rise to 2.8x by the end of 2025. We expect deleveraging in 2026 from a combination of organic earnings expansion and inorganic contributions from recent acquisitions. "Insight has experienced growth challenges in 2025, but we expect modest deleveraging in 2026. We forecast revenue will decline about 5% during 2025 as the company navigates through a challenging enterprise IT spending environment, partner program changes with Google and Microsoft, and continued migration to cloud solutions from on-premise software sales. Excluding the accounting impacts on revenue, we expect gross profit to decline 2%, which incorporates the netted down revenue change due to the impact of ASC 606. "We envision growth challenges will continue with its large enterprise and corporate customers (68% of revenue for the nine months ended September 2025). This segment experienced a 9% revenue decline during this period. Large enterprises remain cautious on spending on major IT purchases given macroeconomic uncertainties, AI spending crowding out other areas of IT budgets, and tariff pressures. "Insight's commercial customers (20% of revenue) represented an 8% revenue increase year to date for the third quarter--we expect this to slow into 2026 as many commercial customers are close to completing their IT refresh cycles. We note that while public sector customer (12% of revenue) revenue declined year to date in the low-teen percent area, most of this is driven by the netted down revenue impact, and gross profit in this segment is up. Insight has low revenue exposure to the federal government, so we expect impacts from the recent U.S. government shutdown and cost pressures to be minimal." The company's cloud gross profits (approximately a quarter of total gross profit) grew a healthy 7% year over year during the third quarter. Excluding the impact of partner program changes (the majority of which will taper off after the fourth quarter), the underlying cloud gross profit grew in the high-teen percent area, and management indicated that level of growth should continue into next year. S&P notes cloud migration and efficiencies remain top of mind for many of Insight's customers, and the company has platform expertise with all three of the major cloud hyperscalers (Amazon Web Services, Microsoft Azure, and Google Cloud Platform). S&P said, "We forecast 2026 ending leverage at 2.6x – from 2.8x in 2025 – as the company maintains a similar EBITDA margin while growing revenue about 3%. The company will benefit from a full year of acquisitions, potentially adding $22 million of EBITDA. The company's base enterprise business should also experience low single digit percentage growth as companies make non-discretionary technology investment spend. We model increased cash usage for share repurchases to about $320 million while the company maintains a cash balance around $250 million. At this leverage level the company has adequate ratings cushion to pursue further tuck in acquisitions." Acquisitions and the cash repayment of equity-linked instruments contributed to the leverage rise in 2025. The fragmented characteristics of the IT services industry are conducive to consolidation and acquiring smaller regional players to improve service capabilities in key growth areas. The size and valuation of acquisitions can vary significantly. In the fourth quarter, the company announced two acquisitions for $297 million ($443 million including potential future earnout payments). S&P said, "The upfront acquisition payments represent almost all the free operating cash flow we expect it to generate in 2025. We expect Insight to continue focusing on service acquisitions to improve its differentiation against peers and its margin profile--gross margins of its service business are in the low-60% area versus hardware in the low-teen percent area and software in the mid-single-digit percent area. Its latest acquisitions of Inspire11 and Sekuro provide the company with AI and cybersecurity expertise, respectively. We also note that acquisitions may not hit initial growth targets – for example, SADA (a 2024 acquisition) has meaningfully underperformed its growth targets. Despite five acquisitions incorporated into Insight's 2025 results (three of which have a full year of contribution after being acquired in 2024), our S&P adjusted annual EBITDA is only projected to increase $12 million year-over-year." Also after $481 million of acquisition spend in 2023, S&P adjusted EBITDA was flat in 2024 year over year. Services acquisitions are typically leveraging and come with high valuations, often between 10x-15x of acquired EBITDA. The company financed its two recent acquisitions from its ABL. S&P said, "We expect it to end the year with about $795 million drawn against the $1.8 billion facility. This represents a sizable borrowing compared with the $39 million the company drew as of the end of December 2024. In addition, Insight also utilized the ABL to fund the majority of its $333 million convertible notes and pay $220 million in cash warrant settlements. As a result, we forecast S&P Global Ratings-adjusted leverage in the high 2x area over the next few quarters." Insight will likely have a new CEO in place by the first quarter of 2026. S&P said, "We will monitor any changes in capital allocation that could stem from the new CEO. We note that capital allocation priorities that deemphasize ABL repayment for larger than anticipated share repurchases or acquisitions could pressure the ratings downward should leverage elevate over 3x." Insight has made good progress in its EBITDA margin expansion. Over the past few years, the company has emphasized profitability by focusing on high-margin services such as in hybrid cloud, cyber, data, and AI, among others. Its S&P Global Ratings-adjusted EBITDA margins improved to our expectation of 6.7% in 2025 from 5% in 2022. The company also continues to pay transformation and severance/restructuring expenses (totaling $49 million for the September 2025 last-12-month period), which lowers S&P's measure of its EBITDA margin but could simplify its operating costs longer term. The company experienced some gross margin headwinds in 2025 in its hardware and software segments (about 30 basis points in each) as customers are becoming incrementally more price sensitive. S&P believes it will cut selling, general, and administrative (SG&A) expenses to offset gross margin pressures such that EBITDA margins continue to grow modestly in 2026. S&P said, "The stable outlook reflects our expectation that Insight will end 2025 with S&P Global Ratings-adjusted leverage of 2.8x. We expect leverage to be reduced to 2.6x by the end of 2026 after modeling 3% revenue growth and stable EBITDA margin trends. "We could lower our rating on Insight if aggressive financial policies (such as elevated share repurchases or continued tuck-in acquisitions with limited near-term EBITDA contributions) or continued EBITDA underperformance results in leverage greater than 3x. "Although not expected over the next 12 months, we could raise our rating on Insight if it adopts a more-conservative financial policy such that we believe it is committed to maintaining an investment-grade rating. This could occur if we believed the company has strengthened its competitive position relative to those of its peers and vendors, which would likely require it to establish a track record of above- industry-average growth, sustained market share gains, and material margin improvement; or if we believe it could absorb an operating decline and pursue its acquisition and shareholder-return objectives while maintaining leverage of below 1.5x." INTERNATIONAL LAND: Widens Net Loss to $2.2MM in 2025 Q3 -------------------------------------------------------- International Land Alliance, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2.2 million for the three months ended September 30, 2025, compared to a net loss of $251,598 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $5.1 million, compared to a net income of $3.5 million for the same period in 2024. Net revenues and lease income for the three months ended September 30, 2025 and 2024, were $554,553 and $1.3 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had net revenues and lease income of $1.9 million and $7.1 million, respectively. As of September 30, 2025, the Company had $30.9 million in total assets, $18.7 million in total liabilities, and $11.9 million in total stockholders' equity. Management evaluated all relevant conditions and events that are reasonably known or reasonably knowable, in the aggregate, as of the date the consolidated financial statements were available to be issued and determined that substantial doubt exists about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent on the Company's ability to generate revenues and raise capital. The Company has faced significant liquidity shortages. As of September 30, 2025, the Company's current liabilities exceeded its current assets by approximately $14.3 million. The Company has recorded a net loss of $5.1 million for the nine months ended September 30, 2025, and has an accumulated deficit of approximately $29.3 million as of September 30, 2025. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company continues to raise additional capital through the issuance of debt instruments and equity to fund its ongoing operations, which may have the effect of potentially diluting the holdings of existing shareholders. Management anticipates that the Company's capital resources will significantly improve if its plots of land gain wider market recognition and acceptance resulting in increased plot sales and house construction. If the Company is not successful with its marketing efforts to increase sales, the Company will continue to experience a shortfall in cash, and it will be necessary to obtain funds through equity or debt financing in sufficient amounts or to further reduce its operating expenses in a manner to avoid the need to curtail its future operations subsequent to September 30, 2025. The direct impact of these conditions is not fully known. However, there can be no assurance that the Company would be able to secure additional funds if needed and that if such funds were available on commercially reasonable terms or in the necessary amounts, and whether the terms or conditions would be acceptable to the Company. In such a case, the reduction in operating expenses might need to be substantial in order for the Company to generate positive cash flow to sustain the operations of the Company. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4jb5a3ce About International Land Alliance San Diego, Calif.-based International Land Alliance, Inc. was incorporated under the laws of the State of Wyoming on September 26, 2013. The Company is a residential land development company with target properties located in the Baja California, Northern region of Mexico and Southern California. The Company's principal activities are purchasing properties, obtaining zoning and other entitlements required to subdivide the properties into residential and commercial building plots, securing financing for the purchase of the plots, improving the properties' infrastructure and amenities, and selling the plots to homebuyers, retirees, investors, and commercial developers. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 21, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $30.6 million in total assets, $17.3 million in total liabilities, and $12.7 million in total equity. JACKS DONUTS: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------- Monica Kindt, Acting U.S. Trustee for Region 10, appointed an official committee to represent unsecured creditors in the jointly administered Chapter 11 cases of Jacks Donuts of Indiana Commissary, LLC, Marcum Industries, LLC and KLC Group, Inc. The committee members are: 1. Crider Investments Inc. c/o Sebastion G.J. Crider 214 S. Main St. New Castle, IN 47362 765-529-2100 bcrider@hcclaw.com 2. Gardner, Rodgers & Associates c/o Gary L. Rodgers 301 S. 17th St. New Castle, IN 47362 765-529-4120 gra@gardnerrodgers.com The bankruptcy watchdog appointed Mr. Crider to serve as committee chair. Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Jacks Donuts of Indiana Commissary Jacks Donuts of Indiana Commissary LLC operates a food production and distribution facility in New Castle, Indiana, serving as the central commissary for Jack's Donuts franchise locations. The company manufactures and supplies doughnuts and related baked goods to retail stores across Indiana and neighboring states. It functions as part of the Jack's Donuts franchise network, supporting consistency in product quality and distribution efficiency for its affiliated outlets. Jacks Donuts of Indiana Commissary LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06610) on October 29, 2025, listing total assets of $1,429,958 and total liabilities of $14,191,389. The case is jointly administered with the Chapter 11 cases of Marcum Industries, LLC and KLC Group, Inc. under Case No. 25-06610. The Debtors are represented by Jeffrey Hester, Esq., at Hester Baker Krebs, LLC. JAGUAR HEALTH: Amends Royalty Agreements & Extends Note Maturity ---------------------------------------------------------------- Jaguar Health, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 17, 2025, the Company entered into amendments to: (i) the royalty interest in the original principal amount of $12 million (the October 2020 Royalty Interest) with Iliad Research and Trading, L.P., as amended, (ii) the royalty interest in the original principal amount of $12 million (the December 2020 Royalty Interest) with Uptown Capital, LLC (f/k/a Irving Park Capital, LLC), as amended, and (iii) the royalty interest in the original principal amount of $12 million (the August 2022 Royalty Interest) with Streeterville Capital, LLC, pursuant to which, beginning on April 1, 2026, the monthly Royalty Payment under each of the Royalty Interests shall be the greater of: (a) $750,000.00, and (b) the actual Royalty Payment amount the respective Investor is entitled to for such month pursuant to the terms of such Royalty Interest. Full text copies of the Royalty Interest Global Amendments are available at https://tinyurl.com/y7tcvm4p, https://tinyurl.com/2w8a3mw7, and https://tinyurl.com/mr2tw9r2. Note Amendment: Additionally, on November 17, 2025, the Company and Napo Pharmaceuticals, Inc., the Company's wholly-owned subsidiary, entered into an amendment with Streeterville to the secured promissory note in the original principal amount of $6,220,812.50 issued by Borrower to Streeterville on January 19, 2021 pursuant to that certain Note Purchase Agreement among the same parties dated as of the even date. Pursuant to the Note Amendment No. 2, the maturity date of the Note is extended to April 1, 2026. A full-text copy of the Note Amendment is available at https://tinyurl.com/3skvw37k Exchange Transaction: On June 27, 2025, the Company sold and issued to Streeterville an aggregate of 90 shares of Series M Perpetual Preferred Stock in a privately negotiated exchange agreement. On November 17, 2025, the Company entered into a privately negotiated exchange agreement with Streeterville, pursuant to which the Company issued an aggregate of 361,271 shares of the Company's common stock, par value $0.0001 to Streeterville in exchange for 25 outstanding shares of Series M Preferred Stock held by Streeterville. Upon completion of such exchange transaction, the Exchanged Preferred Shares were cancelled and retired. The Exchange Agreement includes representations, warranties, and covenants customary for a transaction of this type. A full-text copy of the Exchange Agreement is available at https://tinyurl.com/446nwz79 About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health/-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. Larkspur, California-based RBSM, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $346.5 million as of December 31, 2024. As of June 30, 2025, the Company had $48.3 million in total assets, $41.4 million in total liabilities, $6.9 million in total stockholders' equity. JAMES MILLER: Seeks Cash Collateral Access ------------------------------------------ James Miller Construction, Inc. asks the U.S. Bankruptcy Court for the Western District of Washington for authority to use cash collateral and provide adequate protection. The Debtor needs to use cash collateral to fund ongoing operational expenses, including payroll and owner draws, as detailed in its budget. The Debtor proposes to use cash collateral from the petition date through March 2026, or until the effective date of a confirmed plan, with flexibility to exceed the budgeted amounts by up to 15% with creditor consent or further court approval. The Debtor identified five active UCC-1 filings against its assets, with the U.S. Small Business Administration holding the first-position lien on accounts receivable and proceeds, totaling approximately $1,123,331.31. As of the petition date, the Debtor's deposit accounts held $53,310 and accounts receivable approximately $34,000, giving an estimated total cash collateral of $87,310. In exchange for using cash collateral, the Debtor proposes to grant post-petition replacement liens to the secured creditor on post-petition cash, accounts receivable, and proceeds, preserving the creditor's interest to the extent cash collateral is used. The Debtor also reserves the right to challenge the validity, priority, or extent of the Secured Creditor's liens. A copy of the motion is available at https://urlcurt.com/u?l=sLguwm from PacerMonitor.com. About James Miller Construction Inc. James Miller Construction, Inc sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-13174) on November 9, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Derek Baker, president of James Miller Construction, signed the petition. Judge Timothy W. Dore oversees the case. Jennifer L. Neeleman, Esq., at Neeleman Law Group, P.C., represents the Debtor as legal counsel. JAY4 INC: Seeks Cash Collateral Access -------------------------------------- Jay4, Inc asks the U.S. Bankruptcy Court for the Middle District of Tennessee for authority to use cash collateral to fund operations. In its motion, the Debtor seeks interim and final approval to use cash collateral, subject to a 10% budget variance, and offers protection to U.S. Bank and other secured creditors through replacement liens on its assets. The Debtor's assets include cash accounts, accounts receivable, and inventory that may constitute cash collateral under 11 U.S.C. Section 363(a) of the Bankruptcy Code. U.S. Bank holds a secured claim of approximately $48,500 pursuant to a UCC-1 financing statement filed in 2021, while other secured creditors are largely merchant cash advance lenders whose claims are complex, aggressive, and of uncertain validity or priority. The MCA loans were sought temporarily to address short-term funding gaps beginning in July but the high repayment demands and inflexible terms exacerbated financial strain. Additional MCA offers intensified pressure, creating a situation where ongoing operations were jeopardized despite good-faith efforts to avoid bankruptcy. The Debtor also requests a court order directing any parties holding cash collateral to release the funds, notwithstanding creditor demands, consistent with the automatic stay. A court hearing is scheduled December 9. A copy of the motion is available at https://urlcurt.com/u?l=3M1W41 from PacerMonitor.com. About Jay4, Inc Jay4, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04796) on November 14, 2025, listing up to $500,000 in assets and liabilities. Michael Abelow, Esq., at Sherrard Roe Voigt & Harbison, PLC, serves as Subchapter V trustee. Judge Randal S. Mashburn oversees the case. Michelle L. Spezia, Esq., at Johnson Legal, PLLC, represents the Debtor as legal counsel. JHW PLUMBING: Seeks to Use Cash Collateral ------------------------------------------ JHW Plumbing LLC asks the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral and provide adequate protection. The Debtor explains that the company provides residential and commercial plumbing and HVAC services and must access its cash immediately to avoid operational shutdown. The Debtor identifies its cash collateral as bank deposits totaling roughly $6,120, an escrow balance of $1,800, approximately $65,000 in accounts receivable, and $10,000 in inventory. It asserts that Evolve Bank & Trust is the only fully secured creditor with a first-position UCC filing, holding an approximately $800,000 undersecured claim supported by collateral worth only about $90,410. Other potential secured creditors, including ODK Capital, Specialty Capital, and certain vehicle lenders, may hold subordinate or purchase-money interests. To continue operations, the Debtor seeks Court approval to use cash collateral pursuant to both an Interim Budget covering the first fourteen days and a Monthly Budget through January 2026. As adequate protection, the Debtor proposes granting replacement liens to Evolve on post-petition cash and receivables and paying monthly adequate protection payments to Evolve and the vehicle lenders. The Debtor argues that replacement liens and ongoing payments provide the “indubitable equivalent” of their interests and fully safeguard against collateral depreciation. Finally, the Debtor requests entry of interim and final orders authorizing the use of cash collateral with a 10% variance and granting all other appropriate relief necessary to support continued business operations during the reorganization. A copy of the motion is available at https://urlcurt.com/u?l=n6CrxF from PacerMonitor.com. About JHW Plumbing LLC JHW Plumbing LLC, also known as DeGeorge Plumbing & HVAC, provides plumbing, heating, air-conditioning, water-treatment, and sewer and drain services to residential and commercial customers across Phoenix and surrounding communities including Scottsdale, Tempe, Mesa, Chandler, Gilbert, Glendale, Paradise Valley, Fountain Hills, Arcadia, Anthem, New River, and Cave Creek. The Company operates within the HVAC and plumbing services industry, offering repair, installation, and maintenance work throughout its service area, providing 24/7 service coverage. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11019) on November 17, 2025. In the petition signed by James H. Whitley, member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Ronald J. Ellett, Esq. at ELLETT LAW OFFICES, P.C., represents the Debtor as legal counsel. JL HARRIS: Seeks Chapter 7 Bankruptcy in Illinois ------------------------------------------------- On November 24, 2025, JL Harris Transportation 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. JL Harris Transportation Inc. operates as a freight and logistics carrier, specializing in commercial trucking services for regional and long-distance shipments. About JL Harris Transportation Inc. JL Harris Transportation Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18187) 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 Judge Janet S. Baer handles the case. The Debtor is represented by Michael G. Kelly, Esq. of Kelly & Bracey Law Offices. JRCP RESTAURANTS: Tom Howley Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 7 appointed Tom Howley, Esq., at Howley Law, PLLC as Subchapter V trustee for JRCP Restaurants, LLC. Mr. Howley will be paid an hourly fee of $575 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Howley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tom Howley, Esq. Howley Law, PLLC 711 Louisiana Street, Suite 1850 Houston, TX 77002 Telephone: (713) 333-9120 Email: tom@howley-law.com About JRCP Restaurants LLC JRCP Restaurants, LLC, doing business as Crust Pizza Gosling Pines, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-36931) on November 18, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Eduardo V. Rodriguez presides over the case. Lloyd A. Lim, Esq., at Kean Miller LLP represents the Debtor as legal counsel. JVL COMPANY: Nicole Nigrelli Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Nicole Nigrelli, Esq., at Ciardi, Ciardi & Astin as Subchapter V trustee for JVL Company Corp. Ms. Nigrelli will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Nigrelli declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nicole M. Nigrelli, Esq. Ciardi, Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Phone: (215) 557-3550 ext. 115 Email: nnigrelli@ciardilaw.com About JVL Company Corp. JVL Company Corp. is a construction contractor based in Palmyra, New Jersey, specializing in rough framing and structural building work for residential and commercial projects across New Jersey, Pennsylvania, and Delaware. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-22024) on November 12, 2025, with $349,701 in assets and $1,123,487 in liabilities. Chrystien Santos, authorized representative of the Debtor, signed the petition. Ellen M. McDowell, Esq., at McDowell Law, PC represents the Debtor as bankruptcy counsel. KEESTONE PROPERTIES: No Supply Concerns, PCO Report Says -------------------------------------------------------- Teresa Teeple, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Tennessee her report regarding the quality of patient care provided by Keestone Properties of TN, LLC and its affiliates. The PCO directed District Ombudsman Terri Pickford to increase visit frequency to monitor for any decline in care. She made three visits: two routine and one responding to a resident complaint, which was resolved satisfactorily with facility staff. During the September 5 visit, lunch service began with residents offered a fish sandwich with chips or roast with vegetables and fried okra. Portions were appropriate, no unpleasant odor was noted, and residents appeared well-groomed and in good spirits. On September 24, the PCO observed fall decorations at the entrance. The facility was hosting a continuing education event for nurse practitioners with the local hospital. A kitchen tour showed adequate food supplies and properly stored cleaning materials. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=xCz2QJ from PacerMonitor.com. About Keestone Properties of TN Keestone Properties of TN, LLC, a company in Loretto, Tenn., sought relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-03769) on Sept. 8, 2025, listing $1 million to $10 million in both assets and liabilities. William Keelon, Jr., as member, signed the petition. Judge Charles M Walker oversees the case. Dunham Hildebrand Payne Waldron, PLLC serves as the Debtor's legal counsel. KENNEDY CONSTRUCTION: Gets Extension to Access Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, issued a second interim order allowing Kennedy Construction Groups, LLC to use cash collateral. The second interim order granted the Debtor approval to use funds in which Midwest Regional Bank and other secured creditors assert an interest and to use such funds for necessary expenses listed in its budget, subject to a 10% variance per line item. As adequate protection, secured creditors will be granted replacement liens, maintaining the same priority as their pre-bankruptcy liens. In addition, the order requires the Debtor to maintain insurance on its assets and preserves all parties' rights to later request modified protection or restrictions on cash use. It also keeps open the rights of a creditors' committee, should one be appointed, to challenge any liens. The next hearing is scheduled for December 11. Kennedy estimates that the collective claims of secured creditors are secured by $304,646.08 in assets consisting of $19,657.20 in cash and $284,988.88 in accounts receivables. Midwest asserts $1.19 million in secured claim. Midwest is represented by: Zina Gabsi, Esq. McGlinchey Stafford 201 East Kennedy Blvd. Suite 1200 Tampa, FL 33602 Phone: (656) 228-0300 Fax: (656) 206-3002 zgabsi@mcglinchey.com dbeauchamp@mcglinchey.com About Kennedy Construction Groups LLC Kennedy Construction Groups, LLC, operating as Kennedy Roofing, provides residential and commercial roofing, gutter, window, and carpentry services in Florida. Kennedy Construction Groups sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07452) on October 9, 2025. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Judge Roberta A. Colton oversees the case. Ford & Semach, P.A. serves as the Debtor's legal counsel. KLEOPATRA FINCO: U.S. Trustee Disbands Creditors Committee ---------------------------------------------------------- The U.S. Trustee for Region 7 disclosed in a court filing the disbandment of the official committee of unsecured creditors appointed in the Chapter 11 case of Kleopatra Finco, S.a.r.l. The disbandment follows the resignation of the two remaining members of the committee. About Kleopatra Finco and Klockner Klockner is a global manufacturer of packaging for companies all around the world. Klockner's trays and films are used to preserve meats, cheese, fish, and other perishable products in grocery stores. Its clear plastic shell packaging is used to protect individually packaged pills. Klockner's durable films are used in the manufacturing of credit cards, and Klockner's labels are on everything from laundry detergent containers to craft beer cans to spice containers. Kleopatra Finco S.a r.l., is a private limited company incorporated under the laws of Luxembourg. Finco is the financing arm of Klockner. Kleopatra Finco S.a r.l. and 24 affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90642) on Nov. 4, 2025, before the Hon. Christopher M. Lopez. The Debtors listed $1 billion to $10 billion in estimated assets and liabilities. The debtors sought Chapter 11 protection after entering into a Restructuring Support Agreement with an ad hoc group of lenders. A Chapter 11 plan was filed together with the petition. Kirkland & Ellis LLP serves as counsel to the Debtors. Porter Hedges LLP serves as local counsel. PJT Partners is the investment banker and Alvarez & Marsal is the restructuring advisor. Stretto, Inc. is the claims and noticing agent and Ernst & Young LLP is the tax advisor. Coface Finanz Gmbh is represented by: Jennifer Joyce Kellner, Esq. Mayer Brown LLP 1221 Avenue of the Americas New York, NY 10020 Tel: (212)506-2500 jkellner@mayerbrown.com FactoFrance is represented by: Robert E. Richards Dentons US LLP 233 S. Wacker Drive, Suite 5900 Chicago. Illinois 60606-6404 Telephone: (312) 876-8000 robert.richards@dentons.com LANDMARK RECOVERY: No Patient Care Concern, 1st PCO Report Says --------------------------------------------------------------- Suzanne Koenig, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Tennessee her first report regarding the quality of patient care provided by Landmark Recovery of Colorado, LLC and affiliates. On October 15, the PCO representatives made an initial unannounced visit to Spring Grove Recovery Center facility. The chief executive officer reports that satisfaction with the quality and quantity of the food being served has been excellent. The overall impression of the facility is that it provides a clean, safe, and secure therapeutic environment for patients seeking recovery support. Staff are engaging and extremely supportive and protective of client confidentiality. The PCO representatives made an unannounced visit to Sheridan Grove Recovery of Colorado Springs facility on October 16. The PCO observed that the medication room at A Building was clean and organized. Staff report having access to medications needed to provide safe effective patient care. The fire riser closet is clean and well-maintained, and the current inspection is posted. The PCO interviewed the two NPs that were on-site at the time of visit. They reported that they care for underserved patients who typically have a lack of primary and preventative care. Because Sheridan Grove Recovery is a safety-net facility, they state that insurance verification can be a challenge at times. They described the nursing admission process as efficient, and they are collaborating with nursing to further streamline the intake process. On October 22, the PCO representatives made an initial unannounced visit to Hickory Grove Recovery Center facility. The PCO reported that the kitchen was clean, organized and in good condition. Staff were welcoming and engaging. It was reported that there are no issues with the vendor and that there are great relationships between the staff at the facility and the Pharmacy. The PCO did not observe any significant concerns during this report period (September 19 to November 18). The PCO will submit her next report within sixty days and will inform the Court if there are any critical concerns discovered prior to that time, as necessary. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=3soo6Y from PacerMonitor.com. About Landmark Recovery of Colorado Landmark Recovery of Colorado LLC, formerly Landmark Recovery of Colorado Springs and doing business as Praxis of Colorado Springs by Landmark Recovery and Sheridan Grove Recovery, operates addiction treatment centers across multiple U.S. states, providing medical detox, residential, and outpatient rehabilitation services for substance use disorders. Its facilities, some branded under "Praxis by Landmark Recovery," offer individualized treatment plans incorporating therapy, medication-assisted treatment, and clinical support. Landmark Recovery's operations span locations in Arkansas, Colorado, Indiana, Kentucky, and Ohio, serving patients through evidence-based addiction care programs. Landmark Recovery of Colorado and Landmark Recovery of Arkansas sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Lead Case No. 25-03452) on August 20, 2025. In its petition, Landmark Recovery of Colorado reported total assets of $7,375,347 and total liabilities of $1,841,854 while Landmark Recovery of Arkansas reported between $1 million and $10 million in assets and up to $50,000 in liabilities. Honorable Bankruptcy Judge Randal S. Mashburn handles the case. The Debtors are represented by Michael G. Abelow, Esq., at Sherrard Roe Voigt & Harbison, PLC. Suzanne A. Koenig is the patient care ombudsman appointed in the Debtors' cases. LORDON ENTERPRISES: Court OKs Deal on Cash Collateral Access ------------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, approved a stipulation allowing Lordon Enterprises, Inc. to use the cash collateral of its secured creditors. Under the stipulation, the Debtor is authorized to use the cash collateral of Golf Projects Lindero, Inc. and Sunwest Bank through December 5 to pay the expenses set forth in its budget, subject to a 15% aggregate variance. The stipulation defines cash collateral as all funds in the Debtor's Sunwest accounts on the petition date, including any funds Sunwest had suspended or set aside because of GPL's levy. Sunwest agrees to release these suspended funds to the Debtor's new debtor-in-possession accounts at California Bank of Commerce, where they will be used solely under the stipulation and related court orders. Sunwest is prohibited from offsetting these funds against pre-bankruptcy overdrafts or other obligations, though it preserves all rights to later assert those claims. As adequate protection, GPL and Sunwest will be granted replacement liens on post-petition assets of the same type and priority as any pre-bankruptcy interests they may have held, limited to the amount of any decline in collateral value. These replacement liens expressly exclude avoidance actions and their proceeds. If the replacement liens ultimately prove insufficient, GPL and Sunwest will also receive a superpriority administrative claim pari passu only with U.S. Trustee fees and likewise not payable from avoidance recoveries. The stipulation imposes a negative pledge, preventing the Debtor from granting new liens on cash collateral or replacement lien collateral without court approval. It also bars use of cash collateral to compensate insiders unless all Bankruptcy Code and local rule requirements are met. The Debtor filed for Chapter 11 on November 3 after GPL obtained a default judgment exceeding $14 million and levied the Debtor's Sunwest deposit accounts on October 27. GPL claims that the levy created an execution lien on those accounts while Sunwest independently asserts a perfected security interest in the same accounts under the deposit agreement and relevant provisions of the California Commercial Code. The Debtor disputes GPL's execution lien as an avoidable preference under section 547 and had been seeking post-judgment relief and pursuing settlement discussions when the bankruptcy intervened. A copy of the stipulation is available at https://urlcurt.com/u?l=mRORBj from PacerMonitor.com. Sunwest is represented by: Robert S. McWhorter, Esq. Buchalter A Professional Corporation 500 Capitol Mall, Suite 1900 Sacramento, CA 95814 Tel: (916) 945-5170 Facsimile: (916) 930-0151 rmcwhorter@buchalter.com Golf Projects is represented by: Steven T. Gubner, Esq. Jessica Bagdanov, Esq. BG Law, LLP 21650 Oxnard Street, Suite 500 Woodland Hills, CA 91367 Telephone: (818) 827-9000 Fax: (818) 827-9099 sgubner@bg.law jbagdanov@bg.law About Lordon Enterprises Inc. Lordon Enterprises, Inc. provides specialized services to the real estate industry, including property management, appraisal, listing, escrow, and consulting services. Lordon Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19832) on November 3, 2025. In the petition signed by Donald J. Melching, chief executive officer, the Debtor disclosed up to $1 million in assets and up to $50 million in liabilities. Judge Barry Russell oversees the case. Misty Perry Isaacson, Esq., at Salvato Boufadel, LLP represents the Debtor as legal counsel. LUGANO DIAMONDS: U.S. Trustee Appoints Creditors' Committee ----------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Lugano Diamonds & Jewelry Inc. and its affiliates. The committee members are: 1. Royalty T Diamonds Group Ltd. Attn: David Patish c/o Ali Mojdehi and Allison Rego Mojdehi Galvin Rego LLP 2550 Fifth Avenue, Suite 910 San Diego, CA 92103 Phone: 619-549-4000 ali.mojdehi@mgr-legal.com Allison.rego@mgr-legal.com 2. NBS Diamonds Inc. (dba Scarselli Diamonds) Attn: Davide Scarselli c/o Sharon Z. Weiss Bryan Cave Leighton Paisner LLP 120 Broadway, Suite 330 Santa Monica, CA 90401 ' Phone: 310-576 2276 Sharon.weiss@bclplaw.com 3. Ponte Gadea Chicago, LLC Attn: Alina Toyos 200 S. Biscayne Blvd., Suite 3250 Miami, FL 33131 Phone: 305-373-9559 Email: Legalpgusa@pontegadea.com 4. The Irvine Company Attn: John Bejjani c/o Nahal Zarnighian Ballard Spahr LLP 2029 Century Park East, Suite 1400 Los Angeles, CA 90067 Phone 424-204-4360 zarnighiann@ballardspahr.com 5. William Scott Simon Attn: William Scott Simon Phone: 949-500-3686 wss.sfo@gmail.com 6. Barry Aronoff c/o Lance Jurich, Esq. Loeb & Loeb LLP 10100 Santa Monica Blvd., Suite 2200 Los Angeles, CA 90067 Phone: 310-282-2000 ljurich@loeb.com 7. Avina LLC/Global Innovations LLC c/o Robert J. Dehney and Matthew B. Harvey Morris, Nichols, Arsht & Tunnell LLP 1201 North Market Street P.O. Box 1347 Wilmington, DE 19899 Phone: 302-351-9353 rdehney@morrisnichols.com mharvey@morrisnichols.com 8. Adam Rothstein c/o Colin Robinson and Kim Brown Landis Rath & Cobb LLP 919 Market Street, Suite 1800 Wilmington, DE 19899 Phone: 302-467-4417 robinson@lrclaw.com brown@lrclaw.com 9. Kristoffer Winters c/o Steven Katzman Bienert Katzman Littrell Williams LLP 903 Calle Amanecer, Suite 350 San Clemente, CA 92673 Phone: 949-369-3700 skatzman@bkwlaw.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Lugano Diamonds & Jewelry Inc. Lugano Diamonds & Jewelry Inc. designs jewelry. The Company offers rings, bracelets, earrings, and chain. Lugano Diamonds & Jewelry serves customers in the State of California. Lugano Diamonds & Jewelry Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12055) on November 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. The affiliates that filed for Chapter 11 separately include Lugano Buyer Inc. (Case No. 25-12052), K.L.D. Jewelry LLC (Case No. 25-12053),Lugano Prive LLC (Case No. 25-12054), and Lugano Prive LLC (Case No. 25-12056). The Debtor is represented by Timothy R. Powell, Esq. and Edmon L. Morton, Esq. of Young Conaway Stargatt & Taylor, LLP. Squire Patton Boggs (US) LLP serves as counsel to the DIP Lender and Prepetition Lender. Polsinelli PC, is the Delaware counsel to the DIP Lender and Prepetition Lender, and Ankura Consulting Group, LLC, are the financial advisors. MACHIKO MANAGEMENT: Taps Shaw & Hanover PC as General Counsel ------------------------------------------------------------- Machiko Management, LLC seeks approval from the U.S. Bankruptcy Court Central District of California to hire Summer Shaw, Esq. of Shaw & Hanover PC to serve as general counsel in its Chapter 11 case. Ms. Shaw will provide these services: (a) represent the Debtor as general counsel in its Chapter 11 proceeding; (b) provide legal advice regarding the Debtor’s duties and responsibilities as debtor-in-possession; (c) prepare and file motions, applications, schedules, statements, reports, and other documents required during the case; and (d) assist with the administration of the estate and carry out all other legal services necessary to navigate the Chapter 11 process. The Firm's current hourly billing rates are as follows: -- Summer Shaw, Attorney $595 -- Alina Mamlyuk, Associate Attorney $495 -- Teresa Stone, Paralegal $195 -- Kyla Rist, Administrative Assistant $75 Ms. Shaw is a disinterested person within the meaning of the Bankruptcy Code. The firm can be reached at: Summer Shaw, Esq. SHAW & HANOVER PC 44-901 Village Court, Suite B Palm Desert, CA 92260 Telephone: (760) 610-0000 Facsimile: (760) 687-2800 E-mail: ss@shaw.law About Machiko Management LLC Machiko Management LLC, based in Temecula, California, provides administrative and office management services. Machiko Management LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-16853) on September 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Judge Magdalena Reyes Bordeaux oversees the case. The Debtor is represented by Summer Shaw, Esq. of SHAW & HANOVER, PC. MARELLI AUTOMOTIVE: Taps Brian Worrell as Financial Consultant -------------------------------------------------------------- Marelli Automotive Lighting USA LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ financial professional Brian Worrell as senior financial consultant. Mr. Worrell will provide these services: (a) Active Liquidity & Cash Preservation. Implement daily cash positioning and disbursement control; optimize working-capital levers (collections cadence, terms management, AP calendar, inventory actions), gate nonessential capex/opex, and recommend immediate cash-preserving measures. Issue a daily dashboard to CFO/CEO. (b) 13-Week Cash Forecast & Reporting. Produce and maintain a weekly, accurate direct cash flow forecast reconcilable to an indirect view (EBITDA-to-cash). Provide: (a) week-over-week variance bridge; (b) a clearly labelled risks & opportunities log showing which items are/are not included; (c) liquidity runway analysis against DIP requirements and critical vendor needs. (c) Procurement & Commercial Support. Provide procurement and commercial teams with finance-grade inputs (e.g., customer- and programme-level profitability, plant-level saturation and profitability) for vendor/customer negotiations. (d) Vendor and OEM Negotiations. Assist with formulating negotiating strategies with vendors and OEMs. Rapidly and accurately reflect negotiated outcomes in the 13-week forecast and variance analysis. (e) Trapped Liquidity & Tax Remediation (Brazil/China focus). Map legal-entity cash, restrictions, and tax positions; design and execute practical release plans (intercompany settlements, cash pooling alternatives, tax credit/refund acceleration, FX/admin approvals), and reflect timing/probability in the forecast. (f) Capital Allocation. Ensure highly profitable and cash-generative businesses (e.g. Aftermarket) are adequately capitalized to deliver plan: set funding priorities, propose temporary ring-fencing where appropriate, and tie allocations to cash conversion/KPI attainment. (g) 2026 Cash Flow Forecast. Establish a weekly and/or monthly indirect (EBITDA-to-cash) forecast through FY2026 with clear P&L and CFS drivers, sensitivities (base/downside/upside), and consistency with the 13-week model and DIP/exit financing assumptions. (h) Five-Year Plan. Act as the CEO and CFO's business partner to quarterback the integrated five-year plan: revenue/margin build, footprint and capex, working capital intensity, tax/leverage profile, and reconciliation to liquidity and covenant capacity. (i) Exit Financing. With the support of Company and the Ad Hoc Group, together with CEO and Company advisors, lead day-to-day execution of exit financing: data room readiness, diligence Q&A, liquidity modeling and sensitivity cases, term sheet/process management, rating/marketing support, tax efficient structuring of financing and alignment with the Chapter 11 plan timeline. (j) DIP & Emergency Facility Administration. Coordinate all legal/administrative processes: borrowing notices, budget/variance certifications, covenant and milestone tracking, permitted payments, collateral/borrowing-base (if applicable), payment of required fees and expenses, and lender communications—coordinating closely with counsel and the Company's advisors. (k) Team Standards & Talent. Define cadence (daily cash, weekly liquidity pack, monthly forecast roll), establish KPIs, coach and develop strong talent, and help CFO strengthen finance team including making personnel recommendations and recommending hiring interim reinforcements as necessary. (l) Restructuring to execute new division mapping and legal entity structures. Support the diagnostic of perimeter mapping and tax efficient design of divisional/legal entity structure under the new holding stack, including analysis of future cash repatriation and optimize tax leakage on future divestments. Mr. Worrell will receive a fixed fee of £180,000 per month, plus a discretionary fee of £1,000,000, and reimbursement of reasonable and documented expenses. According to the filings, Mr. Worrell is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. About Marelli Automotive Lighting USA Marelli Automotive Lighting USA, LLC is a global automotive parts supplier based in Saitama, Japan. The company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Marelli and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11. 2025. In its petition, Marelli reported between $1 billion and $10 billion in assets and liabilities. Judge Craig T. Goldblatt handles the cases. The Debtors are represented by Kirkland & Ellis LLP, Kirkland & Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP. Alvarez & Marsal North America, LLC is the Debtors' restructuring advisor. PJT Partners Inc. is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' notice and claims 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 Paul Hastings, LLP and Morris James, LLP as legal counsel and FTI Consulting, Inc. as its financial advisor. MAXIMIZED RESTORATION: Seeks Chapter 7 Bankruptcy in Illinois ------------------------------------------------------------- On November 14, 2025, Maximized Restoration 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 Maximized Restoration LLC Maximized Restoration LLC provides professional restoration and disaster-recovery services to clients requiring water, fire, mold, and structural remediation. Its business centers on responding to property damage incidents, performing cleanup work, and executing repair and reconstruction tasks for homes, commercial facilities, and managed properties. Maximized Restoration LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-17668) on November 14, 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 David D. Cleary handles the case. The Debtor is represented by Paul O. Otubusin, Esq. of Otubusin & Assoc. MCCALLSON TAX: Seeks Chapter 11 Bankruptcy in Kansas ---------------------------------------------------- On November 24, 2025, McCallson Tax & Accounting LLC sought Chapter 11 protection in the District of Kansas. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About McCallson Tax & Accounting LLC McCallson Tax & Accounting is a Kansas‑based accounting firm located at 206 NW 15th St, Abilene, KS. The firm specializes in delivering tax preparation, bookkeeping, and accounting services to individuals and small businesses. McCallson Tax & Accounting LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21728) on November 24, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. Honorable Chief Judge Dale L. Somers handles the case. The Debtor is represented by Colin N. Gotham, Esq. of Evans & Mullinix, P.A. MCHUGH JUNK: Seeks Chapter 11 Bankruptcy in Massachusetts --------------------------------------------------------- On November 24, 2025, McHugh Junk Removal Inc. filed for Chapter 11 protection in the District of Massachusetts. According to court filings, the Debtor reports between $100,001–$1,000,000 in debt owed to 1–49 creditors. About McHugh Junk Removal Inc. McHugh Junk Removal Inc. provides junk-removal, hauling, and cleanup services for residential properties, rental units, construction sites, and commercial facilities. Its service portfolio includes appliance and furniture removal, yard-waste hauling, post-renovation debris cleanup, and full-property cleanouts. McHugh Junk Removal Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass., Case No. 25-41270) on November 24, 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 Chief Judge Elizabeth D. Katz handles the case. The Debtor is represented by Louis S. Robin, Esq. of the Law Offices of Louis S. Robin. MEDLINE BORROWER: S&P Affirms 'BB-' ICR, On CreditWatch Positive ---------------------------------------------------------------- S&P Global Ratings affirmed all its ratings on Medline Borrower L.P., including the 'BB-' issuer credit rating. All ratings remain on CreditWatch with positive implications. S&P plans to resolve the CreditWatch placement when the IPO transaction is executed, and it can assess the company's ownership structure, financial policy, and leverage levels as a public company. On Nov. 4, 2025, Medline filed a public amended form S-1 with regulators to pursue an IPO of its common stock. While considerable uncertainty remains around the timing and size of the potential offering, S&P believes the company remains committed to pursuing the IPO. The company's revenue growth and cash flow also remain strong, leading to continued deleveraging. The public S-1 filing indicates Medline may be getting closer to launching its IPO. S&P said, "While 2025 has been a tumultuous year in the public markets, we believe the company's public S-1 filing indicates that a potential IPO remains likely in the near term. We also believe Medline continues to prioritize deleveraging, given its continued pursuit of the IPO. In the meantime, leverage has declined to about 5x as of the last-12-months ended Sept. 30, 2025, in line with our expectations, and we believe leverage will decline well below 5x in 2026 due to continued strong growth and improved profitability. While the company has not confirmed the size of the initial offering, it has been reported to be around $5 billion, which would result in leverage declining to the low-3x area in 2026." An investment-grade rating is unlikely unless the company's financial sponsors reduce their ownership below 40%. S&P said, "If the IPO is successful, we would evaluate the company's leverage and financial policy as a public company. We would also evaluate whether its financial-sponsor owners retain significant ownership, what their plans are to monetize that ownership, and whether we would continue to view it as a controlled entity (typically associated with over 40% voting control). If the company proceeds with an IPO around the reported $5 billion size, the sponsor's could retain control, precluding an investment-grade rating, unless we believe the financial sponsor will relinquish control in the medium term. An investment-grade rating would also be dependent on an expectation that the company will operate with a conservative financial policy as a public company and leverage will remain below 3x going forward." The CreditWatch reflects the uncertainty of the potential IPO as well as the lack of information around potential leverage, ownership control, and financial policy as a public company. S&P said, "If the IPO is executed, we expect it would likely result in a one to two notch upgrade of Medline depending on the company's leverage and stated financial policy. It is unlikely that we would raise the rating above 'BB+' unless we expect the company's financial sponsors to relinquish control. "We could revise the outlook to stable if the IPO process is delayed further due to market conditions or other factors, but we still believe the company's financial policy will be to reduce and maintain leverage in line with a potential IPO. "Alternatively, if we believe the company will abandon the IPO, we could revise the outlook to negative or lower the rating by one notch. In the absence of an IPO, we believe the most likely monetization strategy would be a sponsor-flip or a dividend recapitalization. Both would potentially result in significantly higher leverage." MI WINDOWS: S&P Alters Outlook to Negative, Affirms 'B+' ICR ------------------------------------------------------------ S&P Global Ratings revised the outlook on Pennsylvania-based manufacturer MI Windows and Doors LLC (MIWD) to negative to indicate a potential downgrade within the next 12 months if the company cannot reduce leverage below 5x. At the same time, affirmed its 'B+' issuer credit rating on MIWD and its ratings on the company's debt, including the 'BB-' rating on the secured debt and the 'B-' rating on the unsecured debt. The respective recovery ratings of '2' and '6' are unchanged. S&P said, "We no longer expect leverage to fall below 5x over the next 12 months. While MIWD's acquisition of PGT Innovations in March 2024 expanded its size and scale, weaker than expected macroeconomic conditions have prolonged elevated leverage longer than expected, exacerbating its aggressive use of debt ($3 billion) to fund the deal. We previously forecasted leverage would return to well under 5x by year-end 2025 and now expect it will likely be on the high end of the 5x-6x range before improving closer toward 5x in 2026. With over a year of consolidated earnings, the company has executed much of its integration plan and realized expected synergies. "However, the consolidated company's rolling-12-months EBITDA as of September increased only $171.1 million from the quarter prior to the transaction close. As such, we expect the company will achieve the pro forma sales based on pre-acquisition earnings by year-end 2027. Compounding this, MIWD's debt balance continues to expand due to the cumulative dividend on its preferred stock instrument, which we treat as debt. We anticipate leverage will remain above 5x for the next 12 months. "Deteriorated adjusted margins reflect normalization of profitability. Earnings softness has further affected S&P Global Ratings-adjusted EBITDA margins. We believe declining margins reflect profitability normalization in the face of increased pricing pressure and the dilutive impact of the PGT acquisition. We expect margins to remain in the 19.5%-20% range over the next two years, reflecting a significant decline from previous highs of 23%-24% since the height of the COVID-19 pandemic. While the building products sector has broadly normalized from the pandemic-driven boom, many companies are expected to maintain some portion of improvement, as is the case with MIWD. The company additionally continues to implement cost-saving initiatives including simplification of its operations while managing integration of PGT. We believe current profitability does not indicate its long-term trajectory. However, in the near term, we anticipate weaker earnings likely will depress operating cash flow. "MIWD's strong cash balance and ample liquidity remain credit positives. Even through difficult business conditions, we expect free cash of $140 million-$170 million in 2025, supported by nonrecurring deferred financing costs and stable selling, general, and administrative margins. Further, the company's balance sheet strength, as demonstrated by its large, expected cash balance of $450 million-$500 million at year-end and revolver availability, provides ample liquidity. The cash balance has benefited from favorable noncore asset sales that in turn supported net debt. The risk of elevated leverage is additionally offset by no upcoming debt maturities. We do not forecast debt paydowns, however, if the company did use cash to reduce priority debt, we may view such actions as a credit positive demonstration of utilizing cash for reducing debt risk. "Our 'B+' rating on MIWD reflects its market position as one of the largest providers of vinyl, aluminum, and fiberglass windows and patio doors in the U.S. residential market. The acquisition of PGT solidified its position as the third-largest provider of vinyl windows while deepening its footprint in the Florida market, which benefits from storm-driven demand volume. At the same time, we believe MIWD's less-diversified portfolio, concentration in cyclical residential construction markets, and exposure to volatile inputs such as vinyl, glass, aluminum, and wood products could contribute to unpredictability in its credit ratios. However, exposure to more predictable repair and remodeling spending and an increasing specialty mix could provide relief. "The negative outlook on MIWD reflects our expectations that its credit measures could remain elevated, with S&P Global Ratings-adjusted leverage above 5x over the next 12 months. This is based, in part, on our economists' forecast for housing starts to remain flat at about 1.4 million in 2026 and our view that repair and remodeling spending won't improve meaningfully next year. "We could lower the rating over the next 12 months if S&P Global Ratings-adjusted leverage fails to improve toward 5x. This could occur if S&P Global Ratings-adjusted EBITDA is more than 10% below our base-case scenario. "We could revise our outlook back to stable over the next 12 months if S&P Global Ratings-adjusted earnings improve faster than expected, helped by improving demand, such that leverage declines below 5x and we view it as sustainable through market conditions." MIL 21 E: Seeks Chapter 7 Bankruptcy in Massachusetts ----------------------------------------------------- On November 26, 2025, MIL 21 E LLC sought Chapter 7 protection in the District of Massachusetts. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About MIL 21 E LLC MIL 21 E LLC is an entity established to manage and hold real estate assets, typically supporting investment or development-driven objectives. The company may engage in property oversight, leasing activity, and financial administration tied to its holdings. Its limited liability structure ensures streamlined management and protects the interests of its members. MIL 21 E LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Mass., Case No. 25-12576) on November 26, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $1 million–$10 million. Honorable Chief Judge Elizabeth D. Katz handles the case. The Debtor is represented by Christopher M. Condon, Esq. of Bowditch & Dewey, LLP. MIM LANDSCAPE: Section 341(a) Meeting of Creditors on Dec. 23 ------------------------------------------------------------- On November 24, 2025, MIM Landscape Division LLC filed for Chapter 11 protection in the Southern District of Indiana. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 50–99 creditors. A meeting of creditors under Section 341(a) to be held on December 23, 2025 at 01:00 PM Eastern via a teleconference at 888-330-1716; passcode 6790688. About MIM Landscape Division LLC MIM Landscape Division LLC, doing business as McCammons Irish Market, LLC, operates garden-center and landscape service locations in Greenwood and Brownsburg where it provides landscape services including tree installation. The Company sells plants, trees, shrubs, and a range of gardening products to retail and project-based customers. MIM Landscape Division LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-07218) on November 24, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Andrea K. McCord handles the case. The Debtor is represented by Preeti Gupta, Esq., of Preeti (Nita) Gupta, Attorney. MONUMENT ACADEMY: S&P Assigns 'BB' Long-Term ICR, Outlook Negative ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB' long-term rating and underlying rating on the Colorado Educational & Cultural Facilities Authority's series 2014 revenue bonds, issued for Monument Academy (MA). The outlook is negative. S&P said, "We view Monument Academy's environmental, social, and governance factors as neutral in our credit rating analysis. "The negative outlook reflects our view that there is a one-in-three chance that we could lower the rating due to the ongoing operational and financial challenges associated with Monument's expansion to a second campus. MA's pro forma debt burden necessitates further enrollment growth to maintain sufficient lease-adjusted MADS coverage commensurate with the current rating. In addition, we view the balloon maturity scheduled for June 1, 2026, as presenting additional downside risk until a refinancing occurs. "We would likely lower the rating if our view that MA will be able to refinance the 2019 bonds on a timely basis changes. We could also lower the rating if financial margins and MADS coverage do stabilize commensurate with levels consistent with the rating, or if MA issues a significant amount of additional debt without commensurate growth enrollment or in financial resources. "We could revise the outlook to stable following Monument's refinancing of its 2019 bonds, if we believe it's financial plan results in sustainable improvement in financial metrics, and if enrollment stabilizes." MUNDO EDITORIAL: Court Bars Access to Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico granted Advanced Service Group LLC's motion to prohibit Mundo Editorial, Inc. from using cash collateral without proper court authorization. In its motion, the lender argued that the Debtor is using cash subject to its perfected security interest without consent or adequate protection. Mundo Editorial filed its Chapter 11 Subchapter V petition on August 29 and continues to operate as debtor-in-possession, but according to Advance, it defaulted on its last three cash-advance agreements, accruing $329,270 in debt as of the petition date. Advance holds a valid, perfected security interest in the Debtor's cash, accounts receivable, and proceeds, supported by prior cash advances made to fund working capital, with documentation including a contract, account statements, and a 2023 UCC financing statement. Advance argued that because cash collateral is consumed as it is used, the Bankruptcy Code imposes a strict standard of adequate protection and the Debtor bears the burden of proving its sufficiency but the Debtor has allegedly provided none. Citing statutory requirements and case law emphasizing the creditor's right to protection equal to the value of its prepetition bargain, Advance argued that the continued use of cash collateral without protective measures such as periodic payments, replacement liens, or other "indubitable equivalent" security exposes it to substantial and irreparable harm. About Mundo Editorial Mundo Editorial Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-03916) on August 29, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Maria De Los Angeles Gonzalez oversees the case. The Debtor tapped Jesus E. Batista Sanchez, Esq., at The Batista Law Group, PSC as counsel and Hector L. Martinez at HDC Tax Services Inc. as financial consultant. Advanced Service Group LLC, as lender, is represented by GOLDMAN ANTONETTI & CORDOVA, LLC. MYELLA INC: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court, Eastern District of New York issued a final order authorizing Myella, Inc. to continue using cash collateral. The court authorized the Debtor to use the cash collateral of Favo Funding, LLC for ordinary course business expenses in accordance with an approved operating budget, subject to ongoing monthly updates provided to the secured creditor. As adequate protection, Favo was granted valid and perfected post-petition replacement liens on all assets of the Debtor (pre- and post-petition), senior to all other liens except for pre-existing liens on vehicles and equipment. These liens were automatically perfected as of the filing date and hold senior priority over other claims, except for the carveout that includes avoidance actions and certain professional fees. If any event of default occurs such as unauthorized spending or conversion of the case to Chapter 7, the Debtor's authority to use cash collateral terminates automatically after a five-business-day cure period. The order preserves the rights of all parties to challenge Favo's claims and liens within the court's specified framework. The court's order remains binding and effective through plan confirmation or any future conversion or dismissal of the Debtor's Chapter 11 case. The final order is available at https://is.gd/cZFicO from PacerMonitor.com. As of the petition date, Myella's assets include approximately $2,000 in bank accounts, $8,500 in inventory, $2,000 in equipment, $1,500 in office electronics, and unspecified goodwill. The Debtor has no accounts receivable. Favo is believed to be owed approximately $150,000. The Debtor is a New York corporation operating a full-service restaurant in Roslyn Heights, New York. It is wholly owned by Brian Kauffman. About Myella Inc. Myella, Inc. operates a full-service restaurant in Roslyn Heights, New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-73404) on February 9, 2025. In the petition signed by Brian J. Kauffman, Esq., owner, president, the Debtor disclosed up to $50,000 in assets and up to $500 million in liabilities. Judge Alan S. Trust oversees the case. Adam P. Wofse, Esq., at LaMonica Herbst & Maniscalco, LLP, represents the Debtor as legal counsel. NEED SPACE: Hires Marcus D. Ward PLLC as Legal Counsel ------------------------------------------------------ Need Space Tabb, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Marcus D. Ward, PLLC as counsel to handle its chapter 11 case. The firm will be paid at these rates: Attorneys $250 per hour Paraprofessionals $100 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Ward disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Marcus D. Ward, Esq. Marcus D. Ward, PLLC 3385 Airways Blvd., Suite #229 Memphis TN 38116 Tel: (901) 661-1811 Email: MDWard@mdwpllc.com About Need Space Tabb, LLC Need Space Tabb LLC operates a self-storage facility at 101 Tabb Drive, Munford, Tennessee, providing various storage units and vehicle parking spaces. The Company is structured as a single-asset real estate entity (SARE) and is part of the broader Need Space self-storage network, which operates multiple locations across Tennessee and Mississippi. Need Space Tabb LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-25205) on October 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge M Ruthie Hagan handles the case. The Debtor is represented by Marcus D. Ward, Esq. of MARCUS D. WARD, PLLC. NEIGHBORHOOD HANDYMAN: Seeks Chapter 7 Bankruptcy in Illinois ------------------------------------------------------------- On November 18, 2025, Neighborhood Handyman 815 LLC sought Chapter 7 bankruptcy protection in the Northern District of Illinois. Court filings indicate the Debtor owes between $100,001 and $1,000,000 to 1–49 creditors. About Neighborhood Handyman 815 LLC Neighborhood Handyman 815 LLC is a home-repair and maintenance services provider dedicated to helping homeowners manage routine fixes and improvement projects. The company offers a broad portfolio of handyman services, including small repairs, fixture replacements, painting, carpentry tasks, and general residential upkeep. Its client-centric approach and practical service offerings make it a reliable option for households in need of dependable maintenance support. Neighborhood Handyman 815 LLC initiated Chapter 7 proceedings under the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-81547) on November 18, 2025. In its petition, the company reports estimated assets of $0–$100,000 and estimated liabilities totaling $100,001–$1,000,000. The case is overseen by Honorable Bankruptcy Judge Thomas M. Lynch. Legal representation is provided by George P. Hampilos, Esq. of Hampilos & Associates, Ltd. NEW FORTRESS: Extends Letter of Credit Maturity to March 2026 ------------------------------------------------------------- New Fortress Energy Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 14, 2025, the Company entered into the Eleventh Amendment Agreement, by and among the Company, as the borrower, the guarantors party thereto, Natixis, New York Branch, as administrative agent and collateral agent, and each of the other financial institutions party thereto, as lenders and issuing banks, which amends that certain Letter of Credit and Reimbursement Agreement, dated as of July 16, 2021, by and among the Company, as the borrower, the guarantors from time to time party thereto, Natixis, New York Branch, as administrative agent and collateral agent, and each of the other financial institutions from time to time party thereto, as lenders and issuing banks, to, among other things: (a) extend the maturity date of the Letter of Credit Agreement to March 31, 2026, (b) provide for a covenant holiday with respect to the consolidated first lien debt ratio and fixed charge coverage ratio covenants contained therein for the fiscal quarter ended September 30, 2025 and the fiscal quarter ending December 31, 2025, (c) remove the minimum liquidity requirement contained therein with respect to each fiscal quarter, (d) remove certain flexibility the Company had to pay dividends and other distributions, and (e) restrict the ability for the Company or any of its subsidiaries to make payments of principal or interest accruing on certain outstanding indebtedness, including the November 17, 2025 interest payment due under that certain Indenture, dated as of November 22, 2024, by and between NFE Financing LLC, a Delaware limited liability company and subsidiary of the Company, as issuer, the guarantors from time to time party thereto and Wilmington Savings Fund Society, FSB, as trustee and notes collateral agent. The Eleventh Amendment provides that if, among other things, NFE Financing fails to maintain that certain Forbearance and Waiver Agreement, dated as of November 17, 2025, by and among NFE Financing, NFE Brazil Investments LLC, a Delaware limited liability company and subsidiary of the Company, Bradford County Real Estate Partners LLC, a Delaware limited liability company and subsidiary of the Company, and the holders under the New 2029 Notes Indenture party thereto, in full force and effect or materially violates its terms, an event of default will occur under the Letter of Credit Agreement. If such event of default occurs, the issuing banks would have the right to require cash collateralization of all outstanding letters of credit issued pursuant to the Letter of Credit Agreement. If the issuing banks choose to exercise such rights under those facilities, substantially all the Company's outstanding indebtedness could be accelerated, and the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on stockholders. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. For the fiscal year ended December 31, 2024, the Company had $12.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $2 billion. * * * In July 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'CCC' from 'B-' . . . The negative outlook reflects heightened refinancing risk on the company's notes due September 2026 and an increased possibility that a payment default or distressed exchange may occur within the next 12 months. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NICKLAUS COMPANIES: Deadline for Panel Questionnaires Set for Dec 1 ------------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of GBI Services, LLC, et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/ynx7jekf and return by email it to Benjamin A. Hackman -- Benjamin.A.Hackman@usdoj.gov –- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on December 1, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Nicklaus Companies/GBI Services 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. Nicklaus Companies, GBI Services LLC and their affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12088) on November 21, 2025. In its petition, Lead Debtor GBI Services reported estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. The petitions were signed by Philip D Cotton as chief executive officer. Honorable Bankruptcy Judge Craig T. Goldblatt handles the cases. The Debtors are represented by Richards, Layton & Finger, P.A. and Weil Gotshal & Manges LLP. Alvarez & Marsal North America, LLC serves as financial and restructuring advisor to the Debtors, Cassel Salpeter & Co serves as investment banker, and Epiq Corporate Restructuring LLC acts as claims and noticing agent. NIGHTFOOD HOLDINGS: Widens Net Loss to $3.7MM in 2026 Q1 -------------------------------------------------------- Nightfood Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $3,695,535 for the three months ended September 30, 2025, compared to $764,611 in the prior-year quarter, an unfavorable change of $2,930,924, or 383%. Revenues were $782,027 for the three months ended September 30, 2025, compared to no revenues from continuing operations in the three months ended September 30, 2024. As of September 30, 2025, the Company had $128,793,702 in total assets, $40,350,129 in total liabilities, $106,324,241 in total temporary equity, and $17,880,668 in total stockholders' deficit. At September 30, 2025, the Company had an accumulated deficit of $50,449,379 For the three months ended September 30, 2025, the Company used net cash in operating activities of $243,388. The Company continues to have a significant accumulated deficit and stockholders' deficit and relies on external financing to fund operations and acquisitions. At September 30, 2025, the Company had cash of $1,337,285, compared to $350,231 at June 30, 2025. While the recent hotel and business acquisitions have begun to generate revenues, they have not yet produced sufficient positive cash flow to fund all operating costs, debt service and planned capital expenditures. These factors -- recurring losses from continuing operations, limited operating cash flows, and dependence on debt and equity financing -- continue to raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. Management's plans to address these conditions include: * Increasing revenue and improving profitability of hotel operations, including through revenue-management initiatives, cost controls, and selective capital investments intended to enhance property performance. * Scaling foodservice packaging and RaaS revenues, including cross-selling into the Company's hotel customer base. * Seeking additional debt and/or equity financing, including mortgage refinancings, working capital facilities and potential equity issuances, to support operations, fund capital projects and pursue strategic opportunities. * Maintaining a disciplined approach to capital allocation and operating expenses, including reviewing underperforming assets or business lines and considering asset sales, restructurings or partnership arrangements where appropriate. * Continuing to monitor evolving regulatory and disclosure requirements applicable to smaller reporting companies, including SEC rules related to liquidity, cybersecurity and climate-related risks, and integrating those requirements into its risk management and internal control framework. There can be no assurance that these plans will be successful or that additional financing will be available on acceptable terms or in sufficient amounts, if at all. If the Company is unable to obtain the necessary financing or improve cash flows from operations, it may be required to delay or curtail expansion plans, sell assets, restructure obligations or pursue other strategic alternatives. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3wa6msj5 About Nightfood Holdings Tarrytown, N.Y.-based Nightfood Holdings, Inc. is focused on identifying and exploiting explosive market trends within the hospitality, food services, and consumer goods sectors. By leading newly emerging categories and by identifying opportunities in markets undergoing transformational upheaval, the Company's aim is to create upside potential unmatched in more mature markets. As of June 30, 2025, the Company had total assets of $7.32 million, $11.95 million in total liabilities, $12.71 million in total temporary equity and $17.33 million in total stockholders' deficit. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's former auditor, issued a "going concern" qualification in its report dated October 14, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has an accumulated deficit, limited available cash resources and does not believe cash on hand will be sufficient to fund operations and growth. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. NORCOLD LLC: Retains Hilco Corporate Finance as Investment Banker ----------------------------------------------------------------- Norcold LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Hilco Corporate Finance, LLC to serve as investment banker in its Chapter 11 case. HCF will provide these services: (a) familiarizing itself to the extent that HCF deems appropriate with the commercial, financial, operational, and legal circumstances of the Debtor; (b) identifying and recommending potential buyers to the Debtor in connection with a Transaction; (c) with the Debtor's assistance, creating written materials (e.g., a "teaser," confidential information memorandum, management presentation, form of non-disclosure agreement) to be used in presenting the Transaction opportunity to prospective buyers, subject to Debtor review and approval; (d) soliciting and reviewing proposals and making recommendations and advising the Debtor in negotiating proposals concerning a Transaction; (e) assisting the Debtor in responding to due diligence review of interested parties with respect to a Transaction; (f) assisting the Debtor in soliciting and evaluating Transaction proposals; (g) assisting the Debtor and its other professional advisors in negotiating definitive documentation concerning a Transaction and otherwise assisting in the process of closing a Transaction; and (h) as necessary, to the extent a Transaction is consummated pursuant to the Bankruptcy Code: i. assisting with the preparation of motions related to a Transaction; ii. consulting with other retained parties, lenders, creditors' committee, and other parties in interest; iii. participating in Court hearings and providing expert advice and testimony in connection with hearings before the Court; iv. attending meetings of the Debtor's board of managers and meetings with other interested parties as the Debtor and HCF may mutually agree; and v. performing other tasks as appropriate and as may reasonably be requested by the Debtor's management or counsel. HCF will receive these compensation: - Monthly fee of $25,000, fully earned upon payment and credited against any Sale Transaction Fee; - Sale Transaction Fee of $600,000 upon first closing of a Sale Transaction (or $400,000 if consummated through Stalking Horse APA initial credit bid); - Reimbursement for all reasonable expenses incurred in connection with the engagement, including travel, meals, lodging, attorneys' fees, and ancillary costs. Hilco Corporate Finance, 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: Teri Stratton Hilco Corporate Finance, LLC 5 Revere Dr, Suite 206 Northbrook, IL 60062 About Norcold LLC Norcold LLC is a recreational vehicle refrigerator manufacturer. Norcold LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11933) on November 3, 2025. In its petition, the Debtor reports more than $300 million. Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Sean Matthew Beach, Esq., Simcha Trager, Esq., Matthew Barry Lunn, Esq., Roger Sharp, Esq., Rodney Square, Esq., and Jared W Kochenash, Esq. of Young Conaway. Stretto, Inc. is the Debtor's claims and noticing agent. NORCOLD LLC: Seeks to Hire Stretto Inc. as Administrative Advisor ----------------------------------------------------------------- Norcold LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Stretto, Inc. to serve as its administrative advisor. Stretto will provide these services: (a) assist with, among other things, solicitation, balloting, and tabulation of votes; prepare any related reports, as required in support of confirmation of a Chapter 11 plan; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with the preparation of the Debtor's schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; (d) manage and coordinate any distributions pursuant to a chapter 11 plan if designated as distribution agent under such plan; and (e) provide such other solicitation, balloting, and other administrative services as may be requested from time to time by the Debtor, the Court or the Office of the Clerk of the Court. Prior to the Petition Date, the Debtor provided Stretto an advance of $25,000. The firm's preferred rate structure are: Analyst Waived Consultant (Associate/Senior Associate) $70-$200 Director/Managing Director $210-$250 Solicitation Director $275 Executive Management Waived Stretto 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: Sheryl Betance Senior Managing Director STRETTO, INC. 410 Exchange, Ste. 100 Irvine, CA 92602 About Norcold LLC Norcold LLC is a recreational vehicle refrigerator manufacturer. Norcold LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11933) on November 3, 2025. In its petition, the Debtor reports more than $300 million. Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Sean Matthew Beach, Esq., Simcha Trager, Esq., Matthew Barry Lunn, Esq., Roger Sharp, Esq., Rodney Square, Esq., and Jared W Kochenash, Esq. of Young Conaway. Stretto, Inc. is the Debtor's claims and noticing agent. NU-CAST STEP: Livonia Appeal Tossed for Lack of Jurisdiction ------------------------------------------------------------ Judges Brock A. Swartzle, Matthew S. Ackerman and Christopher M. Trebilcock of the State of Michigan Court of Appeals dismissed the appeal styled NUCAST, LLC, Plaintiff/Counterdefendant-Appellee, v. LIVONIA PRE CAST LLC, Defendant/Counterplaintiff/ThirdParty Plaintiff-Appellant, and GIULIO LEDDA, BRUCE LEDDA, and JOE CICCARELLI, also known as GUISEPPE CICCARELLI, Defendants-Appellants, and NICHOLAS CAMARGO, Third-Party Defendant, No. 367941 (Mich. Ct. App.) for lack of jurisdiction and remanded to the trial court. The parties have been involved in lengthy and contentious litigation after plaintiff purchased defendants' concrete-business assets out of bankruptcy. In this latest round, defendants claim the trial court erred when it entered various orders, particularly its opinion and order resolving the parties' motions for summary disposition in plaintiff's favor. Plaintiff raised several claims in this follow-up lawsuit against defendants, including violations of the Michigan Uniform Trade Secrets Act, MCL 445.1901 et seq., and the Michigan Consumer Protection Act, MCL 445.901 et seq.; false misrepresentation; and breach of contract. In response, defendant Livonia Pre Cast filed a counterclaim against plaintiff and a third-party claim against plaintiff's counsel of record, Nicholas Camargo, alleging malicious prosecution, abuse of process, tortious interference with a business expectancy, and conspiracy. Plaintiff and Livonia Pre Cast each filed summary-disposition motions as to the counterclaim, and defendants moved for summary disposition as to plaintiff's complaint. On July 14, 2023, the trial court issued an opinion and order granting plaintiff's motion for summary disposition, dismissing the counterclaim in its entirety. Though the trial court did not directly address Livonia Pre Cast's request to amend its counterclaim if the trial court dismissed its conspiracy claim for failure to join Camargo, the alleged co-conspirator, the trial court dismissed the conspiracy claim on different grounds. In lieu of proceeding to trial, the parties then entered into an arbitration agreement to resolve the now-narrowed-by-the-trial-court dispute. Consistent with the arbitration agreement, the trial court entered a stipulated order dismissing the case without prejudice. Although the order allowed the parties to move to reopen the case as agreed upon, it stated it was a final order resolving “the last pending claim” and closing the case. Defendants appealed. The panel holds, "The order appealed was not final because it did not resolve the merits of the remaining claims and allowed the parties to reopen the case to enforce the arbitration award issued pursuant to the parties' agreement to arbitrate. Absent a trial court order from which defendants can appeal by right, we lack jurisdiction and therefore cannot consider defendants' allegations of error. On remand, our governing law compels the trial court to enter an order staying the proceedings pending arbitration." A copy of the Court's Opinion dated November 17, 2025, is available at https://urlcurt.com/u?l=75QzrX Headquartered in Detroit, Michigan, Nu-Cast Step & Supply, Inc., filed for Chapter 11 bankruptcy protection (Bankr. E.D. Mich. Case No. 15-58539) on Dec. 27, 2015, estimating its assets at between $100,000 and $500,000 and liabilities at between $1 million and $10 million. The petition was signed by Guilio Ledda, vice president. Judge Mark A. Randon presides over the case. Robert N. Bassel, Esq., at Robert Bassel, Attorney, serves as the Debtor's bankruptcy counsel. NYC ALPHA: Seeks Cash Collateral Access ---------------------------------------- NYC Alpha Champions Construction, LLC asks the U.S. Bankruptcy Court for the Eastern District of Wisconsin for authority to use cash collateral and provide adequate protection, retroactive to the petition date. The Debtor needs to use cash collateral to continue business operations, maintain employee payroll, pay necessary expenses, and preserve the going-concern value of the estate. The cash collateral in question primarily arises from secured interests held by F Street Investments, LLC via pre-petition hard money loans secured by two Milwaukee properties and the City of Milwaukee for unpaid property taxes. As of the petition date, the Debtor's estimated assets include accounts receivable of $1,250, inventory of $1,500, and furniture and equipment of $1,500, with pre-petition secured debts to F Street Investments totaling $251,976.43 and property taxes of $7,745. The Debtor asserts that immediate access to cash collateral is necessary to avoid irreparable harm, including the potential cessation of operations, and requests authorization to use cash collateral in accordance with a 12-week budget. The budget allows for a 10% variance in individual line items or in aggregate across the budget. Adequate protection for secured creditors is proposed through (i) the Debtor's projected cash-flow positive operations and (ii) replacement liens on post-petition assets, maintaining the same priority as existing prepetition liens. A copy of the motion is available at https://urlcurt.com/u?l=1UT7Jy from PacerMonitor.com. F Street Investments is represented by: Beth M. Brockmeyer, Esq. Cramer Multhauf LLP 1601 E. Racine Avenue, Suite 200 P.O. Box 558 Waukesha, WI 53187-0558 Phone: (262) 542-4278 Fax: (262) 542-4270 bb@cmlawgroup.com About NYC Alpha Champions Construction NYC Alpha Champions Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-25467) on September 28, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Katherine M. Perhach presides over the case. Jude Witkowski, Esq. at Seifert & Associates LLC represents the Debtor as legal counsel. F Street Investments, LLC, as lender, is represented by Beth M. Brockmeyer, Esq. and Daniel J. Habeck, Esq. at Cramer Multhauf, LLP. ODYSSEY LOGISTICS: Moody's Cuts CFR to Caa1, Outlook Stable ----------------------------------------------------------- Moody's Ratings downgraded Odyssey Logistics & Technology Corporation's (Odyssey) corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD, and the senior secured first lien bank credit facility rating to Caa1 from B3. The outlook remains stable. The downgrade of Odyssey's ratings reflects Moody's expectations that the company will operate with very high leverage and weak interest coverage over the next twelve months. A challenging freight market with weak pricing and soft volumes have contributed to Odyssey's lower earnings and persistently negative free cash flow. As a result, Odyssey's financial leverage will remain well in excess of 7x debt/EBITDA over the next several quarters. Further, Moody's believes a reduction in leverage to a more sustainable level is dependent on improving freight market conditions, which Moody's expects will remain challenging heading into 2026. This poses a risk to Odyssey since the company faces refinancing risk with significant debt maturities in 2027. RATINGS RATIONALE Odyssey's Caa1 CFR reflects the company's moderate scale as a specialized transportation provider, exposure to competitive industry dynamics, and very high financial leverage. Odyssey maintains good standing as a provider of managed services, intermodal, rail, ground transportation, warehousing, LTL (less-than-truckload) and LCL (less-than-container-load) consolidation services. The company provides these logistics services to a diverse range of long-term customers across a variety of end markets, including chemicals, metals, industrial and food and beverage. Despite providing critical transportation services to its customers, the company's financial performance is highly exposed to broader freight market dynamics that remain difficult. Excess transportation capacity and soft volumes have sustained freight rates at low levels, which has significantly reduced Odyssey's earnings compared to prior years. Moody's expects the company's net revenue growth (gross revenue less transportation costs) to decline in the mid-single digit percentage range for 2025 and for EBITDA to be materially lower year over year as well. Moody's believes net revenue and earnings growth will return in 2026 from improved pricing and realized cost savings. Further, the company maintains solid commercial opportunities to increase volumes, but Moody's don't anticipate a meaningful recovery in earnings until broader freight market conditions, particularly pricing, improve. Moody's expects Odyssey to maintain adequate liquidity over the next twelve months supported by a moderate cash position and access to a $125 million revolving credit facility. Moody's anticipates Odyssey's revolver to remain largely undrawn after the company used proceeds from a sale leaseback transaction to repay borrowings during 2025. Moody's expects the company's free cash flow to remain modestly negative in 2025 as the company continues to invest in software and other IT enhancements. Moody's expects Odyssey's free cash flow to be about breakeven in 2026. The company faces sizeable debt maturities within the next two years as the company's revolving credit facility expires July 2027 and its first lien term loan matures October 2027. The stable outlook reflects Moody's views that Odyssey's earnings will gradually recover over the next twelve months such that debt/EBITDA approaches 7x. In addition, Moody's expects the company to maintain adequate liquidity while free cash flow approaches breakeven. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Odyssey eliminates near-term refinancing risk by addressing its 2027 debt maturities. Further, improving profitability such that debt/EBITDA is sustained below 6.5x while interest coverage (EBITDA less capex to interest expense) remains above 1x could give rise to upward rating pressure. Lastly, Odyssey would need to maintain adequate liquidity with ample availability under its revolving credit facility. The ratings could be downgraded if Odyssey is unable to improve earnings and debt/EBITDA remains at an unsustainable level, thus increasing the risk that the company may pursue a distressed debt exchange. Further, a downgrade could occur if Odyssey's free cash flow remains negative and liquidity weakens. Odyssey Logistics & Technology Corporation is a provider of multimodal logistics solutions for thousands of customers across a variety of primarily industrial-based end markets. Its services include managed services, intermodal, rail, ground transportation, warehousing, LTL (less-than-truckload) and LCL (less-than-container load) consolidation and consulting. Gross revenue for the twelve months ended September 30, 2025 was approximately $1 billion. The principal methodology used in these ratings was Surface Transportation and Logistics published in April 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. OFFICE PROPERTIES: Hires Latham & Watkins as Bankruptcy Co-Counsel ------------------------------------------------------------------ Office Properties Income Trust and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ and retain Latham & Watkins LLP as bankruptcy co-counsel effective as of the Petition Date. Latham & Watkins will provide these services: (a) advise the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their properties; (b) advise and consult on the conduct of the Chapter 11 Cases, including all of the legal and administrative requirements of operating in chapter 11; (c) advise the Debtors and take all necessary action to protect and preserve the Debtors' estates; (d) analyze proofs of claim filed against the Debtors and object to such claims as necessary; (e) represent the Debtors in connection with obtaining authority to continue using cash collateral and to procure postpetition financing; (f) attend meetings and negotiate with representatives of creditors, interest holders, and other parties in interest; (g) analyze executory contracts and unexpired leases and potential assumptions, assignments, or rejections of such contracts and leases; (h) prepare pleadings in connection with the Chapter 11 Cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; (i) advise the Debtors in connection with any potential sale of assets; (j) take necessary action on behalf of the Debtors to obtain approval of a disclosure statement and confirmation of a chapter 11 plan; (k) appear before the Court or any appellate courts to protect the interests of the Debtors’ estates before those courts; (l) advise on corporate, litigation, finance, tax, and other legal matters; and (m) perform all other necessary legal services for the Debtors in connection with the Chapter 11 Cases. During the 90-day period prior to the Petition Date, L&W received advances totaling $12,584,223.39, with a remaining Fee Advance balance of $1,110,008.27 as of the Petition Date. Other than periodic adjustments and a postpetition 50% discount for non-working travel time, L&W's hourly rates and terms are consistent with prepetition arrangements. According to court filings, L&W is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Pursuant to Paragraph D, Section 1 of the Revised U.S. Trustee Guidelines, L&W responds as follows: Question: Did L&W agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement? Answer: No. L&W and the Debtors have not agreed to any variations from, or alternatives to, L&W's standard billing arrangements for this engagement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments. If they changed post-petition, explain. Answer: All material financial terms have remained unchanged since the prepetition period, except for a postpetition 50% discount for non-working travel time. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: The Debtors have approved the budgeted expenses of L&W set forth in the approved (13-week) budget appended to the Interim Order… The firm can be reached at: John Sobolewski, Esq. Latham & Watkins LLP 1271 Avenue of the Americas New York, NY 10020-1401 Direct Dial: (212) 906-1876 Tel: (212) 906-1200 Fax: (212) 751-4864 E-mail: john.sobolewski@lw.com About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has $3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. OFFICE PROPERTIES: Retains AP Services as Restructuring Officer --------------------------------------------------------------- Office Properties Income Trust and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain AP Services, LLC to serve as Chief Restructuring Officer and provide restructuring services in their Chapter 11 cases. APS will provide these services: (a) assist the Debtors in the design and implementation of a restructuring strategy designed to maximize enterprise value, taking into account the unique interests of all constituencies; (b) assist the Debtors with their communications and/or negotiations with outside parties including the Debtors' stakeholders, banks and potential acquirers of the Debtors' assets and advisors to the foregoing; (c) assist in preparing for and filing a bankruptcy petition, preparing first day motions, developing accounting cut-off procedures, providing first day and other testimony and litigation support during the case(s), if requested, coordinating and providing administrative support for the proceeding and developing the Debtors' disclosure statement and plan of reorganization, or other appropriate case resolution, if necessary; (d) meet with lenders, unsecured creditors' committee and other statutory or unofficial committees, if any, in connection with any bankruptcy filing, as necessary, to provide general process updates and other information as may be requested by the Debtors; (e) assist the Debtors with the development, review and analysis of its rolling 13-week cash receipts and disbursements forecasting; (f) provide assistance to management in connection with the Debtors' business plan and other forecasts as required; (g) support the Debtors' financial and treasury functions; (h) advise the Debtors on financial reporting requirements attendant to a bankruptcy filing; (i) assist with preparation of documents such as a liquidation analysis, statements of financial affairs, schedules of assets and liabilities, potential preference analyses, claims analyses, monthly operating reports and other Court-required reports; (j) manage the claims and claims reconciliation processes; (k) support eDiscovery obligations including forensic data acquisition, data processing, secure data hosting, review and analysis, productions, and other eDiscovery needs; (l) provide post-confirmation services as may be necessary to support the Chapter 11 plan and emergence; and (m) assist the Debtors with other matters within APS’s expertise as mutually agreed. APS's standard hourly rates are: $1,225 - $1,540 for Partners/Managing Directors $850 - $1,150 for Senior Vice Presidents/Directors $650 - $835 for Vice Presidents/Analysts/Consultants $250 - $640 for other staff. Specific hourly rates for APS personnel on this engagement range from $685 to $1,540. APS received a retainer of $400,000 and prior prepetition payments of $8,213,715.78. APS, including John R. Castellano, is a "disinterested person: within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: John R. Castellano Partner & Managing Director AP Services, LLC 2000 Town Center, Suite 2400 Southfield, MI 48075 About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has $3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. OFFICE PROPERTIES: Retains Quinn Emanuel Urquhart as Counsel ------------------------------------------------------------ Office Properties Income Trust seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain Quinn Emanuel Urquhart & Sullivan, LLP to serve as special counsel. Quinn Emanuel will provide these services: (a) conduct an independent investigation and review of historical transactions entered into by OPI and its subsidiaries between January 2024 and March 2025; (b) identify, analyze, and evaluate potential claims and causes of action that OPI may possess; (c) review related-party transactions and agreements with The RMR Group LLC, including management fee arrangements and potential conflicts of interest; (d) prepare comprehensive investigative reports and findings for the Special Committee, including an independent report to be shared solely with the Independent Director; (e) provide legal advice regarding the prosecution, settlement, or release of potential claims in connection with OPI's restructuring and plan of reorganization; (f) prepare declarations, testimony, and supporting documentation for confirmation proceedings; and (g) provide such other legal services as may be necessary or appropriate for the Special Committee in these Chapter 11 cases. Quinn Emanuel will receive compensation on an hourly basis plus reimbursement of actual and necessary expenses, subject to Court approval. Fees are determined based on time billed at hourly rates, which vary with the experience and seniority of attorneys and paralegals. Quinn Emanuel is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Pursuant to paragraph D, section 1 of the Revised U.S. Trustee Guidelines, Quinn Emanuel responds to the questions set forth therein as follows: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Quinn Emanuel was retained approximately 2 months before the bankruptcy filings. Quinn Emanuel’s rates and material financial terms did not change post-petition. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Neither OPI nor the Special Committee has requested a budget and staffing plan for this engagement. The firm can be reached at: Quinn Emanuel Urquhart & Sullivan, LLP Trial Lawyers St Madison Avenue, 22nd Floor New York, NY 10010-100 Telephone: (212) 849-7000 Facsimile: (212) 849-7100 About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has $3,501,385,950 in total assets and $2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. OFFICE PROPERTIES: Retains Sullivan & Worcester as Special Counsel ------------------------------------------------------------------ Office Properties Income Trust and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Sullivan & Worcester LLP to serve as special corporate, real estate, and tax counsel in its Chapter 11 cases. Sullivan & Worcester LLP will provide these services: (a) Corporate and securities law matters, including securities offerings and reviewing and preparing filings with the SEC; (b) Board and committee representation; (c) General corporate structuring and related matters, including maintaining the minute books of Debtors; (d) Federal and state income, sales, and transfer tax matters generally, including periodic reviews of the Debtors' assets, income, and operations; (e) REIT planning and compliance issues for as long as OPI desires to continue to qualify for taxation as a REIT; (f) Acquisition, disposition and financing of real property; and (g) Leasing of real property. Sullivan's current hourly rates are $680 to $2,175 for partners, $510 to $830 for associates, and $310 to $560 for paraprofessionals. The Firm has agreed to provide a 10% discount on invoices at the time of billing. According to court filings, Sullivan does not represent or hold any interest adverse to the Debtors and does not represent any creditor or party in interest in any matter adverse to the Debtors regarding the Special Counsel Matters. Pursuant to paragraph D, section 1 of the Revised U.S. Trustee Guidelines, Sullivan responds as follows: Question: Did Sullivan agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement? Answer: Yes. Sullivan has agreed to provide a 10% discount on its invoices as of the time of billing for this engagement, a variation from its standard billing arrangements. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. The hourly rates used by Sullivan in representing the Debtors are consistent with the rates that Sullivan charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. Question: If Sullivan represented the Debtors in the 12 months prepetition, disclose the billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Sullivan's 2024 billing rates were $485 to $2,050 for attorneys and $300 to $535 for paralegals, and in 2025, Sullivan's billing rate ranges were increased to $510 to $2,175 for attorneys and $310 to $560 for paralegals. Sullivan has provided and will continue to provide a monthly 10% discount to the Debtors off of standard rates. Question: Has the client approved Sullivan's prospective budget and staffing plan, and, if so, for what budget period? Answer: Yes, from the Petition Date through the conclusion of the Chapter 11 Cases. The firm can be reached at: Warren M. Heilbronner, Esq. SULLIVAN & WORCESTER LLP One Post Office Square Boston, MA 02109 Telephone: (617) 338-2800 Facsimile: (617) 338-2880 E-mail: wheilbronner@sullivanlaw.com About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has $3,501,385,950 in total assets and $2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. OFFICE PROPERTIES: Taps Hunton Andrews Kurth LLP as Co-Counsel -------------------------------------------------------------- Office Properties Income Trust and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Hunton Andrews Kurth LLP to serve as bankruptcy co-counsel. Hunton Andrews will provide these services: (a) advise the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their business; (b) advise and consult on the conduct of the Chapter 11 Cases, including all legal and administrative requirements of operating in chapter 11; (c) attend meetings and negotiate with representatives of creditors and other parties in interest; (d) take all necessary actions to protect and preserve the Debtors' estates; (e) prepare pleadings in connection with the Chapter 11 Cases, including motions, applications, answers, draft orders, reports, and other documents necessary or otherwise beneficial to the administration of the Debtors' estates; (f) represent the Debtors in connection with obtaining authority to use cash collateral and postpetition financing; (g) appear before the Court and any appellate courts to represent the interests of the Debtors' estates; (h) take any necessary actions on behalf of the Debtors to negotiate, prepare and obtain approval of a disclosure statement and confirmation of a chapter 11 plan of reorganization and all related documents; (i) advise the Debtors in connection with any sale of assets; (j) provide non-bankruptcy services to the Debtors to the extent requested; (k) provide commercial real estate legal services to the Debtors to the extent requested; and (l) perform all other necessary legal services for the Debtors in connection with the Chapter 11 Cases, including analysis of leases and executory contracts, validity of liens, corporate and litigation matters. Hunton will be paid hourly rates for professional services rendered, ranging from $690 to $1,695 depending on attorney and experience level, and will be reimbursed for actual out-of-pocket expenses. Hunton is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Pursuant to paragraph D, section 1 of the U.S. Trustee Guidelines, Hunton responds to the questions set forth therein as follows: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Hunton's billing rates and material financial terms for the prepetition engagement are set forth in the Engagement Letter and have not changed postpetition. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Hunton has not prepared a budget or staffing plan. The firm can be reached at: Timothy A. Davidson II, Esq. Hunton Andrews Kurth LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Telephone: (713) 220-4200 Facsimile: (713) 220-4285 Direct Dial: 713-220-3810 E-mail: taddavidson@hunton.com About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has $3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. OLD FASHION: Seeks to Use Cash Collateral ----------------------------------------- Old Fashioned Butcher Shop Inc. and Star Natural Meats LLC ask the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection. The Debtors, who operate a traditional butcher shop and all-natural meat manufacturing business in Astoria, Queens, explain that they are seeking court approval to use cash collateral following their November 10, 2025 Chapter 11 filings. The Court has jurisdiction under federal bankruptcy statutes, and no trustee, examiner, or creditors' committee has been appointed. The Debtors' capital structure includes secured obligations to Key Bank, the SBA, and Key Equipment, each holding perfected security interests through UCC-1 filings on the Debtors' business assets. Key Bank is owed at least $250,000, the SBA at least $300,000, and the Debtors owe an undetermined amount to Key Equipment. Because their operations require ongoing payment of payroll, utilities, insurance, vendor obligations, and other essential costs, the Debtors seek interim and final authorization to use cash collateral under 11 U.S.C. sections 105, 361, 362, and 363. They argue that using cash collateral is critical to preserving business continuity and preventing immediate and irreparable harm. The Debtors propose providing adequate protection to secured creditors through interest-only payments, replacement liens maintaining prepetition lien priorities, and superpriority administrative claims for any diminution in collateral value. They are preparing a 13-week budget and request authority to use cash collateral until the final hearing, along with a limited modification of the automatic stay to perfect granted liens. The Debtors further request that, after the required notice period under Rule 4001(b), the court authorize continued use of cash collateral on a final basis to fund operations and administrative expenses, warning that denial of such relief would jeopardize payroll, destroy business value, and undermine any chance of reorganization. A copy of the motion is available at https://urlcurt.com/u?l=ruP3MT from PacerMonitor.com. About Old Fashion Butcher Shop Inc. Old Fashion Butcher Shop, Inc. operates a butcher shop in Astoria, New York, providing a range of fresh and dry-aged meats as well as Greek and Italian specialty products such as souvlaki and kebabs. It serves both retail and wholesale customers, focusing on all-natural, hormone-free meat offerings. The company conducts its operations from a single location on Steinway Street in Queens. Old Fashion Butcher Shop filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45384) on November 10, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Yanni Kukularis, president of Old Fashion Butcher Shop, signed the petition. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP represents the Debtor as legal counsel. OLD STONE: Unsecured Creditors to Split $180K over 60 Months ------------------------------------------------------------ Old Stone House Gift & Garden, LLC filed with the U.S. Bankruptcy Court for the District of Nevada a Plan of Reorganization for Small Business dated November 25, 2025. The is a Nevada limited liability company, formed in 2011. The Debtor owns and operates a garden center and nursery in Reno, Nevada, and sells an assortment of live plants, soil, flowers and trees. In approximately June 2025, 2025, the Regional Transportation Commission for Washoe County commenced a construction project on Geiger Grade and the surrounding roads, including Veteran's Parkway. This construction project has caused the Debtor's sales to diminish due to road closures, heavy traffic and construction detours, with the detours directing the public to take alternative routes away from Geiger Grade Road, where the Debtor's business is located. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $3,000.00 per month. The final Plan payment is expected to be paid in February 2031. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately $0.33 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority General Unsecured Creditors. Each holder of a Class 3 Allowed general unsecured, non-priority claim shall receive its pro rata share of the sum of $180,000.00 which shall be paid in installments of $3,000.00 starting in Month 1 after the Effective Date, and continuing each and every month thereafter (for a total of sixty monthly payments) until that total sum is paid, or such greater amount as the Court may require at the confirmation hearing on the Plan and as consistent with Sections 1190 and 1191 of the Code. Class 3 is impaired. Class 4 Equity Security Holders of the Debtor shall retain their interests in the Debtor, but shall receive no disbursement on account of such equity interest during the Plan Term. Class 4 is unimpaired and is deemed to have accepted the Plan. The Plan will be funded through cash flow from future operations of the Debtor's business, Debtor's projected budgets are based on historical financials and projected future revenues. A full-text copy of the Plan of Reorganization dated November 25, 2025 is available at https://urlcurt.com/u?l=jEUqGC from PacerMonitor.com at no charge. Counsel to the Debtor: Stephen R. Harris, Esq. Harris Law Practice LLC 850 E. Patriot Blvd., Suite F Reno, NE 89511 Tel: (775) 786-7600 Fax: (775) 786-7764 Cell: (775) 690-9120 Email: steve@harrislawreno.com About Old Stone House Gift & Garden Old Stone House Gift & Garden, LLC owns and operates a garden center and nursery in Reno, Nevada. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-50787) on August 27, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Hilary L. Barnes presides over the case. Stephen R. Harris, Esq., at Harris Law Practice, LLC represents the Debtor as bankruptcy counsel. OLIVER CORNERS: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------- Oliver Corners Apartments, LLC asks the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, for authority to use cash collateral and provide adequate protection. The Debtor needs to use cash collateral to maintain ongoing operations of its 29-unit apartment complex located in East Point, Georgia. After filing for Chapter 11 protection on October 6, Oliver has continued to manage the property as a debtor-in-possession, with no trustee, examiner, or creditors' committee appointed. The Debtor is solely owned by Olivia Chevannes, who, along with her husband, operates the complex and also owns two related apartment entities financed by the same secured lender. Prior to the bankruptcy filing, the Debtor had been negotiating a forbearance agreement with its lender but received a foreclosure notice before the agreement was finalized, prompting the Chapter 11 filing to preserve equity estimated at approximately $4.64 million and to reorganize secured debt. As of November, 19 of the 29 units are occupied, with anticipated increased occupancy in December. Although a related insider entity, OC Management, LLC, manages the property, the Debtor represents that no management fees or insider salaries will be paid post-petition. The Debtor identifies KeyBank National Association, as servicer for a securitized trust, as its secured lender, which claims a lien on rental income under a 2022 Deed to Secure Debt and Assignment of Rents securing a debt of roughly $3.56 million. Because rents constitute cash collateral under the Bankruptcy Code, the Debtor seeks authorization to use this cash to pay necessary operating and administrative expenses in accordance with a budget covering November and December. The Debtor argues that without immediate access to cash collateral, it would suffer irreparable harm, including an inability to maintain the property, preserve occupancy, or protect asset value. As adequate protection, the Debtor proposes to grant the lender a replacement lien on post-petition collateral of the same type and priority as its pre-petition liens, expressly excluding avoidance-action proceeds. The Debtor also asks the court to schedule and later conduct a final hearing on cash collateral use, at which additional protections may be addressed. At the same time, the Debtor reserves all rights to dispute the lender's secured status and the validity or extent of its liens. A copy of the motion is available at https://urlcurt.com/u?l=LJkvrv from PacerMonitor.com. KeyBank is represented by: Gwendolyn J. Godfrey, Esq. One Atlantic Center, #1100 1201 W. Peachtree St., N.W. Atlanta, GA 30309 (404) 253-6000 ggodfrey@polsinelli.com About Oliver Corners Apartments LLC Oliver Corners Apartments, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 25-61617) on Oct. 6, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Sage M. Sigler oversees the case. The Debtor tapped Rountree, Leitman, Klein & Geer, LLC as legal counsel. OMNICARE LLC: Committee Hires Dundon Advisers as Financial Advisor ------------------------------------------------------------------ The official committee of unsecured creditors of Omnicare, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Dundon Advisers LLC as financial advisor. The firm's services include: a) Assistance in the review of financial-related disclosures required by the Court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs, and Monthly Operating Reports; b) Assistance in the review and monitoring of the Debtors' cash management systems, including, without limitation, activities by non-Debtors authorized by the cash management order; c) Assistance in the review and monitoring of the Debtors' insurance programs; d) Assistance with review of any tax issues; e) Assistance in the claims solicitation, Bar Date order, reconciliation and estimation process; f) Attendance at meetings and assistance in discussions with the Debtors, potential investors, banks, other secured lenders, the Committee and any other official committees organized in these chapter 11 proceedings, the U.S. Trustee, other parties-in-interest and professionals hired by the same, as requested; g) Assistance in the review of compensation and management fee arrangements and payments made thereunder, related party transactions, and other management conduct from which causes of action may arise; h) Assistance in the investigation of the relationship between the Debtors, on the one-hand, and CVS Corporation and its non-Debtor subsidiaries, on the other hand; i) Assistance in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers and any required solvency analysis related thereto; j) Assistance in the prosecution of Committee responses/objections to the Debtors' motions, including attendance at depositions and provision of expert reports/testimony on case issues as required by the Committee; k) Render such other general business consulting or such other assistance as the Committee or its counsel may deem necessary that are consistent with the role of a financial adviser and not duplicative of services provided by other professionals in this proceeding; and l) Provide reports and testimony regarding the foregoing to the extent necessary. The firm will be paid at these rates: Principals $1,090 per hour Managing Directors/Senior Advisers $960 per hour Senior Directors $850 per hour Directors $755 per hour Associate Directors $650 per hour Senior Associates $495 per hour Associates $350 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Matthew Dundon, a partner at Dundon Advisers LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew Dundon Dundon Advisers LLC 1601 Belvedere Rd., Ste. 305 S West Palm Beach, FL 33406 Telephone: (561) 814-8303 About Omnicare, LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. The U.S. Trustee has appointed an official committee of unsecured creditors. JMB Capital Partners, as DIP lender, is represented by: Robert M. Hirsh, Esq. Kristian W. Gluck, Esq. Jamie Copeland, Esq. Norton Rose Fulbright US LLP 1301 Avenue of the Americas New York, NY 10019-6022 E-mail: robert.hirsh@nortonrosefulbright.com kristian.gluck@nortonrosefulbright.com james.copeland@nortonrosefulbright.com OMNICARE LLC: Committee Hires Vartabedian Hester as Co-Counsel -------------------------------------------------------------- The official committee of unsecured creditors of Omnicare, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Vartabedian Hester & Haynes LLP as co-counsel. The firm will provide these services: i. advise the Committee with respect to its rights, duties, and powers in these Chapter 11 Cases; ii. assist and advise the Committee in its consultations with the Debtors relative to the administration of these Chapter 11 Cases; iii. assist the Committee in analyzing the claims of the Debtors' creditors and Debtors' capital structure; iv. assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors, and their insiders and affiliates, and of the operations of the Debtors' business; v. assist the Committee in its investigation of the liens and claims of the Debtors' lenders and the prosecution of any claims or causes of action revealed by such investigation; vi. assist the Committee in its analysis of, and negotiations with, the Debtors or any third-party concerning matters related to, among other things, asset dispositions, financing or other transactions, and the terms of one or more plans of reorganization for the Debtors and accompanying disclosure statements and related plan documents; vii. assist and advise the Committee in communicating with unsecured creditors regarding significant matters in these Chapter 11 Cases; viii. represent the Committee at hearings and other proceedings; ix. review and analyze applications, orders, statements of operations, and schedules filed with the Court, and advise the Committee as to their propriety; x. assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; xi. prepare, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, adversary complaints, objections or comments in connection with any of the foregoing; and xii. perform such other legal services as may be required or requested or as may otherwise be deemed in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm will be paid at these rates: Martin Sosland $1,050 per hour Jeff P. Prostok $975 per hour Other Firm Attorneys $475 to $890 per hour Paralegal/Legal Assistant $225 to $275 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the twelve (12) months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: The firm did not represent the Committee before being selected as its counsel on October 21, 2025. The firm's billing rates have not changed since the Petition Date. Mr. Prostok disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Martin A. Sosland, Esq. Jeff P. Prostok, Esq. Candice Carson, Esq. Vartabedian Hester & Haynes LLP 2200 Ross Avenue, Suite 4600E Dallas, TX 75201 Telephone: (469) 654-1340 Email: martin.sosland@vhh.law jeff.prostok@vhh.law candice.carson@vhh.law About Omnicare, LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. The U.S. Trustee has appointed an official committee of unsecured creditors. JMB Capital Partners, as DIP lender, is represented by: Robert M. Hirsh, Esq. Kristian W. Gluck, Esq. Jamie Copeland, Esq. Norton Rose Fulbright US LLP 1301 Avenue of the Americas New York, NY 10019-6022 E-mail: robert.hirsh@nortonrosefulbright.com kristian.gluck@nortonrosefulbright.com james.copeland@nortonrosefulbright.com OMNICARE LLC: Committee Taps Huron Consulting as Financial Advisor ------------------------------------------------------------------ The official committee of unsecured creditors of Omnicare, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Huron Consulting Services LLC as financial advisor. The firm's services include: a. Assistance with the assessment and monitoring of the Debtors' short-term cash flow, liquidity, and operating results as bears on company or asset sale process(es) and reorganization; b. Assistance in the review of other financial information prepared by the Debtors, including, but not limited to, cash flow projections and budgets, business plans, cash receipts and disbursement analysis, asset and liability analysis as such review is relevant to a company or asset sale process(es) and reorganization; c. Assistance in the review and/or preparation of information and analysis necessary for the confirmation of a plan and related disclosure statement in these chapter 11 proceedings, regarding company or asset sale process(es) and reorganization; d. Analyses to support any responses or objections to court filings relating to the company or asset sale process(es) and reorganization; Engage on behalf of the Committee with the Debtors in their postpetition sale process; e. Analyze any cost containment opportunities proposed by the Debtors; f. Analyze any proposed asset redeployment opportunities proposed by the Debtors; g. Assist in the evaluation of any proposed asset sales; h. Prepare enterprise, asset, and liquidation valuations; i. Assist in evaluating reorganization strategy and alternatives available to the unsecured creditors as not duplicative with Dundon; j. Provide advice and assistance to the Committee in negotiations and meetings with the Debtors and stakeholders as not duplicative with Dundon; k. Analyze proposed Investment Bank professional fees to ensure they are comparable to recent market rates; l. Analyze proposed DIP Financing terms and fees to ensure they are comparable to recent market rates; m. Attend meetings and teleconferences with and on behalf of the Committee; n. Provide litigation consulting services and expert witness testimony regarding confirmation issues, or other matters, with the scope of such services not to overlap with those provided by Dundon; and o. Such other functions as requested by the Committee or its counsel to assist the Committee in these chapter 11 case that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in this proceeding. The firm will be paid at these rates: Managing Director $1,025 to $1,400 per hour Senior Director $985 to $985 per hour Director $825 to $825 per hour Manager $675 to $675 per hour Associate $550 to $550 per hour Analyst $475 to $475 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ryan Bouley, a partner at Huron Consulting Services LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ryan Bouley Huron Consulting Services LLC 350 West Cedar Street, Suite 200 Pensacola, FL 32502 Tel: (850) 439-5839 Fax: (850) 439-5768 About Omnicare, LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. The U.S. Trustee has appointed an official committee of unsecured creditors. JMB Capital Partners, as DIP lender, is represented by: Robert M. Hirsh, Esq. Kristian W. Gluck, Esq. Jamie Copeland, Esq. Norton Rose Fulbright US LLP 1301 Avenue of the Americas New York, NY 10019-6022 E-mail: robert.hirsh@nortonrosefulbright.com kristian.gluck@nortonrosefulbright.com james.copeland@nortonrosefulbright.com OMNICARE LLC: Seeks to Hire KPMG LLP as Analyst ----------------------------------------------- Omnicare, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ KPMG LLP as analyst. The firm's services include: I. Meet with Debtors' officers and management to obtain background information; II. Read the Debtors' internal financial statements and discuss their accounting policies and practices with management; III. Obtain entity level trial balances for the Debtors and discuss nature of accounts and underlying activity recorded to general ledger accounts. Trend quarterly and annual trial balance activity and discuss with management fluctuations and historical trends identified; IV. Obtain a summary of shared services / allocations and discuss with Debtors' management; V. Summarize potential adjustments identified regarding the profit and loss performance of the Debtors in the form of a quality of earnings analysis, summarizing the risks that may impact earnings before interest, taxes, depreciation, and amortization ("EBITDA"); VI. Review materials outlining the Debtors' historical revenues and gross margins; VIII. Review of location level financial information and perform inquiries; VIII. Review the top three LTC facility customers by total revenue; IX. Perform revenue and margin analytics to the extent the requested data is provided by drug for revenue, cost of goods sold, rebates, discounts; X. Review script level detail from the billing system for billings and cash collections from January 1, 2023 through current date, to the extent this information is produced from a single Revenue Cycle Management ("RCM") system; XI. Review analysis of the Debtors' expenses and perform inquires; XII. Review analysis of the Debtors' accounts receivable and perform inquiries; XIII. Review analysis of the Debtors' inventory and perform inquiries; XIV. Review analysis of the Debtors' fixed assets, capital expenditures, and other assets and perform inquires; XV. Review analysis of the Debtors' accounts payable and accrued liabilities and perform inquiries; XVI. Review analysis of historical monthly working capital levels and discuss significant fluctuations with Debtors' management including large or unusual items identified which may have impacted normalized working capital levels; XVII. Perform inquiries into significant commitments and contingent liabilities; XVIII. Perform inquiries into the Debtors' relationship with its employees, including union contracts, pension and profit-sharing plans, and employment contracts; XIX. Perform inquiries into whether the Debtors have entered into leases, sales and purchase commitments or contracts, or has otherwise restricted the use of the Business's assets or has incurred liabilities not yet disclosed. Perform inquiries into change-in-control provisions in significant contracts, including employment and union contracts, supply agreements, debt agreements, and option, warrant, stockholder, preferred stock, and other equity-related agreements. The firm will be paid a fixed fee of $540,000 for the services rendered. Mr. Bell disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brett G. Bell KPMG LLP Two Financial Center 60 South Street Boston, MA 02111 Tel: (617) 988-1000 About Omnicare, LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. The U.S. Trustee has appointed an official committee of unsecured creditors. JMB Capital Partners, as DIP lender, is represented by: Robert M. Hirsh, Esq. Kristian W. Gluck, Esq. Jamie Copeland, Esq. Norton Rose Fulbright US LLP 1301 Avenue of the Americas New York, NY 10019-6022 E-mail: robert.hirsh@nortonrosefulbright.com kristian.gluck@nortonrosefulbright.com james.copeland@nortonrosefulbright.com ONTARIO GAMING: S&P Alters Outlook to Negative, Affirms 'B-' ICR ---------------------------------------------------------------- S&P Global Ratings affirmed the 'B-' issuer credit rating on Ontario Gaming GTA L.P. (OTG). S&P also affirmed the 'B-' issue-level rating on the senior secured debt, and the '3' recovery rating is unchanged. The negative outlook reflects the risks that against the backdrop of weak macroeconomic situation, OTG (and in turn GCGC) might continue to face further delays in ramping up and utilization of its casino assets. S&P said, "The outlook revision follows our negative outlook on parent GCGC. GCGC's operating performance continues to trend below our expectations because of ongoing lackluster performance, particularly within its OTG subsidiary. and the ongoing adverse impact of reversion Casino Operating and Service Agreement contract." The company's revenues declined close to 12% relative to the same period last year and EBITDA declined by almost 25%. Macroeconomic softness and lower-than-expected visitations continued to affect the company's 50% owned subsidiary OTG's gaming revenues. Separately, the adverse impact of East and West GTA COSA contract reversions continue to reflect on GCGC's consolidated EBITDA more prominently on an LTM basis as the company rolls off stronger quarters from the previous year. As a result, S&P Global Rating-adjusted debt to EBITDA for LTM ended September 2025 remained elevated at about 8.8x and FFO to cash interest coverage deteriorated to 1.2x. S&P said, "We expect GCGC's revenue and EBITDA could be pressured through 2026 such that leverage will remain elevated and FFO cash coverage measures could be below 1.5x. In addition, the company announced asset sales that will meaningfully shrink its EBITDA and geographic diversity. Even though the company plans to use the proceeds for asset sales, we view the impact of leverage improvement to be modest of about 0.5x." OTG's operating performance remains soft. The company continues to lag in utilization of its Toronto and Pickering casinos. Gaming revenues have continued to decline for several quarters since September 2024. Demand softness owing to weak consumer confidence and lower-than-expected customer traffic, partly owing to limited awareness, are the key factors that continue to result in softer gaming revenues for the six-month period ended Sept. 30, 2025. As such, gaming revenues decreased 6%. Even though nongaming revenues grew 28%, it was not sufficient to offset the declines in gaming, and therefore overall revenues declined by 3%. At the same time, the company incurred higher one-time costs (for example, artist fees) that were lumpy in nature in order to boost its lower-margin nongaming (theater and hotel) revenues. As a result, its EBITDA was close to 13% weaker relative to the six months ended September 2024. S&P said, "Based on our recent economic forecasts, we envision that amid macroeconomic uncertainty, the adverse impact of trade tensions, and rising unemployment rates could weaken any consumer's resiliency in 2025 and limit spending growth in 2026. In addition, extreme winter weather could also pressure the company, particularly OTG's third- and fourth-quarter results. In order to reflect these risks, we further revised our fiscal 2026 and fiscal 2027 EBITDA (ending March 2026 and 2027) downward by 12%-13% relative to our previous forecast. We therefore estimate OTG's leverage will remain elevated and FFO cash interest coverage will remain at about 1.4x through fiscal 2027. "OTG will become a meaningful contributor to GCGC's overall EBITDA following asset sales. GCGC plans to divest its properties in British Columbia. We believe this will not only meaningfully erode GCGC's market position as the No. 1 gaming operator in British Columbia but will also shrink its EBITDA scale as well as geographic diversity. Pro forma the sale of the assets, we estimate the Ontario bundles will constitute about 60% of GCGC's overall combined EBITDA. Therefore, after the sale of the assets and absent any amendments for the current COSA contract for the west and east GTA assets, GCGC's performance will largely depend on OTG's performance. This could result in greater EBITDA volatility should the operating performance at OTG remain lackluster in the near term. We may reassess OTG's strategically important status and relationship within the GCGC group once the asset sales are completed." Management is implementing several targeted marketing and gaming initiatives in order to boost visitations at OTG casinos. In the past six months, management has put in place several targeted marketing initiatives to attract general and high-value foot traffic. The events are focused on VIP guests and include opening of new VIP spaces at Great Canadian Toronto, hosting VIP dinners, and slot tournaments. S&P believes these are necessary investments to attract customer traffic and create awareness. These initiatives may take longer to translate into gaming revenues, and until such time, these additional costs could exacerbate pressure on OTG's EBITDA. S&P said, "We expect OTG will maintain a sufficient liquidity cushion. Despite EBITDA softness, we expect OTG to continue to generate positive free cash flow (after lease payments) of C$55 million-C$60 million. Furthermore, OTG has strong liquidity of C$415 million, including cash on the balance sheet as of Sept 30, 2025, and an undrawn revolver. Hence, we believe OTG has sufficient liquidity to manage through an uncertain macroenvironment over the next 12 months. "The negative outlook reflects the risks that against the backdrop of weak macroeconomic situation, OTG (and in turn GCGC) might continue to face further delays in ramping up and utilization of its casino assets. It also reflects the possibility that we may lower the ratings on OTG over the next 12 months if operating performance continues to deteriorate such that we forecast OTG's FFO to cash interest coverage measures weaken and its liquidity cushion deteriorates such that we view the capital structure as unsustainable." S&P could lower its rating on OTG if S&P lowers its rating on GCGC or OTG's stand-alone performance weakens. OTG's stand-alone credit profile (SACP) could be pressured if: -- S&P expects its EBITDA to further weaken such that FFO cash interest approaches 1x; -- The company's cash flow deteriorates to significant deficits and liquidity weakens such that S&P views the capital structure as unsustainable resulting from weaker macroeconomic conditions, or Financial owners pursue aggressive debt-funded dividends, which could increase debt on an already heavily debt-loaded balance sheet. S&P said, "We could revise the outlook on OTG if we revise the outlook on parent GCGC, which depends on operating performance recovering such that GCGC's FFO to cash interest coverage improves over 1.5x on a sustained basis and we no longer view the capital structure as unsustainable." Contributing factors to organic EBITDA growth would be improvement in general consumer visitations as a result of strengthening macroeconomic conditions. ORIGINCLEAR INC: Reports $3.3 Million Net Loss in 2025 Q3 --------------------------------------------------------- OriginClear, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss for the three months ended September 30, 2025, of $3,332,820 compared with a net loss of $2,774,472 for the same period in 2024, a change of $558,348. This also includes loss from discontinued operations of $264,021 vs a loss of $271,166 in the prior period. The change was driven by lower gross profit and swing in other income (expense), including reduced derivative gains and the absence of one-time favorable items recorded in the prior period. Net loss for the nine months ended September 30, 2025, was $11,617,118 compared with $16,329,231 for the same period in 2024, an improvement of $4,712,113. The reduction in net loss was largely due to lower total operating expenses and the swing in fair value adjustments to derivative liabilities, partially offset by higher cost of goods sold and interest expense. Revenue for the three months ended September 30, 2025, was $1,708,782, compared to $583,491 for the same period in 2024, increased $1,125,291 (193%). The incline was primarily driven by higher equipment contract revenue. Revenue for the nine months ended September 30, 2025, was $4,055,252, compared to $2,577,468 in 2024, an increase of $1,477,784 (57%). The increase was driven by higher sales volumes in certain product lines. As of September 30, 2025, OriginClear, Inc. had $2,745,525 in total assets and $27,519,856 in total liabilities, total mezzanine equity of 7,457,720, and total shareholders' deficit of $32,232,051. The Company has incurred recurring losses and held cash of $756,729 as of September 30, 2025. Management believes continued investor support and access to capital markets will be necessary to sustain operations. However, recurring losses, negative operating cash flows and significant liquidity constraints have led the Company's auditors to express substantial doubt about its ability to continue as a going concern. Management is actively pursuing additional financing through convertible notes and preferred stock offerings while leveraging existing backlog and receivables. There can be no assurance that required financing will be available or on terms acceptable to the Company, and any future financing may involve restrictive covenants or shareholder dilution. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2bbsfxxs About OriginClear OriginClear, Inc. founded in 2007 as OriginOil and rebranded in 2015, operates as the Clean Water Innovation Hub, focusing on incubating and launching businesses in the industrial water sector. The Company's subsidiary, Water On Demand, Inc., includes three operating units: Progressive Water Treatment, which provides engineered water treatment solutions and generates the majority of revenue; Modular Water Systems, which holds an exclusive master license with three active patents valued between $26.6 million and $53.2 million as of April 2023; and Water on Demand, a development-stage unit aiming to offer water treatment as a pay-per-gallon service under a Design-Build-Own-Operate model. The Company leverages its intellectual property and proprietary practices to differentiate its offerings in the global water industry. In its audit report dated March 31, 2025, M&K CPAS, PLLC issued a "going concern" qualification citing that the Company suffered a net loss from operations and used cash in operations, which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $3.15 million in total assets, $24.47 million in total liabilities, $7.48 million in mezzanine equity and a total stockholders' deficit of $28.8 million. OUT THE GATE: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Out The Gate, Inc. The committee members are: 1. Geneva Sports, LLC dba SPIRE Academy Attn: Adam Coleman, General Counsel 7225 Windsor Blvd., Suite 200 Baltimore, MD 21244 Phone: 410-325-1386 acoleman@blueocean.com 2. Churchill Downs Racetrack, LLC c/o Churchill Downs Incorporated, Legal Dept. Attn: Andrew Silver 600 N. Hurstbourne Parkway Louisville, KY 40222 Phone: 502-678-5719 Andrew.Silver@twinspires.com 3. Ramp Business Corporation Attn: Hinh Tran 28 West 23rd Street, Floor 2 New York, NY 10010 Phone: 925-858-4709 legal@ramp.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Out the Gate Inc. Founded on February 8, 2021, Out The Gate, Inc. is a privately held gaming and entertainment company that offers electronic sports betting services in the United States. It operates licensed sportsbooks in Kentucky, New Jersey, and Ohio, providing wagering platforms under state-regulated gaming frameworks. Out The Gate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12023) on November 12, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Karen B Owens handles the case. The Debtor is represented by Marc S. Casarino, Esq., at Kennedys CMK LLP. PARKERVISION INC: Raises $3.46MM via Registered Direct Offering --------------------------------------------------------------- ParkerVision, Inc. announced on November 24, 2025, that it has closed the sale of 16,481,579 shares of its common stock at a price of $0.21 per share to accredited and institutional investors for gross proceeds of approximately $3.46 million. The stock was sold in a Registered Direct Offering under the Company's Shelf Registration statement that was filed in April 2025 and declared effective by the Securities and Exchange Commission on May 28, 2025. To date, the Company has raised an aggregate of approximately $4.46 million under its Shelf, including $1 million in common stock sold to a director on November 17, 2025, also at a $0.21 purchase price per share. About ParkerVision Jacksonville, Fla.-based ParkerVision, Inc., and its wholly-owned German subsidiary, ParkerVision GmbH is in the business of innovating fundamental wireless hardware technologies and products. The Company has designed and developed proprietary RF technologies and integrated circuits based on those technologies, and the Company licenses its technologies to others for use in wireless communication products. Atlanta, Ga.-based Frazier & Deeter, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 24, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's current resources are not sufficient to meet their liquidity needs for the next 12 months, the Company has losses from operations, negative operating cash flows and an accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $1.9 million in total assets, $51.7 million in total liabilities, and $49.8 million in total shareholders' deficit. PAULAZ ENTERPRISES: Amends Administrative & Priority Tax Claims --------------------------------------------------------------- Paulaz Enterprises Inc. submitted an Amended Plan of Reorganization under Subchapter V dated November 26, 2025. The Debtor submits the Amended Plan to make limited revisions to approximately six items in the original plan and supporting exhibits. In counsel's opinion, none of the amendments are substantive and reballoting is not required. The changes are summarized as follows: ARTICLE 3: TREATMENT OF ADMINISTRATIVE EXPENSE CLAIMS; PRIORITY TAX CLAIMS; AND QUARTERLY AND COURT FEES Section 3.05 Prospective Quarterly Fees: Removed. Clarification added that all quarterly fees required under Section 1930(a)(6) or (a)(7) will accrue and be timely paid until the case is closed, dismissed, or converted. The debtor has no such fees owed. ARTICLE 6: EXECUTORY CONTRACTS AND UNEXPIRED LEASES Section 6.01: Added to the list of assumed contracts: "Franchise agreement dated November 21, 2017, and any amendments thereto, between Sign and Graphics, LLC and Paulaz Enterprises, Inc." ARTICLE 10: OTHER PROVISIONS Section 10.02 Method of Distribution (Non-Consensual / Cramdown Plan): After the sentence stating that the Subchapter V Trustee shall make payments under a Section 1191(b) plan, the following sentence is added: "With approval by the Court, the debtor, in place of the Subchapter V Trustee, may make payments to creditors under the plan." Section 10.09 – Substantial Consummation: Added: "Debtor shall file a Notice of Substantial Consummation within three days of the event." EXHIBIT A: LIQUIDATION ANALYSIS Removed claims of OD Capital ($299,071.00) and the SBA ($517,241.25), each having filed but unperfected UCC-1s; both claims are therefore unsecured. Reduced secured claim of Wells Fargo from $695, 929.69 to $343,712.20. Total secured claims reduced from $1,598,457.58 to $429,927.84. Equity available to unsecured creditors remains $0 under either calculation. EXHIBIT B: FIVE-YEAR PROJECTIONS Moved the TD Auto Financing annual total ($737.23/mo; $8,846.76/yr) from "Vehicle Expense" to its own separate line item beneath the Wells Fargo loan payment. Net projected bottom line remains unchanged. The Plan Proponent must also show that it will have enough cash over the life of the Plan to make the required Plan payments and operate the Debtor's business. The monthly amount needed to fund Debtor's plan is $11,098.30. This sum includes the payment for the van loan of $737.23, which is already being paid as part of Debtor's monthly operating expenses. The Debtor's five-year projections show that it will have sufficient income to meet its obligations over the five-year period for the three classes of creditors. Since Debtor's filing in Chapter 11, it has begun to reverse its prior decline in revenues. Debtor's projections are for at least $160,000 per month in year one; growing from there to a projected $192,000 per month in year 5. The Plan provides for two classes of secured claims, and one class of non-priority general unsecured creditors holding allowed claims that will receive distributions, which the Plan Proponent values at 15 cents on the dollar (15%) (Class 3). The Plan also provides for the payment of administrative and priority claims and payment to a special class (Class 4) comprised of mandated payments to the franchisor, with the result of lack of full payment, being possible revocation of the franchise license. Payments and distributions under the Plan will be funded by income generated from the revenues received from the operation of Debtor's business. Debtor's Projections show a net profit of $126,000.00 in year one of the plan and similar, but slightly larger amounts in years two through year five. Debtor is projected to generate enough in net revenues to cover the Plan obligations. The Debtor's monthly obligation for $737.23 for payment of an auto loan with TD Bank, N.A. for a Mercedes van, is currently being paid as part of its monthly expenses and is not paid out of the Debtor's net profits, otherwise used to pay monthly plan obligations of $10,361.07. Accordingly, the Debtor is able to perform all of its obligations under the Plan and the Plan satisfies the requirements or conditions set forth in Section 1129(a)(11) of the Code. A full-text copy of the Amended Plan dated November 26, 2025 is available at https://urlcurt.com/u?l=9ew00P from PacerMonitor.com at no charge. Counsel to the Debtor: Chad T. Van Horn, Esq. Van Horn Law Group, PA 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Tel: (561) 621-1360 Email: info@cvhlawgroup.com About Paulaz Enterprises Inc. Paulaz Enterprises Inc., doing business as Image360 Hollywood FL, provides custom signage, graphics, and display solutions for businesses and organizations in Hollywood, Miami, Fort Lauderdale, and surrounding areas. It offers interior signs, business signage, vehicle wraps, and event displays, coordinating projects from design to installation. Paulaz Enterprises operates as part of a national network, ensuring consistent quality and branding across various applications. Paulaz Enterprises sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18061) on July 15, 2025. In its petition, the Debtor reported total assets of $303,282 and total liabilities of $1,733,834. Judge Peter D. Russin handles the case. The Debtor is represented by Chad Van Horn, Esq., at Van Horn Law Group, PA. PEGRUM CREEK: Claims to be Paid from Asset Sale Proceeds -------------------------------------------------------- Pegrum Creek, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Alabama a First Amended Disclosure Statement accompanying Plan of Liquidation dated November 26, 2025. The Debtor is an Alabama limited liability company formed on January 10, 2018 and is owned and managed by William E. Taylor, Jr. Pegrum Creek is engaged in many scopes of owning, holding, developing, renting, leasing, managing, improving, buying, farming, and selling real property for agricultural, residential, and commercial purposes. Any proceeds generated from such activities, along with the liquidation of any other property or claims, will be utilized, in part, to fund the Plan. Should any assets remain after the liquidation of the estate, Pegrum Creek will continue to be owned and managed by William E. Taylor, Jr., upon confirmation. The total value of the properties, according to the Debtor's valuation, is $12,213,000.00. The Debtor has not performed a formal appraisal on the properties. However, based upon prior sales of the Debtor's Real Estate Assets, its knowledge of the Real Estate Assets and Personal Property Assets, and the information provided by its real estate professionals, the Debtor believes that these valuations are accurate. The Debtor's post-petition earnings are property of the estate. As evidenced by the operating statements filed with the Court, the Debtor has operated post-petition with a profit. The most recent monthly operating reports, for month ending September 30, 2025, showed a total net income post-petition to date for the Debtor of $51,263.07. This income was for farming operations and lease of farmland. Under the Plan, after the payment of all Allowed Secured Priority and Unsecured Claims, the net assets and operations of the Debtor will continue to be owned, managed, and controlled by the Debtor until this case is fully administered. If all Allowed Secured Priority and Unsecured Claims are paid in full, any excess net assets and operations shall be surrendered to equity. Class 5 shall consist of all Allowed Unsecured Claims that are not otherwise included in another Class herein. These Allowed Claims shall be paid in full of Class 5 Claims, with other Allowed Claims in this Class upon the sale of the Real Estate Assets, Personal Property Assets, including sale of net operating losses and net proceeds of claims liquidation. No interest will accrue on these Allowed Claims. In the event there is not sufficient net proceeds from the sale of Real Estate Assets and Personal Property Assets, including tax credits and claims proceeds to pay Allowed Unsecured Claims, in full, such claims will be paid pro rata. This Class is impaired. Class 6 consists of the membership interest in the Debtor, owned by William E. Taylor. This interest may retain equity in assets not liquidated, or net proceeds from liquidation, only if all Allowed Claims, including but not limited to Allowed Unsecured Claims are paid in full. The Effective Date of the Plan is defined under the Plan to be the first day of the second full month after the entry of the Court order confirming the Plan. * The Plan will be funded by the following: The Debtor will continue funding the Plan through sale of the Real Estate Assets until the earlier of (a) sufficient funds has been raised to pay all claims in full or (b) such Real Estate Assets have been liquidated; * The Debtor will market and sell, by means to be determined by the Debtor in its exclusive business judgment, Real Estate Assets sufficient to pay all Allowed Administrative Claims, all Allowed Priority Claims, all Allowed Secured Claims, and all other Allowed Claims in full, as provided in the Plan. The sale of the Real Estate Assets will be completed as soon as practicable, as determined by the Debtor in consultation with respective Secured Creditors. The Debtor will determine the order and timing of sale of the Real Estate Assets. Creditors in Classes 1-5 shall retain their rights to credit bid in the sale of any Real Estate Asset encumbered by a properly perfected security interest. Once sufficient funds to satisfy all claims have been generated by the sale of Real Estate Assets, the Debtor will cease selling unliquidated Real Estate Assets and the balance of Property (including cash and Real Estate Assets) will be returned to the Debtor as the holder of the only Class 6 Claim; * If all Real Estate Assets have not been liquidated by the first day of the 6th month following the Effective Date, or if All Allowed Claims in Classes 1-5 have not been fully satisfied by then, the Debtor, within its sole discretion, shall either employ an auctioneer to auction all remaining Real Estate Assets or grant any remaining creditor in Classes 1-5 relief from the discharge injunction to foreclose on its unsold collateral; and * Contemporaneously with the marketing the Real Estate Assets in classically brokered sales, the Debtor, in consultation with the Realtor(s) retained in this case, counsel, related Secured Claimants, and other interested parties will solicit auctioneer professionals to market and sell by public auction any Real Estate Assets not sold nor contracted to sell by the conclusion of the Marketing Period. Any Auctioneer hired by the Debtor shall be submitted for Court Approval as a Professional. Bidding Procedures are attached hereto as Exhibit F for approval at confirmation. These Bidding Procedures may be modified by Debtor in consultation with the proposed Auctioneer and other interested parties, which shall be submitted for comment and approval by the Court. * The Debtor will market and sell, by means to be determined by the Debtor in its exclusive business judgment, Personal Property Assets sufficient to pay all Allowed Administrative Claims, all Allowed Secured Claims, and all other Allowed Claims in full, as provided in the Plan. The sale of the Personal Property Assets will be completed as soon as practicable, as determined by the Debtor. The Debtor will determine the order and timing of sale of the Personal Property Assets. Once sufficient funds to satisfy all claims have been generated by the sale of Personal Property Assets, the Debtor will cease selling unliquidated Personal Property Assets and the balance of Property (including cash and Personal Property Assets) will be returned to the Debtor as the holder of the only Class 6 Claim. * The Debtor will file with the Court an accounting and will seek the entry of a Final Decree as required under Bankruptcy Rule 3022 following the Effective Date of the Plan and the administration of the Estate. During this period the Debtor shall submit reports and pay quarterly fees to the Bankruptcy Administrator as required by law. Upon completion of payments to Class 5, the Debtor reserves the right to file a motion to reopen the case in order to obtain a discharge order pursuant to Section 1141(d)(5) of the Bankruptcy Code, if needed. A full-text copy of the First Amended Disclosure Statement dated November 26, 2025 is available at https://urlcurt.com/u?l=NGr2nS from PacerMonitor.com at no charge. Counsel for the Debtor: Stuart M. Maples, Esq. Thompson Burton PLLC 200 Clinton Avenue West, Suite 1000 Huntsville, Alabama 35801 Tel: (256) 489-9779 Fax: (256) 489-9720 Email: smaples@thompsonburton.com About Pegrum Creek LLC Pegrum Creek is engaged in activities related to real estate. Pegrum Creek LLC filed its voluntary petition for relief under Chapter 11 of the Bankrutpcy Code (Bankr. N.D. Ala. Case No. 24-81037) on June 3, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by William E. Taylor, Jr., as president. Judge Clifton R Jessup Jr. presides over the case. Stuart Maples, at Thompson Burton PLLC, is the Debtor's counsel. PERATON CORP: Blue Owl Marks $84.5MM 2L Loan at 41% Off ------------------------------------------------------- Blue Owl Technology Finance Corp. has marked its $84,551,000 loan extended to Peraton Corp. to market at $49,995,000 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 July 12, 2018. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, technology-related companies, specifically software companies, based primarily in the United States. The Company originates and invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company's investment objective is to maximize total return by generating current income from its debt investments and other income producing securities, and capital appreciation from its equity and equity-linked investments. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Technology Finance Corp 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Peraton Corp. Peraton is a national security company delivering mission-critical technologies and information technology solutions to protect the U.S. and its allies. PINE GATE: Employs Hunton Andrews Kurth as Bankruptcy Co-Counsel ---------------------------------------------------------------- Pine Gate Renewables, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ and retain Hunton Andrews Kurth LLP as bankruptcy co-counsel and conflicts counsel. Hunton Andrews Kurth LLP will provide these services: (a) advise the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their business; (b) advise and consult on the conduct of the Chapter 11 Cases, including all of the legal and administrative requirements of operating in chapter 11; (c) attend meetings and negotiate with representatives of creditors and other parties in interest; (d) take all necessary actions to protect and preserve the Debtors' estates; (e) prepare pleadings in connection with the Chapter 11 Cases, including motions, applications, answers, draft orders, reports and other documents necessary or otherwise beneficial to the administration of the Debtors' estates; (f) represent the Debtors in connection with obtaining authority to use cash collateral and postpetition financing; (g) appear before the Court and any appellate courts to represent the interests of the Debtors’ estates; (h) take any necessary actions on behalf of the Debtors to negotiate, prepare and obtain approval of a disclosure statement and confirmation of a chapter 11 plan of reorganization and all documents related thereto; (i) advise the Debtors in connection with any sale of assets; (j) serve as conflicts counsel, where necessary, for certain of the Debtors and their projects; (k) provide non-bankruptcy services to the Debtors to the extent requested by the Debtors; and (l) perform all other necessary legal services for the Debtors in connection with the Chapter 11 Cases, including (i) analysis of leases and executory contracts, (ii) analysis of liens, and (iii) advice on corporate and litigation matters. Hunton's 2025 and 2026 hourly rates for primary professionals include: - Timothy A. Davidson II, Partner $1,405 - Brian M. Clarke, Partner $1,175 (2025) / $1,695 (2026) - Philip M. Guffy, Associate $1,270 (2025) / $995 (2026) - Brandon Bell, Associate $1,080 (2025) / $795 (2026) Before the Petition Date, the Debtors paid Hunton an aggregate amount of $1,351,259.77, including an advance retainer of $704,832.23 and $202,209.77 in estimated court-filing fees. Hunton was paid $736,479 in fees and $202,209.77 in expenses prepetition. As of the Petition Date, Hunton holds $412,571 on account. According to court filings, Hunton is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Pursuant to paragraph D, section 1 of the Revised U.S. Trustee Guidelines, Hunton responds as follows: Question: Did Hunton agree to any variations from, or alternatives to, Hunton's standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the Hunton professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the Debtors in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement… Have these changed postpetition? Answer: Hunton's billing rates and material financial terms for its prepetition engagement are set forth in the Engagement Letter. Hunton's billing rates and material financial terms for Hunton's representation of the Debtors have not changed postpetition. Question: Has your client approved your prospective budget and staffing plan? Answer: Hunton has not prepared a budget and staffing plan. The firm can be reached at: Timothy A. Davidson II Hunton Andrews Kurth LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Telephone: (713) 220-4200 Facsimile: (713) 220-4285 Direct Dial: 713-220-3810 E-mail: taddavidson@hunton.com About Pine Gate Renewables, LLC Pine Gate Renewables, LLC develops, finances, constructs, and operates renewable energy projects across the United States. Founded in 2016, the Company manages an operational portfolio of more than two gigawatts of solar and storage assets and maintains a development pipeline exceeding 30 gigawatts. It has arranged and secured roughly $10 billion in project financing and capital investment and, through its wholly owned subsidiary ACT Power Services, provides operations and maintenance support for over seven gigawatts of third-party solar and storage facilities. Pine Gate Renewables 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. 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. PINE GATE: To Hire Lazard Freres & Co. LLC as Investment Banker --------------------------------------------------------------- Pine Gate Renewables, LLC and its affiliates seek approval from the U.S. Bankruptcy Court to retain Lazard Freres & Co. LLC as their investment banker in their Chapter 11 cases. Lazard Freres will provide these services: (a) reviewing and analyzing the Debtors' business, operations, and financial projections; (b) evaluating the Debtors' potential debt capacity in light of projected cash flows; (c) assisting in determining an appropriate capital structure for the Debtors; (d) assisting in determining a range of values for the Debtors on a going-concern basis; (e) advising the Debtors on tactics and strategies for negotiating with stakeholders; (f) rendering financial advice and participating in meetings or negotiations with stakeholders, rating agencies, or other parties in connection with any restructuring; (g) advising and assisting the Debtors in evaluating any potential financing transaction and, if requested, contacting potential capital sources and assisting in implementing such financing; (h) assisting the Debtors in preparing documentation within Lazard's expertise required in connection with any restructuring; (i) assisting in identifying potential buyers and contacting such buyers regarding any sale transaction; (j) attending meetings of the Board of Directors of PGR Holdco GP, LLC on matters related to Lazard’s engagement; (k) providing testimony, as necessary, in matters related to its engagement; and (l) providing the Debtors with other financial advice relevant to the foregoing. Lazard's compensation structure includes: - a monthly fee of $250,000; - an Amendment Fee equal to 0.25% of the principal amount of any amended debt or obligations; - a Restructuring Fee of $17,000,000, or in a Chapter 11 restructuring, the greater of $17,000,000 or 0.70% of the aggregate funded debt, tax equity, and preferred equity (capped at $30,000,000); - a Sale Transaction Fee based on Schedule I of the Engagement Letter or the Restructuring Fee, whichever is greater; and - a Financing Fee based on applicable percentages of gross proceeds (1.75%/1.50% senior secured, 2.75% junior debt, 4.00% equity or equity-linked financing). Lazard states it is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and holds no materially adverse interest in connection with its proposed retention. The firm can be reached at: Lazard Frères & Co. LLC 30 Rockefeller Plaza New York, NY 10012 Telephone: (212) 632-6000 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. POLAR POWER: Swings to $4.1M Q3 Net Loss, Delinquent in Rent ------------------------------------------------------------ Polar Power, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $4.1 million for the three months ended September 30, 2025, compared to a net income of $13,000 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $5.6 million, compared to a net loss of $1.6 million for the same period in 2024. Net sales for the three months ended September 30, 2025 and 2024, were $1.3 million and $4.9 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $5.7 million and $11.3 million, respectively. As of September 30, 2025, the Company had $12.3 million in total assets, $9.4 million in total liabilities, and $2.9 million in total stockholders' equity. For the nine months ended September 30, 2025, the Company recorded a net loss of $5.6 million and used cash in operations of $589,000. Further, the Company was delinquent in its rent payments to its landlords for its office and warehouse facilities. These factors, along with others, raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. In addition, the Company's independent registered public accounting firm, in its audit report to the financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, expressed substantial doubt about the Company's ability to continue as a going concern. The Company manufactures and assembles its DC power systems at two production facilities located in Gardena, California. It is currently delinquent in rent payments to its landlords for office and warehouse facilities. The landlord for its headquarters and manufacturing facility at 249 E. Gardena Blvd., Gardena, California filed a summons for eviction on October 24, 2025. The Company is negotiating with this landlord on a payment plan for the delinquent rent, and expects to come to a mutually agreeable outcome, which, at this time, such amicable proposal provides that the Company shall agree to pay the delinquent rent by February 28, 2026, and the landlord shall, in consideration of such agreement, release and settle the claim for eviction. The landlord for the other facility for which the Company is delinquent on rent, has not served the Company any legal documents or assessed late fees for the delinquent rent. However, they may do so in the future. The Company is also negotiating with this landlord on a payment plan for the delinquent rent. While the Company is negotiating with both landlords in good faith on payment plans, there is no guarantee that it and the landlords could reach an agreement on a payment plan, or that even if they reached an agreement, they could raise sufficient capital to pay the delinquent rent. It is possible that the Company will be forced to vacate from any or all facilities, and if that happens, it might have difficulty locating a new headquarters, or new manufacturing or warehouse facilities that are adequate, in a timely manner. The Company's production could be significantly delayed, access to its inventory could be impaired, and its operations could halt for a significant period of time. Effective September 30, 2020, the Company entered into an Agreement with Pinnacle which will expire on September 30, 2026. The Loan Agreement, as amended, provides for a revolving credit facility under which Pinnacle may, in its sole discretion upon the Company's request, make advances to us up to $7.5 million, subject to certain limitations and adjustments. The Loan Agreement contains certain affirmative and negative covenants. At September 30, 2025, the Company was not in compliance with the affirmative covenant requiring all taxes including unsecured property taxes to be paid in full before becoming delinquent, of which the Company has a delinquent balance of $29,000. The Company was also not in compliance with the affirmative covenant requiring the Company to attain a minimum Effective Tangible Net Worth greater than $6 million, as the Company attained a Tangible Net Worth of $3,405 after recording an inventory write-down of $1.97 million to adjust the book value of its inventory to its net realizable value, and $455,000 impairment of right-of-use asset and deposits. While the Company expects to regain compliance, there is no guarantee that the Company will be able to do so. Further, Pinnacle, as of October 21, 2025, pursuant to the terms of the Loan Agreement, lowered the valuation on certain of the Company's inventory. As a result of the reduction in the valuation of certain of the Company's inventory, the Company has an over-advance of $480,000 at October 21, 2025, and therefore, pursuant to the terms of the Loan Agreement, Pinnacle is permitted take certain actions, including the creation of reserves against amounts that would be available for borrowing or the reduction of its advance rates without declaring an event of default on the facilities, if it determines, in its good faith credit judgment that such reserves are necessary. Polar Power said, "We are in current discussions with Pinnacle and negotiating with them in good faith on these terms, and expect to come to a mutually agreeable outcome, which, at this time, we believe will provide that Pinnacle will accept certain amounts we expect to receive in purchase orders over the next few months ($325 by December 15, 2025), provided that if such purchase orders are not fulfilled, $325 will be due in December, regardless, and in each case the balance outstanding ($155) will be due by January 15, 2026." While the Company believes it has a good working relationship with Pinnacle, Pinnacle could seek other remedies against the Company pursuant to the Loan Agreement or terminate the Loan Agreement. If the Company is unable to comply with the Loan Agreement, or amendments if applicable, the Company may lose its financing with Pinnacle. Furthermore, the Company's ability to secure other financing is uncertain. The Company's ability to continue as a going concern is dependent upon its ability to obtain additional financing, grow and diversify the Company's revenue, improve operational efficiency, reduce overhead and fixed costs, and to create a profitable operation. Its ability to obtain additional financing in the debt and equity capital markets is subject to several factors, including market and economic conditions, its performance and investor sentiment with respect to the Company and its industry. The Company has taken action to diversify sales to consume existing inventory, increase higher margin aftermarket parts revenue, to fund operations. In the event that the Company does not generate sufficient cash flows from operations and is unable to obtain funding, the Company will be forced to delay, reduce, or eliminate some or all of its discretionary spending, which could adversely affect the Company's business prospects, ability to meet long-term liquidity needs or ability to continue operations. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/8nynhfr8 About Polar Power, Inc. Headquartered in Gardena, California, Polar Power, Inc. -- http://www.polarpower.com-- designs, manufactures, and sells DC power generators, renewable energy and cooling systems for applications primarily in the telecommunications market and, to a lesser extent, in other markets, including military, electric vehicle charging, marine and industrial. The Company is continuously diversifying its customer base and are selling its products into non-telecommunication markets and applications at an increasing rate. In its report dated March 31, 2025, the Company's auditor Weinberg & Company, P.A., issued a "going concern" qualification citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and incurred negative operating cash flows. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, Polar Power held $16.5 million in total assets, $9.6 million in liabilities, and $7 million in stockholders' equity. POWER RIG: Seeks Chapter 7 Bankruptcy in Louisiana -------------------------------------------------- On November 13, 2025, Power Rig Drilling Company Inc. sought Chapter 7 protection in the Western District of Louisiana. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Power Rig Drilling Company Inc. Power Rig Drilling Company, Inc. is a U.S. based drilling contractor primarily focused on on-land oil and gas well drilling support, with operations recorded in Grand Chenier and Lafayette, Louisiana. Power Rig Drilling Company Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-51053) on November 13, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Judge John W. Kolwe handles the case. The Debtor is represented by Patrick M. Shelby, Esq. PRIMO WATER: Faces Securities Class Action Lawsuit -------------------------------------------------- Bernstein Liebhard LLP announces that a shareholder has filed a securities class action lawsuit on behalf of investors (the "Class") who purchased or acquired (i) the common stock of Primo Water Corporation ("Primo Water") between June 17, 2024 through November 8, 2024, inclusive, and/or (ii) the common stock of Primo Brands Corporation ("Primo Brands" or the "Company") (NYSE: PRMB) between November 11, 2024 through November 6, 2025, inclusive (collectively, the "Class Period"). Following a merger of Primo Water with an affiliate of BlueTriton Brands, Inc., which was announced on June 17, 2024 (the "Merger"), the combined entity operated as Primo Brands. Should You Join This Class Action Lawsuit? -- Do you, or did you, own shares of Primo Brands Corporation (NYSE: PRMB)? -- Did you purchase your shares between June 17, 2024 and November 6, 2025, inclusive? -- Did you lose money in your investment in Primo Brands Corporation? If you purchased or acquired Primo Brands common stock, and/or would like to discuss your legal rights and options please visit Primo Brands Corporation Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com. According to the lawsuit, Defendants made misrepresentations concerning operational efficiencies from the Merger. If you wish to serve as lead plaintiff for the Class, you must file papers by January 12, 2026. A lead plaintiff is a representative party acting on other class members' behalf in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member. All representation is on a contingency fee basis. Shareholders pay no fees or expenses. Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for sixteen consecutive years. Contact Information: Peter Allocco, Esq. Bernstein Liebhard LLP https://www.bernlieb.com Tel: (212) 951-2030 pallocco@bernlieb.com [GN] PROGRESSIVE STEPS: Seeks Chapter 7 Bankruptcy in Maryland --------------------------------------------------------- On November 24, 2025, Progressive Steps Inc. initiated Chapter 7 bankruptcy proceedings in the District of Maryland. The filing indicates total debt of $100,001 to $1,000,000 owed to a creditor group of 1–49 parties. About Progressive Steps Inc. Progressive Steps Inc. offers support services to help individuals with developmental disabilities and behavioral health issues live more independently. The company provides programs such as residential assistance, skill-building activities, behavior support services, and vocational training. Progressive Steps Inc. sought Chapter 7 relief under the U.S. Bankruptcy Code (Bankr. Case No. 25-21051) on November 24, 2025. The company reports estimated assets between $0 and $100,000 and liabilities between $100,001 and $1,000,000. The case is assigned to Honorable Bankruptcy Judge Maria Ellena Chavez-Ruark. The Debtor is represented by Steven H. Greenfeld, Esq. of the Law Offices of Steven H. Greenfeld, LLC. PROSPECT MEDICAL: Court OKs Additional DIP Loan From MPT -------------------------------------------------------- Prospect Medical Holdings, Inc. and affiliates got the green light from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to obtain additional debtor-in-possession financing from MPT TRS Lender PMH, LLC. The court approved the additional loan, which consists of a single draw secured new money term loan of $15 million available immediately upon execution of the amended DIP term loan agreement; and a multi-draw secured new money term loan of up to $10 million available after the initial $15 million loan has been funded, subject to certain conditions. The Debtors may access the $10 million loan in tranches if their projected cash falls below a defined threshold, enabling them to manage week-to-week liquidity while completing critical tasks. Obligations under the amended DIP term loan agreement will be secured by liens in the collateral and constitute superpriority administrative expense claims pursuant to Section 364(c)(1) of the Bankruptcy Code. At MPT's option, the facility may also increase the original backstop facility by an amount equal to the outstanding obligations under the new loans, creating an incremental backstop tranche to support plan effectiveness. According to the Debtors, access to the additional DIP financing is essential to preserve the value of the Debtors' estates and avert an imminent liquidity crisis that would threaten patient care, employee compensation, hospital operations, the closing of pending sale transactions, and ultimately the Debtors' ability to confirm and consummate a Chapter 11 plan. The order is available at https://is.gd/9fBZ98 from PacerMonitor.com. From the outset of these cases, the Debtors anticipated the need for substantial DIP financing and obtained multiple post-petition credit facilities from various lenders including the $100 million priming JMB DIP facility, the $90 million eCapital DIP facility, and later the $25 million MPT junior DIP facility approved as part of the Debtors' settlement with key parties. As the cases evolved, however, the Debtors' liquidity needs outpaced expectations, prompting further DIP amendments and upsizes, including an additional senior DIP tranche from JMB and, most recently, the first supplemental MPT DIP facility, which increased the junior DIP by $55 million and provided an additional contingent $25 million in commitments. Those funds enabled the Debtors to pay off the JMB facilities in full and established an up to $30 million exit facility (the original backstop facility) to help ensure payment of administrative and priority claims upon plan effectiveness. Despite these efforts, the Debtors now face a new, acute liquidity crisis driven by a combination of progress in some areas and severe setbacks in others. Since obtaining the first supplemental MPT DIP facility, the Debtors have achieved several significant milestones in these Chapter 11 cases, including completing solicitation on their Chapter 11 plan, securing court approval for the sale of their California hospitals to NOR Healthcare Systems, winning approval of the sale of their ECHN hospitals in Connecticut, and selecting UCHCFC Waterbury Health Corp. as the stalking horse and ultimate successful bidder for the Waterbury system. Nonetheless, several unanticipated developments have derailed the expected confirmation and emergence timeline. Chief among these challenges is the prolonged failure of The Centurion Foundation to close on the Debtors' Rhode Island hospital system, a sale approved in February 2025 under the belief that closing was imminent within 30 to 60 days. Instead, the Debtors have operated the Rhode Island hospitals for more than eight months post-approval, bearing substantial operating losses while awaiting Centurion's performance. With no closing in sight and faced with continued cash burn, the Debtors were compelled to file the Rhode Island Transfer Motion seeking authorization either to transfer the hospitals to the State of Rhode Island or, alternatively, to close them safely and in compliance with state regulatory requirements. Since filing that motion, the Debtors and the Rhode Island Attorney General have been collaborating intensively to identify a viable path forward, including a possible alternative transaction. As an interim measure, the Attorney General has agreed to provide access to up to $3 million from the state's Hospital Fund to offset ongoing operating losses while this process continues, but even with this support, the Debtors urgently require additional financing to maintain continuity of patient care and preserve the value of the Rhode Island operations. Parallel challenges have emerged in other areas. The timelines for closing the California and Connecticut sales have extended beyond initial projections, requiring the Debtors to continue funding operations and transition planning longer than anticipated. Meanwhile, the Debtors have been engaged in complicated, time-consuming negotiations with their insurers over the structure of the Chapter 11 plan and the treatment of more than 300 professional and general liability claims arising from prepetition hospital operations. These insurance negotiations have been far more protracted than expected, contributing to delays in plan approval. Although the court has entered a lift stay order authorizing claimants to liquidate their PL/GL claims and recover solely from available insurance, the Debtors and insurers have yet to finalize a comprehensive global resolution. As a result of these combined delays, the Debtors adjourned their plan confirmation hearing to December 12. But the Debtors' current budget—shared with both MPT and the official committee of unsecured creditors shows that they will run out of cash during the week ending November 21 long before the new confirmation date. To address this immediate and irreparable liquidity shortfall, the Debtors have engaged in good-faith, arm's-length negotiations with MPT that resulted in the additional new-money post-petition financing from MPT. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, Prospect listed assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Sidley Austin LLP, led by Thomas R. Califano, and Rakhee V. Patel, in Dallas, Texas; and William E. Curtin, Patrick Venter, and Anne G. Wallice, in New York. Alvarez & Marsal North America, LLC, is the Debtors' financial advisor; Houlihan Lokey, Inc., is the investment banker; and Omni Agent Solutions, Inc., is the claims, noticing and solicitation agent. PROSPECT MEDICAL: Waterbury Hospital Sale to UCHCFC Waterbury OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, has permitted Prospect Medical Holdings Inc. and its affiliates, to sell Waterbury Assets, free and clear of liens, claims, interests, and encumbrances. Details of the Sale Transaction and the description of the Property attached as Exhibit A can be found at https://urlcurt.com/u?l=e6NSBO The Court has authorized the Debtor to sell the Waterbury assets to UCHCFC Waterbury Health Corp. in the final bid in the aggregate cash amount of $9,000,000, subject to any adjustments under the Real Property Agreement. The Debtors have demonstrated good, sufficient, and sound business purposes and justifications for their sale of the Waterbury Real Property directly to the Real Property Purchaser at the Closing in accordance with the Real Property Agreement. The Debtors have demonstrated good, sufficient, and sound business purposes and justifications for consummation of the Waterbury Sale Transaction pursuant to the Waterbury Asset Purchase Agreement (APA). The Purchase Price provided by the Purchasers (i) is fair, reasonable, and adequate; (ii) constitutes reasonably equivalent value and fair consideration under the Bankruptcy Code and under the laws of the United States, any state, territory, possession, or the District of Columbia. The Debtors, the Purchasers, and their respective principals, counsel, and advisors have negotiated, proposed, and entered into the Transaction Documents (including the Waterbury APA and the Real Property Agreement), and each of the transactions contemplated therein in good faith, without collusion and from arm's-length bargaining positions. The Purchasers would not have entered into the Waterbury APA, the MPT Agreement or the Real Property Agreement and would not consummate the Waterbury Sale Transaction without entry of this Sale Order approving the Waterbury Sale Transaction "Free and Clear." About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Lokey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. PURCELL HOLDINGS: Seeks Chapter 11 Bankruptcy in Maryland --------------------------------------------------------- On November 25, 2025, Purcell Holdings LLC sought Chapter 11 protection in the District of Maryland. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Purcell Holdings, LLC Purcell Holdings LLC is a single asset real estate company. Purcell Holdings LLC filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md., Case No. 25-21113) on November 25, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of the same amount. Honorable Judge Lori S. Simpson handles the case. PURE BIOSCIENCE: Appoints Jeffrey Kitchell as President ------------------------------------------------------- PURE Bioscience, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 19, 2025, Jeffrey Kitchell has been appointed as the Company's President, in addition to his ongoing responsibilities as the Company's Corporate Secretary, effective as of November 17, 2025. Robert Bartlett will continue as the Company's Chief Executive Officer, principal executive officer and a member of the Company's board of directors but stepped down from the position of President effective as of the Effective Date. Mr. Kitchell, 55, has served as the Company's Vice President of Operations since April 2023. He also serves as the Company's Corporate Secretary, a role he has had since 2019. Mr. Kitchell oversees day-to-day operations, supports the Company's functions, and implements new structures and processes. Mr. Kitchell has held various roles since joining the Company in 2001. In his various roles, he managed the Company's legal affairs and helped secure its intellectual property. Before joining the Company, Mr. Kitchell held various leadership roles in companies ranging from small to large. Mr. Kitchell earned a Bachelor's Degree in Business Administration from the University of Phoenix. It is anticipated that Mr. Kitchell will enter into the Company's standard form of indemnification agreement for the Company's officers and participate in other compensation and benefit programs generally available to the Company's executive officers. The terms of Mr. Kitchell's employment with the Company otherwise remain unchanged. "These leadership appointments reinforce PURE's commitment to fostering strong internal talent," said Mr. Bartlett. "Mr. Kitchell's proven track record has been instrumental in advancing our new vision and ongoing business transformation. Ms. Blount's insight, dedication, and unwavering commitment to our mission have been vital to guiding the Company through its evolution. Their leadership will continue to support PURE's focus on innovation, operational excellence, and long-term growth." There are no arrangements or understandings between Mr. Kitchell and any other persons pursuant to which he was named to this position with the Company. There are no family relationships between Mr. Kitchell and any of the Company's directors or executive officers, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. About PURE Bioscience Headquartered in El Cajon, California, PURE Bioscience, Inc. -- http://www.purebio.com/-- is dedicated to developing and commercializing proprietary antimicrobial products that address health and environmental challenges related to pathogen and hygienic control. The Company's technology platform is based on patented stabilized ionic silver, and its initial products contain Silver Dihydrogen Citrate, or SDC. This broad-spectrum, non-toxic antimicrobial agent is available in liquid form and various concentrations, distinguished by its superior efficacy, reduced toxicity, non-causticity, and the inability of bacteria to develop resistance. As of June 30, 2025, the Company had $1,058,000 in total assets, $6,174,000 in total liabilities, and $5,116,000 in total stockholders' deficiency. Los Angeles, California-based Weinberg & Company, P.A., the Company's auditor since 2019, issued a "going concern" qualification in its report dated October 29, 2025, attached to the Company's Annual Report on Form 10-K for the year ended July 31, 2025, citing that the Company has suffered recurring losses from operations and negative cash flows from operating activities, and has a stockholders' deficiency at July 31, 2025. These factors raise substantial doubt about the Company's ability to continue as a going concern. PYRAMID HOUSE: Leo Congeni Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Leo Congeni, Esq., at Congeni Law Firm, LLC as Subchapter V trustee for Pyramid House, LLC. Mr. Congeni will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Congeni declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leo D. Congeni CONGENI LAW FIRM, LLC 650 Poydras Street, Suite 2750 New Orleans, LA 70130 Telephone: 504-522-4848 Facsimile: 504-910-3055 Email: leo@congenilawfirm.com About Pyramid House LLC Pyramid House LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-12813) on November 19, 2025, listing between $1 million and $10 million in assets and between $500,001 and $1 million in liabilities. Judge Meredith S. Grabill presides over the case. Edwin M. Shorty, Jr., Esq. represents the Debtor as legal counsel. QHSLAB INC: Retires Convertible Notes, Strengthens Balance Sheet ---------------------------------------------------------------- QHSLab, Inc. on November 24, 2025, issued a shareholder letter highlighting the strongest operational and financial updates in the Company's history with the filing of its latest 10-Q and recent 8-K on November 18, 2025. QHSLab says its revenue growth is accelerating, gross margins are expanding, and the balance sheet has been significantly strengthened. Even more importantly, the major source of historical dilution pressure has been eliminated. Key Highlights: -- For the first nine months of 2025, QHSLab generated $1.99 million in revenue, up from $1.51 million in the same period last year. -- Gross profit rose sharply to $1.32 million, demonstrating both improved efficiency and the increasing value of the Company's platform. -- Unaudited October revenue reached approximately $285,327, setting the Company at an annualized run rate of more than $3.4 million with revenues for 2026 already surpassing 2025 with two months to go. This marks a powerful acceleration of growth and showcases the increasing demand for QHSLab's digital medicine ecosystem, the Company says. Management fully expects these unaudited results to be confirmed, and the Company believes this momentum is a preview of where the Company is heading in 2026. -- Retirement of the two outstanding convertible notes: Following the end of the quarter, QHSLab executed one of its most important strategic actions to date: the full retirement of the two outstanding convertible notes, originally issued in 2021 and 2022. These notes were overdue, accruing 18% annual interest, and represented a potential conversion into millions of low-priced shares at $0.20 per share. With this single action, QHSLab: * Removed over $1.4 million in liabilities * Erased a massive dilution overhang * Protected shareholders from millions of potential new shares hitting the market * Strengthened the balance sheet heading into 2026 * Preserved the integrity of our share structure at a critical moment in our growth curve For retail investors, this is a major turning point: the largest structural risk in the stock is no longer present. It is worth noting that the Company's active DTC trading float is just 2,429,525 shares--an unusually tight structure for a company entering a growth phase. Positioned for a Strong 2026: With the QHSLab's cleaner capital structure, improved cost profile, and accelerating revenue base, QHSLab is entering 2026 with meaningful momentum. The Company's focus includes: * Scaling recurring digital-health revenues * Expanding relationships in primary care and behavioral health * Growing adoption of its cognitive, population-health, and allergy solutions * Enhancing operational efficiency and cash flow * Advancing new strategic opportunities that support long-term value creation Troy Grogan, President and CEO of QHSLab, stated: "Everything we are doing--from strengthening the balance sheet to expanding our digital platform--is aimed at positioning QHSLab to deliver long-term value and drive shareholder return. Of course, there are always risks and challenges to overcome, nevertheless, the trajectory we set in 2025 lays a strong foundation for what we believe can be a pivotal year ahead." "Thank you for your support and engagement. QHSLab is building something meaningful, and we look forward to continuing this momentum into 2026 and beyond." A full-text copy of the Company's letter filed on Form 8-K with the Securities and Exchange Commission is available at https://tinyurl.com/3dpzxdf8 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. RANAL INC: Seeks Chapter 7 Bankruptcy in Illinois ------------------------------------------------- On November 19, 2025, Ranal Incorporated filed for Chapter 7 protection in the Northern District of Illinois. According to court filings, the Debtor reports between $0–$100,000 in debt owed to 1–49 creditors. About Ranal Incorporated Ranal Incorporated delivers engineering, technology, and automation services to industrial and manufacturing clients across multiple sectors. Its capabilities range from product design and modeling to digital transformation, enterprise software, and robotics integration. Ranal Incorporated sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ill., Case No. 25-17883) on November 19, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $0–$100,000. Honorable Bankruptcy Judge Janet S. Baer handles the case. The Debtor is represented by Michael Maksimovich, Esq. RAZZOO'S INC: Committee Hires Dykema Gossett as Counsel ------------------------------------------------------- The official committee of unsecured creditors of Razzoo's, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Dykema Gossett, PLLC as counsel. The firm will provide these services: a. advise the Committee with respect to its rights, duties, and powers in these Chapter 11 Cases; b. participate in in-person and telephonic meetings of the Committee and subcommittees formed thereby, if any; c. assist and advise the Committee in its meetings and negotiations with the Trustee and other parties in interest regarding these Chapter 11 Cases; d. assist the Committee in analyzing claims asserted against, and interests in, the Debtors, and in negotiating with the holders of such claims and interest and bringing, or participating in, objections or estimation proceedings with respect to such claims and interests; e. assist the Committee in analyzing the Debtors' assets and liabilities, including in its review of the Debtors' Schedules of Assets and Liabilities, Statements of Financial Affairs, and other reports prepared by the Debtor, investigating the extent and validity of liens and participating in and reviewing any proposed transfer, sale, or disposition of the Debtors' assets, financing arrangements, and cash collateral stipulations or proceedings; f. assist the Committee in its investigation of the acts, conduct, assets, liabilities, management, and financial conditions of the Debtors, the Debtors' historic and ongoing operations of its business, and any other matters relevant to these Chapter 11 Cases; g. assist the Committee in its analysis of, and negotiations with the Debtors or any third party related to, financing, asset disposition transactions, and compromises of controversies, reviewing and determining the Debtors' rights and obligations under leases and executory contracts, and assisting, advising, and representing the Committee in any manner relevant to the assumption and rejection of executory contracts and unexpired leases; h. assist the Committee in its analysis of, and negotiations with, the Debtors or any third party related to, the formulation, confirmation, and implementation of a chapter 11 plan and all documentation related thereto (including the disclosure statement); i. assist, advise, and represent the Committee in understanding its powers and duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the interests of those represented by the Committee; j. assist and advise the Committee with respect to communications with the general creditor body regarding significant matters in these Chapter 11 Cases; k. respond to inquiries from individual creditors as to the status of, and developments in, these Chapter 11 Cases; l. represent the Committee at hearings and other proceedings before the Court and other courts or tribunals, as appropriate; m. review and analyze complaints, motions, applications, orders, and other pleadings filed with the Court, and advise the Committee with respect to formulating positions with respect, and filing responses, thereto; n. assist the Committee in its review and analysis of, and negotiations with the Debtors and their non-Debtor affiliates related to intercompany claims and transactions; o. review and analyze third-party analyses and reports prepared in connection with the Debtors' potential claims and causes of action, advise the Committee with respect to formulating positions thereon, and perform such other diligence and independent analysis as may be requested by the Committee; p. advise the Committee with respect to applicable federal and state regulatory issues, as such issues may arise in these Chapter 11 Cases; q. assist the Committee in preparing pleadings and applications, and pursuing or participating in adversary proceedings, contested matters, and administrative proceedings as may be necessary or appropriate in furtherance of the Committee's duties; r. take all necessary or appropriate actions as may be required in connection with the administration of the Debtors' estates, including with respect to a chapter 11 plan and related disclosure statement; and s. perform such other legal services as may be necessary or as may be requested by the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: William Hotze, Member $750 per hour Nicholas Zugaro, Senior Counsel $715 per hour Dominique A. Douglas, Associate $515 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Hotze disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William J. Hotze, Esq. Dykema Gossett PLLC 1401 McKinney Street, Suite 1625 Houston, TX 77010 Telephone: (713) 904-6959 Facsimile: (855) 227-4720 Email: WHotze@dykema.com About Razzoo's, Inc. Razzoo's, Inc. operates a chain of casual dining restaurants that specialize in Cajun-inspired cuisine and Louisiana-style dishes across Texas, North Carolina, and Oklahoma. Founded in 1991 in Dallas, Texas, the Company has expanded to multiple locations offering a menu that includes seafood, fried specialties, and traditional Cajun items such as boudin balls, Rat Toes, and alligator tail. The restaurants are known for combining bold bayou flavors with a lively atmosphere that reflects Cajun culture and tradition. Razzoo's, Inc. and Razzoo's Holdings, Inc. filed their voluntary petitions for Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 25-90522) on Sept. 30, 2025, listing as much as 10 million to $50 million in both assets and liabilities. Philip Parsons, chief executive officer, signed the petitions. The case is jointly administered in Case No. 25-90522. Judge Alfredo R. Perez oversees the case. The Debtors tapped Okin Adams Bartlett Curry LLP as counsel; Stout Capital, LLC as investment banker; and Stout Risius Ross, LLC as financial advisor. Donlin, Recano & Company, LLC is the Debtors' claims and noticing agent. REBORN COFFEE: Widens Net Loss $3.4 Million in 2025 Q3 ------------------------------------------------------ Reborn Coffee, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $3.4 million for the three months ended September 30, 2025, compared to a net loss of $719,748 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $11 million, compared to a net loss of $3 million for the same period in 2024. Total net revenues for the three months ended September 30, 2025 and 2024, were $1.4 million and $1.3 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total net revenues of $4.9 million and $4.1 million, respectively. As of September 30, 2025, the Company had $6.2 million in total assets, $9.6 million in total liabilities, and $3.4 million in total stockholders' deficit. The Company has an accumulated deficit of $32.5 million as of September 30, 2025. Management intends to raise additional operating funds through equity and/or debt offerings. However, there can be no assurance management will be successful in its endeavors. There are no assurances that the Company will be able to either: (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, public offerings, and/or bank financing necessary to support its working capital requirements. To the extent that funds generated from operations and any private placements, public offerings, and/or bank financing are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available to the Company, it may be required to curtail or cease its operations. Due to uncertainties related to these matters, there exists substantial doubt about the ability of the Company to continue as a going concern. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/mt9k3d96 About Reborn Coffee Brea, Calif.-based Reborn Coffee, Inc. (NASDAQ: REBN) -- https://www.reborncoffee.com/ -- is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn differentiates themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. Irvine, Calif.-based BCRG Group, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. Reborn incurred recurring net losses, including net losses from operations before income taxes of $4.8 million and $4.7 million for the years ended December 31, 2024 and 2023, respectively. It used $3.5 million and $3.2 million cash for operating activities during the years ended December 31, 2024 and 2023, respectively. As of June 30, 2025, the Company had $6.4 million in total assets against $8.3 million in total liabilities, and $1.9 million in total stockholders' deficit. RITE AID: Bankruptcy Nears Close as DOJ Settlement Looms -------------------------------------------------------- Randi Love of Bloomberg Law reports that Rite Aid is moving closer to securing court approval for its bankruptcy wind-down plan as it finalizes a last-minute agreement to address the Justice Department's objections. The proposed liquidation had faced resistance from landlords, pension funds, insurers, and the DOJ's bankruptcy monitoring unit, the U.S. Trustee, ahead of a hearing. Company attorney Sean Mitchell of Paul, Weiss, Rifkind, Wharton & Garrison LLP said during a Tuesday hearing that Rite Aid has reached multiple settlements that are now being formalized. These agreements will be reflected in a proposed order to be filed shortly, clearing the way for the company’s plan to proceed, the report cites. 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. ROADRUNNER SCOOTERS: Mark Dennis Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Mark Dennis, a certified public accountant at SL Biggs, as Subchapter V trustee for RoadRunner Scooters, LLC. Mr. Dennis will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dennis declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark D. Dennis, CPA SL Biggs, A Division of SingerLewak, LLP 2000 S. Colorado Blvd., Tower 2, Ste. 200 Denver, CO 80222 Phone: 303-226-5471 Email: mdennis@slbiggs.com About RoadRunner Scooters LLC RoadRunner Scooters, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17643) on November 20, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Joseph G. Rosania Jr. presides over the case. Jonathan Dickey, Esq., at Kutner Brinen Dickey Riley, P.C. represents the Debtor as legal counsel. RUNITONETIME LLC: Court OKs Casino Assets Sale to Multiple Buyers ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has approved RunItOneTime LLC and its affiliates, to sell Z Stop, Wendover City Casinos, and Center City Casinos, free and clear of liens, claims, interests, and encumbrances. The Debtors are a privately held gaming and entertainment company focused on acquiring undervalued gaming assets and implementing operational changes to improve profitability. The Debtors own and operate a portfolio of casinos, card rooms, hotels, and other gaming- and hospitality-related assets across Washington State, Nevada, and Colorado, including 17 card rooms in Washington State and several casinos and hotels in Nevada and Colorado, reflecting a total of approximately 2,500 slot machines, 320 table games, 1,200 hotel rooms, and 30 restaurants. The Debtors' operating businesses also include the EGads! 'fabrication and installation business, a gaming and hospitality industry leader in the design, fabrication, assembly and installation of casino interiors, custom signage, lighting, and architectural treatments, and the Utah Trailways charter company, which facilitates customer gaming excursions from Salt Lake City, Utah, to the Debtors' operating properties in Wendover, Nevada. The Debtor seeks to sell tangible and intangible operating assets constituting or used in connection with the "Z Stop" gas station and underlying real property located at 1351 Colorado Highway 119, Golden, CO 80403; the Debtors' casinos and businesses operating under the names Grand Z Casino Hotel, Wendover Nugget Hotel & Casino, Red Garter Hotel & Casino, and Dragon Tiger Casino; the real property identified as the High Desert Inn located at 3015 Idaho Street, Elko, NV 89801; and the vacant parcel identified by Tax Parcel ID No. 010-740-115 located in West Wendover, Nevada 89883. The Debtors are authorized and directed to enter into and perform under the APA. The Debtors, the Credit Bid Party, and the Buyers are hereby authorized and directed to take any and all actions necessary or appropriate and consistent with the parties' respective rights and obligations under the APA and Sale Order. The Debtors have articulated good and sufficient business reasons for the Court to authorize the Debtors' entry into the Asset Profile Agreement (APA) and consummation of the Sale Transaction including the sale of the Acquired Assets to the Buyers pursuant to the terms of the APA and subject to the terms of this Sale Order. The Buyers and the DIP Secured Parties have agreed to a settlement in principle pursuant to which, upon closing of the Sale Transaction and prior to the dismissal of the Chapter 11 Cases, the Buyers shall contribute $1.5 million of cash, certain estate causes of action, and Avoidance Actions to a trust or another entity as bailee for the benefit of certain general unsecured creditors subject to the terms of a settlement order or other documentation to be mutually agreed and negotiated in good faith and approved by the Court. All interested parties were provided with timely and proper notice of the identity of the Credit Bid Party, the Buyers, the terms of the APA, the Sale Transaction, and the relevant deadlines related thereto, in accordance with the requirements of the Bidding Procedures Order. The Debtors have demonstrated compelling circumstances and a good, sufficient, and sound business purpose for the sale outside of the ordinary course of business. The Bidding Procedures were substantively and procedurally fair to all parties and all potential bidders, afforded notice and a full, fair, non-collusive and reasonable opportunity for any person to make a higher or otherwise better offer to the Acquired Assets. There is no evidence before the Court of any collusion in connection with the Acquired Assets during the sale process. There is no evidence that the Debtors, the Buyers, or the Credit Bid Party engaged in any conduct that would cause or permit the APA or the consummation of the Sale Transaction to be avoided, or costs or damages to be imposed. The Buyers are designees of the Credit Bid Party that joined the APA as "Buyers." Under the APA, the Credit Bid Party, at the direction of the Required DIP Lenders, has agreed to designate the Buyers to purchase the Acquired Assets. The Credit Bid Party and the Buyers are acting on behalf of the Required DIP Lenders, which constitute the requisite DIP Lenders under the DIP Credit Agreement. The Credit Bid Party, the Buyers, Marnell OpCo, and each of the foregoing parties’ affiliates will not be subject to any successor or vicarious liabilities whatsoever with respect to the operation of the Debtors’ business before the Closing Date or by reason of such transfer under the laws of the United States, any state, territory, or possession thereof, or any other applicable law, based on, in whole or in part, directly or indirectly, any theory of law or equity including any theory of antitrust or successor or transferee liability. There is no evidence that the Debtors, the Buyers, or the Credit Bid Party engaged in any conduct that would cause or permit the APA or the consummation of the Sale Transaction to be avoided, or costs or damages to be imposed. The Bidding Procedures utilized by the Debtors with respect to the Sale Transaction are hereby ratified and were appropriate under the circumstances to maximize the value obtained from the Sale Transaction for the benefit of the estates. The DIP Agent was authorized under the DIP Credit Agreement to follow the directions of the Required DIP Lenders in submitting the Credit Bid Amount and the Credit Bid Party is further authorized to follow the directions of the Required DIP Lenders to designate the Buyers to receive the Acquired Assets and assume or assign the Assumed Liabilities. The DIP Agent shall effectuate reduction of the aggregate outstanding principal amount of the DIP Obligations by the Credit Bid Amount, and the remaining DIP Obligations after reduction for the Credit Bid Amount shall remain outstanding as claims against the Debtors secured by the Excluded Assets, as defined in the APA, to the extent set forth in the DIP Credit Agreement. The Buyers and Marnell OpCo are "good faith" purchasers of the Acquired Assets entitled to all the protections and benefits afforded by section 363(m) of the Bankruptcy Code. The Purchase Price shall be deemed for all purposes to constitute reasonably equivalent value and fair consideration under the Bankruptcy Code and any other applicable law, and the Sale Transaction of the Acquired Assets may not be avoided, or costs or damages imposed or awarded under section 363(n) of the Bankruptcy Code. The aggregate consideration for the purchase and sale of the Acquired Assets will be equal to an amount calculated as follow: a. a decrease in the amount of obligations due under the DIP Facility by an amount equal to $2,500,000 of the New Money DIP Loans and $60,000,000 of the Roll-Up DIP Loans, pursuant to irrevocable instruction letters in a form reasonably acceptable to Buyers, which Credit Bid Amount shall be allocated to each Closing. b. plus the assumption of Cure Costs for payment in the ordinary course of business or consent to the payment of Cure Costs from the DIP Collateral. c. plus the assumption by the applicable Buyers or Asset Assignees of the Assumed Liabilities. About RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. RunItOneTime LLC and 67 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14, 2025. In its petition, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. RUNITONETIME LLC: Court OKs Casino Assets Sale to TIL Gaming ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has approved RunItOneTime LLC and its affiliates, to sell Casino Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors are a privately held gaming and entertainment company focused on acquiring undervalued gaming assets and implementing operational changes to improve profitability. The Debtors own and operate a portfolio of casinos, card rooms, hotels, and other gaming- and hospitality-related assets across Washington State, Nevada, and Colorado, including 17 card rooms in Washington State and several casinos and hotels in Nevada and Colorado, reflecting a total of approximately 2,500 slot machines, 320 table games, 1,200 hotel rooms, and 30 restaurants. The Debtors' operating businesses also include the EGads! 'fabrication and installation business, a gaming and hospitality industry leader in the design, fabrication, assembly and installation of casino interiors, custom signage, lighting, and architectural treatments, and the Utah Trailways charter company, which facilitates customer gaming excursions from Salt Lake City, Utah, to the Debtors' operating properties in Wendover, Nevada. The Debtors are initiating a marketing and sale process their Assets, which comprise three principal segments: (a) "PokerCo" to be composed of Aces Poker Lakewood, Aces Poker Mountlake Terrace, Caribbean Casino, Caribbean Cardroom, including working capital required to operate the businesses (to the extent available); (b) "LeaseCo" to be composed of the Debtors' properties subject to the Blue Owl Master Lease, and, subject to and in accordance with notice issued on the LeaseCo Marketing Determination Date, non-PokerCo Washington properties subject to leases with other landlords; and (c) 'MainCo" to be composed of the remainder of the Debtors' existing businesses, interests, and tangible and intangible assets. The Court has authorized the Debtor to sell the Assets to TIL Gaming Bidco LLC, a Washington limited liability company. The sale of the Acquired Assets and the Asset Purchase Agreement (APA) was negotiated by the Debtors and Buyer without collusion, in good faith, and from arm’s length bargaining positions. Buyer is not an alter-ego of, or a successor to, or a mere continuation of or substantial continuation of any Debtor or its estate, and there is no continuity of enterprise between Buyer and the Debtors as a result of the consummation of the Sale Transaction. The Debtors' determination that the Sale Transaction with Buyer provides the highest or otherwise best offer for the Acquired Assets and to pursue consummation of the Sale Transaction and in the APA, each constitutes a reasonable exercise of business judgment. The Buyer shall be authorized, as of the Closing, to operate under any license, permit, approval, certificate of occupancy, authorization, operating permit, registration, plan, and the like of any governmental unit related to the Acquired Assets or held by the Debtors' estates, subject only to further consent or authorization as may be required by any such governmental unit to effect such transfer and maintain such related authorization. The aggregate consideration for the purchase and sale of the Acquired Assets will be equal to an amount calculated as follows: (1) (a) $1,138,000.00 for the Business; plus (b) the applicable Cure Costs; plus (c) the Net Working Capital Adjustment Amount (which may be a positive or negative number); plus (d) the assumption by Buyer of the applicable Assumed Liabilities; and (2) plus (a) $100,000.00 for the Sonoma Assets; plus (b) the assumption by Buyer of the Sonoma Debt; plus (c) the applicable Cure Costs; plus (d) the assumption by Buyer of the applicable Assumed Liabilities. 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 & S SERVICES: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------- S & S Services, LLC asks the U.S. Bankruptcy Court for the Middle District of Alabama for authority to use cash collateral and provide adequate protection. The Debtor, which operates an HVAC sales, repair, and installation business, argues that bankruptcy protection became necessary after aggressive collection efforts by vendors and that continued operations require immediate access to cash collateral. The company has employees owed post-petition wages, approximately $7,000 in associated tax obligations, and less than $2,000 in accrued communication and utility expenses, all of which must be paid to preserve operations. As of the petition date, the Debtor held about $42,000 in bank deposits and roughly $200,000 in accounts receivable, half of which it expects to collect, with monthly income projected at $150,000. Several entities—Midwest Business Capital, John Deere Financial, and the SBA—may claim security interests in this collateral based on UCC filings, though the Debtor reserves the right to challenge the validity and extent of those liens. The Debtor argues that the inability to use cash collateral would cause immediate and irreparable harm and undermine reorganization efforts. Citing Eleventh Circuit precedent emphasizing preservation of going-concern value, the Debtor requests authorization to use cash for payroll, taxes, insurance, fuel, supplies, and other ordinary business expenses, and proposes providing adequate protection through replacement liens on post-petition receivables and cash flow. The Debtor also seeks authorization for banks to honor checks and transfers issued in the ordinary course and notes that a 13-week budget will be supplemented. A copy of the motion is available at https://urlcurt.com/u?l=2ZHdSR from PacerMonitor.com. About S & S Services, LLC S & S Services, LLCoperates an HVAC sales, repair, and installation business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-32758) on November 14, 2025. In the petition signed by Kevin R. Henderson, managing and sole member, the Debtor disclosed up to $1 million in both assets and liabilities. Judge Christopher L. Hawkins oversees the case. Anthony Brian Bush, Esq., at The Buseh Law Firm, represents the Debtor as legal counsel. SANDISK CORP: Fitch Affirms BB LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed Sandisk Corp.'s Long-Term Issuer Default Rating (IDR) at 'BB' and first-lien senior secured rating at 'BBB-' with a Recovery Rating of 'RR1'. The Outlook is Stable. The ratings and Outlook reflect excess bit-demand, which strengthened FCF and increased financial flexibility after the company's separation from Western Digital Corp., enabling it to reduce debt and reach its net cash position ahead of target. Key Rating Drivers Conservative Capitalization: Sandisk is conservatively capitalized for the rating, allowing the company to maintain EBITDA leverage in the 1.0x-4.0x range through the cycle. Since the Feb. 21, 2025 separation, with $2.0 billion of debt incurred to fund a dividend to Western Digital, Sandisk has reduced debt by $600 million with FCF to $1.4 billion. This supports the company's ability to sustain EBITDA leverage within its 3.5x negative rating sensitivity amid a moderate and more protracted industry downturn. Positive FCF should add to Sandisk's net cash position and increase the company's flexibility to invest in innovation and additional capacity. Low but Strengthening Profitability: Profit margins should continue to strengthen from lows reached during the historic inventory correction of fiscal years 2023-2024, but could remain below memory and disk drive peers. Excess bit-demand and rapidly increasing mix of higher margin BiCS8 product sales should drive adjusted gross profit margin expansion to over 40% nearer term. However, Fitch expects inevitable industry supply additions to moderate gross margins to the mid-30% average through the cycle. Lower inventory days will also drive higher FCF margins through the cycle, with the average potentially approaching Fitch's mid-single digit positive rating sensitivity. Cyclical Operating Results: Sandisk's operating results will remain cyclical relative to memory and disk drive peers absent meaningful consolidation in the NAND-flash industry. A handful of NAND-flash suppliers represent 90% of the NAND market, but aggregate industry supply additions drive NAND prices, and ultimately, revenue and profitability. The 2023 downturn was the most severe in industry history and may have been an aberration, but Fitch expects more typical inventory corrections to persist and inefficiencies related to supply-chain regionalization and trade policies to heighten cyclicality. Reliance on Strategic JV: Fitch believes the joint venture (JV) with Kioxia, Flash Ventures, to be essential to Sandisk's ability to source NAND at favorable economics. Flash Ventures is among the longest-tenured JVs in the technology sector and has not experienced financial distress. However, any limitations on availability at the JV or deterioration could materially affect Sandisk's operating performance. Meanwhile, Sandisk's obligation to fund roughly half of the JV's fixed expenses and capital expenditures and to guarantee certain of the JV's operating leases represents potentially significant cash calls. China Opportunity and Risk: Fitch believes the U.S.-China trade conflict represents both opportunity and risk for Sandisk. Positively, Fitch believes U.S. export controls on shipments of leading-edge semiconductor capital equipment to Chinese providers will have the practical effect of constraining China's ability to produce leading-edge memory products over at least the near to medium term. Conversely, tariffs may yet dampen global trade while retaliatory actions by China have the potential to restrict sales to customers in China, to which Sandisk has some but not significant exposure. Limited Diversification: Sandisk's focus on NAND flash-based products limits revenue diversification and amplifies operating cyclicality. Client and consumer segments still represent nearly 90% of revenue but sales to cloud customers, which are driven by robust AI infrastructure demand, should accelerate and increase from 12% of the mix for the quarter ended Oct. 3, 2025. At the same time, Sandisk will increase the company's dependence upon hyperscalers, which are driving the vast majority of AI infrastructure spending and is a trend that is similarly impacting the company's memory and disk drive peers. Significant Technology Risk: Technology risk will remain significant, driven by ongoing technology transitions in manufacturing flash memory. Meaningful new product introduction delays, driven by lagging technology, would result in market share losses and significantly lower profitability from average selling price reductions. Additionally, Sandisk's JV provides a risk-sharing framework that should limit the impact of technology delays and reduce capital contributions for supply additions. Peer Analysis Fitch assesses Sandisk as well positioned at mid-'BB' range due to its debt reduction but notes the company's industry structure, ongoing cyclicality and lower profitability relative to its competitors. As Sandisk strengthens its profitability and FCF, the company should be increasingly aligned with its JV partner, Kioxia Holdings Corp. (BB+/Stable). Sandisk's exclusive focus on NAND-based products results in weaker diversification than its peers, including Micron Technology, Inc. (BBB/Stable) and SK hynix Inc. (BBB/Positive), which have significant exposure to DRAM markets. Meanwhile, Kioxia is also focused exclusively on NAND- based products. From a financial profile perspective, Micron's significant target liquidity, which supports one year of capital spending and higher mid-cycle profit margins, positions it ahead of Sandisk. The same applies to SK hynix, although all three NAND-flash suppliers are able to invest through the cycle. Fitch views Sandisk as slightly weaker positioned than Seagate Technology Holdings plc (BB+/Positive), which competes directly with Western Digital Corp. in disk drive storage solutions. and in Fitch's view, benefits from less cyclical operating results. Fitch’s Key Rating-Case Assumptions - Strong bit demand and moderately higher prices drive robust revenue growth through calendar 2026; - Slowing but still positive revenue growth in fiscal 2027 and a moderate correction in fiscal 2028; - Supply constraints exiting the recent downturn supports gross profit margin above recent highs in fiscal years 2026-2027, followed by contraction in fiscal 2028; - Capital intensity remains uneven but in the low- to mid-single-digit range; - No additional financing through the rating horizon and cash builds to support cyclicality. Recovery Analysis Fitch believes category 1 recovery ratings are appropriate for Sandisk's first-lien senior secured debt despite its expectations for continued meaningful cyclicality, given comparatively low levels of fully-drawn first-lien debt and two notches up from the 'BB' IDR to 'BBB-'/'RR1'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration of financial performance of JV or majority partner, requiring structurally higher JV capital contributions; - Sustained gross profit margins in the mid-20% or break-even FCF margins through the cycle; - (CFO-capex)/debt below 10% or EBITDA leverage above 3.5x sustained through the cycle. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Gross profit margins in the high 30% area translating into mid-single-digit FCF margins sustained through the cycle; - Structurally reduced cyclicality from substantial revenue diversification or share gains or meaningful industry consolidation; - (CFO-capex)/debt in the mid-teens or EBITDA leverage below 3.0x sustained through the cycle. Liquidity and Debt Structure Fitch believes liquidity is adequate pro forma for the separation and supported by $1.4 billion of balance sheet cash and an undrawn five-year $1.5 billion first-lien senior secured revolving credit facility. Fitch's forecast for mid-cycle annual FCF of $250 million-$500 million will cover investments in the JV and minimal term loan B amortization. Issuer Profile Sandisk Corp. is a leading provider of storage technologies and solutions, including enterprise solid-state drives (SSD) and retail for cloud, client and retail markets, and the second largest NAND flash memory producer by virtue of its JV with Kioxia Holdings Corp. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Sandisk Corporation LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- SCRIPPS TWO: Seeks to Use $96,500 of Cash Collateral ---------------------------------------------------- Scripps Two, LLC asks the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, for authority to use cash collateral and provide adequate protection. The Debtor, a real estate holding company managed primarily by Jeffrey Berger, owns two assets: the Campus Commons Medical Dental Building—an extensively renovated, 36,109-square-foot medical office building valued at $17.12 million—and an adjacent vacant lot valued at $600,000. The main property is 80% occupied and generates roughly $77,000 per month in rental income, which the Debtor identifies as cash collateral necessary to fund ongoing operations. The Debtor explains that restoration of the building required far more funding than originally anticipated due to fire damage, rising construction costs, and unforeseen structural issues. Although Red Oak Capital Holdings initially financed the $9 million purchase and renovation, and CSCDA provided $1.9 million through a senior-priority C-PACE assessment, additional funds needed to finish 6,000 remaining square feet fell through when Red Oak reversed course and scheduled a foreclosure for November 13, 2025. The bankruptcy filing stayed that foreclosure. The Debtor seeks permission to use approximately $96,500 in monthly rental income, arguing that these funds are essential for maintaining operations and preserving the property’s value until reorganization. The Debtor maintains that the $20,414 in its bank account is not subject to a perfected lien but acknowledges that Red Oak and CSCDA may have security interests in the rents. To provide adequate protection, the Debtor proposes replacement liens and monthly payments of $5,000 to Red Oak and $4,837 to CSCDA. It requests interim approval to use up to $41,457 through December 31, 2025, with a 15% budget variance, excluding salaries to principals and related management fees during the interim period. The Debtor asserts that without immediate access to cash collateral, irreparable harm would result, jeopardizing operations, tenant relationships, and the feasibility of completing renovations that would make the building 100% leased and allow for a full payoff of creditors. A copy of the motion is available at https://urlcurt.com/u?l=uVjvbj from PacerMonitor.com. About Scripps Two, LLC Scripps Two, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26371) on November 12, 2025. In the petition signed by Jeffrey Berger, managing member, the Debtor disclosed up to $50 million in both assets and liabilities. Gabriel E. Liberman, Esq., at Law Offices of Gabriel Liberman, APC, represents the Debtor as legal counsel. SERRA GAUCHA: Dawn Maguire Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 14 appointed Dawn Maguire, Esq., at Guttilla Murphy Anderson, as Subchapter V trustee for Serra Gaucha Brazilian Steakhouse, LLC. Ms. Maguire will be paid an hourly fee of $380 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Maguire declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Dawn Maguire, Esq. 10115 E. Bell Rd., Ste. 107 #498 Scottsdale, AZ 85260 Phone: (480) 304-8302 Fax: (480) 304-8301 Email: Trustee@MaguireLawAZ.com About Serra Gaucha Brazilian Steakhouse Serra Gaucha Brazilian Steakhouse, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11201) on November 20, 2025, with $500,001 to $1 million in assets and liabilities. Chris D. Barski, Esq., at Barski Law represents the Debtor as legal counsel. SHERLAND & FARRINGTON: Seeks to Use Cash Collateral --------------------------------------------------- Sherland & Farrington, Inc. asks the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection. The Debtor's assets, including inventory, accounts receivable, leasehold improvements, and goodwill, are valued at approximately $3,165,506, with secured debt of roughly $3,588,863. Pre-petition lenders include Columbia Bank and the U.S. Small Business Administration, which hold UCC-1 liens on the Debtor's collateral, while the IRS has also filed a federal tax lien. The term cash collateral includes pre-petition cash, collections of prepetition receivables, and post-petition revenue from secured property. The proposed order, if entered, would authorize the Debtor to use cash collateral on an interim basis through January 28, 2026, in accordance with a detailed budget, subject to further hearings or stipulations with secured creditors. The use of cash collateral is intended to maintain business operations, meet payroll and interest obligations, and protect both the Debtor's business value and the lenders' collateral. Adequate protection would be provided through replacement liens for any diminution in collateral value and administrative claims under 11 U.S.C. sections 503(b) and 507. Columbia Bank would receive monthly adequate protection payments of $10,000. The proposed order also sets out default events, including exceeding the Budget, material adverse financial changes, misrepresentations, noncompliance, conversion to Chapter 7, appointment of a trustee, or plan confirmation, with a five-business-day cure period. In the event of an uncured default, lenders may seek remedies including relief from the automatic stay. A carveout is proposed for U.S. Trustee fees, Chapter 7 trustee fees, professional fees, and avoidance action proceeds, which would remain outside the lenders' liens. A hearing on the matter is set for December 17. A copy of the motion is available at https://urlcurt.com/u?l=srBIPh from PacerMonitor.com. Columbia Bank is represented by: Frank C. Dell' Amore, Esq. Jaspan Schlesinger Narendran, LLP 300 Garden City Plaza, 5th Floor Garden City, NY 11530 Phone: 516-746-8000/516-393-8289 Fax: 516-393-8282 fdellamore@jaspanllp.com About Sherland & Farrington Inc. Sherland & Farrington, Inc. provides commercial flooring services including consultation, design specification, renovation logistics and installation for corporate clients. The company has operated for more than five decades in the New York area, working with businesses on large-scale flooring projects. It is a founding member of Fuse Alliance, a network of independent flooring contractors. Sherland & Farrington sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73272) on August 26, 2025. In its petition, the Debtor reported total assets of $3,165,506 and total liabilities of $7,917,185. Honorable Bankruptcy Judge??Alan S. Trust handles the case. The Debtor is represented by Fred S. Kantrow, Esq., at The Kantrow Law Group, PLLC. SHIELD NURSING: No Resident Complaints, Ombudsman Report Says ------------------------------------------------------------- Eden Rosales, the Deputy State Long-Term Care Ombudsman (LTCO), filed with the U.S. Bankruptcy Court for the Northern District of California her report regarding the quality of patient care provided at Shields Nursing Centers, Inc.'s skilled nursing facilities. The LTCO visited Shields Richmond Nursing Center on October 15 and November 5, meeting with over a dozen residents and family members to follow up on prior concerns regarding food quality and slow call-light response. During visits at varying times, multiple residents reported continued improvements in food quality, temperature, and variety. Staffing -- especially in the back hallway -- appeared improved, and call-light response times were timely. No complaints or unsafe discharges were reported during the period. The LTCO visited Shields Nursing Center, El Cerrito, on October 10, 24, and 25, meeting with multiple residents, including during lunch. No complaints were received, care quality appeared adequate, and no unsafe discharges were reported during the period. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=hRritH from PacerMonitor.com. About Shields Nursing Centers Shields Nursing Centers, Inc. owns and operates a skilled nursing facility in Hercules, Calif., which offers rehabilitation programs including physical, occupational and speech therapy. Shields Nursing Centers filed its voluntary Chapter 11 petition (Bankr. N.D. Calif. Case No. 23-41201) on Sept. 20, 2023, with $1,726,970 in assets and $13,504,710 in liabilities. Judge Charles Novack oversees the case. The Law Offices of Michael Jay Berger serves as the Debtor's bankruptcy counsel. SIEPSER PROPERTIES: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Siepser Properties, LLC. About Siepser Properties LLC Siepser Properties, LLC is a single-asset real estate company as defined under 11 U.S.C. Section 101(51B). Siepser Properties sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Pa. E.D. Case No. 25-14363) on October 28, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Derek J. Baker oversees the case. Ciardi Ciardi & Astin is Debtor's legal counsel. SILVERLINE MECHANICAL: Hires Ritter Spencer Cheng PLLC as Counsel ----------------------------------------------------------------- Silverline Mechanical, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Ritter Spencer Cheng PLLC as counsel. The firm will provide these services: a. take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate herein; c. formulate, negotiate, and propose a plan of reorganization; and d. perform all other necessary legal services in connection with these proceedings. The firm will be paid at these rates: David D. Ritter, Esq. $450 per hour Associates $350 per hour Paralegals $170 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Ritter disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David D. Ritter, Esq. Ritter Spencer Cheng PLLC 17950 Preston Road, Suite 250 Dallas, TX 75252 Tel: (214) 295-5078 Fax: (214) 329-4362 Email: dritter@ritterspencercheng.com About Silverline Mechanical, LLC Silverline Mechanical, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tex. Case No. 25-43475) on Nov. 16, 2025. The Debtor hires Ritter Spencer Cheng PLLC as counsel. SLEEP COUNTRY: DBRS Confirms BB Issuer Rating --------------------------------------------- DBRS Limited confirmed its Issuer Rating on Sleep Country Canada Holdings Inc. (Sleep Country or the Company) at BB. Morningstar DBRS also confirms its Senior Unsecured Notes credit rating at BB (low). The Senior Unsecured Notes credit rating is based on a recovery rating of RR5. All trends are Stable. KEY CREDIT RATING CONSIDERATIONS The credit rating confirmations acknowledge Sleep Country's sound operating results through Q3 2025, and improvement in key credit metrics in line with Morningstar DBRS expectations. The Stable trends reflect Morningstar DBRS' view that Sleep Country will continue to experience solid earnings growth and remains well positioned to navigate a highly competitive environment, given their leading market position, well-established brand, and private label portfolio. The Stable trends also consider Morningstar DBRS' expectation that the Company will reduce leverage in the near term, supported by its free cash flow generating capacity. CREDIT RATING DRIVERS Morningstar DBRS could take a positive credit rating action should Sleep Country materially improve its business-risk profile, including increased size and scale while improving key credit metrics to levels supportive of the higher credit rating category (i.e., debt-to-EBITDA of less than 3.50 times (x)) on a sustained basis. Conversely, a negative credit rating action could ensue should Sleep Country's credit metrics weaken for a sustained period (i.e., debt-to-EBITDA of more than 5.00x), as a result of more aggressive financial management and/or a material and sustained deterioration in operating income. EARNINGS OUTLOOK Looking ahead, Morningstar DBRS anticipates Sleep Country's earnings profile will remain appropriate for the current credit ratings based on solid earnings growth in 2025 and moderate growth in 2026. Morningstar DBRS forecasts that Sleep Country's revenue will grow in the low double-digits in 2025 and high-single digits in 2026. Revenue growth is expected to be primarily driven by mid-to-high-single digit same store sales growth as a result of upselling, a shift in sales mix, and new marketing initiatives, as well as new stores openings and contribution from the 2025 acquisition of Simba Sleep (Simba). In terms of margins, Morningstar DBRS forecasts EBITDA margins to improve year-over-year in 2025 and slightly decline in 2026, primarily driven by stronger sales in the direct-to-consumer brands, and some shift in product mix toward higher margin accessories, partially offset by pressure from higher marketing and G&A expenses related to growth in the Simba business. As a result, Morningstar DBRS anticipates Sleep Country's EBITDA (as calculated by Morningstar DBRS), to experience strong growth in 2025, before returning to more moderate growth in 2026. FINANCIAL OUTLOOK Morningstar DBRS expects Sleep Country's financial profile to strengthen over the near-to-medium term, driven by steady deleveraging through debt repayments and earnings growth. Morningstar DBRS forecasts cash flow from operations to improve in line with operating performance in 2025 and 2026. Morningstar DBRS expects capital expenditures to be relatively flat over the forecast horizon, with the majority of spending allocated toward store renovations and the addition of six stores annually. As a result, free cash flow before changes in working capital is expected to improve in 2025, and grow moderately in 2026. Morningstar DBRS expects the Company to allocate free cash flow toward deleveraging through mandatory debt repayments and principal lease payments in 2025 and 2026. As a result, Morningstar DBRS anticipates Sleep Country's key credit metrics will strengthen within the current rating category, with debt-to-EBITDA improving to less than 4.50x in 2025 and toward 4.00x in 2026 from 5.00x in 2024. CREDIT RATING RATIONALE Comprehensive Business Risk Assessment (CBRA): Sleep Country's CBRA of BB reflects the Company's well-established brand, private label offering, and market position as the largest mattress and bedding specialty retailer in Canada. The Company demonstrated a track record of overall sales growth over the past five years and maintained some pricing power through its focus on higher-end products. The CBRA also reflects the intense competitive environment within the industry, the Company's exposure to economic cycles, and risks associated with acquisition. Comprehensive Financial Risk Assessment (CFRA): Sleep Country's CFRA of BB reflects Morningstar DBRS' expectations that EBITDA should gradually increase over the medium term and the key credit metrics should also reflect gradual improvement (i.e., debt-to-EBITDA strengthening toward 4.0x) because of debt repayments. Intrinsic Assessment (IA): The IA of BB is within the IA Range and is based on the CBRA and CFRA, also taking into consideration peer comparisons, among other factors. Additional Considerations: The credit ratings include no further negative or positive adjustments resulting from additional considerations. Notes: All figures are in Canadian dollars unless otherwise noted. SNARK 66: Seeks Chapter 7 Bankruptcy in Illinois ------------------------------------------------ On November 25, 2025, Snark 66 Inc. sought Chapter 7 protection in the Northern District of Illinois. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Snark 66 Inc. Snark 66 Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ill., Case No. 25-18268) 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 Judge Michael B. Slade handles the case. The Debtor is represented by David Freydin, Esq. of the Law Offices of David Freydin Ltd. SOLANA COMPANY: Posts $352.8MM Q3 Loss; Lifts Going Concern Doubt ----------------------------------------------------------------- Solana Company filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $352.8 million for the three months ended September 30, 2025, compared to a net loss of $3.7 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $366.4 million, compared to a net loss of $7.8 million for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $697,000 and $51,000, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $789,000 and $368,000, respectively. As of September 30, 2025, the Company had $475.9 million in total assets, $628.3 million in total liabilities, and $152.4 million in total stockholders' deficit. Since the Company's inception, it has had a history of recurring net losses from operations, recurring use of cash in operating activities. As disclosed in the Company's December 31, 2024 Form 10-K, there was substantial doubt about the ability of the Company to continue as a going concern for at least one year from the date the financial statements were issued. This was based on significant historical losses and the need to raise additional funds to meet the Company's obligations and sustain its operations. During the nine months ended September 30, 2025, the Company raised significant capital through at-the-market offerings and the September 2025 private placement. A significant amount of the proceeds generated from these capital raises was used to purchase digital assets in connection with the launch of the Company's new long-term strategic treasury of Solana tokens. As a result, these actions have alleviated the substantial doubt about the Company's ability to continue as a going concern that existed at the time the Company filed its December 31, 2024 Form 10-K. As of September 30, 2025, the Company had unrestricted cash and cash equivalents of approximately $124.1 million and working capital of $122.5 million. Subsequent to September 30, 2025, a significant portion of working capital was used to purchase SOL and SOL-related investments, see Note 11. For the nine months ended September 30, 2025, the Company used cash in operating activities of approximately $10.3 million. Based on the Company's current financial condition and forecast of cash flow needs for the next 12 months, Management expects that the Company's existing resources will be sufficient to enable the Company to fund its anticipated level of operations through one year from the date of this report. The Company's financial condition is substantially dependent on the market price and liquidity of SOL, which are subject to extreme volatility and limited trading venues. Substantially all of the Company's treasury assets are concentrated in SOL, the native cryptocurrency of the Solana protocol. SOL has experienced significant price volatility, and the Company's financial results and carrying value of its digital assets will fluctuate materially based on SOL token price movements. The Company depends on the continued success and adoption of the Solana protocol for the value of its treasury holdings. The Company plans to continue to pursue additional capital through its at-the-market offering programs in the future, however, such funding may not be available on terms acceptable to the Company or at all. Although Management believes that such capital sources will continue to be available, there can be no assurances that financing will be available to the Company when needed, or if available, on terms acceptable to the Company. If the Company is unable to obtain adequate financing on terms that are satisfactory to the Company, when the Company requires it, the Company's ability to continue to grow or support the business and to respond to business challenges could be significantly limited, which may adversely affect the Company's business plans. "Solana Company's digital treasury strategy and the recent PIPE transaction are significant milestones for the Company and its shareholders. With the added commitment and support of Pantera and Summer, we believe that we are positioned well to accelerate growth and drive value. Since closing, we have achieved notable progress across our three core execution pillars: advocacy, capital markets, and treasury management," said Joseph Chee, Executive Chairman. "I'm proud of the continued expansion in adoption as the Solana network has become the world's most widely used and economically productive blockchain. Our recent ATM launch and issuance of cash-exercise warrants have strengthened our financial position and prepared us to scale effectively. These initiatives position Solana for sustained growth and long-term success within the DAT landscape." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/55xc5emk About Solana Company Solana Company (Nasdaq: HSDT) formerly known as Helius Medical Technologies, Inc. is a listed digital asset treasury dedicated to acquiring Solana (SOL), created in partnership with Pantera and Summer Capital. Focused on maximizing SOL per share by leveraging capital markets opportunities and onchain activity, Solana Company offers public market investors optimal exposure to Solana's secular growth. As of September 30, 2025, the Company had $475.9 million in total assets, $628.3 million in total liabilities, and $152.4 million in total stockholders' deficit. SPAC RECOVERY: Hires Motor City Law as Special Litigation Counsel ----------------------------------------------------------------- SPAC Recovery Co. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Motor City Law, PLLC as special litigation counsel. The Debtor needs the firm's legal assistance in connection with a case (Index No. 652916/2025) pending in the Supreme Court of the State of New York, County of New York, and an arbitration commenced by the Debtor against Ackrell Capital LLC and Michael Ackrell. The firm received (a) a cash payment of $75,000 at the time of its initial engagement in 2024; (b) a cash payment of $50,000.00 upon filing of the Litigation; and will receive (c) a cash payment of $50,000.00 prior to trial of the Litigation. The firm will also be paid a contingency fee of between 15% and 40% on recovery. Mr. Munro disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Andrew J Munro Motor City Law, PLLC 4892 Grand River Ave. P.O. Box 441847 Detroit, MI 48244-1847 Tel: (313) 442-7800 About SPAC Recovery Co. Spac Recovery Co., formerly known as Ackrell SPAC Partners I Co., is a Delaware-based special purpose acquisition company created to raise capital and pursue a merger, share exchange, asset acquisition, or similar business combination. The Company originally targeted investments in the consumer goods sector and entered into a proposed combination with North Atlantic Imports LLC, doing business as Blackstone Products, before the deal was terminated in 2022. It now operates under the name Spac Recovery Co. and is focused on litigation and recovery efforts connected to its prior activities. Spac Recovery Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12109) on September 26, 2025. In its petition, the Debtor reports total assets of $57,306,134 and total liabilities of $9,469,770 Honorable Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Michael H. Traison, Esq. of CULLEN AND DYKMAN LLP. SPV LIT FUND, LLC, as DIP Lender, is represented by: Michael Smiley, Esq. Samantha Espino, Esq. The Underwood Law Firm 500 S. Taylor, Suite 1200 Amarillo, TX 79101 Email: mike.Smiley@uwlaw.com samantha.espino@uwlaw.com SPEEDCAST HOLDINGS III: S&P Places 'B-' ICR on Watch Positive ------------------------------------------------------------- S&P Global Ratings placed all its ratings on satellite communications provider Speedcast Holdings III LLC, including its 'B-' issuer credit rating, on CreditWatch with positive implications. S&P plans to resolve the credit watch placement when the proposed asset sale closes, which is it expects will be in mid-2026. S&P said, "The CreditWatch positive placement reflects our expectation that the company's leverage will improve substantially following the transaction. Speedcast has entered into a definitive agreement to sell a group of assets to a global infrastructure fund. The transaction includes the sale of land, buildings, antennas, and terrestrial infrastructure, specifically, 12 Speedcast-owned teleport facilities. Speedcast's core connectivity and managed services business will remain operational as the divested assets will continue to support the business through a newly established long-term ground station service agreement with the acquiring company. As of the end of the third quarter 2025, Speedcast has $290 million outstanding on its term loan and $30 million drawn on its revolver. We expect the proceeds from the transaction will be used to repay a material portion of the company's existing credit facility, cover transaction costs, and bolster liquidity to support operations. As a result, we expect the company's S&P Global Ratings-adjusted leverage will decline to the 2x area pro forma for the repayment from the high-4x area as of September 2025. We expect the transaction will close in mid-2026. "We expect Speedcast's free operating cash generation will also improve as a result of the transaction. Speedcast's capital structure is comprised entirely of floating-rate debt, which has been subject to sustained high interest rates over the last few years. This, along with increased competition and lower profits in the company's cruise segment, has hindered the company's ability to generate free operating cash flow (FOCF). Following the prospective debt reduction, we expect Speedcast will have materially lower interest expense which will allow the company to return to positive FOCF generation in 2026 and beyond. "The CreditWatch with positive implications reflects our expectations that Speedcast will used proceeds from the proposed transaction to proactively repay a large portion of its outstanding debt, which could result in up to a two notch upgrade to our issuer credit rating on Speedcast. We plan to resolve the credit watch placement when the proposed asset sale closes, which we expect will be in mid-2026." SPLASH BEVERAGE: Widens Net Loss to $9.9 Million in 2025 Q3 ----------------------------------------------------------- Splash Beverage Group, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $9.9 million for the three months ended September 30, 2025, compared to a net loss of $4.7 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $22 million, compared to a net loss of $14.7 million for the same period in 2024. The Company recorded no net revenues for the three months ended September 30, 2025, compared to a net revenue of $981,858 for the same period in 2024. For the nine months ended September 30, 2025 and 2024, the Company had net revenues of $438,272 and $3.6 million, respectively. As of September 30, 2025, the Company had $22.5 million in total assets, $15.7 million in total liabilities, and $6.8 million in total stockholders' equity. The Company disclosed that due to its lack of capital, it has not generated any revenue since March 2025. Splash Beverage said, "In order to generate revenue, we require at least $2,000,000 of working capital in order to acquire inventory and re-commence minimal operations. This does not include our plans for our Water Assets or Chispo business plans, which will require additional capital. Our lack of cash resources has prevented us from carrying on our commercialization activities. In addition, our lack of working capital has prevented us from marketing our products." "We have not generated any revenue since March 2025 due to our lack of capital. In August 2025, the Company issued convertible promissory notes with individuals in the aggregate principal amount of $424,560. These loans mature in May or June 2026 and have an interest rate of 22% per annum. "In September 2025 we sold secured convertible promissory notes in the principal amount of $2,200,000 for total gross proceeds of $2,000,000, which notes do not bear any interest absent an event of default, and mature on September 22, 2026. "In September 2025 we also entered into an Equity Line of Credit Agreement which subject to certain conditions including registering the shares on a registration statement will allow us to access additional capital, we plan to access and deploy such capital to re-commence certain of our operations and to establish new operations as described in this report. "In November 2025, the Company borrowed $500,000 from two accredited investors and issued senior promissory notes with a combined original principal amount of $588,235.30, reflecting a 15% original issue discount. The notes mature on February 12, 2026, accrue interest at 6% starting 30 days after issuance, and include customary default provisions. The notes also permit the holders, at their discretion, to apply outstanding principal, accrued interest, and any Company securities they hold as consideration for participation in future equity, equity-linked, or debt financings. "We plan to fund our operations through third party and related party debt/advances, private placement of restricted securities and the issuance of stock in subsequent offerings until such a time as the business achieves profitability or a business combination may be achieved. However, there can be no assurance that we will be successful in raising additional capital or that such capital, if available, will be on terms that are favorable to us. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. "If we raise funds through collaborations, or other similar arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to us and/or may reduce the value of our common stock. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market our product candidates even if we would otherwise prefer to develop and market such product candidates ourselves. "As such, we have concluded that such plans do not alleviate the substantial doubt about our ability to continue as a going concern for one year from the date the accompanying financial statements are issued. Historically, we have funded operations primarily through the issuance of equity and debt securities." As of September 30, 2025, the Company had total cash and cash equivalents of $265,667 as compared with $15,346 at December 31, 2024. As of November 19, 2025, it had $227,874 in cash. Net cash used for operating activities during the nine months ended September 30, 2025 was $3.8 million, as compared to the net cash used by operating activities for the nine months ended September 30, 2024 of $6.4 million. The primary reasons for the change in net cash used are decreases in inventory and accrued expenses. For the period ending September 30, 2025, has no capital asset transactions and $0.01 million for September 30, 2024. Net cash provided by financing activities during the nine months ended September 30, 2025 was $4.1 million, compared to $6.8 million provided from financing activities for the nine months ended September 30, 2024. During the nine months ended September 30, 2025, the Company received $3.7 million for convertible note and 0.8 million for preferred stock, which was offset by repayments to debt holders of $0.4 million and shareholder advance in the amount of $0.2 million was exchanged to Series A-1 Preferred Stock. "In June 2025, we exchanged approximately $12.67 million of outstanding promissory notes and accrued interest for 126,710 shares of Series B 12% Convertible Preferred Stock. This transaction reduced outstanding debt, lowered interest expense, and improved our stockholders' equity position. The Series B Preferred Stock accrues a 12% cumulative dividend and is convertible into common stock, subject to shareholder approval and an increase in authorized shares. This debt-to-equity conversion forms part of our broader plan to strengthen our balance sheet and regain compliance with NYSE American listing standards." "Based on our current operating plan, existing cash resources will not be sufficient to fund operations over the next 12 months. Our future capital needs will depend on numerous factors, including our ability to raise capital, revenue growth, gross margin trends, operating expense levels, working capital requirements, and the timing and extent of capital expenditures. We are evaluating opportunities to raise additional capital through equity or debt financing, and may seek further debt restructurings to improve liquidity and reduce financing costs. "There can be no assurance that these plans will be successful. If we are unable to obtain adequate financing or generate positive cash flow from operations, we may need to further reduce operating expenses, curtail business development activities, sell assets, or pursue other strategic alternatives." In December 2020, Splash acquired the key assets, including intellectual property rights, of the Copa DI Vino single-serve wine company, a third party. On April 4, 2025 the Company entered into an intellectual property license agreement granting CdV an exclusive license to use the IP for sales of wine beverages and other products bearing the Copa di Vino brand name in the U.S. Under the License Agreement, CdV has the right, but not the obligation, to purchase the IP at fair market value, determined by an independent third party, during the period beginning January 4, 2026 and ending January 4, 2027. If CdV does not exercise its right to purchase the IP under the License Agreement, the exclusive license granted to CdV thereunder will continue for the life of the IP, as applicable. The Company has not marketed or sold the wine or other CdV products since April 2025. On April 4, 2025, the Company entered into a settlement agreement with CdV under which the parties agreed to the settlement of two lawsuits brought by CdV against the Company in Oregon and Florida, and the Company agreed to pay CdV a total of $0.7 million with interest accruing at 12% per annum, with installment payments beginning on November 4, 2025 in monthly payments of $63,000 plus applicable accrued interest. The Settlement Agreement provides for certain events of default, the occurrence of which, subject to the Company's right to cure within 15 days as to a payment default or 30 days with respect to other defaults, would entitle CdV to accelerate payment of the settlement amount, file suit against the Company and/or exercise its right to setoff against any funds or other property in CdV's possession. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/jsh82vjr About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of accelerating them to higher volumes and increased sales revenue. As of June 30, 2025, the Company and $22.2 million in total assets, $13.5 million in total liabilities, and $8.7 million in total stockholders' deficit. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. ST. AUGUSTINE FOOT: Hires William G. Haeberle as Accountant ----------------------------------------------------------- St. Augustine Foot and Ankle, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ William G. Haeberle, CPA as accountant. Mr. Haeberle will provide: (a) preparation of the Debtor's Monthly Operating Reports; and (b) general accounting services necessary to prepare the return which the Debtor anticipates will be required. Mr. Haeberle will be compensated $300 per month for monthly operating reports, billed against a $1,500 retainer to be paid post-petition. William G. Haeberle, CPA, is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Mr. Haeberle can be reached at: William G. Haeberle, CPA 4446-1A Hendricks Ave., #245 Jacksonville, FL 32207 About St. Augustine Foot and Ankle, Inc. Based in St. Augustine, Fla., St. Augustine Foot & Ankle Inc. is a multispecialty clinic offering podiatry, dermatology, vein procedures, physical therapy, and neuropathy treatment, including care for common foot conditions and wounds. The clinic is led by board-certified podiatric surgeon Dr. Thomas A. LeBeau and provides both conservative and minimally invasive outpatient treatments. St. Augustine Foot & Ankle filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03696) on October 14, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. STONEPEAK TAURUS: Moody's Cuts CFR to B3 & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings downgraded the ratings of Stonepeak Taurus Lower Holdings LLC (dba TRAC Intermodal) (TRAC), including its corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD, and the senior secured second lien term loan rating to Caa2 from Caa1. The outlook was changed to stable from negative. The downgrade reflects Moody's expectations that TRAC's credit metrics will persist at weaker levels over the next several quarters. Notably, Moody's anticipates the company's debt/EBITDA will remain above 6x and EBIT/interest expense slightly below 1x. Moody's expects US container import volumes, a large driver of TRAC's operating performance, to be flat at best in 2026, which will constrain the company's ability to meaningfully improve earnings and reduce leverage next year. RATINGS RATIONALE TRAC Intermodal's B3 CFR reflects the company's high financial leverage, weak interest coverage, and modest expected free cash flow. The rating also incorporates TRAC's position as one of the largest providers of chassis to the intermodal transportation industry and its strong operating margin with disciplined cost management. TRAC maintains a sizable market share within the marine chassis rental market. Access to port terminals, capital to build a sizable fleet and the efficiency of the pool structure are barriers to entry and mitigate the risk of equipment ownership by chassis users. As a chassis lessor, the demand and pricing dynamics for TRAC are at times volatile and largely tied to international trade activity, particularly import container shipping volumes. During the first nine months of 2025, US container import volumes have been volatile, but overall have grown in the low single digit range over the prior year. However, TRAC's revenue has declined by about 5% from lower chassis usage and lower rates in its chassis pools. TRAC continues its reentry efforts into the domestic chassis market segment, but this remains a small portion of its overall business. Moody's expects the company to remain competitive in this segment and secure new business with railroads. However, Moody's do not expect significant domestic fleet expansion in the near term as this would likely require additional financial resources. Moody's expects TRAC Intermodal to operate with adequate liquidity over the next 12-18 months. Over that period, Moody's projects that the company's cash balance will be between $5 million and $10 million. Moody's anticipates positive free cash flow in 2026 as earnings modestly improve and capital expenditures for chassis refurbishments and upgrades remain moderate. The company's liquidity is further supported by a sizable $1,065 million asset-based lending (ABL) facility that expires in 2030. Moody's expects TRAC to maintain ample availability under this facility over the next 12 months. The stable outlook reflects Moody's expectations for modest revenue and earnings growth over the next 12 months despite persisting softness in container import volumes. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if TRAC's earnings improve from increased chassis utilization and higher container import volumes. Further, the ratings could be upgraded if TRAC continues to diversify its business through growth in the domestic chassis market while sustaining its leadership position in the marine chassis market. Credit metrics that could support an upgrade include debt/EBITDA below 5.5x, EBIT/interest expense above 1.25x and consistently positive free cash flow. The ratings could be downgraded if TRAC's operating performance weakens from lower chassis demand due to reduced utilization or declining container import volumes. Debt/EBITDA sustained near 7x or EBIT/interest expense remaining below 1x could also prompt a ratings downgrade. Further, persistently negative free cash flow and reduced availability under the ABL facility could give rise to a ratings downgrade. The principal methodology used in these ratings was Surface Transportation and Logistics published in April 2025. TRAC's B3 CFR is two notches below the B1 scorecard indicated outcome for the twelve month period ended December 31, 2024. The differential reflects Moody's expectations for weaker operating performance over the next couple of quarters as container import volumes remain soft. TRAC Intermodal is a leading provider of marine chassis in North America. The company's asset base includes approximately 186,000 chassis. Revenue for the twelve months ended September 30, 2025 was roughly $482 million. The company is privately owned by Stonepeak, an investment firm that specializes in infrastructure and real assets. STRUNZ MILK: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Strunz Milk Transport, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to use cash collateral to fund operations. The court authorized the Debtor to use the cash collateral of its secured lenders, Bank of Brodhead and Willis Hoerler, as trustee of the Willis and Doris Hoerler Trust, in accordance with its budget. As adequate protection, both lenders will be granted replacement liens, with the same priority as their pre-bankruptcy liens. In addition, Bank of Brodhead, the primary lender, will receive monthly payments of $55,000. The court directed the Debtor to maintain insurance coverage as additional protection to lenders. The interim order is available at https://is.gd/w0wKsd from PacerMonitor.com. The court will hold a status conference on December 3, at 9:30 a.m. (Central Time) via Zoom. In addition to its cash, Strunz's assets primarily consist of trucks and trailers, vehicles, office equipment and furniture, supplies and tools. These assets constitute the collateral of the lenders valued at approximately $3.25 million. Bank of Brodhead holds over $3.65 million in perfected first priority liens on substantially all assets while the Hoerler Trust, owed approximately $1.2 million, holds a blanket lien. Bank of Brodhead is represented by: James E. Bartzen, Esq. Boardman & Clark, LLP 1 South Pinckney Street, Suite 410 P.O. Box 927 Madison, WI 53701-0927 jbartzen@boardmanclark.com Hoerler Trust is represented by: Mary C. Turke, Esq. Turke & Steil, LLP 613 Williamson Street, Suite 201 Madison, WI 53703 (608) 237-1775 mary@turkelaw.com About Strunz Milk Transport LLC Strunz Milk Transport, LLC is a milk transportation company headquartered in Brodhead, Wisconsin. Strunz sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-12481) on November 12, 2025. In its petition, the Debtor listed between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Thomas M. Lynch handles the case. The Debtor is represented by Eliza M. Reyes, Esq., at Richman & Richman, LLC. SUITECENTRIC LLC: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------------ SuiteCentric, LLC filed with the U.S. Bankruptcy Court for the Western District of Washington a Plan of Reorganization dated November 25, 2025. The Debtor is an authorized Oracle NetSuite solution provider and reseller partner The Debtor focuses on NetSuite sales, implementations, optimizations, customizations, integrations, custom development, eCommerce implementations and more. Adam Baruh served as Manager of the Debtor prior to the Petition Date and through December, 2025. Tyler Decker will serve as manager of the Debtor during the plan term for which he will be compensated as an employee pursuant to the terms set forth in the attached projections. Facing mounting collection pressure, including liens sent to customers from the merchant cash advance lenders, a petition was filed under Chapter 11, Subchapter V on September 3, 2025 (herein the "Petition Date") in an effort to reorganize the outstanding debt owed and allow the Debtor to continue operating. Class 3 consists of General Unsecured Claims. Allowed Class 3 claims will be paid a prorata share of $14,692.00 per month beginning February 20, 2026. Payments will continue until the earlier of such time in which the allowed claims are paid 100% or a total amount of $528,912.00. The estimated total and monthly amounts to be paid to each creditor. Class 3 claims include the claim of United First, LLC and Parkside Funding, LLC as Debtor asserts neither party holds a valid security interest. To maximize efficiency for Class 3 claims and the Debtor, the Debtor may pay the total amount to be received under the plan to any creditor in lump sum payment. Class 3 is impaired. The Plan will be funded with revenue from the Debtor's operation. It is anticipated the Debtor's fixed expenses will remain relatively constant moving forward with variable expenses increasing proportionately with revenue. Debtor expects the income and expenses to remain consistent through the life of the Plan. Yearly payments have been annualized over the Plan term. The Reorganized Debtor shall continue to own, maintain, operate and manage the Business without further notice or order of the Bankruptcy Court. Creditors may not take any actions (including, without limitation, lawsuits or other legal actions, levies, attachments, or garnishments) to enforce or collect either preconfirmation obligations or obligations due under the Plan, so long as the Debtor is not in material default under the Plan. A full-text copy of the Plan of Reorganization dated November 25, 2025 is available at https://urlcurt.com/u?l=RlVidL from PacerMonitor.com at no charge. Counsel to the Debtor: Jennifer L. Neeleman, Esq. Thomas D. Neeleman, Esq. Neeleman Law Group, PC 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Email: jennifer@neelemanlaw.com About SuiteCentric LLC SuiteCentric LLC is an Oracle NetSuite Solution Provider and member of NetSuite's Commerce Agency Program, delivers Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), SuiteCommerce Advanced, and related business module solutions. The Company provides implementation, support, customization, and development services, specializing in SuiteCommerce Advanced and ERP, and offers the SuiteAscent + SuiteSuccess bundle for small businesses. SuiteCentric serves clients across wholesale and distribution, retail and e-commerce, construction, health and beauty, manufacturing, software, apparel, food and beverage, and other industries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12449) on September 3, 2025. In the petition signed by Adam Baruh, managing member, the Debtor disclosed $354,739 in assets and $1,455,558 in liabilities. Judge Timothy W. Dore oversees the case. Thomas D. Neeleman, Esq., at Neeleman Law Group, PC represents the Debtor as bankruptcy counsel. SURGERY CENTER: Gets Final Approval to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, entered a final order authorizing Surgery Center of Fort Wayne, LLC to use cash collateral. The court authorized to use cash collateral to fund business operations strictly in accordance with its budget. Spending must not exceed budgeted amounts by more than 10% per category, and net cash flow must remain at least 90% of projected levels. Depository institutions were ordered to release funds as needed. As adequate protection, secured creditors will be granted replacement liens on post-petition assets to the same extent and priority as their pre-petition liens, with all rights concerning lien validity and priority reserved. The Debtor's ability to use cash collateral terminates upon certain events of default, including conversion or dismissal of the case, appointment of a trustee, noncompliance with the budget, or failure to meet reporting obligations. Creditors may issue written notice of default followed by a five-business-day cure period. The Debtor must operate in the ordinary course, maintain insurance, preserve assets, and provide regular financial reporting, including monthly variance reports. The court scheduled a status conference for February 9 to review performance relative to the budget. The final order is available at https://is.gd/kAj7lf from PacerMonitor.com. About Surgery Center of Fort Wayne LLC Surgery Center of Fort Wayne LLC, located in Fort Wayne, Indiana, operates as a Medicare-certified ambulatory surgical center providing outpatient surgical services. The center offers procedures including orthopedic surgery and pain management and is accredited by the Accreditation Association for Ambulatory Health Care. Surgery Center of Fort Wayne LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06217) on October 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by KC Cohen, Esq. of KC COHEN, LAWYER, PC. TAPESTRY CHARTER SCHOOL: S&P Affirms 'BB+' Rating on 2017A/B Bonds ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB+' long-term rating on Buffalo and Erie County Industrial Land Development Corp., N.Y.'s series 2017A tax-exempt and series 2017B taxable revenue bonds issued for Tapestry Charter School (TCS, or the school). The outlook is stable. S&P said, "In our view, TCS faces elevated social capital risk when compared with peers given that its operations are situated in Erie County, N.Y., and remain pressured as a result of a relatively small, and shrinking, total school-age population. For TCS, improving academics that remain higher than those of local schools have supported enrollment and demand and thus somewhat mitigate this risk exposure. We view environmental and governance factors as neutral in our credit rating analysis. "The stable outlook reflects our view that the school will maintain healthy demand metrics and report at least break-even full-accrual operating margins in line with management projections over the near term, which will translate to sufficient lease-adjusted MADS coverage for the rating. We also expect that TCS will sustain cash on hand that is at least sufficient for the rating with no near-term additional debt plans. "We could consider a negative rating action if the school is not able to generate operations that support coverage and liquidity trends commensurate with those of similarly rated peers. "We could take a positive rating action if TCS demonstrates a trend of improvement in its financial profile. This includes moderation of the high debt burden, balance-sheet growth to levels commensurate with those of higher-rated peers, and sustaining healthy full-accrual surpluses and lease-adjusted MADS coverage, while maintaining its stable-to-increasing enrollment trend." TAPS RANCH II: Gets Interim OK to Use Cash Collateral Until Dec. 31 ------------------------------------------------------------------- TAPS Ranch II, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court authorized the Debtor to use cash collateral through December 31 to pay operating expenses pursuant to its budget. The budget projects total operational expenses of $6,378 for December. As adequate protection, Shelby Savings Bank, SSB, and ad valorem taxing authorities retain their existing liens and security interests in post-petition cash collateral and proceeds. The Debtor must provide reconciliations and updated financial projections upon request, maintain full insurance coverage on all collateral, and supply copies of insurance policies if requested. The interim order includes a carveout allowing funds to be used for statutory fees, U.S. trustee fees, Subchapter V trustee fees, and Debtor's counsel fees, without creating additional claims or liens against the lenders. All lender rights under loan documents and applicable law are preserved. Shelby Savings Bank is represented by: James W. King, Esq. Offerman & King, L.L.P. 6420 Wellington Place Beaumont, TX 77706 Phone: (409) 860-9000 Fax: (409) 860-9199 jwk@offermanking.com About TAPS Ranch II LLC TAPS Ranch II, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34509) on August 4, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Jeffrey P Norman presides over the case. Reese W Baker, Esq., at Baker & Associates represents the Debtor as legal counsel. TECHNICAL ARTS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Technical Arts Group, LLC received interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. The court authorized the Debtor to use cash collateral pending the final hearing on December 17 to fund operations, maintain its assets; and pay U.S. trustee fees. As adequate protection, lienholders including Abe V. Systems, Inc. and certain equipment finance lenders will be granted valid and automatically perfected post-petition security interests in and liens on all property of the Debtor. To the extent of any diminution in value of their collateral, the lienholders will have a superpriority administrative expense claim pursuant to Section 507(b) of the Bankruptcy Code. The interim order is available at https://is.gd/5NLkKk from PacerMonitor.com. Technical Arts Group provides lighting, audio, video, staging, special effects, and event-management services for concerts, festivals, corporate events, weddings, and international productions. It employs 63 full-time workers and roughly 100 freelance staffers. No trustee, examiner, or creditors' committee has been appointed. The Debtor's capital structure includes significant purported secured debt, the largest of which is asserted by Abe V. Systems, Inc., stemming from its January 2, 2024 acquisition of Abe V. Systems' ownership interests and production equipment. Abe V. Systems claims a lien on all equipment, inventory, and proceeds under a secured promissory note exceeding $2.8 million and a corresponding security agreement. The Debtor defaulted on a subsequent forbearance agreement, leading Abe V. Systems to conduct what it contends was a commercially unreasonable auction in November 2024. Abe V. Systems now claims a secured balance of approximately $1.3 million, a figure the Debtor disputes. The Debtor argues that Abe V. Systems is substantially oversecured, citing expert valuations from both its own appraiser and Abe V. Systems' appraiser valuing the collateral at roughly $9.2 to $9.7 million, creating a large equity cushion that alone provides adequate protection. Abe V. Systems' position is further supported by additional collateral and personal guarantees provided by affiliated entities KMP and QAV. Beyond Abe V. Systems, the Debtor has numerous equipment finance obligations with lenders such as Pathward, Quail, Liberty Commercial Finance, Technology Finance Company, Midland, and BridgeCap Financial, many involving equipment leases or loans secured by the specific items financed. the Debtor reserves all rights to challenge the validity, extent, and perfection of any such liens. The Debtor asserts that each of these equipment finance lenders is adequately protected by the value of its respective collateral. The Debtor proposes using all incoming revenues strictly in accordance with a detailed cash-collateral budget that covers only essential operating expenses necessary to sustain operations during reorganization. It maintains that a denial of cash-collateral use would force it to halt operations, jeopardize employment for its 63 employees and 100 freelancers, destroy going-concern value, and eliminate the possibility of restructuring. The Debtor therefore seeks a two-step hearing process: an expedited interim hearing with less than 15 days' notice, followed by a final hearing with at least 15 days' notice to secured creditors, the U.S. Trustee, the twenty largest unsecured creditors, and all parties asserting interests in the cash collateral. A copy of the motion is available at https://urlcurt.com/u?l=HChzm3 from PacerMonitor.com. About Technical Arts Group LLC Technical Arts Group LLC, a Delaware limited liability company headquartered in Moonachie, New Jersey, provides event production and premium equipment rental services, specializing in lighting, audio, video, staging, special effects, and event management for large-scale music festivals, corporate gatherings, weddings, and international events. The Company operates a 34,488-square-foot facility and employs 63 staff members, engaging additional freelance personnel as needed. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-22241) on November 18, 2025. In the petition signed by Kevin Mignone, as co-president and chief revenue officer, the Debtor disclosed $10,944,828 in assets and $8,654,532 in liabilities. Judge Vincent F Papalia oversees the case. Richard D. Trenk, Esq. and Robert S. Roglieri, Esq., at TRENK ISABEL SIDDIQI & SHAHDANIAN P.C., represents the Debtor as legal counsel. TECHNICAL ARTS: Hires CohnReznick Advisory as Financial Advisor --------------------------------------------------------------- Technical Arts Group LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ CohnReznick Advisory LLC as financial advisor. The firm will provide these services: a) assist the Debtor in preparing Monthly Operating Reports as required by the U.S. Trustee for the District of New Jersey; b) assist the Debtor with information and analysis required pursuant to its cash collateral and debtor-in-possession ("DIP") financing arrangements; c) assist the Debtor in the preparation of financial statements and other reports as may be required by the Court or under the U.S. Trustee Guidelines; d) support the Debtor with the winddown of the bankruptcy estate, including any sale(s) or liquidation of assets; e) assist the Debtor in daily administrative financial advisory services; f) at the request of Debtor's counsel, analyze and review key motions to identify strategic financial issues in this case; g) assist the Debtor in the preparation of short and long-term projections (balance sheet, profit and loss, and cashflows); h) investigate and analyze all potential avoidance action claims; i) assist in the preparation of a chapter 11 Plan; j) review and analyze the Debtor's historical financial information; k) assist the Debtor in resolving vendor issues; l) scrutinize proposed transactions, including the assumption and/or rejection of executory contracts; m) assist the Debtor in negotiations with the Debtor and/or other parties in interest; n) provide litigation support services if necessary and appropriate to any litigation undertaken by the Debtor; and o) render such other general services consulting or other such assistance as the Debtor and its counsel may deem necessary. The firm will be paid at these hourly rates: Partners/Principals $725 Managing Directors $715 Directors $700 Sr. Managers $690 Managers $675 Seniors $550 Paraprofessionals $300 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Neiberg disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Stuart Neiberg CohnReznick Advisory LLC 2401 NW Boca Raton Blvd. Boca Raton, FL 33431 Tel: (561) 953-1527 About Technical Arts Group LLC Technical Arts Group LLC, a Delaware limited liability company headquartered in Moonachie, New Jersey, provides event production and premium equipment rental services, specializing in lighting, audio, video, staging, special effects, and event management for large-scale music festivals, corporate gatherings, weddings, and international events. The Company operates a 34,488-square-foot facility and employs 63 staff members, engaging additional freelance personnel as needed. Technical Arts Group LLC in Moonachie, NJ, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D.N.J. Case No. 25-22241) on Nov. 18, 2025, listing $10,944,828 in assets and $8,654,532 in liabilities. Kevin Mignone signed the petition as co-president and chief revenue officer, signed the petition. Judge Vincent F. Papalia oversees the case. TRENK ISABEL SIDDIQI & SHAHDANIAN P.C. serve as the Debtor's legal counsel. TIBERTI COMPANY: Claims to be Paid From Future Operations --------------------------------------------------------- The Tiberti Company, a Nevada limited liability company, d/b/a Tiberti Fence Company, filed with the U.S. Bankruptcy Court for the District of Nevada a Subchapter V Plan of Reorganization dated November 26, 2025. The Debtor has been in business since 1955, and is a subcontractor that specializes in chain-link fencing and ornamental and custom built iron. The Debtor filed for bankruptcy principally to address certain alleged debts that are at issue in litigation commenced by the Boards of Trustees of the Construction Industry and Laborers Health and Welfare Trust, the Construction Industry and Laborers Joint Pension Trust, the Construction Industry and Laborers Savings Trust, and the Southern Nevada Laborers Local 872 Training Trust (collectively, the "Trust Funds"). The Trust Funds have alleged that the Debtor signed or is otherwise bound by a Collective Bargaining Agreement ("CBA") and/or a Master Labor Agreement ("MLA") with Laborers International Union of North America, Local 872 (the "Union"), and has failed to make alleged employee contributions. The Debtor's financial projections show that it will have projected disposable income of $293,914 over the next three years, which is calculated prior to any payments to creditors under this Plan. The final Plan payment is expected to be paid by December 2028 (assuming the Plan is confirmed and goes effective in January 2026). This Plan of Reorganization under chapter 11 of the Code proposes to pay creditors of the Debtor from cash flow from future operations as needed. Non-priority unsecured creditors holding Allowed claims will receive distributions, which the Debtor has valued at about $0.39 on the dollar, based on $5,967,446 in total distributions to Class 3, divided by an estimated $15.1 million in potential claims in this Class. This Plan also provides for the payment in full of Allowed administrative and priority claims. Class 3 consists of NonPriority General Unsecured Claims. Each holder of an Allowed general unsecured, non-priority claim in Class 3 shall receive its pro rata share of the following: * The aggregate sum of $4,379,000, or such greater amount as the Court may require at the confirmation hearing on the Plan and as consistent with Sections 1190 and 1191 of the Code, which shall be paid at the rate of $365,000 per quarter, and commencing by the 15th day of the 3rd month following the Effective Date, and continuing each and every calendar quarter thereafter until both of the foregoing sums are paid in full; and * The actual, after-tax, net distributions the Debtor receives from its interest in Towbin Dodge, LLC, which shall be distributed within thirty days of receipt. The foregoing shall be in full and final resolution of such claims against the Debtor. Class 3 is impaired and is entitled to vote on the Plan. Except to the extent that the holders of Class 4 Equity Interests agree to less favorable treatment, they shall retain their Equity Interests, subject to the terms and conditions of this Plan. Class 4 is unimpaired and thus is deemed to accept the Plan, and is not entitled to vote on it. This Plan will be funded through cash on hand as of the Plan's Effective Date, cash flow generated from the future operations of the Debtor's business, and, if necessary, a sale of certain assets. A full-text copy of the Subchapter V Plan dated November 26, 2025 is available at https://urlcurt.com/u?l=1hqBjq from PacerMonitor.com at no charge. Counsel to the Debtor: Matthew C. Zirzow, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Telephone: (702) 382-1170 Facsimile: (702) 382-1169 E-mail: mzirzow@lzlawnv.com About The Tiberti Company LLC The Tiberti Company LLC, doing business as Tiberti Fence Company, offers fencing products and installation services across Nevada, serving residential, commercial, and industrial customers. Based in Las Vegas and holding an AB Unlimited License as a full-phase general contractor, the Company specializes in ornamental iron, chain link fencing, and custom-built iron. Tiberti Fence Company operates as part of the wider Tiberti organization, which has a history in construction projects including hotels, gaming facilities, schools, reservoirs, museums, and civic buildings. The Tiberti Company LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-15112) on August 29, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Natalie M. Cox handles the case. The Debtor is represented by Matthew C. Zirzow, Esq. at LARSON & ZIRZOW, LLC. TRICORBRAUN HOLDINGS: Moody's Alters Outlook on B3 CFR to Negative ------------------------------------------------------------------ Moody's Ratings affirmed TricorBraun Holdings, Inc.'s (TricorBraun) B3 corporate family rating, B3-PD probability of default rating and B3 ratings assigned to the company's $1877 million senior secured first lien term loan due March 2031. The outlook was changed to negative from stable. The change in the outlook to negative from stable reflects TricorBraun's continued negative operating margin and weak credit metrics as of September 2025, including high adjusted leverage of 11x debt/EBITDA and weak interest coverage of 1.2x. The negative outlook also reflects the execution risk of improving weak operating performance against the backdrop of limited prospects for a material recovery in the demand environment in 2026. The affirmation of the B3 CFR reflects the company's adequate liquidity and management's focus on realizing operating efficiencies that combined with a sluggish demand recovery should support modest improvements in operating losses and some positive free cash flow in 2026. RATINGS RATIONALE TricorBraun's B3 CFR reflects the company's weak credit metrics, including negative operating margins, high leverage and weak interest coverage, and the company's historically aggressive growth strategy which consists of debt-financed acquisitions. Moody's expects leverage to be sustained above 9.0x in 2026. However, Moody's projects modest improvements in revenue and profitability will support a return to modest positive free cash flow and interest coverage above 1.5x in 2026. At the same time, TricorBraun's B3 CFR considers the company's stable end-markets as roughly 75% of total revenue is generated from the food & beverage, healthcare & nutraceutical, personal care, and household products industries. The company's products consist of a diversified set of substrates including plastic, glass, and metal, allowing the company to adapt quickly to shifts in customer preferences. As a distributor, TricorBraun has an asset-lite business model which requires minimal capital expenditures. For the last 12 months period period ended September 2025, capex as a percentage of revenue stood at roughly 3%, in-line with the company's historical range of 2.5%-3.5%. Moody's expects TricorBraun to maintain adequate liquidity over the next 12-15 months. For the period ended September 2025 the company had more than $50 million of cash on its balance sheet and about $160 million available on its ABL revolver due March 2031. While Moody's expects Tricorbraun will generate negative free cash flow in 2025, Moody's forecasts the company will generate positive free cash flow of about $20 million and $15 million in 2026 and 2027, respectively. The B3 rating assigned to the first lien senior secured term loan is in line with the company's B3 CFR and reflects that the first lien senior secured term loan represents the preponderance of debt within the company's capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A downgrade could be considered if the company remains free cash flow negative and liquidity deteriorates, EBITDA-to-interest expense falls well below 2.0x, limited visibility in leverage trending towards 6.5x debt/EBITDA, or in case of increased risk of a debt restructuring. A rating upgrade could be considered if adjusted debt-to-EBITDA declines to below 5.5x, EBITDA-to-interest expense exceeds 3.0x, free cash flow to debt exceeds 4.5%, and if the company adopts a more conservative financial policy. Based in St. Louis, Missouri, TricorBraun Holdings, Inc. is a distributor of rigid packaging, with capabilities in package design and engineering, logistics, and international sourcing. The product line includes plastic and glass bottles, sprayers, dispensers, closures, pails, tubes, drums and other items. End markets include personal care, healthcare & nutraceutical, food & beverage, industrial and household chemicals, and wine. Revenue for the 12 month period ended September 2025 was roughly $2.3 billion. Tricorbraun is a portfolio company of Ares Management and the Ontario Teachers' Pension Plan Board. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in April 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. TRILLION ENERGY: To Issue 3.57M Shares to Settle Consultant Debt ---------------------------------------------------------------- Trillion Energy International Inc. proposes to issue an aggregate of 3,572,376 common shares of the Company at $0.035 per share in settlement of $125,033.16 in debt owed by the Company to various consultants of the Company. The common shares will be subject to a four-month and one day hold period from the date of issuance as per applicable Canadian securities legislation. About Trillion Energy Trillion Energy International Inc. and its consolidated subsidiaries is a Canadian based oil and gas exploration and production company. Calgary, Canada-based MNP LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 30, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a negative working capital position, has accumulated deficits, and negative cash flows from operations, which raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $55,468,730 in total assets, $42,387,136 in total liabilities, and a total stockholders' equity of $13,081,594. TRINSEO PLC: S&P Downgrades ICR to 'CCC', Outlook Negative ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on specialty materials solutions provider Trinseo PLC to 'CCC' from 'CCC+', its issue-level rating on its senior secured super-priority revolving credit facility (RCF) and senior secured term loan to 'B-' from 'B', its issue-level rating on its senior secured term loan B to 'CCC' from 'CCC+', and its issue-level rating on its senior secured second-lien notes to 'CC' from 'CCC-'. S&P's recovery ratings on the company's debt are unchanged. Trinseo PLC's operating performance has deteriorated over the first nine months of 2025, causing its credit metrics to weaken to levels S&P views as unsustainable. S&P said, "The negative outlook reflects the at least one-in-three chance we will downgrade Trinseo in the next 12 months if its operating performance continues to deteriorate such that its liquidity weakens or it undertakes a debt restructuring, which we would likely view as distressed. "We anticipate macroeconomic headwinds and demand uncertainty will persist over the next 12 months. Trinseo derives its earnings from cyclical end markets, including autos, building and construction, and consumer durables. The conditions in these end markets remain challenged by weak demand stemming from global tariff uncertainty and changing customer purchasing patterns. Expectation of lower interest rate at the beginning of 2025 haven't materialized and mortgage rates remain high, which has deterred customer spending. Weak demand across the global auto markets has also led to reduced production volumes and supply chain de-stocking, which is weighing on the company's sales of styrenic polymers used in auto parts. Additionally, Trinseo continues to face pricing pressures, especially in Europe where competition and lower resin prices have further dampened automotive resin margins and volumes. We anticipate this weakness will persist over the next 12 months given that the demand visibility remains limited. "We expect continued elevated leverage and negative free operating cash flow (FOCF) over the forecast period. Trinseo debt leverage stood at about 13x for the 12-months ended Sept. 30, 2025, and we expect it will reach about 15x by the end of the year. Given our forecast its key end markets will remain challenged over the next 12 months, we anticipate the company's debt leverage will also stay elevated over the next 12-24 months. Additionally, we anticipate Trinseo will generate materially negative FOCF during this period, which we expect will reduce its current liquidity. Therefore, absent any material improvement in its end-market demand or the sale of its stake in the Americas Styrenics joint venture (JV), we don't anticipate the company will be able to successfully refinance its super Holdco debt maturing in 2028. Furthermore, the covenant on the super-priority revolver will spring if Trinseo draws on more than 30% of its commitment. While we currently don't forecast that the company will trigger the covenant over the next 12 months, we anticipate it would breach the covenant if it was tested. Although Trinseo has announced strategic closures in Europe and suspended its dividend starting October 2025 to help reduce its costs, we believe the structural weakness in its end markets will more than offset the benefits from these actions. "Our weak business risk assessment reflects its exposure to volatile raw material costs and cyclical key end markets. Our weak assessment of Trinseo's business risk also incorporates its modest geographic concentration, given that it derived 48% of its net sales from Europe in 2024. The company benefits from favorable market shares in key niches and technological advantages; however, the current downturn across the chemicals sector has reduced its operating rates, which is further pressuring its profitability. Furthermore, Trinseo continues to rely on materials with volatile pricing, such as styrene and butadiene, for a significant portion of its current operations, which can lead to steep declines in its earnings. "The negative outlook on Trinseo reflects the potential that we will lower our rating in the next 12 months if it appears that the likelihood of a default has increased, or if the company is unable to meet its debt obligations or if the company restructures or undertakes a distressed exchange. We currently anticipate the issuer will default absent unforeseen positive developments and expect its credit metrics will remain elevated over the next 12 months. We forecast the company's S&P Global Ratings-adjusted debt to EBITDA will be in the 15x-16x range over the next 12 months." S&P could downgrade Trinseo in the next 12 months if: -- It appears that the likelihood of a default has increased, or if the company is unable to meet its debt obligations -- The company engages in a restructuring transaction or pursues an exchange that S&P considers distressed; -- Its liquidity weakens such that its ratio of sources to uses falls below 1.2x or S&P believes it will be difficult for it to continue servicing its debt; -- Against S&P's expectations, the company undertakes large debt-funded growth projects, acquisitions, or shareholder rewards that stretch credit measures beyond what it views as appropriate for the rating; or -- Its operational performance weakens further, increasing its FOCF deficits. S&P could revise its outlook on Trinseo to stable over the next 12 months if: -- Macroeconomic conditions strengthen and support a sustained recovery in the company's key end markets, leading to improvements in its earnings and credit metrics; -- An improvement in its earnings strengthens its EBITDA margins such that it reduces its S&P Global Ratings-adjusted debt to EBITDA below 10x and increases its EBITDA interest coverage above 1x; and -- S&P believes that company's financial policies will support its maintenance of these improved credit metrics. TRUST CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Massachusetts --------------------------------------------------------------- On November 18, 2025, Trust Construction Corp. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Massachusetts. Court records indicate the Debtor owes between $100,001 and $1,000,000 to approximately 1–49 creditors. About Trust Construction Corp. Trust Construction Corp. operates within the construction and building services industry, offering a range of services such as new construction, remodeling, site development, and project oversight. Trust Construction Corp. initiated its Chapter 7 bankruptcy proceeding (Bankr. D. Mass., Case No. 25-41246) on November 18, 2025. The filing lists estimated assets of $0–$100,000 and liabilities of $100,001–$1,000,000. The case is overseen by Honorable Chief Bankruptcy Judge Elizabeth D. Katz. The Debtor is represented by Jon H. Kurland. TWISTED SKY: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------- Twisted Sky High Inc. asks the U.S. Bankruptcy Court for the Western District of Pennsylvania for authority to use cash collateral. The Debtor identifies five potential secured creditors—the SBA, Fora Financial Advance, two separate lenders under Itria Ventures, and Novus Capital Funding—each of whom filed UCC-1 financing statements claiming liens on the Debtor's assets. The SBA holds the earliest filing from June 2020, giving it first-priority status over all assets valued at $44,173, against a loan balance of approximately $280,000. Because the SBA's lien fully encumbers the Debtor's assets, all later-filed UCC-1 liens from Fora, Itria, and Novus lack effective collateral coverage and will be treated as unsecured claims unless later challenged. The Debtor nevertheless acknowledges each creditor may have a facially valid lien and proposes granting replacement liens under section 361 to mirror their pre-petition positions while reserving the right to contest their validity and priority. The Debtor emphasizes that access to cash collateral is essential to maintain ordinary business operations, pay administrative expenses, and comply with U.S. Trustee requirements during reorganization. The Debtor attaches a six-month interim budget outlining monthly expenditures and seeks authority to use funds within a 10 percent variance for each budget line. The request includes continued cash-collateral use through the next hearing, which the Debtor asks to be set within thirty days. A copy of the motion is available at https://urlcurt.com/u?l=V1P2Pi from PacerMonitor.com. About Twisted Sky High, Inc. Twisted Sky High, Inc. doing business as Auntie Anne's, operates pretzel and snack food outlet at Pittsburgh International Airport under the Auntie Anne's franchise brand. The Company is engaged in preparing and selling soft pretzels, beverages, and related quick-service food items to travelers and retail customers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22904) on October 29, 2025. In the petition signed by Paul Stepien, COO, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Chad Van Horn, Esq., at VAN HORN LAW GROUP, P.A., represents the Debtor as legal counsel. UMAMAHESH LLC: Seeks to Tap Mullin Hoard & Brown as Counsel ----------------------------------------------------------- Umamahesh, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Mullin Hoard & Brown, L.L.P. as counsel. The firm will provide these services: (a) prepare all legal papers necessary to comply with the requisites of the United States Bankruptcy Code and Bankruptcy Rules; (b) advise the Debtor regarding preparation of operating reports; motion to obtain post-petition financing, motion to pay critical vendors; and development of a Chapter 11 Plan; and (c) provide all other legal services ordinarily associated with a bankruptcy case. The firm will be paid at these hourly rates: Partners and Associates $225 to $550 per hour Paralegals $155 to $200 per hour Law Clerks $110 per hour In addition, the firm will seek reimbursement for expenses incurred. The retainer is $12,500. David Langston, Esq., an attorney at Mullin Hoard & Brown, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David R. Langston, Esq. Mullin Hoard & Brown, LLP P.O. Box 2585 Lubbock, TX 79408 Telephone: (806) 765-7491 Facsimile: (806) 765-0553 About Umamahesh, LLC Umamahesh, LLC, doing business as Howard Johnson Lubbock, operates a hotel at 5108 Interstate 27 in Lubbock, Texas, under a franchise agreement with Wyndham Hotels & Resorts. It owns the property, including both the land and hotel building, which is listed in a court document with a competitive bid of $1.5 million. Umamahesh filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-50299) on October 31, 2025, with $1,584,056 in assets and $3,550,961 in liabilities. Naynaben Patel, managing member, signed the petition. Judge Mark X. Mullin presides over the case. David R. Langston, Esq., at Mullin Hoard & Brown, L.L.P. represents the Debtor as legal counsel. UNIQUE THIRD: Retains Backenroth Frankel & Krinsky as Counsel ------------------------------------------------------------- Unique Third Avenue LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Backenroth Frankel & Krinsky, LLP as counsel in their jointly administered Chapter 11 cases. BFK will provide these services: (a) take all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending actions commenced against the Debtors, negotiating disputes involving the Debtors, and preparing objections to claims filed against the estates; (b) prepare on behalf of the Debtors all necessary motions, applications, answers, orders, reports and other papers in connection with the administration of the estates; (c) take all necessary actions in connection with any chapter 11 plan and related disclosure statement and all related documents, and perform such further actions as may be required in connection with estate administration; (d) take all necessary actions to protect and preserve the value of the Debtors' estates; and (e) perform all other reasonable or necessary legal services in connection with the prosecution of the Chapter 11 cases. For pre-petition services: -- On June 13, 2025, BFK received $10,000 from Unique Imaging Services; -- On June 23, 2025, BFK received $10,000 from Joel Reisman; -- On Sept. 16, 2025, BFK received $20,000 paid on behalf of Mr. Reisman for the Debtors; -- On Oct. 29, 2025, BFK received $86,952 from Mr. Reisman; $6,952 for filing fees; and $80,000 for legal fees of $20,000 per debtor. Of the $20,000 per debtor, $2,857 was applied to outstanding pre-petition fees for pre-bankruptcy preparation, while $17,143 was allocated per debtor for post-petition services. Compensation going forward will be based on BFK's customary hourly rates and reimbursement policies in effect when services are rendered. According to court filings, BFK is a "disinterested person" as defined under Section 101(14) of the Bankruptcy Code. The firm can be reached at: Backenroth Frankel & Krinsky, LLP 488 Madison Avenue, Floor 23 New York, NY 10022 Telephone: (212) 593-1100 About Unique Third Avenue Unique Third Avenue, LLC and affiliates are a group of affiliated companies engaged in medical imaging and real estate operations in the Bronx, New York. The group includes Third Avenue Imaging LLC and Unique Imaging Services LLC, which operate diagnostic laboratories equipped with MRI, CT, mammography, and ultrasound systems; Distinguished Diagnostic Imaging, P.C., which provides outpatient radiology services across two accredited centers at Williamsbridge Road and East Fordham Road; and Unique Third Avenue LLC, which owns the real estate properties at 2772, 2774, and 2777-2781 Third Avenue that house the medical operations. Together, the companies maintain integrated clinical, equipment, and property assets under common beneficial ownership, offering comprehensive diagnostic imaging services to patients and referring physicians. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-12461) on November 4, 2025. In the petition signed by Nick Lavrinoff, chief restructuring officer, Unique Third Avenue disclosed $3,261,747 in assets and $11,429,935 in liabilities. Judge John P. Mastando oversees the case. Mark Frankel, Esq., at Backenroth Frankel & Krinsky, LLP, represents the Debtor as legal counsel. VERMONT AUS: Blue Owl Marks AUD$12.8MM 1L Loan at 34% Off --------------------------------------------------------- Blue Owl Technology Finance Corp. has marked its AUD$12,875,000 loan extended to Vermont Aus Pty Ltd to market at AUD$8,533,000 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 February 2029. Blue Owl is a Maryland corporation formed on July 12, 2018. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, technology-related companies, specifically software companies, based primarily in the United States. The Company originates and invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company's investment objective is to maximize total return by generating current income from its debt investments and other income producing securities, and capital appreciation from its equity and equity-linked investments. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Technology Finance Corp 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Vermont Aus Pty Ltd Vermont Aus Holdco Pty Ltd is a foreign-owned company that provides pet wellness products and services including veterinary services in Australia and New Zealand. VISTRA CORP: Moody's Affirms 'Ba1' CFR & Alters Outlook to Positive ------------------------------------------------------------------- Moody's Ratings affirmed Vistra Corp.'s (Vistra) ratings, including its Ba1 corporate family rating and Ba1-PD probability of default rating, and revised its outlook to positive from stable. Vistra's SGL-1 speculative grade liquidity rating is unchanged. The affirmation included Vistra Operations Company LLC's (Vistra Operations) senior secured rating of Baa3 and senior unsecured rating of Ba2 and Palomino Funding Trust I's senior secured rating of Baa3. Vistra Operations and Palomino's outlooks are positive, reflecting Vistra's positive outlook. This action does not affect the rating or outlook of Vistra Zero Operating Company, LLC (Vistra Zero, Ba2 negative). Vistra Zero, a wholly owned non-recourse subsidiary of Vistra, owns and operates a portfolio of renewable generation and battery storage assets. RATINGS RATIONALE Vistra is one of the largest and most diversified merchant power companies in the US, operating with moderate leverage. Vistra also operates a profitable and stable retail business that contributes, in Moody's estimates, roughly 22% of consolidated EBITDA. The power market is experiencing an upswing due to concerns about shortages during extreme weather events and supply is also expected to struggle to keep pace with growing demand, particularly as it relates to data centers. Vistra is capitalizing on the resulting strong cash flows to reduce leverage—a key step toward strengthening its credit profile and fostering long-term partnerships with hyperscalers, which are typically large and highly creditworthy counterparties. Vistra's generation portfolio spans all major unregulated US markets and includes a diverse mix of natural gas, coal, and nuclear assets. The company however predominantly generates the majority of its EBITDA from Texas, where its generation business, in Moody's estimates, accounts for about 35% of consolidated EBITDA and its retail segment—contributing roughly 22% of consolidated EBITDA. Vistra is the second-largest nuclear operator in the country, with 6.4 gigawatts (GW) of nuclear capacity. This nuclear capacity is particularly valuable in the current environment, benefiting from a government-supported price floor and is highly attractive to hyperscalers' need for data center power usage because it offers around-the-clock, emissions-free power. Historically, Vistra's FFO to debt ratio has ranged between 17% and 24%. Moody's expects this to rise to 25% to 30% beginning in 2026, consistent with Moody's guidance for achieving investment-grade status. Outlook Vistra's positive outlook reflects its strengthening cash flows amid a robust power market environment and its publicly stated commitment to prioritize leverage reduction and improve financial metrics beginning in 2026, aligning with an investment-grade credit profile. Moody's anticipates Vistra's FFO to debt ratio will range between 25% and 30% starting in 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that Could Lead to an Upgrade Moody's could consider upgrading Vistra's corporate family rating to investment grade in 12 to 18 months, provided the company demonstrates its ability to sustain an FFO to debt ratio of at least 24% in 2026 and thereafter. Any potential upgrade would also incorporate Moody's evaluations of Vistra's business and growth strategy, as well as the credibility of its financial policies. Factors that Could Lead to a Downgrade A negative rating action or a revision to a stable outlook could occur if Vistra faces challenges in executing its deleveraging plan or adopts financial or strategic changes that weaken the positive trajectory. To maintain its current ratings, Vistra must sustain an FFO to debt ratio of at least 17%. Company Profile Vistra is the second largest independent power producer in the US. The company's generation fleet totals approximately 44 GW of generation capacity powered by a diverse portfolio, including natural gas, nuclear, coal, solar, and battery energy storage facilities. It is also one of the largest retail energy suppliers in the US, serving approximately 5 million residential, commercial, and industrial retail customers with electricity and natural gas. LIST OF AFFECTED RATINGS Issuer: Vistra Corp. Affirmations: LT Corporate Family Rating, Affirmed Ba1 Probability of Default Rating, Affirmed Ba1-PD Preferred Stock, Affirmed Ba3 Outlook Actions: Outlook, Changed To Positive From Stable Issuer: Vistra Operations Company LLC Affirmations: Senior Secured Bank Credit Facility, Affirmed Baa3 Senior Secured Regular Bond/Debenture, Affirmed Baa3 Senior Unsecured, Affirmed Ba2 Outlook Actions: Outlook, Changed To Positive From Stable Issuer: Palomino Funding Trust I Affirmations: Senior Secured, Affirmed Baa3 Outlook Actions: Outlook, Changed To Positive From Stable The principal methodology used in these ratings was Unregulated Utilities and Power Companies published in August 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. VIVAKOR INC: ClearThink Converts $323,000 Note to 3.9MM Shares -------------------------------------------------------------- Vivakor, Inc. on November 14, 2025, received a Notice of Conversion from ClearThink Capital Partners, LLC converting $323,528 of the Principal Amount and interest due under the CT Note into 3,921,551 shares of the Company's common stock. Vivakor, Inc. on May 13, 2025, issued a convertible promissory note to CT Partners in the principal amount of $294,117.65, in relation to a Loan and Security Agreement by and between the Company, its subsidiaries, and the Lender. The Company received $250,000, before fees. The Company received the funds on May 14, 2025. Pursuant to the terms of the CT Note and the CT Notice of Conversion, the Company issued the CT Shares. The CT Shares were issued without a Rule 144 restrictive legend pursuant to a legal opinion received by the Company and its transfer agent. The issuances of the foregoing securities were exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holder is an accredited investor and familiar with the Company's operations. About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of the financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. VIVAKOR INC: J.J. Astor Converts $300,000 Note to 4MM Shares ------------------------------------------------------------ Vivakor, Inc., on November 14 and 18, 2025, received Notices of Conversion from a lender each converting $150,000 of the Principal Amount of the Initial Note into 1,855,861 and 2,354,788 shares of the Company's common stock, respectively. Vivakor on March 17, 2025, issued a junior secured convertible promissory note to J.J. Astor & Co., in the principal amount of $6,625,000, in relation to a Loan and Security Agreement by and between the Company, its subsidiaries, and the Lender. The Company received $5,000,000, before fees on March 18, 2025. Pursuant to the terms of the Initial Note and the Notices of Conversion, the Company issued the Shares. The Shares were issued without a Rule 144 restrictive legend pursuant to a legal opinion received by the Company and its transfer agent. The issuances of the securities were exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holder is an accredited investor and familiar with the Company's operations. About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of the financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. VIVAKOR INC: Widens Net Loss to $54.4 Million in 2025 Q3 -------------------------------------------------------- Vivakor, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $54.4 million for the three months ended September 30, 2025, compared to a net loss of $7 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $34.3 million, compared to a net loss of $1.7 million for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $83.4 million and $48.1 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $17 million and $15.9 million, respectively. As of September 30, 2025, the Company had $160.1 million in total assets, $96.1 million in total liabilities, and $64 million in total stockholders' equity. Vivakor said, "We have historically suffered net losses and cumulative negative cash flows from operations, and as of September 30, 2025, we had an accumulated deficit of approximately $148.1 million." "As of September 30, 2025 and December 31, 2024, we had a working capital deficit of approximately $62.3 million and $101.5 million, respectively. As of September 30, 2025, we had cash of approximately $1.2 million, of which $0.9 million is restricted cash. In addition, we have obligations to pay approximately $36.6 million of debt within the next 12 months. These conditions raise substantial doubt about the Company's ability to continue as a going concern. "As of September 30, 2025 and December 31, 2024, we had cash and cash equivalents of $1,191,766 and $3,676,992 which includes $892,124 and $3 million as restricted cash, respectively. "For the nine months ended September 30, 2025 and 2024, our net cash provided by operating activities was mainly composed of net effect of the consolidated net loss of $54,358,617 and $6,983,978, and our depreciation and amortization of $15,735,409 and $3,062,416. "For the nine months ended September 30, 2025 and 2024, we realized stock-based compensation of $1,179,223 and $1,626,409 and stock-based compensation – consultant of $1,206,000 and $0 in lieu of using cash. We also experienced $15.9 million of non-cash interest charges, a $9.8 million loss on conversion of debt, and a $1.2 million loss on the disposition of assets. "Working capital changes also contributed to operating cash flows, most notably a $16.3 million increase in accounts payable and accrued expenses, partially offset by increases in accounts receivable and prepaid expenses. In the prior-year period, the modest operating cash inflow largely reflected significantly lower non-cash charges and a smaller working capital impact. "Net cash provided by investing activities was $1.7 million for the nine months ended September 30, 2025, driven primarily by $2.4 million of proceeds from the sale of property and equipment, partially offset by $0.7 million of divestiture-related cash returned. In contrast, for the nine months ended September 30, 2024, the Company used $2.4 million in investing activities related to equipment purchases for the remediation processing centers, wash plant facilities, and a pipeline extension. "Net cash used in financing activities totaled $8.5 million for the nine months ended September 30, 2025. This reflected substantial payments on notes payable and finance lease obligations totaling $28.5 million, partially offset by $15.3 million of proceeds from third-party loans and $4.7 million of proceeds from related-party loans. For the nine months ended September 30, 2024, financing activities provided $2.1 million, driven by borrowings and proceeds from the sale of common stock." The Company did not capitalize any interest during the nine months ended September 30, 2025, compared to $1 million of capitalized interest during the same period in 2024. Although the Company had no firm contractual commitments for capital expenditures as of September 30, 2025, management anticipates approximately $1.5 million of additional expenditures related to the continued development of its Texas remediation and wash plant facilities. "Our ability to continue to access capital could be affected adversely by various factors, including general market and other economic conditions, interest rates, the perception of our potential future earnings and cash distributions, any unwillingness on the part of lenders to make loans to us and any deterioration in the financial position of lenders that might make them unable to meet their obligations to us. If we cannot raise capital through public or private debt financings, equity offerings, or other means, our ability to grow our business may be negatively affected. In such case, we may need to suspend site and plant construction or further acquisitions until market conditions improve." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/y4u75xey About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. WILLIAMS TREE: Unsecureds to Get Share of Income for 5 Years ------------------------------------------------------------ Williams Tree Service, LLC filed with the U.S. Bankruptcy Court for the Western District of Virginia a Plan of Reorganization dated November 26, 2025. The Debtor was formed as a Virginia limited liability company in 2004. It services its customers as a tree cutting and clearing service, mowing service, and Virginia Department of Transportation ("VDOT") contractor for highway snow removal and tree/branch clearing company. The Debtor's business was relatively steady and stable for its initial ten to twelve years of existence. Beginning in 2017 however, several events impacted the Debtor negatively, impacting its profitability and cash flow. Greg Williams' difficult divorce along with the untimely death of the Debtor's landscape foreman created distractions and inefficiencies in the 2017 range, and then the successor tree foreman started and then left the Debtor is a short period of time. Since the petition date the Debtor has worked diligently to get its operation up and running, as pre-petition garnishment actively had essentially caused the Debtor to shut down. Since filing the Debtor has been able to bring on a tree cutting crew that will allow it to service a considerable customer backlog. The Debtor's cash flow has improved and the Debtor is current with its post-petition obligations. The Debtor agreed to a $5,000.00/month adequate protection obligation to its secured creditor, Atlantic Union Bank, and is current on that obligation through the November payment. As it mostly does in late summer and the fall, the Debtor has been working to repair and properly license its snow removal and winter work equipment. The Debtor has accomplished that and anticipates passing its upcoming VDOT inspection, which will allow it to anticipate lucrative winter time work. Class 5 consists of General Unsecured Claims. As a result of a review of its chapter 11 schedules and the claims that have been filed in this case as of the claims bar date of November 7, 2025, the Debtor estimates its general unsecured claims to be approximately $66,000.00. On a semi-annual basis commencing six months after the Effective Date, and for a period of five years following or the date that all class 5 claims are paid in full, whichever is sooner, and after paying any outstanding Class 1 claims, the Debtor will commit all of its disposable income to the Williams Tree Service, LLC Reorganization Fund. From the Williams Tree Service, LLC Reorganization Fund, the Debtor will make annual pro-rata distributions to allowed Class 5 Claims. The Debtor will fund its obligation to the Williams Tree Service, LLC Reorganization Fund with its aggregate disposal income within thirty days from the end of each six-month period. Disposable income shall be defined as gross revenues less operating and administrative expenses as set out in the cash flow projections, less 25% of gross revenues for anticipated capital expenditures and equipment repair. Thus, provided an Effective Date in March 2026, the first general unsecured payment will be due in October, 2026. If the Debtor's revenue and expenses projections are accurate, Class 5 creditors can expect to receive fifty percent of their claims, even without a recovery from the embezzlement claim. Class 6 consists of Equity Interests. Equity Interests of Greg Williams, or any transferees of his interest, shall remain in place during the pendency of this case and post-confirmation. No distributions will be made to Greg Williams or any other shareholders towards their equity until such time as the plan obligations to Class 5 Claims are paid in full. The Debtor will continue its operations servicing its customers in the ordinary course of business. Greg Williams will continue in his role as Manager of the Debtor at his salary previously disclosed in this case. A full-text copy of the Plan of Reorganization dated November 26, 2025 is available at https://urlcurt.com/u?l=FmAWVJ from PacerMonitor.com at no charge. Counsel for the Debtor: Andrew S. Goldstein, Esq. MAGEE GOLDSTEIN LASKY & SAYERS, P.C. PO Box 404 Roanoke, VA 24003-0404 Telephone: (540) 529-1609 Facsimile: (540) 343-9898 E-mail: agoldstein@mglspc.com About Williams Tree Service Williams Tree Service, LLC, was formed as a Virginia limited liability company in 2004. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Va. Case No. 25-50509) on August 29, 2025, with $500,001 to $1 million in assets and liabilities. Judge Rebecca B. Connelly presides over the case. Andrew S. Goldstein, at Magee Goldstein Lasky & Sayers, P.C., is the Debtor's legal counsel. WINDTREE THERAPEUTICS: Widens Net Loss to $28.1 Million in 2025 Q3 ------------------------------------------------------------------ Windtree Therapeutics, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $28.1 million for the three months ended September 30, 2025, compared to a net loss of $2.7 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $42.8 million, compared to a net loss of $4.6 million for the same period in 2024. As of September 30, 2025, the Company had $16 million in total assets, $27.6 million in total liabilities, and $11.6 million in total stockholders' deficit. Windtree says it is subject to risks common to companies in the biotechnology industry, including but not limited to the need for additional capital, risks of failure of preclinical and clinical studies, the need to obtain marketing approval and reimbursement for any drug product candidate that the Company may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development of technological innovations by competitors, and risks associated with its international operations in Taiwan and activities abroad, including but not limited to having foreign suppliers, manufacturers, and clinical sites in support of the Company's development activities. The Company said, "With the exception of certain non-recurring items such as gain on debt extinguishment or change in fair value of financial instruments, we have incurred net losses since inception." "Our net loss was $28.1 million and $42.8 million, respectively, for the three and nine months ended September 30, 2025. Our net loss was $2.7 million and $4.6 million, respectively, for the three and nine months ended September 30, 2024. We expect to continue to incur operating losses for at least the next several years. "As of September 30, 2025, we had an accumulated deficit of $889.4 million. Our future success is dependent on our ability to fund and develop our product candidates, and ultimately upon our ability to attain profitable operations. "We have devoted substantially all of our financial resources and efforts to research and development expense and general and administrative expense to support such research and development. "Net losses and negative cash flows have had, and will continue to have, an adverse effect on our stockholders' equity and working capital, and accordingly, our ability to execute our future operating plans. "In July 2025, we entered into a Common Stock Purchase Agreement, or the 2025 ELOC Purchase Agreement, establishing an equity line of credit with the purchaser, or the Purchaser, whereby we have the right, but not the obligation, to sell to the Purchaser, and the Purchaser is obligated to purchase, up to $500 million of newly issued shares of our common stock. The Purchaser is also a holder of the Company's Series C Preferred Stock and Series D Preferred Stock as well as a holder of certain of our convertible notes payable. "On October 23, 2025, we and Seven Knots entered into an amendment, or the ELOC Amendment, to the 2025 ELOC Purchase Agreement, pursuant to which the parties agreed to, among other things, expand the definition of "Eligible Market" to include over-the-counter markets, including The OTCID Basic Market. "On October 24, 2025, pursuant to the 2025 ELOC Purchase Agreement, we filed a Form S-1 Registration Statement under the Securities Act of 1933 with the U.S. Securities and Exchange Commission registering up to 555,555,556 shares of common stock under the 2025 ELOC Purchase Agreement and up to 166,687,215 shares of common stock, issuable upon the conversion of the outstanding unpaid principal balance, together with all accrued and unpaid interest, if any, of the convertible promissory note, issued to Seven Knots as consideration for it entering into the 2025 ELOC Purchase Agreement. "In June 2024, we entered into a Common Stock Purchase Agreement, or the 2024 ELOC Purchase Agreement, establishing an equity line of credit with the purchaser, or the Purchaser, whereby we have the right, but not the obligation, to sell to the Purchaser, and the Purchaser is obligated to purchase, up to $35 million of newly issued shares of our common stock. The Purchaser is also a holder of the Company's Series C Preferred Stock and Series D Preferred Stock as well as a holder of certain of our convertible notes payable. For the three months ended September 30, 2025, we sold 21.1 million shares of Common Stock under the 2024 ELOC Purchase Agreement for net proceeds of $13.4 million. "As of September 30, 2025, we had cash and cash equivalents of $0.2 million and current liabilities of $21.9 million. During July and August 2025, we sold 21.1 million shares of common stock for net proceeds of $13.4 million following mandatory redemption payments on our preferred stock . . . We believe that we have sufficient resources available to fund our business operations through December 2025. "We do not have sufficient cash and cash equivalents as of the date of this Quarterly Report on Form 10-Q to support our operations for at least the 12 months following the date that the financial statements are issued. These conditions raise substantial doubt about our ability to continue as a going concern. "To alleviate the conditions that raise substantial doubt about our ability to continue as a going concern, management plans to secure additional capital, potentially through a combination of public or private securities offerings, convertible debt financings, and/or strategic transactions, including potential licensing arrangements, alliances, and drug product collaborations focused on specified geographic markets; however, none of these alternatives are committed at this time. "There can be no assurance that we will be successful in obtaining sufficient funding on terms acceptable to us to fund continuing operations, if at all, or identify and enter into any strategic transactions that will provide the capital that we will require. If we fail to raise sufficient capital, we potentially could be forced to limit or cease our development activities, as well as modify or cease our operations, either of which would have a material adverse effect on our business, financial condition, and results of operations." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3s6e8svs About Windtree Therapeutics Headquartered in Warrington, Pennsylvania, Windtree Therapeutics, Inc. -- windtreetx.com -- is a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases. The Company's portfolio of product candidates includes: (a) istaroxime, a Phase 2 candidate that inhibits the sodium-potassium ATPase and also activates sarco endoplasmic reticulum Ca2+ -ATPase 2a, or SERCA2a, for acute heart failure and associated cardiogenic shock; preclinical SERCA2a activators for heart failure; rostafuroxin for the treatment of hypertension in patients with a specific genetic profile; and a preclinical atypical protein kinase C iota, or aPKCi, inhibitor (topical and oral formulations), being developed for potential application in rare and broad oncology indications. The Company also has a licensing business model with partnership out-licenses currently in place. Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and expects to incur losses for the foreseeable future, that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $31.83 million in total assets, $24.98 million in total liabilities, and $3.61 million in total stockholders' equity. WKH LLC: Hires Law Offices of Gary S. Poretsky as Legal Counsel --------------------------------------------------------------- WKH, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ The Law Offices of Gary S. Poretsky, LLC as counsel. The firm will provide these services: (a) advise the Debtor of its rights, powers and duties; (b) advise the Debtor regarding matters of bankruptcy law; (c) represent the Debtor in proceedings and hearings in this court; (d) review the nature and validity of liens asserted against the property of the Debtor and advise it of enforceability of such liens; (e) prepare on behalf of Debtor all necessary and appropriate applications, motions, pleadings, drafter orders, notices, and other documents, and review all financial and other reports to be filed in the its chapter 11 case; (f) advise the Debtor concerning, and prepare responses to, legal papers that may be filed and served in the Debtor's Chapter 11 case; and (g) perform all other legal services for and on behalf of the Debtor that may be necessary or appropriate in the administration of the its Chapter 11 case. The firm's attorneys will be billed at $475 per hour plus expenses. Gary Poretsky, Esq., an attorney at the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gary S. Poretsky, Esq. The Law Offices of Gary S. Poretsky, LLC 6 Church Lane Pikesville, MD 21208 Telephone: (443) 738-5432 Email: gary@plgmd.com About WKH, LLC WKH LLC is a single-asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). WKH LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-19909) on October 23, 2025. In its petition, the Debtor reports total assets of $2,036,750 and total liabilities of $1,525,000. Honorable Bankruptcy Judge Michelle M. Harner handles the case. The Debtor is represented by Gary S Poretsky, Esq. of THE LAW OFFICES OF GARY S PORETSKY, LLC. XCEL BRANDS: Reports $8 Million Net Loss in 2025 Q3 --------------------------------------------------- Xcel Brands, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $8 million for the three months ended September 30, 2025, compared to a net loss of $9.2 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $14.8 million, compared to a net loss of $15.4 million for the same period in 2024. Net revenues for the three months ended September 30, 2025 and 2024, were $1.1 million and $1.5 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $3.8 million and $6.5 million, respectively. As of September 30, 2025, the Company had $40.5 million in total assets, $23.9 million in total liabilities, and $16.6 million in total stockholders' equity. As of September 30, 2025, the Company has incurred recurring losses, a history of cash flows used in operating activities, and an accumulated deficit of $90.9 million. While the Company has undertaken significant restructuring efforts during 2023 and 2024 and implemented additional measures during 2025 to further optimize its cost structure, management has determined that, absent additional funding, there is substantial doubt about the Company's ability to meet its financial obligations as they become due within the next 12 months. -- In April 2025, the Company restructured its outstanding debt and received net proceeds from financing activities. -- In August 2025, the Company closed on a public offering and private placement of its common stock, which provided the Company with additional net proceeds. While these transactions have significantly improved the Company's liquidity position, the proceeds received may still be insufficient to fully address the Company's liquidity needs. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management intends to continue exploring strategic financing alternatives and operational efficiencies to improve liquidity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4e5mm43x About Xcel Brands New York, N.Y.-based Xcel Brands, Inc. is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. New York, N.Y.-based Marcum LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 27, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company and $47.2 million in total assets, $24.7 million in total liabilities, and $22.5 million in total stockholders' equity. As of September 30, 2025, the Company had $40.5 million in total assets, $23.9 million in total liabilities, and $16.6 million in total stockholders' equity. YELLOW CORP: Reaches Pension-Plan Deals in Ongoing Ch. 11 Case -------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports Yellow Corp., a bankrupt trucking company, reached deals with 14 multiemployer pension plans to resolve billions in disputed withdrawal liabilities. After years of legal battles, the pension funds consented to accept partial claims and contribute $7.4 million for the benefit of unsecured creditors, per a Nov. 26 filing in the U.S. Bankruptcy Court for the District of Delaware, according to report. The agreement includes a structured method to calculate each plan's withdrawal liability based on prior bankruptcy and Third Circuit rulings, and incorporates a 25% reduction for the plans' claims, the report cites. 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. ZUUM TRANSPORTATION: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------------- The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Zuum Transportation, Inc. The committee members are: 1. AAA Express LLC c/o Almina Kubat 1660 Copper Run Way Bowling Green, KY 42101 Phone: (270) 799-5072 Email: AAAExpressacc@gmail.com 2. F&D Trucking Inc. c/o Delon Shaoo 36730 Iroquois Drive Sterling Heights, MI 48310 Phone: (248) 202-9033 Email: Sdelon87@gmail.com 3. AAR Logistics Inc. c/o Ashwani Kumar 1117 Sunderland Drive Greenwood, IN 46143 Phone: (317) 772-8295 Email: aarlogistic81@gmail.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Zuum Transportation Inc. Zuum Transportation Inc. based in Irvine, California, operates a digital logistics platform connecting shippers, brokers, carriers, and drivers across the U.S. and globally. It provides technology-driven freight and supply-chain solutions aimed at improving efficiency and cost-effectiveness for shippers while enhancing profitability for carriers. Zuum Transportation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13127) on November 6, 2025. In the petition signed by Matt Tabatabai, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Mark D. Houle oversees the case. Eve H. Karasik, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP, represents the Debtor as legal counsel. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. 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. 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