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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Tuesday, December 2, 2025, Vol. 29, No. 335

                            Headlines

138 GREENE: Amends First Mortgagee Claims Pay Details
202-204 OCEAN: Seeks to Tap Alla Kachan P.C. as Bankruptcy Counsel
23ANDME HOLDINGS: Pushes for Ruling on Wind-Down Trust Dispute
514 THAT WAY: Affiliate Gets OK to Access Cash Collateral
ACCURATE COMMUNICATIONS: Seeks Chapter 11 Bankruptcy in Minnesota

ACCURATE INSURANCE: Hires Patrick Cordero PA as Bankruptcy Counsel
AGI MARKETING: Seeks Cash Collateral Access
ALEXANDRA MUSIC: Seeks Cash Collateral Access
ALGORHYTHM HOLDINGS: Falls Short of Nasdaq Equity Requirement
ALTMAN & NELSON: Gets Final OK to Use Cash Collateral

AMERICAN PREMIUM: Seeks Chapter 7 Bankruptcy in Michigan
ANDERSON HOOP: Court Extends Cash Collateral Access to Jan. 7
APPLIED POWDERCOAT: Seeks Cash Collateral Access
ASBESTOS CORP: Extends CCAA Stay to Dec. 15, Ch.15 Recognized
ATLANTIC SEA: Trustee Launches Bankruptcy Sale of Company Assets

BALCAN INNOVATIONS: S&P Downgrades ICR to 'B-', Outlook Negative
BELLA TUSCANY: Hires Latham Luna Eden & Beaudine as Counsel
BISHOP OF SACRAMENTO: Taps Taylor Anderson as Litigation Counsel
BLUEWATER RESIDENTIAL: Seeks Chapter 11 Bankruptcy in Minnesota
BON MORRO: Hires Berkeley Research Group as Valuation Consultant

BREAKERS MEZZ I: Seeks to Hire DLA Piper LLP as Bankruptcy Counsel
BROOKE RODD: Fashion Retailer Seeks Subchapter V Bankruptcy
BROOKE RODD: Hires Michael Jay Berger as Bankruptcy Counsel
BUTLER HEALTH: Fitch Alters Outlook on 'BB+' IDR to Stable
BYJU'S ALPHA: Co-Founders Lose Bid to Dismiss Adversary Case

BYJU'S ALPHA: Wins Default Judgment v. Byju Raveendran
CANACOL ENERGY: Moody's Cuts CFR to C & Alters Outlook to Stable
CCA CONSTRUCTION: Bankruptcy Court to Review Baha Mar Settlement
CELANESE US: Moody's Cuts CFR to 'Ba2', Outlook Negative
CHOICE ELECTRIC: Case Summary & 16 Unsecured Creditors

CLICKAFY MEDIA: Seeks Chapter 7 Bankruptcy in Minnesota
COGECO COMMUNICATIONS: Moody's Alters Outlook on B1 CFR to Stable
CTF CHICAGO: Court Extends Cash Collateral Access to Jan. 10
D RAIL TRANSPORT: Seeks to Extend Plan Exclusivity to Jan. 26, 2026
DANIEL TRUCKING: Gets OK to Use Cash Collateral Until Feb. 6

DAOVENQUY88 LLC: Gets Final OK to Use Cash Collateral
DAVID JAMES TRUSCOTT: Automatic Stay Lifted, Can Pursue Appeal
DESERT CITY: Unsecureds to Get 100 Cents on Dollar in Plan
DIOCESE OF ALEXANDRIA: Hires Getzler Henrich as Financial Advisor
DKC ENTERPRISES: Final Cash Collateral Hearing Set for Dec. 3

DMFD ONLINE: Seeks Chapter 7 Bankruptcy in Michigan
DOLCHE TRUCKLOAD: Gets Extension to Access Cash Collateral
DOMAN BUILDING: Fitch Hikes Rating on Sr. Unsecured Notes to 'BB-'
DOMAN BUILDING: Moody's Alters Outlook on 'B1' CFR to Stable
ECO RECYCLING: Seeks Chapter 11 Bankruptcy in Illinois

EMERGENCY HOSPITAL SYSTEM: Disclosure Statement Wins Conditional OK
EMERGY INC: Trinity Capital Marks $3.1MM Loan at 75% Off
EMERGY INC: Trinity Capital Marks $6.1MM Loan at 78% Off
ENDRA LIFE: Shifts CTO Thornton to Consultant Role in New Agreement
ENERGIZER HOLDINGS: Moody's Alters Outlook on 'B1' CFR to Negative

ENGINEERS OF TOMORROW: Case Summary & 13 Unsecured Creditors
ENI DIST: Hires 3Cubed Advisory Services as Financial Advisor
ENTRADA RESTAURANT: Case Summary & Two Unsecured Creditors
EVERGREEN LODGING: 155-Room Golden Hotel For Sale, Bid Ends Dec. 3
GILBERT LEGGETT: Court Extends Cash Collateral Access to Dec. 15

GLIDE LOGISTICS: Court Extends Cash Collateral Access to Jan. 30
GOLDEN SPIKE: Seeks Chapter 7 Bankruptcy in Minnesota
HARDING BELL: Plan Exclusivity Period Extended to Feb. 12, 2026
HILLSDALE PALLET: Seeks to Hire Distel Thiede as Financial Advisor
HO WAN KWOK: Weddle Law Loses Bid for Interlocutory Appeal

INNOVATIVE PLUMBING: Files Emergency Bid to Use Cash Collateral
INTEGRATED ENDOSCOPY: Hires Stout Uxa & Buyan as Special Counsel
IT IS WELL: Seeks to Hire Villa Rica Tax Service as Accountant
JJ PFISTER: Gets OK to Hire Gonzales & Associates as Accountant
KANSAS CITY COSTUME: Section 341(a) Meeting of Creditors on Dec. 22

KDZ REALTY: Unsecureds to Get 100 Cents on Dollar in Plan
KIDSVILLE LEARNING: Gets Final OK to Use Cash Collateral
LUMEXA IMAGING: Moody's Puts 'B3' CFR Under Review for Upgrade
M & M BUCKLEY: Court Extends Cash Collateral Access to Dec. 18
M&M CUSTARD: Seeks to Hire Evans & Mullinix as Bankruptcy Counsel

MAMMOTH INC: Gets Final OK to Use Cash Collateral
MAMMOTH INC: Hires Website Closers LLC as Business Broker
MEDICAL SALES: Trinity Capital Marks $1.8MM Loan at 31% Off
MEDICAL SALES: Trinity Capital Marks $5.1MM Loan at 31% Off
MIDDLETON CONSTRUCTION: Hires Frank B. Lyon as Bankruptcy Counsel

MIDWEST SKIING: Seeks Ch. 11 Bankruptcy to Prevent Foreclosure
MILLER'S LANDING: Hires Michael Jay Berger as Bankruptcy Counsel
MOSAIC SWNG: Gets Extension to Access Cash Collateral
NAKED CUPCAKE: Unsecureds to Split $32,400 over 3 Years
NEAREST GREEN DISTILLERY: Wants Emergency Trade Secrets Hearing

NEED SPACE: Seeks Cash Collateral Access
NEW MEXICO TERMINAL: Hires Formanlaw LLC as Bankruptcy Counsel
NEXII INC: Trinity Capital Marks $365,000 Loan at 16% Off
NEXTCAR HOLDING: Trinity Capital Marks $1.8MM Loan at 34% Off
NEXTCAR HOLDING: Trinity Capital Marks $2.2MM Loan at 34% Off

NEXTCAR HOLDING: Trinity Capital Marks $3.4MM Loan at 76% Off
NEXTCAR HOLDING: Trinity Capital Marks $5.6MM Loan at 76% Off
NEXTTRIP INC: Raises $1 Million via Stock and Warrant Sale
NGL ENERGY: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
NOMAD HEALTH: Trinity Capital Marks $11.4MM Loan at 34% Off

NOMAD HEALTH: Trinity Capital Marks $500,000 Loan at 24% Off
OGEE INC: Trinity Capital Marks $4.7MM Loan at 15% Off
OLD FASHION: Seeks to Use Cash Collateral
PARIS312 LLC: Gets Interim OK to Use Cash Collateral Until Jan. 8
PH BEAUTY III: Moody's Affirms B3 CFR & Alters Outlook to Negative

PINNACOL HOLDINGS: Hires Michael Best & Friedrich as Counsel
PLATINUM BEAUTY: Court Extends Cash Collateral Access to Dec. 16
PRINCE LAND: Unsecureds to Get $2,500 per Month for 5 Years
PROFESSIONAL DIVERSITY: To Pay $1.6M in Stock for Web3 Consulting
PROST LLC: Files Amendment to Subchapter V Plan

ROYAL HELIUM: Exits CCAA Through Reverse Takeover by Keranic
SANDISK CORP: Moody's Hikes CFR to Ba2, Outlook Stable
SCCY INDUSTRIES: Seeks to Extend Plan Exclusivity to December 31
SCIL USA: Moody's Rates New $785MM Secured 1st Lien Term Loan 'B1'
SEXTANT STAYS: Hires Eisner Advisory Group as Tax Accountant

SUKHRAJ S. PAMMA: Court Narrows Claims in Dhillon Case
SUPERIOR EQUIPMENT: Unsecureds Will Get 100% of Claims over 5 Years
TASTY PEACH STUDIOS: Gets Interim OK to Use Cash Collateral
THASSOS INC: Gets OK to Use Cash Collateral Until Jan. 8
TOCO HOLDINGS: Hires Anapolsky Advisors Inc as Financial Advisor

TREEHOUSE DEVELOPMENT: Case Summary & Three Unsecured Creditors
VIVAKOR INC: Adds Voting Rights for Preferred Holders After Waiver
WCR HOLDINGS: Seeks to Hire Distel Thiede as Financial Advisor
WEATHERSTONE LLC: Seeks to Hire Rountree Leitman Klein as Attorney
WESTSIDE TOW: Gets Interim OK to Use Cash Collateral Until Dec. 15

YELLOW CORP: Judge Explains Chapter 11 Confirmation Decision
ZACHRY HOLDINGS: Court Disallows Encina's Proof of Claim
ZHL SERVICES: Hires Mickler & Mickler LLP as Bankruptcy Counsel
ZHL SERVICES: Seeks Cash Collateral Access
ZMETRA LAND: Hires Glickman Kovago & Jacobs as Real Estate Broker


                            *********

138 GREENE: Amends First Mortgagee Claims Pay Details
-----------------------------------------------------
138 Greene Retail, LLC submitted an Amended Disclosure Statement
describing Plan of Reorganization dated November 26, 2025.

The Debtor's primary assets are shares in a cooperative housing
corporation known as Greene Street Holding Corp. (the
"Cooperative") and a proprietary lease (collectively, the
"Property") for the ground floor and basement units of the real
property at 132- 140 Greene Street, New York, New York.

SIG CRE 2023 Venture LLC ("Lender"), as successor to Signature
Bank, filed a claim against the Debtor in the amount of
$19,528,204, secured by a security interest in the Property.

During this case, the Debtor made a settlement offer to the Lender
that includes selling the Property in bankruptcy court.

First Mortgagee consists of the Claim of First Mortgagee. Based the
filed proof of claim, the Claim totals $19,528,204 for principal
plus accrued interest and fees as of the Petition Date. Payment of
available Cash up to Allowed Amount of Class 2 Claim, after payment
of Administrative Expenses, Statutory Fees, priority tax Claims,
Class 1 Claims and Class 5 Claims.

In the event the Property is sold to the First Mortgagee by credit
bid, the First Mortgagee shall not be required to pay Cash to
consummate the sale, but shall permit Cash Collateral to be used to
satisfy (i) Allowed Administrative Expense Claims and
pos-tConfirmation wind up costs; (ii) Allowed Priority Claims;
(iii) U.S. Trustee fees Statutory Fees; and (iv) a general creditor
reserve of up to $25,000 (the "Creditor Reserve") from which a pro
rata distribution shall be made to the holders of allowed unsecured
claims. If the Property Sale Proceeds are insufficient to pay the
Claim in full, the deficiency amount shall be treated as a Class 6
Claim.

For the avoidance of doubt, under the Plan, (a) the Lender is
entitled to make a credit bid in the amount of its full claim and
is entitled to a deficiency claim for any remaining amount owed,
(b) any Cash Collateral (as that term is defined in the Bankruptcy
Code) remaining in the Debtor's debtor in possession account
following the closing of the Property sale under the Plan shall be
disbursed to the Lender, and (c) the Debtor is deemed to consent to
an order granting Lender relief from stay to enforce it rights upon
any failure by the debtor to comply with the terms of the Plan.

Class 6 consists of General Unsecured Claims. Claims total
approximately $141,207. Payment of available Cash up to Allowed
Amount of Class 6 Claims, Administrative Expense Claims
post-Confirmation wind up costs; Allowed Priority Claims; Statutory
Fees, and Class 1, 2, 3, 4 and 5 Claims. If no cash is available
from the Sale Proceeds, each Class 6 Claimant shall be entitled to
its pro-rata share of a $25,000 distribution fund. This Class is
impaired.

Class 7 consists of Interests Holders. Payment of available cash
after payment of Allowed Administrative Expense Claims
post-Confirmation wind up costs; Allowed Priority Claims; Statutory
Fees, and Class 1, 2, 3, 4, 5 and 6 Claims.

All outstanding United States Trustee fees shall be paid as they
come due. Fees due and owing pursuant to 28 U.S.C. section 1930,
together with interest, if any, pursuant to 341 U.S.C. 3717 shall
be paid in full, in cash on the Effective Date, and shall continue
to be paid post confirmation until the entry of a Final Decree, the
case is converted or dismissed.

Payments under the Plan will be paid from the Property sale
proceeds. The sale of the Property shall be implemented pursuant to
the Bidding and Auction Procedures. After the Confirmation Order is
entered, but prior to or on the Effective Date, the Property shall
be sold to Purchaser free and clear of all Liens, Claims, and
encumbrances, with any such Liens, Claims, and encumbrances to
attach to the Property Sale Proceeds, and disbursed in accordance
with the provisions of this Plan.

For mortgage recording tax purposes, the First Mortgagee shall
permit an assignment of its mortgage in connection with the sale of
the Property under the Plan. The Property shall be sold subject to
entry of a Bankruptcy Court order (i) approving the sale; (ii)
providing, inter alia, that the Purchaser is a good faith
purchaser; and (iii) providing that the sale of the Real Property
shall be free and clear of all liens, claims, encumbrances and
interests with any such liens, claims and encumbrances to attach to
the sale proceeds, and to be disbursed under the Plan.

Notwithstanding anything to the Contrary in the Plan, each Secured
Creditor including the First and Mortgagee retains the right to
credit bid under the Plan to the extent of its Secured Claim, but
in addition to its credit bid, to ensure Plan feasibility, any bid
by a Secured Creditor must include a cash component to cover the
costs of sale, Senior Lien Claims, Administrative Claims, Priority
Claims, and a $15,000 reserve fund for the costs of wrapping up the
case.

A full-text copy of the Amended Disclosure Statement dated November
26, 2025 is available at https://urlcurt.com/u?l=XnUXIE from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Mark Frankel, Esq.
     Backenroth Frankel & Krinsky, LLP
     488 Madison Avenue, Floor 23
     New York, NY 10022
     Telephone: (212) 593-1100

                      About 138 Greene Retail

138 Greene Retail, LLC, sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10129) on Jan. 27,
2025, listing up to $50 million in both assets and liabilities.

Bankruptcy Judge Philip Bentley handles the case.

Mark Frankel, at Backenroth Frankel & Krinsky, LLP, is the Debtor's
counsel.


202-204 OCEAN: Seeks to Tap Alla Kachan P.C. as Bankruptcy Counsel
------------------------------------------------------------------
202-204 Ocean Ave Holdings LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to hire the
Law Offices of Alla Kachan P.C. to serve as counsel.

The firm will provide these services:

     (a) assist Debtor in administering this case;

     (b) make such motions or taking such action as may be
appropriate or necessary under the Bankruptcy Code;

     (c) represent Debtor in prosecuting adversary proceedings to
collect assets of the estate and such other actions as Debtor deem
appropriate;

     (d) take such steps as may be necessary for Debtor to marshal
and protect the estate's assets;

     (e) negotiate with Debtor's creditors in formulating a plan of
reorganization for Debtor in this case;

     (f) draft and prosecute the confirmation of Debtor's plan of
reorganization in this case; and

     (g) render such additional services as Debtor may require in
this case.

The Law Offices of Alla Kachan P.C. will bill the Debtor at hourly
rates of $250 for clerks and paraprofessionals and $475 for
attorney time.

The Debtor paid an initial retainer of $18,000 on May 13, 2025,
from 8808 Liberty Ave Holding LLC.

According to court filings, the Law Offices of Alla Kachan P.C.
does not hold or represent an adverse interest to the estate and is
a "disinterested person" within the meaning of the Bankruptcy
Code.

The firm can be reached at:

     Alla Kachan, Esq.
     LAW OFFICES OF ALLA KACHAN P.C.
     2799 Coney Island Avenue, Suite 202
     Brooklyn, NY 11235
     Telephone: (718) 513-3145

        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: Pushes for Ruling on Wind-Down Trust Dispute
--------------------------------------------------------------
Angelica Serrano-Roman of Bloomberg Law reports that 23andMe is
seeking a ruling from the bankruptcy court to resolve a
disagreement between two committees over fee-related provisions in
an administration trust agreement tied to its wind-down plan. The
dispute could slow final implementation of the plan.

In a November 28, 2025 filing in the US Bankruptcy Court for the
Eastern District of Missouri, the company reported that extensive
negotiations produced agreement on most issues. Still, the
unsecured creditors’ committee and the equity committee continue
to disagree on professional-fee budgets and the party responsible
for claim-reconciliation duties.

The company filed dueling drafts of the trust agreement and urged
the court to choose the appropriate version so the wind-down
process can proceed without further delay, the report cites.

                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.


514 THAT WAY: Affiliate Gets OK to Access Cash Collateral
---------------------------------------------------------
Park at Crestview DENG, LLC, an affiliate of 514 That Way, LLC, got
the green light from the U.S. Bankruptcy Court for the Southern
District of Texas, Houston Division, to use cash collateral.

Park at Crestview intends to use the cash collateral to operate an
apartment complex located in Austin, Travis County, Texas.

The property secures repayment of the $42.03 million loan entered
into by Park at Crestview in favor of Lument Real Estate Capital,
LLC, and assigned to Fannie Mae, a secured lender.  

In its sixth interim order, the court authorized Park at Crestview
to use cash collateral to pay expenses in accordance with its
budget.

Absent the secured lender's written consent, Park at Crestview may
not (i) allow any individual budget line item to exceed its
projected amount by more than 10%, or (ii) allow total actual
disbursements to exceed total projected disbursements by more than
5% as set forth in the budget.

As protection, Fannie Mae will be granted replacement liens on Park
at Crestview's property, whether acquired before or after the
petition date. The replacement liens do not apply to any causes of
action.

In addition, the lender will be granted a superpriority claim if
the replacement liens prove to be inadequate.

As further protection, Fannie Mae will receive a cash payment equal
to the amount by which Park at Crestview's remaining cash balance
at the end of the prior calendar month exceeded $20,000.

Park at Crestview's authority to use cash collateral will end upon
occurrence of so-called termination events including the dismissal
or conversion of its Chapter 11 case; the appointment of a trustee;
or entry of an order modifying or vacating the sixth interim
order.

A final hearing will be held on January 5, 2026.

A copy of the sixth interim order and the budget is available at
https://shorturl.at/bfXkF from PacerMonitor.com.

                        About 514 That Way

514 That Way, LLC owns Edgewater Apartments located at 514 That
Way, Lake Jackson, Texas.  

514 That Way and its affiliates filed Chapter 11 petitions (Bankr.
S.D. Texas Lead Case No. 25-90013) on February 24, 2025. At the
time of the filing, 514 That Way reported between $10 million and
$50 million in both assets and liabilities.

Judge Christopher M. Lopez oversees the cases.

Melissa A. Haselden, Esq., and Elyse M. Farrow, Esq., at Haselden
Farrow, PLLC, represent the Debtors as legal counsel.

Fannie Mae and Freddie Mac, as lenders, are represented by:

   Michael P. Cooley, Esq.
   Tristan Sierra, Esq.  
   Reed Smith LLP
   2850 N. Harwood Street, Suite 1500
   Dallas, TX 75201
   Tel: 469.680.4200
   Fax: 469.680.4299
   mpcooley@reedsmith.com
   tsierra@reedsmith.com


ACCURATE COMMUNICATIONS: Seeks Chapter 11 Bankruptcy in Minnesota
-----------------------------------------------------------------
On November 26, 2025, Accurate Communication Solutions Inc. sought
Chapter 11 protection in the District of Minnesota. According to
court filing, the Debtor reports between $100,001 and $1,000,000 in
debt owed to 1-49 creditors.

          About Accurate Communication Solutions Inc.

Accurate Communication Solutions Inc. is a company specializing in
providing communication infrastructure services, including voice,
data, and networking solutions for businesses and government
clients. The company offers design, installation, maintenance, and
support of communication systems, aiming to improve operational
efficiency and connectivity for its clients.

Accurate Communication Solutions Inc. sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-33836) on
November 26, 2025. In its petition, the Debtor reports estimated
assets between $100,001 and $1,000,000 and estimated liabilities
between $100,001 and $1,000,000.

Honorable Bankruptcy Judge Mychal A. Bruggeman handles the case.

The Debtor is represented by John D. Lamey, III, Esq. of Lamey Law
Firm, P.A.


ACCURATE INSURANCE: Hires Patrick Cordero PA as Bankruptcy Counsel
------------------------------------------------------------------
Accurate Insurance Group, Corp. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to hire The
Law Offices of Patrick Cordero P.A. as bankruptcy counsel.

The firm will render these services:

     a. advise the Debtor with respect to its powers and duties as
debtor in possession and the continued management of its affairs;

     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, and other
legal documents necessary in the administration of the case;

     d. protect the interests of the Debtor and the estate in all
matters pending before the Court; and

     e. represent the Debtor in negotiations with its creditors in
the preparation of a plan.

The firm's current hourly rates:

     Attorneys     $380 to $575
     Paralegals    $150 to $280

As disclosed in the court filings, the Law Office of Patrick
Cordero, P.A. is a disinterested person as that term is defined in
11 U.S.C. Sec. 101(14).

The firm can be reached through:

     Patrick L. Cordero, Esq.
     Law Office of Patrick Cordero, P.A.
     7333 Coral Way
     Miami, FL 33155
     Phone: (305) 445-4855
     Fax: (305) 445-9483

        About Accurate Insurance Group Corp.

Accurate Insurance Group, Corp. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
25-23507) on November 14, 2025, with up to $50,000 in assets and
liabilities.

Judge Robert A. Mark presides over the case.

Patrick L. Cordero, Esq., represents the Debtor as legal counsel.



AGI MARKETING: Seeks Cash Collateral Access
-------------------------------------------
AGI Marketing, Inc 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 operates its business providing website management and
online marketing services to a broad client base and requires
access to cash collateral to continue ordinary business operations,
including paying expenses and maintaining services. The Debtor
notes that the Texas Comptroller of Public Accounts and the City of
El Paso hold statutory liens on its assets, alongside potential
other creditors claiming liens.

To provide adequate protection for the use of cash collateral, the
Debtor proposes a replacement lien on its assets to the extent of
the current balance of claims, timely payments to taxing
authorities, adherence to a proposed operating budget with a 10%
variance limit without creditor consent, and access for creditors
to monthly operating reports.

The Debtor also commits to maintaining insurance necessary for
operations and making provisions for all owed taxes, including
those for 2025, through a future plan of reorganization, ensuring
no priming of one taxing authority over another.

A court hearing is set for December 3.

A copy of the motion is available at https://urlcurt.com/u?l=1MbXev
from PacerMonitor.com.

              About AGI Marketing, Inc.

AGI Marketing, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No.
25-31273) on October 2, 2025, listing $100,001 to $500,000 in
assets and $500,001 to $1 million in liabilities.

Judge Christopher G Bradley presides over the case.

James Kerby Jopling, Esq. at Jim K. Jopling, Attorney At Law
represents the Debtor as counsel.


ALEXANDRA MUSIC: Seeks Cash Collateral Access
---------------------------------------------
Alexandria Music, Inc asks the U.S. Bankruptcy Court for the
Eastern District of Virginia, Alexandria Division, for authority to
use cash collateral and provide adequate protection.

The Debtor needs to use its cash collateral to continue operations
and support its reorganization, following its bankruptcy filing on
September 15.

The Debtor identifies four significant secured creditors: Fender
Guitars ($1,400), Roland US ($5,405.51), the U.S. Small Business
Administration (at least $535,000), and Kapitus Servicing, Inc.
($72,167).

Fender and Roland hold purchase money security interests in the
Debtor's musical instruments and related equipment, which do not
extend to cash or intangible assets but do impact the Debtor's
overall secured asset calculation under 11 U.S.C. Section 506(d).
At the time of filing, the Debtor held approximately $508,005 in
inventory, receivables, office fixtures, and cash on deposit.

Since filing, the Debtor has maintained current post-petition
expenses and taxes, made regular monthly payments of $2,500 to the
SBA, and reported a positive operating surplus, including a $15,000
surplus for October 2025. The Debtor asserts that access to its
accounts receivable and cash is essential for ongoing operations
and successful reorganization.

A court hearing is set for December 9.

A copy of the motion is available at https://urlcurt.com/u?l=iuCUcx
from PacerMonitor.com.

Kapitus Servicing is represented by:

   W. Ashley Burgess, Esq.
   Johnie R. Muncy, Esq.
   SANDS ANDERSON PC
   P.O. Box 1998
   Richmond, VA 23218-1998
   Telephone:  (804) 648-1636
   Facsimile: (804) 783-7291
   aburgess@sandsanderson.com
   jmuncy@sandsanderson.com

                       About Alexandra Music
Inc.

Alexandra Music, Inc. sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11896)
on Sept. 15, 2025, listing up to $1 million in assets and up to $10
million in liabilities.

Judge Klinette H. Kindred oversees the case.

The Debtor tapped Richard G. Hall as counsel and Arthur Lander,
CPA, PC as accountant.



ALGORHYTHM HOLDINGS: Falls Short of Nasdaq Equity Requirement
-------------------------------------------------------------
Algorhythm Holdings, Inc. said in an SEC filing that it received a
notice from the Staff of the Nasdaq Stock Market, LLC on Nov. 28,
2025, stating that its stockholders' equity of $100,000 as of Sept.
30, 2025, did not meet the minimum $2.5 million required under
Nasdaq Listing Rule 5550(b)(1).  The notice does not have immediate
effect on the listing of the Company's common stock.

Under Nasdaq Listing Rules, the Company has until Jan. 12, 2026 --
45 calendar days from the notice -- to submit a plan to restore
compliance with the Stockholders' Equity Requirement, which it
intends to file on time for the Staff's review.  If approved,
Nasdaq Staff may allow up to 180 additional calendar days from the
notice date to meet the requirement.

There is no guarantee that the Staff will approve the Company's
plan to regain compliance with the Stockholders' Equity
Requirement, or that the Company will achieve compliance during any
extension period granted.  If the plan is not accepted, the Company
can request a hearing before a panel, which would pause any
delisting action by the Staff.

                       About Algorhythm Holdings

Algorhythm Holdings, Inc., headquartered in Fort Lauderdale,
Florida, develops artificial intelligence technology and operates a
single business unit, SemiCab, through its subsidiary SemiCab
Holdings, LLC.  SemiCab provides a cloud-based collaborative
transportation platform that uses AI and machine learning to
optimize truck loads and routing by integrating real-time data from
carriers, manufacturers, retailers, and distributors through APIs
and existing transportation management and electronic logging
systems.  The Company previously operated a home karaoke products
business, Singing Machine, which it sold on Aug. 1, 2025.

In its audit report dated April 15, 2025, Marcum LLP issued a
"going concern" qualification 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 Sept. 30, 2025 the Company had $10.85 million in total
assets, $10.75 million in total liabilities, and $100,000 in total
stockholders' equity.

Since its inception, the Company has financed its operations mainly
through operational cash flow, private equity sales, and short- and
long-term debt.  As of Sept. 30, 2025, the Company held $2,839,000
in cash, which it indicated will be insufficient to support planned
operations for at least one year after Nov. 19, 2025, the issuance
date of the condensed consolidated financial statements for the
period ended Sept. 30, 2025.


ALTMAN & NELSON: Gets Final OK to Use Cash Collateral
-----------------------------------------------------
Altman & Nelson Printing Co. Inc. received final approval from the
U.S. Bankruptcy Court for the Southern District of Texas, Victoria
Division, to use cash collateral.

The final order authorized the Debtor to use cash collateral to
fund operations consistent with its budget. The Debtor may use cash
collateral up to 105% of each budgeted expense, provided total
monthly spending does not exceed 5% of the overall budget.

The 30-day budget projects total cash disbursements of $28,554.21.

As adequate protection, secured creditors will be granted
replacement liens on post-petition cash collateral and newly
acquired property of the Debtor, with the same priority and scope
as their pre-bankruptcy liens. The replacement liens do not apply
to Chapter 5 causes of action and are subject and subordinate to
the fee carveout.

The Debtor's authority to use cash collateral automatically
terminates upon case dismissal or conversion to Chapter 7;
appointment of a trustee; expiration of the order without
extension; or a material breach such as noncompliance with the
approved budget. In the event of default, any party may notify the
Debtor and seek expedited relief from the court.

The final order is available at https://shorturl.at/nlJcM from
PacerMonitor.com.

Several creditors may hold security interests in the Debtor's
assets, including the U.S. Small Business Administration, First
Financial, Office Systems Center, and Funding Metrics, LLC,
according to a UCC lien search.

The Debtor had $2,077 in cash and $7,790 in accounts receivable on
the petition date. It also owns a vehicle valued at $70,000 and
leases equipment worth approximately $12,000.

                  About Altman & Nelson Printing Co. Inc.

Altman & Nelson Printing Co. Inc. filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. S. D. Texas Case
No. 25-60091) on October 1, 2025, listing up to $500,000 in assets
and up to $1 million in liabilities. Felicia Ramirez, chief
executive officer, signed the petition.

Jarrod Martin, Esq., a practicing attorney in Houston, serves as
Subchapter V trustee.

Judge Christopher M. Lopez oversees the case.

Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as
bankruptcy counsel.


AMERICAN PREMIUM: Seeks Chapter 7 Bankruptcy in Michigan
--------------------------------------------------------
On November 19, 2025, American Premium Lubricants LLC filed for
Chapter 7 protection in the Eastern District of Michigan. According
to court filings, the Debtor reports between $100,001 and
$1,000,000 in debt owed to 1–49 creditors.

                 About American Premium Lubricants LLC

American Premium Lubricants LLC provides premium-grade lubricants
to automotive, industrial, and commercial clients nationwide. Its
products span engine oils, specialty blends, transmission fluids,
and industrial lubricants designed for performance, durability, and
regulatory compliance. The company works with service centers,
fleet managers, and distributors seeking reliable supply channels
and consistent product performance.

American Premium Lubricants LLC sought relief under Chapter 7 of
the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-51787) on
November 19, 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 Judge Thomas J. Tucker handles the case.

The Debtor is represented by Morris B. Lefkowitz, Esq.


ANDERSON HOOP: Court Extends Cash Collateral Access to Jan. 7
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, entered a second interim order allowing Anderson
Hoop Dreams, Inc. to use cash collateral through January 7, 2026.

The court order authorized the Debtor to use cash collateral to pay
the amounts expressly authorized by the court, including payments
to the U.S. trustee for quarterly fees; the expenses set forth in
the budget, plus an amount not to exceed 10% for each line item;
and additional amounts subject to approval by Berkshire Bank.

The Debtor's three-month budget projects total operational expenses
of $117,110.

As adequate protection, Berkshire Bank and other secured creditors
will be granted a replacement lien on the Debtor's post-petition
property, to the same extent and with the same validity and
priority as their pre-bankruptcy lien.

The Debtor must maintain insurance as required by loan and security
agreements. The order preserves the rights of the U.S. trustee to
appoint a creditors' committee and allows challenges to lien
validity, priority, or extent.

A continued preliminary hearing on cash collateral is set for
January 7, 2026.

                About Anderson Hoop Dreams

Anderson Hoop Dreams, Inc. operates specialized fitness facilities
offering structured, athletic-style training programs to a broad
client base.

The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05772) on Sept. 12,
2025, listing up to $50,000 in assets and between $500,001 and $1
million in liabilities.

Jeffrey Ainsworth, Esq., at Bransonlaw PLLC, is the Debtor's legal
counsel.


APPLIED POWDERCOAT: Seeks Cash Collateral Access
------------------------------------------------
Applied Powdercoat, LLC asks the U.S. Bankruptcy Court for the
Central District of California, Northern Division, for authority to
use cash collateral and provide adequate protection.

The Debtor explains that it had previously operated with First Bank
of the Lake's consent to use cash collateral on a month-to-month
basis through September 2025. Although FBOL initially agreed to
extend that arrangement into October, it abruptly withdrew consent
on October 29, 2025 and refused to execute the stipulation required
under the existing cash-collateral framework.

Faced with the imminent inability to fund payroll, materials, and
operating expenses, the Debtor filed an emergency motion on
November 5 seeking authorization to use cash collateral. The court
heard the matter on November 7 and granted interim relief through
November 19. At the continued hearing on November 19, the court
extended cash-collateral authority through December 10.

The Debtor now seeks a new order authorizing continued use of cash
collateral from December 11 forward, emphasizing that any
interruption in access to cash collateral would immediately
jeopardize operations, threaten employee retention, halt
production, and cause severe harm to both the bankruptcy estate and
the creditor body.

FBOL, holds a blanket lien on all personal property including the
only liens on accounts receivable and inventory secured by UCC-1
filings in 2022, and a limited lien on specific personal property
arising from seller financing in connection with the Debtor's 2022
asset purchase, and whose lien expressly excludes receivables and
inventory.

To demonstrate adequate protection, the Debtor provides a detailed
comparison of cash collateral values at the petition date,
September 29, and the estimated values as of December 1. Cash
increased from $9,385 at filing to $29,406 in September, settling
at an estimated $21,925 in December, while accounts receivable rose
steadily from $143,200 to $179,135 and are projected at $200,472 --
reflecting strengthened operations rather than deterioration of
collateral. Overall collateral increased from $152,585 to an
estimated $222,397, giving FBOL a projected collateral cushion of
approximately $70,000. The Debtor highlights that replacement liens
on post-petition receivables and cash have consistently protected
FBOL's interests, and that the business has remained stable and
improving throughout the case. To provide additional protection,
the Debtor voluntarily began making monthly adequate protection
payments of $5,000 to FBOL starting in November 2025, in accordance
with the interim cash-collateral order.

The Debtor submits a December 11–31 budget and a proposed monthly
budget for January–March 2026, requesting authority to (i) exceed
budgeted amounts by up to 15% of the monthly total and (ii) carry
forward unused budgeted funds without such carryover counting
against the variance allowance.

The Debtor explains that the case has largely been driven by the
need to address unsustainable occupancy costs under its lease with
Hagan Capital LLC. After exploring multiple options and failing to
reach long-term terms with Hagan, the Debtor secured an agreement
allowing it to remain in the current facility through year-end at
$18,500 per month while negotiating a more affordable relocation.
The Debtor has already identified a new facility, received a
proposed lease from the new landlord, and intends to file a motion
for approval prior to the cash-collateral hearing. The terms of the
new lease are expected to significantly reduce monthly rental
obligations and support the Debtor’s Subchapter V plan.

The Debtor also recounts that earlier in the case, the court
approved a first stipulation and order governing July–August cash
collateral use under weekly budgets, with an agreed mechanism for
future month-to-month extensions through filed stipulations. A
stipulation for September was filed and accepted, but FBOL's
withdrawal of consent for October derailed that process. Because
cash collateral use is essential to maintaining daily operations,
the Debtor argues that replacement liens, prior performance,
positive cash-flow projections, and ongoing adequate-protection
payments collectively demonstrate that FBOL’s interest will
remain fully protected.

A hearing on the matter is set for December 10.

A copy of the motion is available at https://urlcurt.com/u?l=S9VGLg
from PacerMonitor.com.

                       About Applied
Powdercoat LLC

Applied Powdercoat, LLC is an Oxnard-based manufacturing firm
specializing in powder coating, sandblasting, and silk screening
services. Founded in 1989 and operating from a state-of-the-art
30,000 sq. ft. facility at 3101 Camino del Sol, the Company serves
industrial, aerospace, defense, custom fabrication, automotive
restoration, and commercial clients throughout Southern
California.

Applied Powdercoat sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-10762)
on June 6, 2025. In its petition, the Debtor reported between $1
million and $10 million in assets and liabilities.

Judge Ronald A. Clifford III handles the case.

The Debtor is represented by Derrick Talerico, Esq., at Weintraub
Zolkin Talerico & Selth, LLP.


ASBESTOS CORP: Extends CCAA Stay to Dec. 15, Ch.15 Recognized
-------------------------------------------------------------
Asbestos Corporation Limited announced on November 25, 2025, that
it continues to advance its restructuring efforts under the
Companies' Creditors Arrangement Act, following the issuance of an
initial order on May 6, 2025 and of an Amended and Restated Initial
Order by the Superior Court of Quebec (Commercial Division) on May
15, 2025.

Since the month of August, the Company has achieved significant
milestones in its restructuring efforts, including:

-- Second Amended and Restated Initial Order: On September 4, 2025,
the Court issued a Second Amended and Restated Initial Order
extending the stay of proceedings against ACL until December 15,
2025.

This extension provides ACL with additional time to advance its
restructuring initiatives in an orderly manner, in collaboration
with Raymond Chabot Inc., the court-appointed Monitor, and under
the Court's supervision.

-- Recognition in U.S. Chapter 15 Proceedings: On October 30, 2025,
the United States Bankruptcy Court for the Southern District of New
York issued a Recognition Order in the proceedings under Chapter 15
of the Bankruptcy Code, confirming recognition of the Canadian CCAA
proceedings as "foreign main proceedings".

This recognition ensures the stability of ACL's cross-border
restructuring process.

Certain parties in the United States have appealed the Recognition
Order and the Company intends to contest such appeal.

ACL is continuing to work on a comprehensive claims process and
expects to seek approval of a claims bar date order in the near
term. The Company is continuing to work closely with the Monitor to
ensure transparency and fairness throughout the process.

As disclosed in the Company's unaudited financial statements for
the quarter ended September 30, 2025, which are prepared on a
consolidated basis with ACL's primary shareholder, Mazarin Inc.,
ACL recorded a loss primarily attributable to the professional and
advisory fees incurred in the CCAA proceedings. ACL financed these
costs through the interim financing from certain of its insurers
approved by the Court as part of ACL's CCAA proceedings. These
expenditures, while significant, are considered essential to
advancing the restructuring process and preserving long-term value
for stakeholders. The repayment of the interim financing is secured
by a super-priority charge on ACL's assets. This charge ranks after
that of Mazarin Inc., which holds a universal security interest
over ACL's assets.

Documents related to the restructuring process, including the ARIO
and the Monitor's reports, are available on the Monitor's website:
https://www.raymondchabot.com/en/companies/public-records/asbestos-corporation/

Trading of ACL's common shares on the TSX Venture Exchange remains
suspended.

                  About Asbestos Corp Ltd.

Mazarin Inc. and Asbestos Corporation Limited are two natural
resource companies whose focus is on the development of industrial
minerals in order to provide value-added products that meet the
criteria of customers worldwide with regard to performance and
economic and ecological concerns. Mazarin's shares trade on the NEX
Board of TSX Venture Exchange under the stock symbol MAZ.H.
Asbestos Corporation Limited's shares trade on the NEX Board of TSX
Venture Exchange under the stock symbol AB.H.

Asbestos Corp Ltd. sought relief under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10934) on May 6,
2025.

The Honorable Bankruptcy Judge Martin Glenn handles the case.

The Debtor's foreign representative is represented by Evan C.
Hollander, Esq. at ORRICK, HERRINGTON & SUTCLIFFE LLP. Raymond
Chabot, Inc. is the Debtor's foreign representative.


ATLANTIC SEA: Trustee Launches Bankruptcy Sale of Company Assets
----------------------------------------------------------------
An opportunity exists to potentially acquire all or part of assets
of Atlantic Sea Cucumber Ltd.

By order of the Supreme Court of Nova Scotia, made on October 2,
2025, msi Spergel inc., as Trustee in Bankruptcy of the Company,
was authorized to undertake the marketing and solicitation of bids
for a sale of the assets, property and undertakings of the
Company.

Business Overview and Description of Assets:

Atlantic Sea Cucumber Ltd. operated a sea cucumber processing
facility in Hackett's Cove, Nova Scotia. The Assets include, among
other things, the parcel and improvements comprising ASC's seafood
processing facilities located in Hackett's Cove, Nova Scotia, as
well as, for purposes of this SISP, the Company's fish processing
and re-sale licenses issued by the Canada Food Inspection Agency
and the Department of Fisheries and Oceans.

Bid Process:

Under the Sale Process, all qualified interested parties will be
provided with an opportunity to participate. The Sales Process is
intended to solicit interest in a sale of all or part of the assets
and/or business of the Company.

If you are interested in pursuing this opportunity for the
Company's right, title and interest in the assets, please contact
us to obtain a copy of the confidentiality agreement.

The Trustee has prepared an online data room to provide additional
information on the Company and this opportunity. Access to the
online data room is available to prospective purchasers who execute
and return the NDA.

The deadline for the submission of offers is January 30, 2026 at
5:00 pm (Eastern Time).

In due course, the online data room will include a standard asset
purchase agreement.

Bidders are encouraged to submit their offers using the Purchase
Agreement, making appropriate revisions to reflect the specifics of
their offer.

The Trustee reserves the right to amend or terminate this offering
at any time.


BALCAN INNOVATIONS: S&P Downgrades ICR to 'B-', Outlook Negative
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Balcan
Innovations Inc. to 'B-' from 'B'. The outlook is negative.

S&P said, "At the same time, we lowered our rating on the company's
secured term loan to 'B-' from 'B' and revised the recovery rating
to '4' from '3'. The '4' recovery rating indicates our expectation
for average (30%-50%; rounded estimate: 40%) recovery in the event
of a payment default.

"Balcan's third quarter financial results were considerably weaker
than expected and we revised down our revenue growth and margin
expectations for the company over the next couple of years.

"We now expect adjusted debt-to-EBITDA will be sustained above 8x
through 2026, with thin to negative free operating cash flow (FOCF)
and adjusted EBITDA interest coverage in the low- to mid-1x area.

"The negative outlook reflects the possibility of another downgrade
in the event we consider Balcan's capital structure unsustainable.
This could occur if market conditions remain challenging,
potentially leading to the company generating adjusted EBITDA
interest coverage close to 1x with elevated leverage and sustained
negative FOCF that could weaken its liquidity.

"The downgrade to 'B-' primarily reflects our expectation for lower
EBITDA margins following the company's weaker than anticipated
third quarter results. In 2026, we now expect leverage above 8x,
thin to negative FOCF, and interest coverage in the mid- to low-1x
area stemming from challenging macroeconomic conditions and
competitive pressures that should limit revenue and margin
expansion beyond what has been a challenging 2025 for Balcan."
During the first nine months ended August 31, 2025, the company's
adjusted EBITDA generation declined by about 40% compared to the
same period in 2024, in large part because of lower sales volumes.
The company sells most (about 65%-70%) of its products into
end-markets correlated with the U.S. housing construction market,
which has been notably weak in 2025. In addition, its customers
have reduced orders and destocked inventory in response to the
macroeconomic uncertainty (including tariffs).

Balcan's operating costs also increased this year because of
production inefficiencies that are in part a result of lower
capacity utilization at its facilities. In addition, the company
experienced challenges in reconfiguring its Montreal facility to
use a new lower cost resin formulation. This--combined with
Balcan's price discounting in response to increased competition and
an unfavorable shift in its product mix--resulted in a considerable
deterioration in the company's adjusted EBITDA margin during the
nine months ended Aug. 31, 2025 to about 10.5% from about 17% in
the same period in 2024. S&P said, "We expect the challenging
business dynamics, including weak demand and increased competition,
to persist over the next few quarters. We estimate this would lead
to S&P Global Ratings-adjusted EBITDA of C$60 million-C$65 million
in fiscal 2025 (ending November Nov. 30, 2025), which is down from
our previous estimate of approximately C$90 million and is about a
35% decline relative to fiscal 2024."

S&P said, "In our view, Balcan's earnings and cash flows beyond
this year are less predictable, particularly considering the
magnitude of the company's underperformance against our estimates
during the third quarter. We believe improved profitability is
predicated on demand recovering in its key end-markets and a
reversal of its weak operating trends. Moreover, the company must
accomplish this while tariff-related macroeconomic uncertainty
remains elevated, the pricing environment stays competitive, and
the company's key end-markets (particularly housing-construction
related) continue to be weak.

"That said, our base-case assumes demand for Balcan's products will
improve in fiscal 2026, particularly in the second half of the
year. This is predicated on a pick-up in industrial activity and
housing construction amidst declining interest rates in the U.S. We
expect that these factors--combined with operational improvements
and other cost benefits from scale efficiencies and higher capacity
utilization at its facilities, including the ramp up of its
Wisconsin facility—will contribute to revenue growth in the
low-to-mid single digit area and an expansion of adjusted EBITDA
margin by about 250 basis points (bps)-300 bps by fiscal 2027. As a
result, we forecast adjusted EBITDA will grow in the mid-teens
percent area beyond this year. This would contribute to adjusted
debt to EBITDA gradually declining below 8x and adjusted EBITDA
interest coverage above 1.5x by fiscal 2027 from about 10x and 1x,
respectively we expect for fiscal 2025."

Balcan's adequate liquidity and long-dated maturities could buy it
time for market conditions to improve. As of Aug. 31, 2025,
Balcan's liquidity consisted of C$8 million in cash on hand and
US$55million of availability under its US$75 million (C$100
million) revolving credit facilities, which mature in September
2029. S&P's base-case assumption is for liquidity sources to
decrease somewhat as the company uses up to C$40 million under its
revolving facility to fund its free cash flow deficits over the
next few quarters despite lowering capital expenditures to
maintenance levels of about C$15 million beyond 2025.

S&P said, "In our view, the company's available liquidity and lack
of meaningful debt maturities until its US$460 million term loan
comes due in October 2031 provide some runway for market dynamics
to improve to the point that the company can sustain positive FOCF.
We think this could occur within the next couple of quarters.

"We expect lower short-term interest rates to Improve FOCF
prospects and interest coverage ratios. Balcan's entire debt
structure incurs interest based on a variable rate. We assume
average short-term interest rates will decline by 90 bps-110 bps
over the next couple of years and contributing to an improvement in
interest coverage and FOCF generation.

"The negative outlook reflects the possibility that we would
consider Balcan's capital structure as unsustainable in the event
earnings further underperform against our estimates.

"We could lower our rating on Balcan within the next 12 months if
we consider the company's capital structure unsustainable. This
could occur if the company's liquidity position meaningfully
deteriorates, or we expect the company to sustain negative FOCF or
S&P Global Ratings-adjusted EBITDA interest coverage well below
1.5x. This scenario could result if the company generates little to
no earnings growth beyond this year, potentially due to operational
challenges, higher raw material costs, competitive pressures, or
weaker demand.

"We could revise the outlook to stable within the next 12 months if
the company's financial performance improves in line with or better
than our current estimates such that it generates S&P Global
Ratings-adjusted EBITDA interest coverage near or above 1.5x. In
this scenario, we would also expect Balcan to generate positive
FOCF, supported by organic revenue growth and improving EBITDA
margins."



BELLA TUSCANY: Hires Latham Luna Eden & Beaudine as Counsel
-----------------------------------------------------------
Bella Tuscany Windermere, Inc. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire Latham,
Luna, Eden & Beaudine, LLP, as its bankruptcy counsel.

The firm's services include:

     (a) advising as to the Debtor's rights and duties in this
case;

     (b) preparing pleadings related to this case, including a
disclosure statement and plan of reorganization; and

     (c) taking any and all other necessary action incident to the
proper preservation and administration of this estate.

The firm will be paid at these hourly rates:

     Daniel Velasquez, Attorney    $485
     Other Attorneys               $275 - $475
     Junior Paraprofessionals      $105

The firm received a retainer of $6,198 from the Debtor.

Mr. Velasquez 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:
   
     Daniel A. Velasquez, Esq.
     Latham, Luna, Eden & Beaudime, LLP
     201 S. Orange Ave., Suite 1400
     Orlando, FL 32801
     Telephone: (407) 481-5800
     Facsimile: (407) 481-5800
     Email: dvelasquez@lathamluna.com

         About Bella Tuscany Windermere Inc.

Bella Tuscany Windermere Inc. operates in the restaurants
industry.

Bella Tuscany Windermere Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07204) on
November 6, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.

Honorable Bankruptcy Judge Grace E. Robson handles the case.

The Debtor is represented by Daniel A. Velasquez, Esq. of Latham,
Luna, Eden & Beaudine, LLP.


BISHOP OF SACRAMENTO: Taps Taylor Anderson as Litigation Counsel
----------------------------------------------------------------
Roman Catholic Bishop Of Sacramento seeks approval from the U.S.
Bankruptcy Court for the Eastern District of California to employ
Taylor Anderson LLP as litigation counsel.

The firm will represent the Debtor in connection with the state
court trials of the following Released State Court Actions, as of
October 15, 2025:

     1. John SAC-1 Doe v Doe 1, a California corporation sole; Doe
2, a California corporation sole; Doe 3, a California corporation
sole; Doe 4, an individual, and Does 5-50; Alameda County Case No.
21CV005396; JCCP 5108 plaintiff #41;

     2. M.O. v Doe 1 Diocese, a corporation sole, Doe 2 Parish, and
Does 3-25; Sacramento County Case No. 34-2021-00301220 and Alameda
County Case No. 21CV005502; JCCP 5108 plaintiff #116;

     3. Joseph Keck, an individual v. Doe 1, a corporation sole,
and Does 2-100; Alameda County Superior Court Case No. 22CV024328;
JCCP 5108 plaintiff # 927; and

     4. Joseph Doe S 504 v. Doe 1, a religious corporation sole,
Doe 2, a religious entity form unknown, and Doe 3 through Doe 100,
inclusive; Alameda County Case No. 22CV018204; JCCP 5108 plaintiff
#1023.

The proposed compensation structure varies depending on the
specific Released State Court Action at issue.

Taylor Anderson LLP is a "disinterested person" within the meaning
of Bankruptcy Code section 101(14), according to court filings.

The firm can be reached through:

     Zachary D. Rutman, Esq.
     Taylor | Anderson LLP
     3000 El Camino Real, Building 4, Suite 200
     Palo Alto, CA 94306
     Phone: (650) 561-3061
     Mobile: (858) 382-1953
     Email: zrutman@talawfirm.com

        About Roman Catholic Bishop of Sacramento

The Roman Catholic Bishop of Sacramento, filed a Chapter 11
bankruptcy petition (Bankr. E.D. Cal. Case No. 24-21326) on April
1, 2024. The Debtor hires Paul J. Pascuzzi, Esq., as counsel.
Keller Benvenutti Kim LLP as local counsel.



BLUEWATER RESIDENTIAL: Seeks Chapter 11 Bankruptcy in Minnesota
---------------------------------------------------------------
On November 18, 2025, Bluewater Residential Services LLC sought
Chapter 11 protection in the District of Minnesota. According to
the court filing, the Debtor reports between $1 million and $10
million in debt owed to 1–49 creditors.

             About Bluewater Residential Services LLC

Bluewater Residential Services LLC specializes in residential
support services tailored to individuals requiring structured and
supervised living environments.

Bluewater Residential Services LLC filed for relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Minn., Case No. 25-50824)
on November 18, 2025. In its petition, the Debtor reports estimated
assets of $100,001–$1 million and estimated liabilities of $1
million–$10 million.

Honorable Judge William J. Fisher handles the case.

The Debtor is represented by Joseph W. Dicker, Esq. of Joseph W.
Dicker PA.


BON MORRO: Hires Berkeley Research Group as Valuation Consultant
----------------------------------------------------------------
The Bon Morro, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Massachusetts to hire Berkeley
Research Group, LLC as valuation consultant.

The firm's services include:

     a. review and analyze all materials and documents, including
those related to the Prepetition Mortgage Loan and the Ground
Lease, and any further documents that relate to the value of the
Project;

     b. provide preliminary and final reports establishing the
Expert's opinion on the value of the Project;

     c. communicate with the Debtors and their counsel regarding
the value of the Project and any questions and concerns related
thereto;

     d. draft and revise, as necessary, any declarations or other
court pleadings necessary to support the Debtors in relation to the
value of the Project;

     e. travel to, and appear at, any and all depositions and court
hearings where the Expert's presence is necessary for testimony or
otherwise; and

     f. provide such other expert consulting and support services
as mutually agreed upon by BRG and the Debtors.

The firm's current standard hourly rates are:

     Managing Directors               $1,140 to $1,395
     Directors & Associate Directors  $900 to $1,100
     Professional Staff               $445 to $885
     Support Staff                    $185 to $395

According to court filings, BRG is a "disinterested person" within
the meaning of section 101(14) of the Bankruptcy Code, and as
required by section 328(c) of the Bankruptcy Code, and does not
hold or represent an interest materially adverse to the interests
of the Debtors or their estates.

The firm can be reached through:

     Andrew Manley
     Berkeley Research Group, LLC
     1800 M Street NW
     Washington, DC 20036
     Tel: (202) 839-3924

       About The Bon Morro, LLC

The Bon Morro, LLC and its debtor affiliates, a Boston, MA-based
single-asset real estate debtor holding the ground lease to "The
Bon," a 451-unit mixed-use project at 1260 Boylston Street, filed
for Chapter 11 protection on Nov. 2, 2025 in the U.S. Bankruptcy
Court for the District of Massachusetts (Bankr. D. Mass. Case No.
25-12379).

At the time of the filing, the company reported $100 million to
$500 million in both assets and liabilities.

Judge Christopher J. Panos oversees the case.

Choate Hall & Stewart LLP is Debtors' legal counsel.


BREAKERS MEZZ I: Seeks to Hire DLA Piper LLP as Bankruptcy Counsel
------------------------------------------------------------------
Breakers Mezz I, LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of California to hire DLA Piper LLP (US)
as its general bankruptcy counsel.

The firm's services include:

     a. advise the Debtor its rights, powers and duties as debtor
in possession operating and managing its business under chapter 11
of the United States Bankruptcy Code;

     b. prepare reports, applications, pleadings, and orders,
including, but not limited to, applications to employ
professionals, interim statements and operating reports, initial
filing requirements, schedules of assets and liabilities and
statement of financial affairs, and pleadings with respect to the
Debtor's use, sale, or lease of property outside the ordinary
course of business;

     c. advise the Debtor with respect to certain rights and
remedies of its bankruptcy estate and rights, claims, and interests
of creditors;

     d.  advise the Debtor regarding actions to collect and recover
property for the benefit of its bankruptcy estate;

     e.  advise the Debtor regarding, and prepare responses to,
applications, motions, other pleadings, notices and other papers
which may be filed by other parties in this chapter 11 case;

     f.  review, estimate and resolve claims asserted against its
bankruptcy estate;

     g.  advise the Debtor in complying with applicable laws and
governmental regulations;

     h.  assist in any proceeding or hearing in the Bankruptcy
Court involving its bankruptcy estate unless the Debtor is
represented in such proceeding by other or special counsel;

     i. commence and conduct litigation, including adversary
proceedings and contested matters, necessary or appropriate to
assert rights held by the Debtor, protect assets of the Debtor's
bankruptcy estate, or otherwise furth the goals of the Debtor in
its bankruptcy case;

     j. respond to any motions, applications, or pleadings brought
by any party against the Debtor;

     k. prepare and prosecute a chapter 11 plan on behalf of the
Debtor;

     l. provide such other services as contemplated by the
engagement letter between the Debtor and DLA Piper; and

     m. provide any other services to the extent requested by the
Debtor.

The firm will be paid at these hourly rates:

     Eric D. Goldberg, Partner         $1,715
     Mitchell Regenstreif, Partner     $1,560
     David M. Riley, Associate         $1,440
     Rod J. Kazempour, Associate       $895
     William L. Countryman, Paralegal  $570
     Tennille Wilson, Paralegal        $410

DLA Piper received a retainer in the amount of $350,000.

Eric Goldberg, Esq., a partner at DLA Piper, 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:

     Eric D. Goldberg, Esq.
     DLA Piper LLP (US)
     2000 Avenue of the Stars
     Suite 400 North Tower
     Los Angeles, CA 90067-4735
     Telephone: (310) 595-3000
     Facsimile: (310) 595-3300
     Email: eric.goldberg@us.dlapiper.com
            david.riley@us.dlapiper.com

       About Breakers Mezz I LLC

Breakers Mezz I LLC is a company connected to the restoration of
the iconic Breakers Hotel in Long Beach, California.

Breakers Mezz I LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18796) on October 2,
2025. In its petition, the Debtor reports $100 million to $500
million in assets and $50 million to $100 million in liabilities.

Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case.

The Debtor is represented by Eric D. Goldberg, Esq. of DLA Piper
LLP.



BROOKE RODD: Fashion Retailer Seeks Subchapter V Bankruptcy
-----------------------------------------------------------
Clothing and lifestyle brand Brooke Rodd has sought Chapter 11
Subchapter V protection, the simplified restructuring process for
small businesses, WhatNow reported. The company said it intends to
reorganize its debts while maintaining operations at its Santa
Monica storefront.

The bankruptcy petition cites a substantial mismatch between assets
and liabilities as the reason for the filing. Brooke Rodd is asking
the court to confirm a restructuring plan that would allow it to
stay open and meet creditor obligations during the process.

The company listed assets of $100,000 to $500,000 and liabilities
of $500,000 to $1 million, naming between 1 and 49 creditors. No
detailed financial plan has been submitted yet. As of the filing
date, Brooke Rodd operated three locations and was actively
promoting holiday merchandise online.

             About Brooke Rodd Designs LLC

Brooke Rodd Designs, LLC is a specialty retailer offering apparel,
accessories, and lifestyle goods inspired by coastal California
aesthetics.

Brooke Rodd Designs, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C. D. Calif. Case No. 25-20061) on
November 11, 2025. In the petition signed by Brooke Rodd, chief
executive officer, the Debtor disclosed up to $50,000 in assets and
up to $1 million in liabilities.

Judge Vincent P. Zurzolo oversees the case.

Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger,
represents the Debtor as legal counsel.


BROOKE RODD: Hires Michael Jay Berger as Bankruptcy Counsel
-----------------------------------------------------------
Brooke Rodd Designs, LLC asks the U.S. Bankruptcy Court for the
Central District of California to hire the Law Offices of Michael
Jay Berger as counsel.

The firm's services include:

     (a) advise the Debtor regarding matters of bankruptcy law and
concerning the requirements of the Bankruptcy Code, and Bankruptcy
Rules relating to the administration of this case, and the
operation of its estate;

     (b) represent the Debtor in proceedings and hearings in the
bankruptcy court;

     (c) assist in compliance with the requirements of the Office
of the United States Trustee;

     (d) provide the Debtor legal advice and assistance with
respect to its powers and duties in the continued operation of its
business and management of property of the estate;

     (e) assist the Debtor in the administration of the estate's
assets and liabilities;

     (f) prepare necessary legal documents on behalf of the
Debtor;

     (g) advise the Debtor concerning the requirements of the
Bankruptcy Code and the rules relating to the administration of
this case and its duties in a Chapter 11 case; and

     (h) assist the Debtor in the preparation, negotiation,
formulation, confirmation, prosecution, implementation and attain
confirmation.

The firm will be paid at these hourly rates:

     Michael Jay Berger, Partner      $695
     Sofya Davtyan, Partner           $645
     Angela Gill, Senior Associate    $595
     Robert Poteete, Associate        $475
     Senior Paralegals/Law Clerks     $275
     Paralegals                       $200

The firm received a retainer of $25,000.

Mr. Berger 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:

     Michael Jay Berger, Esq.
     Law Offices of Michael Jay Berger
     9454 Wilshire Blvd., 6th Floor
     Beverly Hills, CA 90212
     Telephone: (310) 271-6223
     Facsimile: (310) 271-9805
     Email: Michael.berger@bankruptcypower.com

        About Brooke Rodd Designs LLC

Brooke Rodd Designs, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C. D. Calif. Case No. 25-20061) on
November 11, 2025. In the petition signed by Brooke Rodd, chief
executive officer, the Debtor disclosed up to $50,000 in assets and
up to $1 million in liabilities.

Judge Vincent P. Zurzolo oversees the case.

Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger,
represents the Debtor as legal counsel.



BUTLER HEALTH: Fitch Alters Outlook on 'BB+' IDR to Stable
----------------------------------------------------------
Fitch Ratings has affirmed Butler Health System's (BHS) Issuer
Default Rating (IDR) and the rating on revenue bonds issued by the
Butler County Hospital Authority on behalf of BHS at 'BB+'.

The Rating Outlook is revised to Stable from Negative.

   Entity/Debt                         Rating           Prior
   -----------                         ------           -----
Butler Health System (PA)        LT IDR BB+  Affirmed   BB+

   Butler Health System
   (PA) /General Revenues/1 LT   LT     BB+  Affirmed   BB+

The rating affirmation and revision to a Stable Outlook reflect
BHS's improving operating performance and its expectations for
continued improvement in FY 2026. The Stable Outlook is further
supported by the recent non-binding letter of intent (LOI) from
West Virginia University Health System (WVUHS) to become the sole
member of Independence Health System (or alternatively the sole
member of each of Excela Health and Butler Health System).

Independence Health (IHS), BHS's sole corporate member, was formed
in 2023 through the merger of BHS and Excela Health (Excela),
although BHS and Excela maintain separate obligated groups. Under
the terms of the LOI, WVUHS will fund other strategic investments
at IHS facilities. Terms also include a commitment by WVUHS to
ensure IHS, Excela and Butler fully meet the terms of their
respective financial liabilities and avoid default. Upon closing,
outstanding debt obligations will either be fully guaranteed,
defeased, refunded, or fully consolidated into WVUHS's debt
structure. WVU's acquisition of IHS remains subject to a final
definitive agreement along with regulatory and bondholder approvals
but is expected to close next fall.

BHS remains under a forbearance agreement with its bondholders and
with Truist Bank until June 10, 2026. BHS had 97 days cash on hand
(DCOH) as of June 30 (FYE, audited), which absent forbearance was
compliant with the 90 DCOH required by Truist and 75 DCOH MTI
requirement. Truist's pre-forbearance covenants also required
debt/capitalization of 65% or less. Calculated debt/capitalization
at FYE was 35%. At FYE, BHS had 102% cash to adjusted debt. Through
Sept. 30 (Q1 2026) operating EBITDA was 1.5%. Both operating and
balance sheet metrics suggest sustained financial performance
relative to FY 2025, and Fitch expects these metrics will improve
beyond FY 2026, providing support for the rating affirmation and
Outlook change to Stable.

SECURITY

The Series 2015A bonds are secured by a pledge of gross revenue of
the OG, which includes the hospital and is the majority of the
consolidated system's assets and revenue, and the lien of a
mortgage.

KEY RATING DRIVERS

Revenue Defensibility - 'bbb'

Leading Market Share; Broader Service Area Is Competitive

BHS enjoys leading market share within its primary Butler and
Clarion County service areas. The larger western Pennsylvania
market is competitive, particularly in and around Pittsburgh, which
is less than an hour's drive south. Two major integrated delivery
networks are based in Pittsburgh: UPMC Health System (IDR, 'A') and
Highmark/Allegheny Health Network (AHN). BHS has clinical
collaborations with both networks and other regional hospitals.

Despite operational challenges, BHS generally sustained more than
50% primary service area market share. This share is supported by a
large base of employed and aligned primary care physicians,
affiliations, joint ventures, and provider network. Over the past
year, BHS's patient volumes have been mixed but are stabilizing.

BHS's payor mix remains sound. Combined Medicaid and self-pay
account for about 11%-12% of system gross revenue. Its high
percentage of Medicare (about 58% to 60%) and commercial
reimbursement pressures (some of which are controlled by
competitors) limit BHS's flexibility to increase revenue, even
though it is a key provider for all commercial insurers.

Fitch expects service area characteristics will continue to support
a stable, but Medicare dominant, payor mix. Butler County continues
to experience modest population growth, with favorable household
income and favorable unemployment and poverty levels relative to
the Commonwealth and to the U.S. overall. The smaller 67-bed
Clarion Hospital (Clarion County) operates in a more challenging
economic climate with a declining population and lower median
household income, along with higher unemployment and poverty
levels.

Operating Risk - 'bb'

Operations Improving

While operations remain constrained, operating EBITDA improved to
1.8% in FY 2025 from negative 0.4% in FY 2024 through BHS's
cost-reduction initiatives, successful payor negotiations, and
increased discharges. But full-year outpatient, emergency
department (ED), and surgery volumes were flat to lower than the
prior year, reflecting competitive and staffing-related pressures,
and the need for BHS to upgrade its ED (which typically serves as a
hospital's "front door"). Operating results for the year were
somewhat weaker than originally budgeted and BHS remains challenged
by macro inflationary pressures and its need to utilize contract
staff and physician locums.

Two years-ago BHS engaged an outside consultant who helped identify
$60 million-$70 million of operating improvement opportunities.
Improved results over the past two fiscal years reflect initiatives
implemented to date, including in-payor contracting, workforce
management, revenue cycle, pharmacy operations, throughput
initiatives, and other measures. One key strategy saw BHS
mitigating reimbursement pressures stemming from significant cost
inflation in recent years. Additional gains in these and other
areas should be realized in FY 2026, even beyond WVUHS's potential
acquisition of IHS.

BHS is budgeting for above-break-even operating performance and a
6.0% operating EBITDA margin in FY 2026 on a consolidated basis. At
that level of performance, debt service coverage at MADS will be
approximately 3.0x. BHS's forbearance with its bondholders and bank
extends to June 2026, freeing it from the burden of complying with
covenant thresholds, but BHS was compliant with all debt covenants
at FYE 2025 and through Q1 2026 (September).

Over the longer term, rebuilding and sustaining patient volumes,
managing staffing, and ongoing operating improvements will support
the return to more stable and sustainable financial results.

Capital Spending

Fitch expects all but committed routine and life-safety capital
spending to remain limited over the near to intermediate term. For
FY 2025, BHS's capital spending was $16 million, equal to
approximately 80% of depreciation. Planned spending for FY 2026 is
approximately $17 million.

For FY 2027 and beyond, the LOI with WVUHS includes a commitment to
fund a minimum of $800 million of strategic, IT (Epic), and routine
capital spending for Independence Health over a five-year period. A
portion of the capital spending commitment will be allocated to BHS
facilities, including renovation of its ED.

Financial Profile - 'bb'

Financial Profile is Improving

BHS's financial profile reflects Fitch's expectations for operating
risk, liquidity and leverage metrics that, while adequate, provide
a limited but improving cushion in Fitch's forward-looking scenario
analysis, given operating pressures in the past three years.

BHS's leverage profile remained sound through the pandemic, but
cash to adjusted debt has shown signs of weakness since FY 2023 as
staffing and other expense pressures mounted and volume growth
slowed in a challenging payor reimbursement environment. At FYE
2025 (June 30 audited) cash to adjusted debt was 102% and DCOH was
97 on a consolidated basis. BHS's pension plans are more than 100%
funded and are not treated as a debt equivalent in Fitch's
analysis.

While liquidity remains adequate, BHS has limited flexibility and
does not have access to an outside line of credit. The forbearance
agreement alleviated the pressure to maintain cash above the bank's
90-day threshold through June 2026.

Fitch's base case is based on BHS's 2026 budget and assumes a
materially improved operating EBITDA margin for FY 2026 at 6.0%.
Over the next few years, Fitch's base case indicates cash to
adjusted debt will improve to over 150% while DCOH should improve
to around 120 days, assuming only gradual annual improvement to
operations.

Fitch's forward-looking stress case incorporates modest revenue
stress relative to the base case and a portfolio sensitivity
adjustment (investments are fully allocated between cash, cash
equivalents, and fixed income investments). Both DCOH and cash to
adjusted debt should remain adequate and above pre-forbearance
covenant thresholds on a forward-looking basis under the stress
case, exclusive of the expectation that WVUHS becomes IHS's sole
corporate member.

Asymmetric Additional Risk Considerations

The Stable Outlook reflects the definitive agreement for IHS's five
hospitals to be acquired by WVUHS and the expected closing.
Additionally, Butler received forbearance from compliance with its
bank and bondholder covenants through June 10, 2026, providing
relief to execute on operating turnaround plans without the threat
of debt acceleration.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A declared event of default by Butler's bank and/or under the MTI
following the end of the forbearance period;

- Failure to sustain meaningful improvement in operating margins;

- Weaker balance sheet metrics, particularly any material
deterioration DCOH or cash-to-debt.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Break-even or better operating margin;

- Sustained maximum annual debt service coverage near 2x or better
over time;

- Sustained cash/adjusted debt in excess of 125%.

PROFILE

Located in Butler County, PA, about 35 miles from Pittsburgh, BHS
is a 370 licensed-bed community hospital system that offers select
higher-end services in western Pennsylvania. BHS has two hospitals
(including Clarion Hospital) and over 50 outpatient care sites and
urgent care clinics. Total operating revenue in FY 2025 was $488
million (audited).

On Jan. 1, 2023, BHS and Excela Health consummated their agreement
to form a new five-hospital health system, with combined board
representation and more than $1 billion of total annual revenue.
The new entity Independence Health System serves as the parent
organization and sole corporate member of BHS and Excela. BHS and
Excela continue to operate as separate legal and obligated groups.
Fitch does not rate Excela Health's OG debt. Management maintains
separate financial reporting for the Butler and Excela OGs and
began producing a consolidated and consolidating Independence
Health and Subsidiaries audit in FY 2024.

On Nov. 19, WVUHS provided a non-binding LOI to become the sole
member of Independence Health (or alternatively, the sole member of
Excela Health and Butler Health System, of which Independence
Health is the sole member). WVUHS is the largest health system in
West Virginia with 25 hospitals, including one hospital in
Pennsylvania and two in Ohio. In FY 2024 (12-31) WVU's total
consolidated operating revenue was $6.7 billion.

Sources of Information

In addition to the sources of information identified in Fitch's
applicable criteria specified below, this action was informed by
data from Lumesis.

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.


BYJU'S ALPHA: Co-Founders Lose Bid to Dismiss Adversary Case
------------------------------------------------------------
Judge Brendan Linehan Shannon of the United States Bankruptcy Court
for the District of Delaware denied the motion of Byju Raveendran
and Divya Gokulnath to dismiss the adversary proceeding captioned
as BYJU'S ALPHA, INC., Plaintiff, v. BYJU RAVEENDRAN, DIVYA
GOKULNATH, and ANITA KISHORE, Defendants, Adv. Pro. No.
25-50526-BLS (Bankr. D. Del.).

Debtor Byju's Alpha, Inc. was formed as a Delaware corporation on
September 27, 2021, as a special purpose financing vehicle for its
former Indian ultimate corporate parent, Think & Learn Pvt. Ltd.
T&L was co-founded by Raveendran and Gokulnath who both served,
along with Byju's younger brother Riju Ravindran, as T&L directors
at all relevant times, until their roles were suspended in July
2024, when T&L was involuntarily placed into an insolvency
proceeding in India.

This adversary proceeding is part of the Debtor's ongoing efforts
to unravel a series of fraudulent transfers that stripped the
Debtor of its assets (including the $533 million Alpha Funds and
the proceeds thereof), by placing those assets beyond the reach of
the Debtor and its creditors and concealing their whereabouts. On
February 27, 2025, the Bankruptcy Court issued a Memorandum Opinion
in a separate adversary proceeding that granted partial summary
judgment on claims of actual fraudulent transfer. The Debtor has
filed this adversary proceeding to hold three powerful BYJU's
executives accountable for having purposefully caused the Debtor to
fraudulently transfer an asset valued at over half a billion
dollars for no consideration.

The Complaint asserts claims for breach of fiduciary duties, aiding
and abetting breach of fiduciary duties, accounting, conversion,
and civil conspiracy. The Summons was issued on April 9, 2025, the
same day the Complaint was filed.

On April 27-28, 2022, the Debtor (through Riju acting as the
Debtor's sole director and -- as he later testified during
depositions -- taking direction from the T&L Board) initiated three
wire transfers totaling $318,000,000 to Camshaft Capital Fund,
L.P., a Delaware limited partnership for the purported purpose of
subscribing for a limited partnership interest. On July 12-13,
2022, the Debtor initiated three additional transfers to Camshaft
Fund in the total amount of $215,000,000 from another checking
account of the Debtor. In total, the Debtor transferred
$533,000,000 to Camshaft Fund in exchange for limited partnership
interests in Camshaft Fund pursuant to two sets of subscription
agreements and corresponding side letters.

The Complaint alleges that there was no legitimate reason for the
Debtor to allegedly "invest" over half a billion dollars in
Camshaft Fund, which at the time had under $10 million in assets
under management, particularly after the Debtor's multiple loan
defaults under the Credit Agreement. Accordingly, the Complaint
alleges the Camshaft Fund was a complete sham and William C.
Morton, Camshaft's founder, was an inexperienced and highly
unqualified manager.

The Complaint further alleges that the transfers to Camshaft Fund
rendered the Debtor insolvent, if it was not already so.
Specifically, the Debtor's liabilities (approximately $1.194
billion in outstanding principal on the defaulted loans as of July
12-13, 2022) far exceeded the Debtor's liquid assets (around $131
million in available funds), and the Debtor had no meaningful
active operations capable of generating income. To conceal the
movement of money from the Lenders, T&L's unaudited financial
statements continued to report that the Debtor held over $500
million in "Cash and Bank. In exchange for the transfer of the
Camshaft LP Interest  contemporaneously valued at $540,647,102.29),
the Debtor received no consideration whatsoever.

The Complaint details the actions of Raveendran, Gokulnath,
Kishore, Riju, and other business associates to continuously
conceal the $533 million, including T&L's falsified financials,
backdating the Transfer Agreement, and prepetition and
post-petition misrepresentations about the $533 million.

Defendants Raveendran and Gokulnath have filed a Motion to Dismiss
the Complaint on three separate grounds:

   (i) The Debtor has failed to properly serve them with the
Summons and Complaint;
  (ii) The Court lacks personal jurisdiction over them; and
(iii) The Complaint fails to state valid claims against them.

According to the Court, even if the Moving Defendants were located
outside of the United States, the Plaintiffs have shown that they
conspired to defraud creditors with coconspirators who had
substantial contacts with this forum by directing fraudulent
activity using Delaware entities and harming U.S. creditors.
Accordingly, the Moving Defendants are also subject to personal
jurisdiction under the conspiracy theory test.

The Court finds there are sufficient factual allegations in the
Complaint to infer that the Moving Defendants (with Riju and
others) participated in the unlawful acts that harmed the Debtor
and its creditors.

The Court concludes that:

   (i) The Debtor properly served the Summons and Complaint upon
the Moving Defendants;
  (ii) This Court may exercise personal jurisdiction over the
Moving Defendants for the claims in the Complaint; and
(iii) The Complaint adequately states claims against the Moving
Defendants for aiding and abetting breach of fiduciary duty, breach
of fiduciary duty (against Raveendran only), accounting,
conversion, and civil conspiracy.

A copy of the Court's Opinion dated November 20, 2025, is available
at https://urlcurt.com/u?l=gotbDd from PacerMonitor.com.

                      About BYJU's Alpha

BYJU's Alpha, Inc., designs and develops education software
solutions.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the
petition signed by Timothy R. Pohl, chief executive officer, the
Debtor disclosed up to $1 billion in assets and up to $10 billion
in liabilities.

Judge John T. Dorsey oversees the case.

Young Conaway Stargatt & Taylor, LLP, and Quinn Emanuel Urquhart &
Sullivan, LLP serve as the Debtor's legal counsel.

GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is
represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski
Stang Ziehl & Jones, and Reed Smith.


BYJU'S ALPHA: Wins Default Judgment v. Byju Raveendran
------------------------------------------------------
Judge Brendan Linehan Shannon of the United States Bankruptcy Court
for the District of Delaware granted BYJU's Alpha, Inc. and GLAS
Trust Company LLC's motion for default judgment and award of
damages against Byju Raveendran for his failure to comply with the
expedited discovery orders in the adversary proceeding captioned as
BYJU'S ALPHA, INC., Plaintiff, v. BYJU RAVEENDRAN, DIVYA GOKULNATH,
and ANITA KISHORE, Defendants, Adv. Pro. No. 25-50526-BLS (Bankr.
D. Del.).

This adversary proceeding is part of the Debtor's ongoing efforts
to unravel a series of fraudulent transfers that stripped the
Debtor of its assets (including the $533 million Alpha Funds and
the proceeds thereof, by placing those assets beyond the reach of
the Debtor and its creditors and concealing their whereabouts. The
Debtor commenced this adversary proceeding against Defendants Byju
Raveendran, Divya Gokulnath and Anita Kishore on April 9, 2025,
asserting claims for breach of fiduciary duties, aiding and
abetting breach of fiduciary duties, accounting, conversion and
civil conspiracy.

Raveendran argues that the Plaintiffs cannot demonstrate prejudice
because his failure to respond to expedited discovery early in the
case does not prevent the Plaintiffs from developing a trial
strategy. He also points out that his motion to dismiss for lack of
personal jurisdiction and improper service was pending when the
Plaintiffs filed this Motion.

In this case, the Court found that cause existed for the
Plaintiffs' requested expedited discovery. Raveendran's months-long
delay and ongoing refusal to adequately respond to court-ordered
discovery requests in this proceeding has severely prejudiced the
Plaintiffs by depriving them of important information and requiring
them to expend significant costs through at least five discovery
hearings and extensive motion practice.

In the Complaint, the Plaintiff's requested the Court to enter
judgment against the Defendants for:

   a. Award of damages for breach of fiduciary duties and aiding
and abetting such breach of fiduciary duties, including
compensatory damages caused to the Debtor and disgorgement of the
Alpha Funds, the Camshaft LP Interest, and/or the proceeds
thereof;
   b. An accounting of the Alpha Funds, the Camshaft LP Interest,
and/or the proceeds thereof;
   c. Award of damages for conversion of, and civil conspiracy to
defeat, the Debtor's ownership of the Camshaft LP Interest;
   d. Attorneys' fees, costs, and expenses incurred in this
adversary proceeding;
   e. Pre- and post-judgment interest up to the statutory maximum;
and
   f. Any other relief that this Court may deem just, proper, or
equitable under the circumstances.

In Count I (aiding and abetting breach of fiduciary duties), the
Plaintiffs allege that Raveendran substantially assisted his
brother's fiduciary breach in 2022 when Riju Ravindran executed the
first fraudulent transfer by causing the Debtor to transfer $533
million in cash to Camshaft Fund.

Counts II (breach of fiduciary duties), V (conversion), and VI
(civil conspiracy), all arise from Raveendran's transfer of the
Debtor's Camshaft LP Interest in March 2023 for no consideration to
related entity Inspilearn. Documentation shows that Camshaft Fund,
through its fund administrator, valued the Camshaft LP Interest at
$540,647,109.29 as of the March 31, 2013 transfer date. In the
related Camshaft Adversary, this Court previously recognized that
the valuation of the Camshaft LP Interest at $540,647,109.20 was
derived directly from documents prepared on behalf of Ravindran's
co-movant (Camshaft). Thus, there is sufficient documentation for
the Court to enter damages of $540,647,109.29 for Counts II, V, and
VI in the default judgment.

The Court will enter default judgment against Defendant Raveendran
under Rule 37(b)(2)(A)(vi) on Count I in the amount of
$533,000,000, and on Counts II, V and VI in the amount of
$540,647,109.29. Default judgment will also be entered on Count V,
directing Raveendran to provide a full and accurate accounting of
the Alpha Funds and any proceeds thereof, such as the Camshaft LP
Interest, including each and every subsequent transfer and any
proceeds thereof.

A copy of the Court's Opinion dated November 20, 2025, is available
at https://urlcurt.com/u?l=yaFivB from PacerMonitor.com.

                       About BYJU's Alpha

BYJU's Alpha, Inc., designs and develops education software
solutions.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the
petition signed by Timothy R. Pohl, chief executive officer, the
Debtor disclosed up to $1 billion in assets and up to $10 billion
in liabilities.

Judge John T. Dorsey oversees the case.

Young Conaway Stargatt & Taylor, LLP, and Quinn Emanuel Urquhart &
Sullivan, LLP serve as the Debtor's legal counsel.

GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is
represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski
Stang Ziehl & Jones, and Reed Smith.


CANACOL ENERGY: Moody's Cuts CFR to C & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Ratings downgraded Canacol Energy Ltd.'s (Canacol)
Corporate Family Rating to C from Ca. The Senior Unsecured Global
Notes rating was also downgraded to C from Ca. The outlook changed
to stable from negative.

Subsequent to actions, Canacol's ratings will be withdrawn shortly
following the filing for Chapter 15.

RATINGS RATIONALE

The downgrade of Canacol's ratings to C follows the announcement
that the company has filed for voluntary protection under Canada's
Companies' Creditors Arrangement Act (CCAA). The filing aims to
restructure under court supervision while maintaining operations.
In addition, Canacol is seeking recognition of these proceedings in
the United States under Chapter 15, which facilitates cross-border
restructuring and asset protection. The rating action also takes
into account the financial reorganization process and Moody's views
of some prospect for recovery for existing creditors.

The Chapter 15 filing, following its initial creditor protection
under Canada's Companies' Creditors Arrangement Act (CCAA),
reflects the company's deteriorating financial position, marked by
severe liquidity constraints, and an untenable capital structure.
Canacol's liquidity constraints result from declining production
volumes, accelerated debt amortization, elevated capital
expenditures relative to prior years, and ongoing interest and tax
payments. These factors, combined with limited access to new
financing and ongoing arbitration liabilities of around $22
million, restricted Canacol's financial flexibility.

As of September 2025, Canacol reported cash and cash equivalents of
$36.5 million, while facing monthly principal payments of $6.25
million on its $50 million Macquarie loan, approximately $25
million in principal and interest due in November, and ongoing cash
requirements for operations. The company's additional obligations
include the outstanding $495 million notes due 2028 and the $200
million under the revolving credit facility due 2027.

Canacol's ESG Credit Impact Score (CIS) of CIS-5, primarily
reflects governance risks captured by a Governance Risk score of
G-5. These scores indicate that the company's governance practices
pose a material risk to creditors and stakeholders, driven by
aggressive financial policies, weak risk management, and concerns
regarding management credibility and track record. The company's
aggressive financial policies resulted in a deterioration of
liquidity and ultimately led to the filing for Chapter 15.

The stable outlook reflects Moody's assessments of a prolonged
recovery period for Canacol as it undergoes court-supervised
reorganization, alongside its limited financial flexibility. This
outlook also incorporates expected losses to creditors that are
aligned with the current rating level.

PROFILE

Canacol, with headquarters in Alberta, Canada, is an independent
natural gas & oil exploration and production company in Colombia.
As of June 2025, its total assets amounted to $1,292 million.

The principal methodology used in these ratings was Independent
Exploration and Production published in December 2022.

Canacol's C ratings are four notches below the scorecard-indicated
outcome of Caa1 for the twelve months ended September 30, 2025. The
difference reflects weak liquidity and the expected loss given that
the company filed for Chapter 15.


CCA CONSTRUCTION: Bankruptcy Court to Review Baha Mar Settlement
----------------------------------------------------------------
CCA Construction, Inc., CCA Bahamas Ltd. and CSCEC Bahamas, Ltd.
announced on November 26, 2025, that they have reached a
comprehensive agreement with BML Properties Ltd. to resolve their
legal dispute over the construction of the Baha Mar resort.

In accordance with the agreement, BMLP is dropping all claims in
the U.S. and The Bahamas against CCA, CCAB and CSCECB and their
respective affiliates without any admission of liability on their
part.

The agreement is subject to approval by the U.S. Bankruptcy Court
in New Jersey, which CCA hopes to obtain in the coming days.

CCAB will retain its ownership interest in the British Colonial and
Margaritaville Beach Resort hotels, which the company believes will
benefit the entire Bahamian community well into the future.

The resolution follows CCA, CCAB and CSCECB's motion to appeal the
New York State Supreme Court's prior decision and CCA's filing for
chapter 11, which had been pursued in parallel to protect the
interests of the co-defendants' stakeholders.

"We are pleased to have successfully resolved this matter and to
move forward with clarity and certainty for our employees,
customers and partners," said Yan Wei, Chairman & CEO of CCA.
"While we remain convinced by the strength of our legal arguments,
bringing this matter to a close is in the best interests of our
stakeholders and will allow us to focus fully on our strategy for
delivering world-class construction projects and hospitality
operations to our customers. We thank our team and partners for
their continued support and look forward to many opportunities
together. We also want to extend our appreciation to the people and
businesses of The Bahamas for their continued friendship and trust
as we look to deepen our relationships in the country."

                 About CCA Construction

CCA Construction Inc., doing business as China Construction America
Inc., ProServ Shared Services, and Plaza Construction, was
established in 1993 as a Delaware corporation, and it is a direct
subsidiary of CSCEC Holding Company, Inc., also a Delaware
corporation. CSCEC Holding, CCA, and CCA's subsidiaries are
discrete pieces of CSCEC's broader business, which is operated by
more than 100 distinct entities located throughout the world, eight
of which are publicly traded. Together, the group of affiliated
entities makes up the largest construction company in the world,
operating in more than 100 countries and regions globally, covering
investment, development, construction engineering, survey and
design.

CCA Construction Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 24-22548) on December 22,
2024. In the petition filed by Yan Wei, chairman and chief
executive officer, the Debtor reports reports estimated assets
between $100 million and $500 million and estimated liabilities
between $1 billion and $10 billion.

Honorable Bankruptcy Judge Christine M. Gravelle handles the case.

The Debtor tapped M. Natasha Labovitz, Esq., Sidney P. Levinson,
Esq., Elie J. Worenklein, Esq., and Rory B. Heller, Esq., at
Debevoise & Plimpton LLP, in New York as general bankruptcy
counsel; Michael D. Sirota, Esq., Ryan T. Jareck, Esq., Warren A.
Usatine, Esq., and Felice R. Yudkin, Esq., at Cole Schotz PC in
Hackensack, New Jersey as bankruptcy co-counsel; and BDO Consulting
Group, LLC as financial advisor. Kurtzman Carson Consultants, LLC,
dba Verita Global, is the administrative advisor.


CELANESE US: Moody's Cuts CFR to 'Ba2', Outlook Negative
--------------------------------------------------------
Moody's Ratings has downgraded Celanese US Holdings LLC's
(Celanese) Corporate Family Rating to Ba2 from Ba1, Probability of
Default Rating to Ba2-PD from Ba1-PD, senior unsecured shelf
ratings to (P)Ba2 from (P)Ba1, backed senior unsecured ratings and
backed senior unsecured revenue bonds issued under Public Finance
Authority, WI to Ba2 from Ba1. The outlook remains negative.
Celanese's Speculative Grade Liquidity Rating remains unchanged at
SGL-2.

RATINGS RATIONALE

The rating downgrade reflects Celanese's subdued earnings
performance and slower-than-anticipated deleveraging amid a
prolonged downturn, as well as significant debt maturities over the
next two years. Volumes and prices for Celanese' acetyls chain and
engineered materials fell year on year in the first nine months of
2025 due to lackluster construction activities, weak demand from
automotive and durable goods. Moody's expects the challenging
business conditions will continue at least through the first half
of 2026, keeping its rolling twelve months reported EBITDA at a
depressed level of about $1.9 billion in the near term. Focus on
cash flow generation (nearly $700 million to $800 million expected
for 2025) and announced Micromax divesture ($500 million expected
in Q1 2026) will help repay about $900 million maturing debt in
2026, out of its total reported debt of about $13 billion at the
end of September 30, 2025. Moody's expects adjusted debt/EBITDA
will improve to 5x-6x by the end of 2026 from 7.1x at the end of Q3
2025, but still above the 4.5x threshold for maintaining a Ba1 CFR.
Slower deleveraging will leave the company in a weaker financial
position, with approximately $2.2 billion debt due in 2027. Moody's
anticipates the company will manage its debt maturities through a
combination of free cash flow generation, asset divestures and
refinancing transactions.

Celanese also faces the challenge of maintaining its market
leadership and achieving earnings forecasts while management works
to lower the cost base and reduce debt. Maintaining a strong
business profile and meeting earnings forecasts are challenged by
increasing competition and spending cuts. In particular, Engineered
Materials segment will need to develop and commercialize new
products to ensure a healthy project pipeline, as its western
automotive customers face fierce competition with Chinese
automakers. Although Celanese' acetyls business has a globally
advantaged feedstock cost position, lackluster construction
activities have kept acetyl prices low and earnings at cyclical
trough longer than expected. It will take time for the company to
reap the benefits of its expanded low-cost acetic acid production
in Clear Lake.

Celanese' rating is supported by the company's substantial scale
(about $10 billion in revenues) and 20% EBITDA margin in both of
its main businesses (Engineered Materials and Acetyls). The value
of its portfolio allows the company to execute business strategy
and continue to generate positive free cash flow and reduce debt
over time. It also reflects the potential of earnings improvement
from business restructuring and an expected, albeit delayed,
recovery in demand after three years of weakness. Celanese has
accelerated business restructuring, including facility shutdowns
and headcount reductions, to counter earnings weakness and
significantly reduced dividends to direct cash flow to debt
repayment.

The negative outlook reflects the challenges of improving earnings
and executing asset divestures to reduce debt leverage against the
uncertain macroeconomic backdrop, as well as the looming debt
maturities.

Celanese' SGL-2 is supported by its large cash balance ($1.4
billion at the end of September 2025), free cash flow, expected
assets divestures, full availability under the $1.75 billion
revolver due 2030. Short-term debt includes $526 million Euro notes
due July 2026 and $400 million notes due August 2026. Currently,
the company has about $2.2 billion debt due in 2027. Celanese has
recently amended the revolver covenant to allow additional room
under the leverage ratio and fixed charge coverage ratio.

Celanese's Credit Impact Score of CIS-3 indicates that ESG
considerations have a limited impact on the current credit rating
with potential for greater negative impact over time. The company's
$11 billion debt funded acquisition of DuPont's M&M business in
2022 resulted in a high debt leverage. An extended period of
downturn in the chemical sector has aggravated its credit risk. The
company also faces increasing expenses and capital required to
reduce emissions and address environmental regulations.
Environmental risks are significant for chemical companies due to
the amount of waste and pollution. Social risks are also
significant due to the nature of the products produced and the
associated health and safety risks from exposure to materials that
can be flammable or toxic.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Celanese' rating could be downgraded if the company fails to
improve its earnings, generate at least $500 million of free cash
flow and make progress on reducing debt leverage to below 5.0x in
the next two years through a combination of free cash flow
generation and asset divestures. A downgrade may also occur if
liquidity weakens or if refinancing risk increases.

Rating upgrade would require earnings improvement, debt leverage
below 4.5x and free cash flow to debt over 6% on a sustained basis,
as well as management's commitment to conservative financial
policies. Maintaining a strong and competitive business profile
with positive revenues growth and an over 20% EBITDA margin are
also key factors for us to consider a rating upgrade.

Celanese Corporation, headquartered in Irving, Texas, is a leading
global producer of acetyls, vinyl acetate monomer, emulsions,
acetate tow and engineered thermoplastics. Celanese acquired
majority of DuPont de Nemours, Inc.'s (DuPont) M&M business in an
all debt financed transaction in 2022. Sales are around $10-13
billion depending on commodity prices. Celanese US Holdings LLC is
the main issuer of corporate debt and is a co-borrower under the
credit facilities.

The principal methodology used in these ratings was Chemicals
published in October 2023.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


CHOICE ELECTRIC: Case Summary & 16 Unsecured Creditors
------------------------------------------------------
Debtor: Choice Electric, LLC
           d/b/a Choice Electric
           d/b/a Choice Electric Corporation
        2080 W 60th Ave
        Denver, CO 80221

Business Description: Choice Electric, LLC, established in 1985,
                      is a full-service electrical contractor
                      serving the Greater Denver area, including
                      Lakewood, Aurora, Littleton, and Boulder,
                      Colorado.  The Company specializes in
                      commercial and industrial projects,
                      providing design and installation, system
                      upgrades and tenant improvements, new
                      construction wiring, and ongoing
                      maintenance, while also offering custom
                      electrical solutions for high-end
                      residential homes.  It serves a range
                      of sectors, including commercial and office
                      buildings, warehouses, entertainment venues,
                      retail spaces, community facilities,
                      airports, hangars, and municipal buildings.

Chapter 11 Petition Date: December 1, 2025

Court: United States Bankruptcy Court
       District of Colorado

Case No.: 25-17873

Judge: Hon. Thomas B. McNamara

Debtor's Counsel: Jeffrey A. Weinman, Esq.
                  MICHAEL BEST & FRIEDRICH LLP
                  675 15th Street
                  Suite 2000
                  Denver, CO 80202
                  Tel: 303-534-4499
                  Email: jweinman@allen-vellone.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Eric Berger as general manager.

A copy of the Debtor's list of 16 unsecured creditors is available
for free on PacerMonitor at:

https://www.pacermonitor.com/view/ZN5W4TI/Choice_Electric_LLC__cobke-25-17873__0006.0.pdf?mcid=tGE4TAMA

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/ZD7YSWY/Choice_Electric_LLC__cobke-25-17873__0005.0.pdf?mcid=tGE4TAMA


CLICKAFY MEDIA: Seeks Chapter 7 Bankruptcy in Minnesota
-------------------------------------------------------
On November 21, 2025, Clickafy Media Group LLC sought Chapter 7
protection in the District of Minnesota. According to court
filings, the Debtor reports between $100,001 and $1,000,000 in debt
owed to 1–49 creditors.

                  About Clickafy Media Group LLC

Clickafy Media Group LLC is a full-service digital marketing agency
specializing in growth-focused online advertising and media
services. It offers businesses solutions such as SEO optimization,
targeted ad placements, content creation, and social media
campaigns.

Clickafy Media Group LLC sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. D. Minn. Case No. 25-43836) on November 21,
2025. In its petition, the Debtor reports estimated assets between
$0 and $100,000 and estimated liabilities between $100,001 and
$1,000,000.

Honorable Judge Mychal A. Bruggeman handles the case.

The Debtor is represented by Michael K. Hoverson, Esq. of Hoverson
Law Offices, P.A.


COGECO COMMUNICATIONS: Moody's Alters Outlook on B1 CFR to Stable
-----------------------------------------------------------------
Moody's Ratings affirmed Cogeco Communications (USA) Inc.'s (Cogeco
or the Company) B1 Corporate Family Rating and B1-PD Probability of
Default Rating. Moody's also affirmed the B1 senior secured bank
credit facilities ratings at Cogeco Communications Finance (USA),
LP, Cogeco US Finance, LLC, and Cogeco Financing 2, LP. The outlook
for all issuers were changed to stable from negative.

The actions reflect governance considerations as Cogeco has
demonstrated financial policies that prioritize debt repayment
given the highly competitive operating environment. The change in
outlook to stable underscores the improved credit profile as
Moody's adjusted leverage declined to 4.1x as of August 31, 2025
from 4.4x the prior year. The leverage reduction is a result of
$165 million of debt repayment (105% of free cash flow) in fiscal
2025 and stabilization in EBITDA from cost cutting actions.

Moody's expects Cogeco to continue to de-lever in fiscal 2026 as
new sales tactics leading to a decelerating decline in data
subscribers and continued cost cutting measures will support $160
million of free cash flow that will be used to repay debt.

RATINGS RATIONALE

Cogeco's B1 credit rating is constrained by the intensifying
competitive environment which has resulted in sustained customer
churn and limited pricing power. Revenue declined 5.9% in fiscal
2025 driven by subscriber losses across all three segments,
including residential data which comprises a majority of the
business. The rating is also limited by relatively small scale
(with revenue of $1 billion) and significant capital intensity
required to keep its network competitive. Secular declines in video
and voice remain a drag on the business.

Despite the challenges, the credit is supported by Cogeco's revenue
visibility and financial flexibility. The subscription-based
business model is very predictable, generating recurring revenue
from a diversified customer base across 13 markets. Financial
flexibility is driven by the highly profitable high-speed data
(HSD) segment which continues to be a growing mix of the business
as video and voice face double-digit declines. This, coupled with
cost cutting measures implemented by the company as part of their
transformation plan, has resulted in high and expanding EBITDA
margins in the high-40% range. These factors contribute to strong
free cash flow generation that provides management the ability to
de-lever via debt reduction. Cogeco's credit profile is also
supported by a relatively conservative financial policy at the
parent company, which targets net leverage of 3.0x (Company
reported basis). More aggressive actions from competitors or
execution misses in the transformation plan that reduce the
company's financial flexibility would result in downward pressure
on the ratings.

Cogeco has good liquidity with positive internal sources of cash
over the next four quarters. The company's $250 million senior
secured revolving credit facility (issued by Cogeco US Finance,
LLC) is undrawn and alternate sources of liquidity are limited with
a fully secured capital structure. The company's debt obligations
are however, covenant-lite - subject to only a springing
maintenance test when more than 30% of the facility is drawn, with
significant headroom projected.

The instrument ratings reflect the probability of default of the
Company, as reflected in the B1-PD Probability of Default Rating,
an average expected family recovery rate of 50% at default given
the covenant-lite nature of the secured debt (e.g. only springing
maintenance covenant), and the particular instruments' ranking in
the capital structure. The senior secured bank credit facilities
are rated B1, the same as the CFR, with no significant junior debt
to provide lift.

The stable outlook incorporates Moody's views that management's
transformation plan focused on cost cutting measures and revenue
retention will result in $470 million of EBITDA (Moody's adjusted
and forecasted) and $160 million of free cash flow (Moody's
adjusted and forecasted). Moody's expects free cash flow will be
used to repay outstanding debt, resulting in Moody's adjusted
leverage of 3.8x at the end of fiscal 2026. The stable outlook also
incorporates Moody's views that the company will continue to make
necessary capital investments to upgrade and expand its network.
Key assumptions are: 1) broadband subscribers falling by low-single
digit percent, 2) video subscribers losses of low double-digit
percent and 3) approximately flat ARPU.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could consider a positive rating action if leverage
(Moody's adjusted gross debt-to-EBITDA) is sustained below 3.0x,
and retained cash flow to net debt (Moody's adjusted) is sustained
above 20% percent. A positive rating action could also be
conditional with growth in the scale and or diversity of the
business, and strong sustained subscriber growth in HSD driving
revenue and earnings growth.

Moody's could consider a negative rating action if leverage
(Moody's adjusted gross debt-to-EBITDA) is sustained above 4.0x, or
retained cash flow to net debt (Moody's adjusted) is sustained
below 15%. In addition, a negative rating action would be likely if
transformation strategies resulting in improved HSD subscriber
trends, EBITDA stabilization and margin expansion are more
prolonged or do not occur. Deterioration in liquidity, reduction in
network investments, more aggressive financial policies or
material, unfavorable and sustained changes in market position
could also result in downward pressure on the ratings.

Headquartered in Quincy, Massachusetts, Cogeco Communications (USA)
Inc., doing business as Breezline, is a private company and
operating subsidiary of, and majority owned and controlled by,
Cogeco Communications Inc., a public company in Canada. Caisse de
dépôt et placement du Québec ("CDPQ"), one of Canada's largest
pension funds, holds a 21% minority interest (acquired for $315
million). The company's network passes about 1.79 million homes,
and as of the last fiscal year end served approximately 962
thousand primary service units (234 thousand basic video, 616
thousand high speed data and 112 thousand phone) across 500+
communities in 13 states including Pennsylvania, Maryland,
Delaware, Florida, Eastern Connecticut, New York, West Virginia,
South Carolina, Maine, New Hampshire, Ohio, and Virginia. Revenue
for the last twelve months ended August 31, 2025 was 1.01 billion.

LIST OF AFFECTED RATINGS

Issuer: Cogeco Communications (USA) Inc.

Affirmations:

LT Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: Cogeco Communications Finance (USA), LP

Affirmations:

Senior Secured Bank Credit Facility, Affirmed B1

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: Cogeco US Finance, LLC

Affirmations:

Senior Secured Bank Credit Facility, Affirmed B1

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: Cogeco Financing 2, LP

Affirmations:

Senior Secured Bank Credit Facility, Affirmed B1

Outlook Actions:

Outlook, Changed To Stable From Negative

The principal methodology used in these ratings was
Telecommunications Service Providers published in November 2023.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


CTF CHICAGO: Court Extends Cash Collateral Access to Jan. 10
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division extended CTF Chicago, Inc.'s authority to use cash
collateral from November 23 to January 10, 2026.

The 14th interim order authorized the Debtor to use the cash
collateral of Wintrust Bank, a pre-bankruptcy secured lender, to
pay the expenses set forth in its budget.

The budget shows total operating disbursements of $128,336 for the
interim period.

Wintrust Bank holds a senior lien on the Debtor's assets valued at
$781,571.93, with a subordinate lien by the U.S. Small Business
Administration.

As protection, Wintrust Bank was granted a replacement lien on
substantially all of the Debtor's assets, including cash collateral
equivalents, cash and accounts receivable, with the same validity
and extent as its pre-bankruptcy lien.

In addition, Wintrust Bank was granted an administrative expense
claim under Section 507(b) of the Bankruptcy Code, subordinate only
to the administrative claim of the Subchapter V trustee.

The next hearing is scheduled for January 7, 2026.

Wintrust Bank has a senior valid blanket lien on assets of the
Debtor as of the petition date and the cash proceeds thereof. It
holds a senior security interest in all the assets of the Debtor by
way of a valid lien duly filed of which the amount due and owing
totals no less than $781,571.93.

                         About CTF Chicago

CTF Chicago, Inc. operates within a framework that requires
substantial capital and resources. The company is structured to
provide specific services or products, likely in a competitive
market, given its presence in Chicago.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-15580) with up to
$50,000 in assets and up to $10 million in liabilities. Charles
Graff, managing member, signed the petition.

Judge Janet S. Baer oversees the case.

The Debtor is represented by Richard G. Larsen, Esq., at Springer
Larsen, LLC.

Wintrust Bank, as lender, is represented by:

     Andrew H. Eres, Esq.
     Dickinson Wright PLLC
     55 W. Monroe, Suite 1200
     Chicago, IL 60603
     Tel: 312-377-7891
     aeres@dickinson-wright.com


D RAIL TRANSPORT: Seeks to Extend Plan Exclusivity to Jan. 26, 2026
-------------------------------------------------------------------
D Rail Transport, LLC asked the U.S. Bankruptcy Court for the
Middle District of Georgia to extend its exclusivity periods to
file a plan of reorganization and obtain acceptance thereof to
January 26, 2026 and March 27, 2026, respectively.

The Debtor explains that its case is relatively complex because of
the number of secured creditors and volume of collateral. Debtor's
case involves 19 different secured creditors, with claims spread
across 90 different pieces of collateral. Debtor has spent a
significant portion of the first 120 days of this case
communicating and negotiating with its secured creditor body.

Additionally, since the commencement of this case, Debtor has also
been focused on other important activities, including, among other
things, (a) conducting the day-to-day operations of Debtor's
business; (b) preparing Debtor's schedules and statement of
financial affairs; (c) evaluating and prioritizing its funding
requirements; (d) testifying at the 341 meeting; and (e) preparing
monthly operating reports.

The Debtor believes its efforts will have a significant impact on
its ability to successfully reorganize. Debtor believes it has
reasonable prospects for filing a viable plan. However, it needs
additional time to formulate and negotiate a plan and prepare the
required adequate information.

Additionally, given the current uncertainty in the over-the-road
freight market, Debtor is evaluating its current and future asset
needs, including possible liquidation of a significant portion of
its truck fleet. Such a decision to liquidate will require
significant secured creditor input. Accordingly, Debtor's request
for additional time is warranted as Debtor has proven to be an
active and effective debtor-in-possession. Debtor should be
entitled to retain control over the reorganization process.

The Debtor claims that it is generally paying its post-petition
debts, including adequate protection payments to many of its
secured creditors, as they come due and believes it will have
sufficient cash to continue paying its post-petition obligations as
they come due. Debtor is also satisfying its non-financial
obligations, by continuing to operate the business, maintaining
insurance, and continuing to maintain its assets. Debtor's
performance in this regard supports its request for extension,
further reducing potential risk to the reorganization process if
the extensions are granted.

The Debtor asserts that it does not seek the extensions to delay
the reorganization or to pressure the creditors to accede to a plan
that they might find unacceptable. To the contrary, Debtor seeks
the extensions to provide it with time to attempt to reach a
consensus on a confirmable plan of reorganization and the creation
of viable, sustainable reorganized Debtor. At this early stage, a
relatively short extension of the Exclusive Periods will not harm
or prejudice any party-in-interest.

D Rail Transport LLC is represented by:

     G. Daniel Taylor, Esq.
     E. Tate Crymes, Esq.
     Stone & Baxter, LLP
     577 Third Street
     Macon, GA 31201
     Tel: (478) 750-9898
     Fax: (478) 750-9899
     Email: dtaylor@stoneandbaxter.com
            tcrymes@stoneandbaxter.com

                          About D Rail Transport, LLC

D Rail Transport LLC provides flatbed freight transportation
services across the eastern United States. The Company operates a
small fleet of trucks and trailers and is based in Climax,
Georgia.

D Rail Transport LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-10689) on July 29,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.

The Debtor is represented by G. Daniel Taylor, Esq. at STONE &
BAXTER, LLP.


DANIEL TRUCKING: Gets OK to Use Cash Collateral Until Feb. 6
------------------------------------------------------------
Daniel Trucking International, Inc. received third interim approval
from the U.S. Bankruptcy Court for the Northern District of
Illinois to use the cash collateral of its secured creditors
through February 6, 2026.

The court's interim order authorized the Debtor to use cash
collateral for post-petition expenses listed in a submitted budget,
subject to a 10% variance per line item.

The Debtor's 30-day budget projects total operational expenses of
$1,103,027.

Secured creditors, Old National Bank and the U.S. Small Business
Administration, hold liens on all of the Debtor's assets, including
cash and receivables, pursuant to pre-bankruptcy UCC filings.

As adequate protection, both creditors will be granted replacement
post-petition liens on the cash collateral, with the same validity
and extent as their pre-bankruptcy liens, effective as of the
petition date.

In addition, the Debtor was ordered to keep its assets insured as
further protection to the secured creditors.

The next hearing is scheduled for February 4, 2026.

Daniel Trucking International owes approximately $1.3 million and
$1.886 million to ONB and the SBA, respectively. Both creditors
hold perfected security interests in all of the Debtor's assets,
including its cash and receivables, pursuant to properly filed UCC
financing statements.

Old National Bank is represented by:

   Kristopher A. Capadona, Esq.
   Grogan Hesse & Uditsky, P.C.
   2 Mid America Plaza, Suite 110
   Oakbrook Terrace, IL 60181
   Telephone:  630-359-8197
   kcapadona@ghulaw.com

                About Daniel Trucking International Inc.

Daniel Trucking International, Inc. is a Wheeling, Illinois-based
transportation company.

Daniel Trucking International sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10329) on July
7, 2025. In its petition, the Debtor reported between $1 million
and $10 million in assets and liabilities.

Honorable Bankruptcy Judge Deborah L. Thorne handles the case.

The Debtor is represented by David Freydin, Esq., at Law Offices of
David Freydin Ltd.


DAOVENQUY88 LLC: Gets Final OK to Use Cash Collateral
-----------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Texas, San
Antonio Division entered a final order authorizing DaoVenQuy88, LLC
and DaoVenQuy, LLC to use cash collateral.

The court authorized the Debtors to use cash collateral in
accordance with their budgets, allowing them to pay up to 110% of
any individual budgeted expense so long as total monthly
cash-collateral spending does not exceed 5% of the overall budget.

As adequate protection, secured creditors named in the Debtors' UCC
search will be granted replacement liens on all post-petition
assets including cash collateral, with the same validity and
priority as their pre-bankruptcy liens. The replacement liens do
not attach to Chapter 5 causes of action.

Additionally, secured creditors will retain all rights to contest
whether funds are property of the estate, and the Debtors reserve
the right to challenge asserted secured claims.

Meanwhile, ARF Financial, LLC will receive monthly adequate
protection payments of $1,500, beginning this month and will
continue until plan confirmation or dismissal or conversion of the
Debtors' Chapter 11 cases.

The order includes a carveout for court and U.S. trustee fees,
Subchapter V trustee fees, and Debtors' counsel fees, and clarifies
that professional fees under Bankruptcy Code section 327 require
separate approval.

A copy of the final order and the Debtor's budget is available at
https://shorturl.at/vs0Gh from PacerMonitor.com.

The Debtors are subject to multiple UCC-1 financing statements
filed by various alleged secured creditors claiming liens on all
assets of the businesses.

For DaoVenQuy88, three filings were identified: two by Timberland
Bank and one by Funding Metrics, LLC. For DaoVenQuy, five filings
were found: one by Timberland Bank, one by Loot Financial Services
Corp, two from unknown creditors, and another from Funding Metrics,
LLC. All creditors claim security interests in all business
assets.

                   About DaoVenQuy88 LLC

DaoVenQuy88, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52391-cag) on October
7, 2025. In the petition signed by Dao Tran, owner, the Debtor
disclosed up to $50,000 in assets and up to $500,000 in
liabilities.

Judge Craig A. Gargotta oversees the case.

Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as
legal counsel.


DAVID JAMES TRUSCOTT: Automatic Stay Lifted, Can Pursue Appeal
--------------------------------------------------------------
Judge Tyson A. Crist of the United States Bankruptcy Court for the
Southern District of Ohio granted the motion of Debtor David James
Truscott for limited relief from the automatic stay to pursue state
court appeal.

Creditor Jonathan D. Krachenfel opposes the motion.

The Bankruptcy Court holds the automatic stay is lifted for the
limited purpose of allowing the Debtor to prosecute his appeal with
the Ohio Second District Court of Appeals and to obtain an
adjudication on the merits of the appeal concerning the judgment of
the Common Pleas Court in Krachenfels v. Truscott, Case No. 2022 CV
1408, consistent with the scope of the terms of the employment of
the Brannon Law Firm, LLC as special counsel. According to the
Bankruptcy Court, the stay is not lifted with respect to any
actions by the Objecting Creditor to collect or enforce the
judgments, nor for any other actions subsequent to obtaining an
adjudication on the merits of the appeal, such as a remand by the
Court of Appeals, a subsequent appeal from any decision by the
Court of Appeals, or anything beyond the scope of the employment of
special counsel.

A copy of the Court's Order dated November 20, 2025, is available
at https://urlcurt.com/u?l=CwXQLM from PacerMonitor.com.

David James Truscott filed for Chapter 11 bankruptcy protection
(Bankr. S.D. Ohio Case No. 25-30378) on March 7, 2025, listing
under $1 million in both assets and liabilities. The Debtor is
represented by Denis Blasius, Esq.


DESERT CITY: Unsecureds to Get 100 Cents on Dollar in Plan
----------------------------------------------------------
Desert City Enterprises, LLC, filed with the U.S. Bankruptcy Court
for the Central District of California a Plan of Reorganization for
Small Business under Subchapter V dated November 28, 2025.

The Debtor is a Corporation. Since 2022, the Debtor has been a real
estate developer focused on building ultra luxury homes on
previously vacant lots of land. The principal of the Debtor is
Jesse Rhodes, who serves as its manager and is a 100% owner of the
Debtor.

The latest development project undertaken by the Debtor is
development of a single-family residence at 6 Big Sioux Road,
Rancho Mirage, CA 92270 ("Property"). The change in the Debtor's
financing structure for the Property and for upcoming projects put
the Debtor in financial hardship. Rhodes and his business have sued
each other, with the Debtor becoming both a codefendant and a
cross-complainant in the litigation between the two former business
associates. In the course of litigation, the associate recorded a
lis pendens against the Property, suddenly making the Debtor's
high-end completed project impossible to market and sell.

Seeking breathing room to reorganize its cash flow issues caused by
disruption in financing and a sudden obstruction to the marketing
and sale of the Property and the Debtor sought the protection of
the bankruptcy stay. The Debtor's main issue is the unforeseen
overlap between the completed development of the Property and the
need to immediately begin work on next projects. Successful sale of
the Property in this bankruptcy will give the Debtor the necessary
breathing room to continue with subsequent developments in Rancho
Mirage, which is the main business goal of the Debtor.

The Debtor's financial projections show that the Debtor will ha1ve
projected disposable income of $2,998,500.00. The final Plan
payment is expected to be paid on or within the 12 months following
confirmation, which is anticipated to be 12 months after the
effective date.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan, Debtor,
has valued at approximately 100 cents on the dollar but is unable
to estimate the distribution to creditors, consistent with the
liquidation analysis and projected disposable income. This Plan
also provides for the payment of administrative and priority
claims.

Class 3 consists of Non-priority unsecured creditors. This Class is
impaired.

     * Internal Revenue Service (Claim 1) in the amount of
$4,290.00;

     * Davitt Inc. dba Electrical Solutions (Claim 3) in the amount
of $15,975.86;

     * Coachella Valley Water District in the amount of $400.81;

     * Southern California Edison in the amount of $73.20; and

     * Vesta Home in the amount of $1,807.42.

The Debtor intends to sell the Property in the next 12 months and
pay all allowed claims in full, keeping Rhodes in management of the
Debtor.

A full-text copy of the Plan of Reorganization dated November 28,
2025 is available at https://urlcurt.com/u?l=4xojfp from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Summer Shaw, Esq.
     Shaw & Hanover, PC
     42-600 Cook Street, Suite 210
     Palm Desert, CA 92211
     Telephone No: (760) 610-0000
     Facsimile No: (760) 687-2800
     Email: ss@shaw.law

                      About Desert City Enterprises LLC

Desert City Enterprises LLC was classified as a single-asset real
estate debtor under U.S. bankruptcy law, with its principal
property located at 6 Big Sioux in Rancho Mirage, California.

Desert City Enterprises LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No.
25-16227) on August 29, 2025. In its petition, the Debtor reports
estimated assets and liabilities between $1 million and $10 million
each.

Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the
case.

The Debtor is represented by Summer Shaw, Esq. at SHAW & HANOVER,
PC.


DIOCESE OF ALEXANDRIA: Hires Getzler Henrich as Financial Advisor
-----------------------------------------------------------------
Diocese of Alexandria filed an amended application seeking approval
from the U.S. Bankruptcy Court for the Western District of
Louisiana to hire Getzler Henrich & Associates LLC as financial
advisor.

The firm will render these services:

     a. analyze the Debtor's financial position, business plans and
financial projections;

     b. consult with management on the development of a bankruptcy
exit strategy;

     c. consult with management in connection with the development
of financial projections;

     d. assist management with its communications with parishes,
schools, vendors, any statutory committees, and other
parties-in-interest;

     e. assist management with the preparation of the Debtor's
rolling 13-week cash receipts and disbursements forecast and assess
liquidity and DIP financing needs;

     f. consult with management regarding their valuation of the
Debtor and/or the Debtor's assets on a going-concern and
liquidation basis;

     g. consult with management, in coordination with legal
counsel, in the preparation of a disclosure statement, plan of
reorganization and the underlying business plans;

     h. assist management in responding to information requests
submitted by secured lenders, their legal and financial advisors
and other consultants;

     i. assist management in responding to information requests
submitted by statutory committees and their legal or financial
counsel;

     j. consult with management regarding the preparation of
required financial statements, schedules of financial affairs,
monthly operating reports, and any other financial disclosures
required by the Bankruptcy Court;

     k. provide expert advice and testimony regarding financial
matters related to the feasibility of any proposed plan of
reorganization; and

     l. provide additional services as requested from time to time
by the Debtor and
agreed to by Getzler in writing.

The firm's hourly rates are:

     John Baumgartner                $650
     Principal / Managing Director   $635 to $795
     Director / Specialists          $495 to $735
     Associate Professionals         $185 to $495

Getzler received retainer payments totaling $86,050.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Getzler represents no interest adverse to the Debtor or to its
estate in the matters for which it is proposed to be retained and
is a "disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     John D. Baumgartner
     Getzler Henrich & Associates LLC
     295 Madison Ave, 20th Floor
     New York, NY 10017
     Tel: (832) 423-6711
     Email: jbaumgartner@getzlerhenrich.com

        About Diocese of Alexandria

Diocese of Alexandria in Louisiana, established as the Diocese of
Natchitoches on July 29, 1853, by Pope Pius IX and later relocated
to Alexandria, serves as the ecclesiastical authority for the
Catholic Church in north-central Louisiana. Headquartered at 4400
Coliseum Boulevard and led by Bishop Robert W. Marshall Jr., it
encompasses 50 parishes and 21 mission churches across 13 civil
parishes, with St. Francis Xavier Cathedral as its cathedral
church. The Diocese operates as a Louisiana non-profit religious
corporation and 501(c) (3) organization, providing spiritual,
educational, and charitable services to roughly 36,228 Catholics
across an 11,108-square-mile area.

Diocese of Alexandria sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. La. Case No. 25-31257) on October 31,
2025. In its petition, the Debtor reports total assets of
$16,667,411 and total liabilities of $9,467,288.

Honorable Bankruptcy Judge John S. Hodge oversees the case.

The Debtor is represented by Bradley L. Drell, Esq. of GOLD, WEEMS,
BRUSER, SUES & RUNDELL.


DKC ENTERPRISES: Final Cash Collateral Hearing Set for Dec. 3
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Columbia is set to
hold a hearing on December 3 to consider final approval of DKC
Enterprises, LLC's bid to use cash collateral.

The Debtor previously received interim approval to pay its expenses
from the cash collateral in which First Internet Bank of Indiana,
the secured lender, asserts an interest.

The interim order issued on November 17 granted First Internet Bank
of Indiana a replacement lien on post-petition assets similar to
its pre-bankruptcy collateral, and a superpriority claim under
section 507(b) to compensate for any loss in collateral value.

The interim order remains in effect until a final order is entered,
First Internet Bank of Indiana is paid in full, or an event of
default occurs.

DKC has a $2.704 million SBA-guaranteed business loan from First
Internet Bank of Indiana, secured by a first lien on its personal
property including inventory, equipment, and accounts such as
credit-card receivables. The outstanding balance on the debt
secured by cash collateral exceeds $2.6 million.

The Debtor's most recent financial statements, dated September 30
and filed with its petition, show banking assets of $66,516.47,
which fell to roughly $5,200 after pre-bankruptcy payroll. As of
the same date, the Debtor held only $2,185.25 in receivables.
Although the Debtor owns certain physical assets, their fair market
value is limited to salvage value, and under no scenario does the
total asset value exceed the balance owed on the secured loan.

First Internet Bank of Indiana, as secured lender, is represented
by:

   Joy Kleisinger, Esq.
   Frost Brown Todd, LLP
   3300 Great American Tower
   301 East Fourth Street
   Cincinnati, OH 45202
   Tel: (513) 651-6800
   Fax: (513) 651-6981
   jkleisinger@fbtlaw.com  

                     About DKC Enterprises LLC

DKC Enterprises, LLC, doing business as Henceforth DC, operates a
brewery and wine bar located at 1335 H Street NE in Washington, DC.
It serves handcrafted beers, wines, and other beverages in a
community-oriented venue that also hosts private events and social
gatherings.

DKC Enterprises sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.C. Case No. 25-00500) on October 30,
2025, with $3,073,243 in assets and $3,208,735 in liabilities as of
September 30, 2025. Michael Spinello, managing member, signed the
petition.

Judge Elizabeth L. Gunn presides over the case.

Lawrence A. Katz, Esq., at Hirschler Fleischer, PC represents the
Debtor as legal counsel.


DMFD ONLINE: Seeks Chapter 7 Bankruptcy in Michigan
---------------------------------------------------
On November 26, 2025, DMFD Online LLC sought Chapter 7 protection
in the Eastern District of Michigan. According to court filings,
the Debtor reports between $100,001 and $1,000,000 in debt owed to
1–49 creditors.

                 About DMFD Online LLC

DMFD Online LLC is a privately held company operating in the
e-commerce and online retail sector. The company specializes in
providing digital storefront solutions, online merchandising, and
consumer product distribution through web-based platforms. Its
business model centers on leveraging technology to streamline
online sales, marketing, and customer engagement for a variety of
consumer goods.

DMFD Online LLC sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich., Case No. 25-52095) on November
26, 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 Paul R. Hage handles the case.

The Debtor is represented by Jason W. Bank, Esq., Kerr, Russell and
Weber, PLC.


DOLCHE TRUCKLOAD: Gets Extension to Access Cash Collateral
----------------------------------------------------------
Dolche Truckload Corp. received third interim approval from the
U.S. Bankruptcy Court for the Northern District of Illinois to use
cash collateral.

The third interim order authorized the Debtor to use cash
collateral through February 6, 2026, consistent with the prior
order entered on July 18 and subject to the budget.

The Debtor projects total operational expenses of $468,450.

The July 18 cash collateral order remains in effect.

The next hearing is scheduled for February 4, 2026.

                  About Dolche Truckload Corp.

Dolche Truckload Corp. provides full truckload transportation
services across the United States, including refrigerated, dry van,
and hazardous materials freight. The Company operates a fleet of
trucks and offers tailored logistics solutions from its
headquarters in Palatine, Illinois.

Dolche Truckload sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-09093) on June 15,
2025. In its petition, the Debtor reported total assets of
$1,944,419 and total liabilities of $3,410,448.

Judge Deborah L. Thorne handles the case.

The Debtor is represented by:

   David Freydin, Esq.
   Law Offices of David Freydin Ltd
   Tel: 630-516-9990
   david.freydin@freydinlaw.com


DOMAN BUILDING: Fitch Hikes Rating on Sr. Unsecured Notes to 'BB-'
------------------------------------------------------------------
Fitch Ratings has upgraded Doman Building Materials Group Ltd.'s
senior unsecured notes, including the proposed CAD170 million
add-on to the existing CAD365 million notes due 2029, to 'BB-' with
a Recovery Rating of 'RR3' from 'B+'/'RR4'.

The upgrade reflects improved recovery coverage due to a
meaningfully lower amount of unsecured notes in the capital
structure. Doman expects to use proceeds from the add-on, plus
CAD105 million under the ABL facility, to redeem its CAD272 million
senior unsecured notes due May 2026.

If Doman upsizes the add-on to CAD187 million or higher (instead of
CAD170 million), Fitch would likely downgrade the 2029 unsecured
notes (including the add-on) back to 'B+'/'RR4'.

Doman's 'B+' IDR reflects modest leverage and low but relatively
stable margins, good financial flexibility, exposure to residential
housing cyclicality and lumber price volatility, and the company's
scale and leading North American position in pressure-treated
lumber manufacturing and distribution.

Key Rating Drivers

Moderate Leverage: Fitch expects EBITDA leverage to be in the
4.0x-4.3x range at YE 2025 and decline to 3.5x-4.0x by YE 2026,
compared with about 4.8x on a pro forma basis following the
acquisition of CM Tucker Lumber Companies, LLC (CM Tucker) in
October 2024. The leverage improvement is driven by Fitch's
expectation of modest margin improvement and lower debt levels.
Doman maintains modest headroom relative to the negative rating
sensitivity of EBITDA leverage remaining above 4.5x for the 'B+'
IDR.

Financial Flexibility: The company currently has strong financial
flexibility, with roughly CAD392 million of unused capacity under
its CAD580 million ABL maturing in 2028. Pro forma for the planned
refinancing of its CAD272 million senior unsecured notes with
CAD170 million add-on to its existing 2029 unsecured notes and
CAD105 million of borrowings under the ABL, unused capacity under
the ABL facility will be about CAD287 million. The proposed
transaction alleviates the refinancing risk associated with the May
2026 notes maturity.

Fitch expects FCF margins (post-dividends) of 1%-2% over the next
few years. FCF was more volatile before the acquisition of Hixson
in 2021, when Doman was smaller and prioritized dividends. Capital
intensity is low at about 0.5%-0.7% of revenue, and Fitch's ratings
case assumes around CAD50 million in annual dividends.

Susceptibility to Lumber Price Volatility: Doman's revenues are
highly concentrated in lumber, which weighs on the rating, given
the commoditized nature and pricing volatility of lumber. Revenues
fell 18% in 2023 primarily due to lower lumber prices. Lumber
pricing has remained volatile this year. Fitch's rating case
forecast assumes relatively stable lumber prices in the next few
years.

Low but Relatively Stable EBITDA Margins: Doman's profitability
metrics are weak relative to similar- and higher-rated peers but
are commensurate with its 'B' category IDR. The Fitch-adjusted
EBITDA margin (treating capitalized lease costs as operating
expenses) was 6.2% in 2024 compared with 6.8% in 2023. Fitch
expects EBITDA margin to settle between 6.5% and 7.0% in 2025 and
2026 as the company integrates the CM Tucker acquisition.

Capital Allocation: Doman has demonstrated disciplined capital
allocation, meaningfully reducing debt and leverage following
sizable acquisitions such as Hixson in 2021 and CM Tucker in 2024.
Fitch's rating case forecast assumes a further reduction of its ABL
balance, consistent with management's strategy to maintain a
flexible balance sheet and conservative credit metrics. The
forecast also expects higher ABL usage in the near term to help
refinance the 2026 notes, which is viewed as credit neutral. Doman
has shown willingness to protect credit metrics through
opportunistic equity issuance and dividend reductions during
periods of uncertainty.

Competitive Position: Doman's competitive position trails
higher-rated manufacturers due to its two-step distribution model
in the building products supply chain, relatively lower brand
equity, and largely commoditized offerings. That said, the
company's scale, which was further enhanced by the CM Tucker
acquisition, and standing as one of North America's largest
value-added treated lumber producers provide a modest competitive
advantage versus local, niche distributors.

Cyclical End-Market Exposure: Fitch expects housing and repair and
remodel demand to remain weak during the rest of 2025 and improve
slightly in 2026. The majority of Doman's sales are directed to the
Canadian and U.S. residential construction markets. Management
estimates that about half of Doman's distribution sales are exposed
to residential new housing and the remainder to repair and remodel
demand, which is less cyclical. The company's treated lumber sales
have modest exposure to agricultural and industrial end-markets.

Peer Analysis

Doman's credit metrics are modestly stronger than its closest
Fitch-rated peers, LBM Acquisition, LLC (B/Negative) and Park River
Holdings, Inc. (B-/Stable). Fitch view's LBM's business profile as
stronger than Doman's due to LBM's significantly lower exposure to
the volatile lumber market, its greater scale, and higher EBITDA
and FCF margins. LBM's highly aggressive capital allocation
strategy weighs negatively on its credit profile compared to Doman.
Park River has a stronger margin profile and less-commoditized
product offering than Doman but maintains much higher leverage
levels.

Key Assumptions

- Revenues increase over 19%-20% in 2025 and grow 3%-4% in 2026;

- EBITDA margin of 6.5%-7% in 2025 and 2026;

- FCF margin in low-single digits in 2025 and 2026;

- EBITDA leverage of 4.0x-4.5x at YE 2025 and around 3.5x-4.0x at
YE 2026;

- (CFO-capex)/debt of 8.5%-9% in 2025 and 13%-14% in 2026.

Recovery Analysis

- The recovery analysis assumes that Doman would be considered a
going-concern rather than liquidated in a recovery scenario;

- Fitch has assumed a 10% administrative claim;

- Fitch has assumed an enterprise value (EV) multiple of 5.5x;

- Going concern EBITDA of CAD150 million.

Going Concern (GC) EBITDA Approach

Fitch's GC EBITDA estimate of CAD150 million projects a
post-restructuring sustainable cash flow, which assumes both
depletion of the current position to reflect the distress that
provoked a default, and a level of corrective action that Fitch
assumes would occur during restructuring. This is about 31% below
Fitch calculated LTM EBITDA and 30% below forecasted fiscal 2025
levels.

Fitch assumes that a default would occur from a meaningful decline
in the residential housing market combined with lumber prices
sustained at below average levels. Fitch estimates revenues of
about CAD2.67 billion (about 20% below LTM revenues) and EBITDA
margins of about 5.6% would result in the CAD150 million GC EBITDA,
which would capture the lower revenue base of the company after
emerging from the downturn in a lower lumber price environment than
2020-2022, plus a sustainable margin profile after right sizing.

Fitch applied a 5.5x EV multiple to calculate the GC EV in a
recovery scenario. The company purchased Hixson Lumber Sales in
June 2021 for 5.0x Fitch-calculated FY20 EBITDA and 10.9x FY19
EBITDA. The 5.5x GC EBITDA multiple is below the 6.0x multiple
applied in the recovery analysis of LBM Acquisition, LLC and Park
River Holdings, mainly due to Doman's relatively smaller scale,
less-diversified business, and slightly lower margins when compared
to LBM.

The ABL revolver has priority claim over the unsecured notes. Fitch
assumed that the ABL RCF is drawn at a borrowing base less than the
maximum borrowing availability of CAD580 million. Fitch assumes the
ABL revolver has CAD464 million outstanding (80% of maximum
borrowing) at the time of recovery, which accounts for potential
shrinkage in the available borrowing base during a period of
deflating lumber prices and contracting volumes that causes a
default.

The remaining claims are recovered by the unsecured debt holders,
resulting in a recovery corresponding to an 'RR3' for Doman's 2029
unsecured notes (including $170 million add-on). If the company
decides to upsize the tack-on to an amount that is CAD187 million
or higher, Fitch will likely downgrade the ratings to 'B+'/'RR4'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Fitch's expectation that EBITDA leverage will be sustained above
4.5x;

- (CFO-capex)/debt consistently below 3%;

- EBITDA interest coverage consistently below 3.5x;

- Fitch's expectation that FCF generation (after dividends)
sustained at neutral or negative levels;

- Fitch may also downgrade the issue ratings on the 2029 senior
unsecured notes (including the proposed add-on) if the company
upsizes the add-on amount from CAD170 million to an amount that is
CAD187 million or higher.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- The company significantly lowers its proportion of sales from
lumber or reduces exposure to the cyclical new home construction
market to reduce earnings and credit metric volatility through
lumber and housing cycles;

- Fitch's expectation that EBITDA leverage will be sustained below
3.5x;

- (CFO-capex)/debt consistently above 7%;

- EBITDA margin sustained in the high-single digits;

- FCF margin consistently in the mid-single digits.

Liquidity and Debt Structure

Doman has about CAD15.3 million of cash and CAD392 million of
borrowing availability under its CAD580 million ABL revolver that
matures in April 2028. Pro forma for the proposed transaction,
unused capacity under the ABL will be about CAD287 million.

Issuer Profile

Doman Building Materials Group Ltd. manufactures and distributes
lumber and building materials across North America, operating
distribution hubs, wood-treatment plants, specialty sawmills,
planing mills, and post-peeling sites, with timber ownership and
private timberland management.

Summary of Financial Adjustments

Fitch deducts lease amortization and lease interest expense from
EBITDA. Fitch's calculation of total debt includes the unsecured
bonds, ABL borrowings outstanding and bank overdrafts.

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
   -----------                ------         --------   -----
Doman Building
Materials Group Ltd.    LT IDR B+   Affirmed            B+

   senior unsecured     LT      BB- Upgrade    RR3      B+


DOMAN BUILDING: Moody's Alters Outlook on 'B1' CFR to Stable
------------------------------------------------------------
Moody's Ratings has affirmed Doman Building Materials Group Ltd.'s
(Doman) B1 corporate family rating, B1-PD probability of default
rating, and B2 senior unsecured notes ratings. Moody's also
assigned a B2 rating to the company's proposed CAD175 million
add-on to its senior unsecured notes due 2029. At the same time,
Moody's revised the outlook to stable from negative. The
speculative grade liquidity rating (SGL) was upgraded to SGL-3 from
SGL-4.

The proceeds of the proposed CAD175 million add-on to the senior
unsecured notes along with about CAD100 million drawings on the ABL
facility (CAD292 million available as of Sept 2025) will be used to
redeem the outstanding CAD272 million senior unsecured notes due
May 2026. The transaction reduces the company's refinancing risk
and improves the company's debt maturity profile. However, Moody's
anticipates ABL facility utilization to stay elevated as the
additional CAD100 million borrowing introduces incremental
liquidity pressure. Even as Moody's expects the company to use free
cash flow to reduce ABL borrowings, liquidity will remain notably
constrained in the first half of 2026 due to seasonal working
capital needs that drive higher ABL facility usage.

The outlook change reflects Moody's views that Doman is mitigating
its refinancing risk through the proposed transaction. Moody's
expects Doman's continued strong operational performance and free
cash flow generation will support the company's deleveraging
efforts.

RATINGS RATIONALE

Doman's rating (B1 stable) benefits from: (1) strong positions in
the Canadian building materials distribution and North American
pressure treated lumber markets; (2) good geographical
diversification with some vertical integration; (3) good repair,
renovation and remodeling market fundamentals with decent long-term
growth prospect; (4) Moody's expectations that financial leverage
will decline but remain around 4x over the next 12-18 months.

The rating is constrained by: (1) concentration in the North
American renovation, repair and remodel end market (primarily
decking and fencing); (2) exposure to sudden and sharp drops in
wood products prices that negatively impact its building materials
distribution business segment; (3) expected weaker demand as the
rate of new housing starts decline in both the US and Canada; (4)
potential integration and financial challenges as the company
pursues growth through acquisition; and (5) track record of reduced
liquidity as large acquisitions are funded through the revolving
credit facility.

The stable outlook reflects Moody's expectations that Doman's
financial leverage will remain around 4x in 2025 and 2026 and that
the company will generate good positive free cash flow which will
likely be used to reduce borrowings under its ABL facility.

Doman has adequate liquidity (SGL-3) with about CAD350 million of
liquidity sources and no uses, pro forma for the 2026 notes
repayment. As of September 2025, sources of liquidity consist of
CAD15 million of cash, CAD292 million of availability under its
CAD580 million ABL revolving credit facility maturing in April 2028
(proforma for the CAD100 million used to repay the senior unsecured
notes due May 2026), and Moody's expectations of positive free cash
flow of about CAD50 million over the next four quarters. Doman's
covenants for the revolver require the company to maintain a
minimum EBITDA, which Moody's expects the company to comfortably
maintain.

The B2 ratings on the company's CAD365 million senior unsecured
notes due 2029 and CAD175 million senior unsecured notes add-on are
one notch below the B1 CFR, reflecting the noteholders' subordinate
position in the company's capital structure behind the secured
CAD580 million asset based revolving credit facility expiring in
2028 (unrated).

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if the company's market position
grows, adjusted debt to EBITDA is sustained below 4x, retained cash
flow to net debt is sustained above 10%, liquidity improves to good
and management commits to maintaining prudent financial policy
which prioritizes maintenance of good liquidity.

The ratings could be downgraded if the company's operational
performance deteriorates significantly, leverage is sustained above
5.5x, retained cash flow to net debt is sustained below 5%, or
liquidity weakens.

Headquartered in Vancouver, Doman Building Materials Group Ltd. is
a distributor of building materials and home renovation products
and a leading producer of pressure treated wood products in North
America.

The principal methodology used in these ratings was Paper and
Forest Products published in November 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


ECO RECYCLING: Seeks Chapter 11 Bankruptcy in Illinois
------------------------------------------------------
On November 10, 2025, Eco Recycling Inc. sought Chapter 11
protection in the Southern District of Illinois. According to court
filings, the Debtor reports between $0-$100,000 in debt owed to
1-49 creditors.

               About Eco Recycling Inc.

Eco Recycling Inc., a U.S.-based firm, delivers eco-friendly waste
management and recycling solutions. The company’s offerings range
from industrial waste processing to electronics recycling and scrap
metal recovery, emphasizing environmental responsibility and
regulatory adherence.

Eco Recycling Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-30866) on November 10, 2025. In
its petition, the Debtor reports estimated assets of $1MM-$10MM and
estimated liabilities of $0-$100,000.

Honorable Bankruptcy Judge Mary E. Lopinot handles the case.

The Debtor is represented by Spencer P. Desai, Esq. of The Desai
Law Firm, LLC.


EMERGENCY HOSPITAL SYSTEM: Disclosure Statement Wins Conditional OK
-------------------------------------------------------------------
Chief Judge Eduardo V. Rodriguez of the United States Bankruptcy
Court for the Southern District of Texas granted the motion of
RDFCB Acquisition, LLC and Derade LLC for entry of an order:

   (a) granting conditional approval of the disclosures as set
forth in the Combined Disclosure Statement and Plan of Emergency
Hospital Systems, LLC Under Chapter 11 of the Bankruptcy Code, as
may be amended from time to time;
   (b) scheduling a combined hearing to consider final approval of
the Disclosures and confirmation of the Plan, and setting deadlines
related thereto;
   (c) approving solicitation packages and procedures;
   (d) approving the forms of ballots for the Voting Classes and
the forms of notices to the Non-Voting Classes, and
   (e) granting related relief.

The Court finds that the relief requested in the Motion is in the
best interests of the Debtor's estate, its creditors, and other
parties in interest.

The Disclosure Statement is approved on a conditional basis as
containing adequate information within the meaning of section
1125(a)(1) of the Bankruptcy Code and its use in the Debtors'
solicitation of votes to accept or reject the Plan is approved.

The Disclosure Statement (including all applicable exhibits
thereto) provides Holders of Claims and Interests and other parties
in interest with sufficient notice of the proposed injunction,
exculpation, and release provisions contained in Article XVI of the
Plan, in satisfaction of the requirements of Bankruptcy Rules
2002(c)(3) and 3016(b) and (c).

The following dates are established and approved with respect to
the solicitation of votes to accept or reject the Plan, voting on
the Plan, filing objections to the Combined Plan and Disclosure
Statement, and approving the adequacy of the Disclosure Statement
on a final basis and confirming the Plan:

      Event                     Date
Voting Record Date       November 21, 2025
Solicitation Deadline    December 19, 2025
Objection Deadline       January 21, 2026
Voting Deadline          January 21, 2026
Confirmation Hearing     A date between January 26-30, 2026,
                         subject to the availability of
                         the Court

A copy of the Court's Order dated November 21, 2025, is available
at https://urlcurt.com/u?l=dgzRta from PacerMonitor.com.

              About Emergency Hospital Systems

Emergency Hospital Systems LLC, doing business as Cleveland
Emergency Hospital, is a system of regional hospitals serving the
communities of The Woodlands, Porter, and Deerbrook, Cleveland.
These facilities support each other with respect to the services
they provide and are united under a common objective to provide
quality healthcare professionally and compassionately.

Emergency Hospital Systems sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34683) on
October 3, 2024, with $10 million to $50 million in both assets and
liabilities. Rafael Delaflor, operating officer, signed the
petition.

Judge Eduardo V. Rodriguez oversees the case.

Megan Rapp, Esq., at Kean Miller, LLP is the Debtor's legal
counsel.

RDFCB Acquisition, LLC, as lender, is represented by:

     Kell Mercer, Esq.
     Kell C. Mercer, P.C.
     901 S. Mopac Expy, Suite 300, Bldg. 1
     Austin, TX 78746
     Telephone: 512-767-3214


EMERGY INC: Trinity Capital Marks $3.1MM Loan at 75% Off
--------------------------------------------------------
Trinity Capital Inc. has marked its $3,183,000 loan extended to
Emergy, Inc. to market at $786,000 or 25% of the outstanding
amount, according to Trinity's Form 10-Q for the quarterly period
ended September 30, 2025, filed with the U.S. Securities and
Exchange Commission.

Trinity is a participant in a Equipment Financing Loan to Emergy,
Inc.. The loan accrues interest at a rate of fixed interest rate
12.7%; EOT 11.5% per annum. The loan matures on July 1, 2026.

Trinity was incorporated under the general corporation laws of the
State of Maryland on August 12, 2019 and commenced operations on
January 16, 2020. Trinity is a specialty lending company providing
debt, including loans, equipment financing and asset based lending,
to growth-oriented companies, including institutional
investor-backed companies. It is an internally managed, closed-end,
non-diversified management investment company that has elected to
be regulated as a BDC under the 1940 Act. It has elected to be
treated, and intend to qualify annually, as a RIC under Subchapter
M of the Code for U.S. federal income tax purposes.

Trinity is led by Kyle Brown as Chief Executive Officer, President
and Chief Investment Officer; and Michael Testa as Chief Financial
Officer and Treasurer.

The Company can be reach through:

Kyle Brown
Trinity Capital Inc.
1 N. 1st Street, Suite 302
Phoenix, AZ 85004
Telephone: (480) 374‑5350

      About Emergy, Inc.

Emergy Inc., doing business as Meati Inc. manufactures of
mycelium-based, whole- food protein alternatives to animal meat.
The Company offers nutritious, sustainable, and cholesterol-free
protein source with high fiber content. Meati Foods serves
customers in the United States.


EMERGY INC: Trinity Capital Marks $6.1MM Loan at 78% Off
--------------------------------------------------------
Trinity Capital Inc. has marked its $6,183,000 loan extended to
Emergy, Inc. to market at $1,372,000 or 22% of the outstanding
amount, according to Trinity's Form 10-Q for the quarterly period
ended September 30, 2025, filed with the U.S. Securities and
Exchange Commission.

Trinity is a participant in a Equipment Financing Loan to Emergy,
Inc.. The loan accrues interest at a rate of fixed interest rate
9.4%; EOT 11.5% per annum. The loan matures on July 1, 2027.

Trinity was incorporated under the general corporation laws of the
State of Maryland on August 12, 2019 and commenced operations on
January 16, 2020. Trinity is a specialty lending company providing
debt, including loans, equipment financing and asset based lending,
to growth-oriented companies, including institutional
investor-backed companies. It is an internally managed, closed-end,
non-diversified management investment company that has elected to
be regulated as a BDC under the 1940 Act. It has elected to be
treated, and intend to qualify annually, as a RIC under Subchapter
M of the Code for U.S. federal income tax purposes.

Trinity is led by Kyle Brown as Chief Executive Officer, President
and Chief Investment Officer; and Michael Testa as Chief Financial
Officer and Treasurer.

The Company can be reach through:

Kyle Brown
Trinity Capital Inc.
1 N. 1st Street, Suite 302
Phoenix, AZ 85004
Telephone: (480) 374‑5350

        About Emergy, Inc.

Emergy Inc., doing business as Meati Inc. manufactures of
mycelium-based, whole- food protein alternatives to animal meat.
The Company offers nutritious, sustainable, and cholesterol-free
protein source with high fiber content. Meati Foods serves
customers in the United States.


ENDRA LIFE: Shifts CTO Thornton to Consultant Role in New Agreement
-------------------------------------------------------------------
ENDRA Life Sciences Inc. said in an SEC filing it had entered into
a Consulting Agreement with Michael Thornton on Nov. 28, 2025, and,
in connection with that agreement, Mr. Thornton resigned as chief
technology officer effective the same day.  Under the agreement, he
will provide commercialization services as requested and will be
paid $150 per hour for the first five hours each week and $100 per
hour for any hours in excess of five hours per calendar week.  His
existing options and restricted stock units will remain outstanding
and continue to vest while he provides services, and the agreement
has an indefinite term that either party may terminate with 15
days' notice.

Additionally, on Nov. 28, 2025, the Company entered into an
Advisory Services Agreement with Impact Solve, LLC, a Washington
limited liability company doing business as Impact Solutions, which
replaces Impact Solutions' previous services agreement with the
Company. Under the agreement, Impact Solutions will provide
services to the Company through Richard Jacroux, its chief
financial officer, pursuant to work orders that he and the Company
will agree upon from time to time.  The Advisory Services Agreement
provides that the Company will reimburse Impact Solutions for
reasonable travel and any additional expenses that the parties may
agree to in writing in advance.  Fees for the Services will be set
forth in each applicable work order agreed to in advance by the
Company and Impact Solutions.  The initial work order, effective as
of the date of the Advisory Services Agreement, provides for Mr.
Jacroux to serve as the Company's principal financial officer and
principal accounting officer for an initial discounted base fee of
$8,650 per month and at a rate of $124.70 per hour for hours beyond
16 per week, subject to an increase to a base fee of $10,800 per
month and a rate of $156.00 per hour for hours beyond 16 per week
effective Jan. 1, 2026.  The Advisory Services Agreement includes
customary non-solicitation provisions, confidentiality provisions
and representations and warranties included in similar agreements.

                               About ENDRA Life

ENDRA Life Sciences Inc., headquartered in Ann Arbor, Michigan,
develops thermo-acoustic medical devices for accurate liver fat
measurement to support metabolic disease detection, management, and
GLP-1 therapy eligibility.  The Company's technology platform,
Thermo-Acoustic Enhanced Ultrasound (TAEUS), targets pharmaceutical
companies, clinical research organizations, high-end primary care
clinics, bariatric and metabolic clinics, and broader primary and
internal medicine markets through a subscription-based model and
traditional product sales.  Incorporated in Delaware in 2007, ENDRA
plans to seek regulatory approvals for its applications in the
United States and European Union.

RBSM LLP, the Company's auditor since 2015, issued a "going
concern" qualification in its report on the Company's consolidated
financial statements for the year ended Dec. 31, 2024, citing that
the Company has suffered recurring losses from operations,
generated negative cash flows from operating activities, has an
accumulated deficit and has stated that substantial doubt exists
about Company's ability to continue as a going concern.

ENDRA Life incurred a net loss of $11.51 million in 2024 followed
by a net loss of $10.06 million in 2023.  As of Sept. 30, 2025, the
Company had an accumulated deficit of $107,296,300 and had $794,036
in cash.

The Company stated in its Quarterly Report for the period ended
Sept. 30, 2025, that it requires additional capital to continue
executing its commercialization plans and advancing its digital
asset treasury (DAT) strategy.  The Company is exploring potential
financing options, including the sale of common stock through its
at-the-market sales program.  The Company warned that without
timely access to sufficient financing on acceptable terms, its
financial condition and results of operations may be materially
adversely affected and it may not be able to continue operations or
execute its stated commercialization plan.


ENERGIZER HOLDINGS: Moody's Alters Outlook on 'B1' CFR to Negative
------------------------------------------------------------------
Moody's Ratings affirmed Energizer Holdings, Inc.'s (Energizer) B1
Corporate Family Rating and its B1-PD Probability of Default
Rating. Moody's also affirmed the company's instrument ratings
including the Ba1 ratings on the senior secured first lien bank
credit facility consisting of a revolving credit facility and term
loan, B2 rating on the senior unsecured notes, and B2 rating on the
backed senior unsecured notes issued by Energizer Gamma Acquisition
B.V. and guaranteed by Energizer Holdings, Inc. Energizer's SGL-1
speculative grade liquidity rating ("SGL") remains unchanged.
Moody's changed the outlook to negative from stable for both
issuers.

The change in the outlook to negative reflects Energizer's very
high leverage that Moody's expects to only decline slowly. Moody's
anticipates soft consumer demand and higher costs due to tariffs,
restructuring, and increased advertising and promotional spending
amidst a challenging macro environment will reduce earnings in
2026. Energizer's $580 – $610 million adjusted EBITDA guidance
for fiscal September 2026 is below the $624 million generated in
fiscal 2025 and reflects the operating challenges. The company's
debt balance increased in 2025 as it issued debt to fund negative
free cash flow after dividends and higher working capital
investment to fund its new 100% recyclable packaging as well as
higher inventory costs as a result of tariffs. The company also
repurchased roughly $90 million of shares, which Moody's views as
an aggressive financial policy while leverage is high and free cash
flow is negative. The company is taking steps to strengthen the
operating margin through pricing actions and cost reductions,
including extending the Project Momentum restructuring program
another year. Good execution is necessary to generate sufficient
earnings and free cash flow to reduce the high leverage.

Moody's are nevertheless affirming Energizer's ratings because
Moody's believes the company's solid market position and strategic
initiatives have good potential to produce solid free cash flow and
reduce leverage by the end of 2027. Moody's anticipates
debt-to-EBITDA will decline to roughly 5.6x in 2027 and below 5.5x
in 2028 from 7.0x for last 12 months ended September 2025. Realized
cost savings from Project Momentum, including the wind-down of
restructuring costs, low single digit sales growth, and savings
from production tax credits should improve the EBITDA margin.
Moody's also anticipates that the company will generate at least
$150 million in free cash flow after dividends in 2026 and 2027
benefiting from improvement in the earnings and lower working
capital usage. The company expects to repay around $150-$200
million of debt in 2026 including the $80 million repaid after the
end of the fiscal year ended September 2025. Energizer does not
have a formal long-term leverage target but Moody's expects the
company will maintain a financial policy that prioritizes
deleveraging from the current elevated level.

RATINGS RATIONALE

Energizer's B1 CFR reflects the company's very high leverage
following large debt funded acquisitions and earnings weakness in
recent years that has hurt the EBITDA margin. Energizer's strategy
to increase product diversity to mitigate the effects of its slow
growing and mature disposable battery business leads to periodic
acquisitions. Earnings nevertheless remain concentrated in
disposable batteries, and the company has not made any significant
acquisitions since the purchase of Spectrum Brands' global battery
and auto care businesses in January 2019. Energizer faced elevated
input costs and supply chain inefficiencies in 2021-2023. More
recently, input costs have moderated, and Project Momentum is
helping to reduce costs and improve operations. Recent tariffs and
softening consumer spending are putting pressure on the EBITDA
margin. Earnings are also muted due to ongoing restructuring costs
as Energizer works through its remaining initiatives as part of
Project Momentum. Energizer has extended Project Momentum another
year to fiscal 2026 to address recent rising costs including
tariffs. Secondary rechargeable batteries continue to take market
share from primary batteries in various device categories. These
pressures are modestly outweighed by the broader expansion of
electronic devices that benefit from key advantages found in
disposable batteries. Primary batteries, compared to secondary
batteries, offer a lower upfront cost, longer shelf life, lower
self-discharge, and the ability to provide a constant voltage
supply with no need to charge. This makes primary batteries ideal
for low-drain, long-duration applications or where portability and
upfront costs are key factors. Energizer's tariff exposure is
modest but is contributing to earnings pressure. Energizer employs
regional manufacturing, generally producing goods within the same
region where they are sold. However, a decline in overall consumer
spending or declines in the purchase of battery operated devices in
response to tariffs could reduce battery sales and earnings.

Energizer's credit profile is supported by its leading market
position in the single use and specialized battery market, its
portfolio of well-known brands in the battery and consumer car
maintenance segments, and historically good EBITDA margin.
Liquidity is very good supported by Energizer's strong operating
cash flow and ample available capacity on its $500 million revolver
that is typically lightly utilized.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade would require consistent operational performance
including organic revenue growth and a higher EBITDA margin that
leads to sustained debt to EBITDA below 4.5x and consistently
strong free cash flow.

The ratings could be downgraded if Energizer does not stabilize
organic sales and improve the EBITDA margin. The ratings could also
be downgraded if free cash flow does not return to a comfortably
positive level or if debt-to-EBITDA is likely to remain above 5.5x.
A deterioration of liquidity, or if the company engages in
acquisitions or share repurchases before reducing leverage could
also lead to a downgrade.

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.

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.

Energizer Holdings, Inc. manufactures and markets batteries,
lighting products, car fragrance and appearance, and engine
additives around the world. The product portfolio includes
household batteries, specialty batteries, portable lighting
equipment and various car fragrance dispensing systems. Some key
brands include Energizer, Eveready, Rayovac, STP, and ArmorAll.
Headquartered in St. Louis, MO, the publicly-traded company
generates roughly $3.0 billion in annual revenue.


ENGINEERS OF TOMORROW: Case Summary & 13 Unsecured Creditors
------------------------------------------------------------
Debtor: Engineers of Tomorrow LLC
        1615 N Hampton Rd. Suite 240
        Desoto, TX 75115

Business Description: Engineers of Tomorrow LLC operates early
                      childhood education centers in Desoto,
                      Texas, offering programs for children aged
                      two months to five years, including EOT STEM
                      Academy, Engineers of Tomorrow STEM
                      PreSchool, and EOT Infant University.  The
                      Company emphasizes STEM-enriched learning,
                      problem-based approaches, and low child-to-
                      teacher ratios to foster creativity, self-
                      expression, and early development.  Its
                      programs are led by a Texas-certified EC-12
                      administrator and focus on preparing
                      children for kindergarten while addressing
                      achievement gaps through rigorous early
                      education.

Chapter 11 Petition Date: December 1, 2025

Court: United States Bankruptcy Court
       Northern District of Texas

Case No.: 25-34741

Judge: Hon. Stacey G Jernigan

Debtor's Counsel: C. Daniel Herrin, Esq.
                  HERRIN LAW, PLLC
                  12001 N Central Expressway Suite 920
                  Dallas TX 75243
                  Tel: (469) 607-8551
                  Email: ecf@herrinlaw.com

Total Assets: $28,402

Total Liabilities: $1,080,502

The petition was signed by Zaneta Vance as managing member.

A full-text copy of the petition, which includes a list of the
Debtor's 13 unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/2N6UGTY/Engineers_of_Tomorrow_LLC__txnbke-25-34741__0001.0.pdf?mcid=tGE4TAMA


ENI DIST: Hires 3Cubed Advisory Services as Financial Advisor
-------------------------------------------------------------
ENI DIST, Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Maryland to employ 3Cubed Advisory Services, LLC as
financial advisor.

The firm will render these services:

     a. work with the Debtor's representative to file Monthly
Operating Reports;

     b. assist with the development of projections required to file
with the Debtor's Plan of Reorganization;

     c. suggest operational changes to assist the Debtor in
maximizing it profitability.

     d. identify recoveries available to the Debtor;

     e. as required, assist the Debtor in negotiations with
creditors;

     f. undertake any other financial analyses deemed necessary by
the Debtor in the ongoing administration of the bankruptcy case;
and

     g. as necessary, review current and historical financial
information, to include prior year tax returns, supporting tax
schedules and other internally maintained financial records in
order to achieve the objectives.

The firm's hourly rates are:

     Managing Director      $650
     Angela Shortall        $525
     Staff                  $300

The firm received a retainer in the amount of $20,000.

Angela L. Shortall, director at 3Cubed Advisory Services, LLC,
assured the court that her firm is a disinterested person as the
term is defined in 11 U.S.C. 101(14).

The firm can be reached through:

     Angela L. Shortall
     3Cubed Advisory Services, LLC
     348 Thompson Creek Mall, Suite 339
     Stevensville, MD 21666
     Office: (410) 200-3465
     Mobile: (410) 960-6163
     E-mail: ashortall@3cubed-as.com

        About ENI DIST Inc.

ENI DIST Inc. imports and distributes Asian food products from
South Korea and Southeast Asia. The Company supplies dry,
refrigerated, and frozen goods to wholesale distributors, chain
retailers, foodservice distributors, and independent supermarkets.
It operates a warehouse for handling various product types and
offers both local and container drop shipment services across the
United States.

ENI DIST sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Md. Case No. 25-17220) on August 6, 2025. In its
petition, the Debtor reported between $10 million and $50 million
in assets and liabilities.

Judge Michelle M. Harner oversees the case.

The Debtor tapped Weon G. Kim Law Office as counsel and Korus Group
Inc. as accountant.


ENTRADA RESTAURANT: Case Summary & Two Unsecured Creditors
----------------------------------------------------------
Debtor: Entrada Restaurant Partners LLC
        55 Tarragona
        Westlake TX 76262

Business Description: Entrada Restaurant Partners LLC is a
                      single-asset real estate entity with its
                      principal assets located at 55 and 65
                      Tarragona, Westlake TX 76262.

Chapter 11 Petition Date: December 1, 2025

Court: United States Bankruptcy Court
       Northern District of Texas

Case No.: 25-44683

Debtor's Counsel: Howard Marc Spector, Esq.
                  SPECTOR & COX, PLLC
                  12770 Coit Rd
                  Suite 850
                  Dallas TX 75251
                  Tel: (214) 365-5377
                  Email: hspector@spectorcox.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Michael Beaty as manager.

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/F6NFKDY/Entrada_Restaurant_Partners_LLC__txnbke-25-44683__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's Two Unsecured Creditors:

  Entity                             Nature of Claim  Claim Amount

1. Tri-County Electric                Utility Bill         $20.07
200 Bailey Ranch Road
Aledo, TX 76008

2. Tri-County Electric                Utility Bill         $18.54
200 Bailey Ranch Road
Aledo, TX 76008


EVERGREEN LODGING: 155-Room Golden Hotel For Sale, Bid Ends Dec. 3
------------------------------------------------------------------
Hilco Global's real estate group announces December 3, 2025, as the
qualifying bid deadline for the fully renovated, 155-room Best
Western Plus Denver West/Golden, located at 15059 W. Colfax Avenue
in Golden, Colorado. The Chapter 11 bankruptcy sale is subject to
approval by the United States Bankruptcy Court for the District of
Colorado, Denver Division.

Situated on a highly visible, 3.05+/- AC site immediately off I-70,
the property provides direct access to outdoor recreation, historic
attractions and major entertainment venues. The hotel is a few
minutes from downtown Golden, home to the Coors Brewery, Colorado
School of Mines, the Buffalo Bill Museum and Grave, and Clear Creek
whitewater park.

"The Denver West/Golden corridor continues to be one of Colorado's
most resilient lodging submarkets," said Keith Worsham, senior
director with Hilco Global's real estate group. "Its proximity to
recreation, entertainment and year-round demand drivers puts this
hotel in a strong position for both seasoned operators and new
entrants seeking a proven high-traffic location."

Located near Red Rocks Park and Amphitheatre, the property attracts
concert-goers and travelers headed west toward Colorado's ski areas
along I-70. Colorado Mills Mall and other nearby commercial centers
provide strong daily demand from retail, dining and entertainment.

"This hotel offers an exceptional combination of visibility,
accessibility and brand strength," said Steve Madura, senior
director with Hilco Global's real estate group. "With recent
renovations and a highly recognizable flag, investors gain a
stabilized asset with immediate operational potential in one of the
state's most active commercial corridors."

Originally constructed in 1981, the two-building, three-story
property underwent significant renovations between 2015 and 2022,
enhancing its overall guest experience. Hotel features include a
guest reception area, continental breakfast lounge, business
center, guest laundry, fitness center, meeting room, outdoor pool
with patio and indoor spa. The hotel's positioning along both
eastbound and westbound I-70 delivers unmatched exposure for guest
capture, further supporting the property's long-term viability.

The sale is subject to Bankruptcy Court Approval of the United
States Bankruptcy Court for the District of Colorado, Denver
Division, Petition No: 25-15542-JGR. Bids must be received on or
before the deadline of December 3 at 5:00 p.m. (MT) and must be
submitted on the Asset Purchase Agreement (APA) document available
for review and download from Hilco Real Estate Sales' website.

Interested bidders should reach out directly for requirements to
participate in the sale process. For further information, please
contact Weston Worsham at (404) 304-4993 or
wworsham@hilcoglobal.com, Michael

Kneifel at (847) 201-2322 or mkneifel@hilcoglobal.com and Stephen
Madura at (847) 504-2478 or smadura@hilcoglobal.com. To obtain
access to due diligence documents, please visit
HilcoRealEstateSales.com or call (855) 755-2300.

About Hilco Global

Hilco Global, a subsidiary of ORIX Corporation USA, is a
diversified financial services company that delivers integrated
professional services and capital solutions that help clients
maximize value and drive performance across the retail, commercial
and industrial, real estate, manufacturing, brand and intellectual
property sectors and more. Hilco Global provides a range of
customized solutions to healthy, stressed and distressed companies
to resolve complex situations and enhance long-term enterprise
value. Hilco Global works to deliver the best possible result by
aligning interests with clients and providing strategic advice and,
in many instances, the capital required to complete the deal. Hilco
Global is based in Northbrook, Illinois and has more than 810
professionals operating on four continents. Visit
www.hilcoglobal.com.

     About Evergreen Lodging, LLC

Evergreen Lodging LLC, owned by Sean and Susi Keating, is a
Colorado-based hospitality company that operates lodging facilities
and manages a 155-room Days Inn lodging facility in Golden under a
2020 franchise agreement.

Evergreen Lodging LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Colo. Case No. 25-15542) on August 28,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.

Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case.

The Debtor is represented by Keri L. Riley, Esq., at Kutner Brinen
Dickey Riley, PC.


GILBERT LEGGETT: Court Extends Cash Collateral Access to Dec. 15
----------------------------------------------------------------
Gilbert Leggett Farms, Inc. received fifth interim approval from
the U.S. Bankruptcy Court for the Eastern District of North
Carolina to use cash collateral.

The court's fifth interim order extended the Debtor's authority to
use cash collateral from November 13 to December 15 to pay the
expenses set forth in its budget, subject to a 10% variance per
line item.

The Debtor projects total operational expenses of $110,754 for the
interim period.

Secured creditors Ag Resource Management/Agrifund, LLC and
AgCarolina Farm Credit, ACA assert liens on the Debtor's assets,
including cash collateral. A subordination agreement gives Agrifund
a first priority status.

As adequate protection, the secured creditors' pre-bankruptcy
security interests will continue to attach to post-petition
collateral, maintaining the same priority and extent as on the
petition date.  

The fifth interim order will remain in full force and effect until
December 15 unless terminated earlier by agreement or by the court;
confirmation of a plan of reorganization; or upon filing of a
notice of default, whichever comes first.

The next hearing is scheduled for December 16.

                  About Gilbert Leggett Farms Inc.

Gilbert Leggett Farms, Inc. grows and sells sweet potato seed
plants, including the Covington variety, and is also involved in
cultivating crops such as peanuts, sweet corn, and cotton.

Gilbert Leggett Farms sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02668) on July 14,
2025. In its petition, the Debtor reported total assets of
$2,329,639 and total liabilities of $2,340,328.

Judge Pamela W. Mcafee handles the case.

David J. Haidt, Esq., at Ayers & Haidt, P.A. is the Debtor's legal
counsel.

Ag Resource Management/Agrifund, LLC, as secured creditor, is
represented by:

   Ciara L. Rogers, Esq.
   Waldrep Wall Babcock & Bailey, PLLC
   3600 Glenwood Avenue, Suite 210  
   Raleigh, NC 27612  
   Telephone: 919-589-7985  
   crogers@waldrepwall.com

AgCarolina Farm Credit, ACA, as secured creditor, is represented
by:

   Matthew P. Weiner, Esq.
   Poyner Spruill, LLP
   P.O. Box 1801
   Raleigh, NC 27602-1801
   Telephone: (919) 783-6400
   Facsimile (919) 783-1075
   mweiner@poynerspruill.com


GLIDE LOGISTICS: Court Extends Cash Collateral Access to Jan. 30
----------------------------------------------------------------
Glide Logistics, Inc. received another extension from the U.S.
Bankruptcy Court for the Northern District of Illinois, Eastern
Division, to use cash collateral to fund operations.

The court issued its fifth interim order authorizing the Debtor to
use its cash collateral through January 30, 2026, to make these
monthly payments to lenders: $4,500 to BMO Bank, N.A.; $800 to
Commercial Credit Group, Inc.; $3,000 to First Citizens; $1,675 to
Auxilior Capital Partners, Inc.; and $400 to Mitsubishi HC Capital
America, Inc.  

The Debtor may exceed the budgeted amounts by up to 20% for
unexpected contingencies and $2,000 for any other ordinary business
expenses for the two months combined.

As adequate protection, Commercial Credit, First Citizens,
Auxilior, Mitsubishi and the U.S. Small Business Administration
will be granted valid, perfected, enforceable security interests in
the Debtor's post-petition assets and the proceeds thereof, with
the same priority and extent as their pre-bankruptcy liens.

As further protection, the Debtor was ordered to keep the equipment
that is the subject of the lenders' liens insured.

The next hearing will be held on January 21, 2026.

                     About Glide Logistics Inc.

Glide Logistics Inc. is a transportation company specializing in
open deck, heavy haul, and oversize freight services across the
United States.

Glide Logistics sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-03258) on
March 2, 2025. In its petition, the Debtor reported total assets of
$1,220,786 and total liabilities of $1,050,846.

Judge Janet S. Baer handles the case.

Keevan D. Morgan, Esq., at Morgan & Bley, Ltd. is the Debtor's
legal counsel.

Auxilior Capital Partners, Inc., as lender, is represented by:

   Diana Perez, Esq.
   Wright Law Group, PLLC
   2405 W Grand Ave., Ste. B PMB 84356
   Chicago, IL 60612-1577
   Direct: (312) 778-6438
   Fax: (312) 778-6438
   dperez@replevin.com

Mitsubishi HC Capital America, Inc., as lender, is represented by:

   W. Kent Carter, Esq.
   Gordon Rees Scully Mansukhani, LLP
   One North Wacker, Suite 1600
   Chicago, IL 60606
   Phone: 312.619.4900
   kentcarter@grsm.com


GOLDEN SPIKE: Seeks Chapter 7 Bankruptcy in Minnesota
-----------------------------------------------------
On November 14, 2025, Golden Spiker Builders LLC filed for Chapter
7 protection in the District of Minnesota. According to court
filings, the Debtor reports between $100,001 and $1,000,000 in debt
owed to 1–49 creditors.

             About Golden Spiker Builders LLC

Golden Spike Builders LLC operates in the residential and light
commercial construction sector, providing a suite of general
contracting and building services. The company handles new
construction, interior and exterior renovations, repairs, and
project oversight. Its work involves collaborating with
subcontractors, suppliers, and property owners to execute projects
from initial planning to completion.

Golden Spiker Builders LLC sought relief under Chapter 7 of the
U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-43733) 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 Chief Judge Katherine A. Constantine handles the case.

The Debtor is represented by John D. Lamey III, Esq. of Lamey Law
Firm, P.A.


HARDING BELL: Plan Exclusivity Period Extended to Feb. 12, 2026
---------------------------------------------------------------
Judge Roberta A. Colton of the U.S. Bankruptcy Court for the Middle
District of Florida extended Harding Bell International, Inc.'s
exclusive periods to file a plan of reorganization and obtain
acceptance thereof to February 12, 2026 and April 13, 2026,
respectively.

In a court filing, the Debtor explains that the parties are engaged
in ongoing negotiations regarding the treatment of claims and the
structure of a confirmable plan, and additional time is required to
finalize those discussions and incorporate the terms of any
agreement into a filed plan and disclosure statement.

The Debtor claims that it continues to operate its business,
maintain client relationships, and address outstanding financial
matters. The Debtor is evaluating options to resolve claims and
obligations while preserving estate value.

The Debtor cites that it is unaware of any other party who wishes
to file a competing plan.

The Debtor asserts that it is seeking an extension in good faith
and not to unnecessarily delay the progress of the case. Such an
extension, if granted, will not prejudice the legitimate interests
of creditors and other parties in interest.

The Debtor further asserts that it has obtained the consent of the
secured lenders and the UCC to the relief requested herein.

Harding Bell International, Inc. is represented by:

     Aaron A. Wernick, Esq.
     Wernick Law, PLLC
     2255 Glades Road, Suite 324A
     Boca Raton, FL 33431
     Telephone: (561) 961-0922
     Email: awernick@wernicklaw.com
                    
                      About Harding Bell International Inc.

Harding Bell International, Inc., is a certified public accounting
firm based in Central Florida that provides tax preparation,
business support, and FIRPTA services to U.S. and international
clients. The firm serves over 9,000 clients across 22 U.S. states
and more than 170 countries, with a focus on real estate investment
and cross-border tax matters.  Founded in 2000, it operates six
offices in the region.

Harding Bell International sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04912) on July
17, 2025.  In its petition, the Debtor reported total assets of
$3,826,150 and total liabilities of $6,221,386.

Judge Roberta A. Colton handles the case.

Aaron A. Wernick, Esq., at Wernick Law, PLLC, is the Debtor's legal
counsel.

SouthState Bank, as secured creditor, is represented by:

   Christian P. George, Esq.
   Akerman LLP
   50 North Laura Street, Suite 3100
   Jacksonville, FL 32202
   Phone: (904) 798-3700
   Fax: (904) 798-3730
   christian.george@akerman.com

Cogent Bank, as secured creditor, is represented by:

   Bradley M. Saxton, Esq.
   Winderweedle, Haines, Ward & Woodman, P.A.
   329 North Park Avenue, 2nd Floor
   P.O. Box 880
   Winter Park, FL 32790-0880
   Phone: (407) 423-4246
   Fax: (407) 645-3728
   Bsaxton@whww.com


HILLSDALE PALLET: Seeks to Hire Distel Thiede as Financial Advisor
------------------------------------------------------------------
Hillsdale Pallets, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Michigan to employ Distel Thiede
Advisory Services, LLC as financial advisor.

The firm will render these services:

     a. prepare and update cash flow forecasts as needed throughout
the post-petition period as well as prepare financial forecasts
associated with the Chapter 11 restructuring plan;

     b. prepare post-petition waterfall analysis in connection with
the Chapter 11
restructuring plan;

     c. assist the Debtor in ongoing cash management practices;

     d. prepare monthly operating reports in a format typical in
Chapter 11 proceedings;

     e. provide testimony on the financial feasibility of the
Chapter 11 restructuring plan, as needed;

     f. assist in performing other post-petition services in
connection with a Chapter 11 filing, as needed.

The firm will charge these rates:

     a. $375 per hour for David Distel and other Sr. Managing
Directors at DT;

     b. $250 per hour for Senior Associates; and

     c. $180 per hour for administrative services.

Distel Thiede Advisory Services, 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:

     David J. Distel
     Distel Thiede Advisory Services, LLC
     1500 East Beltline SE, Suite 100
     Grand Rapids, MI 49506
     Telephone: (616) 954-2000

      About Hillsdale Pallets LLC

Hillsdale Pallets LLC, formerly FDBA Hillsdale Pallet LLC,
manufactures and distributes wooden pallets, custom crating, and
shipping boxes, offering services that include ISPM 15-certified
heat treatment and reconditioned standard pallets. Based in
Hillsdale, Michigan, the company provides custom-size pallets and
specialty skids built to client specifications. Its operations
focus on pallet production, shipping solutions, and related
logistics services.

Hillsdale Pallets sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-02967 on
October 71, 2025, listing total assets of $353,531 and total
liabilities of $2,215,075. Scott Chernich serves as Subchapter V
trustee.

Honorable Bankruptcy Judge Scott W. Dales handles the case.

The Debtor is represented by Michael P. Hanrahan, Esq., at CBH
Attorneys & Counselors, PLLC.


HO WAN KWOK: Weddle Law Loses Bid for Interlocutory Appeal
----------------------------------------------------------
Judge Kari A. Dooley of the United States District Court for the
District of Connecticut denied Weddle Law, PLLC's motion for leave
to appeal the partial ruling of the United States Bankruptcy Court
for the District of Connecticut on its motion to dismiss the
adversary proceeding captioned as LUC A. DESPINS, CHAPTER 11
TRUSTEE, Plaintiff, v. WEDDLE LAW, PLLC, Defendant, ADV. PRO. NO.
24-5188 (Bankr. D. Conn.).

This appeal arises out of an adversary proceeding commenced in the
United States Bankruptcy Court in the District of Connecticut by
Chapter 11 Trustee Luc. A. Despins, appointed in the Chapter 11
case of Ho Wan Kwok, against Appellant Weddle Law, PLLC.

The MTD Order adjudicated the outstanding issues raised in Weddle's
Motion to Dismiss that were not addressed by the Bankruptcy Court's
Memorandum of Decision and Order dated March 4, 2025 (the "Omnibus
MTD Order"), which resolved four common issues raised by Weddle and
dozens of other non-debtor entities similarly seeking dismissal of
the Trustee's Complaints against them. In short, the instant MTD
Order finally resolved what remained of Weddle's Motion to Dismiss
following the Omnibus MTD Order.

The Trustee has now filed hundreds of adversary proceedings seeking
to avoid transfers nominally made by entities that are or were
alter egos of, and beneficially owned by, the Debtor. All of the
Complaints in these underlying adversary proceedings allege that
the Debtor, through his alter ego shell companies, transferred
property to various third-party entities, to include, as alleged in
this case, Weddle, and that those transfers were either fraudulent
transfers or unauthorized post-petition transfers. The Trustee
seeks to claw back these transfers for the benefit of the Estate.

On February 13, 2024, the Trustee filed the instant Adversary
Proceeding, alleging that Weddle received unauthorized
post-petition transfers from the Debtor through his alter egos,
HCHK Technologies, HCHK Property, and G Club Operations.

On April 28, 2025, Weddle timely filed the instant Motion for Leave
to Appeal.

Weddle contends that an interlocutory appeal is appropriate
because:

   (1) the case presents novel, controlling issues of law regarding
the validity of Weddle's judicial and equitable estoppel defenses,
and whether the relevant alter egos are necessary parties to the
Adversary Proceeding;

   (2) that these novel issues provide a "genuine doubt" as to
whether the MTD Order applied the correct legal standards; and

   (3) a decision in Weddle's favor would terminate the Adversary
Proceeding, and permitting an interlocutory appeal would not
otherwise complicate the Debtor's broader Chapter 11 proceeding.

Weddle contends that as part of a settlement agreement in a prior
adversary proceeding, to which it was not a party, the Trustee
agreed that certain associated professional fees could be paid from
the assets of the Debtor's alter egos, including HCHK Technologies,
HCHK Property, and/or G Club Operations. According to Weddle, this
position is inconsistent with the Trustee's claim in this Adversary
Proceeding that those same alter egos' post-petition transfers of
legal fees to Weddle are voidable.

Weddle argues that the Trustee is equitably estopped from seeking
avoidance of the postpetition transfers made to Weddle through the
Debtor's alter egos, insofar as the Trustee did not include those
alter egos as debtors, include their assets as estate assets, or
seek joint administration of these entities, and that as such,
Weddle was unaware whether the legal services it was providing to
the alter egos "interfered with the bankruptcy proceeding, violated
the bankruptcy stay, or related in any way to a debtor's funds."

Weddle argues that interlocutory review is warranted on the issue
of whether the Trustee should have joined the relevant alter ego
entities to the Adversary Proceeding as "indispensable parties."

The Trustee argues that the estoppel and joinder issues raised by
Weddle are not appropriate for interlocutory appeal, and that
regardless, the Court should exercise its "unfettered discretion"
to deny interlocutory review. The Court agrees with the Trustee
that Weddle has not met the standard for interlocutory appeal.

The District Court finds Weddle fails to demonstrate that the
issues it seeks to raise on appeal involve pure, controlling
questions of law for which there are substantial grounds for a
difference of opinion.

The appeal is styled WEDDLE LAW, PLLC, Appellant, v. LUC A.
DESPINS, CHAPTER 11 TRUSTEE, Appellee, Case No. 3:25-cv-00680-KAD
(D. Conn.).

A copy of the Court's Memorandum of Decision dated November 20,
2025, is available at https://urlcurt.com/u?l=qQAR0z from
PacerMonitor.com.

                       About Ho Wan Kwok

Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge
Julie A. Manning oversees the case. Dylan Kletter, Esq., is the
Debtor's legal counsel.

Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman.
According to Reuters, Guo was a former real estate magnate who fled
China for the U.S. in 2014 ahead of corruption charges. Guo filed
for bankruptcy after a New York court ordered him to pay lender
Pacific Alliance Asia Opportunity Fund $254 million stemming from a
contract dispute. PAX had initially loaned two of Guo's companies
$100 million in 2008 for a construction project in Beijing and sued
Guo when he failed to pay off the loan.

An Official Committee of Unsecured Creditors has been appointed in
the case and is represented by Pullman & Comley, LLC.

Luc A. Despins was appointed Chapter 11 Trustee in the case.


INNOVATIVE PLUMBING: Files Emergency Bid to Use Cash Collateral
---------------------------------------------------------------
Innovative Plumbing Concepts, 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 needs to use cash collateral for ordinary business
expenses and to allow banks to honor checks and transfers issued by
the Debtor. The Debtor filed its voluntary Chapter 11 petition on
November 17 and continues to operate its plumbing installation and
service business while seeking to reorganize.

The Debtor emphasizes that immediate access to cash collateral is
necessary to meet payroll, pay vendors, cover utilities and
insurance, and maintain operations, including addressing
prepetition obligations for wages, state and federal withholding
taxes, and communication services.

Innovative identifies multiple entities with recorded UCC financing
statements that may have interests in the Debtor's cash collateral,
while reserving the right to challenge the validity or extent of
these interests. As of the petition date, the Debtor had
approximately $7,800 in its bank account and approximately $103,000
in accounts receivable.

To protect secured creditors, the Debtor proposes adequate
protection in the form of replacement liens on post-petition
receivables and projected cash flow, consistent with 11 U.S.C.
Section 361(2). The Debtor further requests authorization for banks
to honor payments issued by the Debtor and pledges to provide
notice of the motion to the Bankruptcy Administrator, creditors,
and other relevant parties.

A copy of the motion is available at https://urlcurt.com/u?l=EHTEem
from PacerMonitor.com.

          About Innovative Plumbing Concepts, LLC

Innovative Plumbing Concepts, LLC operates a plumbing installation
and service business. The Debtor sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-81461) on
November 17, 2025. In the petition signed by Joshua Galloway,
member, the Debtor disclosed up to $50,000 in assets and up to $1
million in liabilities.

Judge Christopher L. Hawkins oversees the case.

Anthony Brian Bush, Esq., at The Bush Law Firm, LLC, represents the
Debtor as legal counsel.


INTEGRATED ENDOSCOPY: Hires Stout Uxa & Buyan as Special Counsel
----------------------------------------------------------------
Integrated Endoscopy, Inc. seeks approval from the U.S. Bankruptcy
Court for the Central District of California to hire Stout, Uxa &
Buyan, LLP as intellectual property counsel.

The firm will assist the Debtor in the maintenance and preservation
of the intellectual property docket of the Debtor, specifically
registered with the United States Patent and Trademark Office and
patents registered in the countries outside the United States.

The firm's hourly rates are:

     Donald E. Stout, Esq.    $570

Stout, Uxa & Buyan, LLP is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code, according to
court filings.

The firm can be reached through:

     Donald E. Stout, Esq.
     Stout, Uxa & Buyan, LLP
     20 S Altadena Dr., Suite 102
     Pasadena, CA 91107
     Telephone: (213) 895-7300
     Facsimile: (213) 895-7306   

         About Integrated Endoscopy Inc.

Integrated Endoscopy Inc. develops wireless arthroscopic and
single-use rigid endoscope technology for surgical applications.
Headquartered in Irvine, California, the privately held Company was
founded in 1996 following its acquisition of Micro Optics
Development Engineering Labs' optical design assets and markets its
Nuvis Single-Use Arthroscope with plans to extend into additional
procedure-specific endoscopes. Its intellectual property portfolio
includes 19 issued patents across the U.S., Europe, Japan,
Australia, and Canada covering lens systems, LED lighting, and
molded glass optics.

Integrated Endoscopy sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12121 on July 31,
2025. In its petition, the Debtor reported between $10 million and
$50 million in assets and liabilities.

Honorable Bankruptcy Judge Scott C. Clarkson handles the case.

The Debtor is represented by Vanessa H. Haberbush, Esq., at
Haberbush, LLP.


IT IS WELL: Seeks to Hire Villa Rica Tax Service as Accountant
--------------------------------------------------------------
It Is Well Healthcare LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to hire Villa Rica Tax
Service, Inc. as accountant.

The firm's services include:

     a) preparation of annual federal income tax returns and state
income and sales tax returns;

     b) preparation of payroll and 940 and 941 reporting;

     c) preparation of monthly operating reports in Debtor's
Chapter 11 Bankruptcy case; and

     d) provision of such other work as may be indicated by the
accountant's analysis of the records of the Debtor and the estate.

The firm will bill monthly charges of $800 for monthly operating
reports, bookkeeping services, payroll and payroll reporting, and
hourly charges of $150 for tax return and partner level
consulting.

Melissa Crumbley, CPA, a shareholder of Villa Rica Tax Service,
assures the court that her firm is a "disinterested person" within
the meaning of 11 U.S.C. 101(14).

The firm can be reached through:

     Melissa Crumbley, CPA
     Villa Rica Tax Service, Inc.
     430 W Bankhead Hwy
     Villa Rica, GA 30180
     Phone: (770) 459-5010

        About It Is Well Healthcare LLC

It Is Well Healthcare LLC provides primary care and wellness
services in Dallas, Georgia. The clinic offers medical evaluations,
chronic care management, physical exams, immunizations, and
diagnostic testing, along with treatment for conditions such as
hypertension, diabetes, and thyroid disorders. It also provides
aesthetic and wellness treatments including hormone replacement
therapy, facials, dermal fillers, microdermabrasion, and body
contouring procedures.

It Is Well Healthcare LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-11533) on October
9, 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 J. Nevin Smith, Esq. of SMITH CONERLY
LLP.


JJ PFISTER: Gets OK to Hire Gonzales & Associates as Accountant
---------------------------------------------------------------
JJ Pfister Distilling Company LLC received approval from the U.S.
Bankruptcy Court for the Eastern District of California to hire
Gonzales & Associates, Inc. as its accountant.

The Debtor requires an accountant to prepare its monthly operating
reports and state and federal tax returns; assist with general
accounting and reporting compliance; and assist with its
reorganization efforts.

Gonzales & Associates will charge its ordinary hourly rates. In
addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.

Gene Gonzales, a member of Gonzales & Associates, disclosed in a
court filing that the firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Gene Gonzales, CPA
     Gonzales & Associates, Inc.
     855 University Avenue
     Sacramento, CA 95825
     Phone (916) 614-9009 ext. 102
     Email geneg@gonzalescpa.net

       About JJ Pfister Distilling Company LLC

JJ Pfister Distilling Company LLC was a Sacramento-based craft
distillery known for producing organic spirits including vodka,
gin, rum, whiskey, and brandy. The Company operated from a facility
on Business Park Drive but ceased on-site operations in 2024. Its
products remain available through select retailers and online
distribution.

JJ Pfister Distilling Company LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-22194) on
May 2, 2025. In its petition, the Debtor reports estimated assets
up to $50,000 and estimated liabilities between $1 million and $10
million.

Honorable Bankruptcy Judge Fredrick E. Clement handles the case.

The Debtor is represented by Stephen Reynolds, Esq. at REYNOLDS LAW
CORPORATION.


KANSAS CITY COSTUME: Section 341(a) Meeting of Creditors on Dec. 22
-------------------------------------------------------------------
On November 21, 2025, Kansas City Costume Co. Inc. sought Chapter
11 bankruptcy protection in the Western District of Missouri. The
filing reports liabilities ranging from $1 million to $10 million
owed to 1-49 creditors.

A meeting of creditors under Section 341(a) to be held on December
22, 2025 at 10:00 AM at BY PHONE w/ UST 1-888-330-1716 Code:
9174206.

            About Kansas City Costume Co. Inc.

Kansas City Costume Co., Inc., based in Kansas City, Missouri,
provides costume rental, design, and fabrication services primarily
for theatrical productions, including musicals and plays. The
Company operates a large facility that houses an extensive
inventory of costumes and offers custom costume creation for
clients, ranging from professional theatre companies to individual
renters. Founded in the 1920s, it continues to serve the performing
arts and event communities with specialized costume solutions.

Kansas City Costume Co., Inc. filed under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-41943) on November 21, 2025.
Its petition shows estimated assets of $100,001-$1,000,000 and
estimated liabilities of $1 million-$10 million.

Honorable Chief Bankruptcy Judge Cynthia A. Norton is handling the
case.

The Debtor is represented by Colin N. Gotham, Esq., of Evans &
Mullinix, P.A.


KDZ REALTY: Unsecureds to Get 100 Cents on Dollar in Plan
---------------------------------------------------------
KDZ Realty, LLC filed with the U.S. Bankruptcy Court for the
Eastern District of Virginia a Plan of Reorganization for Small
Business dated November 26, 2025.

The Debtor is an LLC. Since May 23, 2011, the Debtor has been in
the business of leasing property to both commercial and residential
tenants.

The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $2219.77. The final Plan
payment is expected to be paid on February, 2031.

This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow and net assets.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 100 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.

Beginning on March 1, 2026, and continuing on the first day of each
month thereafter for 60 consecutive months, the Debtor shall make
the total monthly Plan payment of: $815.44 for the 1st month of
March 1 and $1934.08 for the remaining 59 months. The Debtor shall
act as the Disbursing Agent for all distributions under this Plan.

The Debtor shall distribute the monthly Plan payment as follows:

   * Administrative Expenses

     -- The Debtor's Counsel: $177.36 for the 1st month of March 1,
$855. 95 for the remaining 29 months.

     -- Subchapter V Trustee (post-escrow balance): $54.75 for the
1st month of March 1, $333.12 for the remaining 23 months.

   * Secured Claims

     -- Citibank/Shellpoint arrears cure: $226.58 for the 1st month
of March 1 month, $537.41 for the remaining 59 months.

     -- Realty Industrial Loan Corporation arrears cure: $31.00 for
the 1st month of March 1, $73.55 for the remaining 59 months.

     -- City of Richmond secured tax claim: $46.35 for the 1st
month of March 1, $109.94 for the remaining 59 months.

   * General Unsecured Claims

     -- Class 3 unsecured creditors: $11.92 for the 1st month of
March 1per month, $47.63 for remaining 35 months.

The Plan will be funded entirely from the Debtor's monthly net
operating income, which averages $2,219.77 per month after payment
of ongoing mortgage obligations, exceeding the Plan payment of
$815.44 payment due March 1, and the $1934.08 due monthly every
month thereafter for 59 months, and providing a feasibility cushion
of approximately $1404.33 for March, 2026 and $285.69 for the
remaining 59 months.

A full-text copy of the Plan of Reorganization dated November 26,
2025 is available at https://urlcurt.com/u?l=Ddlj6i from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Martin C. Conway, Esq.
     Conway Law Group, PC
     1320 Central Park Blvd., #200
     Fredericksburg, VA 22401
     Tel: (855) 848-3011
     Fax: (575) 385-3334
     Email: martin@conwaylegal.com

                            About KDZ Realty LLC

KDZ Realty, LLC is a Richmond-based real estate company that
operates in the real estate sector (NAICS code 5311) with its
principal place of business at 2204 Redd Street, Richmond, Va.

KDZ Realty sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-32924) on July
24, 2025. In its petition, the Debtor reported estimated assets
between $500,000 and $1 million and estimated liabilities between
$100,000 and $500,000.

The Debtor is represented by Martin C. Conway, Esq., at Conway Law
Group, PC.


KIDSVILLE LEARNING: Gets Final OK to Use Cash Collateral
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
Miami Division, entered a final order authorizing Kidsville
Learning Centers, Inc. to use cash collateral.

The court authorized the Debtor to use cash collateral including
cash on hand and tuition receivables to pay operating expenses in
accordance with its budget, subject to a 10% variance.

As adequate protection, secured creditor Amerant Bank, N.A. will be
granted replacement liens on post-petition cash collateral,
maintaining the same validity, extent and priority as its
pre-bankruptcy liens.

To the extent it asserts liens on the cash collateral, the Internal
Revenue Service will be granted protection under Bankruptcy Code
Sections 361 and 363.

Additionally, the Debtor must remain current on post-petition
payroll trust fund taxes as a condition of continued use of cash
collateral.

The Debtor's assets are valued at around $24,000 and are subject to
liens from secured creditors. Amerant holds a senior lien on
substantially all assets of the Debtor under a UCC-1 financing
statement originally filed in 2014 and continued in 2024. \

Additionally, the IRS filed three federal tax liens in 2025 for
unpaid payroll taxes from 2022 to 2025, with a total liability of
approximately $49,656. These IRS liens are junior to Amerant's. The
Debtor's landlord, 1435 Collins Avenue Corp., has a writ of
possession for the leased premises but no money judgment or
perfected lien, making it an unsecured creditor with a claim
of$304,602, subject to offsets.

                About Kidsville Learning Centers

Kidsville Learning Centers, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
25-21000) on September 21, 2025, with $100,001 to $500,000 in
assets and liabilities. Carol Fox of GlassRatner serves as
Subchapter V trustee.

Judge Laurel M. Isicoff presides over the case.

Aramis Hernandez, Esq., represents the Debtor as legal counsel.


LUMEXA IMAGING: Moody's Puts 'B3' CFR Under Review for Upgrade
--------------------------------------------------------------
Moody's Ratings placed the ratings of Lumexa Imaging, Inc. (Lumexa)
on review for upgrade, including the B3 corporate family rating,
the B3-PD probability of default rating, and the B3 ratings on the
senior secured first lien revolving credit facility and senior
secured first lien term loan B. This follows Lumexa Imaging
Holdings Inc's S-1 registration statement filing on November 17,
2025 related to its proposed initial public offering (IPO) of
shares of its common stock. Previously, the outlook was stable.

Lumexa intends to utilize the net proceeds of the IPO to pay down a
portion of its existing $1.2 billion senior secured first lien term
loan B which Moody's estimates would reduce debt/EBITDA by
approximately 2.0x to approximately 5.0x. With the IPO, Lumexa is
seeking to refinance its existing capital structure with a new
$800-825 million term loan B and upsized $250 million revolving
credit facility.

Governance considerations are a key factor in the rating action and
include anticipated lower financial leverage and a more diverse
shareholder base. Moody's expects to conclude the review process
shortly after the completion of the proposed IPO.

RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS

Moody's will review financial policy as a public company including
leverage expectations, potential for acquisitions, board
composition, free cash flow projections, and operating strategy.
Moody's will also assess the plans for the company's private equity
sponsor, Welsh, Carson, Anderson & Stowe, to continue to exit its
ownership position following the IPO. Moody's views the planned IPO
and debt pay down as a credit positive as it will result in a
significant reduction in leverage and cash interest expense that
will improve free cash flow. If the transaction closes based on the
proposed terms and in alignment with current assumptions, Moody's
expects that an upgrade would be limited to one notch.

Notwithstanding the rating review, Lumexa's B3 CFR reflects its
moderate scale, high financial leverage and execution risk
associated with its debt-funded growth strategy. Further, Lumexa
has some geographic concentration with Texas, North Carolina and
New Jersey representing approximately two-thirds of revenues. Debt
to EBITDA was approximately 7.0x at September 30, 2025 and Moody's
expects leverage will decline to approximately 5.0x following the
IPO close.

The rating is supported by good business diversity as it has both
outpatient imaging and radiology physician services integrated in
many of its markets. The rating is also supported by the alignment
of management and physician incentives through a high level of
physician ownership (-31%) and highly variable physician
compensation structure.

The ratings could be upgraded if Lumexa demonstrates a track record
of positive free cash flow and sustained debt/EBITDA below 6.0x.
Improving operating performance and liquidity will also support an
upgrade. The ratings could be downgraded if the company's operating
performance deteriorates, and liquidity weakens. Quantitatively,
the ratings could be downgraded if debt/EBITDA is sustained above
7.5x.

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.

Headquartered in Raleigh, NC, Lumexa, is an operator of outpatient
imaging centers and a provider of radiology services in 13 states.
The company operates its business through its subsidiaries (which
are also co-borrowers) Lumexa Imaging, Inc. and Lumexa Imaging
Outpatient, Inc.


M & M BUCKLEY: Court Extends Cash Collateral Access to Dec. 18
--------------------------------------------------------------
M & M Buckley Management, Inc. received another extension from the
U.S. Bankruptcy Court for the Northern District of Illinois to use
cash collateral.

The 11th interim order signed by Judge Janet Baer approved the use
of cash collateral through December 18 to pay the expenses set
forth in the Debtor's budget, subject to a 10% variance.

The budget projects total operational expenses of $38,502 for
November and December.

As adequate protection for the Debtor's use of its cash collateral,
Community Loan Servicing, LLC will be granted post-petition
replacement liens on the cash collateral and property acquired by
the Debtor after its Chapter 11 filing. The replacement liens will
have the same priority and extent as Community Loan Servicing's
pre-bankruptcy liens.

As additional protection, the Debtor was ordered to pay $16,500 to
Community Loan Servicing and keep its real property insured,
listing Community Loan Servicing as the lien holder.

The final hearing is scheduled for December 17.

On December 23, 2019, M & M executed a mortgage and assignment of
rents in favor of Community Loan Servicing to secure an $875,000
promissory note, granting the secured creditor a security interest
in rents from the property. Community Loan Servicing filed a
foreclosure action on February 6, 2024, and obtained a judgment of
foreclosure and sale on November 12, 2024. As of the petition date,
approximately $1.043 million was owed under the judgment.

The Debtor estimates the property's current market value to be at
least $1.2 million.

                About M & M Buckley Management Inc.

M & M Buckley Management, Inc. is a professional property
management company based in Richton Park, IL. It specializes in
managing residential and commercial properties.

M & M sought relief under Subchapter V of Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-19108) on December
23, 2024, with $1 million to $10 million in both assets and
liabilities. Melvin T. Buckely, Jr., president of M & M, signed the
petition.

Judge Janet S. Baer handles the case.

The Debtor is represented by Gregory K. Stern, Esq., at Gregory K.
Stern, P.C.

Secured creditor Community Loan Servicing is represented by:

     Jill Sidorowicz, Esq.
     Noonan & Lieberman, Ltd.
     33 N. LaSalle Street, Suite 1150
     Chicago, IL 60602
     Phone: (312) 605-3500


M&M CUSTARD: Seeks to Hire Evans & Mullinix as Bankruptcy Counsel
-----------------------------------------------------------------
M&M Custard, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Kansas to hire Evans &
Mullinix, P.A. as counsel.

The firm will provide these services:

   (a) represent the Debtor and Debtor-in-Possession during these
proceedings;

   (b) provide legal advice with respect to the Debtor's powers and
duties in the continued operation of its business and management of
its property;

   (c) prepare applications, motions, answers, orders, reports, and
other necessary legal documents; and

   (d) perform all other legal services that may be required in
connection with the Chapter 11 case.

The firm will be paid at these rates:

    Colin N. Gotham         $400 per hour
    Paralegals              $125 per hour

The firm received from the Debtor a retainer of $110,616.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Evans & Mullinix, 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:

     Colin N. Gotham, Esq.
     Evans & Mullinix, P.A.
     7225 Renner Road, Suite 200
     Shawnee, KS 66217
     Telephone: (913) 962-8700
     Facsimile: (913) 962-8701
     E-mail: cgotham@emlawkc.com

       About M&M Custard LLC

M&M Custard LLC, doing business as Freddy's Frozen Custard &
Steakburgers, operates 30+ franchise locations across six
Midwestern and Southern U.S. states. Headquartered in Overland
Park, Kansas, M&M Custard was founded in 2010, opened its first
location in Jefferson City, Missouri in 2012, and has expanded into
Missouri, Kansas, Illinois, southern Indiana, Kentucky, and
Tennessee. The Debtor operates fast-casual restaurants specializing
in steakburgers, hot dogs, and frozen custard, and manages its
stores through individual subsidiary LLCs, collectively holding 41
store franchise license agreements with Freddy's.

M&M Custard and its affiliates sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Kan. Lead Case No. 25-21650) on
November 14, 2025. In its petition, M&M Custard reports estimated
assets between $1 million and $10 million and estimated liabilities
between $10 million and $50 million.

The Debtors are represented by Colin N. Gotham, Esq., at Evans &
Mullinix, P.A.


MAMMOTH INC: Gets Final OK to Use Cash Collateral
-------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Indiana
granted Mammoth, Inc. final approval to use cash collateral.

The court authorized the Debtor to use cash collateral to fund
operations in accordance with its budget. The Debtor must not
exceed the budget by a cumulative net aggregate variance of more
than 10% without consent from 3Rivers Federal Credit Union.

All revenue must be deposited into a single DIP account, and
payments from that account require 3Rivers' consent or court
approval.

As protection, replacement liens granted to all creditors with an
interest in the cash collateral, including 3Rivers and the U.S.
Small Business Administration will remain binding and fully
enforceable in all of the Debtor's post-petition assets.

Additionally, 3Rivers will receive weekly payments of $3,000 while
the SBA will receive monthly payments of $2,575.

The final order provides for a carveout, allowing payment of fees
to bankruptcy professionals but subject to budget limits and
written approval by 3Rivers. The carveout cannot be used to fund
litigation challenging 3Rivers' claims, liens, or enforcement
rights.

The deadline to challenge 3Rivers' lien validity is on December 8.
If no challenge is filed, the liens and claims become binding,
valid, and non-contestable.

Events of default under the final order include dismissal or
conversion of the Debtor's Chapter 11 case and failure to comply
with court orders, pay taxes or insurance obligations, file a
Chapter 11 plan by December 15, confirm a plan by March 16, 2026,
and close on a sale of the Debtor's intellectual property by March
31, 2026. Missing reporting obligations under the order or the
interim orders will also result in default.

A copy of the final order and the Debtor's budget is available at
https://shorturl.at/jauzm from PacerMonitor.com.

As of the petition date, the Debtor owed 3Rivers $436,302. The loan
is secured by all of the Debtor's personal property, including cash
collateral.

                      About Mammoth Inc.

Mammoth, Inc., doing business as Mammoth Construction, provides
general contracting and construction management services from its
base in Anderson, Indiana. The Company focuses on projects for the
automotive industry, including car washes, dealerships, service
centers, gas stations, and tire shops, while also undertaking
commercial renovations and build-outs.

Mammoth filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05558) on September
15, 2025, with $7,427,011 in assets and $2,063,375 in liabilities.
Jason L. Marlow, CEO, signed the petition.

Judge Jeffrey J. Graham presides over the case.

Sarah L. Fowler, Esq., at Blackwell, Burke, Fowler and Rossow, P.C.
represents the Debtor as legal counsel.


MAMMOTH INC: Hires Website Closers LLC as Business Broker
---------------------------------------------------------
Mammoth, Inc. seeks approval from the U.S. Bankruptcy Court for the
Southern District of Indiana to hire Website Closers LLC as
broker.

The broker will market and find a buyer for Debtor's intangible
assets.

The broker will receive 9% of the enterprise value paid for the
disposition of the intangible assets.

Website Closers LLC is a "disinterested party" as defined in 11
U.S.C. Sec. 101(14), according to court filings.

The firm can be reached through:

     Doug Grindstaff
     Website Closers LLC
     1112 Bell Road, Suite 100
     Nashville, TN 37211
     Phone: (865) 599-6588
     Email: dgrindstaff@websiteclosers.com

         About Mammoth Inc.

Mammoth, Inc., doing business as Mammoth Construction, provides
general contracting and construction management services from its
base in Anderson, Indiana. The Company focuses on projects for the
automotive industry, including car washes, dealerships, service
centers, gas stations, and tire shops, while also undertaking
commercial renovations and build-outs.

Mammoth filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05558) on September
15, 2025, with $7,427,011 in assets and $2,063,375 in liabilities.
Jason L. Marlow, CEO, signed the petition.

Judge Jeffrey J. Graham presides over the case.

Sarah L. Fowler, Esq., at Blackwell, Burke, Fowler and Rossow, P.C.
represents the Debtor as legal counsel.



MEDICAL SALES: Trinity Capital Marks $1.8MM Loan at 31% Off
-----------------------------------------------------------
Trinity Capital Inc. has marked its $1,825,000 loan extended to
Medical Sales Training Holding Company to market at $1,251,000 or
69% of the outstanding amount, according to Trinity's Form 10-Q for
the quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

Trinity is a participant in a Secured Loan to Medical Sales
Training Holding Company. The loan accrues interest at a rate of
variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 6.3%
per annum. The loan matures on December 31, 2025.

Trinity was incorporated under the general corporation laws of the
State of Maryland on August 12, 2019 and commenced operations on
January 16, 2020. Trinity is a specialty lending company providing
debt, including loans, equipment financing and asset based lending,
to growth-oriented companies, including institutional
investor-backed companies. It is an internally managed, closed-end,
non-diversified management investment company that has elected to
be regulated as a BDC under the 1940 Act. It has elected to be
treated, and intend to qualify annually, as a RIC under Subchapter
M of the Code for U.S. federal income tax purposes.

Trinity is led by Kyle Brown as Chief Executive Officer, President
and Chief Investment Officer; and Michael Testa as Chief Financial
Officer and Treasurer.

The Company can be reach through:

Kyle Brown
Trinity Capital Inc.
1 N. 1st Street, Suite 302
Phoenix, AZ 85004
Telephone: (480) 374‑5350

      About Medical Sales Training Holding Company

Medical Sales Training Holding Company provides specialized
training for individuals interested in selling medical devices,
pharmaceuticals, and other healthcare products.


MEDICAL SALES: Trinity Capital Marks $5.1MM Loan at 31% Off
-----------------------------------------------------------
Trinity Capital Inc. has marked its $5,175,000 loan extended to
Medical Sales Training Holding Company to market at $3,549,000 or
69% of the outstanding amount, according to Trinity's Form 10-Q for
the quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

Trinity is a participant in a Secured Loan to Medical Sales
Training Holding Company. The loan accrues interest at a rate of
variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 6.3%
per annum. The loan matures on December 31, 2025.

Trinity was incorporated under the general corporation laws of the
State of Maryland on August 12, 2019 and commenced operations on
January 16, 2020. Trinity is a specialty lending company providing
debt, including loans, equipment financing and asset based lending,
to growth-oriented companies, including institutional
investor-backed companies. It is an internally managed, closed-end,
non-diversified management investment company that has elected to
be regulated as a BDC under the 1940 Act. It has elected to be
treated, and intend to qualify annually, as a RIC under Subchapter
M of the Code for U.S. federal income tax purposes.

Trinity is led by Kyle Brown as Chief Executive Officer, President
and Chief Investment Officer; and Michael Testa as Chief Financial
Officer and Treasurer.

The Company can be reach through:

Kyle Brown
Trinity Capital Inc.
1 N. 1st Street, Suite 302
Phoenix, AZ 85004
Telephone: (480) 374‑5350

            About Medical Sales Training Holding Company

Medical Sales Training Holding Company provides specialized
training for individuals interested in selling medical devices,
pharmaceuticals, and other healthcare products.


MIDDLETON CONSTRUCTION: Hires Frank B. Lyon as Bankruptcy Counsel
-----------------------------------------------------------------
Middleton Construction, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to employ The Law Offices
of Frank B. Lyon as counsel.

The firm will render these services:

     a. give the Debtor legal advice with respect to its powers and
duties as Debtor-in-Possession in the continued operation of its
business and management of its property;

     b. advise the Debtor of its responsibilities under the
Bankruptcy Code and assist with such;

     c. amend the voluntary petition and other paperwork necessary
to complete this proceeding;

     d. assist the Debtor in preparing and filing the required
Schedules, Statement of Affairs, Monthly Financial Reports, the
Initial Debtor Report and other documents required by the
Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the
Local Rules of this Court and the administrative procedures of the
Office of the United States Trustee;

     e. represent the Debtor in connection with adversary
proceedings and other contested and uncontested matters, both in
this Court and in other courts of competent jurisdiction,
concerning any and all matters related to these bankruptcy
proceedings and the financial affairs of the Debtor;

     f. represent the Debtor in the negotiation and documentation
of any sales or refinancing of property of the estate, and in
obtaining the necessary approvals of such sales or refinancing by
this Court;

     g. assist the Debtor in the formulation of a plan of
reorganization and disclosure statement, and in taking the
necessary steps in this Court to obtain approval of such disclosure
statement and confirmation of such plan of reorganization; and

     h. work with the Subchapter V Trustee to try and achieve a
consensual plan of reorganization.

The firm will be paid at these rates:

     Frank B. Lyon        $525 per hour
     Legal Assistants     $125 to 225 per hour

Pre-petition, the Debtor paid Frank B. Lyon the sum of $7,000 of
which $5,262 went to pre-petition fees and expenses and $1,738 to
the Chapter 11 filing fee resulting in a retainer of $0.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Frank B. Lyon, Esq., a partner at The Law Offices of Frank B. Lyon,
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:

     Frank B. Lyon, Esq.
     The Law Offices of Frank B. Lyon
     3800 North Lamar Boulevard, Suite 200
     Austin, TX 78756
     Tel: (512) 345-8964
     Fax: (512) 647-0047
     Email: frank@franklyon.com

       About Middleton Construction LLC

Middleton Construction, LLC is a Texas-based construction and
remodeling firm specializing in multi-family housing projects
across Central Texas, employs several staff members, including
managers, sales personnel, administrative support, and its CEO,
Keith Middleton.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Tex. Case No. 25-11635-smr) on October 21, 2025.
In the petition signed by Keith Middleton, manager, the Debtor
disclosed up to $500,000 in assets and up to $1 million in
liabilities.

Judge Shad Robinson oversees the case.

Frank B. Lyon, Esq., represents the Debtor as legal counsel.


MIDWEST SKIING: Seeks Ch. 11 Bankruptcy to Prevent Foreclosure
--------------------------------------------------------------
Snow Industry News reports that Whitecap Mountains Resort, a
long-standing ski destination in northern Wisconsin celebrated for
its steep terrain and deep snow, has filed for Chapter 11
bankruptcy protection. The filing is intended to stop an impending
foreclosure and provide the resort with time to stabilize
operations ahead of the 2025–2026 ski season. Midwest Skiing
Company LLC, the resort's owner, submitted the petition on November
19, 2025 in the U.S. Bankruptcy Court for the Western District of
Wisconsin following years of financial strain and environmental
setbacks.

The resort's troubles intensified after a significant decline in
snowfall. Once known as the "snowiest ski resort in Wisconsin,"
Whitecap saw snowfall plunge from 260 inches in 2022–2023 to
under 30 inches the following winter. Revenues collapsed
accordingly—from roughly $1.4 million to $197,000 in 2023–2024.
The 2024–2025 season offered only slight improvement, generating
about $532,000, a level still far below what was needed to cover
basic operating expenses and debt obligations, according to
report.

These financial pressures triggered a default on a $1.86 million
short-term loan from Brighton Asset Management, prompting the
lender to pursue foreclosure. The Chapter 11 filing places an
automatic stay on those proceedings and allows management to
continue operating while they work on a restructuring plan. The
bankruptcy follows years of disruption for the resort, including a
2019 fire that destroyed the main lodge. Because the property's
insurance had lapsed, rebuilding costs fell entirely on the resort,
the report states.

Despite the instability, owner David Dziuban and resort leadership
say they intend to maintain normal operations. The filing includes
requests to pay employees, honor season passes, and preserve
customer agreements. Attorneys for Midwest Skiing Company
emphasized that Chapter 11 will give the resort "a path forward" to
continue operating long-term. Whitecap Mountains—which opened in
the 1960s and spans three mountains with 43 trails—remains open
for reservations, hoping for a return to the heavy snowfall that
once defined it, the report states.

                About Midwest Skiing Company LLC

Midwest Skiing Company, LLC operates the Whitecap Mountains Resort
in Upson, Wisconsin, where it manages downhill skiing,
snowboarding, lodging, and year-round recreational activities. The
Company oversees on-site facilities including food and beverage
services, guest accommodations, and outdoor amenities across the
resort property.

Midwest Skiing sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-12543) on November
19, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.

The Debtor is represented by Evan P. Schmit, Esq. of KERK & DUNN.


MILLER'S LANDING: Hires Michael Jay Berger as Bankruptcy Counsel
----------------------------------------------------------------
Miller's Landing at the Lake, Inc. seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire the
Law Offices of Michael Jay Berger as counsel.

The firm's services include:

     (a) advise the Debtor regarding matters of bankruptcy law and
concerning the requirements of the Bankruptcy Code, and Bankruptcy
Rules relating to the administration of this case, and the
operation of its estate;

     (b) represent the Debtor in proceedings and hearings in the
bankruptcy court;

     (c) assist in compliance with the requirements of the Office
of the United States Trustee;

     (d) provide the Debtor legal advice and assistance with
respect to its powers and duties in the continued operation of its
business and management of property of the estate;

     (e) assist the Debtor in the administration of the estate's
assets and liabilities;

     (f) prepare necessary legal documents on behalf of the
Debtor;

     (g) advise the Debtor concerning the requirements of the
Bankruptcy Code and the rules relating to the administration of
this case and its duties in a Chapter 11 case; and

     (h) assist the Debtor in the preparation, negotiation,
formulation, confirmation, prosecution, implementation and attain
confirmation.

The firm will be paid at these hourly rates:

     Michael Jay Berger, Partner      $695
     Sofya Davtyan, Partner           $645
     Angela Gill, Senior Associate    $595
     Robert Poteete, Associate        $475
     Senior Paralegals/Law Clerks     $275
     Paralegals                       $200

The firm received a retainer of $25,000.

Mr. Berger 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:

     Michael Jay Berger, Esq.
     Law Offices of Michael Jay Berger
     9454 Wilshire Blvd., 6th Floor
     Beverly Hills, CA 90212
     Telephone: (310) 271-6223
     Facsimile: (310) 271-9805
     Email: Michael.berger@bankruptcypower.com

        About Miller's Landing at the Lake, Inc.

Miller's Landing at the Lake, Inc. operates a wedding and event
venue in Lake Arrowhead, California.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 6:25-bk-18091-RB) on
November 9, 2025. In the petition signed by Terri R. Miller,
president, the Debtor disclosed up to $10 million in both assets
and liabilities.

Judge Magdalena Reyes Bordeaux oversees the case.

Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger,
represents the Debtor as legal counsel.


MOSAIC SWNG: Gets Extension to Access Cash Collateral
-----------------------------------------------------
Mosaic SWNG, LLC received eighth interim approval from the U.S.
Bankruptcy Court for the Southern District of Texas to use its
secured lender's cash collateral.

The eighth interim order signed by Judge Christopher Lopez
authorized the Debtor to use the cash collateral of Fannie Mae to
pay the expenses set forth in its budget pending the final
hearing.

The budget shows total expenses of $49,000 for the week ending
December 4; $34,000 for the week ending December 11; $71,000 for
the week ending December 18; and $78,290 for the week ending
December 25.

The secured lender's cash collateral consists of rents and accounts
receivable generated from the Debtor's assets, including a 504-unit
multifamily residential real property located in Pasadena, Texas.

As protection, Fannie Mae was granted post-petition replacement
liens on all property of the Debtor, whether acquired before or
after the petition date.

To the extent the replacement liens are insufficient to provide
protection against the diminution in value of the lender's interest
in the collateral, Fannie Mae will be granted a superpriority
claim.

The Debtor was ordered to remit to Fannie Mae a cash payment equal
to the amount by which its remaining cash balance at the end of the
prior calendar month exceeded $80,000.

The final hearing is scheduled for January 5, 2026.

The eighth interim order is available at https://shorturl.at/PBTCo

                       About Mosaic SWNG LLC

Mosaic SWNG LLC, doing business as Mosaic Apartments, was
established in October 2021 with the exclusive purpose of acquiring
and owning the 504-unit multifamily residential property known as
"Mosaic Apartments." The apartment complex, built in 1981, is
located at 4025 Burke Road, Pasadena, Texas, in Harris County.

Mosaic SWNG sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Texas Case No. 25-90010) on January 30, 2025,
listing between $50 million and $100 million in both assets and
liabilities.

Judge Christopher M. Lopez handles the case.

Melissa A. Haselden, Esq., at Haselden Farrow, PLLC is the Debtor's
legal counsel.

Fannie Mae, as secured lender, is represented by:

   Keith M. Aurzada, Esq.
   Michael P. Cooley, Esq.
   Dylan T.F. Ross, Esq.
   2850 N. Harwood Street, Suite 1500
   Dallas, TX 75201
   Telephone: (469) 680.4200
   Facsimile: (469) 680.4299  
   kaurzada@reedsmith.com
   mpcooley@reedsmith.com  
   dylan.ross@reedsmith.com


NAKED CUPCAKE: Unsecureds to Split $32,400 over 3 Years
-------------------------------------------------------
The Naked Cupcake Orlando, LLC filed with the U.S. Bankruptcy Court
for the Middle District of Florida a First Plan of Reorganization
dated November 28, 2025.

The Debtor is a Florida profit corporation founded in 2016 and
domiciled in Florida. It is in the business of a cupcake bakery.
The Debtor became very successful with food truck and catering
operations.

The Debtor transitioned to a brick-and-mortar storefront, which
almost immediately led to a downturn in revenue. The Debtor is now
transitioning back to food truck and catering operations.

The Plan Proponent believes it can contribute $1027.20 per month
toward Plan Payments, with roughly $127.20 per month of that paid
to the SBA (with a separate Motion to Value to be filed). The
Debtor's projected Disposable Income over the life of the Plan is
therefore $32,400.00.

This Plan provides for: 1 class of secured claims; 1 class of
unsecured claims; and 1 class of equity security holders.

Class 2 consists of the Allowed General Unsecured Claims of the
Debtor. Class 2 is Impaired.

     * Consensual Plan Treatment: The liquidation value or amount
that unsecured creditors would receive in a hypothetical chapter 7
case is approximately $0.00. Accordingly, the Debtor proposes to
pay unsecured creditors a pro rata portion of $32,400.00. Payments
will be made in equal quarterly payments of $2,700.00. Payments
shall commence on the fifteenth day of the month, on the first
month that begins after the Effective Date and shall continue
quarterly for eleven additional quarters. Pursuant to Section 1191
of the Bankruptcy Code, the value to be distributed to unsecured
creditors is equal to or greater than the Debtor's projected
disposable income to be received in the 3-year period beginning on
the date that the first payment is due under the plan. Holders of
Class 1 and Class 2 claims shall be paid directly by the Debtor.

     * Nonconsensual Plan Treatment: The liquidation value or
amount that unsecured creditors would receive in a hypothetical
chapter 7 case is approximately $0.00. Accordingly, the Debtor
proposes to pay unsecured creditors a pro rata portion of
$32,400.00. Payments will be made in equal quarterly payments of
$2,700.00. Payments shall commence on the fifteenth day of the
month, on the first month that begins after the Effective Date and
shall continue quarterly for eleven additional quarters. Pursuant
to Section 1191 of the Bankruptcy Code, the value to be distributed
to unsecured creditors is equal to or greater than the Debtor's
projected disposable income to be received in the 3-year period
beginning on the date that the first payment is due under the plan.
Holders of Class 1 and Class 2 claims shall be paid directly by the
Debtor.

Class 3 consists of any and all equity interests and warrants
currently issued or authorized in the Debtor. This Class is
Unimpaired. Holders of a Class 3 interests shall retain their full
equity interest in the same amounts, percentages, manner and
structure as existed on the Petition Date.

The Plan contemplates that the Reorganized Debtor will continue to
operate the Debtor's business.

Except as explicitly set forth in this Plan, all cash in excess of
operating expenses generated from operation until the Effective
Date will be used for Plan Payments or Plan implementation, cash on
hand as of Confirmation shall be available for Administrative
Expenses.

A full-text copy of the First Plan of Reorganization dated November
28, 2025 is available at https://urlcurt.com/u?l=eWmTWS from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     L. Todd Budgen, Esq.
     Budgen Law
     P.O. Box 520546
     Longwood, FL 32752
     Telephone: 407-481-2888
     E-mail: tbudgen@mybankruptcyfirm.com

                      About Naked Cupcake Orlando LLC

Naked Cupcake Orlando, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.
6:25-bk-05495-TPG) on August 29, 2025. In the petition signed by
Sandra Shorter, owner/manager, the Debtor disclosed up to $50,000
in assets and up to $1 million in liabilities.

Judge Tiffany P. Geyer oversees the case.

Todd Budgen, Esq., at Budgen Law, represents the Debtor as
bankruptcy counsel.


NEAREST GREEN DISTILLERY: Wants Emergency Trade Secrets Hearing
---------------------------------------------------------------
Orizo Hajigurban of Lexington Herald Leader reports that Fawn
Weaver, founder of Uncle Nearest whiskey and Nearest Green
Distillery, and her husband Keith Weaver are seeking an urgent
federal court hearing to prevent potential competitors from
acquiring their business. New counsel filed an emergency motion on
November 24 asking the court to lift a stay under the receiver’s
control, allowing the Weavers to file counterclaims against lender
Farm Credit. The court has set a December 2 deadline for
responses.

The distillery has been in receivership since September 2025 after
Farm Credit alleged the Weavers defaulted on more than $108 million
in loans. The Weavers contend they were "blindsided" by the
lender's request and now dispute both the scope of the receivership
and the loan amounts, seeking permission to relitigate the matter.
They argue there has been no formal adjudication regarding the
validity or reduction of the Farm Credit debt, the report states.

The Weavers want to prevent the receiver from granting third
parties access to proprietary business information while they
pursue new motions. The filing claims that the receiver is moving
toward a permanent disposition of assets, which could include
selling the Tennessee distillery, whiskey barrels, or other company
property, potentially at a depressed market value, Lexington Herald
Leader.

According to the filing, several competitors are already seeking
access to confidential trade secrets. The Weavers stress that while
any valid claims from Farm Credit will be satisfied, a forced sale
under the receivership could significantly reduce shareholder
value. Uncle Nearest, reportedly valued at $1 billion, counts Fawn
Weaver's entity as its largest shareholder, alongside undisclosed
outside investors.

              About Nearest Green Distillery

Nearest Green Distillery, also known as Uncle Nearest Distillery,
is a Shelby, Tennessee-based distillery.

A Tennessee federal judge on August 14, 2025, granted Farm Credit
Mid-America's motion to place Nearest Green Distillery and its
related companies under receivership after alleged loan defaults of
more than $108 million. The lender accused the distillery of
overstating its barrel inventory, which served as collateral, and
violating key financial covenants. The court appointed Phillip G.
Young Jr. to oversee operations and protect the company's assets
amid the dispute.


NEED SPACE: Seeks Cash Collateral Access
----------------------------------------
Need Space Tabb, LLC asks the U.S. Bankruptcy Court for the Western
District of Tennessee, Western Division, for authority to use cash
collateral and provide adequate protection to secured creditors,
primarily Arvest Bank.

The Debtor filed for Chapter 11 on October 5, continues to operate
its self-storage business in Tennessee as a debtor-in-possession,
and emphasizes that access to cash collateral is essential to meet
operational expenses, including employee wages, utilities, rent,
inventory, insurance, and necessary maintenance, without which the
business would suffer immediate and irreparable harm.

The Debtor identifies approximately $4,000 in cash that may
constitute cash collateral and notes that Arvest Bank holds a
secured claim of roughly $4.1 million, with security interests in
substantially all of the Debtor's assets. No other creditors are
believed to have perfected security interests in the cash
collateral. The Debtor proposes to use cash collateral in the
ordinary course of business for a 30-day period following the final
order and will not use it for pre-petition claims or capital
expenditures exceeding $1,000 without consent or further court
order.

To protect Arvest's interests, the Debtor proposes adequate
protection measures under Section 361, including periodic cash
payments equal to any diminution in the value of Arvest's interest,
replacement liens on post-petition assets, and, if necessary, an
administrative expense claim under 11 U.S.C. Sections 503(b) and
507(b). Reporting and accountability measures are also outlined,
including weekly cash flow reports, monthly operating reports,
detailed accounting of cash collateral usage, inspection rights for
Arvest, and provision of additional financial information upon
request.

Finally, the Debtor sets forth default and cure provisions,
defining events of default such as unauthorized use of cash
collateral, case conversion or dismissal, or failure to provide
adequate protection. Upon notice of default, the Debtor has 10 days
to cure; failure to do so terminates authority to use cash
collateral, allowing Arvest to seek emergency relief from the
Court. The Debtor asserts that these provisions balance the
protection of Arvest's interests with a reasonable opportunity for
the Debtor to address defaults.

Arvest Bank is represented by:

   R. Lee Webber, Esq.
   Martin, Tate, Morrow & Marston, P.C.
   6410 Poplar Avenue, Suite 900
   Memphis, TN 38119  
   Phone: (901) 522-9000  
   Fax (901) 527-3746
   lwebber@martintate.com

A copy of the motion is available at https://urlcurt.com/u?l=XxCiy2
from PacerMonitor.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.


NEW MEXICO TERMINAL: Hires Formanlaw LLC as Bankruptcy Counsel
--------------------------------------------------------------
New Mexico Terminal Services LLC seeks approval from the U.S.
Bankruptcy Court for the District of New Mexico to employ Formanlaw
LLC d/b/a Forman Holt as bankruptcy counsel.

The firm will render these services:

     a. represent and to render legal advice to Debtor regarding
all aspects of this bankruptcy case;

     b. prepare on behalf of Debtor necessary amended schedules,
complaints, answers, motions, applications, orders, reports and
other legal papers, including Debtor's plan of reorganization; and


     c. assist the Debtor in taking actions required to effect
reorganization under Chapter 11 of the Bankruptcy Code.

The hourly rates of the firm's counsel and staff are:

     Charles M. Forman, Attorney                    $850
     Erin J. Kennedy, Attorney                      $675
     Michael E. Holt, Attorney                      $675
     Kimberly J. Salomon, Attorney                  $525
     Paraprofessionals and Legal Assistants  $300 - $325

The firm received a retainer in the amount of $20,000.

Erin Kennedy, Esq., managing member of Forman Holt, 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:

     Erin J. Kennedy, Esq.
     Forman Holt
     365 West Passaic Street, Suite 400
     Rochelle Park, NJ 07662
     Telephone: (201) 857-7111
     Facsimile: (201) 655-6650
     Email: ekennedy@formanlaw.com

        About New Mexico Terminal Services LLC

New Mexico Terminal Services LLC is classified as a single-asset
real estate entity under 11 U.S.C. Section 101(51B).

New Mexico Terminal Services LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D.N.M. Case No. 25-11291) on
October 16, 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 Robert H Jacobvitz handles the case.

The Debtor is represented by Victor Gerald Grafe III, Esq. of
VICTOR GRAFE LAW FIRM LLC.


NEXII INC: Trinity Capital Marks $365,000 Loan at 16% Off
---------------------------------------------------------
Trinity Capital Inc. has marked its $365,000 loan extended to
Nexii, Inc. to market at $307,000 or 84% of the outstanding amount,
according to Trinity's Form 10-Q for the quarterly period ended
September 30, 2025, filed with the U.S. Securities and Exchange
Commission.

Trinity is a participant in a Secured Loan to Nexii, Inc. The loan
accrues interest at a fixed interest rate 10.0%; EOT 0.0% per
annum. The loan matures on July 1, 2027.

Trinity was incorporated under the general corporation laws of the
State of Maryland on August 12, 2019 and commenced operations on
January 16, 2020. Trinity is a specialty lending company providing
debt, including loans, equipment financing and asset based lending,
to growth-oriented companies, including institutional
investor-backed companies. It is an internally managed, closed-end,
non-diversified management investment company that has elected to
be regulated as a BDC under the 1940 Act. It has elected to be
treated, and intend to qualify annually, as a RIC under Subchapter
M of the Code for U.S. federal income tax purposes.

Trinity is led by Kyle Brown as Chief Executive Officer, President
and Chief Investment Officer; and Michael Testa as Chief Financial
Officer and Treasurer.

The Company can be reach through:

Kyle Brown
Trinity Capital Inc.
1 N. 1st Street, Suite 302
Phoenix, AZ 85004
Telephone: (480) 374‑5350

           About Nexii, Inc.

Nexii is a transformative construction technology company dedicated
to building commercial buildings Faster, Smarter and Greener than
ever.


NEXTCAR HOLDING: Trinity Capital Marks $1.8MM Loan at 34% Off
-------------------------------------------------------------
Trinity Capital Inc. has marked its $1,830,000 loan extended to
NextCar Holding Company, Inc. to market at $437,000 or 66% of the
outstanding amount, according to Trinity's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

Trinity is a participant in a Secured Loan to NextCar Holding
Company, Inc. The loan accrues interest at a variable interest rate
prime + 5.8% or floor rate 9.0%; EOT 2.0% per annum. The loan
matures on December 31, 2025.

Trinity was incorporated under the general corporation laws of the
State of Maryland on August 12, 2019 and commenced operations on
January 16, 2020. Trinity is a specialty lending company providing
debt, including loans, equipment financing and asset based lending,
to growth-oriented companies, including institutional
investor-backed companies. It is an internally managed, closed-end,
non-diversified management investment company that has elected to
be regulated as a BDC under the 1940 Act. It has elected to be
treated, and intend to qualify annually, as a RIC under Subchapter
M of the Code for U.S. federal income tax purposes.

Trinity is led by Kyle Brown as Chief Executive Officer, President
and Chief Investment Officer; and Michael Testa as Chief Financial
Officer and Treasurer.

The Company can be reach through:

Kyle Brown
Trinity Capital Inc.
1 N. 1st Street, Suite 302
Phoenix, AZ 85004
Telephone: (480) 374‑5350

      About NextCar Holding Company, Inc.

NextCar Holding Company, Inc. is a technology company that operates
a vehicle subscription service, originally under its own name and
now also under its acquired consumer brand, Autonomy.


NEXTCAR HOLDING: Trinity Capital Marks $2.2MM Loan at 34% Off
-------------------------------------------------------------
Trinity Capital Inc. has marked its $2,274,000 loan extended to
NextCar Holding Company, Inc. to market at $543,000 or 66% of the
outstanding amount, according to Trinity's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

Trinity is a participant in a Secured Loan to NextCar Holding
Company, Inc. The loan accrues interest at a variable interest rate
Prime + 5.8% or Floor rate 9.0%; EOT 2.0% per annum. The loan
matures on December 31, 2025.

Trinity was incorporated under the general corporation laws of the
State of Maryland on August 12, 2019 and commenced operations on
January 16, 2020. Trinity is a specialty lending company providing
debt, including loans, equipment financing and asset based lending,
to growth-oriented companies, including institutional
investor-backed companies. It is an internally managed, closed-end,
non-diversified management investment company that has elected to
be regulated as a BDC under the 1940 Act. It has elected to be
treated, and intend to qualify annually, as a RIC under Subchapter
M of the Code for U.S. federal income tax purposes.

Trinity is led by Kyle Brown as Chief Executive Officer, President
and Chief Investment Officer; and Michael Testa as Chief Financial
Officer and Treasurer.

The Company can be reach through:

Kyle Brown
Trinity Capital Inc.
1 N. 1st Street, Suite 302
Phoenix, AZ 85004
Telephone: (480) 374‑5350

       About NextCar Holding Company, Inc.

NextCar Holding Company, Inc. is a technology company that operates
a vehicle subscription service, originally under its own name and
now also under its acquired consumer brand, Autonomy.


NEXTCAR HOLDING: Trinity Capital Marks $3.4MM Loan at 76% Off
-------------------------------------------------------------
Trinity Capital Inc. has marked its $3,411,000 loan extended to
NextCar Holding Company, Inc. to market at $814,000 or 24% of the
outstanding amount, according to Trinity's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

Trinity is a participant in a Secured Loan to NextCar Holding
Company, Inc. The loan accrues interest at a variable interest rate
prime + 5.8% or floor rate 9.0%; EOT 2.0% per annum. The loan
matures on December 31, 2025.

Trinity was incorporated under the general corporation laws of the
State of Maryland on August 12, 2019 and commenced operations on
January 16, 2020. Trinity is a specialty lending company providing
debt, including loans, equipment financing and asset based lending,
to growth-oriented companies, including institutional
investor-backed companies. It is an internally managed, closed-end,
non-diversified management investment company that has elected to
be regulated as a BDC under the 1940 Act. It has elected to be
treated, and intend to qualify annually, as a RIC under Subchapter
M of the Code for U.S. federal income tax purposes.

Trinity is led by Kyle Brown as Chief Executive Officer, President
and Chief Investment Officer; and Michael Testa as Chief Financial
Officer and Treasurer.

The Company can be reach through:

Kyle Brown
Trinity Capital Inc.
1 N. 1st Street, Suite 302
Phoenix, AZ 85004
Telephone: (480) 374‑5350

          About NextCar Holding Company, Inc.

NextCar Holding Company, Inc. is a technology company that operates
a vehicle subscription service, originally under its own name and
now also under its acquired consumer brand, Autonomy.


NEXTCAR HOLDING: Trinity Capital Marks $5.6MM Loan at 76% Off
-------------------------------------------------------------
Trinity Capital Inc. has marked its $5,685,000 loan extended to
NextCar Holding Company, Inc. to market at $1,357,000 or 24% of the
outstanding amount, according to Trinity's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

Trinity is a participant in a Secured Loan to NextCar Holding
Company, Inc. The loan accrues interest at a variable interest rate
prime + 5.8% or floor rate 9.0%; EOT 2.0% per annum. The loan
matures on December 31, 2025.

Trinity was incorporated under the general corporation laws of the
State of Maryland on August 12, 2019 and commenced operations on
January 16, 2020. Trinity is a specialty lending company providing
debt, including loans, equipment financing and asset based lending,
to growth-oriented companies, including institutional
investor-backed companies. It is an internally managed, closed-end,
non-diversified management investment company that has elected to
be regulated as a BDC under the 1940 Act. It has elected to be
treated, and intend to qualify annually, as a RIC under Subchapter
M of the Code for U.S. federal income tax purposes.

Trinity is led by Kyle Brown as Chief Executive Officer, President
and Chief Investment Officer; and Michael Testa as Chief Financial
Officer and Treasurer.

The Company can be reach through:

Kyle Brown
Trinity Capital Inc.
1 N. 1st Street, Suite 302
Phoenix, AZ 85004
Telephone: (480) 374‑5350

         About NextCar Holding Company, Inc.

NextCar Holding Company, Inc. is a technology company that operates
a vehicle subscription service, originally under its own name and
now also under its acquired consumer brand, Autonomy.


NEXTTRIP INC: Raises $1 Million via Stock and Warrant Sale
----------------------------------------------------------
NextTrip, Inc. said in an SEC filing it raised $1 million by
selling 333,334 restricted shares of its common stock and warrants
for 166,667 shares of common stock to Charcoal Investments Ltd.,
with the warrants exercisable at $3 per share over three years,
including a cashless exercise option.

The Purchase Agreement included customary representations,
warranties, indemnification rights, and other provisions that
governed the parties' obligations in connection with the
transaction.

The Company plans to use the net proceeds from the sale of the
shares and warrants for working capital and general corporate
purposes.

                           About NextTrip

NextTrip, Inc. is a technology-driven travel company developing an
integrated travel booking and media platform connecting leisure,
group, and business travelers to global destinations.  Its
proprietary NXT2.0 booking engine supports personalized trip
planning and booking, while the Company markets travel services
through brands including NextTrip Vacations, Five Star Alliance,
and NextTrip Business, offering features for groups, travel agents,
and delayed payment options.  Complementing its booking platform,
NextTrip operates media properties such as Journy.tv and Travel
Magazine, which provide travel content intended to drive traffic
and enhance consumer engagement with its travel services.

In its audit report dated May 29, 2025, Haynie & Company issued a
"going concern" qualification citing that the Company has suffered
recurring losses from operations and has an accumulated deficit of
$34,349,823.  The losses in conjunction with uncertainty around the
success of management's future plans, raise substantial doubt about
its ability to continue as a going concern.

The Company had $13.91 million in total assets, $7.93 million in
total liabilities, $387,000 in mezzanine equity, and $5.59 million
in total stockholders' equity as of Aug. 31, 2025.

As of Aug. 31, 2025, the Company had $1,837,654 in cash and a
working capital deficit of $1,477,647, as compared to $1,062,367 in
cash and a working capital deficit of $105,577 as of Feb. 28, 2025.
Additionally, at Aug. 31, 2025, the amount due under its related
party line of credit totaled $2,831,575.

Given the lack of significant revenue since inception, NextTrip has
financed its operations primarily through the issuance of
short-term promissory notes, advances from related parties, and
private placements of its securities.

The Company expects to continue to incur net losses and negative
cash flows from operations for the foreseeable future as it invests
in technology enhancements, supplier relationships, and marketing
initiatives.  

NextTrip mentioned in its Quarterly Report for the period ended
Aug. 31, 2025, that it cannot guarantee the amount, availability,
or terms of any future financing.  Equity financing could
significantly dilute existing stockholders or come with burdensome
conditions, while debt financing could impose covenants and
repayment requirements that may be difficult to meet and could
strain business operations.  The Company also noted that it
currently has no arrangement or understanding for additional
financing, and if funds are unavailable, it may need to delay,
scale back, or cease certain operations and could risk losing its
Nasdaq listing.


NGL ENERGY: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed NGL Energy Partners LP's (NGL) and NGL
Energy Operating LLC's (Operating) Long-Term Issuer Default Ratings
(IDR) at 'B'. The Rating Outlook is Stable. Additionally, Fitch has
affirmed the 'BB-' rating with a Recovery Rating of 'RR2' for the
Operating's senior secured term loan B and the 'BB'/'RR1' rating
for the senior secured ABL facility. Fitch has also affirmed the
'BB-'/'RR2' rating for the senior secured notes co-issued by
Operating and NGL Energy Finance Corp.

The ratings reflect NGL's (B/Stable) growing Water Solutions
business, increasing focus on stabling cash flow, and
diversification across geographies and business lines. These
strengths are offset by a complex capital structure, limited
financial flexibility, and exposure to commodity price volatility.

Key Rating Drivers

Water Strength Stabilizes Cash Flow: As of 2Q26, NGL's Water
Solutions segment has grown at a compound annual rate of about 8%
over the past three years, more than offsetting the EBITDA lost
from close to $500 of asset sales during this period. Beyond
supportive commodity prices and its large Permian footprint, growth
has been driven by minimum-volume-commitment (MVC) backed projects
and a stronger counterparty credit profile. With its large-diameter
infrastructure largely built out, higher volumes have lifted
pipeline utilization and operating margins.

Despite softer crude prices, Fitch expects NGL's cash flow to
remain relatively resilient. Customers in this segment are
predominantly investment-grade and supermajors, which typically
maintain stable production through commodity cycles. Resilience is
further underpinned by larger acreage dedication and a rising share
of take-or-pay contracts, with average remaining term of around
nine years.

Capital Structure Limits Financial Flexibility: NGL's sizeable
interest burden constrains financial flexibility, limiting capacity
to fund growth projects and slowing debt reduction. The capital
structure includes several tranches of senior secured debt and
three classes of high-coupon preferred units. Fitch expects FFO
interest coverage, including preferred dividends, to be around 1.8x
in FY 2026, improving modestly over 2.0x thereafter. While Fitch
anticipates growth projects to be funded with FCF, meaningful
positive FCF is unlikely in years of elevated capex.

The liquids asset sale, while significantly reducing working
capital needs, also lowers the borrowing base of the revolving
credit facility. To simplify the structure and reduce the burden,
NGL began redeeming its Class D preferred units this year. Fitch
views this as credit supportive because it lowers preferred
dividends and eases the FY 2028 liquidity overhang when the put
option becomes exercisable. However, pace of redemption depends on
capital allocation priorities, given limited flexibility and a
sizable redemption premium.

Financial Discipline Critical for Deleveraging: Fitch-calculated
leverage, which includes 50% of Class B and C preferred units and
all of Class D, is projected to decline to about 5.8x in FY 2026
from roughly 6.0x, driven mainly by EBITDA growth and Class D
redemptions. While leverage remains elevated, NGL has executed
modest share and warrant repurchases. The transactions are small
and do not materially affect credit metrics, but they signal an
effort to balance shareholder considerations with deleveraging
objectives. Fitch believes sustained emphasis on debt reduction
will remain important given the current financial profile.

Scale and Diversity: NGL generates over $600 million of EBITDA,
making it larger than many single 'B' Fitch-rated midstream issuers
and active across multiple basins. Fitch views this scale and
diversification across geographies and business lines as credit
positive, helping mitigate cash flow volatility versus single-basin
peers focused on gathering and processing. The company's size also
provides optionality to monetize non-core assets to fund growth or
reduce debt. However, following significant divestitures over the
past three years, NGL's diversification benefits is diminishing,
tempering these benefits.

Commodity Price Exposure: Fitch expects margins to soften in
segments with direct commodity exposure as crude prices decline.
Roughly 25% of NGL's net revenue is subject to price volatility
through skim-oil sales and crude/liquids marketing, a share that
has fallen as the company adds fixed-fee revenues and divests crude
and liquids assets. As of 2Q26, skim oil was about 13% of LTM water
revenue, with the remaining exposure coming from marketing
activities that depend on location and time spreads. NGL does not
maintain a consistent hedging program for skim oil and uses either
short-term hedging or back-to-back contracts to mitigate residual
price risk.

Volumetric Risks: NGL's businesses, largely tied to the crude oil
production, face volumetric risk, especially in a prolonged
commodity down cycle. Absent MVC protection, water volumes are
sensitive to producers' drilling activity, and reduced activity on
dedicated acreage can lower system throughput. Customers' choices
between recycling and disposal can add to short-term volume
volatility. The risk is partially mitigated by NGL's growth in
long-dated volume assurance contracts and dedicated acreages in
high production counties.

Peer Analysis

WBI Operating LLC (BB-/Stable) is a midstream water services
provider in the Delaware, Eagle Ford, and Arkoma basins. With
expected EBITDA of over $300 million, it is smaller and less
geographically and operationally diversified than NGL. WBI faces
higher volumetric risk due to the absence of significant MVCs,
whereas over 33% of NGL's EBITDA, an increasing share, is backed by
MVCs. NGL, however, has greater commodity price exposure and a
history of acquisitions funded with debt and preferreds, pressuring
its balance sheet.

Fitch expects WBI's leverage to remain below 4.0x, roughly 2.0x
lower than NGL's forecast leverage by FYE 2026. NGL's liquidity is
also weaker given sizable cash interest and preferred dividends.
Consequently, NGL is rated two notches below WBI, as its modestly
lower business risk is outweighed by higher financial risk.

Recovery Analysis

The recovery analysis assumes that NGL would be considered a
going-concern in bankruptcy and that the partnership would be
reorganized rather than liquidated. Fitch has assumed a 10%
administrative claim (standard). The going-concern EBITDA estimate
of approximately $500 million represents approximately a 20%
discount to FY 2025 EBITDA. It reflects Fitch's view of a mid-cycle
estimate of a sustainable EBITDA level post-default and bankruptcy
emergence.

This level assumes an EBITDA run rate of approximately $500
million, slightly higher than the post-pandemic EBITDA when the
last significant oil price decline happened, reflecting the
increasing contribution from fee-based revenues since then.

Fitch used a 6x EBITDA multiple to arrive at NGL's going-concern
enterprise value. The multiple reflects the recent reorganization
multiples of 6x in the energy sector.

There have been a limited number of bankruptcies and
reorganizations within the midstream space, but in the limited
sample, such as the bankruptcies of Azure Midstream and Southcross
Holdco, the reorganization multiples were between 5x and 7x by
Fitch's best estimates. In Fitch's recent bankruptcy case study
report Energy, Power and Commodities Bankruptcies Enterprise Value
and Creditor Recoveries, published in September 2023, the median
enterprise valuation exit multiplies for 51 energy cases, for which
this was available, was 5.3x, with a wide range of multiples
observed.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDA leverage is expected to sustain above 6.5x;

- FFO interest coverage is expected to sustain below 1.5x;

- Inability to proactively improve liquidity profile;

- Change in financial policy, such as shareholder payout or
leveraging acquisitions, which results in negative free cash flows
and weakens liquidity.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- EBITDA leverage sustained below 5.5x after full redemption of
Class D preferred units.

Liquidity and Debt Structure

As of Sept. 30, 2025, NGL had about $283.7 million of liquidity,
consisting of $8.7 million in cash and about $275 million of
available capacity under its ABL Facility (ABL). Availability is
determined by the lower of the 399.6 million borrowing base and the
$475 million total commitment. The ABL includes a $200 million
sub-limit for letter of credit. On that date, $71 million was drawn
under the ABL and $53.6 million letters of credit were
outstanding.

The ABL includes a financial covenant requiring a fixed-charge
coverage ratio of at least 1.0x upon the occurrence and during the
continuance of a Cash Dominion Event. The term loan agreement
requires a debt service coverage ratio of at least 1.1x as of the
last day of each testing period. Fitch expects NGL to remain in
compliance with these covenants over the forecast horizon.

NGL's cash needs are elevated, driven by high interest expense,
preferred dividends, and the voluntary Class D redemption,
including a sizable premium. However, recent divestitures of
non-core assets in the Liquids Logistics segment have reduced
working capital requirements tied to seasonal inventory builds.

The partnership's next maturity is its ABL facility, due Feb. 2,
2029, with a springing maturity that could accelerate the due date
to Nov. 16, 2028, tied to the 2029 secured notes maturity. In the
medium term, liquidity could be pressured by the put option
embedded in the Series D preferred units around Dec. 29, 2027.

Issuer Profile

NGL Energy Partners LP (NGL) is a publicly traded MLP headquartered
in Tulsa, Oklahoma. The partnership provides services in produced
water disposal, crude oil storage and transportation, as well as
marketing of crude oil, natural gas liquids and refined products.

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
   -----------                 ------         --------   -----
NGL Energy Partners LP   LT IDR B   Affirmed             B

NGL Energy Finance
Corp.

   senior secured        LT     BB- Affirmed    RR2      BB-
    
NGL Energy
Operating LLC            LT IDR B   Affirmed             B

   senior secured        LT     BB  Affirmed    RR1      BB

   senior secured        LT     BB- Affirmed    RR2      BB-


NOMAD HEALTH: Trinity Capital Marks $11.4MM Loan at 34% Off
-----------------------------------------------------------
Trinity Capital Inc. has marked its $11,401,000 loan extended to
Nomad Health, Inc. to market at $7,533,000 or 66% of the
outstanding amount, according to Trinity's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

Trinity is a participant in a Secured Loan to Nomad Health, Inc.
The loan accrues interest at a rate of fixed interest rate 7.5%;
EOT 0.0% per annum. The loan matures on January 1, 2028.

Trinity was incorporated under the general corporation laws of the
State of Maryland on August 12, 2019 and commenced operations on
January 16, 2020. Trinity is a specialty lending company providing
debt, including loans, equipment financing and asset based lending,
to growth-oriented companies, including institutional
investor-backed companies. It is an internally managed, closed-end,
non-diversified management investment company that has elected to
be regulated as a BDC under the 1940 Act. It has elected to be
treated, and intend to qualify annually, as a RIC under Subchapter
M of the Code for U.S. federal income tax purposes.

Trinity is led by Kyle Brown as Chief Executive Officer, President
and Chief Investment Officer; and Michael Testa as Chief Financial
Officer and Treasurer.

The Company can be reach through:

Kyle Brown
Trinity Capital Inc.
1 N. 1st Street, Suite 302
Phoenix, AZ 85004
Telephone: (480) 374‑5350

          About Nomad Health, Inc.

Nomad Health is an online marketplace that directly connects
physicians, nurses, and medical facilities for healthcare jobs,
without the involvement of third party employment agencies. Nomad
Health is based in New York City.


NOMAD HEALTH: Trinity Capital Marks $500,000 Loan at 24% Off
------------------------------------------------------------
Trinity Capital Inc. has marked its $500,000 loan extended to Nomad
Health, Inc. to market at $381,000 or 76% of the outstanding
amount, according to Trinity's Form 10-Q for the quarterly period
ended September 30, 2025, filed with the U.S. Securities and
Exchange Commission.

Trinity is a participant in a Secured Loan to Nomad Health, Inc.
The loan accrues interest at a rate of fixed interest rate 10.0%;
EOT 0.0% per annum. The loan matures on September 1, 2027

Trinity was incorporated under the general corporation laws of the
State of Maryland on August 12, 2019 and commenced operations on
January 16, 2020. Trinity is a specialty lending company providing
debt, including loans, equipment financing and asset based lending,
to growth-oriented companies, including institutional
investor-backed companies. It is an internally managed, closed-end,
non-diversified management investment company that has elected to
be regulated as a BDC under the 1940 Act. It has elected to be
treated, and intend to qualify annually, as a RIC under Subchapter
M of the Code for U.S. federal income tax purposes.

Trinity is led by Kyle Brown as Chief Executive Officer, President
and Chief Investment Officer; and Michael Testa as Chief Financial
Officer and Treasurer.

The Company can be reach through:

Kyle Brown
Trinity Capital Inc.
1 N. 1st Street, Suite 302
Phoenix, AZ 85004
Telephone: (480) 374‑5350

          About Nomad Health, Inc.

Nomad Health is an online marketplace that directly connects
physicians, nurses, and medical facilities for healthcare jobs,
without the involvement of third party employment agencies. Nomad
Health is based in New York City.


OGEE INC: Trinity Capital Marks $4.7MM Loan at 15% Off
------------------------------------------------------
Trinity Capital Inc. has marked its $4,700,000 loan extended to
Ogee, Inc. to market at $4,018,000 or 85% of the outstanding
amount, according to Trinity's Form 10-Q for the quarterly period
ended September 30, 2025, filed with the U.S. Securities and
Exchange Commission.

Trinity is a participant in a Secured Loan to Ogee, Inc. The loan
accrues interest at a rate of variable interest rate Prime + 5.8%
or floor rate 12.0%; EOT 3.8% per annum. The loan matures on March
1, 2027.

Trinity was incorporated under the general corporation laws of the
State of Maryland on August 12, 2019 and commenced operations on
January 16, 2020. Trinity is a specialty lending company providing
debt, including loans, equipment financing and asset based lending,
to growth-oriented companies, including institutional
investor-backed companies. It is an internally managed, closed-end,
non-diversified management investment company that has elected to
be regulated as a BDC under the 1940 Act. It has elected to be
treated, and intend to qualify annually, as a RIC under Subchapter
M of the Code for U.S. federal income tax purposes.

Trinity is led by Kyle Brown as Chief Executive Officer, President
and Chief Investment Officer; and Michael Testa as Chief Financial
Officer and Treasurer.

The Company can be reach through:

Kyle Brown
Trinity Capital Inc.
1 N. 1st Street, Suite 302
Phoenix, AZ 85004
Telephone: (480) 374‑5350

       About Ogee, Inc.

Ogee, Inc. operates as commercial stage beauty company. The Company
focuses on providing certified-organic, high-performance skincare
and makeup products made from sustainable ingredients. Ogee serves
customers worldwide.


OLD FASHION: Seeks to Use Cash Collateral
------------------------------------------
Old Fashioned Butcher Shop Inc. and affiliates 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 seek, among other things, adequate protection for
secured creditors including Key Bank, Key Equipment Finance, the
SBA, TD Bank, and Advance Service Group in connection with the use
of cash collateral. The Debtors filed their Subchapter V Chapter 11
petitions on November 10, 2025 (OFBS and Star Natural 1) and
November 19, 2025 (Star Natural LLC). OFBS operates a traditional
butcher shop, while Star Natural 1 runs a meat processing business,
both serving the Greek community in Astoria, Queens.

The Debtors maintain secured obligations to Key Bank, Key
Equipment, and the SBA, with total asserted debts of at least
$250,000 to Key Bank, $250,000 to Key Equipment, and $300,000 to
the SBA. Star Natural 1 also has liens asserted by TD Bank, the
SBA, and a post-petition merchant cash advance by Advance, which
the Debtors intend to challenge.

The Debtors require access to cash collateral to pay ordinary and
necessary operating expenses, including payroll, utilities, vendor
obligations, and insurance, which are essential to maintain
operations and preserve the value of their estates.

To provide adequate protection to the secured parties, the Debtors
propose: (i) interest-only payments on prepetition obligations,
(ii) replacement liens on all assets of the Debtors (subject to
challenge in the case of Advance), and (iii) superpriority
administrative claims for the extent of any diminution in value of
collateral resulting from cash collateral use.

The Debtors emphasize that without immediate access to cash
collateral, they would suffer irreparable harm, including
disruption of operations, loss of revenue, and inability to pay
employees, threatening the reorganization process and reducing
estate value.

A court heariug is set for January 16, 2026.

A copy of the motion is available at https://urlcurt.com/u?l=lZpyyo
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.


PARIS312 LLC: Gets Interim OK to Use Cash Collateral Until Jan. 8
-----------------------------------------------------------------
Paris312, LLC received second interim approval from the U.S.
Bankruptcy Court for the Northern District of Illinois, Eastern
Division, to use cash collateral to fund operations.

The court's second interim order authorized the Debtor to utilize
cash collateral through January 8, 2026 in accordance with its
budget, plus 10% set forth on its budget or as agreed with secured
creditors.

As adequate protection, secured creditors including
WebBank/Shopify, Spartan Business Solutions, LLC and the U.S. Small
Business Administration will be granted post-petition replacement
liens, maintaining the same priority as their pre-bankruptcy
liens.

The next hearing is set for January 7, 2026.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/u3KGV from PacerMonitor.com.

The Debtor's assets consist of cash deposits, equipment, office
furniture and furnishings, and general intangibles, with a market
value of$18,429.08. All proceeds of the collateral including cash
and cash equivalents constitute cash collateral.

The Debtor's records reflect that the SBA, WebBank and Spartan are
currently owed $500,000, $137,625.03 and $38,200, respectively.
These creditors assert a security interest in the collateral by
virtue of a UCC financing statement filed with the Illinois
Secretary of State.

                        About Paris312 LLC

Paris312, LLC operates an online and brick and mortar party store
in Chicago offering décor and gift deliveries for every occasion.

Paris312 sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ill. Case No. 25-15872) on October 15, 2025,
listing between $50,001 and $100,000 in assets and between $1
million and $10 million in liabilities. The petition was signed by
Alireza Shahanaghi as managing member.

The Debtor is represented by:

   Gregory K. Stern, Esq.
   Gregory K. Stern, P.C.
   Tel: 312-427-1558
   Email: greg@gregstern.com


PH BEAUTY III: Moody's Affirms B3 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Ratings has affirmed pH Beauty Holdings III, Inc.'s (pH
Beauty) B3 Corporate Family Rating, B3-PD Probability of Default
Rating and the B3 ratings on its senior secured first lien bank
credit facilities. The senior secured facilities include a $15
million revolver maturing in June 2027 and a $422 million term loan
due in September 2027. Moody's also changed the rating outlook to
negative from stable.

On November 19, 2025, pH Beauty completed the sale of its BYOMA
skincare segment. The company expects to apply approximately $450
million in net proceeds to first prepay a portion of the first lien
term loan and the outstanding $10.5 million revolver balance, with
an additional prepayment of the term loan anticipated in the coming
weeks. In total, about $294 million of the first lien term loan
will be repaid, along with funding a $170 million shareholder
dividend and covering related fees and expenses.  Following these
actions, the remaining first lien term loan debt is expected to be
$120 million.

The change in outlook to negative reflects heightened execution
risk in turning around the remaining portfolio, which is
concentrated in underperforming categories such as cosmetic
accessories, bath accessories, and sunless tanning. These segments
are highly exposed to discretionary spending and face ongoing
headwinds including cautious consumer spending and higher costs due
to tariffs, making the company's ability to achieve revenue and
earnings growth in 2026 uncertain. In addition, refinancing risk is
elevated given the full debt maturity in 2027 and uncertainty
surrounding the turnaround story. The limited visibility into the
sustainable earnings level of the retained business portfolio
creates uncertainty about the ability to generate positive free
cash flow. BYOMA was a key earnings and cash flow driver, and the
sale meaningfully reduces pH Beauty's revenue base, product
diversification, and growth potential.

The affirmation of the ratings considers the reduction in debt
resulting from the asset sale will meaningfully lower cash interest
expense, as well as the improvement in liquidity because of the
revolver repayment. Moody's assumes in the ratings that
debt-to-EBITDA leverage will decline below 4x and the company will
generate $5-10 million of free cash flow in 2026 but the limited
earnings visibility creates uncertainty around this forecast.

RATINGS RATIONALE

The B3 CFR reflects pH Beauty's small revenue base, concentration
in mature commodity-oriented products with limited growth
prospects, exposure to discretionary consumer spending, supply
chain risks and aggressive financial policies. The November 2025
divestiture of the BYOMA skincare brand removes the company's
primary growth driver and leaves a portfolio focused on more
discretionary and underperforming categories such as cosmetic
accessories, bath accessories, and sunless tanning, which are
vulnerable to shifts in consumer spending and competitive
pressures. Strategic uncertainty has increased following this
transaction, as the company's diminished revenue base and execution
risk around turning the remaining brands into a sustainable growth
platform are significant. Limited visibility into the sustainable
earnings of the remaining portfolio offset benefits such as strong
brand name recognition in niche markets and some diversification
across beauty tools such as makeup brushes, sunless tanning
products and bath accessories.

Financial policies remain aggressive under private equity
ownership, evidenced by two large shareholder distributions in 2025
including a $170 million dividend funded from the BYOMA sale
proceeds. Moody's anticipates debt-to-EBITDA leverage will decline
below 4x in 2026. Lower annual interest costs in the range of
$10-12 million and limited capital spending because of outsourced
production create only a modest EBITDA need to generate positive
free cash flow depending on the level of working capital
investment. Refinancing risk persists given the maturity of the $15
million revolver in June 2027 and remaining term loan in September
2027. The company continues to source most products
internationally, with a heavy reliance on China. Sourcing
diversification efforts are underway, but any material changes in
tariffs or supply chain disruptions could pressure margins.

Governance considerations were a key driver of the rating action.
pH Beauty's financial policies remain aggressive under private
equity ownership, as evidenced by two large shareholder
distributions in 2025, including one funded from asset sale
proceeds. These actions, combined with strategic uncertainty
following the divestiture of BYOMA and the company's concentrated
business profile, increase event risk and weigh on the credit
quality despite the debt reduction.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The negative outlook reflects Moody's views that execution risk in
turning around the remaining portfolio is high, growth prospects
are weak and limited visibility into the earnings of the retained
visibility creates uncertainty that the company can generate
sustained positive free cash flow. Liquidity will weaken if the
company does not proactively address the elevated refinancing risk
related to the maturity of the entire debt structure in 2027.

The ratings could be upgraded if the company demonstrates sustained
revenue and earnings growth, mitigates tariff related risk, and
generates sustained and comfortably The company would also need to
sustain debt-to-EBITDA leverage below 3.0x  and maintain good
liquidity including proactively addressing its 2027 maturities at a
manageable cash interest cost to be considered for an upgrade.

The ratings could be downgraded if operating earnings do not
improve due to factors such as distribution losses at customers,
declining volumes, or higher costs. Weak negative free cash flow or
a deterioration in liquidity could also lead to a downgrade.

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.

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.

pH Beauty, headquartered in New York, NY is a beauty platform
specializing in makeup tools, bath and hair accessories, and
sunless tanning products. Its portfolio includes brands such as
Real Techniques, EcoTools, Isle of Paradise, Tanologist, Tan-Luxe
and Freeman Beauty, that have modest market share positions in
their categories, supported by consumer loyalty and accessibility.
The company benefits from recurring revenue through consumable
products with high velocity and regular repeat purchases. FBB
maintains an omni-channel presence across mass and masstige
retailers (Ulta, Sephora) as well as online platforms, and
generates approximately 26% of net revenue outside the United
States. The company operates an asset-light with production
outsourced. pH Beauty expects to generate $209 million in net
revenue in 2025 post the sale of its skincare brand BYOMA.


PINNACOL HOLDINGS: Hires Michael Best & Friedrich as Counsel
------------------------------------------------------------
Pinnacol Holdings, LLC filed a supplemental application seeking
approval from the U.S. Bankruptcy Court for the District of
Colorado to employ Michael Best & Friedrich LLP, successor to Allen
Vellone Wolf Helfrich & Factor as counsel.

Effective October 1, 2025, Allen Vellone Wolf combined with and
became part of Michael Best & Friedrich LLP. The lead attorney
originally approved to represent the Debtor, Jeffrey Weinman, is
now affiliated with Michael Best. The Debtor desires to continue
representation with the same attorneys, now practicing under
Michael Best & Friedrich LLP.

The continued employment of Michael Best as general bankruptcy
counsel is necessary and beneficial to Debtor, its bankruptcy
estate, and the Estate's creditors to represent the Debtor in
connection with, among other things, providing legal advice and
representation in connection with the general administration of the
Estate, confirmation of any proposed plan of reorganization, all
other contested and adversary matters that arise in this case,
investigation and litigation of any avoidance or other action the
Estate may have, and other legal services for Debtor related to or
arising out of contested matters in this bankruptcy case.

The firm's hourly rates are:

     Jeffrey A. Weinman    $650
     Bailey C. Pompea      $425
     Partners              $475 to 725
     Associates            $350 to 450
     Paralegals            $120 to 225

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Jeffrey A. Weinman, Esq. a partner at Michael Best & Friedrich 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:

     Jeffrey A. Weinman, Esq.
     Bailey C. Pompea, Esq.
     MICHAEL BEST & FRIEDRICH LLP
     675 15th Street, Suite 2000
     Denver, CO 80202
     Tel: (720) 240-9515
     Email: jeffrey.weinman@michaelbest.com
     Email: bailey.pompea@michaelbest.com

      About Pinnacol Holdings, LLC

Pinnacol Holdings, LLC in Clovis, NM, filed its voluntary petition
for Chapter 11 protection (Bankr. D. Colo. Case No. 25-10480) on
Jan. 29, 2025, listing $0 to $50,000 in assets and $10 million to
$50 million in liabilities. Clayton R. Smith as president, signed
the petition.

Michael Best & Friedrich LLP serves as the Debtor's legal counsel.


PLATINUM BEAUTY: Court Extends Cash Collateral Access to Dec. 16
----------------------------------------------------------------
Platinum Beauty Bar and Spa, LLC received fourth interim approval
from the U.S. Bankruptcy Court for the Middle District of Georgia,
Macon Division, to use cash collateral.

The fourth interim order authorized the Debtor to use cash
collateral until the final hearing scheduled for December 16 to pay
operating expenses in accordance with its budget.

As adequate protection, Citizens Bank will receive a replacement
lien on the Debtor's post-petition property that is similar to its
pre-bankruptcy collateral. The replacement lien does not apply to
Chapter 5 avoidance proceeds and is automatically valid and
perfected as of the petition date.

In addition, the Debtor must make monthly payments of $13,461 as
further protection, plus escrow payments of $1,885.43.

              About Platinum Beauty Bar and Spa LLC

Platinum Beauty Bar and Spa, LLC is a full-service spa in Conyers,
Georgia. The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Ga. Case No. 23-51222) on September 1,
2023. In the petition signed by Rebecca Davis, sole member, the
Debtor disclosed up to $10 million in both assets and liabilities.

Judge Austin E. Carter oversees the case.

William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC,
represents the Debtor as legal counsel.

Citizens Bank, as lender, is represented by John A. Thomson, Jr.,
Esq., at Adams and Reese LLP.


PRINCE LAND: Unsecureds to Get $2,500 per Month for 5 Years
-----------------------------------------------------------
Prince Land, Inc., filed with the U.S. Bankruptcy Court for the
Southern District of Florida a Disclosure Statement describing
Chapter 11 Plan dated November 28, 2025.

The Debtor is a corporation organized under the laws of the State
of Florida which operates as a heavy civil contractor.

Specifically, it performs all aspects of horizontal construction
starting with the raw land to prepare a project site for vertical
construction. The principal of the Debtor, Bruce Prince, has been
in the site development business for 42 years.

The Debtor's financial issues stem from a project it was involved
in known as America Walks, a senior housing project to be built in
St. Lucie County, Florida (the "Project"). Procedurally, on
December 1, 2022, America Walks commenced arbitration proceedings
(the "Arbitration") by filing with the American Arbitration
Association (the "AAA") a Demand for Arbitration against Origin,
the Debtor, and the Surety, seeking damages in excess of
$10,000,000.00.

After a lengthy trial before the Arbitration Panel, the Panel ruled
in favor of America Walks. The Panel entered an Interim Award on
the Merits dated May 13, 2025 in the amount of $9,318,985.23
against the Debtor. As America Walks was the prevailing party, the
Panel found that America Walks was entitled to a claim for
attorney's fees.

Post-petition, America Walks filed a Motion for Relief from Stay
requesting that the litigation between it and the Surety be allowed
to continue outside this forum. The Debtor believes that
confirmation of this Chapter 11 plan can provide the Debtor with
relief to overcome its losses, continue operating, and keep its
many employees employed.

The Debtor believes that the Plan of Reorganization provides the
best value for the creditors' claims and is in their best interest.
Cash flow Projections set forth a projected budget of the Debtor
for the five-year term of the Plan.

Class Eighteen consists of General Unsecured Claims. The General
Unsecured claims include all other allowed claims of Unsecured
Creditors of the Debtor, subject to any Objections that are filed
and sustained by the Court. The general unsecured claims prior to
the filing of any objections total the amount of $26,517,622.45,
which will be paid over the five-year term of the Plan at the rate
of $2,500.00 per month on a pro-rata basis. The payments will
commence on the Effective Date of the Plan.

The dividend to this class of creditors is subject to change upon
the determination of objections to claims. To the extent that the
Debtor is successful or unsuccessful in any or all of the proposed
Objections, then the dividend and distribution to each individual
Class of General Unsecured Claims then the dividend and
distribution to each individual creditor will be adjusted
accordingly. These claims are impaired.

Class Nineteen consists of Equity Holders. There shall be no
distribution to the equity holders of the Debtor under the
confirmed Plan and no dividends to this class of claimants.

The Debtor will continue to operate and be managed by Bruce Prince,
the President and sole shareholder.

The Debtor's largest asset is its Accounts Receivable. As of the
filing of the Plan and Disclosure Statement, the Accounts
Receivable was $3,121,705.48. This Accounts Receivable as reported
is essentially a work in progress report as the figure is a gross
amount due, before subcontractors, vendors and supplies are paid.
Current outstanding subcontractors, supplies and vendors for the
ongoing projects total $2,660,766.34.

A full-text copy of the Disclosure Statement dated November 28,
2025 is available at https://urlcurt.com/u?l=JB1Xoj from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Dana Kaplan, Esq.
     Kelley Kaplan & Eller, PLLC
     1665 Palm Beach Lakes Blvd., Suite 1000
     West Palm Beach, FL 33401
     Tel: (561) 491-1200
     Fax: (561) 684-3773
     Email: bankruptcy@kelleylawoffice.com

                             About Prince Land Inc.

Prince Land, Inc., is a corporation organized under the laws of the
State of Florida which operates as a heavy civil contractor.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18992-EPK) on August
1, 2025. In the petition signed by Bruce Prince, president, the
Debtor disclosed up to $10 million in assets and up to $50 million
in liabilities.

Judge Erik P. Kimball oversees the case.

Craig I. Kelley, at Kelley Kaplan & Eller, PLLC, is the Debtor's
legal counsel.


PROFESSIONAL DIVERSITY: To Pay $1.6M in Stock for Web3 Consulting
-----------------------------------------------------------------
Professional Diversity Network, Inc. said in an SEC filing it has
entered a consultancy agreement with Deeptrade PTY LTD, a
non-affiliated accredited investor, to support the Company's
planned expansion into Web3.0, digital assets, and real-world asset
platforms, agreeing to a total $1,616,000 consideration to be paid
in cash, stock, or a combination, with the board approving issuance
of 898,000 common shares, subject to the limitations of Listing
Rule 5635 of The Nasdaq Stock Market LLC.

The Consultancy Shares will be issued relying on the registration
exemptions under Section 4(a)(2) of the Securities Act of 1933, as
amended, and/or Regulation D issued thereunder.  The Consultancy
Agreement includes standard representations, warranties, and
covenants.

                      About Professional Diverity

Professional Diversity Network, Inc., headquartered in Chicago,
Illinois, operates professional networks focused on talent
acquisition and career development, serving communities including
women, Hispanic Americans, African Americans, Asian Americans,
persons with disabilities, military professionals, and LGBTQ+
individuals.  The Company connects members with career
opportunities and employers with workforce needs.  It functions as
a holding company with three business units: TalentAlly, LLC and
NAPW, Inc., both wholly owned, and RemoteMore USA, Inc., in which
it holds a 73% stake.

In its audit report dated March 31, 2025, Sassetti LLC issued a
"going concern" qualification citing that the Company has incurred
recurring operating losses, has a significant accumulated deficit,
and will need to raise additional funds to meet its obligations and
the costs of its operations.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.

The Company had an accumulated deficit of $105,970,511 at Sept. 30,
2025.  During the nine months ended Sept. 30, 2025, the Company
generated a loss from continuing operations, net of tax, of
$3,607,800.  During the nine months ended Sept. 30, 2025, the
Company used cash in continuing operations of $3,495,663.  At Sept.
30, 2025, the Company had a cash balance of $265,258.  Total
revenues were $4,877,838 and $5,111,397 for the nine months ended
Sept. 30, 2025 and 2024, respectively.  The Company had a working
capital deficit from continuing operations of $2,127,729 at
Sept. 30, 2025 and a working capital from continuing operations of
$270,695 at Dec. 31, 2024.

Professional Diversity stated it is actively tracking its operating
expenses and capital needs.  Management is continuing to control
and lower costs by reducing staff, renegotiating and replacing
certain vendors, and using technology to cut down on manual work
for routine operations.  If these measures do not achieve adequate
cost reductions, the Company may consider selling other assets or
closing certain business lines.


PROST LLC: Files Amendment to Subchapter V Plan
-----------------------------------------------
Prost, LLC submitted a Modified Plan of Reorganization dated
November 26, 2025.

Under this Plan, the Debtor expects priority creditors to be paid
in full with legal interest and general unsecured creditors to
receive $72,000.

This Plan has a 60-month term which ends on December 31, 2030. Over
this term, the Debtor will have $233,559.80 in projected disposable
income.

Under the Plan, the Debtor proposes to pay $242,385.38 to
creditors. Plan payments will be paid on a quarterly basis with
each quarterly payment due not later than the last day of each
calendar quarter (i.e., March 31, June 30, September 30, and
December 31).

This Plan of Reorganization proposes to pay creditors of Debtor
from disposable operating income from normal business operations.

The Plan provides for the payment of administrative expense claims
in full by 1Q'27, and payment of priority tax claims in full (with
applicable legal interest) by 3Q'28.

Overall, the Plan projects to pay a 12.4% distribution to general
unsecured creditors. The Plan provides for the payment of
$72,000.00 total to general unsecured claims from 4Q'29 to 4Q'30,
which shall be distributed pro rata to holders of allowed general
unsecured claims.

Like in the prior iteration of the Plan, each allowed Class 3(a)
general unsecured claim shall receive a pro rata distribution of
equal quarterly payments in the amount of $8,000.00 beginning in
4Q’28 and ending in 4Q’30.  

Each holder of a Class 4 Interest will retain their rights and
interests without impairment and will not receive any payments on
account for their Class 4 Interests during the life of the Plan.

The Plan will be funded with the following: (i) cash on hand, (ii)
Debtor's protected disposable income over a period of sixty (60)
months, and (iii) pursuit of other estate claims and causes of
action, if any.

After the Effective Date, the Debtor shall be known as the
"Reorganized Debtor." The managing member of the Debtor, Molly
Rust, will remain as the sole managing member of the Reorganized
Debtor.

Molly Rust and Clint Stromberg are the current managers of the
Debtor. They are currently compensated consistent with a bi-weekly
salary of $3,000 pursuant to a Notice of Intended Action filed and
served on August 13, 2025.

The management of the Reorganized Debtor will remain the same as
the management of the Debtor. The management of the Reorganized
Debtor will be compensated at the rates currently approved for the
management of the Debtor, subject to future adjustment.

A full-text copy of the Modified Plan dated November 26, 2025 is
available at https://urlcurt.com/u?l=VAzJrv from PacerMonitor.com
at no charge.

Counsel to the Debtor:

     Donald W. Reid, Esq.
     Law Office Of Donald W. Reid
     PO Box 2227
     Fallbrook, CA 92088
     Tel: (951) 777-2460
     Email: don@donreidlaw.com
  
                           About Prost LLC

Prost LLC is a San Diego-based food service company operating
multiple restaurant and brewery concepts including Taco Loco, Bolt
Brewery, and Diego's Baja Grill.

Prost LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Cal. S.D. Cal. Case No. 25-03311) on August 11,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $100,000 and $500,000 each.

The Debtor is represented by Donald Reid, Esq. at Law Office Of
Donald W. Reid.


ROYAL HELIUM: Exits CCAA Through Reverse Takeover by Keranic
------------------------------------------------------------
Royal Helium Ltd. announced on November 28, 2025, that Royal and
its subsidiaries, Royal Helium Exploration Limited and Imperial
Helium Corp., have exited the proceedings commenced under the
Companies' Creditors Arrangements Act (Canada) pursuant to the
closing of a reverse takeover transaction by Keranic Industrial Gas
Inc. under an Amalgamation Agreement dated September 25, 2025 among
the Target Companies, Keranic, 102218166 Saskatchewan Ltd., and
102218200 Saskatchewan Inc.

Summary of the Transaction:

The Transaction was completed by way of a three-cornered
amalgamation pursuant to the Amalgamation Agreement, whereby, among
other things, Keranic and Subco, a wholly owned subsidiary of
Royal, amalgamated to form a new wholly-owned subsidiary of Royal
and the Target Companies were removed from the CCAA Proceedings.

The Transaction was completed pursuant to a reverse vesting order
approved by the Court of King's Bench (Alberta).

Prior to completion of the Amalgamation, a consolidation of Royal's
outstanding common shares was completed on an 8:1 basis, and then
the articles of Royal were amended to distinguish between two
classes of shares: Class A common voting shares and Class B
preferred non-voting shares.

All existing debentures, options and warrants of Royal outstanding
prior to closing the Transaction were terminated pursuant to the
Order.

All of the liabilities of the Target Companies, except for certain
retained liabilities were vested and transferred to ResidualCo
pursuant to the Order. The Target Companies retained all of their
assets which are now acquired by Keranic.

In connection with the Amalgamation, the holders of Keranic Shares
received one Class A Share for each one Keranic Share held prior to
the Amalgamation. All of the outstanding warrants of Keranic were
replaced with warrants to purchase Royal securities having the same
economic terms as the original securities.

Offering and Securities Details:

Prior to closing of the Transaction, Keranic completed a brokered
subscription receipt financing for 7,030,000 subscription receipts
of Keranic at a price of $0.50 per Subscription Receipt and a
non-brokered common share offering for 75,901,328 Class A shares of
Keranic at a price of $0.02108 per Keranic Share.

The proceeds from the Subscription Receipt Offering and Share
Offering were used to satisfy the purchase price of the
Transaction.

Immediately prior to closing of the Transaction, each Subscription
Receipt was automatically exchanged for one unit of Keranic
consisting of one Keranic Share and one Keranic Share purchase
warrant exercisable at a price of $0.65 per Keranic Share for a
period of three years from closing of the Transaction.

In addition, Keranic issued 562,400 broker warrants to acquire
Units at a price of $0.50 per Unit for a period of three years
following closing of the Transaction.

Research Capital Corporation acted as sole agent and bookrunner for
the Subscription Receipt Offering.

Strategic Investor:

An affiliate of AirLife Gases Private Limited (the "Strategic
Investor") subscribed for aggregate gross proceeds of $2,000,000
pursuant to the Subscription Receipt Offering and $930,000 pursuant
to the Share Offering and subsequently acquired an additional
31,783,681 Keranic Shares immediately prior to closing of the
Transaction. Following the closing of the Transaction, the
Strategic Investor holds approximately 52.9% of the fully diluted
Class A Shares.

The Strategic Investor is an established, multi-national supplier
and distributor of helium and specialty gases, offering both liquid
and gaseous helium to its global customer base in high-growth
sectors, including, but not limited to, healthcare, fiber optics,
semiconductors and aerospace and defense.

Operating from two international facilities, the Strategic
Investor's operations are supported by a fleet of ISO containers
for liquid helium transportation, that are globally compliant.
Supported by modern production facilities and a well-established
distribution network, the company has built long-standing supply
relationships with industrial clients, underpinned by best-in-class
quality assurance and regulatory compliance.

The Strategic Investor has secured numerous long-term partnerships
with helium producers, ensuring control of the supply chain and a
diverse helium source mix. Leveraging strong, growing demand for
essential gases, it has been strategically expanding its footprint
to further enhance service capabilities and scale.

The management team is comprised of industry experts with extensive
experience in the helium and specialty gases markets, underpinned
by a proven track record of successes.

The Strategic Investor has entered into an investor rights
agreement with Royal, pursuant to which the Strategic Investor has
the right to nominate such number of directors of Royal to have
majority board representation, and one of such nominee directors
shall be the chair of the board of directors. The Strategic
Investor has also been granted the corporate naming rights of
Royal, subject to regulatory and shareholder approval.

In addition, the Strategic Investor has been granted the exclusive
right to enter into a helium and specialty gases offtake agreement
with respect to all helium and all other products produced by the
Target Companies, on market terms. Syndicate Lending Corporation
acted as the sole agent to the strategic investor.

Asset Overview:

The Transaction includes Royal's four core areas with multiple
helium discoveries and widespread helium concentrations across a
large, 600,000-acre land position strategically located across
Saskatchewan's and Alberta's helium corridors, alongside the
recently built Steveville plant facility and pipeline
infrastructure capable of processing 15,000 Mcf/day of raw gas. The
Steveville plant facility will be restarting production within 12
weeks following the completion of the Transaction, leveraging a
helium-focused management team, with full capacity production
expected to be attained within 10-months.

Update on Trading:

Royal intends to apply to the TSX Venture Exchange to have its
Class A Shares listed for trading on the TSXV as soon as reasonably
practicable, subject to approval by the TSXV.

     About Royal Helium Ltd.

Royal Helium is a publicly listed helium exploration and production
company with a strategic portfolio of assets across Western Canada.
The company holds significant infrastructure and resource positions
in known helium-producing formations.

Research Capital Corporation served as financial advisor, and
McDougall Gauley LLP served as legal counsel. to Keranic in
connection with the Transaction and related financings.

Stikeman Elliott LLP acted as legal advisor to Research Capital
Corporation in connection with the financings.

AirLife was represented by Gowlings LLP as legal counsel.

Syndicate Lending Corporation acted as financial advisor to the
Strategic Investor.


SANDISK CORP: Moody's Hikes CFR to Ba2, Outlook Stable
------------------------------------------------------
Moody's Ratings upgraded the ratings of Sandisk Corporation
(Sandisk), including the corporate family rating to Ba2 from Ba3,
probability of default rating to Ba2-PD from Ba3-PD, and backed
senior secured first lien bank credit facility (revolving credit
facility and term loan B) to Ba2 from Ba3. The speculative grade
liquidity (SGL) rating is unchanged at SGL-1. The outlook remains
stable.

The ratings upgrade reflects governance factors, as Moody's expects
that Sandisk will maintain the conservative financial policy that
the company has followed since its spin-off from Western Digital
Corporation in late February 2025. Since the spin-off, Sandisk has
directed free cash flow (FCF) to reduce financial leverage. Over
the last two quarters, Sandisk reduced the outstanding balance of
the senior secured term loan (Term Loan) by about one-third such
that reported debt is now less than the cash balance.  

The upgrade also reflects the rapidly increasing revenues and
improving profitability as Sandisk benefits from strong demand
across its end markets. Pricing will remain supportive due to tight
supply conditions, which Moody's expects to be sustained over the
near term. Over the next 12 to 18 months, Moody's anticipates that
financial leverage will decline toward 0.8x debt to EBITDA (Moody's
adjusted) from about 3.4x (12 months ended October 03, 2025,
Moody's adjusted).

RATINGS RATIONALE

Sandisk's credit profile reflects Moody's expectations that the
company will maintain low financial leverage and very good
liquidity. Moody's expects debt to EBITDA (Moody's adjusted) will
decline toward 0.8x over the next 12 to 18 months from about 3.4x
(12 months ended October 03, 2025, Moody's adjusted). The very good
liquidity reflects the large cash balance, the fully-available $1.5
billion senior secured first lien revolving credit facility due
2030 (Revolver), and Sandisk's history of generating strong FCF
during industry upcycles. The credit profile also incorporates the
healthy long term growing market demand for data storage capacity,
the company's large operating scale, and its broad portfolio of
flash-based storage products.

Moody's considers low financial leverage and very good liquidity as
important underpinnings of the rating given the high variability of
flash memory end market demand, which results in periodic
market-wide inventory corrections such as those in 2022-2023 and
2019. Sandisk faces intense competition and has only modest market
share, with Samsung and SK Hynix each holding substantially larger
market shares in both flash memory and solid state drives (SSDs).
The flash industry is also highly capital intensive, which can
strain flash manufacturers' FCF during periods of elevated capital
for technology node transitions. The NAND memory chips that Sandisk
requires for its products are supplied by the manufacturing joint
ventures (Flash Ventures) between Sandisk and Kioxia Corporation.

The stable outlook reflects Moody's expectations that revenues will
increase toward $9.5 billion from $7.8 billion (12 months ended
October 03, 2025) over the next 12 to 18 months. Moody's expects
that with the growing revenues, profitability will also improve,
with the EBITDA margin approaching 20% (Moody's adjusted). The
increasing revenues and improved profitability will result in
deleveraging, with debt to EBITDA (Moody's adjusted) declining
toward 0.8x over the period.

The Ba2 rating on both the Revolver and the Term Loan, which equals
the Ba2 CFR, reflects the collateral (comprised of a first priority
lien on the company's assets), and the limited cushion of unsecured
liabilities.

Sandisk's speculative grade liquidity (SGL) rating of SGL-1
reflects the company's very good liquidity, including cash balance
of roughly $1.4 billion as of October 03, 2025 and the $1.5 billion
Revolver, which Moody's expects will remain fully available given
the large cash balance and the FCF generation. The Term Loan is not
subject to any financial maintenance covenants.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if:

-- The company demonstrates a track record of steadily improving
financial performance and consistent FCF generation

-- Sandisk achieves an improved competitive position, as evidenced
by revenue growth exceeding the industry growth rate, indicating
market share gains, while improving profitability rates

-- The company maintains a conservative financial policy,
including strong liquidity and low financial leverage, with debt to
EBITDA (Moody's adjusted) maintained below 1x and FCF to debt
(Moody's adjusted) above 25%

The ratings could be downgraded if:

-- Sandisk experiences an erosion of its market position as
evidenced by revenue growth or profitability rates trailing those
of its key peers

-- The company pursues an aggressive financial policy such that
liquidity is materially reduced or Moody's expects either FCF to
debt (Moody's adjusted) will remain below 20% or debt to EBITDA
(Moody's adjusted) will remain above 2x

Sandisk designs and manufactures data storage devices based on NAND
flash technology. Products include a broad range of solid state
drives (SSDs), embedded storage, removable storage cards, USB
drives, and NAND wafers and components.

The principal methodology used in these ratings was Semiconductors
published in October 2025.

Sandisk's Ba2 CFR is three notches below the scorecard-indicated
outcome of Baa2. The CFR incorporates the high volatility of end
market demand, the high capital-intensity, and Sandisk's limited
market share relative to its much larger, diversified competitors.


SCCY INDUSTRIES: Seeks to Extend Plan Exclusivity to December 31
----------------------------------------------------------------
SCCY Industries, LLC, asked the U.S. Bankruptcy Court for the
Middle District of Florida to extend its exclusivity periods to
file a plan of reorganization and obtain acceptance thereof to
December 31, 2025.

The Debtor is a Florida limited liability company that was formed
in 2003 to manufacture weaponry at 1800 Concept Court Daytona
Beach, FL.

Since the Petition Date, Debtor has worked diligently to evaluate
claims, reconcile financial information, and engage in discussions
concerning settlement structure, repayment terms, and creditor
treatment, all with the goal of maximizing value for the estate,
creditors, and stakeholders.

The Debtor explains that its progress toward settlement constitutes
cause for an extension of the exclusivity periods.

The Debtor claims that its delay in filing a plan is not the result
of inaction but of good-faith efforts to finalize a global
resolution that will maximize value for all stakeholders.

The Debtor asserts that this Motion is not submitted for purposes
of delay, and the company submits that the relief requested in this
Motion will not prejudice any party in interest.

SCCY Industries LLC is represented by:

     Justin M. Luna, Esq.
     L. William Porter III, Esq.
     Latham, Luna, Eden & Beaudine, LLP
     201 S. Orange Ave., Suite 1400
     Orlando, FL 32801
     Tel: (407) 481-5800
     Fax: (407) 481-5801
     E-mail: jluna@lathamluna.com

                             About SCCY Industries LLC

SCCY Industries LLC manufactured affordably priced polymer-frame
pistols for the civilian market. Operating out of Daytona Beach,
Florida, the Company specialized in models such as the CPX and DVG
series, with in-house production and a focus on personal defense
firearms.

SCCY Industries LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04877) on August 1,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.

Honorable Bankruptcy Judge Grace E. Robson handles the case.

The Debtor is represented by Justin M. Luna, Esq. at Latham, Luna,
Eden & Beaudine, LLP.


SCIL USA: Moody's Rates New $785MM Secured 1st Lien Term Loan 'B1'
------------------------------------------------------------------
Moody's Ratings has assigned a B1 rating to SCIL USA Holdings LLC's
$785 million backed senior secured 1st lien term loan B2. SCIL USA
Holdings LLC is a subsidiary of SCIL IV LLC (Polynt). The outlook
on SCIL USA Holdings LLC is stable.

RATINGS RATIONALE

This does not reflect additional debt issuance, but is a
reallocation of the company's recent backed senior secured first
lien term loan B issuance to separate the USD and EUR tranches. All
ratings and outlook associated with SCIL IV LLC are unchanged.

STRUCTURAL CONSIDERATIONS

Moody's aligns the B1 instrument ratings of the backed senior
secured first lien term loans B (TLB), RCF, and legacy backed
senior secured notes of SCIL IV LLC and SCIL USA Holdings LLC. The
TLBs, RCF and the backed senior secured notes rank pari passu. The
company's $100 million asset-based lending (ABL) facility (unrated)
is secured with inventories and receivables from the US
subsidiaries and ranks ahead of the TLBs, RCF and backed senior
secured notes. However, the size of the ABL is not sufficient to
warrant downward notching of the TLBs, RCF or backed senior secured
notes.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Factors that could lead to an upgrade of Polynt's ratings include:
(i) a track record of more conservative financial policies,
including a public commitment to achieve and maintain a specific
and lower target leverage, (ii) increased product and end-market
diversification which leads to improved revenue, volume and EBITDA
visibility and stability, (iii) Moody's-adjusted debt/EBITDA below
3.25x on a sustained basis, and (iv) FCF/Debt consistently in the
low double digits in percentage terms.

Factors that could lead to a downgrade of Polynt's ratings include:
(i) deterioration in end markets or a substantial decline in
GVA/ton, translating into significant operational and financial
underperformance, (ii) Moody's-adjusted gross debt/EBITDA exceeding
4.75x on a sustained basis, (iii) Moody's-adjusted FCF/debt in the
mid-single digits in percentage terms or lower, or (iv) the
enactment of more aggressive financial policies which would favor
shareholder returns over creditors.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Chemicals
published in October 2023.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

CORPORATE PROFILE

SCIL IV LLC (Polynt) is a large global supplier of composite
resins, with strong market shares in UPRs in both the US and
Europe. The company is 100% owned by funds associated with Black
Diamond Capital Management LLC. For the twelve months ended June
30, 2025 the company generated revenue of EUR2.1 billion.


SEXTANT STAYS: Hires Eisner Advisory Group as Tax Accountant
------------------------------------------------------------
Sextant Stays, Inc. d/b/a Roami seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Eisner Advisory Group LLC as tax accountant.

The firm will render these services:

     (a) prepare 2022 federal, state and local income tax returns;

     (b) prepare 2023 federal, state and local income tax returns;
and

     (c) prepare 2024 federal, state and local income tax returns.

In connection with the tax services, EA Group may provide these
additional tax services:

     (a) analyze and implement required tax regulations and
accounting method changes;

     (b) consult and research related to specific issues of
transactions;

     (c) provide tax projections and planning;

     (d) respond to notices and letters from tax authorities;

     (e) represent Debtor in connection with tax examinations if
necessary; and

     (f) estimate tax calculations and vouchers; and

     (g) assist with accounting entries and adjustments needed to
reflect the financials in a manner consistent with what's needed
for tax reporting purposes.

EA Group estimates that the foregoing services will cost
approximately $12,500 per tax year, a total of $37,500 for all tax
years. EA Group is requesting a first installment payment of $6,250
per tax year, for a total amount of $18,750.

Stephen Farbish, CPA, a member of Eisner, assured the court that
his firm is a "disinterested person" within the meaning of 11
U.S.C. 101(14).

The firm can be reached through:

     Stephen Farbish, CPA
     Eisner Advisory Group LLC
     733 3rd Ave.
     New York, NY 10017
     Phone: (212) 949-8700

      About Sextant Stays, Inc. d/b/a Roami

Sextant Stays, Inc., doing business as Roami, is a hospitality
company that offers urban group travel accommodations in cities
such as Miami and New Orleans. Founded in 2016, the company manages
entire buildings to provide consistent, design-forward spaces aimed
at delivering memorable and connected travel experiences. Sextant
Stays' approach bridges the gap between traditional hotels and
inconsistent vacation rentals, catering to modern travelers seeking
comfort, reliability, and style.

Sextant Stays sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15908) on May 27,
2025, listing $5,033,274 in assets and $15,895,759 in liabilities.
Andreas King-Geovanis, chief executive officer of Sextant Stays,
signed the petition.

Judge Robert A. Mark oversees the case.

Brett Lieberman, Esq., at Edelboim Lieberman, PLLC represents the
Debtor as legal counsel.


SUKHRAJ S. PAMMA: Court Narrows Claims in Dhillon Case
------------------------------------------------------
Judge Christopher D. Jaime of the United States Bankruptcy Court
for the Eastern District of California granted in part and denied
in part Citizens Business Bank's motion to dismiss the adversary
proceeding captioned as BALRAJ DHILLON, INDERJIT DHILLON, MANDIP
DHILLON, and JASPREET DHILLON, Plaintiff(s), v. U.S. BANK NATIONAL
ASSOCIATION, as Custodian/Trustee for Federal Agricultural Mortgage
Corporation Programs; CITIZENS BUSINESS BANK, as Successor to
Suncrest Bank; SUKHRAJ SINGH PAMMA; and JAISMIN KAUR PAMMA,
Defendant(s), Adversary No. 25-2015 (Bankr. E.D. Cal.).

On January 28, 2025, plaintiffs Balraj Dhillon, Inderjit Dhillon,
Mandip Dhillon and Jaspreet Dhillon filed a Complaint against
defendants U.S. Bank National Association, as Custodian/Trustee for
Federal Agricultural Mortgage Corporation Programs; Citizens
Business Bank, as Successor to Suncrest Bank; Sukhraj Singh Pamma;
and Jaismin Kaur Pamma initiating this adversary proceeding. On
March 27, 2025, defendant Citizens Business Bank, as successor by
merger to Suncrest Bank ("Citizens Bank"), filed a Motion to
Dismiss the Third Through Fifth Causes of Action from the Adversary
Complaint Pursuant to Federal Rules of Civil Procedure, Rule
12(b)(6).

On June 17, 2025, Plaintiffs filed a First Amended Complaint and
supporting Exhibits.  Citizens Bank thereafter filed a Motion to
Dismiss First Amended Complaint Pursuant to Federal Rules of Civil
Procedure Rule 12(b)(6). Citizens Bank moves to dismiss Counts 4
through 7. Plaintiffs filed an opposition.

The subject of this adversary proceeding stems from Plaintiffs'
purchase of real property identified as Sutter County APN
10-210-023 ("Parcel 23") on September 30, 2022. Plaintiffs
purchased Parcel 23 from defendant-debtor Sukhraj S. Pamma
("Pamma") for $3,024,035.00.

Pamma and his wife, defendant Jaismin Kaur Pamma, are the borrowers
on an outstanding loan made by Suncrest Bank on or about August 3,
2016, in the original principal amount of $4,050,000. The 2016
Suncrest Loan was cross-collateralized with other parcels of real
property the Pammas owned.

Plaintiffs engaged the title company, Old Republic Title Company,
to hold escrow for the transaction.

Citizens Bank submitted to ORTC two written payoff demand
statements demanding one payment totaling $1,197,730.82 for the
2016 Suncrest Loan and the other payment totaling $408,000.00 for
the 2020 Suncrest Loan. Plaintiffs believed at the close of escrow
and after paying these two demands in full that they had purchased
Parcel 23 in fee title absolute without any encumbrances.

Citizens Bank never informed ORTC that it had previously assigned
its interest in the 2016 Suncrest Loan, or that Citizens Bank did
not have the authority to demand and accept payoff of that
obligation from Plaintiffs' purchase escrow, or that Citizens Bank
did not have authority to release and reconvey the 2016 Sutter
County deed of trust.

Plaintiffs filed seven claims for relief in the FAC based on these
factual allegations. Citizens Bank only seeks dismissal of Counts 4
through 7, so the court only addresses those Counts.

     A. Count 4 - Negligent Misrepresentation Against Citizens
Bank

Plaintiffs allege in Count 4 a claim for negligent
misrepresentation based on Citizens Bank making affirmative
misrepresentations throughout the sale and purchase process of
Parcel 23. The FAC states in Count 4 that these affirmative
misrepresentations include Citizens Bank stating it has already
reconveyed the 2016 Sutter County deed of trust when it had not.

     B. Count 5 - Breach of Contract and the Implied Covenant of
Good Faith and Fair Dealing Against Citizens Bank

Plaintiffs allege in Count 5 that Plaintiffs on the one hand,
through their escrow agent ORTC, and Citizens Bank on the other
hand, entered into a contract whereby Citizens Bank would release
the 2016 Sutter County deed of trust upon receipt of the
$1,197,730.82 in full satisfaction of its payoff demand. They
allege that they have performed each term of the contract required
on their part, and that as a direct and proximate cause of Citizens
Bank’s breach of the Payoff Agreement, Plaintiffs have suffered
damages in an amount to be proven at trial.

     C. Count 6 - Unjust Enrichment Against Citizens Bank

Plaintiffs allege in Count 6 that Citizens Bank's acceptance of
approximately $1,197,730.82 in satisfaction of its demand from
Plaintiffs' purchase funds, and Citizens Bank's subsequent
purported Rescission of the Parcel 23 Reconveyance, Citizens Bank
has been unjustly enriched in the amount of at least $1,197,730.82.


     D. Count 7 - Declaratory and Injunctive Relief

Against Citizens Bank Plaintiffs request declaratory and injunctive
relief in Count 7 of the FAC.

Plaintiffs request that if it is determined that the 2016 Sutter
County deed of trust remains a valid and enforceable lien against
Plaintiffs' fee interest in Parcel 23, the payment of $1,197,730.82
to Citizens Bank from Plaintiffs' purchase funds should be found to
have been made by mutual mistake. Plaintiffs request Citizens Bank
restore to Plaintiffs the payment of $1,197,730.82, with applicable
interest, that was tendered due to the mutual mistake.

The Court concludes that Plaintiffs have not adequately pleaded
justifiable reliance on the alleged misrepresentations, and so
Count 4 must be dismissed for failure to state a claim on this
alternative and independent basis.

The Court concludes that Plaintiffs have adequately pleaded a cause
of action for breach of contract and the implied covenant of good
faith and fair dealing to survive the Motion. Therefore, the Motion
is denied as to Count 5.

The Court concludes that Citizens Bank could have moved to dismiss
Count 6 for unjust enrichment in its original motion to dismiss,
the defense or objection being available at that time, and so Fed.
R. Civ. P. 12(g)(2) bars Citizens Bank from now moving to dismiss
Count 6 under Rule 12(b)(6). Therefore, the Motion is denied as to
Count 6.

Citizens Bank moves to dismiss Count 7 not for the substance of the
claim, but on procedural grounds, arguing adding Count 7 in the FAC
is beyond the scope of the court's order granting leave to amend
the complaint. Leave to amend was not limited to only Counts 3
through 5 in the text of the court's Order. Therefore, the Motion
is denied as to Count 7.

The Motion is granted as to Count 4 of the FAC which is dismissed
with prejudice and without leave to amend. The Motion is denied as
to Counts 5, 6, and 7 of the FAC.

A copy of the Court's Memorandum Decision dated November 24, 2025,
is available at https://urlcurt.com/u?l=gr9PTS from
PacerMonitor.com.

Sukhraj S. Pamma filed for Chapter 11 bankruptcy protection (Bankr.
E.D. Cal. Case No. 24-23489) on August 7, 2024, listing under $1
million in both assets and liabilities. The Debtor is represented
by Given Barney, Esq.


SUPERIOR EQUIPMENT: Unsecureds Will Get 100% of Claims over 5 Years
-------------------------------------------------------------------
Superior Equipment Lease LLC filed with the U.S. Bankruptcy Court
for the Northern District of Illinois a Small Business Plan of
Reorganization dated November 26, 2025.

The Debtor was founded in 2018 by Stefan Donev and Ventzislav
Dinkov. Originally conceived as a leasing company, the Debtor
established itself as a reliable provider of trucks and trailers to
several operating companies.

In early 2024, the demand for trucking equipment began to decrease
due to the overall slowdown in the trucking industry. Because many
of its assets were acquired at the height of the market, and as a
result carried high monthly payments, the Debtor could no longer
generate a profit, and was forced to seek protection under Ch. 11.

If the Debtor were to be liquidated, creditors would receive a
maximum distribution of 93% after incurring substantial liquidation
expenses. The funds to be paid to creditors under the Plan exceed
93% distribution they would receive upon liquidation. As a result,
creditors will derive the most benefit from allowing the Debtor to
restructure and generate income to satisfy the payments under the
Plan.

The Plan is a 5-year plan. The final Plan payment will be in
approximately 2031.

The Plan provides that all administrative creditors will be paid in
full on the Effective Date of the Plan (which is 30 days after the
Order confirming the Plan is a final Order) unless otherwise
agreed. Priority tax claims will receive 100% of their allowed
claims over the period of the Plan term (5 years).

Secured Creditors will be paid 100% of their secured claims under
Class 1 of the Plan. Class 2 general unsecured creditors will
receive a pro rata share of the Unsecured Creditor Payment over a
period of 5 years, which shall equal approximately 100%
distribution on their claims. Class 3 Claims of Equity Holders will
not receive a distribution unless all other classes of creditors
receive payment in full.

Class 2 consists of Allowed Unsecured Claims. Holders of allowed
unsecured claims shall receive a pro rata share of the Unsecured
Creditor Payments on an annual basis for a period of 5 years,
beginning on the 1st anniversary of the Effective Date of the Plan,
and continuing yearly for another 4 years. The Unsecured Creditor
Payments shall equal $375,000 in the aggregate and each yearly
payment shall be $75,000 for five payments.

Based upon the unsecured claims (which includes deficiency claims
of secured creditors), the estimated distribution to unsecured
creditors is 100%. No distribution will be made for unsecured
claims which were (i) scheduled as disputed; and (ii) no timely
proof of claim was filed.

Class 3 consists of Equity Security Holders. Equity security
holders shall retain their interests in the Debtor. In addition,
the principal of the Debtor will be entitled to a salary for his
work on behalf of the Debtor.

The Debtor's financial projections show that the Debtor will have
cumulative projected disposable income sufficient to pay the
required payments under the Plan.

A full-text copy of the Plan of Reorganization dated November 26,
2025 is available at https://urlcurt.com/u?l=FuZk1L from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     David Freydin, Esq.
     Law Offices of David Freydin PC
     8707 Skokie Blvd., Suite 312
     Skokie, IL 60077
     Telephone: (847) 972-6157
     Facsimile: (866) 897-7577
     Email: david.freydin@freydinlaw.com
     
                    About Superior Equipment Lease

Superior Equipment Lease LLC, founded in 2018 by Stefan Donev and
Ventzislav Dinkov, is a provider of trucks and trailers to several
operating companies.

The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ill. Case No. 25-13334) on August 28, 2025,
listing up to $10 million in both assets and liabilities.

Honorable Bankruptcy Judge Janet S. Baer handles the case.

The Debtor is represented by the Law Offices of David Freydin PC.


TASTY PEACH STUDIOS: Gets Interim OK to Use Cash Collateral
-----------------------------------------------------------
Tasty Peach Studios, Inc. received interim approval from the U.S.
Bankruptcy Court for the Northern District of Indiana to use cash
collateral.

The court authorized the Debtor to use cash collateral to fund
operations according to its budget. The Debtor must not pay insider
wages without further court approval, and weekly expenditures must
not exceed budgeted amounts by more than 10% without consent from
Five Star Bank and the U.S. Small Business Administration.

Secured creditors with an interest in the cash collateral,
including Five Star Bank and the SBA, will be provided with
protection through replacement liens on post-petition assets such
as cash, inventory, and receivables, along with insurance coverage,
payment of post-petition taxes, and ongoing financial reporting to
creditors.

As additional protection, Five Star Bank will continue to receive
monthly payments of $1,000.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/Ua23F from PacerMonitor.com.

Five Star Bank is represented by:

   Paulina Garga-Chmiel, Esq.
   Dykema Gossett PLLC
   10 South Wacker Drive, Suite 2300
   Chicago, IL 60606
   312-876-1700
   pgarga@dykema.com

                   About Tasty Peach Studios Inc.

Tasty Peach Studios Inc., based in Dyer, Indiana, designs and sells
merchandise inspired by Japanese culture, including plush toys,
apparel, accessories, and home goods. The Company operates
primarily through its online store and attends anime conventions
across the United States. Its product lines include the Meowchi
mochi-themed cats and the Dino S'mores collection.

Tasty Peach Studios Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No.
25-22094) on October 14, 2025. In its petition, the Debtor reports
total assets of $719,184 and total liabilities of $1,448,012

Honorable Bankruptcy Judge James R. Ahler handles the case.

The Debtor is represented by Daniel L. Freeland, Esq., at Daniel L.
Freeland & Associates, P.C.


THASSOS INC: Gets OK to Use Cash Collateral Until Jan. 8
--------------------------------------------------------
Thassos, Inc. received another extension from the U.S. Bankruptcy
Court for the Northern District of Illinois, Eastern Division to
use cash collateral.

The court authorized the Debtor's interim use of cash collateral
through January 8, 2026, to pay the operating expenses set forth in
its budget. Use of funds for extraordinary expenses in excess of
the budget requires further court order or prior written approval
of Newtek Bank, N.A., the Debtor's secured creditor.

The budget projects total operational expenses of $136,867 for the
period from November 20 to January 8, 2026.

As protection for any diminution in value of its cash collateral,
Newtek was granted valid, binding, enforceable, and perfected
replacement liens on and security interests in its collateral.
These replacement liens will have the same validity, priority and
extent as the secured creditor's pre-bankruptcy liens.

As further protection, Newtek will continue to receive payment of
$3,000. Failure to pay triggers a default and a late charge of 5%.
It also allows Newtek to accelerate the debt and seek enforcement.

The next hearing is scheduled for January 7, 2026.

Newtek Bank is the holder of a first position security interest in
the cash collateral and is owed $390,661 pursuant to SBA loan.

                        About Thassos Inc.

Thassos Inc. operates a Greek restaurant in Clarendon Hills,
Illinois. The establishment specializes in authentic Greek cuisine
and offers dine-in, catering, and online ordering services.

Thassos sought relief under Subchapter V of Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08021) on May 27,
2025. In its petition, the Debtor reported estimated assets up to
$50,000 and estimated liabilities between $1 million and $10
million.

Judge Janet S. Baer handles the case.

The Debtor is represented by Konstantine Sparagis, Esq., at the Law
Offices of Konstantine Sparagis.


TOCO HOLDINGS: Hires Anapolsky Advisors Inc as Financial Advisor
----------------------------------------------------------------
Toco Holdings, L.L.C. and Toco Warranty Corp. seek approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
employ Anapolsky Advisors, Inc. as financial advisor.

The firm will render these services:

     a. identify potential buyers for some or all of the assets of
Toco Warranty as a going concern;

     b. solicit potential buyers to bid for some or all of Toco
Warranty's assets in a sale through a managed qualified bid
process; and

     c. conduct negotiations, at the Debtor's direction, for the
sale of the assets.

The firm shall be compensated with a $50,000 fixed fee.

The Debtors will reimburse the firm for its reasonable and
documented out-of-pocket expenses incurred in connection with the
engagement.

The firm requested for a $15,000 retainer.

As disclosed in the court filings, Anapolsky Advisors, Inc. is a
"disinterested person" within the meaning of section 101(14) of the
Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy
Code.

The firm can be reached through:

     Jeffrey M. Anapolsky
     Anapolsky Advisors, Inc.
     5107 Aspen Street, Bellaire
     Houston, TX 77401
     Email: jeff@anapolsky.com
     Mobile: (713) 635-9695

        About Toco Holdings LLC

Toco Holdings, LLC, a company based in Houston, Texas, operates in
the investment management sector, focusing on stock holdings.

Toco Holdings LLC sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35378) on
September 12, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.

Honorable Bankruptcy Judge Alfredo R. Perez handles the case.

The Debtor is represented by T. Josh Judd, Esq., at Andrews Myers,
P.C.


TREEHOUSE DEVELOPMENT: Case Summary & Three Unsecured Creditors
---------------------------------------------------------------
Debtor: The Treehouse Development Group LLC
        921 10th Avenue N
        Saint Petersburg, FL 33705

Business Description: The Treehouse Development Group LLC, a
                      single-asset real estate entity, owns a
                      historic church at 921 10th Avenue N in
                      Saint Petersburg, Florida, with a comparable
                      sale value of $1.9 million.

Chapter 11 Petition Date: December 1, 2025

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 25-09027

Judge: Hon. Catherine Peek Mcewen

Debtor's Counsel: Samantha L Dammer, Esq.
                  BLEAKLEY BAVOL DENMAN & GRACE
                  15316 N. Florida Avenue
                  Tampa, FL 33613
                  Tel: (813) 221-3759
                  Email: sdammer@bbdglaw.com

Total Assets: $1,900,224

Total Liabilities: $1,673,701

Noam Krasniansky signed the petition as manager.

A full-text copy of the petition, which includes a list of the
Debtor's three unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/WAEICJY/The_Treehouse_Development_Group__flmbke-25-09027__0001.0.pdf?mcid=tGE4TAMA


VIVAKOR INC: Adds Voting Rights for Preferred Holders After Waiver
------------------------------------------------------------------
Vivakor Inc. said in an SEC filing that it granted additional
voting rights to its Series A preferred holders and issued 3.6
million restricted common shares for unpaid dividends after the
investors agreed to forgo a year of dividend rights under an
amendment to the preferred stock terms.  In addition, Chief
Executive Officer James Ballengee canceled a $569,589 convertible
note owed to him as part of the amended Series A preferred
agreement.

The deal had preferred holders waive a year of dividends from April
30, 2026 to April 29, 2027 in exchange for voting power equal to
about 35% of Vivakor's outstanding votes, while shareholders
previously approved a potential conversion of the preferred stock
above the 19.99% threshold, if the Company's Board of Directors and
executive management elected to convert the Preferred Stock.  The
Company satisfied July 31, 2025 and October 31, 2025 dividend
obligations with 3.6 million shares, including roughly 1.9 million
issued to entities controlled by Ballengee, in a transaction made
under a private-offering exemption.

Separately, on Nov. 26, 2025, the Company issued 1,557,808
restricted common shares to a consultant under a Consulting
Agreement, with the transaction exempt from registration under
Section 4(a)(2) of the Securities Act as the recipient is a
sophisticated investor familiar with its operations.  On the same
date, the Company issued 82,500 restricted common shares to an
investor as inducement shares under a previously disclosed
Securities Purchase Agreement, also exempt from registration under
Section 4(a)(2) for the same reason.

                           About Vivakor

Vivakor, Inc., headquartered in Dallas, Texas, provides integrated
energy services in the continental United States, operating
oilfield trucking fleets and facilities for crude oil gathering,
storage, transportation, reuse, and waste remediation under
long-term contracts.  The Company develops, acquires, and manages
assets and technologies in the energy sector, with operations
organized into three segments -- transportation and logistics,
terminaling and storage services, and supply and trading --
supporting the movement of crude oil across the Permian Basin,
Eagle Ford Basin, and mid-continent regions.

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.

The Company has historically suffered net losses and cumulative
negative cash flows from operations, and as of Sept. 30, 2025, it
had an accumulated deficit of approximately $148.1 million.  As of
Sept. 30, 2025 and Dec. 31, 2024, it had a working capital deficit
of approximately $62.3 million and $101.5 million, respectively.
As of Sept. 30, 2025, the Company had $160.13 million in total
assets, $96.09 million in total liabilities, and $64.04 million in
total stockholders' equity.  As of Sept. 30, 2025, it had cash of
approximately $1.2 million, of which $0.9 million is restricted
cash.  In addition, it has obligations to repay approximately $36.6
million of debt within one year of Nov. 19, 2025, the date of these
financial statements.


WCR HOLDINGS: Seeks to Hire Distel Thiede as Financial Advisor
--------------------------------------------------------------
WCR Holdings LLC seeks approval from the U.S. Bankruptcy Court for
the Western District of Michigan to hire Distel Thiede Advisory
Services, LLC as financial advisor.

The firm will render these services:

     a. prepare and update cash flow forecasts as needed throughout
the post-petition period as well as prepare financial forecasts
associated with the Chapter 11 restructuring plan;

     b. prepare post-petition waterfall analysis in connection with
the Chapter 11
restructuring plan;

     c. assist the Debtor in ongoing cash management practices;

     d. prepare monthly operating reports in a format typical in
Chapter 11
proceedings;

     e. provide testimony on the financial feasibility of the
Chapter 11 restructuring plan, as needed;

     f. assist in performing other post-petition services in
connection with a
Chapter 11 filing, as needed.

The firm will charge these rates:

     a. $375 per hour for David Distel and other Sr. Managing
Directors at DT;

     b. $250 per hour for Senior Associates; and

     c. $180 per hour for administrative services.

Distel Thiede Advisory Services, 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:

     David J. Distel
     Distel Thiede Advisory Services, LLC
     1500 East Beltline SE, Suite 100
     Grand Rapids, MI 49506
     Telephone: (616) 954-2000

        About WCR Holdings LLC

WCR Holdings LLC is a single asset real estate company.

WCR Holdings LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-02968) on October
17, 2025. In its petition, the Debtor reports estimated assets
between $100,001 and $1 million and estimated liabilities between
$1 million and $10 million.

Honorable Bankruptcy Judge Scott W. Dales handles the case.

The Debtor is represented by Michael Patrick Hanrahan, Esq. of CBH
Attorneys & Counselors, PLLC.



WEATHERSTONE LLC: Seeks to Hire Rountree Leitman Klein as Attorney
------------------------------------------------------------------
Weatherstone LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Georgia to hire Rountree, Leitman, Klein &
Geer, LLC as its 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 totaling $50,000.50.

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 Weatherstone LLC

Weatherstone LLC based in Dallas, Georgia, develops and sells
single-family homes in a 172-acre residential subdivision near
Monroe Cole Road.

Weatherstone LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41599) on October 14,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million.

The Debtor is represented by Will Geer, Esq. of ROUNTREE, LEITMAN,
KLEIN & GEER, LLC.


WESTSIDE TOW: Gets Interim OK to Use Cash Collateral Until Dec. 15
------------------------------------------------------------------
Westside Tow and Transport, Inc. received interim approval from the
U.S. Bankruptcy Court for the Central District of California,
Northern Division, to use cash collateral.

The court authorized the Debtor to use cash collateral through
December 15 to pay the expenses set forth in the budget, with the
exception of the duplicate payment to U.S. Small Business
Administration. No payments must be made to insiders.

As protection, the SBA will receive a monthly payment of $9,834. In
addition, the SBA and other creditors that claim an interest in the
Debtor's cash will be granted replacement liens on the Debtor's
personal property, with the same priority, validity, and extent as
the pre-bankruptcy liens that they replace.

The interim order is available at https://is.gd/Kw2hLy from
PacerMonitor.com.

The final hearing is set for December 10.

Westside Tow and Transport operates in California and nationwide,
offering services such as vehicle recovery, heavy-duty towing,
freight hauling, oversized load management, and vehicle storage. It
owns real property at 9500 Arlington Avenue, Riverside, California,
employs thirteen staff, and serves long-term clients including
Mercedes Benz, Porsche, Honda, and Kia.

The Debtor faces financial pressure from several merchant cash
advances and other loan obligations, making access to cash
collateral critical to sustain operations, maintain relationships
with existing customers, and collect receivables. Its principal
assets include cash on hand, accounts receivable, and the Arlington
property, with a total asset value not exceeding $3.1 million.

The entities holding interests in the cash collateral are the SBA
and Harvest Small Business Finance. The cash collateral will fund
ordinary business expenses as outlined in a three-month budget,
including employee wages and benefits, utilities, taxes, insurance,
essential operational services, and payments to consultants,
advisors, and professionals who assist in reorganization.

                 About Westside Tow & Trucking
Inc.

Westside Tow & Trucking Inc. is a Los Angeles area towing and
trucking company.

Westside Tow & Trucking sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11352) on October
8, 2025. In its petition, the Debtor reported between $1 million
and $10 million in assets and liabilities.

Honorable Bankruptcy Judge Ronald A. Clifford III handles the
case.

The Debtor is represented by Tamar Terzian, Esq., of Terzian Law
Group, APC.



YELLOW CORP: Judge Explains Chapter 11 Confirmation Decision
------------------------------------------------------------
Judge Craig T. Goldblatt of the United States Bankruptcy Court for
the District of Delaware issued a Memorandum Opinion detailing the
basis for confirming Yellow Corporation's Chapter 11 plan.

Much of the litigation in the case has had to do with the claims of
the company's various pension plans for withdrawal liability under
the Employee Retirement Income Security Act ("ERISA"), arising out
of the company's withdrawal from those pension plans. At the same
time, the parties have worked together cooperatively and
successfully to sell the company's assets, generating more than $2
billion in proceeds. With those proceeds, the company paid off its
secured debt in full and will have hundreds of millions of dollars
to distribute to remaining stakeholders.

The debtors have proposed a plan that would create a liquidating
trust that would finish the work of resolving the otherwise
unliquidated claims against the estate, sell the few assets that
remain unsold, and pursue estate causes of action. The trust would
then distribute those proceeds to creditors in accordance with
their statutory priority. MFN, which (along with its affiliates) is
both a shareholder and a creditor of the debtors, objects to
confirmation of the plan.

MFN asserts two objections to confirmation of the plan. First, it
argues that the trust agreement does not go far enough in ensuring
that the trust is fully independent and in guarding against the
pension plans' exercise of improper influence. For these reasons,
MFN argues that the plan was not proposed in good faith, as 11
U.S.C. Sec. 1129(a)(3) requires.  But "good faith" is a standard
that is based on the totality of the circumstances. The Court is
satisfied that the safeguards included in the trust agreement, when
considered as part of a holistic analysis of the plan, are
sufficient to meet the good faith standard.

MFN argues that creditors would recover more if the case were
converted to a chapter 7 liquidation than they will under the plan.
For that reason, they argue that the plan fails the "best
interests" test of 11 U.S.C. Sec. 1129(a)(7).

The "low case" analysis conducted by Brian Whittman, who is a
managing director of Alvarez & Marsal, the debtors' financial
advisor, of what creditors would recover under the plan assumed
that the debtors would have $600 million available to distribute to
creditors and that the total pool of unsecured claims would be
$1.66 billion. His "high case" (on the second page of his
spreadsheet) assumed $700 million of distributable value and a
total claims pool of $1.28 billion.

Based on MFN's cross-examination at the confirmation hearing of the
debtors' financial advisor who prepared the liquidation analysis,
the Court concludes that at least one of the assumptions contained
in the debtors' liquidation analysis cannot be supported. The Court
nevertheless does not believe that creditors will do better if
these cases are converted to chapter 7 liquidations than they will
under the proposed plan.

The principal reason for that is that the plan now before the Court
sets the parties on a path towards resolution of the most important
disputes. Whether that proposed resolution (which the parties
represent will be presented to the Court in the near term) can be
approved is uncertain. But this Court finds that the introduction
of a chapter 7 trustee, who is a total stranger to these
proceedings, will substantially set back the efforts towards
resolution. These cases have already been very expensive. The
result of a conversion to chapter 7 will be a longer period of very
expensive litigation that will consume substantial value that could
otherwise be distributed to creditors.  For those reasons, the
Court concludes that the proposed plan satisfies the best interests
test of Sec. 1129(a)(7). The Court has accordingly entered an order
confirming the plan.

As reported by the Troubled Company Reporter on Sept. 10, 2025,
Yellow Corporation and affiliates and the Official Committee of
Unsecured Creditors submitted a Revised Fourth Amended Disclosure
Statement describing Fourth Amended Joint Plan dated September 2,
2025.

The Amended Plan and the Plan Settlement seek to resolve
significant litigation that would otherwise further delay
confirmation of a chapter 11 plan and distributions to unsecured
creditors and diminish funds available to pay Allowed Claims.

However, as further described in this Disclosure Statement, events
following the Filing of the Amended Plan, including the Court's
Preliminary MEPP Opinion and the Filing of the Motion to Convert,
forced the Debtors, the Committee, and other key stakeholders to
reevaluate the Plan Settlement and reengage in further discussions
to determine whether the proposed settlements embodied in the
Amended Plan were still viable. The Plan Proponents determined they
were not. Accordingly, and in order to achieve an orderly
conclusion to these cases, the Plan Proponents filed the Plan.

Generally, the Plan:

     * provides for the vesting of all of the Debtors' and their
Estates' assets as of the Effective Date in the Liquidating Trust
for the purpose of distributions to Holders of Allowed Claims or
Allowed Interests, as applicable;

     * provides for the transfer of all pending litigation and
disputes to the Liquidating Trust for resolution after the
Effective Date in accordance with the Liquidating Trust Agreement;

     * provides that the Committee, in consultation with the
Debtors, will designate a Liquidating Trustee to wind down the
Debtors' remaining affairs, pay, and reconcile Claims, and
administer the Plan in an efficient manner; and

     * contemplates recoveries to Holders of Administrative Claims,
Other Priority Claims, Employee PTO/Commission Full Pay GUC Claims,
and Convenience Class Claims that will render unimpaired the
Allowed Claims of such Holders.

Class 5 consists of General Unsecured Claims. Except to the extent
that a Holder of an Allowed General Unsecured Claim agrees to less
favorable treatment with the Debtors and the Committee or as
otherwise contemplated by the Liquidating Trust Agreement, in
exchange for such Allowed General Unsecured Claim, each Holder of
an Allowed General Unsecured Claim shall receive (i) its Pro Rata
share of the GUC Liquidating Trust Interests and as a Beneficiary
shall receive, on the applicable Distribution Date, its Pro Rata
share of Distributable Proceeds derived from the Liquidating Trust
Assets available for distribution on each such Distribution Date as
provided under the Plan and Liquidating Trust Agreement, plus (ii)
if and only to the extent Distributable Proceeds are available
after all Allowed General Unsecured Claims are paid in full, in
Cash, a Beneficiary shall be entitled to receive Postpetition
Interest from the Petition Date through and including the date of
satisfaction of such Allowed General Unsecured Claim in full, in
Cash; provided, a portion of Allowed Withdrawal Liability Claims
may be reduced and/or subordinated to all other Allowed General
Unsecured Claims in an amount as determined by a Final Order or as
otherwise agreed to by the applicable claimant, the Debtors and the
Committee or as otherwise contemplated by the Liquidating Trust
Agreement.

For the avoidance of doubt, the Holders of Allowed General
Unsecured Claims shall receive the Postpetition Interest set forth
in Article III.B.6 of the Plan on a pari pasu basis with Allowed
Subordinated Withdrawal Liability Claims, if any.

The Debtors or Liquidating Trustee, as applicable, shall fund the
distributions and obligations under the Plan with Cash on hand held
by the Debtors or the Liquidating Trust, as applicable, on and
after the Effective Date, net Cash proceeds generated by the sale,
lease, liquidation, or other disposition of Estate property,
including pursuant to the Debtors' and the Estates' Causes of
Action, including, but not limited to any Avoidance Actions,
Third-Party Sale Transactions, and Cash generated by the use, sale,
lease, liquidation or other disposition of the Liquidating Trust
Assets. Distributable Proceeds are estimated to be between $600-700
million, assuming an Effective Date on or about November 30, 2025.

The Plan Proponents' estimate of aggregate Allowed General
Unsecured Claims ranges from approximately $1,250.0 million to
$1,700.0 million.

Although the Plan Proponents' estimate of Allowed General Unsecured
Claims is generally the result of the Plan Proponents' and their
advisors' analysis of reasonably available information, the
projected amount of Allowed General Unsecured Claims set forth
herein is subject to material change (either higher or lower),
which difference could materially affect recoveries to the Holders
of Allowed Claims in Class 5. The Debtors have Filed thirty-two
omnibus objections to Claims, which have sought to reduce the
claims pool by more than $4.67 billion. The Debtors and, after the
Effective Date, the Liquidating Trust, are expected to continue
objecting to certain Proofs of Claim, and any such objections could
cause the total amount of Allowed General Unsecured Claims to
change further. These changes could affect recoveries to Holders of
General Unsecured Claims and such changes could be material.

A full-text copy of the Fourth Amended Disclosure Statement dated
September 2, 2025, is available at https://urlcurt.com/u?l=2qH2xA
from Epiq Bankruptcy Solutions, claims agent.

A copy of the Court's Findings of Fact, Conclusions of Law, and
Order dated November 19, 2025, is available at
https://urlcurt.com/u?l=xfGq6C from PacerMonitor.com.

A copy of the Court's Memorandum Opinion dated November 25, 2025,
is available at https://urlcurt.com/u?l=rwbB7O

                    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.



ZACHRY HOLDINGS: Court Disallows Encina's Proof of Claim
--------------------------------------------------------
Judge Marvin Isgur of the United States Bankruptcy Court for the
Southern District of Texas denied Encina Development Group, LLC's
motion to allow its proof of claim in the bankruptcy case of Zachry
Holdings, Inc. and its affiliates to be filed after the claims
filing deadline. Encina's claim is disallowed.

On January 15, 2021, Zachry Engineering Corporation sued Encina in
the 125th Judicial District Court of Harris County, Texas, alleging
breach of contract. On April 5, 2021, Encina filed a counterclaim
against ZEC alleging breach of contract. In October 2021, ZEC filed
a motion to dismiss Encina's counterclaim.5 ZEC's motion was denied
in March 2022. In April 2022, ZEC appealed the district court's
denial of its motion to dismiss. In May 2023, the court of appeals
affirmed the district court's decision. In July 2023, ZEC filed a
petition for review with the Texas Supreme Court.

On July 26, 2024, the Bankruptcy Court issued an order setting
September 16, 2024, as the bar date for filing proofs of claim.
Encina was not served the Bar Date Order. Encina filed its proof of
claim on December 10, 2024.

On January 23, 2025, the Debtors filed their Modified First Amended
Joint Chapter 11 Plan, which provided that all proofs of claim
filed after the bar date were disallowed. Encina sought relief from
this provision on February 11, 2025. Zachry's Chapter 11 plan
became effective on April 10, 2025.

Encina argues that the Court should allow its proof of claim to be
filed after the bar date under:

   (1) due process grounds,
   (2) Bankruptcy Local Rule 3003-1, or
   (3) Bankruptcy Rule 9006(b)(1).

The Court disagrees. Judge Isgur explains, "Here, Zachry's Chapter
11 plan has been confirmed. Encina did not receive notice of the
bar date until after it had passed. However, Encina received the
notice of the bankruptcy fifteen weeks prior to the bar date and
twenty-seven weeks before it filed its proof of claim. Encina had
actual knowledge that ZEC was in bankruptcy and did not take steps
to protect its rights. Thus, the requirements of due process were
satisfied. Due process does not require that Encina's claim be
allowed."

The Court declines to allow Encina's proof of claim under
Bankruptcy Local Rule 3003-1 and Bankruptcy Rule 9006.

According to the Court, while Encina's claim is unlikely to
adversely impact the postconfirmation proceedings, the sheer length
of delay cannot be overlooked. In consideration of the extreme
delay in this case, the Court concludes that Encina's neglect was
not excusable.

A copy of the Court's Order dated November 24, 2025, is available
at https://urlcurt.com/u?l=RMI8cL from PacerMonitor.com.

                    About Zachry Holdings

Zachry Holdings, Inc., is the engineering, construction,
maintenance, turnaround and fabrication services offshoot of the
storied family-owned business that began as H.B. Zachry Company one
hundred years ago. The other offshoot, Zachry Construction, has
operated separately from Zachry Industrial since the two businesses
branched off from their common roots in 2008. The Zachry Group
provides engineering and construction services to clients in the
energy, chemicals, power, manufacturing, and industrial sectors
across North America.

None of the entities affiliated with Zachry Construction are
Debtors in the chapter 11 cases.

Zachry Holdings and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 24-90377) on May 21, 2024, with $1 billion to $10 billion in
assets and liabilities.

James R. Old, general counsel, signed the petitions.

Judge Marvin Isgur presides over the case.

The Debtors tapped White & Case LLP as general bankruptcy counsel;
Susman Godfrey L.L.P. and Hicks Thomas, LLP as special litigation
counsel; and Kurtzman Carson Consultants as notice & claims agent.


ZHL SERVICES: Hires Mickler & Mickler LLP as Bankruptcy Counsel
---------------------------------------------------------------
ZHL Services, LLC seeks approval from the U.S. Bankruptcy Court for
the Middle District of Florida to hire Law Offices of Mickler &
Mickler, LLP to serve as legal counsel.

The firm will provide these services:

     (a) general representation of the applicant in this
proceeding; and

     (b) performance of all legal services for the applicant which
may be necessary.

The firm will receive an hourly rate of $300 to $400.

Bryan K. Mickler 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:

     Bryan K. Mickler, Esq.
     LAW OFFICES OF MICKLER & MICKLER, LLP
     5452 Arlington Expressway
     Jacksonville, FL 322211
     Telephone: (904) 725-0822
     E-mail: bkmickler@planlaw.com

          About ZHL Services, LLC

ZHL Services, LLC provides land-clearing, demolition, excavation,
utility, and septic services for industrial, commercial, and
residential projects in North Florida.

ZHL Services, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
25-04182) on November 13, 2025. At the time of filing, the Debtor
estimated $2,264,846 in assets and $3,965,913 in liabilities. The
petition was signed by Haley Lundy as manager.

Judge Jacob A Brown presides over the case.

Bryan K. Mickler, Esq. at the LAW OFFICES OF MICKLER & MICKLER, LLP
serves the Debtor's counsel.


ZHL SERVICES: Seeks Cash Collateral Access
------------------------------------------
ZHL Services, LLC, asks the United States Bankruptcy Court for the
Middle District of Florida, Jacksonville Division, for authority to
use cash collateral and provide adequate protection.

The cash collateral consists of post-petition accounts receivable,
chattel paper, contracts, cash, bank accounts, and other property
pledged to secured creditors, including Celtic Bank/United States
of America SBA, Kapitus LLC, and Arsenal Funding, under
pre-petition loan agreements. The Debtor estimates the current
value of cash and receivables at approximately $42,000 and proposes
to treat Celtic Bank/USA SBA as holding the primary lien on cash
collateral.

The Debtor seeks authorization to use cash collateral to maintain
business operations, meet post-petition contractual and tax
obligations, cover payroll, inventory, and equipment costs, and
continue ongoing operations without interruption.

To protect secured creditors, the Debtor proposes granting
post-petition replacement liens on cash collateral and is willing
to negotiate terms with Celtic Bank/USA SBA.

A proposed budget was included with the request, detailing income,
cost of sales, gross profit, and expenses through December 2025 to
February 2026, including payroll, employee benefits, insurance,
equipment fuel, and other operating expenses. The budget projects
sufficient net profit to meet operational obligations while
allowing for a 10% variance per line item.

A copy of the motion is available at https://urlcurt.com/u?l=U2zcro
from PacerMonitor.com.

                About ZHL Services, LLC

ZHL Services, LLC provides land-clearing, demolition, excavation,
utility, and septic services for industrial, commercial, and
residential projects in North Florida. The Company operates as a
locally owned contractor that has expanded from grade-work origins
to a broader range of site-development services. It is recognized
as a Jacksonville Small and Emerging Business.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04182) on November
13, 2025. In the petition signed by Haley Lundy, manager, the
Debtor disclosed $2,264,846 in assets and $3,965,913 in
liabilities.

Judge Jacob A. Brown oversees the case.

Bryan K. Mickler, Esq., at LAW OFFICES OF MICKLER & MICKLER, LLP,
represents the Debtor as legal counsel.


ZMETRA LAND: Hires Glickman Kovago & Jacobs as Real Estate Broker
-----------------------------------------------------------------
Zmetra Land Holdings LLC seeks approval from the U.S. Bankruptcy
Court for the District of Massachusetts to employ Glickman Kovago &
Jacobs as real estate broker.

The firm will list the Debtor's property located at 2 Old Worcester
Road, Webster, Massachusetts.

The firm will receive a commission equal to 6% of the gross sales
price.

As disclosed in the court filings, Glickman, Kovago & Jacobs is a
disinterested person as that term is defined in 11 U.S.C. 101(14).

The firm can be reached through:

     Michael C. Jacobs
     Glickman, Kovago & Jacobs
     1 Mercantile Street Suite 510
     Worcester, MA 01608
     Office: (508) 753-9100
     Mobile: (774) 230-3448

       About Zmetra Land Holdings LLC

Zmetra Land Holdings LLC engages in property management and owns a
property at 2 Old Worcester Road in Webster, Massachusetts, valued
at about $2.5 million.

Zmetra Land Holdings LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 25-41079) on October 9,
2025. In its petition, the Debtor reports total assets of
$2,962,293 and total liabilities of $1,835,238.

The Debtor is represented by James L. O'Connor, Jr., Esq. of SEDER
& CHANDLER, LLP.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
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                            *********

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