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251203.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, December 3, 2025, Vol. 29, No. 336 Headlines 1 SOURCE LLC: Jodi Dubose Named Subchapter V Trustee 23ANDME HOLDINGS: Seeks $16MM Cyber Insurance Settlement 527 EDILIDO: To Sell Miami Beach Property to Jack Seeligson Storm ACCENTCARE INC: Palmer Square Marks $5.8MM 1L Loan at 26% Off AG RECYCLING: Seeks to Hire The Desai Law Firm as Legal Counsel ALBANY INN: Plan Exclusivity Period Extended to February 13, 2026 ALGORHYTHM HOLDINGS: Reports $2.98MM Net Loss in 2025 Q3 ALL SEASONS: Gets OK to Hire Neeleman Law Group as Legal Counsel AMERICAN RESOURCES: Dismisses GBQ, Hires GreenGrowth as Auditor AMERICAN ROCK: Palmer Square Marks $2.7MM 2L Loan at 41% Off AMERICAN ROCK: Palmer Square Marks $5.7MM 1L Loan at 25% Off ARAMSCO INC: Palmer Square Marks $5.9MM 1L Loan at 27% Off ARAVAK ENERGY: Seeks to Hire Anthony J. DeGirolamo as Counsel ARCHDIOCESE OF NEW ORLEANS: Taps Heller Draper & Horn as Counsel ARTIFICIAL INTELLIGENCE: Reports Strong Order Intake in FY2026 Q3 ATHLETICO MANAGEMENT: Palmer Square Marks $6.9MM 1L Loan at 25% Off AVALON GLOBOCARE: Faces Nasdaq Delisting Over Equity Rule AVANCE MANAGEMENT: Voluntary Chapter 11 Case Summary AZUL SA: Pursues $30MM AerCap Engine Financing BAFFINLAND IRON: S&P Lowers ICR to 'SD' on Distressed Transaction BARRACUDA NETWORKS: Palmer Square Marks $10.2MM 1L Loan at 16% Off BCPE EMPIRE: S&P Places 'B-' ICR on CreditWatch Positive BEELINE HOLDINGS: Withdraws Series E Convertible Preferred Stock BEST OF TASTE: Jody Corrales Named Subchapter V Trustee BIOLINERX LTD: Narrows Net Loss to $977,000 in 2025 Q3 BISHOP OF SACRAMENTO: Taps Greene & Roberts as Special Counsel BK & MK: Janice Seyedin Named Subchapter V Trustee BLACK SPOT: Jolene Wee of JW Infinity Named Subchapter V Trustee BLUE STAR FOODS: Increases Authorized Capital Stock to 505 Million BLUE SUN: Seeks to Extend Plan Exclusivity to Sept. 30, 2026 BLUM HOLDINGS: Director Matthew Barron Steps Down from Board BOMBARDIER INC: Moody's Hikes CFR to 'Ba3', Outlook Positive BROOKS CUSTOM: Hires Watkins Ward and Stafford as Accountant BROWNIE'S MARINE: Extends $430,000 Director Notes to May 2026 BUCKINGHAM SENIOR: Seeks to Tap Epiq as Claims and Noticing Agent CAPSTONE GREEN: Raises $15 Million in PIPE Financing CAR TOYS: Creditors' Committee Seeks Chapter 11 Trustee Appointment CARZONE $ AUTO: Seeks Cash Collateral Access CASTLE US: Palmer Square Marks $1.7MM 1L Loan at 53% Off CASTLE US: Palmer Square Marks $5.3MM 1L Loan at 54% Off CATHETER PRECISION: Terminates $4.3MM ATM Offering with Ladenburg CEDAR VALLEY: Taps Russell A. Perry of Ankura Group as CRO CELEBRATION POINTE: Taps Latham Luna Eden & Beaudine as Counsel CHAINCE DIGITAL: Inks $200M Strategic Deal with ZJK Industrial CHG US: Seeks to Extend Plan Exclusivity to March 9, 2026 CIA SERVICE: W. Harrison Penn Named Subchapter V Trustee CIRTRAN CORP: Reports $419,878 Net Loss in 2025 Q3 CONGRUEX GROUP: Palmer Square Marks $6.4MM 1L Loan at 15% Off CORBETT BUILDINGS: Montgomery Property Sale to Walden Savings OK'd COVIA HOLDINGS: S&P Affirms 'B' ICR on Term Loan Add-On CROWN CARS: Matthew Brash of Newpoint Named Subchapter V Trustee CSC HOLDINGS: $2BB 1st Lien Term Loan No Impact on Moody's Caa2 CFR DAVIS DIESEL: Seeks to Hire Fred Adams Tax Group as Accountant DCA OUTDOOR: Seeks to Sell Nursery Business at Auction DEBORAH'S LLC: Hires Bethany K. Huffman CPA as Accountant DOOR COUNTY: Updates Unsecured Claims Pay; Files Amended Plan DXP ENTERPRISES: S&P Rates New $848MM First-Lien Term Loan 'B' DYNAMIC STAR: Voluntary Chapter 11 Case Summary DYNATRONICS CORP: Reports $201,857 Q1 Net Loss, Hits Tariff War E. GLUCK CORPORATION: Voluntary Chapter 11 Case Summary E. GLUCK: To Sell Watch Business to for $30MM EL DORADO FARM: Case Summary & Three Unsecured Creditors ELISA HOLDINGS: Case Summary & One Unsecured Creditor ENDURANCE INTERNATIONAL: Palmer Square Marks $4M 1L Loan at 47% Off ENERFLEX INC: S&P Rates New $400MM Senior Unsecured Notes 'BB' ENI DIST: Seeks to Extend Plan Exclusivity to May 5, 2026 ENI DIST: Seeks to Hire Sang H. Kang & Associates as Accountant EPIC MEDICAL: Seeks to Tap D. Blair Clark PC as Bankruptcy Counsel FIRST BRANDS: Outlines Plan To Untangle $3-Bil. Factoring Mess FIRST BRANDS: Palmer Square Marks $3MM 2L Loan at 92% Off FIRST BRANDS: Palmer Square Marks $8.5MM 1L Loan at 54% Off FISCHER AG: Gets Interim OK to Use $15K in Cash Collateral FLASH CHARM: Palmer Square Marks $3.3MM 2L Loan at 19% Off FORDHAM FULTON: Voluntary Chapter 11 Case Summary FOUR FINANCIAL: Seeks to Hire Latham Luna as Bankruptcy Counsel FREIGHT TECHNOLOGIES: Signs $1.5MM AI Services Deal with Fetch FTX TRADING: Three Arrows Raises Value of Bankruptcy Claim GASFUSION TEXAS: Unsecured Creditors to Get $225K in Plan GENESIS HEALTHCARE: Picks ReGen as Winning Bidder for Assets GREENWAVE TECHNOLOGY: Receives Nasdaq Delinquency Notice HALL LABS: To Sell Common Stock to Michael Hall for $100K HELP/SYSTEMS HOLDINGS: Palmer Square Marks $3.6MM Loan at 28% Off HIGH LINER: S&P Affirms 'B+' ICR on Fungible Term Loan B Add-On HILTON DOMESTIC: S&P Rates Proposed Senior Unsecured Notes 'BB+' IMERYS TALC: Robin Alander Steps Down as Tort Committee Member INDU MOTEL: Seeks to Extend Plan Exclusivity to February 26, 2026 INTERNATIONAL LAND: Secures Up to $50MM Convertible Note Facility INTERNATIONAL LAND: Ups Number of Series A & C Preferred Shares IROBOT CORP: Carlyle Offloads Firm’s Debt as Bankruptcy Risks Mount IVANTI SOFTWARE: Palmer Square Marks $3MM 2L Loan at 53% Off IVANTI SOFTWARE: Palmer Square Marks $9.9MM 1L Loan at 16% Off JACKS DONUTS: Seeks to Hire Hester Baker Krebs LLC as Attorney KANSAS CITY COSTUME: G. Matt Barberich Named Subchapter V Trustee KCAP VILLA: Gets Interim OK to Use Cash Collateral KLEOPATRA FINCO: Palmer Square Marks $1.9MM 1L Loan at 50% Off KLEOPATRA FINCO: Seeks to Hire Ordinary Course Professionals LANDERS DEVELOPMENT: Taps Cornerstone Law as Bankruptcy Counsel LOGMEIN INC: Palmer Square Marks $4MM 1L Loan at 15% Off LOGMEIN INC: Palmer Square Marks $4MM 1L Loan at 66% Off LTI HOLDINGS: Moody's Puts 'B3' CFR on Review for Upgrade LUGANO DIAMONDS: Hires Omni Agent Solutions as Claims Agent LUMINAR TECHNOLOGIES: Inks Fourth Forbearance Deal with Noteholders MAGENTA SECURITY: Palmer Square Marks $1.1MM 1L Loan at 56% Off MAGENTA SECURITY: Palmer Square Marks $6.3MM 1L Loan at 79% Off MAGENTA SECURITY: Palmer Square Marks $641,850 1L Loan at 18% Off MEDICAL DEPOT: Moody's Lowers PDR to 'D-PD' MEDICAL SOLUTIONS: Palmer Square Marks $9.7MM 1L Loan at 27% Off MENORA CAMPUS: U.S. Trustee Unable to Appoint Committee MISS AMERICA: Florida Court Urged to Dismiss Sanctions Bid MONTE MARTIN: Behrooz Vida Named Subchapter V Trustee MORICI RACING: Lender Seeks to Prohibit Cash Collateral Access MY GEORGIA: Case Summary & 20 Largest Unsecured Creditors NAPA MANAGEMENT: Palmer Square Marks $9.6MM 1L Loan at 33% Off NEEDSPACE HACKS: Lender Seeks to Prohibit Cash Access NEW FORTRESS: Swings to $293 Million Net Loss in 2025 Q3 NEXTGEN MRO: William Callahan Named Subchapter V Trustee NIGHTFOOD HOLDINGS: Hikes Authorized Shares to 900 Million NIGHTFOOD HOLDINGS: Strengthens Balance Sheet with $91.5MM Equity NIKOPAT & ASSOCIATES: Amends Unsecured Claims Details NORTHWEST WATERPROOFING: Seeks Cash Collateral Access ORCHID MERGER: Palmer Square Marks $3.6MM 1L Loan at 51% Off PALWAUKEE HOSPITALITY: Seeks to Extend Plan Exclusivity to Dec. 31 PARAMOUNT GOLD: Expands ATM Offering with Cantor & AGP to $14.9MM PAREXEL MIDCO: S&P Alters Outlook to Negative, Affirms 'B+' ICR PEGRUM CREEK: Court OKs Madison Property Sale for $6MM PERASO INC: Director McWalter to Retire, Opts Out of Re-election PERASO INC: Upsizes ATM Program to $3.15MM Additional Shares PERATON CORP: Palmer Square Marks $2.8MM 2L Loan at 40% Off PERATON CORP: Palmer Square Marks $8.6MM 1L Loan at 15% Off PINE GATE: Proposes Ch. 11 Deal With Carlyle to Protect Recoveries PMHC II: Palmer Square Marks $10.8MM 1L Loan at 19% Off POST HOLDINGS: S&P Rates New $1.3BB Senior Unsecured Notes 'B+' PPW REALTY: Taps Robert C. Nisenson as Bankruptcy Counsel PREDICTIVE ONCOLOGY: Resolves Nasdaq Deficiency with PIPE Funds PRETIUM PKG: Palmer Square Marks $2MM 2L Loan at 89% Off PRETIUM PKG: Palmer Square Marks $5.6MM 1L Loan at 55% Off PROFESSIONAL DIVERSITY: Streeterville Waives S-1 Filing Under SPA PVKG INVESTMENT: Palmer Square Marks $1.7MM 1L Loan at 45% Off PYE-BARKER TOPCO: S&P Assigns 'B' Rating on Senior Secured Debt REBORN COFFEE: Re-Elects Board, Ratifies BCRG at Annual Meeting REDSTONE HOLDCO: Palmer Square Marks $4.8MM 1L Loan at 48% Off RELLIS CAMPUS: Hires Pablo Bonjour of Veritas Restructuring as CRO RHODIUM ENCORE: Urges Court to Confirm Chapter 11 Plan RITE AID: Gets Chapter 11 Plan Court Confirmation RIVERA FAMILY: Case Summary & Seven Unsecured Creditors RT 1 CHICKEN: Case Summary & Six Unsecured Creditors RXO INC: S&P Alters Outlook to Negative, Affirms 'BB' ICR SCHILLER PARK: Seeks to Extend Plan Exclusivity to Dec. 31 SCILEX HOLDING: Inks $20.4MM Warrant Inducement Agreement SITEL GROUP: Palmer Square Marks $2.9MM 1L Loan at 49% Off SKYLINE TOWER: Seeks to Hire Omni Agent Solutions as Claims Agent SRX HEALTH: Boosts Authorized Common Shares to 5 Billion from 200MM STAKEHOLDER MIDSTREAM: S&P Places 'B+' ICR on CreditWatch Positive STAR ISLAND: Seeks to Hire K&L Gates LLP as Bankruptcy Co-Counsel TAEHYUN HOLDINGS: Involuntary Chapter 11 Case Summary TEGNA INC: Approves Merger Agreement with Nexstar Media Group TELLICO RENTALS: Seeks to Hire RE/MAX Excels as Realtor TONIX PHARMACEUTICALS: Increases A.G.P. ATM Offering to $400MM TRAVEL + LEISURE: S&P Rates Proposed $870 Million Term Loan 'BB-' TRUE LOUNGE: Seeks to Hire Elite Tax & Accounting as Accountant TRUTANKLESS INC: Narrows Net Loss to $918,110 in 2025 Q3 US SIKH: Seeks to Hire Farsad Law Office as Bankruptcy Counsel VALMONT HOLDINGS: Voluntary Chapter 11 Case Summary VIVAKOR INC: Noteholders Convert $180,467 to 2.92 Million Shares WCB REALTY: Seeks Cash Collateral Access WELCOME GROUP: Affiliate Seeks to Extend Cash Collateral Access WEST TECHNOLOGY: S&P Alters Outlook to Neg., Affirms 'CCC+' ICR ********* 1 SOURCE LLC: Jodi Dubose Named Subchapter V Trustee ---------------------------------------------------- Mark S. Zimlich, the U.S. Bankruptcy Administrator for the Southern District of Alabama, appointed Jodi Dubose as Subchapter V trustee for 1 Source, LLC. Ms. Dubose will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Dubose declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jodi Daniel Dubose, Esq. Stichter, Riedel, Blain & Postler P.A. 41 N. Jefferson Street, Suite 111 Pensacola, FL 32502 Phone: (850) 637-1836 Email: jdubose@srbp.com About 1 Source LLC 1 Source, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 25-13269) on November 21, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Jerry C. Oldshue presides over the case. Alexandra K. Garrett, Esq., at Silver Voit Garrett & Watkins represents the Debtor as legal counsel. 23ANDME HOLDINGS: Seeks $16MM Cyber Insurance Settlement -------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that genetic testing company 23andMe has asked a Missouri bankruptcy judge to approve a settlement it reached with several cyber insurers, allowing those insurers to repurchase the remaining portion of their $25 million aggregate coverage. The agreement would resolve outstanding disputes related to the company's cybersecurity incidents and the insurers' financial obligations. According to the motion, the settlement is intended to streamline the Chapter 11 process by eliminating potential litigation with the insurers and bringing additional liquidity back into the estate. 23andMe argued that the buyback arrangement is in the best interest of creditors and supports the company's progress toward confirming a restructuring plan. 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. 527 EDILIDO: To Sell Miami Beach Property to Jack Seeligson Storm ----------------------------------------------------------------- 527 Edilido, LLC, seeks permission from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns the fee interest in a parcel of real estate located at 527 E. Dilido Dr, Miami Beach, Florida 33139. The Property is encumbered by two liens, a first mortgage held by Bank of America, N.A. with a claimed balance of $4,126,953.00 as of the Petition Date and a Foreclosure Judgement subordinate to BoA's mortgage, held by So-Cal Capital, Inc. with a claimed balance of $5,671,374.73 as of the Petition Date. Previously, the Debtor filed for bankruptcy which was dismissed due to lack of offers sufficient to satisfy the secured debt. However, since the filing the Debtor has received a contract in excess of the secured debt and the real estate market in the location has generated more interest. Specifically, 610 W Dilido Dr. is nearby and listed at $17.5M and contingent. This equals a price per sq ft of $3,721. Based on the Debtor's sq ft of 3,398 the comparable for the property would be $12,643,958.00. Notably, smaller square foot homes such as the Property generally sell for a higher price per square foot, so the Debtor’s Property likely exceeds $12.643 million based on the comparable. The As Is Residential Contract for Sale and Purchase with Jack Seeligson Storm is in the amount of $11,900,000.00. The contemplated transaction is an arms-length transaction, and neither the Purchaser, nor any of its member(s), are insiders of the Debtor. The agreement with Purchaser is the result of marketing the Property. Transaction will close on February 25, 2026 unless specifically extended by other provisions of the contract. Seller and Buyer shall direct the closing agent to disburse at closing the 6% commission. Seller's listing brokerage is Nelson Gonzalez of Esslinger Wooten Maxwell, Inc. d/b/a Berkshire Hathaway Homeservices EWM Realty. The Debtor, exercising its business judgment, believes that the sale of the Property to the Purchaser is in the best interest of the bankruptcy estate. Debtor by and through officer Mark Siffin should be authorized to execute any and all documents necessary to effectuate the closing including the deed and related documents necessary to consummate the closing of the sale transaction. As part of the sale process, Debtor requests authorization to pay all fees and costs associated with the sale, including brokerage commission of 6% to Nelson Gonzalez of Esslinger Wooten Maxwell, Inc. d/b/a Berkshire Hathaway Homeservices EWM Realty. Here there is no adequate remedy at law due to the uniqueness of Property and the public policy of allowing bankruptcy sales to pay off secured debt and allow for payment of general unsecured creditors. About 527 Edilido LLC 527 Edilido LLC is a limited liability company. 527 Edilido LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22584) on October 24, 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 Robert A. Mark handles the case. The Debtor is represented by Thomas Zeichman, Esq. of BEIGHLEY MYRICK UDELL LYNNE AND ZEICHMAN. ACCENTCARE INC: Palmer Square Marks $5.8MM 1L Loan at 26% Off ------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $5,806,113 loan extended to AccentCare, Inc. to market at $4,325,553 or 74% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to AccentCare, Inc. The loan accrues interest at a rate of 8.24% (S + 4.00%) per annum. The loan matures on September 20, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About AccentCare, Inc. AccentCare is a national leader in personal care, medical and non-medical home health, hospice and palliative care, and care management. AG RECYCLING: Seeks to Hire The Desai Law Firm as Legal Counsel --------------------------------------------------------------- AG Recycling, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Illinois to employ The Desai Law Firm, LLC as legal counsel. The firm will render these services: (a) advise the Debtors with respect to their powers and duties in these Chapter 11 cases; (b) assist and advise the Debtors in their consultations with creditors; (c) assist the Debtors in analyzing the claims of creditors and negotiate with such creditors; (d) assist the Debtors with investigation of their assets, liabilities and financial condition and reorganize their business in order to maximize the value of their assets for the benefit of all creditors; (e) advise the Debtors in connection with the sale of assets or businesses; (f) assist the Debtors in their analysis of and negotiate with any third-party concerning matters related to, among other things, the terms of a plan of reorganization; (g) assist and advise the Debtors with respect to any communications with the general creditor body regarding significant matters in these cases; (h) commence and prosecute necessary and appropriate actions and/or proceedings on behalf of the Debtors; (i) review, analyze, or prepare, on behalf of the Debtors, all necessary legal documents; (j) represent the Debtors at all hearings and other proceedings; (k) confer with other professional advisors retained by the Debtors in providing advice to them; (l) perform all other necessary legal services in these cases as may be requested by the Debtors; and (m) assist and advise the Debtors regarding pending litigation matters in which they may be involved. The firm will be paid at these hourly rates: Partners $400 - $250 Paralegals/Law Clerks $125 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $50,000 from Eco Recycling, Inc. Spencer Desai, Esq., a partner at The Desai Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Spencer P. Desai, Esq. The Desai Law Firm, LLC 13321 North Outer Forty Road, Suite 300 St. Louis, MO 63017 Telephone: (314) 666-9781 Facsimile: (314) 448-4320 Email: spd@desailawfirmllc.com About AG Recycling Inc. AG Recycling, Inc. is a recycling and aggregate materials company based in Mascoutah, Illinois, engaged in processing concrete, asphalt, and soil for reuse in construction and infrastructure projects. The Company provides mobile crushing, materials recovery, and related recycling services across Illinois. It is affiliated with Surmeier Holdings LLC, Surmeier Holdings Gregan LLC, Carbonox Incorporated, and Eco Recycling, Inc. AG Recycling Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-30862) on November 9, 2025. In its petition, the Debtor disclosed up to $100,000 in estimated assets and up to $10,000,000 in estimated liabilities. Honorable Bankruptcy Judge Mary E. Lopinot handles the case. The Debtor is represented by Spencer P. Desai, Esq., at The Desai Law Firm, LLC. ALBANY INN: Plan Exclusivity Period Extended to February 13, 2026 ----------------------------------------------------------------- Judge Elizabeth S. Stong of the U.S. Bankruptcy Court for the Eastern District of New York extended Albany Inn LLC and Albany Equity LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 13, 2026 and April 13, 2026, respectively. As shared by Troubled Company Reporter, the cornerstone of a chapter 11 plan for Equity will be through a sale of the property. Equity has received written offers for the purchase of the Property. The present offers generated will be sufficient to pay its creditors in full. However, it is in the best interest of Equity to delay entering into a contract of sale and/or file a reorganization plan based on a sale until Inn decides whether to affiliate itself with another national or regional hotel operator. Inn is delinquent in its obligations to Equity under the Equity Inn Lease. In the event that Equity proceeds with a sale of the Property, a resolution of issues involving the Equity-Inn Lease will have to be negotiated. Neither Equity nor Inn are in a position to resolve these issues presently. Inn explains that it requires additional time to file a plan of reorganization pending progress in its efforts to collect revenues from the ACDSS, a process that it is presently undertaking and to finalize the intercompany debt with Equity assuming the likely rejection of the Equity-Inn Lease. Counsel to the Debtors: Gary M. Kushner, Esq. Goetz Platzer LLP One Penn Plaza, 31st Floor New York, New York 10119 Telephone: (212) 695-8100 Facsimile: (212) 629-4013 About Albany Inn LLC Albany Inn LLC is a real estate lessor that owns and rents residential property in New York. Albany Inn LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43431) on July 18, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Gary Kushner, Esq. at GOETZ PLATZER LLP. ALGORHYTHM HOLDINGS: Reports $2.98MM Net Loss in 2025 Q3 -------------------------------------------------------- Algorhythm Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2,982,000 for the three months ended September 30, 2025, compared to a net income of $974,000 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $13,085,000, compared to a net loss of $7,513,000 for the same period in 2024. Net sales for the three months ended September 30, 2025 and 2024, were $1,744,000 and $127,000, respectively. For the nine months ended September 30, 2025 and 2024, the Company had net sales of $3,018,000 and $127,000, respectively. As of September 30, 2025, the Company had $10,845,000 in total assets, $10,745,000 in total liabilities, and a total stockholders' equity of $100,000. Algorhythm said, "Since our inception, we have funded our operations primarily through cash generated by our operations, private sales of equity securities and the use of short- and long-term debt. As of September 30, 2025, our cash balance was $2,839,000." This will not be sufficient to fund the Company's planned operations for at least the next 12 months. "Net cash used by operating activities attributable to continuing operations was $4,343,000 during the nine-month period ended September 30, 2025, compared to $3,770,000 during the nine-month period ended September 30, 2024. The increase of $573,000 was due primarily to an increase of $7,523,000 for loss from continuing operations, partially offset by an increase of $6,468,000 for the loss that we incurred in connection with the change in fair value of warrants sold in the public offering of securities that we completed on December 6, 2024." "Net cash used by investing activities attributable to continuing operations was $1,888,000 during the nine-month period ended September 30, 2025, compared to cash provided by investing activities attributable to continuing operations of $17,000 during the nine-month period ended September 30, 2024. The difference of $1,905,000 was due primarily to increases of $1,172,000 for advances to SMCB under our loan agreement with them, $758,000 for repurchases of shares of our common stock, and $541,000 for the capitalization of internal use software costs. These increases were partially offset by an increase of $593,000 for cash received in connection with our acquisition of SMCB on May 2, 2025. "Net cash provided by financing activities attributable to continuing operations was $4,115,000 during the nine-month period ended September 30, 2025, compared to $1,103,000 during the nine-month period ended September 30, 2024. The difference of $3,012,000 was due primarily to an increase of $4,293,000 for proceeds from the issuance of promissory notes, partially offset by a decrease of $1,489,000 for proceeds from the sale of stock. "Our limited cash resources along with our recent history of recurring operating losses and decreases in working capital create substantial doubt about our ability to continue as a going concern. To date, our capital needs have been met through cash generated by our operations, sales of our equity securities and the use of short- and long-term debt to fund our operations. We have used these sources of capital to pay virtually all of the costs and expenses that we have incurred to date. "These costs and expenses have been composed primarily of the professional fees, employee compensation expenses, and general and administrative expenses discussed above. We intend to continue to rely upon each of these sources to fund our operations and expansion efforts, including additional acquisitions of controlling or non-controlling financial interests in other complementary businesses and companies during the next 12 months. "We can provide no assurance that these sources of capital will be adequate to fund our operations and expansion efforts during the next 12 months. If these sources of capital are not adequate, we will need to obtain additional capital through alternative sources of financing. We may attempt to obtain additional capital through the sale of equity securities or the issuance of short- and long-term debt. "If we raise additional funds by issuing shares of our common stock, our stockholders will experience dilution. If we raise additional funds by issuing securities exercisable or convertible into shares of our common stock, our stockholders will experience dilution in the event the securities are exercised or converted, as the case may be, into shares of our common stock. "Debt financing may involve agreements containing covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, issuing equity securities, making capital expenditures for certain purposes or above a certain amount, or declaring dividends. In addition, any equity securities or debt that we issue may have rights, preferences and privileges senior to those of the shares of common stock held by our stockholders. "We have not made arrangements to obtain additional capital and can provide no assurance that additional financing will be available in an amount or on terms acceptable to us, if at all. Our ability to obtain additional capital will be subject to a number of factors, including market conditions and our operating performance. "These factors may make the timing, amount, terms and conditions of any proposed future financing transactions unattractive to us. If we cannot raise additional capital when needed, or if such capital cannot be obtained on acceptable terms, we may not be able to pay our costs and expenses as they are incurred, take advantage of future acquisition opportunities, respond to competitive pressures or unanticipated events, or otherwise execute upon our business plan. "This may adversely affect our business, financial condition and results of operations and, in the extreme case, cause us to discontinue our operations." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/295mwcjv About Algorhythm Holdings Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc. -- http://www.singingmachine.com/-- is a holding company for an AI enabled software logistics business operated through its SemiCab Holding subsidiary and a home karaoke consumer products company that designs and distributes karaoke products globally to retailers and ecommerce partners through the Singing Machine subsidiary. As of September 30, 2025, the Company had $10,845,000 in total assets, $10,745,000 in total liabilities, and a total stockholders' equity of $100,000. Philadelphia, Penn.-based Marcum LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ALL SEASONS: Gets OK to Hire Neeleman Law Group as Legal Counsel ---------------------------------------------------------------- All Seasons Waterproofing & Drainage, Inc. received approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Neeleman Law Group, PC as counsel. The firm will render these services: (a) assist the Debtor in the investigation of the financial affairs of the estate; (b) provide legal advice and assistance to the Debtor with respect to matters relating to this case and creditor distribution; (c) prepare all pleadings necessary for proceedings arising under this case; and (d) perform all necessary legal services for the estate in relation to this case. The firm will be paid as follows: Principals $600 Associate $475 Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $21,738 from the Debtor. Jennifer Neeleman, Esq., an attorney at Neeleman Law Group disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jennifer L. Neeleman, Esq. Neeleman Law Group, PC 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Facsimile: (425) 212-4802 About All Seasons Waterproofing & Drainage All Seasons Waterproofing & Drainage, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12912) on Oct. 20, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Judge Timothy W. Dore oversees the case. Jennifer L. Neeleman, Esq., at Neeleman Law Group, PC represents the Debtor as counsel. AMERICAN RESOURCES: Dismisses GBQ, Hires GreenGrowth as Auditor --------------------------------------------------------------- American Resources Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 21, 2025, the Company, through action of the Audit Committee of the Board of Directors, dismissed GBQ Partners LLC as the Company's independent registered public accounting firm. The reports of GBQ on the Company's consolidated financial statements for the fiscal years ended December 31, 2023, and December 31, 2024 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles other than an explanatory paragraph relating to the Company's ability to continue as a going concern. During the fiscal years ended December 31, 2023 and December 31, 2024, and through the date of termination, November 21, 2025, there were no "disagreements" with GBQ on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements if not resolved to the satisfaction of GBQ would have caused GBQ to make reference thereto in its reports on the consolidated financial statement for such years. During the fiscal years ended December 31, 2023 and December 31, 2024 and through November 21, 2025, there have been no "reportable events" (as defined in Item 304(a)(1)(iv) and Item 304(a)(1)(v) of Registration S-K), except for the identified material weaknesses in its internal control over financial reporting as disclosed in the Company's Annual Report. Following GBQ's dismissal, the Company, through action of the Audit Committee, engaged GreenGrowth CPAs as the Company's new independent public accounting firm. This appointment is effective as of November 21, 2025. During the Company's two most recent fiscal years, and any subsequent interim period prior to engaging GreenGrowth, neither the Company, nor anyone on its behalf, consulted GreenGrowth regarding either: (i) The application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered with respect to the consolidated financial statements of the Company, and no written report or oral advice was provided to the Company by GreenGrowth that was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue; or (ii) any matter that was the subject of a "disagreement" (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a "reportable event" (as that term is defined in Item 304(a)(1)(v) of Regulation S-K). About American Resources Corp American Resources Corporation operates through subsidiaries that were formed or acquired in 2020, 2019, 2018, 2016, and 2015 for the purpose of acquiring, rehabilitating, and operating various natural resource assets, including coal used in the steel-making and industrial markets, critical and rare earth elements used in the electrification economy, and aggregated metal and steel products used in the recycling industries. As of June 30, 2025, the Company had $200,445,719 in total assets, $292,644,028 in total liabilities, and total deficit of $92,198,309. Columbus, Ohio-based GBQ Partners LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 19, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. AMERICAN ROCK: Palmer Square Marks $2.7MM 2L Loan at 41% Off ------------------------------------------------------------ Palmer Square Capital BDC Inc. has marked its $2,750,000 loan extended to American Rock Salt Company LLC to market at $1,621,358 or 59% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a Second Lien Senior Secured Loan to American Rock Salt Company LLC. The loan accrues interest at a rate of 11.71% (S +CSA + 7.25%) per annum. The loan matures on June 4, 2029. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About American Rock Salt Company LLC American Rock Salt Company LLC produces de-icing salt products, supplying bulk, treated, and packaged rock salt for various surfaces in the United States. AMERICAN ROCK: Palmer Square Marks $5.7MM 1L Loan at 25% Off ------------------------------------------------------------ Palmer Square Capital BDC Inc. has marked its $5,749,812 loan extended to American Rock Salt Company LLC to market at $4,326,191 or 75% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to American Rock Salt Company LLC. The loan accrues interest at a rate of 8.46% (S +CSA + 4.00%) per annum. The loan matures on June 9, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About American Rock Salt Company LLC American Rock Salt Company LLC produces de-icing salt products, supplying bulk, treated, and packaged rock salt for various surfaces in the United States. ARAMSCO INC: Palmer Square Marks $5.9MM 1L Loan at 27% Off ---------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $5,965,941 loan extended to Aramsco, Inc. to market at $4,370,052 or 73% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Aramsco, Inc. The loan accrues interest at a rate of 8.75% (S + 4.75%) per annum. The loan matures on October 10, 2030. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Aramsco, Inc. Aramsco, Inc. operates as a protective equipment and specialist chemicals distributor. The Company offers restoration, remediation, surface preparation, janitorial, sanitation, traffic safety, as well as provides stone fabrication, professional cleaning, support, and training. Aramsco serves customers in the United States and Canada. ARAVAK ENERGY: Seeks to Hire Anthony J. DeGirolamo as Counsel ------------------------------------------------------------- Aravak Energy, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Anthony J. DeGirolamo as counsel. The firm will provide these services: (a) assist the Debtor in fulfilling its duties; (b) represent the Debtor with respect to motions filed in this Chapter 11 case; and (c) assist the Debtor in the administration of its case. The firm's professionals will be paid at these hourly rates: Anthony DeGirolamo, Attorney $395 Paralegals $235 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $16,761.50 from the Debtor. Mr. DeGirolamo 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: Anthony J. DeGirolamo, Esq. 3930 Fulton Dr., Ste. 100B Canton, OH 44718 Telephone: (330) 305-9700 Facsimile: (330) 305-9713 Email: tony@ajdlaw7-11.com About Aravak Energy LLC Aravak Energy, LLC owns and manages real estate assets in Columbiana and Jefferson counties in Ohio valued at about $72 million. Aravak Energy, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-41396) on Nov. 14, 2025. In the petition signed by Kautilya Sharma, manager, the Debtor disclosed $72,000,117 in total assets and $17,210,477 in total liabilities. Honorable Bankruptcy Judge Tiiara Patton handles the case. Anthony J. DeGirolamo, Esq. serves as the Debtor's counsel. ARCHDIOCESE OF NEW ORLEANS: Taps Heller Draper & Horn as Counsel ---------------------------------------------------------------- The Roman Catholic Church of the Archdiocese of New Orleans seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Heller, Draper & Horn, L.L.C. as bankruptcy counsel to additional Debtors. The firm's services include: i. administer the Additional Debtor Cases and the Additional Debtors' affairs while in chapter 11, including all issues arising from or impacting the Additional Debtors in the Chapter 11 proceedings; ii. take preparation and trial of the confirmation of the Joint Plan; iii. advise the Additional Debtors with respect to their duties as debtors under the Bankruptcy Code; iv. prepare on behalf of the Additional Debtors of all necessary applications, motions, orders, reports and other legal papers; v. appear in Bankruptcy Court to represent the interests of the Additional Debtors; vi. represent the interests of the Additional Debtors in all aspects and phases of the Additional Debtors' Chapter 11 Cases; vii. give advice and guidance with respect to any transfer, pledge, conveyance, sale or other liquidation of the Additional Debtors' assets; viii. provide investigation, if any, as the Additional Debtors may desire concerning, among other things, the assets, liabilities, financial condition and operations of the Additional Debtors that may be relevant to the Additional Debtors' Chapter 11 Cases, including the validity, extent, priority, and amount of alleged secured and unsecured claims and liens; and ix. provide such other matters as may be necessary and appropriate in the context of the Additional Debtors' Chapter 11 Cases. The firm's hourly rates are: Douglas S. Draper $500 Leslie A. Collins $450 Greta M. Brouphy $450 Michael E. Landis $425 Paralegals $125 Heller Draper provides the following statements in response to the request for additional information set forth in Part D.1. of the Appendix B Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: Yes, as is set out in paragraph 11 above. Heller Draper charged a flat fee, reduced rate for the post-petition services rendered to each Additional Debtor. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Heller Draper is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Douglas S. Draper, Esq. Heller, Draper & Horn, L.L.C. 650 Poydras Street, Suite 2500 New Orleans, LA 70130 Tel: (650) 299-3300 About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ARTIFICIAL INTELLIGENCE: Reports Strong Order Intake in FY2026 Q3 ----------------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc. along with its wholly owned subsidiary, Robotic Assistance Devices, Inc. (RAD), on November 24, 2025, reported a series of new orders since its last sales update, reflecting continued momentum across its device and software portfolio. Recent orders include of SARA(TM) (Speaking Autonomous Responsive Agent), the Company's multiple award-winning agentic AI platform, ROSA(TM), RIO(TM) Mini, AVA(TM), TOM and RADCam(TM) Enterprise solutions with both new and long-standing clients in logistics, manufacturing, security services and commercial property operations. Since the last sales update, the Company has booked new orders that include twenty-four RADCam Enterprise systems, three RIO Mini systems, three TOM units, two AVA units, six SARA licenses, and one ROSA unit. These orders strengthen what is shaping up to be the Company's strongest order intake quarter of the fiscal year. "There is no doubt that the mediocre level of B-to-B activity throughout most of this year has accelerated to a much higher pace over the past few months with no signs of it leveling off," said Steve Reinharz, CEO/CTO and founder of AITX and RAD. "Our team is focused on making up time for the soft first half as it relates to new sales and pulling in as much recurring monthly revenue as possible so that this fiscal year finishes strong and sets up next year for even greater heights. This is the kind of consistency we expect to build on as we move toward our longer-term goals." Reinharz added, "As the holidays approach we remind you that RADCam makes a great gift and we suggest you stay tuned for an interesting and unique feature addition to be announced soon." About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. provides artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. As of August 31, 2025, the Company had $9.53 million in total assets, $56.41 million in total liabilities, and a total stockholders' deficit of $47 million. Deer Park, Ill.-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. ATHLETICO MANAGEMENT: Palmer Square Marks $6.9MM 1L Loan at 25% Off ------------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $6,990,188 loan extended to Athletico Management, LLC to market at $5,210,591or 75% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Athletico Management, LLC. The loan accrues interest at a rate of 8.56% (S +CSA + 4.25%) per annum. The loan matures on February 2, 2029. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Athletico Management, LLC Athletico Physical Therapy is a leading provider of the highest quality physical therapy, occupational therapy and athletic training services to communities. AVALON GLOBOCARE: Faces Nasdaq Delisting Over Equity Rule --------------------------------------------------------- Avalon GloboCare Corp. on November 19, 2025, received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC indicating that the Company was not in compliance with Listing Rule 5550(b). Unless the Company timely requests a hearing before the Nasdaq Hearings Panel, trading of the Company's common stock would be subject to suspension/delisting. On May 22, 2025, Avalon received a letter from Nasdaq indicating that the Company was not in compliance with the minimum stockholders' equity requirement for continued listing on The Nasdaq Capital Market, under Listing Rule 5550(b)(1), because: a. The Company's stockholders' equity of ($3,891,270), as reported in the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2025, was below the required minimum of $2,500,000, and b. As of May 22, 2025, the Company did not meet the alternative compliance standards, relating to the market value of listed securities of $35 million or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years. The May Nasdaq Letter had no immediate impact on the listing of the Company's common stock, which continued to be listed and traded on The Nasdaq Capital Market, subject to the Company's compliance with the other continued listing requirements. Following the Company's submission of a plan to regain compliance with Listing Rule 5550(b)(1), Nasdaq granted the Company an extension of up to 180 calendar days from May 22, 2025, or through November 18, 2025, to regain compliance. The Company plans to timely request a hearing before the Panel, which request will automatically stay any suspension or delisting action by Nasdaq pending the hearing and the expiration of any additional extension period granted by the Panel following the hearing. About Avalon Globocare Avalon Globocare Corp., based in Freehold, New Jersey, develops and markets precision diagnostic consumer products and cellular therapy intellectual property. The Company currently sells the KetoAir breathalyzer, a U.S. FDA-registered Class I medical device, and plans to expand its diagnostic applications. It also owns and manages commercial real estate at its headquarters. In an audit report dated March 31, 2025, M&K CPAS, PLLC issued a "going concern" qualification citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations, all of which raises substantial doubt about its ability to continue as a going concern. As of Jun. 30, 2025, the Company had $9.1 million in total assets, $13.6 million in total liabilities, and $4.5 million in total equity. AVANCE MANAGEMENT: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Avance Management Inc. 1800 Flowers Allen North Texas Flowers 1800FlowersAllenTX 1725 Winding Ridge Road Aledo, TX 76008 Business Description: Avance Management Inc. operates as a local florist franchise in Texas, running multiple trade names including 1800 Flowers Allen, North Texas Flowers, and 1800FlowersAllenTX. The Company provides handcrafted floral arrangements, gifts, and event services with same-day delivery across Allen, Plano, McKinney, Richardson, and the broader North Dallas area. Its operations are centered at 710 E Main Street, Allen, Texas, classifying it within the retail florist and floral service industry. Chapter 11 Petition Date: November 30, 2025 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 25-43630 Judge: Hon. Brenda T. Rhoades Debtor's General Bankruptcy Counsel: J. Mark Chevallier, Esq. ROCHELLE MCCULLOUGH,LLP 901 Main St 3200 Dallas TX 75202 Tel: (214) 580-2530 Email: mchevallier@romclaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Tim Avance as president. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VPUSPFQ/Avance_Management_Inc__txebke-25-43630__0001.0.pdf?mcid=tGE4TAMA AZUL SA: Pursues $30MM AerCap Engine Financing ---------------------------------------------- James Nani of Bloomberg Law reports that Brazilian airline Azul SA has asked the bankruptcy court for permission to secure $30 million in financing from AerCap Ireland Ltd. to support much-needed aircraft engine overhauls. Under the proposed arrangement, AerCap -- Azul's largest aircraft lessor -- would receive an unsecured priority claim within the Chapter 11 case, according to a stipulation filed November 29, 2025 in the US Bankruptcy Court for the Southern District of New York. This financing request falls under a broader settlement reached in August between Azul and AerCap Holdings' subsidiary, aimed at restructuring Azul's aircraft fleet and lease obligations as the company works toward exiting Chapter 11, the report states. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. The Backstop Commitment Parties are represented by Cleary Gottlieb Steen & Hamilton and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados. The Subscription Agent is Stretto. BAFFINLAND IRON: S&P Lowers ICR to 'SD' on Distressed Transaction ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating (ICR) on Canada-based iron ore miner Baffinland Iron Mines Corp. to 'SD' (selective default) from 'CCC-'. S&P's 'CCC-' issue level rating, with a '4' recovery rating, on the senior secured notes is unchanged. S&P expects to raise its ICR on Baffinland as soon as practical, likely within days, to a level that reflects the current credit risk of the company, considering the transactions that were completed. Baffinland Iron Mines Corp. converted its substantially drawn revolving credit facility to a term loan and extended the maturity to May 31, 2027 (which will automatically accelerate to June 30, 2026, if the senior secured notes have not been extended beyond May 31, 2027, by March 31, 2026). The company also reached an agreement to extend its $75 million Export Development Canada (EDC) term credit facility with the same maturity profile as the converted term loan. S&P said, "Although the lenders received compensation for the maturity extension in the form of higher interest rates, the distressed context and timing of the transaction lead us to view it as distressed. Supporting this view is our assessment that Baffinland's capital structure was unsustainable when the revolver was extended five days before its maturity date. "Our downgrade of Baffinland to 'SD' follows the conversion of its substantially drawn revolver to a term loan and the extension of its maturity, which we consider a de facto restructuring. The company recently entered an agreement with its lenders to extend the maturity of its converted term loan from Nov. 30, 2025, to May 31, 2027 (which will automatically accelerate to June 30, 2026, if the senior secured notes have not been extended beyond May 31, 2027, by March 31, 2026). Baffinland also upsized the letters of credit (LOC) available under its revolving credit facility by $25 million. In addition, the company extended its $75 million EDC term credit facility to the same maturity date as the converted term loan. "Although the lenders received compensation for the maturity extension in the form of higher interest rates, the context and timing of the transaction lead us to view it as distressed. We believe that Baffinland had an unsustainable capital structure at the time of the extension on Nov. 25. In our view, the company would have likely faced a conventional default absent the extension given its weak liquidity position and high utilization (about $155 million as of September 30, 2025, including the LOCs) of its revolving credit facility." The company's liquidity included less than $10 million of cash and less than $5 million availability under its credit facility (including LOCs). S&P plans to raise its ICR on Baffinland as soon as practical, likely within days, to a level that reflects the current credit risk of the company based on the transactions that were completed. BARRACUDA NETWORKS: Palmer Square Marks $10.2MM 1L Loan at 16% Off ------------------------------------------------------------------ Palmer Square Capital BDC Inc. has marked its $10,240,720 loan extended to Barracuda Networks, Inc. to market at $8,633,592 or 84% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Barracuda Networks, Inc. The loan accrues interest at a rate of 8.81% (S + 4.50%) per annum. The loan matures on August 15, 2029. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Barracuda Networks, Inc. Barracuda Networks is a global cybersecurity company that provides a platform for email, data, application, and network protection through a variety of products and services, including next-generation firewalls, email security gateways, and cloud backup solutions. BCPE EMPIRE: S&P Places 'B-' ICR on CreditWatch Positive -------------------------------------------------------- S&P Global Ratings placed all its ratings on distributor of food service packaging (FSP) and facilities maintenance supplies BCPE Empire Holdings Inc. (doing business as Imperial Dade), including its 'B-' issuer credit rating, on CreditWatch with positive implications. S&P expects to resolve the CreditWatch by raising the rating to 'B' if the merger is completed with terms largely in line with its expectation. Imperial Dade plans to merge with BradyPLUS Holdings LLC. S&P expects that Imperial Dade will be the surviving entity and will assume BradyPLUS' debt in an all-stock combination, which should lower leverage for the company while increasing its scale. S&P said, "The CreditWatch placement on Imperial Dade reflects our expectation that its merger with BradyPLUS will lower leverage and expand scale. BradyPLUS plans to issue a new $2.8 billion term loan B to refinance its existing indebtedness ahead of the merger. Its new term loan agreement will include a portability feature to allow the loan to be assumed by Imperial Dade upon the completion of the merger between the two companies. Outside of this term loan, we do not expect Imperial Dade to assume any incremental debt and the transaction should therefore lower leverage." Meanwhile, the scale of the combined entity provides near-term opportunities for route efficiency and facility consolidation, while longer-term cost rationalization should improve profits and cash flow over time. The combined company's lower leverage and anticipated improvement in profitability will lead to S&P Global Ratings-adjusted leverage sustained below 8x, free operating cash flow to debt above 3.5%, and EBITDA interest coverage above 1.5x in 2026. On a stand-alone basis, Imperial Dade has moved away from our ratings upside thresholds. Leverage increased through the first half of 2025 as facility consolidation costs and other nonrecurring expenses continued to weigh on profit margins while average selling prices also remained under pressure. Still, S&P expects margin improvement and a reduction in one-time expenses that should lower leverage over time. S&P said, "We expect to resolve the CreditWatch by raising our rating to 'B' once the merger closes with terms largely in line with our expectations. Alternatively, if the merger does not proceed, we would likely affirm the 'B-' rating." BEELINE HOLDINGS: Withdraws Series E Convertible Preferred Stock ---------------------------------------------------------------- Beeline Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 20, 2025, the Company filed a Certificate of Withdrawal with the Secretary of State of the State of Nevada and terminated the designation of its Series E Convertible Preferred Stock, par value $0.0001 per share. At the time of filing the Withdrawal of Designation, there were no shares of Series E issued and outstanding. The Withdrawal of Designation became effective upon filing and eliminated from the Articles of Incorporation all matters as set forth in the Certificate of Designation of Rights, Powers, Preferences, Privileges and Restrictions of the Series E. A full-text copy of the Withdrawal of Designation is available at https://tinyurl.com/mt9c4rzb About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The Company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $63.2 million in total assets, $11.4 million in total liabilities, and $51.7 million in total equity. BEST OF TASTE: Jody Corrales Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 14 appointed Jody Corrales, Esq., at Deconcini McDonald Yetwin & Lacy P.C. as Subchapter V trustee for The Best of Taste, Inc. Ms. Corrales will be paid an hourly fee of $395 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Corrales declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jody A. Corrales Deconcini McDonald Yetwin & Lacy P.C. 252 E. Broadway Blvd., Suite 200 Tucson, AZ 85716 Telephone: 520-322-5000 Fax: 520-322-5585 Email: jcorrales@dmyl.com About The Best of Taste Inc. The Best of Taste, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11278) on November 21, 2025, with up to $50,000 in assets and between $500,001 and $1 million in liabilities. Lawrence D. Hirsch, Esq., at Parker Schwartz, PLLC represents the Debtor as legal counsel. BIOLINERX LTD: Narrows Net Loss to $977,000 in 2025 Q3 ------------------------------------------------------ BioLineRx Ltd. filed with the U.S. Securities and Exchange Commission its financial results for the three and nine months ended September 30, 2025, reporting a net loss of $977,000 for the three months ended September 30, 2025, compared to a net loss of $5.8 million for the same period in 2024. For the nine months ended September 30, 2025, the Company reported a net income of $210,000, compared to a net loss of $6 million for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $427,000 and $4.9 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $986,000 and $17.2 million, respectively. As of September 30, 2025, the Company had $39.8 million in total assets, $20.3 million in total liabilities, and $19.5 million in total equity. The Company has incurred accumulated losses in the amount of $400 million through September 30, 2025, and it expects to continue incurring losses and negative cash flows from operations until the cash flows from its strategic partnerships reach a level to offset its ongoing development costs. In this regard, Management monitors rolling forecasts of the Company's liquidity reserves on the basis of anticipated cash flows and seeks to maintain liquidity balances at levels that are sufficient to meet its needs. Management believes that the Company's current cash and other resources will be sufficient to fund its projected cash requirements into the first half of 2027. The Company's cash flow projections are subject to various risks and uncertainties concerning their fulfilment, and these factors and the risks inherent in the Company's operations indicate that a material uncertainty exists that may cast significant doubt (or raise substantial doubt as contemplated by PCAOB standards) on the Company's ability to continue as a going concern. Management's plans include the realization of capital inflows from its strategic partnerships and, if and when required, raising capital through the issuance of debt or equity securities. There are no assurances, however, that the Company will be successful in obtaining the level of financing needed for its operations. If the Company is unsuccessful in realizing the potential cash flows from its strategic partnerships and/or in raising capital, it may need to reduce activities, or curtail or cease operations. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4cs47xk5 About BioLineRx Ltd. Headquartered in Modi'in, Israel, BioLineRx is a commercial-stage biopharmaceutical company focused on developing life-changing therapies in oncology and rare diseases. Tel Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2003, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 20-F for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has cash outflows from operating activities that indicate that a material uncertainty exists that may cast significant doubt (or raise substantial doubt as contemplated by PCAOB standards) about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $38.9 million in total assets, $25.4 million in total liabilities, and a total equity of $13.5 million. BISHOP OF SACRAMENTO: Taps Greene & Roberts as Special Counsel -------------------------------------------------------------- The Roman Catholic Bishop of Sacramento filed a supplemental application seeking approval from the U.S. Bankruptcy Court for the Eastern District of California to the continued employment and retention of Greene & Roberts, LLP as its special corporate and litigation counsel. The firm will render these additional services: a. consult, review, and assist Lead Defense Counsel, upon request of Lead Defense Counsel with discovery and law and motion practice; b. attend and participate in depositions and at all or part of any trial upon request of Lead Defense Counsel; c. all other tasks performed by Associate Defense Counsel at the request of or with the approval of Lead Defense Counsel; and d. participate and associate with any and all aspects of the Released State Court Actions. The firm will be paid at these hourly rates: Stephen J. Greene, Jr., Partner $375 (litigation); $310 (corporate matters) Laura Borden Riddell, Associate $375 (litigation); $310 (corporate matters) Maria Ayala, Paralegal $150 Greene & Roberts does not represent or hold any interest adverse to the Debtor in Possession or the estate with respect to the matters on which it is to be employed, according to court filings. The firm can be reached through: Stephen J. Greene, Jr., Esq. Greene & Roberts LLP 402 West Broadway, Suite 1025 San Diego, CA 92101 Telephone: (619) 398-3400 Facsimile: (619) 330-4907 About Roman Catholic Archbishop of San Francisco The Roman Catholic Archbishop of San Francisco filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023, with $100 million to $500 million in both assets and liabilities. Judge Dennis Montali oversees the case. The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP and Sheppard, Mullin, Richter & Hampton LLP as counsel. Weintraub Tobin Chediak Coleman & Grodin as special litigation counsel. Weinstein & Numbers, LLP as special insurance counsel. GlassRatner Advisory & Capital Group LLC d/b/a B. Riley Advisory Services as financial advisor. Omni Agent Solutions, Inc., is the administrative agent. BK & MK: Janice Seyedin Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 11 appointed Janice Seyedin as Subchapter V trustee for BK & MK, LLC. Ms. Seyedin will be paid an hourly fee of $295 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Seyedin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About BK & MK LLC BK & MK LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18130) on November 24, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Deborah L. Thorne presides over the case. David Freydin, Esq., at the Law Offices of David Freydin Ltd. represents the Debtor as bankruptcy counsel. BLACK SPOT: Jolene Wee of JW Infinity Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Jolene Wee of JW Infinity Consulting, LLC as Subchapter V trustee for Black Spot, LLC. Ms. Wee will be compensated at $640 per hour for work performed in 2024. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Wee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jolene E. Wee JW Infinity Consulting, LLC 447 Broadway 2nd Fl #502 New York, NY 10013 Telephone: (929) 502-7715 Facsimile: (646) 810-3989 Email: jwee@jw-infinity.com About Black Spot LLC Black Spot, LLC, doing business as Pelorus Studio, is a New York-based full-service production agency that provides concept-to-completion media production, including writing, shooting, editing, mixing, and finishing projects for on-air, streaming, and digital platforms. It produces trailers, upfronts, live award shows, sizzles, campaigns, and behind- the-scenes content, operating from its own SoHo sound stage and on global locations. Black Spot also offers delivery services that optimize media for multiple platforms, including captioning, quality control, and distribution of over 500 spots per month. Black Spot filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-12592) on November 19, 2025, with $159,401 in assets and $1,465,517 in liabilities. John Laskas, sole shareholder of Soapy Film, Inc., majority owner of the Debtor, signed the petition. Judge Martin Glenn oversees the case. James J. Rufo, Esq., at The Law Office of James J. Rufo represents the Debtor as bankruptcy counsel. BLUE STAR FOODS: Increases Authorized Capital Stock to 505 Million ------------------------------------------------------------------ Blue Star Foods Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 13, 2025, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation with the Delaware Secretary of State. As approved by the Board of Directors and the requisite stockholders, the amendment revises Article FOURTH, Section 4(a) to increase the authorized capital stock as follows: -- 500,000,000 shares of Common Stock, par value $0.0001 per share -- 5,000,000 shares of Preferred Stock, par value $0.0001 per share Total authorized shares following the amendment: 505,000,000. The Certificate of Amendment became effective upon filing. A full-text copy of the Certificate of Amendment is available at https://tinyurl.com/3vec4bxj About Blue Star Foods Corp. Blue Star Foods Corp., headquartered in Miami, Florida, is an international seafood Company that imports, packages, and sells refrigerated pasteurized crab meat and other premium seafood products. The Company's current source of revenue is from importing blue and red swimming crab meat primarily from Indonesia, the Philippines, and China, and distributing it in the United States and Canada under several brand names such as Blue Star, Oceanica, Pacifika, Crab & Go, First Choice, Good Stuff, and Coastal Pride Fresh. The Company also distributes steelhead salmon and rainbow trout fingerlings produced under the brand name Little Cedar Farms for distribution in Canada. The Company sells primarily to food service distributors, wholesalers, retail establishments, and seafood distributors. As of September 30, 2025, the Company had $1.3 million in total assets, $3 million in total liabilities, and $1.7 million in total stockholders' deficit. Houston, Texas-based MaloneBailey, LLP, the Company's former auditor, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. BLUE SUN: Seeks to Extend Plan Exclusivity to Sept. 30, 2026 ------------------------------------------------------------ Blue Sun Scientific, LLC and The Innovative Technologies Group & Co, LTD asked the U.S. Bankruptcy Court for the District of Maryland to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 30, 2026 and November 30, 2026, respectively. The Debtors explain that the pendency of the multi-million dollar claims of the Debtors' competitor, KPM, a creditor that is not even a trade creditor, makes this case complex at this stage of the proceedings, although this is not a particularly large case. On the surface, the Debtors' Plans will not be particularly complex as they will dedicate their disposable income to pay the claims of creditors over a period of time. What is complex is the classification of claims and whether, for example, KPM, as a non-trade creditor, would be separately classified from the Debtors' trade creditors. Similarly, balloting and the determination of acceptance or rejection of Plans will be significantly impacted by whether KPM is entitled to participate in balloting and, if so, the amount of its claim. By declining to consent to having the stay lifted and by objecting to the Applications to employ Smith Duggan, KPM has already caused a waste of time and money in these cases and has demonstrated the lengths to which it may be willing to go to attempt to disrupt and frustrate the Debtors' reorganization efforts in order to put its competitors out of business. The Debtors believe it is prudent, and in the best interest of the Debtors' respective estates, to preserve their exclusive right to file Plans while the First Circuit resolves the KPM claim in the only jurisdiction in which that claim can be resolved. The Debtors acknowledge that a nine-month extension as an initial request is on the longer side of such requests; however, under the facts and circumstances presented in these cases, the Debtors believe that such an extension is appropriate. The length of time that is required is a factor of how long it will take to obtain a decision in the First Circuit. In large part, that time frame is based upon the briefing schedule that will be established in the First Circuit. The Debtors note that KPM is directly responsible for several months of delay in getting to this point. Had KPM consented to relief from the stay and agreed not to object to the Applications to employ Smith Duggan, the parties would have already been well into the briefing period in the First Circuit. Instead, the ill fated actions of KPM have delayed the appellate proceedings by more than two months. The Debtors assert that they do not seek these extensions for the purpose of unduly delaying these proceedings or for any other improper purpose. Rather, the Debtors seek these extensions for the reasons stated in detail and assert that good cause exists to extend the Debtors' Exclusive Periods to file proposed Plans and solicit acceptances thereto. Counsel for Blue Sun Scientific, LLC: Maurice B. VerStandig, Esq. The VerStandig Law Firm, LL 9812 Falls Road, #114-160 Potomac, Maryland 20854 Phone: (301) 444-4600 Email: mac@mbvesq.com Counsel for The Innovative Technologies: Jeffrey M. Orenstein, Esq. Wolff & Orenstein, LLC 15245 Shady Grove Road, Suite 465 Rockville, Maryland 20850 (301) 250-7232 Email: jorenstein@wolawgroup.com About Blue Sun Scientific LLC Blue Sun Scientific LLC, a majority-owned subsidiary of Innovative Technologies Group and Co., develops, manufactures, distributes, and services analytical solutions for global markets, including agriculture, chemical, and food industries. The Company offers rapid, non-destructive analysis tools such as Phoenix NIR analyzers for applications in forage, animal feed, pet food, oilseeds, and plant breeding, supported by instruments, software, reagents, sample handling systems, training, and long-term services. Headquartered in Jessup, Maryland, it operates internationally through representatives and distributors in over 50 countries. Blue Sun Scientific LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17998) on August 29, 2025. In its petition, the Debtor reports total assets of $451,175 and total liabilities of $6,329,907. The Debtor tapped Maurice Verstandig, Esq., at The Belmont Firm as bankruptcy counsel and Smith Duggan Cornell & Gollub LLP as special counsel. BLUM HOLDINGS: Director Matthew Barron Steps Down from Board ------------------------------------------------------------ Blum Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that effective November 17, 2025, Matthew Barron resigned from the Board of Directors. Mr. Barron was a member of the Audit Committee of the Company. The resignation was not in connection with any disagreement with the Company about its operations, policies, or practices. About Blum Holdings Headquartered in Downey, California, Blum Holdings, Inc. --www.blumholdings.com -- is a publicly listed parent company with operations across California, dedicated to delivering top-tier medical and recreational cannabis products and associated services. The Company is home to Korova, a brand of high potency products across multiple product categories, currently available in California. The Company formerly operated Blum Santa Ana, a premier cannabis dispensary in Orange County, California, which was sold in June 2024. The Company previously owned dispensaries in California which operated as Blum in Oakland and Blum in San Leandro, which were sold in November 2024. In May 2024, the Company began operating the retail store, Cookies Sacramento, and providing consulting services for two additional dispensaries located in Northern California. The Company is organized into two reportable segments: (i) Cannabis Retail -- Includes cannabis-focused retail, both physical stores and non-store front delivery; and (ii) Cannabis Distribution -- Includes cannabis distribution operations. As of September 30, 2025, the Company had $45.1 million in total assets, $52.3 million in total liabilities, and $7.3 million in total mezzanine equity and stockholders' deficit. Costa Mesa, California-based GuzmanGray, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 13, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency 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. BOMBARDIER INC: Moody's Hikes CFR to 'Ba3', Outlook Positive ------------------------------------------------------------ Moody's Ratings upgraded Bombardier Inc.'s ("Bombardier") corporate family rating to Ba3 from B1, its probability of default rating to Ba3-PD from B1-PD and senior unsecured notes ratings to Ba3 from B1. LearJet Inc.'s B1 rating on its backed senior unsecured revenue bonds issued by the Connecticut Development Authority were withdrawn after full repayment of the debt. Bombardier's outlook has been maintained at positive. "The upgrade reflects Bombardier's continued progress reducing its financial leverage, increased earnings, improved margins and strong free cash flow position" said Moody's Ratings Analyst, Will Gu. RATINGS RATIONALE Bombardier continues to post improvements in its margins and earnings and at the same time reduce its absolute debt level. The company has generated positive free cash flow since 2021 and Moody's anticipate over $500MM of FCF for 2025; its adjusted operating margin increased to 11.4% as of LTM September 2025 compared to 9.4% in 2023. Revenue visibility continues to remain strong and LTM revenue book to bill was 1.85x as of Q3/25 with a $16.6B backlog. Additionally, the company continues to reduce debt, with $350 million confirmed to be repaid by year end 2025 with the expectation that additional repayment continues to occur through 2026. Bombardier's Ba3 CFR benefits from: 1) very good liquidity over the next year; 2) significant scale; 3) a strong market position within the business jet market; and 4) a $16.6 billion backlog. Bombardier's rating is constrained by: 1) its participation in the cyclical business jet market which has a number of strong competitors and a niche consumer base; and 2) high fixed charges of about $650 million per year (interest and capital expenditures) that can constrain the company's free cash flow. Bombardier has very good liquidity (SGL-1), with about $2.3 billion of sources versus about $500 million of uses. Sources are cash of about $1.2 billion at September 30, 2025, full availability on its $450 million ABL facility that expires in 2029, and Moody's estimate of about $650 million in free cash flow generation in 2026. Uses total around $500M, mostly relating to debt prepayments and leases. The company has $108 million of debt due in December 2026, and has already issued a notice of redemption for the remainder of the 2027 notes. Bombardier has meaningful inter quarter working capital swings that require the company hold ample liquidity. The positive outlook reflects Moody's expectation that Bombardier will continue to generate free cash flow and that margins and financial leverage will improve in 2026 and 2027, with leverage trending below 3.5x in Moody's forward view. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if adjusted debt to EBITDA is sustained below 3.5x and the company sustains good free cash flow generation such that FCF/Debt is above 3%. The ratings could be downgraded if Bombardier sees a deterioration in its operating performance or there are problems with its ability to deliver aircraft in line with its guidance. The ratings could also be downgraded if debt to EBITDA is sustained above 4.5x, or if free cash flow weakens significantly. Bombardier has a dual class share structure by where the founding family has 50.4% of the voting rights through a special class of stock carrying 10 votes a share. The same group also has four of the company's 14 board seats. The principal methodology used in these ratings was Aerospace and Defense published in July 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. Headquartered in Montreal, Quebec, Canada, Bombardier Inc. is a manufacturer of business jets. BROOKS CUSTOM: Hires Watkins Ward and Stafford as Accountant ------------------------------------------------------------ Brooks Custom Application, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to employ Watkins, Ward and Stafford as accountant. The firm's services include: (a) assume primary responsibility for the filing of necessary tax returns; (b) prepare financial statements in accordance with the tax basis of accounting and apply accounting and financial reporting expertise to assist the Debtor in the presentation of financial statements; and (c) provide other general accountant services as the Debtor may require from time-to-time. The firm will be paid between $100 to $340 per hour. Jason Brooks, CPA, a partner at Watkins, Ward and Stafford, 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: Jason D. Brooks, CPA Watkins, Ward and Stafford 109 N. Jackson St. P.O. Box 391 Houston, MS 38851 Telephone: (662) 448-5885 Facsimile: (662) 448-5755 About Brooks Custom Application Brooks Custom Application, LLC provides agricultural application services including liquid fertilizer and chemical treatments, lime spreading, and both fixed-rate and variable-rate applications. The family-owned Company, founded in 1969 and based in Houston, Mississippi, serves growers and ag retailers across Mississippi, Alabama, Tennessee, and Kentucky. Brooks Custom Application, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13062) on September 16, 2025. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by John Paul Brooks as managing member. Judge Selene D. Maddox presides over the case. The Debtor tapped Craig M. Geno, Esq., at Law Offices of Geno and Steiskal, PLLC as counsel and Watkins, Ward and Stafford as accountant. BROWNIE'S MARINE: Extends $430,000 Director Notes to May 2026 ------------------------------------------------------------- Brownie's Marine Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 20, 2025, the Company and Charles Hyatt, a director of the Company, executed: (a) a third amendment to a promissory note in the principal amount of $150,000, which was originally issued by the Company to Hyatt on November 7, 2023, to further extend the 2023 Note's maturity date from November 7, 2025 to May 7, 2026, and (b) a third amendment to a promissory note in the principal amount of $280,000, which was originally issued by the Company to Hyatt on February 5, 2024, to further extend the 2024 Note's maturity date from November 5, 2025 to May 5, 2026. Except as specifically amended by the amendments, the terms and conditions of the 2023 Note and 2024 Note remain in full force and effect. Full text copies of the Amendments are available at https://tinyurl.com/26n4ubbm and https://tinyurl.com/yfd7kfef. About Brownie's Marine Pompano Beach, Fla.-based Brownie's Marine Group, Inc., through its wholly owned subsidiaries, designs, tests, manufactures and distributes tankless dive systems, rescue air systems and yacht-based self-contained underwater breathing apparatus air compressor and nitrox generation fill systems and acts as the exclusive distributor in North and South America for Lenhardt & Wagner GmbH compressors in the high-pressure breathing air and industrial gas markets. The Company is also the exclusive United States and Caribbean distributor for Chrysalis Trading CC, a South African manufacturer of fitness and dive equipment, which is doing business as Bright Weights, of a dive ballast system produced in South Africa. As of June 30, 2025, the Company had $5,812,643 in total assets, $4,151,423 in total liabilities, and $1,661,219 in total stockholders' equity. Henderson, Nev.-based Bush and Associates CPA LLC, the Company's auditor since 2024, issued a 'going concern' qualification in its report dated June 13, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company had a net loss of approximately $240,599 and cash used in operating activities of approximately $292,314 for the year ended December 31, 2024, as well as an accumulated deficit of approximately $17,927,329 as of December 31, 2024. These factors raise substantial doubt about the Company's ability to continue as a going concern. BUCKINGHAM SENIOR: Seeks to Tap Epiq as Claims and Noticing Agent ----------------------------------------------------------------- Buckingham Senior Living Community, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Epiq Corporate Restructuring, LLC as claims, noticing, solicitation, and administrative agent. Epiq will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 case of the Debtor. The firm received a retainer of $25,000 from the Debtor. Sophie Frodsham, a consulting director at Epiq, 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: Sophie Frodsham Epiq Corporate Restructuring, LLC 122 East, 42nd Street, 18th Floor New York, NY 10168 About Buckingham Senior Living Community Buckingham Senior Living Community, Inc., doing business as The Buckingham, operates a not-for-profit continuing care retirement community (CCRC) in Houston, Texas, offering independent living, assisted living, memory care, skilled nursing, rehabilitation, and respite care. The community spans 23 acres near the Memorial neighborhood and features walking trails, courtyards, gardens, 24-hour security, dining, wellness programs, and other amenities designed to support resident lifestyle and relationships. Established over 20 years ago, The Buckingham provides comprehensive senior living services, allowing residents to transition across care levels as needs evolve. Buckingham Senior Living Community filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80595) on Nov. 17, 2025, listing up to $500 million in both assets and liabilities. Judge Michelle V. Larson presides over the case. The Debtor tapped McDermott Will and Schulte LLP as counsel; Implex Advisors, LLC as financial advisor; and Raymond James & Associates, Inc. as investment banker. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation, and administrative agent. CAPSTONE GREEN: Raises $15 Million in PIPE Financing ---------------------------------------------------- Capstone Green Energy Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 24, 2025, the Company entered into a Securities Purchase Agreement with certain accredited investors, relating to a private investment in public equity financing of an aggregate of: (a) 3,980,000 shares of the Company's Common Stock, par value $0.001 per share, at a price per Share equal to $2.00 and (b) Pre-Funded Warrants to purchase 3,520,000 shares of Common Stock at a price per Pre-Funded Warrant equal to the same price as that for Shares minus $0.001, and the remaining exercise price of each Pre-Funded Warrant will equal $0.001 per share, for estimated gross proceeds to the Company of approximately $15 million, before deducting placement agent fees and other offering costs and expenses. The shares of Common Stock and Pre-Funded Warrants sold in the PIPE are sometimes hereafter referred to as the "Securities." The Company intends to use the proceeds from the PIPE for repayment of approximately $8.0 million of the Company's outstanding indebtedness maturing on December 7, 2025 and for working capital and general corporate purposes. Under the Pre-Funded Warrants, a holder will not be entitled to exercise any portion of any Pre-Funded Warrant that, upon giving effect to such exercise, would cause the aggregate number of shares of Common Stock beneficially owned by such holder (together with its affiliates) to exceed 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Pre-Funded Warrant, which percentage may be changed at the holder's election to a higher or lower percentage not in excess of 9.99% upon 61 days' notice to the Company. In addition, in certain circumstances, upon a fundamental transaction, a holder of Pre-Funded Warrants will be entitled to receive, upon exercise of the Pre-Funded Warrants, the kind and amount of securities, cash or other property that such holder would have received had they exercised the Pre-Funded Warrants immediately prior to the fundamental transaction. In connection with the Purchase Agreement, the Company entered into a registration rights agreement with each Purchaser. Pursuant to the Registration Rights Agreement, the Company is required to file a resale registration statement with the Securities and Exchange Commission to register for resale the Shares and the Pre-Funded Warrant Shares within 30 days of the signing date of the Registration Rights Agreement, and to use its commercially reasonable efforts to have such Registration Statement declared effective within 30 calendar days after the Filing Date in the event the Registration Statement is not reviewed by the SEC, or 75 calendar days of the Filing Date in the event the Registration Statement is subject to a full SEC review. The Company also entered into a letter agreement with Craig-Hallum Capital Group LLC, as the sole placement agent, dated November 24, 2025, pursuant to which the Placement Agent agreed to serve as the placement agent in connection with the PIPE. The Company agreed to pay the Placement Agent a cash placement fee equal to 7.0% of the gross proceeds received in the PIPE from sales of Securities to Purchasers who are not directors and/or executive officers of the Company and up to $100,000 for all out-of-pocket accountable legal fees, travel expenses related to the PIPE and all other out-of-pocket accountable third-party expenses incurred by the Placement Agent in connection with the PIPE. In addition, the Placement Agent Agreement provides for customary lock-up agreements with the directors and officers of the Company for 90 days following the closing of the PIPE. CLOSING OF $15 MILLION PRIVATE PLACEMENT On November 25, 2025, the Company the closed the private investment in public equity financing, resulting in gross proceeds of approximately $15 million (before fees and expenses). The Company issued an aggregate of 7,500,000 shares of common stock (or pre-funded warrants in lieu thereof) at a price of $2.00 per share. No other warrants were included in the transaction. The transaction was priced at approximately an 8% premium over the closing price of the Company's common stock of $1.85 on November 21, 2025. Craig-Hallum Capital Group LLC acted as the sole placement agent for the private placement. Katten Muchin Rosenman LLP acted as counsel for the Company. Faegre Drinker Biddle & Reath LLP acted as counsel to the placement agent. Capstone Positioned to Lead in High-Demand, Mission-Critical Markets: "The structure and pricing of this offering strengthen our financial foundation and provide the liquidity needed to execute with velocity," said Vince Canino, President and Chief Executive Officer of Capstone Green Energy. "In a strong vote of confidence, a majority of the Board, along with several members of the executive leadership team, personally invested in the PIPE - joining institutional investors and accredited investors, including one of Capstone's largest shareholders. This exceptional insider participation reflects deep conviction in our strategy, our technology platform, and the Company's accelerating commercial momentum across key growth markets, including Microgrids, AI infrastructure, and data center environments. We will continue to take disciplined steps to drive sustainable growth, strengthen margins, and expand our market reach." Board Leadership Highlights Strategic Opportunity Ahead: "The Board's leadership has carefully evaluated this funding initiative with a clear focus on accelerating our expansion into high-growth market verticals, including data centers, ports, and station power," said Robert Powelson, Interim Chairman of the Board. "Each of these markets represents a significant opportunity aligned with our hybrid distribution and direct sales strategy. Combined with the continued expansion of our rental fleet and six consecutive quarters of growth, the Board is confident the Company is well-positioned for the future. We remain committed to disciplined execution as we support the Company's expansion." Strengthened Balance Sheet Support Growth & Innovation: The Company intends to use the net proceeds from the private placement for: * Repayment of approximately $8.0 million of the Company's outstanding indebtedness maturing on December 7, 2025 * Advance ongoing product development initiatives * Support expansion into the AI infrastructure and data center power applications * Fund working capital for general corporate purposes "The personal investments made by our directors and executive leadership underscore their confidence in our strategy and the significant opportunities ahead," said John Miller, Board Member and Interim Chief Financial Officer. "Retiring near-term debt improves balance sheet flexibility, while the remaining capital will be deployed with financial discipline to drive sustainable growth." Positioned for Accelerated Expansion: This financing strengthens the Company's ability to deliver resilient, sustainable, and intelligently clean energy solutions for mission-critical environments. As AI workloads and hyperscale data center development accelerate, Capstone's microturbine-based microgrid technology provides the reliability, redundancy, and efficiency customers need to scale while reducing carbon impact, further reinforcing our momentum as we execute our long-term strategic priorities. With enhanced financial flexibility, Capstone is positioned to meet near-term obligations and pursue high-value growth opportunities. The Company remains focused on advancing its "Three Pillars of Strength": 1. Financial Health 2. Sustainable Operational Excellence 3. Revitalization of Culture & Talent About Capstone Green Energy Capstone Green Energy builds microturbine energy systems and battery storage systems that allow customers to produce power on-site in parallel with the electric grid or stand-alone when no utility grid is available. Capstone Green offers microturbines designed for commercial, oil and gas, and other industrial applications. Los Angeles, Calif.-based CBIZ CPAs P.C., the Company's auditor since 2017 since 2017 (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C. effective November 1, 2024), issued a "going concern" qualification in its report dated June 26, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $82.4 million in total assets, $89.7 million in total liabilities, and $39.4 million in total stockholders' deficit. CAR TOYS: Creditors' Committee Seeks Chapter 11 Trustee Appointment ------------------------------------------------------------------- The official committee of unsecured creditors asked the U.S. Bankruptcy Court for the Western District of Washington to appoint an independent trustee to take over Car Toys, Inc.'s Chapter 11 case. Laurie Thornton, Esq., the committee's attorney, said Car Toys lacks the funds to continue pursuing Chapter 11 plan confirmation. Ms. Thornton cited the company's latest budget showing cash nearly depleted and no new bankruptcy loan expected until mid- to late-December. "Rather than incur the administrative costs of preparing that plan and moving it through the confirmation process, the committee believes that a trustee should just be appointed to determine whether a plan process is even viable or necessary," the attorney said, adding that the appointment would reduce further administrative costs by consolidating case administration under a Chapter 11 trustee. Ms. Thornton also cited continued gross mismanagement, which supports the need for an independent trustee. The attorney accused Car Toys CEO Dan Brettler and the board of breaching fiduciary duties by continuing to operate the company while insolvent and taking on more than $17 million in secured debt. "The committee believes creditors would have been better off if the company had just gone into bankruptcy in 2023 rather than continuing to operate at tremendous expense to creditors in the hopes some unicorn buyer would come along," Ms. Thornton said. A court hearing is scheduled for December 12. About Car Toys Inc. Car Toys, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12288) on August 18, 2025. In the petition signed by Philip Kaestle, chief restructuring officer, the Debtor listed between $10 million and $50 million in assets and liabilities. Judge Timothy W. Dore oversees the case. The Debtor tapped Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S., as bankruptcy counsel; Littler Mendelson, P.C. as employment counsel; SierraConstellation Partners as financial advisor; and Philip Kaestle of SierraConstellation as chief restructuring officer. Stretto, Inc. is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 18 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Dominique R. Scalia, Esq., and Laurie M. Thornton, Esq., at DBS Law as legal counsel, and Dundon Advisers, LLC as financial advisor. Daniel Brettler, as senior secured lender and DIP lender, is represented by: Nathan T. Riordan, Esq. Wenokur Riordan PLLC 600 Stewart Street Seattle, WA 98101 Telephone: (206) 903-0401 Facsimile: (206) 209-4141 nate@wrlawgroup.com - and - Alan J. Wenokur, Esq. Wenokur Riordan PLLC Telephone: (206) 682-6224 Facsimile: (206) 826-9009 alan@wrlawgroup.com CARZONE $ AUTO: Seeks Cash Collateral Access -------------------------------------------- Carzone $ Auto Brokers, LLC asks the U.S. Bankruptcy Court for the Eastern District of Virginia, Newport News Division, for authority to use cash collateral and provide adequate protection. The Debtor intends to use cash collateral including funds and assets in which certain creditors may have a secured interest. These include Fountainhead SBF LLC, the U.S. Small Business Administration, NewCo, Everee, and floor plan financing providers NextGear Capital, Kinetic Advantage, and Westlake Flooring Company. The Debtor proposes interim use of cash collateral for 30 days based on a detailed budget, which allocates approximately $75,000 in projected income against $60,550 in expenses, covering obligations to secured creditors, rent, insurance, wages, utilities, advertising, and other operating costs, resulting in net income of $14,450. Adequate protection is offered to creditors in the form of the Debtor's equity in the collateral, continued maintenance of assets, and liens on replacement collateral generated through operations. The Debtor also seeks authority to pay U.S. Trustee fees, adjust budget line items by up to 10% without further Court approval, and carry forward unused budget amounts to future periods as necessary. Carzone's business has faced operational challenges, including multiple post-sale vehicle accidents and insurance claims, and reduced sales. The Debtor asserts that use of cash collateral is necessary to continue its operations, maintain its value as a going concern, and reorganize successfully, noting that it has two employees and maintains assets including accounts receivable, inventory, and equipment. A court hearing is scheduled for December 19. A copy of the motion is available at https://urlcurt.com/u?l=lfkqYJ from PacerMonitor.com. About Carzone $ Auto Brokers LLC Carzone $ Auto Brokers LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-51096) on November 18, 2025. In the petition signed by Hedayatullah Jamshid, manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Nathaniel J. Webb,, III, Esq., at Law Offices of Nathaniel J. Webb III, represents the Debtor as legal counsel. CASTLE US: Palmer Square Marks $1.7MM 1L Loan at 53% Off -------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $1,753,714 loan extended to Castle US Holding Corporation to market at $821,325 or 47% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Castle US Holding Corporation. The loan accrues interest at a rate of 8.72% (S +CSA + 4.25%) per annum. The loan matures on May 31, 2030. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Castle US Holding Corporation Castle US Holding Corporation is an information technology services and computer programming company founded in 2020 and is a parent entity of Castle Intermediate Holding V Limited. CASTLE US: Palmer Square Marks $5.3MM 1L Loan at 54% Off -------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $5,362,400 loan extended to Castle US Holding Corporation to market at $2,451,394 or 46% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Castle US Holding Corporation. The loan accrues interest at a rate of 8.97% (S +CSA + 4.50%) per annum. The loan matures on May 31, 2030. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Castle US Holding Corporation Castle US Holding Corporation is an information technology services and computer programming company founded in 2020 and is a parent entity of Castle Intermediate Holding V Limited. CATHETER PRECISION: Terminates $4.3MM ATM Offering with Ladenburg ----------------------------------------------------------------- Catheter Precision, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 17, 2025, the Company delivered notice to terminate its At-Market-Offering Agreement, dated as of May 19, 2025, with Ladenburg Thalmann & Co. Inc. providing for the Company's "at‑the‑market" equity offering program, to be effective as of November 24, 2025. Pursuant to the ATM Agreement and the prospectus supplements filed for the ATM Program, the Company could offer and sell, from time to time through the Agent, shares of its common stock, par value $0.0001 per share, having an aggregate offering price of up to $4.3 million. The Company is not subject to any termination penalties related to the termination of the ATM Agreement. Prior to the termination notice, the Company sold approximately $4 million of shares of common stock under the ATM Program. About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. As of June 30, 2025, the Company had $25.56 million in total assets, $19.01 million in total liabilities, and a total stockholders' equity of $6.55 million. East Brunswick, New Jersey-based WithumSmith+Brown, PC., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and negative cash flows from operations and expects to continue to incur operating losses that raise substantial doubt about its ability to continue as a going concern. CEDAR VALLEY: Taps Russell A. Perry of Ankura Group as CRO ---------------------------------------------------------- Cedar Valley Cypress TX LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Ankura Consulting Group, LLC as restructuring advisor and designate Russell A. Perry as chief restructuring officer and certain other personnel. The firm will render these services: (a) turnaround and restructuring consulting; (b) interim management, including serving in executive and other managerial roles; (c) managing communications with leaders, board members, employees, investors and creditor constituencies; (d) cash management and liquidity enhancement; (e) financial modeling and forecasting; (f) operational oversight and improvement; (g) strategic business plan development; (h) customer and vendor management; and (i) bankruptcy services, including contingency planning, preparing schedules and statements, preference analysis, claims resolution, and executory contract analysis. Ankura's standard hourly billing rate are: Senior Managing Director $1300 to $1455 Managing Director $1075 to $1205 Senior Director $885 to $1,020 Director $740 to $850 Senior Associate $605 to $680 Associate $495 to $560 Paraprofessional $380 to $440 Ankura Consulting Group, LLC is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code, according to court filings. The firm can be reached through: Russell A. Perry, CFA Ankura Consulting Group, LLC 2021 McKinney Avenue, Suite 340 Dallas, TX 75201 Direct: (214) 200-3699 Mobile: (817) 797-3943 About Cedar Valley Cypress TX LLC Cedar Valley Cypress TX LLC and affiliates form a network of for-profit healthcare companies that own and manage skilled nursing and rehabilitation centers. The group oversees facilities such as Cedar Valley Nursing & Rehabilitation Center in Cedartown, Georgia, and operates through related entities providing administrative and clinical support. The companies share common ownership under the Cypress structure, which manages nursing home operations in Texas, New York, and Georgia. Cedar Valley Cypress TX LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-34017) on October 13, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $50,000 and $100,000. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Jason S. Brookner, Esq. of GRAY REED. CELEBRATION POINTE: Taps Latham Luna Eden & Beaudine as Counsel --------------------------------------------------------------- Celebration Pointe Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Latham, Luna, Eden & Beaudine, LLP as special counsel. The firm will render these services, without limitation, review and advice as to: (a) structure of the Community Development District (CDD); (b) the three exempt bond issues (2014, 2017 and 2021) of the District and related public finance matters; (c) the CDD's agreement related to its acquisition and completion of District infrastructure; (d) the assessment processes and security for the Bonds, as well as interpretation of assessment methodologies, resolutions and true up agreements; and (e) on-going legal assistance as needed as to the CDD Transactions. Jan Carpenter, Esq., the primary attorney in this representation, will be billed at $450 per hour. Mr. Carpenter 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: Jan Carpenter, Esq. Latham, Luna, Eden & Beaudine, LLP 201 South Orange Avenue, Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5801 About Celebration Pointe Holdings Celebration Pointe Holdings, LLC and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Lead Case No. 24-10056) on Mar. 14, 2024. The case is jointly administered in Case No. 24-10056. In the petitions signed by Svein H. Dyrkolbotn, manager, the Debtors disclosed $100 million to $500 million in both assets and liabilities. The Debtors tapped R. Scott Shuker, Esq., at Shuker & Dorris, PA as bankruptcy counsel and Latham, Luna, Eden & Beaudine, LLP as special counsel. CHAINCE DIGITAL: Inks $200M Strategic Deal with ZJK Industrial -------------------------------------------------------------- Chaince Digital Holdings Inc. has entered into a non-binding Strategic Cooperation Framework Agreement with ZJK Industrial Co., Ltd. to build a precision components R&D and manufacturing gigafactory in the United States serving the AI, semiconductor, and other advanced technology industries. The companies plan to deploy up to $200 million through multiple projects, utilizing both self-owned capital and external fundraising. The companies believe that the investment represents a major commitment to strengthening the U.S. high-end manufacturing ecosystem and advancing the broader goal of expanding U.S. manufacturing capabilities. A Next-Generation R&D and Manufacturing Platform for Global Technology Leaders: The gigafactory will focus on high-value, non-restricted precision components across multiple technology categories, including: * AI end-device and intelligent hardware components * Semiconductor equipment parts and structural/thermal components * liquid-cooling components and high-performance thermal modules * New energy vehicle components * Smart wearable device components * Other consumer electronics components The facility will not engage in restricted semiconductor segments such as wafer fabrication, chip design, or advanced packaging. Additionally, under the Strategic Cooperation Framework Agreement, Chaince Securities, LLC (CRD 10590), a U.S. licensed broker-dealer and a subsidiary of Chaince Digital, has been appointed by ZJK as its capital markets strategic advisor for a five-year term, focusing on the following three core areas: * Capital markets strategy * Financing for the U.S. gigafactory and ZJK's public company financing needs * Support for the buildout and operation of ZJK's U.S. headquarters This collaboration underscores the expanding role of Chaince Digital and its subsidiaries in bridging traditional capital markets with emerging digital-asset infrastructure. Delaware Joint Venture to Serve as U.S. Gigafactory's Operating Entity: The companies will form a Delaware joint venture to serve as the operating entity for the precision components R&D and manufacturing gigafactory. This joint venture will oversee all facility operations, from advanced research and development to full-scale production for the AI, semiconductor, and other high-tech industries, supported by a fully localized and compliant U.S. operating structure. U.S. Localized Management Team and Competitive Advantages: The strategic collaboration is intended to advance the broader made-in-America vision by combining ZJK's extensive manufacturing expertise with Chaince Digital's strengths in capital markets, digital technologies, and industrial networks. The venture's competitive advantages are expected to include: * A U.S.-based management team with executives from leading American companies * Deep expertise spanning traditional manufacturing, consumer electronics supply chains, and automotive manufacturing * Positioning as a core supplier for high-end U.S. manufacturing sectors The joint venture will target key industries including AI hardware, semiconductor equipment, electric vehicles, and consumer electronics--delivering high-value precision components to technology companies while accelerating the localization of supply chains. Ning Ding, Chief Executive officer of ZJK Industrial, stated, "This partnership will significantly strengthen ZJK's manufacturing footprint in the United States, enabling us to serve global technology customers with greater efficiency while advancing Made in America initiative. Our strategic goal is to establish localized U.S. manufacturing capabilities within the next five years." Wilfred Daye, Chief Strategy Officer of Chaince Digital, stated, "We are pleased to work with ZJK to build a world-class precision components R&D and manufacturing platform serving the AI, semiconductor and other advanced technology industries. Chaince Digital intends to leverage its strengths in capital markets, digital technology, and industrial resources to fully support the development of a U.S. gigafactory." About ZJK Industrial Co., Ltd. ZJK Industrial Co., Ltd. (NASDAQ: ZJK) -- https://ir.zjk-industrial.com/ -- is a high-tech enterprise specializing in the manufacturing and sale of precision fasteners, structural parts and other precision metal parts applied in a variety of industries, including intelligent electronic equipment, new energy vehicles, aerospace, energy storage systems, medical and liquid cooling systems used in artificial intelligence supercomputers. With over fourteen years in the precision metal parts manufacturing industry, the Company maintains a skilled and professional team, a series of highly automated and precision manufacturing equipment, stable and strong customer group, and complete quality management systems. ZJK mainly offers standard screws, precision screws and nuts, high-strength bolts and nuts, turning parts, stamping parts and Computer Numerical Control (CNC) machining parts, CNC milling parts, high precision structural components, Surface Mounting Technology (SMT) for miniature parts packaging, and technology service for research and development from a professional engineering team. About Chaince Digital Holdings Inc. (formerly Mercurity Fintech Holding Inc.) Chaince Digital Holdings Inc. -- http://www.chaincedigital.com/-- (Nasdaq: CD, effective November 13, 2025) is a fintech group powered by blockchain infrastructure, offering technology and financial services. Through its subsidiaries, including Chaince Securities, LLC, Chaince Digital Holdings Inc. aims to be an industry leader in tokenization and on-chain innovation solutions, offering services spanning digital assets, financial advisory, and capital markets solutions. In an audit report dated April 30, 2025, the Company's auditor, Onestop Assurance PAC, issued a "going concern" qualification, citing that at Dec. 31, 2024, the Company has incurred recurring net losses of $4.5 million and negative cash flows from operating activities of $3.6 million and has an accumulated deficit of $680 million, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million in total assets, $11.60 million in total liabilities, and $24.09 million in total shareholders' equity. CHG US: Seeks to Extend Plan Exclusivity to March 9, 2026 --------------------------------------------------------- CHG US Holdings LLC, and affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 9, 2026 and May 11, 2026, respectively. The Debtors explain that the Sale Order approving the Sale was entered on August 1, 2025, and the Closing occurred on August 18, 2025. The Debtors' focus to this point in the Chapter 11 Cases has been on a successful going concern Sale that would preserve as many of the Debtors' restaurant locations and employees as possible. This was a complex process that was successfully navigated. With Closing having occurred, the Debtors have shifted focus to determining how a Plan process might be structured, but require an extension of the Exclusive Periods to continue to do so. The Debtors claim that their substantial progress to date in administering these Chapter 11 Cases with a goal of a going concern sale followed by a plan process warrants an extension of the Exclusive Periods to allow the Debtors and Committee more time to explore options for a plan. The Debtors have engaged in discussions with the Committee regarding the prospects for and contours of a confirmable plan that will result in a recovery to the Debtors' unsecured creditors. An extension of a debtor's Exclusive Periods is justified by a debtor's progress in resolving issues facing its creditors. Moreover, the Debtors' request for an extension of the Exclusive Periods is the Debtors' second such request. In the initial months of the Chapter 11 Bankruptcy Cases, the Debtors have also expended significant time and effort addressing and resolving questions, concerns, and issues raised by employees, vendors, utility companies, and other parties in interest. The Debtors will continue to work diligently with all stakeholders as and if a plan process plays out. Nonetheless, the fact that this is the Debtors' second request for an extension supports granting the requested extension. The Debtors assert that they are not seeking an extension of the Exclusive Periods to pressure or prejudice any of their stakeholders. The Debtors have been diligently moving these Chapter 11 Cases forward, first with the Sale process, and now with an eye towards achieving a confirmed plan that nets a recovery to creditors. Accordingly, the relief requested herein does not prejudice the Debtors' creditors and will benefit the Debtors' estates, their creditors, and all other key parties in interest. The Debtors further assert that an objective analysis of the relevant factors demonstrates that, under the circumstances of these Chapter 11 Cases, the Debtors are doing everything that they should be doing to facilitate a successful conclusion with a confirmed plan. Accordingly, sufficient cause exists to extend the Exclusive Periods as provided herein. Counsel to the Debtors: PASHMAN STEIN WALDER HAYDEN, P.C. Joseph C. Barsalona II, Esq. Michael J. Custer, Esq. 824 North Market Street, Suite 800 Wilmington, Delaware 19801 Telephone: (302) 592-6496 Email: jbarsalona@pashmanstein.com mcuster@pashmanstein.com -and- Katherine R. Beilin, Esq. Court Plaza South, East Wing 21 Main Street, Suite 200 Hackensack, NJ 07601 Telephone: (201) 488-8200 Email: kbeilin@pashmanstein.com About CHG US Holdings LLC CHG US Holdings LLC, operating as PLANTA GROUP, operates a chain of plant-based restaurants with 18 locations across major U.S. cities. The company's restaurants are located in Miami Beach, Brooklyn, SOHO, Nomad, Washington DC, Atlanta, Denver, Los Angeles, West Palm Beach, Chicago, and other metropolitan areas. These restaurants likely offer exclusively plant-based cuisine based on the PLANTA brand name and food vendor creditors listed in the filing. CHG US Holdings LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10851) on May 12, 2025. In its petition, the Debtor reports assets between $50,000 and $100,000, and liabilities ranging from $10 million to $50 million. Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq. and Michael J. Custer, Esq. at Pashman Stein Walder Hayden. CIA SERVICE: W. Harrison Penn Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed W. Harrison Penn as Subchapter V trustee for CIA Service Center, LLC. Mr. Penn will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Penn declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: W. Harrison Penn PO Box 11332 Columbia, SC 29201-1332 Phone: (803) 771-8836 Email: hpenn@pennlawsc.com About CIA Service Center LLC CIA Service Center, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.S.C. Case No. 25-04606) on November 21, 2025, with up to $50,000 in assets and liabilities. Judge Elisabetta Gm Gasparini presides over the case. Robert A. Pohl, Esq., at Pohl, P.A. represents the Debtor as legal counsel. CIRTRAN CORP: Reports $419,878 Net Loss in 2025 Q3 -------------------------------------------------- CirTran Corporation filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $419,878 for the three months ended September 30, 2025, compared to a net loss of $899,953 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $1,138,064, compared to a net loss of $1,814,150 for the same period in 2024. Net sales for the three months ended September 30, 2025 and 2024, were $448,492 and $256,070, respectively. For the nine months ended September 30, 2025 and 2024, the Company had net sales of $1,077,743 and $1,075,952, respectively. As of September 30, 2025, the Company had $1,917,044 in total assets, $27,460,669 in total liabilities, and $25,543,625 in total stockholders' deficit. The Company had a working capital deficiency of $22,897,132, as of September 30, 2025, and a net loss from continuing operations of $1,013,957 for the nine months ended September 30, 2025. As of September 30, 2025, it had an accumulated deficit of $62,782,131. These conditions raise substantial doubt about the Company's ability to continue as a going concern. CirTran's ability to continue as a going concern is dependent upon its ability to successfully accomplish its business plan and eventually attain profitable operations. In the coming year, the Company's foreseeable cash requirements will relate to the development of business operations and associated expenses. The Company may experience a cash shortfall and be required to raise additional capital. Historically, the Company has mainly relied upon shareholder loans and advances to finance operations and growth. Management may raise additional capital by retaining net earnings, if any, or through future public or private offerings of stock or loans from private investors, although it cannot assure that the Company will be able to obtain such financing. Failure to do so could have a material and adverse effect upon the shareholders and the Company. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/5n7pdmvv About CirTran Corp. CirTran Corporation specializes in manufacturing, marketing, distribution, and technology services in a wide variety of consumer products, including tobacco products, medical devices, and beverages, around the world. It has an innovative and consumer-focused approach to brand portfolio management, resting on a strong understanding of consumers domestically, and has established a footprint in more than 50 key international markets. As of June 30, 2025, the Company had $1,641,839 in total assets, $26,765,586 in total liabilities, and a total stockholders' deficit of $25,123,747. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a working capital deficiency, a net loss from continuing operations, and an accumulated deficit. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. CONGRUEX GROUP: Palmer Square Marks $6.4MM 1L Loan at 15% Off ------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $6,452,390 loan extended to Congruex Group LLC to market at $5,484,531 or 85% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Congruex Group LLC. The loan accrues interest at a rate of 10.93% (S + 6.50% incl. 5.00% PIK) per annum. The loan matures on April 28, 2029. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Congruex Group LLC Congruex provides digital infrastructure engineering and construction services that connect communities nationwide. CORBETT BUILDINGS: Montgomery Property Sale to Walden Savings OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of New York, Poughkeepsie Division, has approved Corbett Building and Holdings LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 54 Union Street, Montgomery, New York. The Court has authorized the Debtor to sell the Property to Walden Savings Bank in a credit bid of $420,000.00. The Debtor is authorized and directed to sell the Debtor's right, title and interest in the Property and to take any and all actions necessary or appropriate to convey fee title to the Property to Walden by execution and delivery of a Quitclaim Deed, without further order of this Court. The Closing shall occur on or before December 31, 2025. The Property shall be conveyed to Walden free and clear of all interests of any kind whatsoever in the Property. The transfer of the Property to Walden will be a legal, valid, binding, and effective transfer of the Property, and shall vest Walden with all right, title, and interest of the Debtor in and to the Property and all rights appurtenant thereto, free and clear of all Interests accruing, arising, or relating thereto any time prior to and through the date of the Closing. Walden is a good faith purchaser within the meaning of section 363(m) of the Bankruptcy Code and, as such, is entitled to, and is hereby granted, the full rights, benefits, privileges, and protections of section 363(m) of the Bankruptcy Code. Neither the Debtor nor Walden have engaged in any conduct that would cause or permit the sale of the Property to be avoided or costs or damages. About Corbett Buildings and Holdings Corbett Buildings and Holdings LLC operates as a single-asset real estate company based in Montgomery, NY, focusing on a partially constructed single-family residence in a historic district. Corbett Buildings and Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35073) on January 24, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtor tapped Michelle L. Trier, Esq., at Genova, Malin & Trier, LLP as bankruptcy counsel and The Law Offices of Alan L. Joseph as special counsel. COVIA HOLDINGS: S&P Affirms 'B' ICR on Term Loan Add-On ------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on Covia Holdings LLC. S&P said, "We also rate the company's senior secured debt, including the term loan B with the proposed fungible term loan add-on, at a 'B' issue-level rating. At the same time, we lowered the recovery rating to '4' from '3' based on expectations for average recovery prospects. "The stable outlook reflects our expectation that Covia will sustain leverage of 5x over the next 12 months despite softening demand across its industrial end markets but supported by improving profitability from product mix improvement." Covia is issuing a $250 million fungible term loan add-on due in 2032 with proceeds funding a $250 million distribution. This debt-funded shareholder distribution will sustain leverage at 5x over the coming years. While the higher leverage will reduce the cushion against our downside trigger, we believe the company's earnings will grow modestly and with lower volatility. Covia's debt-funded shareholder distribution reduces the cushion against our downside trigger. Debt to EBITDA will likely reach 5x in 2025, compared to our previous expectation of 4x following a refinancing earlier this year. The company intends to issue a $250 million fungible term loan add-on to fund a $250 million dividend. Upon completion of the transaction, the company's S&P adjusted debt balance will be roughly $1.232 billion, which includes $1.098 billion of first-lien debt and about $117 million of lease liabilities, asset retirement obligations, and pension obligations. Going forward, this will further shrink cushion in the credit metrics compared our earlier expectations, as the stand-alone company already faced a higher debt burden after splitting with its energy segment and refinancing earlier this year. An EBITDA decline of about 15% would result in leverage of 6x compared to a roughly 30% cushion previously. That said, earnings and leverage will likely be more stable than historical figures because the remaining industrial business has very limited commodity price exposure; sells higher-margin, value-added products; sells to less price-sensitive customers; and should experience stable growth in line with overall GDP growth. S&P said, "We also expect free operating cash flow (FOCF) and EBITDA interest coverage to modestly improve. Finally, interest rate burden has declined following the term loan repricing earlier this year, despite the proposed increase in debt. We now expect cash interest of about $70 million compared to $85 million previously." Underlying business performance is resilient as product mix offsets end-market weakness. S&P anticipates leverage of 5x during 2026 based on its expectations of relatively flat EBITDA over the next 12 months. Although Covia's business is performing well despite a challenging demand environment in the building materials space, housing starts will likely decline further this year and remodeling demand has been soft as interest rates remain high and tariffs create inflation concerns for end customers. Covia's strategy of prioritizing higher-value product sales over pure volume growth is driving higher gross profit per ton despite resulting in lower volumes sold this year (when comparing year over year for the industrial business on a stand-alone basis). Overall gross margin and EBITDA margins are also higher as expected following the split of the energy business. S&P expects EBITDA of $240 million to $250 million in 2025 and 2026. This is stronger than 2024 EBITDA of about $205 million as the company undertook restructuring actions of about $27 million as part of the separation. Covia's industrial business provides highly specified and customized products--some with limited substitutions--which drives customer retention and the ability to pass on pricing increases. The company also has decent end-market diversity serving a wide range of industrial markets such as the construction, building materials, consumer products, and packaging markets. The stable outlook reflects S&P's expectation that Covia will sustain leverage of 5x over the next 12 months despite softening demand across its industrial end markets, supported by improving profitability from product mix and stable pricing. S&P could lower the ratings if: -- Leverage sustains above 6x. This could occur if steady earnings and cash flow are disrupted by lower prices or lower volumes from overcapacity or loss of customers, or even higher costs with no pricing offset because of its relative strength compared to customers; or -- The company incurs further large debt-financed acquisitions or shareholder returns. S&P could raise its rating on Covia in the next 12 months if the company: -- Sustains adjusted leverage of 3x-4x and we expect the financial sponsor will adhere to policies that maintain this leverage; and -- Generates improving FOCF and EBITDA margins, indicating more stable earnings and stronger competitive position of the core industrial business, following the separation of the energy business. CROWN CARS: Matthew Brash of Newpoint Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint Advisors Corporation as Subchapter V trustee for Crown Cars and Limousines, Inc. Mr. Brash will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brash declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew Brash Newpoint Advisors Corporation 655 Deerfield Road, Suite 100-311 Deerfield, IL 60015 Tel: (847) 404-7845 About Crown Cars and Limousines Inc. Crown Cars and Limousines, Inc. provides chauffeured ground transportation services, offering corporate travel, airport transfers, and event-related black-car service in the Chicago metropolitan area from its base in Itasca, Illinois. Crown Cars and Limousines filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-17979) on November 20, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Mary Harell-Paul, president of Crown Cars and Limousines, signed the petition. Judge Deborah L. Thorne presides over the case. William Factor, Esq., at The Law Office of William J. Factor, Ltd represents the Debtor as bankruptcy counsel. CSC HOLDINGS: $2BB 1st Lien Term Loan No Impact on Moody's Caa2 CFR ------------------------------------------------------------------- Moody's Ratings said CSC Holdings, LLC's (CSC) $2 billion first lien term loan due November 25, 2028 (Subsidiary TL) at indirect wholly-owned and unrestricted subsidiaries of Optimum Communications, Inc., CSC's parent, is credit neutral. On November 25, 2025, CSC entered into a 14th amendment to its credit agreement which removed several prohibitions on liens present in the previous 13th amendment to its credit agreement that allowed for the issuance of the Subsidiary TL under a new and separate credit agreement at unrestricted subsidiaries Cablevision Litchfield, LLC and CSC Optimum Holdings, LLC. The Subsidiary TL was issued under a two-step process that began with an incremental $2 billion term loan B-7 first issued at CSC to retire all outstanding debt approximating $1.95 billion under CSC's existing incremental term loan B-6 due January 17, 2028. Almost immediately after, net proceeds from the Subsidiary TL were then used to fully retire that $2 billion term loan B-7. The Subsidiary TL is unrated, will be secured on a structurally separate basis than CSC's existing secured debt and will benefit from security in separate but valuable assets. Moody's view the Subsidiary TL as structurally senior in priority to existing secured debt in CSC's capital structure. All other credit ratings, including the company's Caa2 corporate family rating (CFR), remain unchanged. The outlook remains unchanged at negative. CSC's credit profile reflects the increasing risk that the capital structure is unsustainable given elevated debt leverage (Moody's adjusted) of 8.4x for the latest 12 month period ended September 30, 2025 and competitively-pressured and weak operating results. The company's broadband subscribers, which helped offset subscriber losses in voice and video in the past, have been declining steadily since 2022 due to the very high competitive intensity resulting from fixed wireless access and fiber broadband service providers taking market share across CSC's footprint. The ratings also reflect the elevated risk of a distressed exchange over the near to medium term which is heightened by the distressed trading levels of outstanding debt. Moody's negative outlook reflects the expectation for continued increases in debt leverage (Moody's adjusted) and the risk of a distressed exchange in the next 12 months. Headquartered in Long Island City, New York, CSC Holdings, LLC passes over 9.9 million passings in 21 states and serves approximately 4.4 million residential and business customers. The company is wholly-owned by Optimum Communications, Inc. (Optimum), a public company with a controlling interest held by Patrick Drahi. For the 12 months ended September 30, 2025, CSC generated $8.6 billion in revenue. In 2020 Altice sold 49.99% of Lightpath Group (Cablevision Lightpath LLC and its subsidiaries), its fiber enterprise business, to Morgan Stanley Infrastructure Partners for an enterprise value of $3.2 billion. Optimum retains a 50.01% interest in Lightpath Group, maintains control of the company and consolidates its financial results. DAVIS DIESEL: Seeks to Hire Fred Adams Tax Group as Accountant -------------------------------------------------------------- Davis Diesel Service, LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ Fred Adams Tax Group, Inc. as its accountant. The firm will prepare the Debtor's Chapter 11 monthly operating reports, income tax returns, and other accounting duties. The firm will charge $300 per month for its services. As disclosed in the court filings, Fred Adams Tax Group does not represent any interest adverse to the Debtor or its estate and is a "disinterested person" as defined in 11 U.S.C. Sec 101(14). The firm can be reached through: David Adams Fred Adams Tax Group, Inc. 3447 Pelham Road, Suite 101 Greenville, SC 29615 Tel: (864) 458-8151 Fax: (864) 458-8198 Email: brenda@fredadamstax.com About Davis Diesel Service, LLC Davis Diesel Service, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. S.C. Case No. 25-03778) on September 29, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Elisabetta Gm Gasparini presides over the case. Robert H. Cooper, Esq. at The Cooper Law Firm represents the Debtor as counsel. DCA OUTDOOR: Seeks to Sell Nursery Business at Auction ------------------------------------------------------ DCA Outdoor Inc. and its affiliates seek permission from the U.S. Bankruptcy Court for the Western District of Missouri, Kansas City Division, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. On March 10, 2025, the United States Trustee's Office appointed a committee of seven unsecured creditors to form the Official Committee of Unsecured Creditors pursuant to Section 1102 of the Bankruptcy Code. The Committee has retained Spencer Fane LLP as its attorneys and Dundon Advisers LLC as its financial advisor. On September 11, 2025, the Court entered the Stipulated Order Granting, Authorizing, and Approving the Retention and Employment of Brent King as Chief Restructuring Officer of Debtors. The Debtors consist of 20 different entities that together form a so-called "vertically integrated" nursery operation. The Debtors are generally classified into one of five categories based upon such Debtor's primary function. These five categories include the following: a. Management – DCA Outdoor, Inc. (the lead Debtor); b. Land – i. Colonial Gardens Development, LLC; ii. DCA Land Holding Company, LLC; iii. DCA Land Illinois, LLC; iv. DCA Land Indiana, LLC; v. DCA Land Kansas, LLC; vi. DCA Land Kentucky, LLC vii. DCA Land Missouri, LLC and viii. DCA Land Oregon, LLC; c. Production – i. Anna Evergreen, LLC; ii. Schwope Brothers Tree Farms, LLC; iii. Schwope Brothers West Coast, LLC; iv. Utopian Plants Indiana, LLC; and v. Utopian Trees, Inc. (commonly referred to as "Utopian Plants Kansas"); d. Distribution – i. Brehob Nurseries, LLC; ii. KAT Nurseries, LLC; iii. PlantRight Supply, LLC; and iv. Utopian Transport, LLC; and e. Retail – i. Colonial Farms, LLC; and ii. Colonial Gardens, LLC DCA Outdoor was formed as a management company for the other Debtors and certain non-Debtor affiliates. DCA Outdoor is responsible for carrying out the administrative, executive, and other overhead roles that are non-business line specific, including human resources, accounting, finance, technology, sales and marketing, and employs individuals for such functions. CGD owns land that is leased to and used by the Retail Debtors. Each of Land Illinois, Land Indiana, Land Kansas, Land Kentucky, Land Missouri, and Land Oregon own real estate in the specific states indicated by their name that is leased to and used by (a) AE, as to the land owned by Land Illinois, (b) Brehob and UPI, as to the land owned by Land Indiana, (c) UPK, as to the land owned by Land Kansas, (d) non-Debtor affiliate Valley Hill Tree Farm, LLC, as to the land owned by Land Kentucky, (e) SBTF, as to the land owned by Land Missouri, and (f) SBWC, as to the land owned by Land Oregon. Frontier Farm Credit, FLCA and Frontier Farm Credit, PCA Frontier Farm Credit, PCA, are the primary, senior secured creditors to each Debtor. Frontier's prepetition liens and security interests encumber substantially all of Debtors' assets. To secure, among other obligations, Debtors' obligations under and with respect to the Frontier Facility, each Debtor granted to Frontier a first priority security interest in and lien on the following personal property. As of the Petition Date, more than $96.35 million was outstanding under the Frontier Facility and all obligations under the Frontier Facility are fully due and owing. On May 9, 2025, the Debtors filed applications to retain four different real estate brokers to market six different parcels of real estate owned by certain of the Debtors. On June 2, 2025, the Court entered orders approving each of the Prior Applications. The Debtors employ Root Realty LLC as Broker for the Marketing and Sale of Certain of Debtors' Assets. Root Realty has substantially finalized the Debtors' data room with material information regarding the Debtors' assets, has begun reaching out to prospective bidders and buyers, is engaging with interested parties to support a broad marketing reach (including entering into non-disclosure agreements to facilitate access to the Debtors' data room so interested parties can conduct diligence on the available assets), and is preparing to formally launch a widespread marketing campaign with respect to the Debtors' assets. Given the Debtors' various business operations, the Debtors believe a multi-tiered approach to the Transaction(s) will be facilitate a realization of the highest and best value for their assets, while balancing the urgency of downsizing its operations to the ongoing losses heading into the Debtors' slower season. The Deadlines for First and Second Tranche of Assets are also provided at https://urlcurt.com/u?l=to8Evt Debtors request that an initial hearing on the Motion be set on or before December 5, 2025, to approve the Bid Procedures Order, including, without limitation, the Bid Procedures. Debtors request that any objection to the Bid Procedures, Assumption and Assignment Procedures, the Transaction Notice, or the Assignment Notice be filed no later than 5:00 p.m. prevailing Central Time on the date that is two business days prior to the Bid Procedures Hearing. The Debtors request authority, as set forth in the Bid Procedures and the Bid Procedures Order, to select one or more stalking horse bidders and enter into Stalking Horse Agreements subject to further Court approval, including Stalking Horse Agreements covering a subset of the Assets, with such Stalking Horse Bidders. Given the number of Debtors and their varied assets, having the flexibility to designate one or more Stalking Horse Bidders is a reasonable and sound exercise of the Debtors' business judgment that provides an actual benefit to the Debtors' estate. Debtors submit that the Bid Procedures for the First Tranche of Assets and the Second Tranche of Assets provide an appropriate framework for obtaining offers for the purchase of the Assets and will enable the CRO and Root Realty to review, analyze and compare all Bids received to determine which Bid (or Bids) is in the best interests of Debtors' estate and their creditors. About DCA Outdoor Inc. Established in 2016, DCA Outdoor Inc. is a vertically integrated green industry organization headquartered in Kansas City, Missouri. DCA Outdoor connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $50 million and $100 million in liabilities. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., at Lewis Rice, LLC as legal counsel and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. Summit Investment Management LLC, as DIP lender, can be reached through Patrick Gilbert. DEBORAH'S LLC: Hires Bethany K. Huffman CPA as Accountant --------------------------------------------------------- Deborah's LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to employ Bethany K. Huffman, CPA as accountant. The firm will perform bookkeeping and payroll services, and prepare federal and state tax returns. The firm will be paid at these rates: CPA $200 per hour Accountant $125 per hour Clerical $75 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bethany K. Huffman, CPA 8370 Highway 51 N Suite 112 Millington, TN 38053 Tel: (901) 872-6830 Fax: (901) 872-6832 Email: bethany@huffmancpa.com About Deborah's LLC Deborah's LLC, a company in Pontotoc, Miss., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 24-12236) on July 30, 2024, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Deborah Bryant, managing member, signed the petition. Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC represents the Debtor as bankruptcy counsel. David Asbach, Acting U.S. Trustee for Region 5, appointed Robert Byrd, Esq., at Byrd & Wiser, as Subchapter V trustee for Deborah's, LLC. DOOR COUNTY: Updates Unsecured Claims Pay; Files Amended Plan ------------------------------------------------------------- Nacelle Logistics, LLC and Nacelle Biogas Equipment Funding 2019, LLC (collectively "Nacelle"), creditors of Door County Environmental Energy LLC, submitted a Third Combined Alternative Plan of Reorganization and Disclosure Statement for the Debtor dated December 1, 2025. Under the Nacelle Plan, most creditors will receive distributions on account of their respective allowed claims and interests, including general unsecured creditors. Most general unsecured creditors will receive dividends comprising 100% of their allowed Claims. By contrast, if neither the Nacelle Plan nor Debtor's Plan were confirmed, and were the Debtor to be liquidated, it is likely that the Debtor's senior secured creditors would receive all of the available net proceeds for distribution, and no proceeds would be available to make distributions to unsecured creditors or other interest holders. Approval of either or both the Nacelle Plan and the Debtor's Plan is likely a better outcome for creditors than liquidation. Under the Nacelle Plan, most creditors will receive some distributions on account of their respective allowed claims and interests, including general unsecured creditors. Most general unsecured creditors will receive dividends comprising 100% of their allowed Claims, but without interest. By contrast, were the Debtor to be liquidated, it is likely that the Debtor's senior secured creditors would receive all of the available net proceeds for distribution, and no proceeds would be available to make distributions to unsecured creditors or other interest holders. Nacelle therefore recommends that all claimants and interest holders vote to accept the Nacelle Plan. DCEE represents that it plans to sell all of its 2025 credits in January 2026 in order augment its expected substantial cash on hand in order to fund payments required under the Debtor's Plan. Nacelle doubts that the Debtor will be able to monetize these credits in the amount sufficient to fund Debtor's proposed plan. Class 3 consists of the general unsecured claims of Nacelle in the amount of $1,914,974 ("Nacelle Claim") and Foxland, in the amount of $542,321 ("Foxland Claim"). These Claims shall be paid as follows: 25% of each claimant's then outstanding claim amount paid upon the Effective Date of the Plan. The balance of each claim to be paid if, and only if, the ARH SPE Return Date is acheived, after which the balance of these claims will be paid as follows: 20.6% of the available quarterly cash flow (net operating expenses) will be paid on the Nacelle Claim, and 6.6% of the available quarterly cash flow (net operating expenses) will be paid on the Foxland Claim, with the first payments being made within 30 days of the end of the fiscal quarter that the ARH SPE Return Date occurs. ARH SPE will provide notice to Nacelle and Foxland of the ARH SPE Return Date within 30 days of its occurrence and thereafter will continue to make payments within 30 days of the end of each fiscal quarter until 110% of the balance of the Nacelle and Foxland Claims are paid. As modeled using the Stratas pricing curve (Nacelle Plan) to forecast environmental attribute prices, this is projected to occur within five years of the ARH SPE Return Date. The Debtor's Plan proposes to pay those claims in full on the Effective Date, with interest at 7%, and without condition. Class 4 consists of trade debt of approximately $100,000 which shall be paid in full with interest at 7% on the Effective Date of the Plan. Class 5 consists of Equity Interest Holders of the Debtor. All existing equity interest holders of the Debtor shall receive zero distribution and no new equity interests in the reorganized Debtor. ARH SPE shall be awarded 100% new equity interest in the reorganized debtor in exchange for its contribution of $3.25 million dollars in capital. The Debtor maintains that an equity infusion of $3.25 million in the absence of a valuation or competitive market process is insufficient. The Debtor also maintains that the "promotion" of ARH SPE's equity dividends over the payment in full of creditors and current equity holders violates the absolute priority rule. Under the Debtor's Plan, because all creditors are proposed to be paid in full with interest, the Debtor's equity holders are proposed to retain their equity interests in the Reorganized Debtor. To effectuate the proposed Nacelle Plan, the Digester shall continue operating. ARH SPE will utilize profits, revenues, and income from its operations, and cash on hand on the Effective Date to fund the proposed Nacelle Plan. In addition, ARH SPE will inject $3.25 million, which will be used to make payments to creditors at confirmation, keep the business solvent, and fund business operations and potential investments, ultimately aiming to improve the debtor's financial stability and its ability to repay its creditors. A full-text copy of the Third Amended Combined Alternative Plan and Disclosure Statement dated December 1, 2025 is available at https://urlcurt.com/u?l=d1JLdP from PacerMonitor.com at no charge. Counsel to Nacelle Logistics, LLC and Nacelle Biogas: MURPHY DESMOND S.C. Jane F. Zimmerman, Esq. Daniel J. McGarry, Esq. 33 E. Main Street, Suite 500 Madison, WI 53703 Tel (608) 257-7181 Fax (608) 257-2508 Email: jzimmerman@murphydesmond.com dmcgarry@murphydesmond.com About Door County Environmental Energy Door County Environmental Energy LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 24-26772) on Dec. 19, 2024. In the petition filed by Chris A. Lenzendorf, as authorized signatory of Door County Environmental Energy LLC, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Beth E. Hanan oversees the case. The Debtor is represented by Claire Ann Richman, Esq. at RICHMAN & RICHMAN LLC. German American State Bank, as lender, is represented by: Sara C. McNamara, Esq. REINHART BOERNER VAN DEUREN S.C. 1000 North Water Street, Suite 1700 Milwaukee, WI 53202 Tel: (414) 298-1000 Email: smcnamara@reinhartlaw.com DXP ENTERPRISES: S&P Rates New $848MM First-Lien Term Loan 'B' -------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to DXP Enterprises Inc.'s proposed $848 million first-lien term loan due October 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. Under the proposed transaction, the company is refinancing its existing $643 million first-lien term loan in tandem with a $205 million fungible add-on to fund its pipeline of committed and planned acquisitions. DXP's committed acquisitions reflect its continued strategic focus on expanding its exposure to water and wastewater markets, which S&P views as generally more stable than its cyclical energy and industrial end markets. The transaction is largely leverage neutral because the incremental debt will be offset by the EBITDA contributions from the company's acquisitions. S&P said, "As a result, we forecast its S&P Global Ratings-adjusted debt to EBITDA will remain in the mid-3x area over the next 12 months. Although the debt issuance will modestly increase DXP's interest expense, we expect it will generate good S&P Global Ratings-adjusted free operating cash flow of more than $100 million annually." Issue Ratings--Recovery Analysis Key analytical factors -- S&P rates the company's senior secured term loan 'B' with a '3' recovery rating, indicating its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. -- S&P's simulated default scenario contemplates a default occurring in 2028 due to a prolonged recession and weakness in the energy and industrial end markets, which reduce the demand for the company's products and services. -- S&P said, "We believe the company's lenders will aim to maximize its value and pursue a reorganization rather than a liquidation in a default scenario. Therefore, we value DXP on a going-concern basis and apply a 5x multiple to our projected emergence EBITDA, which is consistent with the multiples we use for its capital goods industry peers." -- S&P assumes 60% of the $185 million ABL facility would be drawn at default. -- All debt amounts include six months of prepetition accrued interest. Simulated default assumptions -- Year of default: 2028 -- EBITDA at emergence: $128 million -- Valuation EBITDA multiple: 5.0x -- Jurisdiction: U.S. Simplified waterfall -- Net enterprise value (after 5% administrative costs): $607 million -- Valuation split (obligors/nonobligors): 90%/10% -- Priority claims (ABL): $113 million (not rated) -- Remaining collateral value available for secured debt claims: $473 million -- Total unpledged value available for secured debt claims: $21 million -- Estimated senior secured term loan claims: $862 million --Recovery expectations: 50%-70% (rounded estimate: 55%) DYNAMIC STAR: Voluntary Chapter 11 Case Summary ----------------------------------------------- Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Dynamic Star, LLC 25-23154 23 Hollow Ridge Road Mount Kisco, NY 10549 DS 1 GP Inc. 25-23155 23 Hollow Ridge Road Mount Kisco, NY 10549 Fordham Landing Preferred Sponsor LLC 25-23156 23 Hollow Ridge Road Mount Kisco, NY 10549 Fordham Landing Preferred LLC 25-23157 23 Hollow Ridge Road Mount Kisco, NY 10549 Business Description: The Debtors are stock holding companies that own equity interests in major real estate development projects in the Bronx, New York. Dynamic and DS 1 hold all Class A membership interests in DS Fordham Landing 1 LLC, which owns the property at 320 West Fordham Road, while Fordham Sponsor and FLP collectively own DS Fordham Landing 2 LLC, DS Fordham Landing 4, and MDBZJGGS LLC, which hold properties at 2371, 2391 and 2401, and 2444 Exterior Street. These holdings, known collectively as Fordham Landing, are being developed as one of the largest new affordable housing projects in New York City in recent decades. Chapter 11 Petition Date: December 1, 2025 Court: United States Bankruptcy Court Southern District of New York Judge: TBD Debtors' General Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 E-mail: knash@gwfglaw.com Dynamic Star's Estimated Assets: $50 million to $100 million Dynamic Star's Estimated Liabilities: $50 million to $100 million Brad Zackson signed the petitions as manager and authorized signatory. The petitions were filed without the Debtors' list of their 20 largest unsecured creditors. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/HBJTQQA/Dynamic_Star_LLC__nysbke-25-23154__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/HMFAMQI/DS_1_GP_Inc__nysbke-25-23155__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/HJBSTIY/Fordham_Landing_Preferred_Sponsor__nysbke-25-23156__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/6YSLOAQ/Fordham_Landing_Preferred_LLC__nysbke-25-23157__0001.0.pdf?mcid=tGE4TAMA DYNATRONICS CORP: Reports $201,857 Q1 Net Loss, Hits Tariff War --------------------------------------------------------------- Dynatronics Corporation filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $201,857 for the three months ended September 30, 2025, compared to a net loss of $366,648 for the three months ended September 30, 2024. Net sales for the three months ended September 30, 2025 and 2024, were $7,024,027 and $7,602,249, respectively. As of September 30, 2025, the Company had $15,003,901 in total assets, $11,943,554 in total liabilities, and $3,060,347 in total stockholders' equity. The Company incurred significant recurring operating losses, primarily driven by continuous decline in revenues, recurring negative cash flows and continued reduction in liquidity. As of September 30, 2025, the Company had $761,748 in cash and cash equivalents, compared to $326,344 as of June 30, 2025. The decline from historical sales and subsequent decrease in accounts receivable has limited the Company's ability to generate cash from operations and limited the availability of capital from the asset-based line of credit. Due to this, net working capital has decreased from $718,110 as of June 30, 2025 to $592,564 as of September 30, 2025. The Company reported operating losses of approximately $88,000 and $251,000 for the three months ended September 30, 2025 and 2024, respectively. The Company's declining revenues, recurring operating losses and negative cash flows, and continued reduction in liquidity, raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. The Company is in the process of creating a comprehensive plan to address these challenges to improve performance, including cost reduction initiatives, streamlining operational processes, pursuing new revenue streams through product diversification, and transitioning production of the majority of the Company's therapeutic modalities from a contract manufacturer to internal operations. This shift to in-house production aims to reduce costs by eliminating third-party markups, enhance quality control with direct oversight of manufacturing processes, and improve supply chain reliability to mitigate risks of disruptions. The Company is also evaluating the current inventory position and working to reduce the amount of excess inventory exposure by promoting discounted prices to convert the excess inventory to cash. The Company will continue to look to add to its sales efforts to further improve revenue, consider additional options to improve operating efficiency, and enhance liquidity. The Company believes that if it successfully implements the foregoing strategic actions, it has a chance to mitigate the factors giving rise to substantial doubt; however, there is no guarantee that it will successfully implement these strategic actions. As a result, substantial doubt remains regarding the Company's ability to continue as a going concern. In addition to the foregoing, recent tariff changes imposed by the U.S. and China have created increased risks and uncertainties surrounding the Company's future results of operations. The impact of tariffs in the first quarter of 2025 was not material. However, should universal tariffs be implemented as initially announced in April 2025, the Company anticipates a significant adverse impact on its future costs of revenue, which will impact its results of operations. Particularly, the U.S. import tariffs and the reciprocal measures by China, are expected to increase the Company's cost of goods sold. The Company anticipates that some of its suppliers will incur incremental tariff-related costs, which may be passed on to the Company. The extent and duration of the tariffs and the resulting impact on general economic conditions and on the business are uncertain and are expected to be impacted by various factors, such as negotiations between the U.S. and affected countries, the responses of other countries or regions, exemptions or exclusions that already exist or may be granted, availability and cost of alternative sources of the products and materials, and the Company's ability to offset the effects of any tariffs that might be imposed. In response to these risks and uncertainties, the Company has taken affirmative steps to stock adequate inventory of certain key products and components to service immediate orders and is proactively working with its suppliers to mitigate potential tariff-related costs. Moreover, the continuing effects of uncertainties in the broader economic environment on the global supply chain, higher personnel costs, and changes to customer or product mix, could have an adverse effect on the Company's liquidity and cash, and it continues to evaluate and take action, as necessary, to preserve adequate liquidity and ensure that the business can continue to operate during these uncertain times. Additionally, the Company operates in a rapidly evolving and unpredictable business environment that may change the timing or amount of expected future cash receipts and expenditures. Accordingly, there can be no assurance that the Company will not be required to raise additional funds through the sale of assets, equity or debt securities or from credit facilities. Additional capital, if needed, may not be available on satisfactory terms, or at all. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/374zk6e3 About Dynatronics Corp. Dynatronics Corporation is a leading medical device company committed to providing high-quality products designed to accelerate optimal health. The Company designs, manufactures, and sells a broad range of products for clinical use in physical therapy, rehabilitation, orthopedics, pain management, and athletic training. Through its distribution channels, Dynatronics markets and sells to orthopedists, physical therapists, chiropractors, athletic trainers, sports medicine practitioners, clinics, and hospitals. The Company's products are marketed under a portfolio of high-quality, well-known industry brands including Bird & Cronin, Solaris, Hausmann, PROTEAM, and Mammoth, among others. As of June 30, 2025, the Company had $15,438,942 in total assets, $12,176,738 in total liabilities, and $3,262,204 in total stockholders' equity. Salt Lake City, Utah-based Tanner LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing the Company's present financial situation raises substantial doubt about its ability to continue as a going concern. E. GLUCK CORPORATION: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: E. Gluck Corporation 411 Fifth Avenue, 11th Floor New York, NY 10016 Business Description: E. Gluck Inc., incorporated in 1977 as Terry Watch Corporation and privately held in New York, designs, imports, and distributes watches under proprietary and licensed brands, including Armitron, Anne Klein, and Nine West. The Company owns 100% of the Class A Units of WITHit Holdings, LLC, a Delaware-based company specializing in reading accessories and smartwatch and wearable-tech accessories, acquired to diversify E. Gluck's product portfolio, leverage its retail distribution, and position the Company for growth amid declining conventional watch demand. E. Gluck operates in the U.S. and international markets, supplying a range of retail channels including mass merchants, department stores, off-price and mid-tier chains, and travel retail, supported by in- house design, production, and distribution capabilities. Chapter 11 Petition Date: December 1, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12683 Judge: Hon. Martin Glenn Debtor's Counsel: Alan D. Halperin, Esq. HALPERIN BATTAGLIA BENZIJA, LLP 40 Wall Street 37th Floor New York, NY 10005 Tel: (212) 765-9100 Email: ahalperin@halperinlaw.net Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Adam Gelnick as chief financial officer. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5LDHFGQ/E_Gluck_Corporation__nysbke-25-12683__0001.0.pdf?mcid=tGE4TAMA E. GLUCK: To Sell Watch Business to for $30MM --------------------------------------------- E. Gluck Corporation seeks permission from the U.S. Bankruptcy Court for the Southern District of New York to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor has received an offer from E. Gluck Global LLC to purchase the Assets. The proposed sale under the Offer shall be subject to higher and better offers that may be made at the Auction to be scheduled prior to the Sale Hearing, provided that a Qualified Bid is received pursuant to the Bidding Procedures. The purchase price for the Acquired Assets is (a) assumption at Closing of the Assumed Liabilities (which amount includes Cure Costs) plus (b) the IDB Payoff Amount. The Estimated Purchase Price is $30 million. The Debtor requests that the Court approve a Break-Up Fee/Expense Reimbursement and establish Bidding Procedures for the conduct of the Auction. The proposed sale is the result of substantial, good faith, arms’ length negotiation and provides a vehicle for the Debtor to maximize asset values through an auction sale process. E. Gluck has been in the watch business for more than six decades, operating as a designer, importer and distributor of certain proprietary and licensed brands. Its proprietary anchor is Armitron, a longstanding name in the U.S. watch market, complemented by licensed fashion brands such as Anne Klein, Nine West, and others. At its peak, the company generated hundreds of millions of dollars in revenue by supplying a wide spectrum of U.S. retail partners, including mass merchants, department stores, mid-tier chains, off-price retailers and club stores. Beyond the domestic market, E. Gluck also built international distribution through third-party distributors and maintained a meaningful presence in travel retail, including duty-free and cruise channels. E. Gluck's business model rested on a durable combination of long-term brand licenses, strong proprietary positioning, a broad and healthy SKU variety, high-quality products and deep retail relationships, all supported by an in-house team capable of delivering design, production and distribution at scale. For many years, this mix created a stable and profitable foundation. The cumulative effect is a company burdened by fixed costs and new obligations from the WITHit acquisition that are not offset by the anticipated increases in revenue, all while E. Gluck's core revenue and profitability have come under sustained pressure from macroeconomic shocks and longterm shifts in the consumer marketplace. In the Debtor's business judgment, Buyer has made the highest and best offer, to date, to acquire certain of the Debtor's assets and business on a going concern basis. Buyer is an industry leader in the licensed apparel and consumer goods business and offers reasonable assurance of future performance to the Debtor’s licensors. The Debtor believes that the Offer is fair and reasonable - although it intends to submit the Offer to the rigors of the marketplace. The Offer has been memorialized in the Sale Agreement for which the Debtor now seeks approval. The Debtor, through its chief restructuring officer, Cometrics Partners, LLC, and its managing principal, Gary Herwitz and East Wind Securities, LLC999 has updated its financial and operational materials and intends to solicit offers for the Assets from parties previously solicited as well as other parties that the CRO and Investment Banker believe may have an interest in acquiring the Assets. The Debtor submits that - with the Offer from the Buyer and the Debtor's ability to transfer the Assets, free and clear of liens, claims and encumbrances, pursuant to an Order of the Bankruptcy Court -- there is a potential for a competitive bidding process for the Assets. The Sale Agreement is a comprehensive, purchase and sale agreement setting forth all the rights and obligations contemplated thereunder by and between the Debtor and the Buyer. The Sale Agreement provides a vehicle for the disposition of certain of the Debtor’s operating assets and, at the same time, enables the Debtor to canvass the marketplace for any higher and better offers for the Assets. To effectuate the assumption/assignment process, the Debtor proposes to serve the non-debtor parties to the Assigned Contracts and Leases to the Bidding Procedures Order advising each of them of the Debtor's interest to assume and assign such executory contract. Under the terms of the Sale Agreement, the Buyer is responsible for paying cure costs, if any, under any Assigned Contracts and Leases that are ultimately assumed and assigned to Buyer. In an effort to provide the most up-to-date information to non-debtor parties to the Assigned Contracts and Leases, in the event the Buyer is not the Successful Bidder at the Auction, the Debtor will use its reasonable best efforts to provide nondebtor parties to the Assigned Contracts and Leases with the identity of the Successful Bidder prior to the Sale Hearing. Otherwise, the non-debtor parties to the Assigned Contracts and Leases may wish to plan to attend the Sale Hearing. About E. Gluck Corporation E. Gluck Corporation -- https://egluck.com/ -- is an American watch manufacturer headquartered in Little Neck, New York. E. Gluck sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.S.D. N.Y. Case No. 25-12683 (MG)) on December 1, 2025. Judge Martin Glenn presides over the case. Alan D. Halperin at Halperin Battaglia Benzija, LLP, represents the Debtor as legal counsel. EL DORADO FARM: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Debtor: El Dorado Farm LLC 8110 West Murray Creek Road Mountain Ranch CA 95246 Business Description: El Dorado Farm LLC provides activities related to real estate, including property management, real estate appraisal, and other support services within the real estate services industry. Chapter 11 Petition Date: December 1, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-26763 Judge: Hon. Fredrick E Clement Debtor's Counsel: David M. Syme, Esq. SYME LAW FIRM 29 Orinda Way Suite 1843 Orinda CA 94563 Tel: 925-565-4208 E-mail: David@SymeLawFirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Shimshon Hasson as managing member. A copy of the Debtor's list of three unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/N3EKDLQ/EL_DORADO_FARM_LLC__caebke-25-26763__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NUCLJGI/EL_DORADO_FARM_LLC__caebke-25-26763__0001.0.pdf?mcid=tGE4TAMA ELISA HOLDINGS: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: Elisa Holdings, LLC 658 Route 940 White Haven, PA 18661 Business Description: Elisa Holdings LLC operates as a real estate holding entity that owns several residential properties, including single- family homes in Tobyhanna, Pennsylvania, and Princeton, New Jersey, along with a second -floor apartment unit in Edison, New Jersey. It maintains fee-simple ownership of these assets, which collectively have a stated value of about $2.52 million. Chapter 11 Petition Date: November 28, 2025 Court: United States Bankruptcy Court Middle District of Pennsylvania Case No.: 25-03429 Judge: Hon. Mark J. Conway Debtor's Counsel: Jason Zac Christman, Esq. J. ZAC CHRISTMAN, ESQ. 538 Main Street Suite 102 Stroudsburg PA 18360 Email: zac@jzacchristman.com Total Assets: $2,520,000 Total Liabilities: $2,271,397 The petition was signed by Elizabeth Shewdat as sole member. The Debtor listed Dominion Financial Services, LLC, at 32 South Street, Baltimore, MD 21202, as its only unsecured creditor, holding a $1 claim stemming from a guaranty. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/W6H2FLQ/Elisa_Holdings_LLC__pambke-25-03429__0001.0.pdf?mcid=tGE4TAMA ENDURANCE INTERNATIONAL: Palmer Square Marks $4M 1L Loan at 47% Off ------------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $4,555,342 loan extended to The Endurance International Group, Inc. to market at $2,399,527 or 53% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to The Endurance International Group, Inc. The loan accrues interest at a rate of 7.84% (S +CSA + 3.50%) per annum. The loan matures on February 10, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About The Endurance International Group, Inc. Endurance International Group, Inc. (EIG) was a web hosting company, formerly known as BizLand, that was acquired and is now part of Newfold Digital. ENERFLEX INC: S&P Rates New $400MM Senior Unsecured Notes 'BB' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '3' recovery rating to Enerflex Inc.'s proposed $400 million senior unsecured notes due 2031, which reflects its expectations for meaningful recovery in the event of a default. Enerflex intends to use the proceeds from this issuance, along with availability under its revolving credit facility, to fund the repayment of its $562.5 million senior secured notes due 2027. The proposed notes will be guaranteed by Enerflex Ltd. All of S&P's existing ratings on Enerflex are unchanged. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors: -- S&P Global Ratings' simulated default scenario for Enerflex contemplates a default from a prolonged period of poor commodity prices, resulting in reduced revenue as customers are unable to meet their contractual agreements and existing contracts are not renewed. -- S&P's analysis assumes the company's $800 million revolving credit facility is 85% drawn at the time of default. -- To value the company, S&P applied a 7x multiple to post-default EBITDA, which is within its expectations of distressed multiples for midstream companies. Simulated default assumptions: -- Simulated year of default: 2030 -- EBITDA at emergence: $157 million -- EBITDA multiple: 7x Simplified waterfall Simplified Waterfall: -- Net enterprise value (after 5% administrative costs): $1.04 billion -- Secured first-lien debt claims: $617.4 million -- Total value available to unsecured claims: $424.7 million -- Senior unsecured debt: $414 million -- Recovery expectations for senior unsecured debt: 50%-70% (rounded estimate: 65%); capped at '3' recovery rating. Although recovery prospects reflect greater than 70% recovery for unsecured notes, the recovery rating is capped at '3' for 'BB' category entities. As such, the recovery expectations are also capped, rounded to 65%. ENI DIST: Seeks to Extend Plan Exclusivity to May 5, 2026 --------------------------------------------------------- ENI DIST, Inc. asked the U.S. Bankruptcy Court for the District of Maryland to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 5, 2026 and July 4, 2026, respectively. The Debtor has proceeded in good faith, attended the Section 341 meeting, and cooperated with the U.S. Trustee. The Debtor has resolved the stay-relief motions filed by Arba, one of the creditors, through contested hearing and orders rendered by this Honorable Court. The Debtor has initiated an avoidance action to recover prepetition transfers totaling $73,445.10 and is seeking declaratory relief establishing the unsecured status of the UCC loan held by Austin Business Finance, LLC dba Backd. These combined efforts reflect diligence, transparency, and a genuine intent to reorganize. The Debtor explains that it is preparing to initiate targeted discussions with its creditors, to continue reconciling filed claims, and to develop and vet updated 13-week cash-flow and plan feasibility projections necessary for a confirmable Chapter 11 plan. A brief extension will allow these efforts to mature into concrete agreements rather than forcing a premature, piecemeal plan. The Debtor claims that a 90-day extension, rather than a shorter 60-day period that would push critical milestones into the year end holiday lull, is warranted to coordinate stakeholder schedules, complete diligence on collateral and cure amounts, negotiate and document adequate-protection and plan treatment terms, and prepare a single, coherent disclosure statement and plan. Granting this relief will conserve estate resources and facilitate an orderly, good-faith reorganization without prejudicing creditors. The Debtor asserts that it has made significant progress toward reorganization, including resolution of multiple stay-relief motions, completion of required filings, and initiation of recovery actions to increase estate liquidity. Nevertheless, additional time is needed to incorporate the anticipated results of forthcoming creditor negotiations and updated financial projections into a confirmable plan. ENI DIST Inc. is represented by: Weon G. Kim, Esq. Weon G. Kim Law Office 8200 Greensboro Dr., Suite 900 McLean, VA 22102 Telephone: (571) 278-3728 Facsimile: (703) 288-4003 Email: jkkchadol99@gmail.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. ENI DIST: Seeks to Hire Sang H. Kang & Associates as Accountant --------------------------------------------------------------- ENI DIST, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Sang H. Kang & Associates P.A. as accountant. The firm will render these services: a. process employees payroll; b. prepare the monthly operating report; c. prepare all the required tax returns including but not limited to the business annual tax return; and d. prepare financial statements as to the Debtor including but not limited to the next 6-month income and expense projection, income and expense statement, and such other financial statements as may be necessary in connection with this case. The firm will bill monthly at the fixed rate of $400. Sang H. Kang & Associates P.A. is a disinterested within the meaning of 11 U.S.C. Sec. 101(14), and do not hold or represent any interest adverse to the estate, according to court filings. The firm can be reached through: Sang H. Kang CPA Sang H. Kang & Associates P.A. 8860 Columbia 100 Pkwy Columbia, MD 21045 Phone: (410) 953-0102 Email: office@shkacpas.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. EPIC MEDICAL: Seeks to Tap D. Blair Clark PC as Bankruptcy Counsel ------------------------------------------------------------------ Epic Medical Services AZ, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ the Law Offices of D. Blair Clark PC as its bankruptcy counsel. The firm will render these services: (a) take all necessary action to protect and preserve the estate of the Debtors, including the prosecution of actions on the Debtor s behalf, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the estate; prepare on behalf of the Debtor, as debtor in possession, all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; (b) prepare on behalf of the Debtors, as debtor in possession, all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; (c) prosecute, on behalf of the Debtors, a proposed plan of reorganization and all related transactions and any revisions, amendments, etc., relating to same; and (d) perform all other necessary legal services in connection with this Chapter 11 case. The firm will charge these hourly fees: D. Blair Clark $300 Paralegals $125 In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The retainer fee is $5,000. D. Blair Clark, Esq., a partner at the Law Offices of D. Blair Clark, declared in a court filing that his firm is a "disinterested person" according to Section 101(14) of the Bankruptcy Code. The firm can be reached at: D. Blair Clark, Esq. LAW OFFICES OF D. BLAIR CLARK, PC 967 E. Parkcenter Blvd Boise, ID 83706 Tel: (208) 475-2050 Fax: (208) 475-2055 Email: dbc@dbclarklaw.com About Epic Medical Services AZ LLC Epic Medical Services AZ LLC is a healthcare services provider operating under NAICS code 6211 (Offices of Physicians). Epic Medical Services AZ LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42537) on July 12, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million each. The Debtor tapped Vartabedian Hester & Haynes LLP as bankruptcy counsel and Allen, Jones & Giles, PLC as special litigation counsel. FIRST BRANDS: Outlines Plan To Untangle $3-Bil. Factoring Mess -------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that First Brands Group has submitted a proposal in its bankruptcy case to sort out the billions of dollars in discrepancies tied to its third-party factoring agreements. The auto parts maker said the process is needed to match pending invoices with the correct factoring partners, addressing a $3 billion uncertainty that stems from prepetition financial arrangements. The debtor argued that its plan will streamline the reconciliation of claims and prevent further confusion as the case progresses. By implementing a uniform system for resolving discrepancies, First Brands said it hopes to minimize litigation risk and provide a clear accounting of obligations under the various factoring deals. About First Brands Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Wilmington Savings Fund Society, FSB, as DIP agent, is represented by Jeffery R. Gleit, Esq., and Matthew R. Bentley, Esq., at ArentFox Schiff, LLP, in New York; and Eric J. Fromme, Esq., in Los Angeles, California. FIRST BRANDS: Palmer Square Marks $3MM 2L Loan at 92% Off --------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $3,000,000 loan extended to First Brands Group, LLC to market at $231,810 or 8% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a Second Lien Senior Secured Loan to First Brands Group, LLC. The loan accrues interest at a rate of 13.07% (S +CSA + 8.50%) per annum. The loan matures on March 24, 2030. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About First Brands Group, LLC First Brands Group, LLC is an American auto parts company that manufactures and distributes a variety of automotive aftermarket products, including brakes, wipers, and filters. FIRST BRANDS: Palmer Square Marks $8.5MM 1L Loan at 54% Off ----------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $8,583,892 loan extended to First Brands Group, LLC to market at $3,905,671 or 46% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to First Brands Group, LLC. The loan accrues interest at a rate of 9.57% (S +CSA + 5.00%) per annum. The loan matures on March 30, 2027. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About First Brands Group, LLC First Brands Group LLC manufactures automotive parts and equipment. The Company offers wiper blades, arms, water pumps, linkages, brake hardware, and motors. First Brands Group serves customers in the State of Mississippi. FISCHER AG: Gets Interim OK to Use $15K in Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Missouri, Northern Division, entered an interim order authorizing the limited use of cash collateral in the jointly administered Chapter 11 Subchapter V cases of Fischer Ag, LLC and Christopher Fischer. The court authorized the Debtors to use $15,000 in crop-related funds to cover farming expenses. First State Community Bank, a secured creditor, will be granted first priority replacement liens on pre-bankruptcy assets of the Debtor and a new lien on assets acquired by the Debtor after its Chapter 11 filing. Nothing in the interim order alters prior cash collateral rights granted to the Internal Revenue Service, which also asserts an interest in the crop proceeds but acknowledges the bank's priority. The next hearing is scheduled for December 19. The interim order is available at https://is.gd/kumpOo from PacerMonitor.com. First State Community Bank is represented by: Zachary S. Merkle, Esq. Sandberg Phoenix & Von Gontard, P.C. 701 Market Street, Suite 600 St. Louis, MO 63101 (314) 231-3332 (314) 241-7604 Fax zmerkle@sandbergphoenix.com About Fischer AG LLC Fischer AG, LLC, doing business as Fischer Trucking, provides interstate freight transportation services. The company hauls general freight, agricultural products, dry bulk commodities, and metal goods. It operates from Missouri with a small fleet serving regional and interstate routes. Fischer AG sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-20127) on July 30, 2025, with $2,643,600 in assets and $2,420,098 in liabilities. Chris Fischer, owner, signed the petition. Judge Kathy A. Surratt-States oversees the case. David M. Dare, Esq., at Herren, Dare & Streett represents the Debtor as legal counsel. FLASH CHARM: Palmer Square Marks $3.3MM 2L Loan at 19% Off ---------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $3,353,659 loan extended to Flash Charm, Inc. to market at $2,716,463 or 81% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a Second Lien Senior Secured Loan to Flash Charm, Inc. The loan accrues interest at a rate of 11.20% (S +CSA + 6.75%) per annum. The loan matures on February 5, 2029. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Flash Charm, Inc. Flash Charm, Inc. is a technology company that provides application and server management software, including solutions for SQL servers, backup and recovery, security, auditing, and performance management. FORDHAM FULTON: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Fordham Fulton Realty, Corp. 530 E. 169th Street Bronx, NY 10456 Business Description: Fordham Fulton Realty, Corp. owns two residential apartment buildings at 480-490 E. 188th St. and 530-530 E. 169th St., Bronx, NY, with a combined current value of $40 million, and provides services related to real estate, including property management, appraisal, and other support services. Chapter 11 Petition Date: November 28, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-45747 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 E-mail: knash@gwfglaw.com Total Assets: $52,801,506 Total Liabilities: $84,426,499 The petition was signed by Karan Singh as vice president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RW6W3AA/Fordham_Fulton_Realty_Corp__nyebke-25-45747__0002.0.pdf?mcid=tGE4TAMA FOUR FINANCIAL: Seeks to Hire Latham Luna as Bankruptcy Counsel --------------------------------------------------------------- The Four Financial LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ 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: Justin M. Luna, Attorney $550 Other Attorneys $275 Junior Paraprofessionals $105 The firm received a retainer of $26,738 from the Debtor. Mr. Luna 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: Justin M. Luna, Esq. Latham, Luna, Eden & Beaudime, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5800 Email: jluna@lathamluna.com About The Four Financial LLC The Four Financial LLC is a limited liability company. The Four Financial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08387) on November 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Justin M. Luna, Esq. of Latham, Luna, Eden & Beaudine, LLP. FREIGHT TECHNOLOGIES: Signs $1.5MM AI Services Deal with Fetch -------------------------------------------------------------- Freight Technologies, Inc. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that on November 19, 2025, the Company entered into: (a) Securities Purchase Agreement with the investors named therein, pursuant to which the Company agreed to sell to the Buyers senior convertible promissory notes in the aggregate original principal amount of $1,000,000 for an aggregate purchase price of $900,000 on the terms and subject to the conditions set forth therein; (b) a transfer and cancellation agreement with Fetch Compute, Inc. to terminate the Prior SPA and cancel Series A4 preferred shares of the Company par value $0.0001 per share; and (c) a pre-paid services agreement with Fetch, pursuant to which Fetch will provide AI-related services to the Company and the Company will issue equity-based consideration, including a pre-funded warrant, to Fetch as consideration. Securities Purchase Agreement: The Securities Purchase Agreement contains customary representations and warranties of the Company and the Buyers, covenants regarding SEC and "blue sky" filings, reporting status, and reservation of ordinary shares of the Company, with no par value, for issuance upon conversion of the Notes. Pursuant to the Securities Purchase Agreement, the Company has agreed not to enter into any Dilutive Issuances until the date no Notes remain outstanding. On November 20, 2025, the Company issued and sold, and the Buyers purchased, the Notes pursuant to the Securities Purchase Agreement. Senior Convertible Note: The Notes are senior to all outstanding and future unsecured indebtedness of the Company and its subsidiaries, other than Permitted Indebtedness secured by Permitted Liens and are junior to notes issued pursuant to that certain note purchase agreement dated as of April 29, 2025 by and between the Company and the investor party thereto. The Notes accrue interest at an annual rate equal to 10% per annum on the basis of a 360-day year and twelve 30-day months and are payable in arrears on the first calendar day of each calendar month with the first Interest Date being January 15, 2026. Interest on any outstanding Principal at the applicable Interest Rate is payable on each Interest Date, to the holder of the Notes on the applicable Interest Date, in Ordinary Shares so long as there has been no Equity Conditions Failure; provided however, that the Company may, at its option following notice to the holder of the Notes, pay such interest in cash or in a combination of cash and Interest Shares. The Notes mature on November 20, 2027, subject to extension in certain circumstances specified in the Notes. The holders of the Notes may convert outstanding principal, accrued interest and certain other amounts into Ordinary Shares. The Notes are convertible at an initial conversion price of $0.90, which conversion price is subject to customary adjustments for share splits, dividends, combinations or other such similar corporate events, subject to a floor price of $0.14. A Note holder will not have the right to convert any portion of a Note, to the extent that, after giving effect to such conversion, the holder (together with certain of its affiliates and other related parties) would beneficially own in excess of 4.99% of the shares of Common Stock outstanding immediately after giving effect to such conversion. However, a Note holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation, provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the shares of Common Stock outstanding immediately after giving effect to such conversion. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The holders of the Notes also have customary piggyback registration rights with respect to the resale of the Conversion Shares, subject to certain exceptions. The Notes include customary covenants and events of default, remedies including redemption rights following certain triggering events, rights upon subsequent placements, anti-dilution protections for variable price security issuances and mechanics for fundamental transactions. Cancellation Agreement: As previously reported in the Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on April 1, 2025, the Company entered into a securities purchase agreement dated March 31, 2025 with Fetch, pursuant to which Fetch purchased 2,311,248 Preferred Shares for a purchase price of approximately $5,200,000, payable in 11,300,000 FET tokens. All Purchased Securities were issued to Fetch on or about April 21, 2025. Pursuant to the Cancellation Agreement, the parties agreed to terminate and cancel the Prior SPA in full and Fetch will convert 22,104 shares of the Purchased Securities, which the parties agree will convert into 113,253 Ordinary Share and Fetch will transfer the remaining 2,289,144 Purchased Securities, and all of Fetch's right, title, and interest in and to all of the Remaining Securities, to the Company. In exchange, the Company will return the 11,300,000 FET tokens and make a payment of $880,000 to Fetch, on the terms set forth therein. Services Agreement: Pursuant to the Services Agreement, Fetch will provide ASI1 Platform and Fetch Developer Tools which the Company can use to develop its own products and services, and a credit of up to an aggregate amount of $1,500,000 in defrayal of the network, usage (or gas), or access fees the Company would have incurred by the usage of the Fetch Platform for the development of the Freight Developed Products; in exchange, the Company will provide equity award including a non-refundable payment of 475,000 Ordinary Shares and a Pre-funded Warrant to purchase 911,747 Ordinary Shares. The term of the Services Agreement is three years, subject to earlier termination as provided therein. The Services Agreement includes compliance and transfer restrictions consistent with applicable securities laws, and customary limitations including a daily sale volume limit on Ordinary Shares acquired pursuant to the agreement and a prohibition on short sales during the term. The Services Agreement calls for no cash fees other than certain pre-approved pass-through expenses. Pre-Funded Warrant: The Pre-funded Warrant is exercisable immediately with a nominal exercise price and remain outstanding until exercised in full. The Pre-funded Warrant is exercisable immediately and has a five-year term. The Pre-funded Warrant provides for cashless exercise if, among other things, no effective registration statement is available for the resale of the underlying Ordinary Shares. The Pre-funded Warrant contains beneficial ownership limitations generally preventing exercises to the extent such exercise would result in the holder, together with its affiliates, beneficially owning more than 9.99% of the outstanding Ordinary Shares, subject to holder increase or decrease on 61 days' notice, as applicable. The holder of the Pre-funded Warrant, shall not, directly or indirectly, sell, dispose of, or otherwise transfer on any trading day, in the aggregate across all accounts and through any broker or venue, a number of Ordinary Shares acquired pursuant to the Services Agreement that exceeds 10% of the total consolidated trading volume of the Ordinary Shares reported on Nasdaq for such trading day. Unregistered Sales of Securities: The Notes, the Conversion Shares, the Initial Ordinary Shares, the Pre-funded Warrant and the Warrant Shares were issued, or will be issuable, in transactions not involving a public offering and were issued, or will be issued, in reliance upon exemptions from registration provided by Section 4(a)(2) of the Securities Act, as amended and/or Rule 506(b) of Regulation D thereunder. The securities have not been registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Full-text copies of the Securities Purchase Agreement, form of the Note, the Cancellation Agreement, the Services Agreement, the form of the Pre-Funded Warrant are available at: * Securities Purchase Agreement: https://tinyurl.com/yc88u2aj * Form of Senior Convertible Promissory Note: https://tinyurl.com/3xxs5yrv * Transfer and Cancellation Agreement: https://tinyurl.com/4e6kdmta * Pre-Paid Services Agreement: https://tinyurl.com/3jxyddj8 * Form of Pre-Funded Warrant: https://tinyurl.com/4h9x9m5j About Freight Technologies, Inc. Freight Technologies (Nasdaq: FRGT) is a logistics management innovation company, offering a diverse portfolio of technology-driven solutions that address distinct challenges within the supply chain ecosystem. As of June 30, 2025, the Company had $17.06 million in total assets, $8.28 million in total liabilities, and $8.78 million in total stockholders' equity. Diamond Bar, California-based TAAD, LLP, the Company's auditor since 2025, issued a "going concern" qualification in its report dated April 11, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations that raises substantial doubt about its ability to continue as a going concern. FTX TRADING: Three Arrows Raises Value of Bankruptcy Claim ---------------------------------------------------------- Alex Wittenberg of Law360 reports that theiquidators for the collapsed crypto hedge fund Three Arrows Capital pushed back against FTX's characterization of their $1.53 billion claim as "baseless," arguing the figure reflects assets improperly pulled from the exchange shortly before its downfall. In a filing with the Delaware bankruptcy court, the liquidators said the transfers constituted a "classic preference," warranting recovery under bankruptcy law. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GASFUSION TEXAS: Unsecured Creditors to Get $225K in Plan --------------------------------------------------------- Gasfusion Texas LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Combined Plan and Disclosure Statement dated December 1, 2025. The Debtor owns a single parcel of land that improvements commonly identified as a gas station and convenient store. The gas station and convenient store are leased to Gasfusion, Inc. The previous owner of 401 River is Gasfusion, Inc., Gasfusion, Inc. deeded the property to Gasfusion Texas, LLC subject to the deed of trust held by the Creditor's Trustee shortly before commencing this bankruptcy because Gasfusion, Inc. has other properties and separate creditors who were not in default. The Debtor commenced this bankruptcy proceeding because of the pending foreclosure sale and the Debtor's belief that the lien can be refinanced. Pre-petition, the previous owner had significant non-recurring expenses and operating problems resulting in a reduction of revenue. Gasfusion, Inc. is now recovering from its operating problems and paying rent payments to Gasfusion Texas, LLC. The Debtor will refinance (or sell) the property on or before May 1st, 2026, paying all allowed secured creditors from the proceeds of the refinance (or sale) on all amounts then outstanding in full. The Debtor agrees that if it is unable to sell or refinance by May 1st, 2026, it will not commence a subsequent bankruptcy proceeding. Creditors in Class 1, if not paid in full by May 1st, 2026 may notice a June 2026 foreclosure sale. Secured Creditors in Class 1 may conduct the June 2026 foreclosure sale if it is not paid in full by June 30, 2026. Creditors in Class 1 upon Material Default under this Plan by the Debtor may foreclose sooner than May 1st of 2026. At all times during this Plan the requisite insurance required under the secured creditor's loan documents with the Debtor must be maintained. The Debtor asserts that creditors in Class 1 are undersecured creditors, in that the pre-petition value of 401 River is approximately $1,200,000.00. Creditors in Class 1 may not repossess or dispose of their collateral or otherwise proceed against the Debtor, its collateral and any guarantors, so long as Debtor is not in Material Default under the Plan. Class 1 Allowed Secured claims are impaired and are entitled to vote on confirmation of the Plan. Class 2 consists of Allowed General Unsecured Claims. * JWJ Land Partners, LTD with an unsecured claim of $369,655.53. This Class will receive a distribution of $225,000.00 of their allowed claims. * Wheeler's Mercantile, Inc. with an unsecured claim of $369,655.53. This Class will receive a distribution of $225,000.00 of their allowed claims. Allowed claims of general unsecured creditors (including allowed claims of creditors whose executory contracts or unexpired leases are being rejected under this Plan) shall be paid in full according to terms. Creditors in this class may not take any collection action against Debtor so long as Debtor is not in Material Default under the Plan. This class is impaired and is entitled to vote on confirmation of the Plan. Debtor has indicated below whether a particular claim is disputed. If Certain purported creditors are scheduled by the Debtor as Disputed General Unsecured Claims, as such purported claims are contingent, disputed and/or unliquidated. If, or once a Disputed General Unsecured Claim becomes an Allowed General Unsecured Claim, it shall no longer be a Disputed General Unsecured Claim and shall be treated in accordance with Class 2 General Unsecured Claims. Harikarthick Ilangovijayan is the sole member of the of Gasfusion Texas LLC, a Wyoming limited liability company. Harikarthick Ilangovijayan, shall retain its interest in the Debtor; however, no distributions shall be made until all Allowed Claims have been paid in full. Harikarthick Ilangovijayan shall continue to manage and serve the Debtor without salary until all Plan payments have been made. On the Effective Date, all property of the estate and interests of the Debtor, that is property of the estate as of the date of Plan confirmation, will vest in the reorganized Debtor pursuant to Section 1141(b) of the Bankruptcy Code free and clear of all lien, claims, interests and encumbrances except as otherwise provided in this Plan. The obligations to creditors that Debtor undertakes in the confirmed Plan replace those obligations to creditors that existed prior to the Effective Date of the Plan. Debtor's obligations under the confirmed Plan constitute binding contractual promises that, if not satisfied through performance of the Plan, create a basis for an action for breach of contract under Texas law. To the extent a creditor retains a lien under the Plan, that creditor retains all rights provided by such lien under applicable non-Bankruptcy law. A full-text copy of the Combined Plan and Disclosure Statement dated December 1, 2025 is available at https://urlcurt.com/u?l=UzVYxg from PacerMonitor.com at no charge. Counsel to the Debtor: Nima Taherian, Esq. Law Office of Nima Taherian 701 N. Post Oak Rd, Ste 216 Houston, TX 77024 Tel: (713) 540-3830 Fax: (713) 862-6405 Email: nima@ntaherian.com About Gasfusion Texas LLC Gasfusion Texas LLC is classified as a single-asset real estate entity under 11 U.S.C. Section 101(51B). Gasfusion Texas LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35174) on September 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Nima Taherian, Esq. at LAW OFFICE OF NIMA TAHERIAN. GENESIS HEALTHCARE: Picks ReGen as Winning Bidder for Assets ------------------------------------------------------------ James Nani of Bloomberg Law reports that a ReGen Healthcare LLC affiliate has been chosen as the successful bidder to acquire the assets of Genesis Healthcare Inc., one of the nation's largest nursing home operators, in a transaction valued at up to $147.5 million. The selection follows months of restructuring efforts after Genesis entered bankruptcy earlier this 2025. According to a notice filed in the US Bankruptcy Court for the Northern District of Texas, the ReGen affiliate—already an existing investor in Genesis—was named the winning bidder after an auction held on November 19, 2025. The affiliate had initially served as the stalking-horse bidder, setting the minimum price for the sale process. Genesis, which oversees 175 facilities across the US, sought Chapter 11 protection in July 2025, citing escalating labor costs and operational pressures. The sale is intended to stabilize the company's finances while enabling a transition to new ownership, the report states. About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. The U.S. Trustee also appointed: -- Melanie Cyganowski of Otterbourg, PC as patient care ombudsman for the healthcare facilities listed at https://is.gd/uSxEBx She tapped Otterbourg as her counsel. -- Susan Goodman of Pivot Health Law as PCO for the healthcare facilities listed at https://is.gd/M5zlls. She is represented by Kane Russell Coleman Logan PC as counsel. -- Suzanne Koenig of SAK Healthcare as PCO for the healthcare facilities listed at https://is.gd/qv5SwV. She is represented by Greenberg Traurig, LLP, as counsel. SAK Management Services, LLC d/b/a SAK Healthcare serves as her medical operations advisor. Brown Rudnick LLP and Stutzman, Bromberg, Esserman, & Plifka, PC represent an ad hoc group of holders of personal injury and wrongful death claims. Whitaker Chalk Swindle & Schwartz represents a personal injury claimant and six wrongful death claimants. GREENWAVE TECHNOLOGY: Receives Nasdaq Delinquency Notice -------------------------------------------------------- Greenwave Technology Solutions, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 18, 2025, it received a Staff Determination Letter from the Nasdaq Listing Qualifications Staff based on the Company's non-compliance with Nasdaq Listing Rule 5250(c)(1), as previously notified by the Staff on May 23, 2025 and August 22, 2025. The basis for the Staff Determination Letter is that the Company has not yet filed its Quarterly Reports on Form 10-Q for the periods ended March 31, 2025, June 30, 2025 and September 30, 2025, with the Securities and Exchange Commission. The Company filed its Quarterly Report on Form 10-Q for the period ended March 31, 2025 on November 19, 2025 and is actively working towards the filing of the Quarterly Reports on Form 10-Q for the periods ended June 30, 2025 and September 30, 2025 to ensure full compliance with the Filing Rule. The Staff Determination Letter noted that, after the Staff's review of the materials submitted by the Company on September 5, 2025, it granted the Company an exception until November 17, 2025 to regain compliance with the Filing Rule. It further stated that since the Company failed to file the its Quarterly Reports on Form 10-Q for the periods ended March 31, 2025 and June 30, 2025 by the Exception Deadline Date and failed to file its Quarterly Report on Form 10-Q for the period ended September 30, 2025 by its due date, the trading of the Company's securities will be suspended from the Nasdaq at the opening of business on November 28, 2025 unless the Company requests an appeal of this determination by November 25, 2025. The Staff Determination Letter has no immediate effect and will not immediately result in the suspension of trading or delisting of the Company's securities. The Staff Determination Letter notified the Company that it may appeal the Staff's determination by requesting a hearing before a Nasdaq Hearings Panel, pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. A request for a hearing regarding one or more delinquent filings will automatically stay the suspension of the Company's securities for a period of at least 15 calendar days from the date of the hearing request. By Nasdaq rule, when a company requests a hearing for one or more late SEC periodic public filings, it may also request an extension of the stay pending the hearing date and subsequently during any additional extension period granted by a Hearings Panel following the hearing. Hearings are typically scheduled to occur approximately 30-45 days after the date of the hearing request. The Company intends to timely submit a request for a hearing including a stay of the suspension of the Company's securities pending the hearing and the Hearings Panel's decision. There can be no assurance that the Hearings Panel will grant any of the Company's requests for additional time. About Greenwave As an operator of 13 metal recycling facilities, Greenwave Technology Solutions, Inc. -- https://www.gwav.com/ -- supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With steel being one of the most recycled materials worldwide, Greenwave supplies the raw metal utilized in critical infrastructure projects and U.S. warships vital to American national security interests. Headquartered in Chesapeake, Virgina, the Company has 167 employees with metal recycling operations across Virginia, North Carolina, and Ohio. As of March 31, 2025, the Company had $67,519,865 in total assets, $25,986,815 in total liabilities, and $41,533,050 in total stockholders' equity. New York, N.Y.-based RBSM LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has net loss, has generated negative cash flows from operating activities, and has an accumulated deficit, which raise substantial doubt about the Company's ability to continue as a going concern. HALL LABS: To Sell Common Stock to Michael Hall for $100K --------------------------------------------------------- Mark C. Rose, Chapter 11 trustee of Hall Labs, LLC, seeks permission from the U.S. Bankruptcy Court for the District of Utah to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor wants to sell interest in 421,118 shares of common stock in Nernst Electric, Inc. to Michael Hall for $100,000, free and clear of all liens, interests, claims, and encumbrances. The Debtor scheduled a 56.1% interest in Nernst Electric. After being appointed as trustee of Debtor, Trustee reached out to Nernst Electrics chief executive officer, Nicholas Farandos, to learn more about Debtor's interest in Nernst Electric. Nernst Electric is a start-up company that was founded in 2023. It focuses on developing a new manufacturing method for solid oxide fuel cells. Nernst Electric is still a way away from generating revenue, and it will take more than $1,000,000 to get Nernst Electric to the point where it can start to generate revenue. It also needs external investment, does not have a marketing plan, does not have any products for sale, and has pending and provisional patents. Nernst Electric’s cap table is as follows: i. Hall Labs, LLC – 421,118 shares of common stock ii. Nicholas Farandos – 150,000 shares of common stock iii. Christopher Matson – 120,000 shares of common stock iv. Scott Woolston – 60,000 shares of common stock The only party to buy shares of Nernst Electric was Hall Labs, and it purchased 370,000 shares at $4.05 per share on a continuous basis (as money came in, original price set) between October 2023 and February 2025, and the rest at $6.08 per share on February 20, 2025. Nernst Electric's cash on hand, as of September 2025, was approximately $90,000 and its monthly burn rate is approximately $50,000. The company's total debt is approximately $200,000 and its corporate directors are Mr. Farandos, Mr. Michael Hall, and Jeff Duncan. Nernst Electric has one consultant, Pawel Plonczak, who is based in the United States of America. Mr. Plonczak is paid $2,000 a month on an at-will basis and with the agreement that he assign all intellectual property and inventions related to the company to Nernst Electric. The Debtor owns at least 421,118 shares of common stock in Nernst Electric, which Trustee represents (based on the cap table provided to Trustee on September 22, 2025 by Mr. Farandos) constitutes 56.065% of the issued and outstanding shares of Nernst Electric. The Trustee received an offer from Mr. Farandos to purchase the Shares for $60,000. The Trustee received a competing bid from Mr. Hall to purchase the Shares for $100,000. The Debtor has agreed to sell to Mr. Hall, and Mr. Hall has agreed to purchase from Debtor, the Shares for $100,000 upon the terms and subject to the conditions set forth in the Asset Purchase Agreement. The Trustee is aware of the following alleged, asserted, or filed liens on the Shares: a. Keystone Private Income Fund b. U.S. Small Business Administration c. LEAF Capital Funding, LLC d. CHTD Company The sale of the Shares to Mr. Hall will be free and clear of any and all liens, interests, claims, and encumbrances, with any such liens, interests, claims, and encumbrances. There will not be any settlement charges or fees paid from the Purchase Price at the time of closing of the sale of the Shares. The sale of the Shares to Mr. Hall is subject to higher and better offers. The initial overbid must be at least $15,000 higher than the Purchase Price. Any subsequent overbid must be in an increment of at least $10,000. Prior to entering into the APA, Trustee received an offer from Mr. Farandos to purchase the Shares for $60,000. Prior to entered into the APA, the Trustee engaged in discussions with Gary Jones regarding his interest in obtaining the Shares. However, after looking at documents and information provided by Nernst Electric, Mr. Jones did not have any further interest in trying to purchase the Shares. In Trustee’s business judgment, Mr. Hall's offer will be of benefit to Debtor's bankruptcy estate because it will increase the amount of funds available to satisfy the administrative costs of Debtor's bankruptcy estate and provide a return to general unsecured creditors. Trustee believes the Purchase Price reflects the fair market value for the Shares under the circumstances since Nernst Electric is a start-up company that needs significant funding in order to survive, does not have a marketing plan, and does have any products for sale. About Hall Labs LLC Hall Labs LLC focuses on developing and monetizing intellectual property across various industries by bringing together scientists and engineers to solve complex problems. After prototyping and market validation, Hall Labs licenses its technologies to newly formed entities, which then commercialize and further develop the innovations. The Company generates revenue through the sale of technologies, patents, and company interests, while its portfolio companies become self-sustaining and progress toward an exit. Hall Labs sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-21038) on March 5, 2025. In its petition, the Debtor reported assets between $100 million and $500 million and liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Joel T. Marker handles the case. Andres Diaz, Esq., at Diaz & Larsen serves as the Debtor's counsel. HELP/SYSTEMS HOLDINGS: Palmer Square Marks $3.6MM Loan at 28% Off ----------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $3,656,217 loan extended to Help/Systems Holdings, Inc. to market at $2,650,757 or 72% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a Second Lien Senior Secured Loan to Help/Systems Holdings, Inc. The loan accrues interest at a rate of 11.16% (S +CSA + 6.75%) per annum. The loan matures on November 19, 2027. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Help/Systems Holdings, Inc. Help/Systems Holdings, Inc. is now known as Fortra. The company is an American cybersecurity company founded in 1982 that provides IT management and cybersecurity software and services, including data security, infrastructure protection, and threat intelligence. HIGH LINER: S&P Affirms 'B+' ICR on Fungible Term Loan B Add-On --------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on Nova Scotia-based value-added frozen seafood provider High Liner Foods Inc. S&P said, "At the same time, we affirmed our 'BB-' issue-level rating on the company's term loan B. The '2' recovery rating is unchanged, indicating our expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of hypothetical default. The outlook remains stable. "The stable outlook reflects our expectation that High Liner will navigate the current challenging macroeconomic conditions, improve its working capital position, and restore leverage to below 3.5x in fiscal 2026." The proposed transaction will be neutral to High Liner's leverage profile. The company is proposing to issue a US$60 million fungible add-on to its existing term loan B. It will use the proceeds from this issuance to repay a portion of the borrowings under its revolving credit facility, which was previously used to finance the acquisition of the Mrs. Paul's and Van de Kamp's brands from Conagra Brands Inc. The acquisition was completed in June 2025 for about US$42 million, and we expect it will generate pro forma incremental EBITDA of about US$6 million-US$7 million, including synergies, by 2027. High Liner's pro forma capital structure will comprise a US$200 million revolving credit facility (maturity extended to 2030) and a US$300 million term loan B that includes US$240 million of its existing term loan B and the proposed add-on. S&P believes current operational headwinds is transitory and expect performance to improve in 2026. Persistent macroeconomic headwinds and inflation continue to strain consumers; weak restaurant traffic is hurting the food service segment as consumers pull back on discretionary spending and shift toward more affordable dine-at-home options. On the other hand, promotional activity remains elevated in the retail channel as companies seek to maintain sales and market share among value-conscious consumers. High Liner is facing cost pressure from rising raw material prices (particularly cod and haddock) and tariffs, compounded by delays in passing through price increases within its retail distribution channel. Consequently, S&P Global Ratings-adjusted EBITDA declined about 13% year over year in the third quarter of fiscal 2025 (ended Sept. 27, 2025). S&P anticipates these challenging conditions will continue through the fourth quarter, leading to a 3.4% decline in adjusted EBITDA and a 70-basis-point margin contraction as the company exits 2025. S&P said, "Looking ahead, we expect High Liner can manage its headwinds and resume EBITDA growth in 2026. We expect volumes to level off in fiscal 2026 with support from the renewal of a supply contract with the United States Department of Agriculture (USDA), expansion into new distribution channels like convenience stores, and product innovation (including the launch of fully cooked seafoods). Additionally, we expect price increases to phase in more progressively starting first-quarter 2026, following the holiday blackout period in the fourth quarter. These price increases and ongoing efficiency and productivity improvements, including investments in automation, will alleviate some cost pressure and stabilize High Liner's organic EBITDA in 2026. "At the same time, we anticipate the recent acquisition of the Mrs. Paul's and Van de Kamp's brands from Conagra Brands Inc. will drive year-over-year EBITDA growth, supported by incremental margin accretion and operational synergies primarily associated with procurement- and logistics-related efficiency gain. "Overall, we forecast the company's revenue and EBITDA to grow 3.3% and 5.1%, respectively, in fiscal 2026. "We expect an enhanced working capital position to support positive FOCF generation and improve leverage in 2026. High Liner's balance sheet debt as of end of the third quarter increased by about US$87 million in comparison to fiscal-year-end 2024, primarily to finance acquisitions and opportunistic inventory purchases. The company continues to build inventory in the fourth quarter ahead of its seasonal peak during Lent, and we expect EBITDA to modestly decline year over year. As such, we forecast the company to exit 2025 with negative free operating cash flow (FOCF) and elevated leverage of 3.6x. "With inventory clearing and expected efficient working capital management, we forecast the company will resume positive FOCF generation in 2026. This, alongside annual capex of US$20 million-US$30 million, supports our forecast of approximately US$40 million in free operating cash flow (FOCF) for fiscal 2026, with leverage improving to around 3.4x. At the same time, we relaxed our outlook downside threshold on High Liner by 0.5x to align with similarly rated peers in the branded nondurable industry. The new downside threshold is now 4.0x. "We believe the company will remain opportunistic and consider tuck-in acquisitions periodically. However, we expect High Liner to prioritize deleveraging in the near term and maintain a prudent approach to capital allocation." High Liner's channel diversity will support resilience in a challenging operating environment. The company benefits from a diversified revenue base, with approximately two-thirds of sales derived from food service and one-third from retail. Within food service, about 40% of High Liner's revenue is generated by noncommercial establishments, including schools, hospitals, and long-term care facilities, which exhibit more stable demand patterns. Additionally, about 10% of food service revenue is from quick-service restaurants (QSR), which provides some resilience against volume pressure as consumers prioritize value. S&P said, "The stable outlook reflects our expectation that High Liner will navigate the current challenging macroeconomic conditions and return to EBITDA growth in 2026. We also expect High Liner will adequately manage its working capital needs and return to positive FOCF in 2026. As such, we anticipate the company will improve its S&P Global Ratings-adjusted debt to EBITDA to below 3.5x as operating conditions gradually improve and cost savings are realized. In our view, the company's balanced financial policy and adequate liquidity provide some flexibility to accommodate demand volatility and tariff uncertainty across its end segments." S&P could downgrade High Liner in the next 12 months if its S&P Global Ratings-adjusted debt to EBITDA weakens and remains above 4.0x with poor prospects for deleveraging. This could occur if: -- High Liner faces higher-than-anticipated revenue and EBITDA pressures from contracting demand; or -- Management adopts a more aggressive financial policy that involves debt-funded shareholder returns and acquisitions, which further pressure its leverage. S&P could upgrade High Liner over the next 12 months if: -- The company continues to gain market share and diversify its business such that S&P positively reassess its business risk profile; and -- It sustains S&P Global Ratings-adjusted debt to EBITDA below 2.5x. This could occur if it maintains its increase in EBITDA while management adopts a prudent capital allocation strategy to sustain its leverage. HILTON DOMESTIC: S&P Rates Proposed Senior Unsecured Notes 'BB+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '4' recovery rating to the proposed senior unsecured notes issued by Hilton Worldwide Holdings Inc.'s (BB+/Stable/--) borrowing subsidiary Hilton Domestic Operating Co. Inc. The company is targeting a single $1 billion tranche due 2034. Hilton intends to use the proceeds from the notes and cash to repay its $500 million 5.75% senior unsecured notes maturing in 2028. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 30%) recovery for lenders in the event of a default. Hilton modestly revised its full-year 2025 systemwide comparable revenue per available room (RevPAR) guidance down on its third quarter earnings call. The company now forecasts this measure will be flat to up 1% in 2025. Previously, the company projected a range of flat to up 2% for the year. The downward shift in guidance reflects pressure across business transient and group travel due to holiday shifts within the year, portfolio renovations, and softer international inbound demand. S&P said, "We continue to assume Hilton's S&P Global Ratings-adjusted net debt to EBITDA will be in the mid-3x area through 2026. We also believe Hilton could maintain S&P Global Ratings-adjusted net debt to EBITDA well below our 5x downgrade threshold if it modestly underperforms our base-case forecast, given its ability to reduce its share repurchases, if needed. Hilton remains well-positioned with its sizeable and geographically diverse lodging system, portfolio of brands that targets multiple prices, and favorable brand recognition. Additionally, Hilton benefits from high-margin franchise and management fees and strong free cash flow conversion." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors: -- S&P assigned its 'BB+' issue-level rating and '4' recovery rating to Hilton's proposed unsecured notes. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 30%) recovery for noteholders in the event of a default. This is in line with S&P's existing issue-level and recovery ratings on Hilton's existing senior unsecured notes. -- S&P rates the company's senior secured debt--which consists of a $2 billion revolving credit facility due in 2028 and the $3.1 billion term loan B-4 due in 2030 'BBB-' with a '1' recovery rating. The '1' recovery rating indicates its expectation for very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a default. -- The senior secured debt is collateralized by a perfected security interest in substantially all domestic tangible and intangible assets, and a 65% stock pledge from foreign subsidiaries. S&P said, "We cap our issue-level ratings for speculative-grade issuers (other than the secured debt of regulated utilities and real estate firms) at 'BBB-' regardless of our recovery rating. This deemphasizes the weight recovery plays in notching up issue-level ratings for issuers near the investment-grade threshold because recovery is a smaller component of credit risk when default risk is more remote, particularly considering recovery prospects may be less predictable and more variable for these issuers. "Our simulated default considers prolonged economic weakness and significantly reduced transient and group travel volume, leading to a default in 2030. "We assume a reorganization following the default and use an emergence EBITDA multiple of 7.5x to value the company. This multiple--at the high end of our range for the leisure sector--reflects the quality and scale of Hilton's portfolio of brands. We assume the revolving credit facility is 85% drawn at default after excluding the unused portion of letters of credit." Simulated default assumptions: -- Year of default: 2030 -- Emergence EBITDA: $1.1 billion -- Multiple: 7.5x Simplified waterfall: -- Net enterprise value after administrative expenses (5%): $7.8 billion -- Obligor/nonobligor split: 70%/30% -- Estimated senior secured debt claims: $4.7 billion -- Value available for secured debt claims: $7.0 billion --Recovery expectation: 90%-100% (rounded estimate: 95%) -- Estimated senior unsecured debt claims: $9.2 billion -- Value available for unsecured debt claims: $3.1 billion --Recovery expectation: 30%-50% (rounded estimate: 30%) Note: All debt amounts include six months of prepetition interest. IMERYS TALC: Robin Alander Steps Down as Tort Committee Member -------------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing the resignation of Robin Alander from the official committee of tort claimants in the Chapter 11 cases of Imerys Talc America, Inc. and its affiliates. The remaining members of the committee are: 1. Anne Marie Mullet c/o Audrey Raphael, Esq. Levy Konigsberg LLP 800 Third Ave., 11th Floor NY, NY 10022 Phone: 212-605-6206 ' Fax: 212-605-6290 ARaphael@LevyLaw.com 2. Christine Birch c/o Wendy M. Julian, Esq. Gori Julian & Assocs, P.C. 156 N. Main Street Edwardsville, IL 62025 Phone: 618-659-9833 Fax: 618-659-9834 randy@gorijulianlaw.com 3. Bessie Dorsey-Davis c/o Amanda Klevorn, Esq. Burns Charest LLP 365 Canal Street, Suite 1170 New Orleans, LA 70130 Phone: 504-799-2845 Fax: 504-881 1765 aklevorn@burnscharest.com 4. Lloyd Fadem as representative of the estate of Margaret Ferrell c/o Steve Baron, Esq. Baron & Budd, P.C. 3102 Oak Lawn Ave., Ste 1100 Dallas, TX 75219 Phone: 214-521-3605 Fax: 214-520-1181 sbaron@baronbudd.com 5. Timothy R. Faltus as representative of the estate of Shari C. Faltus c/o James G. Onder, Esq. OnderLaw, LLC 110 E. Lockwood, 2d Floor St. Louis, MO 63119 Phone: 314-963-9000 Fax: 314-963-1700 Onder@onderlaw.com 6. Deborah Giannecchini c/o Ted G. Meadows, Esq. Beasley, Allen, Crow, Methvin, Portis & Miles, P.C. P.O. Box 4160 Montgomery, AL 36103 Phone: 334-269 2342 Fax: 334-954-7555 Ted.Meadows@beasleyallen.com 7. Kayla Martinez c/o Leah Kagan, Esq. Simon Greenstone Panatier, P.C. 1201 Elm Street, Suite 3400 Dallas, Texas 75270 Phone: 214-276-7680 Fax: 214-276-7699 lkagan@sgptrial.com 8. David A. Martz as representative of the estate of Lynne Martz c/o Ashcraft & Gerel, LLP 1825 K Street, NW, Suite 700 Washington, D.C. 20006 Phone: 202 783-6400 Fax: 202-416-6392 mparfitt@ashcraftlaw.com 9. Gregory W. Vella as representative of the estate of Nicole Matteo c/o Christopher Placitella, Esq. 127 Maple Ave. Red Bank, N.J. 07701 Phone: 732-747-9003 Fax: 732-747-9004 cplacitella@cprlaw.com 10. Charvette Monroe as representative of the estate of Margie Evans c/o John R. Bevis, Esq. 31 Atlanta Street Marietta, GA 30060 Phone: 770-227-6755 Fax: 770 227-6373 bevis@barneslawgroup.com About Imerys Talc America Imerys Talc America, Inc. and its subsidiaries -- https://www.imerys-performance-additives.com/ -- are in the business of mining, processing, selling and distributing talc. Its talc operations include talc mines, plants and distribution facilities located in Montana (Yellowstone, Sappington, and Three Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also utilizes offices located in San Jose, Calif., and Roswell, Ga. Imerys Talc America and its subsidiaries, Imerys Talc Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. TheDebtors were estimated to have $100 million to $500 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Richards, Layton & Finger, P.A., and Latham & Watkins LLP as their legal counsel, Alvarez & Marsal North America, LLC as financial advisor, and CohnReznick LLP as restructuring advisor. Prime Clerk, LLC, is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of tort claimants in the Debtors' Chapter 11 cases. The tort claimants' committee is represented by Robinson & Cole, LLP. INDU MOTEL: Seeks to Extend Plan Exclusivity to February 26, 2026 ----------------------------------------------------------------- Indu Motel LLC asked the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 26, 2026 and April 27, 2026, respectively. The Debtor maintains that sufficient cause exists for an extension of the filing deadlines and the Exclusivity Periods. The Debtor received some interest in the purchase of estate property. The Debtor is in the process of exploring this proposal but needs some more time. Moreover, the deadline to file claims has not passed. The deadline for nongovernmental entities to file claims is December 8, 2025. The deadline for governmental entities to file claims is January 25, 2026. Allowing the Exclusivity Periods to be extended beyond the claims bar dates will allow the Debtor to better analyze the claims against it. The Debtor claims that its creditor will not be prejudiced by the requested extensions. On the contrary, the Debtor's creditors will be best served with an extension of the Exclusivity Periods and the filing deadline. The Debtor explains that it will continue to work in good faith towards a resolution of all matters to provide for the best path forward for the estate. Indu Motel LLC is represented by: Donald R. Calaiaro, Esq. CALAIARO VALENCIK 555 Grant Street, Suite 300 Pittsburgh, PA 15219 Telephone: (412) 232-0930 Facsimile: (412) 232-3858 E-mail: dcalaiaro@c-vlaw.com About Indu Motel LLC Indu Motel LLC is a motel operator located in Somerset, Pennsylvania. Indu Motel LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-70304) on July 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Calaiaro Valencik, Esq. INTERNATIONAL LAND: Secures Up to $50MM Convertible Note Facility ----------------------------------------------------------------- International Land Alliance, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 17, 2025, the Company entered into a transaction with Mast Hill Fund L.P. with the following agreements: a. Securities Purchase Agreement, pursuant to which the Company issued to Mast Hill a Convertible Promissory Note in the aggregate principal amount up to $50,000,000. The Mast Hill Note: (1) is issuable in funding tranches, (2) has an original discount of 10%, (3) accrues annual interest at 12%, (4) has a maturity date 12 months from each tranche issuance, and (5) is convertible at any time by Mast Hill into shares of Company common stock at a conversion price equal to 85% of the lowest volume weighted average price during 5 trading days immediately preceding the respective conversion date. With each tranche, the Company shall issue Mast Hill a Warrant to purchase shares of Company common stock equal to 20% of the principal amount of such tranche divided by the lowest traded price of the common stock during the 10 trading days immediately preceding the funding date. Each of the Warrants shall initially be exercisable at an exercise price equal to $0.001 per share. On November 17, 2025, the Company and Mast Hill consummated the first tranche under the Mast Hill Note for a principal amount of $3,573,333.33 with net proceeds to the Company of $3,216,000.00 (after original issue discount) and the issuance of a warrant to Mast Hill to purchase 5,337,316 shares of Company common stock. b. Maintenance Agreement pursuant to which Company shall provide certain property maintenance services to a facility affiliated with Mast Hill for monthly service fees until June 22, 2044 in the amount equal to: gross rental income from the Facility from the immediately preceding calendar month, minus customary fees, expenses, and maintenance reserves. As consideration for such Maintenance Agreement, the Company issued to Mast Hill a convertible promissory note on November 17, 2025, in the principal amount of $5,209,000. Such note: (1) accrues annual interest at 12%, (2) has a maturity date 12 months from issuance, and (3) is convertible at any time by Mast Hill into shares of Company common stock at a conversion price equal to 85% of the lowest volume weighted average price during the 5 trading days immediately preceding the respective conversion date. Full-text copies of the documents are available at: * Securities Purchase Agreement: https://tinyurl.com/ekx5ddv8 * Mast Hill Promissory Note: https://tinyurl.com/2b38f4u6 * Common Stock Purchase Warrant: https://tinyurl.com/yjwsmjnk * Maintenance Agreement: https://tinyurl.com/dynahyzt * Maintenance Agreement Promissory Note: https://tinyurl.com/2t2pa65x About International Land Alliance San Diego, Calif.-based International Land Alliance, Inc. was incorporated under the laws of the State of Wyoming on September 26, 2013. The Company is a residential land development company with target properties located in the Baja California, Northern region of Mexico and Southern California. The Company's principal activities are purchasing properties, obtaining zoning and other entitlements required to subdivide the properties into residential and commercial building plots, securing financing for the purchase of the plots, improving the properties' infrastructure and amenities, and selling the plots to homebuyers, retirees, investors, and commercial developers. As of September 30, 2025, the Company had $30.9 million in total assets, $18.7 million in total liabilities, and $11.9 million in total stockholders' equity. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 21, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. INTERNATIONAL LAND: Ups Number of Series A & C Preferred Shares --------------------------------------------------------------- International Land Alliance, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 19, 2025, the Company filed with the Secretary of State of Wyoming an Articles of Amendment as adopted on October 17, 2025, by the Company's board of directors and necessary shareholders to its Articles of Incorporation, as amended with the following amendments: 1. Increase number of shares of Series A Convertible Preferred Stock to 200,000 2. Increase number of shares of Series C Convertible Preferred Stock to 15,000 3. Amend rights and preferences of Series A Convertible Preferred Stock to: a. Change name from Special Preferred Stock to Series A Convertible Preferred Stock b. Change voting rights from no votes per share to 100 votes per share c. Change conversion rights per share from 100 shares of common stock to 1 share of common stock d. Change redemption rights from a period of 5 years from issuance to perpetual 4. Amend rights and preferences of Series C Convertible Preferred Stock to: a. Change Stated Value to only $100 per share. b. Change Conversion Price to only 80% of the average of the closing sale price for the 10 consecutive trading days immediately preceding conversion About International Land Alliance San Diego, Calif.-based International Land Alliance, Inc. was incorporated under the laws of the State of Wyoming on September 26, 2013. The Company is a residential land development company with target properties located in the Baja California, Northern region of Mexico and Southern California. The Company's principal activities are purchasing properties, obtaining zoning and other entitlements required to subdivide the properties into residential and commercial building plots, securing financing for the purchase of the plots, improving the properties' infrastructure and amenities, and selling the plots to homebuyers, retirees, investors, and commercial developers. As of September 30, 2025, the Company had $30.9 million in total assets, $18.7 million in total liabilities, and $11.9 million in total stockholders' equity. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 21, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. IROBOT CORP: Carlyle Offloads Firm’s Debt as Bankruptcy Risks Mount --------------------------------------------------------------------- Dorothy Ma of Bloomberg Law reports that Carlyle Group Inc. has sold a distressed loan made to iRobot Corp., the Roomba manufacturer now facing the threat of a bankruptcy filing. The investment firm transferred roughly $191 million in principal and interest to Santrum, a subsidiary of Shenzhen-based PICEA Robotics Co., according to a recent filing. The terms of the sale, including whether the debt was discounted, were not disclosed. PICEA, a major contract manufacturer for iRobot, was already owed about $161 million, some of which was overdue. The company is now in active discussions with iRobot as the robotics maker works to stabilize operations and avoid a Chapter 11 filing, the report cites. About iRobot Corporation iRobot Corp. is a global consumer robot company that designs and builds robots that empower people to do more. With over 30 years of artificial intelligence and advanced robotics experience, it is focused on building thoughtful robots and developing intelligent home innovations that help make life better or millions of people around the world. iRobot's portfolio of home robots and smart home devices features proprietary technologies for the connected home and advanced concepts in cleaning, mapping and navigation. As of June 28, 2025, the Company had $480.32 million in total assets, $488.01 million in total liabilities, and total stockholders' deficit of $7.69 million. Boston, Massachusetts-based PricewaterhouseCoopers LLP, the Company's auditor since 1999, issued a "going concern" qualification in its report dated March 12, 2025, citing that the Company has a history of operating losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. IVANTI SOFTWARE: Palmer Square Marks $3MM 2L Loan at 53% Off ------------------------------------------------------------ Palmer Square Capital BDC Inc. has marked its $3,030,000 loan extended to Ivanti Software, Inc. to market at $1,410,844 or 47% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a Second Lien Senior Secured Loan to Ivanti Software, Inc. The loan accrues interest at a rate of 11.81% (S +CSA + 7.25%) per annum. The loan matures on June 1, 2029. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Ivanti Software, Inc. Ivanti is an IT software company headquartered in South Jordan, Utah, United States. It produces software for IT Security, IT Service Management, IT Asset Management, Unified Endpoint Management, Identity Management, Patch Management and supply chain management. IVANTI SOFTWARE: Palmer Square Marks $9.9MM 1L Loan at 16% Off -------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $9,917,228 loan extended to Ivanti Software, Inc. to market at $8,285,844 or 84% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Ivanti Software, Inc. The loan accrues interest at a rate of 9.05% (S + 4.75%) per annum. The loan matures on January 1, 2029. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Ivanti Software, Inc. Ivanti is an IT software company headquartered in South Jordan, Utah, United States. It produces software for IT Security, IT Service Management, IT Asset Management, Unified Endpoint Management, Identity Management, Patch Management and supply chain management. JACKS DONUTS: Seeks to Hire Hester Baker Krebs LLC as Attorney -------------------------------------------------------------- Jacks Donuts of Indiana Commissary LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire Hester Baker Krebs LLC as attorneys. The firm's services include: a. taking necessary or appropriate actions to protect and preserve the Debtors' estate, including the prosecution of actions on the Debtors' behalf, the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the Debtors' estates; b. preparing on behalf of the Debtors, as debtors-in-possession, necessary or appropriate motions, applications, answers, orders, reports and other papers in connection with the administration of the Debtors' estates; c. providing advice, representation, and preparation of necessary documentation and pleadings regarding debt restructuring, statutory bankruptcy issues, post-petition financing, real estate, business and commercial litigation, tax, and, as applicable, asset dispositions; d. counseling the Debtors with regard to their rights and obligations as debtors-in-possession, and their powers and duties in the continued management and operations of their businesses and properties; e. taking necessary or appropriate actions in connection with a plan or plans of reorganization and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtors' estates; and f. acting as general bankruptcy counsel for the Debtors and performing all other necessary or appropriate legal services in connection with the Chapter 11 case. The firm's The standard hourly rates are: Jeffrey H. Hester, Member $450 John A. Allman, Member $420 Marsha Hetser, Paralegal $215 Donna Adams, Paralegal $215 Tricia Hignight, Paralegal $215 The firm received an initial retainer in the amount of $59,980. Jeffrey Hester, Esq., an attorney at Hester Baker Krebs, 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 M. Hester, Esq. Hester Baker Krebs LLC One Indiana Square, Suite 1330 Indianapolis, IN 46204 Telephone: (317) 833-3030 Facsimile: (317) 833-3031 Email: jhester@hbkfirm.com About Jacks Donuts of Indiana Commissary LLC Jacks Donuts of Indiana Commissary LLC operates a food production and distribution facility in New Castle, Indiana, serving as the central commissary for Jack's Donuts franchise locations. The Company manufactures and supplies doughnuts and related baked goods to retail stores across Indiana and neighboring states. It functions as part of the Jack's Donuts franchise network, supporting consistency in product quality and distribution efficiency for its affiliated outlets. Jacks Donuts of Indiana Commissary LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06610) on October 29, 2025. In its petition, the Debtor reports total assets of $1,429,958 and total liabilities of $14,191,389. Honorable Bankruptcy Judge Jeffrey J. Graham handles the case. The Debtor is represented by Jeffrey Hester, Esq. of HESTER BAKER KREBS LLC. KANSAS CITY COSTUME: G. Matt Barberich Named Subchapter V Trustee ----------------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed G. Matt Barberich, Jr. of B. Riley Advisory Services as Subchapter V trustee for Kansas City Costume Co., Inc. Mr. Barberich will be paid an hourly fee of $300 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Barberich declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: G. Matt Barberich, Jr. B. Riley Advisory Services 7101 College Boulevard, Suite 730 Overland Park, KS 66210 Phone: 913-389-9270 Email: mbarberich@brileyfin.com About Kansas City Costume Co. Inc. Kansas City Costume Co., Inc., a company based in Kansas City, Missouri, provides costume rental, design, and fabrication services primarily for theatrical productions, including musicals and plays. It 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, Kansas City Costume Co. continues to serve the performing arts and event communities with specialized costume solutions. Kansas City Costume Co. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-41943) on November 21, 2025, with $135,200 in assets and $1,608,234 in liabilities. Robert S. Short, president of Kansas City Costume Co., signed the petition. Judge Cynthia A. Norton presides over the case. Colin N. Gotham, Esq., at Evans & Mullinix, P.A. represents the Debtor as legal counsel. KCAP VILLA: Gets Interim OK to Use Cash Collateral -------------------------------------------------- KCAP Villa Gardens LLC got the green light from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. At the recent hearing, the court authorized the Debtor's interim use of cash collateral and scheduled a final hearing for January 8, 2026. The Debtor intends to use cash collateral to operate and maintain its 142 unit-rental property consistent with its 13-week budget. The budget includes all necessary operating expenses and the November loan payment to Fannie Mae. Fannie Mae appears to be the only secured lender with a recorded lien, and the Debtor estimates the property's value at $18,165,582, providing a substantial equity cushion for the lender. The Debtor offers to provide Fannie Mae with adequate protection through the equity cushion, and if necessary, replacement liens and superpriority claims under 11 U.S.C. sections 361 and 507(b). The Debtor's property has historically been well-occupied, with 114 of 142 units rented as of the petition date (approximately 80% occupancy). The Debtor acquired the property in 2021, assuming a $14,000,000 loan originally issued to a prior owner, which Fannie Mae later acquired. The bankruptcy arose from an ongoing dispute over alleged loan defaults, including disputed property repairs, repair reserve requirements, and allegedly fabricated fees, which the Debtor contends are excessive and unwarranted. Despite prior agreements, Fannie Mae accelerated the loan and threatened foreclosure and receivership, prompting the Debtor to seek bankruptcy protection to safeguard the property's equity. About KCAP Villa Gardens LLC KCAP Villa Gardens LLC is a single-asset real estate company that owns a multifamily apartment complex located at 2730 Fyke Road in Dallas, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44520) on November 19, 2025. In the petition signed by Tie Lasater, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Mark X Mullin oversees the case. Jeff Carruth, Esq., at CONDON TOBIN SLADEK SPARKS NERENBERG, PLLC, represents the Debtor as legal counsel. KLEOPATRA FINCO: Palmer Square Marks $1.9MM 1L Loan at 50% Off -------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $1,915,000 loan extended to Kleopatra Finco S.a.r.l. to market at $956,906 or 50% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Kleopatra Finco S.a.r.l. The loan accrues interest at a rate of 9.02% (S +CSA + 4.73%) per annum. The loan matures on February 41, 2026. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Kleopatra Finco S.a.r.l Kleopatra Finco Sarl is a holding company and operates through its plastic packaging producer Klockner Pentaplast. KLEOPATRA FINCO: Seeks to Hire Ordinary Course Professionals ------------------------------------------------------------ Kleopatra Finco S.a r.l. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain professionals utilized in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: Tier 1 ERNST & YOUNG LLP (UNITED KINGDOM) Finance & Accounting FTI-ANDERSCH AG Finance & Accounting DELOITTE Finance & Accounting Tier 2 FINKENHOF RECHTSANWALTE PARTNERSCHAFTSGESELLSCHAFT Legal SEITZ RECHTSANWALTE Legal HOGAN LOVELLS INTERNATIONAL LLP Legal AON SOLUTIONS Finance & Accounting DLA PIPER Legal MERCER HEALTH & BENEFITS HR Consulting RIZING LLC HR Consulting Tier 3 SQUIRE PATTON BOGGS Legal DNV BUSINESS ASSURANCE SERVICES UK LIMITED Risk management, Compliance, and Certification HOFFMANN EITLE PATENT - UND RECHTSAN Legal ANTHESIS UK LIMITED Consulting STOBBS (LP) LIMITED Legal DOW JONES ENERGY LIMITED Legal FRIEND STUDIO LIMITED Branding NAVEX GLOBAL INC Legal CHARCOT MANAGEMENT ET CONSEIL SAS Finance & Accounting MCGUIREWOODS LLP Legal EDUARDO FERNANDEZ PRIETO Legal LPA-CGR AVOCATS Legal BURR & FORMAN Legal PRIM 1000 LTD Consulting JONES DAY Legal THOMSON REUTERS (PROFESSIONAL) UK LIMITED Legal KELLER & HECKMAN LLP Legal FIELDFISHER TECH Legal BAKER & MCKENZIE VON RECHTSANWALTEN Legal BDO Finance & Accounting DINSMORE & SHOHL LLP Legal ORHEA CONSEIL SAS Finance & Accounting AUCONTOR AUDITORES, S.L. Finance & Accounting WARTH U. KLEIN GRANT THORNTON AG Finance & Accounting KINSTELLAR, S.R.O., ADVOKATNI KANCE Legal KPMG LLP Finance & Accounting CUATRECASAS, LEGAL SLP Legal GORG PARTNERSCHAFT VON Legal BRIGARD Y URRUTIA ABOGADOS SAS Legal CROWELL & MORING LLP Legal MITSCHERLICH, PATENT Legal STEPTOE LLP Legal BSI AVOCATS Legal HIRSCHLER FLEISCHER Legal RAE BECKER BÜTTNER HELD Legal SENSUM FINANZAS S.L. Finance & Accounting CJCH LEGAL LTD Legal KORN FERRY Finance & Accounting HARTLEY & WORSTENHOLME Legal BSI ASSURANCE UK LTD Risk & Compliance Services NOTARE BARTELS UND DR. KLEIN Notary CF CORPORATE FINANCE LIMITED Finance & Accounting GRANT THORNTON LLP Finance & Accounting MCBEE MOORE & VANIK LP, LLC Legal RYAN LLC Tax WENGER PLATTNER ATTORNEYS-AT-LAW Legal NATHAN HALL DBA ARKOSE Finance & Accounting PETERREINS SCHLEY PATENT Legal TEMPLE BRIGHT Legal BERSAY Legal CUSHMAN & WAKEFIELD INTERNATIONAL Real Estate Consulting COMPANY NOTARY LIMITED Notary LOYENS & LOEFF LUXEMBOURG S.A R.L. Legal TMF LUXEMBOURG S.A. Finance & Accounting CATALYST CONSULTANCY (UK) LIMITED HR Training About Kleopatra Finco and Klockner Kleopatra Finco S.a r.l. is a private limited company incorporated under the laws of Luxembourg. Finco is the financing arm of Klockner, a global manufacturer of packaging for companies all around the world. . Kleopatra Finco and 24 affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90642) on November 4, 2025, before the Hon. Christopher M. Lopez. The Debtors listed $1 billion to $10 billion in estimated assets and liabilities. The Debtors filed Chapter 11 petition after entering into a restructuring support agreement with an ad hoc group of lenders. A Chapter 11 plan was filed together with the petition. The Debtors tapped Kirkland & Ellis, LLP as bankruptcy counsel; Porter Hedges, LLP as local counsel; PJT Partners, Inc. as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor; and Ernst & Young, LLP as tax advisor. Stretto, Inc. is the claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Coface Finanz Gmbh is represented by: Jennifer Joyce Kellner, Esq. Mayer Brown LLP 1221 Avenue of the Americas New York, NY 10020 Tel: (212) 506-2500 jkellner@mayerbrown.com FactoFrance is represented by: Robert E. Richards Dentons US LLP 233 S. Wacker Drive, Suite 5900 Chicago, IL 60606-6404 Telephone: (312) 876-8000 robert.richards@dentons.com LANDERS DEVELOPMENT: Taps Cornerstone Law as Bankruptcy Counsel --------------------------------------------------------------- Landers Development, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to hire Cornerstone Law Firm, PLLC, as bankruptcy counsel. The firm's services include: a. advising the Debtor concerning its rights, duties, and obligations as Debtor-in Possession; b. preparing and filing necessary petitions, schedules, statements, motions, applications, pleadings, and other required documents; c. representing the Debtor in proceedings before this Court and any other court as necessary; and d. providing all other legal services necessary or appropriate to effectuate a successful reorganization. The firm received a retainer in the amount of $10,000. Jennifer Lancaster, Esq., an attorney at Cornerstone Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jennifer Lancaster, Esq. Cornerstone Law Firm, PLLC 400 W. Capitol Ave. Little Rock, AR 72201 Phone: (501) 776-2224 Email: jennifer@cornerstoneAR.law About Landers Development LLC Landers Development, LLC, a company in Benton, Arkansas, provides residential and commercial construction services, including home building and housing development, primarily within the state. Landers Development sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-13827) on October 31, 2025. In the petition signed by Nick Landers, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Phyllis M. Jones oversees the case. Jennifer Lancaster, Esq., at Lancaster & Lancaster Law Firm, represents the Debtor as bankruptcy counsel. LOGMEIN INC: Palmer Square Marks $4MM 1L Loan at 15% Off -------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $4,079,100 loan extended to LogMeIn, Inc. to market at $3,480,818 or 85% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to LogMeIn, Inc. The loan accrues interest at a rate of 9.22% (S +CSA + 4.75%) per annum. The loan matures on April 28, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About LogMeIn, Inc. LogMeIn, Inc. was a software company that rebranded as GoTo in 2022, though the LogMeIn name is now being used again for its information technology product portfolio. LOGMEIN INC: Palmer Square Marks $4MM 1L Loan at 66% Off -------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $4,079,100 loan extended toLogMeIn, Inc. to market at $1,372,617 or 34% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to LogMeIn, Inc. The loan accrues interest at a rate of 9.22% (S +CSA + 4.75%) per annum. The loan matures on April 28, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About LogMeIn, Inc. LogMeIn, Inc. was a software company that rebranded as GoTo in 2022, though the LogMeIn name is now being used again for its information technology product portfolio. LTI HOLDINGS: Moody's Puts 'B3' CFR on Review for Upgrade --------------------------------------------------------- Moody's Ratings placed the ratings of LTI Holdings, Inc. (Boyd) on review for upgrade, including the B3 corporate family rating, B3-PD probability of default rating and B3 ratings on the senior secured first-lien bank credit facilities. Previously, the outlook was stable. The review was prompted by the company's November 25, 2025 announcement that Boyd will use the proceeds from the sale of its Thermal business to repay its existing indebtedness. The company recently signed a definitive agreement to sell the Thermal business to Eaton Corporation (Eaton, A3 stable) for $9.5 billion in cash. The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals, and is expected to close in the second quarter of 2026. Moody's placed the ratings under review for upgrade because there is a change of control provision in the credit agreement related to the bank credit facilities. Accordingly, Moody's expect the debt to be repaid in connection with the transaction. In the review for upgrade Moody's will focus on the completion of the transaction once all necessary approvals are obtained, and whether Boyd's debt will be fully repaid at closing. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Excluding the review for upgrade, Boyd's B3 CFR reflects the company's good product breadth in thermal management and environmental sealing technologies, diverse end markets and strong relationships with its customers. The company is a provider of typically low cost but often critical products. Its geographically diverse manufacturing footprint spans North America, Europe and Asia and helps the company serve its global customers. Its margins are solid because of the specialization and value-add of its product offerings, which are often patented, customized or proprietary. However, Boyd has a moderately high customer concentration, which can lead to revenue volatility. The company has high leverage and cash flow is constrained by high interest expense. Boyd also has an aggressive financial policy with a propensity to make debt funded acquisitions. Factors that could lead to an upgrade or downgrade of the ratings will be updated once the review is completed. Prior to the review, the ratings could be upgraded if Boyd generates healthy topline growth with no erosion in margins and debt-to-EBITDA is sustained below 6x. Moody's would also expect the company to have positive free cash flow prior to a rating upgrade. Prior to the review, the ratings could be downgraded if debt-to-EBITDA is sustained above 7x. In addition, the ratings could be downgraded if contracts from major customers erode or if the company engages in a large debt funded acquisition that increases leverage. Also, if the company experiences a deterioration in liquidity the ratings could be downgraded. The principal methodology used in these ratings was Manufacturing published in September 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. LTI Holdings, Inc. (Boyd) is a Florida-based manufacturer of customized, precision products that provide thermal management (to prevent overheating) and environmental sealing (to protect from heat, moisture or radio-frequency). These solutions are sold to customers serving a broad array of end markets including industrial, mobile electronics, medical and aerospace and defense. The company is owned by funds affiliated with Goldman Sachs Merchant Banking. Revenue for the twelve months ended September 30, 2025 was approximately $1.47 billion. LUGANO DIAMONDS: Hires Omni Agent Solutions as Claims Agent ----------------------------------------------------------- Lugano Diamonds & Jewelry Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Omni Agent Solutions, Inc. as claims, noticing, and solicitation agent. Omni will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Omni an advance payment in the amount of $25,000. Paul Deutch, an executive vice president at Omni, 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: Paul Deutch Omni Agent Solutions, Inc. 1120 Avenue of the Americas, 4th Floor New York, NY 10036 Telephone: (212) 302-3580 Facsimile: (212) 302-3820 About Lugano Diamonds & Jewelry Inc. Lugano Diamonds & Jewelry Inc. designs jewelry. The Company offers rings, bracelets, earrings, and chain. Lugano Diamonds & Jewelry serves customers in the State of California. Lugano Diamonds & Jewelry Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12055) on November 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. The affiliates that filed for Chapter 11 separately include Lugano Buyer Inc. (Case No. 25-12052), K.L.D. Jewelry LLC (Case No. 25-12053), Lugano Prive LLC (Case No. 25-12054), and Lugano Prive LLC (Case No. 25-12056). The Debtor is represented by Timothy R. Powell, Esq. and Edmon L. Morton, Esq. of Young Conaway Stargatt & Taylor, LLP. Squire Patton Boggs (US) LLP serves as counsel to the DIP Lender and Prepetition Lender. Polsinelli PC, is the Delaware counsel to the DIP Lender and Prepetition Lender, and Ankura Consulting Group, LLC, are the financial advisors. LUMINAR TECHNOLOGIES: Inks Fourth Forbearance Deal with Noteholders ------------------------------------------------------------------- As reported on Current Reports on Form 8-K filed with the Securities and Exchange Commission on October 31, November 7, and November 13, 2025, Luminar Technologies, Inc. entered into: (i) forbearance agreements, effective as of October 30, 2025, with an ad hoc group of holders of the Company's Floating Rate Senior Secured Notes due 2028 and 9.0% Convertible Second Lien Senior Secured Notes due 2030 and 11.5% Convertible Second Lien Senior Secured Notes due 2030, as applicable, beneficially owning, collectively, approximately 94.5% of the 1L Notes and approximately 89% of the 2L Notes; (ii) forbearance agreements, effective as of November 6, 2025, with an ad hoc group of holders of the 1L Notes and 2L Notes, as applicable, beneficially owning, collectively, approximately 91.3% of the 1L Notes and approximately 85.8% of the 2L Notes; and (iii) forbearance agreements, effective as of November 12, 2025 (the "Third Forbearance Agreements" and, together with the First Forbearance Agreements and Second Forbearance Agreements, the "Initial Forbearance Agreements"), with the Extending Noteholders. Subject to the terms and conditions of the Initial Forbearance Agreements and as described in the Prior Form 8-Ks, as a result of any Events of Default arising from the Company's failure to make the October 15 Interest Payments, the Initial Forbearing Noteholders agreed to forbear from exercising any of their rights and remedies under the applicable indentures governing the 1L Notes and 2L Notes and applicable law through November 6, 2025 and the Extending Noteholders agreed to forbear from exercising any of their rights and remedies under the applicable indentures governing the 1L Notes and 2L Notes and applicable law through November 12, 2025 and thereafter November 24, 2025. The Company disclosed that on November 15, 2025, it elected not to make the quarterly interest payments due on such date in respect of its 1L Notes. Under the terms of the indenture governing the 1L Notes, the failure to make the November 15 Interest Payments on the due date did not constitute an event of default under the 1L Indenture; however, the non-payment would become an event of default if the Company fails to make the November 15 Interest Payments within the permitted 15-day grace period. On November 24, 2025, the Extending Noteholders agreed to extend the Third Forbearance Period through November 25. On November 25, the Company and the Extending Noteholders entered into new forbearance agreements in connection with which the Extending Noteholders agreed to forbear from exercising rights and remedies with respect to the failure to make the November 15 Interest Payments and otherwise extend the Third Forbearance Period with respect to the 1L Notes and 2L Notes to December 2, 2025, with the ability to extend further through December 7, 2025 in exchange for the Company's agreement to an ongoing liquidity covenant and to generally engage in good faith on a holistic transaction. In connection with the Fourth Forbearance Agreements, the Company also appointed Robin Chu, Managing Director of Portage Point Partners, LLC, as Chief Restructuring Officer. All other material terms of the Initial Forbearance Agreements remain unchanged. Full-text copies of the Fourth Forbearance Agreements are available at https://tinyurl.com/d2x7ax4a and https://tinyurl.com/4z3zs8xc About Luminar Luminar -- https://www.luminartech.com/ -- is a global technology company advancing safety, security and autonomy across automotive, commercial, and defense sectors. Its proprietary LiDAR hardware, software, semiconductor and photonics technologies have been developed in-house to meet the demanding performance and scalability requirements of applications spanning passenger vehicles, trucking, logistics, industrial, security, and more. With series production underway and commercial traction across industries, Luminar is uniquely positioned to deliver the next generation of advanced, mission-critical LiDAR and photonics solutions. As of June 30, 2025, the Company had $265.49 million in total assets, $513.46 million in total liabilities, and $272.18 million in total stockholders' deficit. The Company is exploring a number of potential strategic alternatives with respect to the Company, including the sale of all or part of the Company's business or assets, raising additional capital or restructuring its existing capital structure. Specifically, the Company has engaged Weil, Gotshal & Manges LLP, as legal advisers, Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC, as financial advisors, to assist the Company in analyzing and evaluating potential strategic alternatives and initiatives to improve liquidity. GLAS Trust Company LLC, serves as Trustee and Collateral Agent under the First Lien Indenture and Second Lien Indenture. Ropes & Gray, LLP, serves as legal advisors and Ducera Partners LLC, as investment banker for the ad hoc group of holders of the Company's Floating Rate Senior Secured Notes due 2028 and 9% Convertible Second Lien Senior Secured Notes due 2030 and 11.5% Convertible Second Lien Senior Secured Notes due 2030, as applicable, beneficially owning, collectively, approximately 94.5% of the 1L Notes and approximately 89% of the 2L Notes. MAGENTA SECURITY: Palmer Square Marks $1.1MM 1L Loan at 56% Off --------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $1,174,081 loan extended to Magenta Security Holdings LLC to market at $518,944 or 44% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Magenta Security Holdings LLC. The loan accrues interest at a rate of 11.57% (S +CSA + 7.00%) per annum. The loan matures on July 27, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Magenta Security Holdings LLC Magenta Security Holdings LLC develops a security software. The Company serves customers in the United States. MAGENTA SECURITY: Palmer Square Marks $6.3MM 1L Loan at 79% Off --------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $6,345,753 loan extended to Magenta Security Holdings LLC to market at $1,307,067 or 21% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Magenta Security Holdings LLC. The loan accrues interest at a rate of 10.82% (S + CSA + 7.00% incl. 5.50% PIK) per annum. The loan matures on July 27, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Magenta Security Holdings LLC Magenta Security Holdings LLC develops a security software. The Company serves customers in the United States. MAGENTA SECURITY: Palmer Square Marks $641,850 1L Loan at 18% Off ----------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $641,850 loan extended to Magenta Security Holdings LLC to market at $528,098 or 82% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Magenta Security Holdings LLC. The loan accrues interest at a rate of 11.32% (S +CSA + 6.75%) per annum. The loan matures on July 27, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Magenta Security Holdings LLC Magenta Security Holdings LLC develops a security software. The Company serves customers in the United States. MEDICAL DEPOT: Moody's Lowers PDR to 'D-PD' ------------------------------------------- Moody's Ratings downgraded Medical Depot Holdings, Inc.'s (d/b/a Drive DeVilbiss Healthcare "Drive" or "Medical Depot") Probability of Default Rating to D-PD from Caa2-PD. At the same time, Moody's affirmed the Corporate Family Rating at Caa2. No action was taken on either the Caa2 ratings on the company's first lien credit facilities or the B2 rating on the company's super senior secured term loan. The outlook is stable. These actions follow the announcement that Kingswood Capital Management, LP (together with its affiliates, "Kingswood") signed a definitive agreement to acquire Drive from CD&R. Moody's have become aware that Drive's debt was recently repaid and the company's debt holders incurred losses. Moody's view the incurrence of those losses as a distressed exchange default. Subsequent to the rating action, Moody's will withdraw all the ratings of Drive. Governance risk considerations are material to the rating action. Governance risk factors related to financial strategy, risk management, credibility and track record are elevated because the company operates with aggressive financial policies. This is reflected in Drive's weak liquidity and very high debt levels, resulting in an untenable capital structure, which resulted in the distressed exchange. The stable outlook reflects Moody's view that the current ratings adequately reflect Drive's recovery prospects. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE Drive's ratings are constrained by untenable capital structure, along with weak liquidity reflected in very high financial leverage. Based in Port Washington, New York, Medical Depot (d/b/a Drive DeVilbiss Healthcare) is a global manufacturer of durable and home medical equipment. The company manufactures and distributes mobility products (wheelchairs, canes, walkers and rollators), respiratory products (oxygen concentrators and nebulizers), specialty beds, bath and personal care products, and sleep apnea devices and other products. The company's products are principally sold to patients through homecare dealers, wholesalers, retailers, home shopping related businesses and e-commerce companies. Medical Depot is owned by private-equity firm Clayton, Dubilier & Rice ("CD&R"). Revenues are approximately $976 million as of June 30, 2025. The principal methodology used in these ratings was Medical Products and Devices published in October 2025. MEDICAL SOLUTIONS: Palmer Square Marks $9.7MM 1L Loan at 27% Off ---------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $9,771,083 loan extended to Medical Solutions Holdings, Inc. to market at $7,181,746 or 73% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Medical Solutions Holdings, Inc. The loan accrues interest at a rate of 7.91% (S +CSA + 3.50%) per annum. The loan matures on November 1, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Medical Solutions Holdings, Inc. Medical Solutions Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides clinical and non-clinical solutions to healthcare clients, such as nursing, allied, therapy professions, and medical services. Medical Solutions serves patients worldwide. MENORA CAMPUS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 2 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of Menorah Campus, Inc. and its affiliates. About Menorah Campus Inc. Menorah Campus Inc., doing business as Weinberg Campus, operates in the healthcare sector. Menorah Campus sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-10127) on February 6, 2025, listing between $10 million and $50 million in both assets and liabilities. On February 7, 2025, Menorah Campus Adult Home, Inc. (Case No. 25-10133), Menorah Campus Independent Senior Apartments, Inc. (Case No. 25-10135) and Rosa Coplon Jewish Home & Infirmary (Case No. 25-bk-10132) filed Chapter 11 petitions. The cases are jointly administered under Case No. 25-10127. Judge Carl L. Bucki oversees the cases. The Debtors are represented by Kevin R. Lelonek, Esq., at Gross Shuman, PC. Foundation for Jewish Philanthropies, Inc., as secured creditor, is represented by: Raymond L. Fink, Esq. John A. Mueller, Esq. Lippes Mathias LLP 50 Fountain Plaza, Suite 1700 Buffalo, New York 14202 Telephone: (716) 853-5100 Facsimile: (716) 853-5199 rfink@lippes.com jmueller@lippes.com MISS AMERICA: Florida Court Urged to Dismiss Sanctions Bid ---------------------------------------------------------- Madison Arnold of Law360 reports that the plaintiffs in the Florida federal dispute over ownership of the Miss America pageant urged the court to reject a sanctions request aimed at their attorneys, arguing the motion is "wholly meritless." They contend the bid is an improper attempt to distract from the core issues in the case. According to the plaintiffs, nothing in the record supports sanctions, and the allegations against their counsel misstate both the facts and procedural history. They asked the court to deny the request in full so the case can proceed on its merits. About Miss America Competition LLC Miss America Competition LLC is an annual competition open to women from the United States between the ages of 18 and 28. The competition's inception as a "bathing beauty review" was an act of rebellion during a time when women weren't permitted to wear swimsuits in public. In 1945, the organization started awarding scholarships to the winner instead of prize money, making Miss America one of the first organizations in the United States to offer college scholarships to women. Miss America Competition LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22288) on November 22, 2024. In the petition filed by Glenn Straub, as sole member and manager, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Craig I. Kelley, Esq., at KELLEY KAPLAN & ELLER, PLLC, in West Palm Beach, Florida. MONTE MARTIN: Behrooz Vida Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the Vida Law Firm, PLLC as Subchapter V trustee for Monte Martin, Inc. Mr. Vida will be paid an hourly fee of $495 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Vida declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Behrooz P. Vida, Esq. The Vida Law Firm, PLLC 3000 Central Drive Bedford, TX 76021 Telephone: (817) 358-9977 Facsimile: (817) 358-9988 behrooz@vidalawfirm.com About Monte Martin Inc. Monte Martin, Inc., formerly doing business as Martin & Martin Design, provides design, fabrication and installation services that include fine-art production, exhibit construction, lighting design, and electrical and control-system work from its base in Dallas, Texas. It supports residential and commercial projects through integrated creative and technical production capabilities. Monte Martin filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34580) on November 18, 2025, with $180,785 in assets and $2,440,430 in liabilities. Monte Martin, president, treasurer and co-owner, signed the petition. David Shuster, Esq., at Shuster Law, PLLC represents the Debtor as bankruptcy counsel. MORICI RACING: Lender Seeks to Prohibit Cash Collateral Access -------------------------------------------------------------- Firstrust Bank asks the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to prohibit Morici Racing Stable, LLC from using cash collateral. The bank holds a secured SBA loan originally issued on March 28, 2023, in the amount of $650,000 with a 10-year term and variable interest rate of 9.75% at the time of the Debtor's Chapter 11 filing. The Debtor granted Firstrust a blanket lien, which the bank perfected through a filed UCC-1 financing statement. As of August 29, outstanding obligations totaled $571,647.60 in principal, $4,335 in accrued interest, $7,539 in late fees, and additional attorney's fees connected to the Debtor's priority related bankruptcy filed by its owners, with more interest accruing up to the petition date. The Debtor is in default for failing to make required monthly payments, prompting acceleration of the entire loan balance. Firstrust clarifies that it has not waived any rights under the loan or related agreements and expressly states that it does not consent to any use of its cash collateral. It further asserts that the Debtor has not contacted the bank to seek permission to use cash collateral, has not notified the bank of any intention to file a motion with the court for such use, and has failed to offer any form of adequate protection as required by the Bankruptcy Code. The bank requests that the court issue an order restricting any use of its cash collateral and requiring strict accounting and segregation of all funds, together with any additional relief deemed appropriate. A court hearing is scheduled for December 9. A copy of the motion is available at https://urlcurt.com/u?l=xDd9Us from PacerMonitor.com. Firstrust Bank, as lender, is represented by: James J. Webb, Esq. MITRANI, RYNOR, ADAMSKY & TOLAND, P.A. 301 Arthur Godfrey Road, PH Miami Beach, FL 33140 Tel.: (305) 358-0500 jwebb@mitrani.com About Morici Racing Stable LLC Morici Racing Stable, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22997) on October 31, 2025, listing under $1 million in both assets and liabilities. Mark S. Roher, Esq. at Law Office of Mark S. Roher, P.A. represents the Debtor as counsel. MY GEORGIA: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: My Georgia Plumber, Inc. f/k/a Michaels Plumbing Service, Inc. 215 Hickory Springs Industrial Dr. Canton, GA 30114 Business Description: My Georgia Plumber, Inc. provides residential and commercial plumbing services across the North Metro Atlanta area from its base in Canton, Georgia, offering work such as water-line and sewer repairs, drain cleaning, water-heater services, gas-line work, and general plumbing installation. Chapter 11 Petition Date: December 1, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-64002 Debtor's Counsel: Cameron M. McCord, Esq. JONES & WALDEN LLC 699 Piedmont Avenue NE Atlanta, GA 30308 Tel: 404-564-9300 E-mail: info@joneswalden.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Katrina Rief-Derrico as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/K3TMMVA/My_Georgia_Plumber_Inc__ganbke-25-64002__0001.0.pdf?mcid=tGE4TAMA NAPA MANAGEMENT: Palmer Square Marks $9.6MM 1L Loan at 33% Off -------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $9,686,882 loan extended to NAPA Management Services Corporation to market at $6,506,340 or 67% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to NAPA Management Services Corporation. The loan accrues interest at a rate of 9.51% (S +CSA + 5.25%) per annum. The loan matures on February 23, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About NAPA Management Services Corporation NAPA Management Services Corporation offers anesthesia management services. The Company provides accounting, billing, consulting, medical personnel contracting, healthcare analyzes, financing, human resources, information technology, insurance, marketing, and operational support services. NEEDSPACE HACKS: Lender Seeks to Prohibit Cash Access ----------------------------------------------------- Westdale Capital Investors 3, LP asks the U.S. Bankruptcy Court for the Northern District of Mississippi to prohibit Needspace Hacks Cross, LLC from using cash collateral and to require post-petition segregation and accounting of the same. Westdale traces its interest in the Debtor's property and cash collateral to a Secured Construction Promissory Note executed on July 27, 2023, by Marion Threatt, the Debtor's sole member, payable to Bank OZK in the principal amount of $5,502,000 with a maturity date of July 27, 2028. The debt was secured by a Construction Deed of Trust, Security Agreement, Assignment of Leases and Rents, Fixture Filing, and an Absolute Assignment of Rents covering the Real Property known as Needspace Self Storage in Olive Branch, Mississippi, as well as by Threatt's unconditional personal guaranty. On September 11, Bank OZK assigned all of its rights and interests in the loan, the Deed of Trust, and the Assignment of Rents to Westdale, making it the secured creditor. As of the Debtor's Chapter 11 filing on November 6, the loan balance was $6,162,032.70, with arrears of $742,456.04, including unpaid ad valorem taxes. The Debtor had not made a payment since May 6, and was in default under the loan documents, failing to pay taxes, maintain insurance on the property, or provide Westdale with requested information regarding its rents. Westdale expressed concern that the Debtor's operations, which are largely automated, obscure the collection and disposition of rental income from storage units, potentially commingling rents from other affiliated properties, and putting Westdale's cash collateral at significant risk. The Debtor's pre-petition acceptance of assets and liabilities from a related entity, Need Space Westbranch, LLC, further complicates tracing and safeguarding Westdale's cash collateral, creating the potential for improper use of secured funds to pay other creditors. Because of these circumstances, Westdale asserts that the rents, leases, and profits from the Real Property assigned under the Deed of Trust and Assignment of Rents constitute its cash collateral under 11 U.S.C. section 363(a), and the Debtor may not use such cash collateral without either Westdale's consent or Court authorization under section363(c)(2). Westdale has not consented to the use of its cash collateral and seeks an order prohibiting the Debtor from using it, requiring segregation of all cash collateral in the Debtor's or tenants' possession, and providing an accounting of all cash collateral used by the Debtor or its insiders since the petition date. Alternatively, if the Court allows any use of cash collateral, Westdale requests that it be subject to a reasonable budget and accompanied by adequate protection payments. A court hearing is scheduled for December 10. A copy of the motion is available at https://urlcurt.com/u?l=azgUxs from PacerMonitor.com. Westdale is represented by: James P. Wilson, Jr., Esq. Mitchell McNutt 215 5th Street North Post Office Box 1366 Columbus, MS 39703-1366 Telephone: 662.328.2316 Facsimile: 662.328.8035 jwilson@mitchellmcnutt.com About NeedSpace Hacks Cross LLC NeedSpace Hacks Cross, LLC LLC owns, manages,and leases real estate properties. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case. No. 25-13780) on November 6, 2025. In the petition signed by Marion Threatt, managing member, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Jason D. Woodard oversees the case. Robert Gambrell, Esq., at GAMBRELL & ASSOCIATES, PLLC, represents the Debtor as legal counsel. NEW FORTRESS: Swings to $293 Million Net Loss in 2025 Q3 -------------------------------------------------------- New Fortress Energy Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $293.4 million for the three months ended September 30, 2025, compared to a net income of $11.3 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $1 billion, compared to a net loss of $18.9 million for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $327.4 million and $567.5 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $1.1 billion and $1.7 billion, respectively. As of September 30, 2025, the Company had $11.9 billion in total assets, $10.8 billion in total liabilities, and $1.1 billion in total stockholders' billion. New Fortress says it has evaluated whether conditions exist that give rise to substantial doubt as to the ability of the Company to continue as a going concern, considering the following: -- The Company recognized operating losses and negative operating cash flows during each of the first three quarters of 2025, with this decline in earnings accelerating in the second quarter of 2025. Its forecasted cash flows are expected to be impacted by, among other things, reduced earnings following the sale of the Jamaica Business and increased interest expense. -- In November 2025, the Company entered into amendments to the Revolving Credit Agreement, the Letter of Credit Agreement and the Term Loan A Credit Agreement to, among other things: (a) in the case of the Letter of Credit Facility, extend the maturity date of the facility to March 31, 2026, (b) provide for a covenant holiday with respect to (x) the consolidated first lien debt ratio and fixed charge coverage ratio covenants contained therein for the fiscal quarter ended September 30, 2025 (or in the case of the Letter of Credit Facility, also provide for a covenant holiday for the fiscal quarter ending December 31, 2025) and (y) the minimum liquidity requirement contained therein for the fiscal quarter ended December 31, 2025 (or in the case of the Letter of Credit Facility, remove the fiscal quarter minimum liquidity test altogether), (c) remove certain flexibility the Company had to pay dividends and other distributions, and (d) restrict the Company's ability to make payments of principal or interest accruing on certain outstanding indebtedness, including the November 17, 2025 interest payment on the New 2029 Notes. -- The Company also does not expect to be in compliance with the consolidated first lien debt ratio and fixed charge coverage ratio covenants for the fiscal quarter ending December 31, 2025 under the Revolving Credit Agreement and the Term Loan A Credit Agreement. "If we do not enter into an agreement with the lenders under the Revolving Facility and the Term Loan A Credit Agreement to provide for a covenant holiday or other covenant relief for the fiscal quarter ending December 31, 2025, by the time we furnish to the administrative agents for the Revolving Facility and Term Loan A Credit Agreement audited financial statements for such fiscal year, the lenders would have the right to accelerate the repayment of the outstanding principal under the Revolving Facility and Term Loan A Credit Agreement. If the lenders choose to exercise such rights under those facilities, substantially all of our outstanding indebtedness could be accelerated, and we would not have sufficient liquidity or capital resources to satisfy its outstanding principal obligations." -- NFE Financing LLC, a subsidiary of the Company, did not make the interest payment of $163.8 million due to holders of the New 2029 Notes on November 17, 2025. An event of default under the indenture governing the New 2029 Notes will arise on November 20, 2025, when the contractual grace period for interest payments on such notes expires. On November 18, 2025, the Company and certain of its subsidiaries, including the New 2029 Notes Issuer, entered into a forbearance agreement with the beneficial holders of greater than 70% of the New 2029 Notes, pursuant to which such beneficial holders agreed to forbear from accelerating or exercising remedies in respect of such event of default. Unless earlier terminated, the New 2029 Notes Forbearance Agreement will terminate on December 15, 2025. Upon the termination of the New 2029 Notes Forbearance Agreement, if a further forbearance or debt restructuring is not agreed to, the holders of the New 2029 Notes could accelerate the outstanding principal balance of the New 2029 Notes, in which case substantially all of our other outstanding debt would become payable on demand. The New 2029 Notes Forbearance Agreement contains conditions, covenants, termination rights and other provisions customary for forbearance agreements of that type. -- The Company was required to provide a $79.1 million bank guarantee to holders of the PortoCem Debentures on or before August 17, 2025; this guarantee was not provided by the deadline, and as a result, a majority of debenture holders had the right to call for a meeting of holders and declare an event of early maturity. On October 11, 2025, the debenture holders unanimously permanently waived their ability to declare an early maturity event due to the failure to provide the bank guarantee. The remaining $79.1 million bank guarantee is now due on or before May 10, 2026, and if this guarantee or an equivalent amount of equity contribution to the project company is not made by this date, an automatic event of default will exist under the amended debenture agreement. "We are discussing providing this bank guarantee with our creditors under new credit arrangements, and should additional financing or credit capacity be provided under new credit agreements, we intend to comply with the requirements of the waiver. However, based on our current liquidity, we determined that it is not currently probable that the bank guarantee can be provided, absent an agreement with our existing creditors or new lenders. If such automatic early maturity event were to occur, substantially all of our outstanding indebtedness would be payable on demand." -- Additionally, the Company have $510.9 million aggregate principal amount outstanding as of September 30, 2025 under its 2026 Notes, which mature on September 30, 2026. If more than $100 million of the 2026 Notes remain outstanding 91 days prior to this maturity date, the outstanding principal of $2.7 billion under the New 2029 Notes becomes due. If any of the 2026 Notes remains outstanding on the Springing Maturity Date, the outstanding balance under the Revolving Facility becomes due. As of September 30, 2025, the Revolving Facility was fully drawn with $660.4 million in revolving loans and $69.5 million in letters of credit. Additionally, if any of the 2026 Notes remain outstanding on July 31, 2026, the outstanding principal under the Term Loan B becomes due. Also, if any of the 2026 Notes remain outstanding 60 days prior to the maturity date of the 2026 Notes, the outstanding principal under the Term Loan A Credit Agreement becomes due. As of September 30, 2025, there was $295.0 million outstanding under the Term Loan A Credit Agreement and $1.27 billion outstanding under the Term Loan B. As such, management has concluded that the Company's current liquidity and forecasted cash flows from operations are not probable to be sufficient to support, in full, its obligations as they become due, and there is substantial doubt as to the Company's ability to continue as a going concern. "Should we not be in compliance with covenants in the Revolving Credit Agreement and Term Loan A Credit Agreement in the future, we will engage in negotiations with these lenders to obtain a waiver to avoid acceleration of outstanding balances," the Company explained. "Additionally, should the Company not provide the additional bank guarantee to holders of the PortoCem Debentures by the required date, we will engage with these holders to avoid an event of early maturity. We have also initiated a process to evaluate strategic alternatives and have retained a financial advisor to assist in this evaluation." "We, along with our advisors, are considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, or, other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. We are activity managing our liquidity as we continue this evaluation with our advisors, and as part of this process, we are negotiating payment plans with significant vendors, most significantly the owners under our vessel charters. "If unsuccessful in these strategic alternatives, we may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out of court restructurings, or in-court relief, in the U.K. or the U.S., which could have a material and adverse impact on stockholders. "There are inherent uncertainties as the outcome of these negotiations and potential transactions described above are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. "In addition, there can be no assurances that these transactions will sufficiently improve our liquidity or that we will otherwise realize the anticipated benefits." The Company is also evaluating strategies to obtain the required additional funding for its future operations, including the following transactions that are excluded from our forecast, among other things: (1) settlement of the Company's claims resulting from the termination of the emergency power services contract in Puerto Rico in the first quarter of 2024, (2) realization of up to $110.0 million in proceeds from the modification of Genera's Operation and Maintenance Agreement; (3) receipt of proceeds from the sale of the Jamaica Business that are currently in escrow; (4) expected cash flows from new business in Puerto Rico and Brazil. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3r3h669r About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. For the fiscal year ended December 31, 2024, the Company had $12.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $2 billion. * * * In November 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue-level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NEXTGEN MRO: William Callahan Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed William Callahan, Jr. as Subchapter V trustee for NextGen MRO Solutions, LLC. Mr. Callahan will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Callahan declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: William E. Callahan, Jr. Gentry Locke P.O. Box 20013 Roanoke, VA 24022 Telephone: (540) 983-9309 Email: callahan@gentrylocke.com About NextGen MRO Solutions NextGen MRO Solutions, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Va. Case No. 25-61428) on November 21, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. H. David Cox, Esq., at Cox Law Group, PLLC represents the Debtor as bankruptcy counsel. NIGHTFOOD HOLDINGS: Hikes Authorized Shares to 900 Million ---------------------------------------------------------- Nightfood Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 19, 2025, the Articles of Incorporation of the Company were amended to increase the number of authorized shares of the Company's common stock, par value $0.001 per share, from 200,000,000 to 900,000,000. NGTF's board of directors unanimously approved the Amended Articles. Additionally, the Amended Articles was also approved by the affirmative vote of majority stockholder of the Series A Super Voting Preferred Stock, entitling it to a majority of the voting power. A full-text copy of the Amended Articles Stock is available at https://tinyurl.com/4krwdk9v About Nightfood Holdings Tarrytown, N.Y.-based Nightfood Holdings, Inc. is focused on identifying and exploiting explosive market trends within the hospitality, food services, and consumer goods sectors. By leading newly emerging categories and by identifying opportunities in markets undergoing transformational upheaval, the Company's aim is to create upside potential unmatched in more mature markets. As of September 30, 2025, the Company had $128,793,702 in total assets, $40,350,129 in total liabilities, $106,324,241 in total temporary equity, and $17,880,668 in total stockholders' deficit. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 14, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has an accumulated deficit, limited available cash resources and does not believe cash on hand will be sufficient to fund operations and growth. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. NIGHTFOOD HOLDINGS: Strengthens Balance Sheet with $91.5MM Equity ----------------------------------------------------------------- Nightfood Holdings Inc. provided a letter to shareholders highlighting its recent accomplishments and vision for the next stage of expansion: "After executing at high levels across both our strategic acquisition roadmap and our operational buildout, the quarter ended Sept. 30, 2025, marks one of the most transformational periods in Nightfood Holdings' history. As a result, we are positioned for scalable growth as we move into 2026, prepared to take our company to the next level," it said. Two Strategic Acquisitions Closed; $91.5MM in Additional Temporary Equity Captured 1. Victorville Holiday Inn (Victorville, Calif.): "This property is being transformed into our AI Hospitality Innovation Hub, where robotics will be piloted across housekeeping, food service, and guest management. Renovations are underway for a significant flagship upgrade that will introduce a refreshed brand identity and an elevated guest experience. The property will also feature a new state-of-the-art fitness center designed to attract additional revenue through enhanced amenities and increased guest engagement." 2. Rancho Mirage Hilton Garden Inn (Rancho Mirage, Calif.): "At $52.8 million, this was our largest acquisition to date. It provides a premium setting for demonstrating robotics integration in upscale hospitality. This property will serve as a flagship deployment site for our Robotics-as-a-Service (RaaS) model, proving how automation can scale across diverse hotel environments and laying the groundwork for broader industry adoption." "These transactions enhance our platform with substantial assets, revenue streams, and operational capacity. More importantly, the consolidation of these entities resulted in the recognition of $91.5 million in additional temporary equity, dramatically strengthening our balance sheet. Management believes that a significant portion of this temporary equity will convert to perpetual equity upon the Company's anticipated uplisting, further enhancing long-term shareholder value. "But beyond the financial impact, these acquisitions are cornerstones of our strategy to build a vertically integrated robotics ecosystem. By combining automation innovation with hard real estate assets, we are creating a unique model where our robotics technology can be deployed, tested, and scaled within our own properties, while simultaneously generating recurring hospitality revenue. "Together, these acquisitions give us control of real-world laboratories where we can refine robotics solutions, validate ROI, and build case studies that will accelerate adoption across the hospitality sector and beyond. They also anchor our balance sheet with hard assets, ensuring that our technological growth is supported by tangible real estate value. "Further, these represent a critical moment in our multi-phase strategy, repositioning Nightfood Holdings as a well-capitalized, asset-backed technology and automation company that is prepared for synergistic integration into our robotics brand. Strengthening the capital structure also enhances our ability to secure future financing, advance uplisting objectives, and support the continued expansion of our Robotics-as-a-Service (RaaS) model." Advancing Robotics Production Engineering & Market Deployment "While our acquisition and finance teams were completing these transactions, the other half of our organization remained fully focused on aggressively expanding our robotics business." Key areas of progress include: * Increasing production capacity to support anticipated 2026 deployments * Escalating unit throughput and advancing supplier coordination * Engineering support for new SKUs * Expanding deployment of robots across new verticals beyond hospitality, including cleaning, logistics, and back-of-house automation * Broadening customer trials and scaling paid pilot programs "The team's ability to sustain momentum on scaling production, while simultaneously navigating two complex acquisitions, demonstrates a level of commitment and operational maturity increasingly essential as we continue to grow." Positioned for a Breakout Year in 2026 "With a strengthened capital structure, additional real assets, improved equity position, and rapidly expanding robotics production capabilities, Nightfood Holdings is entering 2026 in its strongest position to date." Key strategic outcomes from this quarter include: * Enhanced balance sheet supporting future robotics expansion * A foundation of hard assets underpinning institutional financing initiatives * Improved shareholder equity supporting uplisting efforts * Increased production capacity to support expected 2026 demand * Deployment of robotics across broader industries, improving revenue diversity * Continued progress toward building a vertically integrated RaaS platform Looking Ahead "We remain committed to building a company that leads the next wave of AI-driven automation across hospitality, facilities, logistics, and service industries. The work completed this quarter was foundational, setting the stage for accelerating revenue generation, broader deployments, and long-term profitability. "I want to personally thank our shareholders, employees, and partners for their ongoing support as we continue scaling a business with the potential to meaningfully reshape how organizations operate through robotics and automation." Sincerely, Jimmy Chan Chief Executive Officer Nightfood Holdings, Inc. A full-text copy of the Company's report filed on Form 8-K with the Securities and Exchange Commission is available at https://tinyurl.com/2s4469we About Nightfood Holdings Tarrytown, N.Y.-based Nightfood Holdings, Inc. is focused on identifying and exploiting explosive market trends within the hospitality, food services, and consumer goods sectors. By leading newly emerging categories and by identifying opportunities in markets undergoing transformational upheaval, the Company's aim is to create upside potential unmatched in more mature markets. As of September 30, 2025, the Company had $128,793,702 in total assets, $40,350,129 in total liabilities, $106,324,241 in total temporary equity, and $17,880,668 in total stockholders' deficit. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 14, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has an accumulated deficit, limited available cash resources and does not believe cash on hand will be sufficient to fund operations and growth. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. NIKOPAT & ASSOCIATES: Amends Unsecured Claims Details ----------------------------------------------------- Nikopat & Associates, Inc., submitted a Fourth Amended Disclosure Statement describing Plan of Reorganization dated November 30, 2025. The Debtor filed an application to employ Sold 100 Real Estate Inc and Billy Okoye as Real Estate Agents for the sale of 7225 Hanover, Suite D, Greenbelt, Maryland, which the court granted on September 3, 2025. On October 24, 2025, the Court issued an Order Approving Third Amended Disclosure Statement and Setting Hearing on Confirmation of Plan and Fixing Time for Filing Acceptances or Rejections of Plan Combined with Notice Thereof on November 17, 2025. The Debtor filed a Tally of Ballots showing 100% vote in favor of the court confirming the Debtor's Chapter 11 Plan. At the hearing on November 17, 2025, it was disclosed that the amount of the general unsecured debts listed in the Chapter 11 Plan and the approved Third Amended Disclosure Statement was understated because it did not include the undisputed unsecured debts totaling $222,570.00. As a result, the court denied confirmation of the plan, with leave to amend to include the general unsecured debts in an order dated November 24, 2025. The property was listed for sale and has a buyer the Debtor has approved its letter of intent for $140,000.00. There has been no other offer for the purchase of the property. Class 2 are general unsecured claims and will be paid approximately 5.2% of their claim. The allowed unsecured claims total $566,825.05. Unsecured claims shall be paid $29,474.90 at the commencement date of the Plan from the funds in the DIP account and any balance will be paid at the rate of $270.00 per month, commencing thirty days after the effective date of the plan. It is expected that the debtor would have received the refund of the garnishment check of $13,406.80 before the effective date of the Plan. Class 3 are equity interest holders, and they are impaired under the plan and will receive the pro-rata share of monies available after payment to classes 1 and 2, based upon each Class 3 claimant's percentage interest in the Reorganized Debtor. Insiders in this class are not entitled to vote. Pursuant to Section 1123(a)(5) of the Code the debtor will fund the Chapter 11 Plan through sale of 7225 Hanover Parkway, Suite D, Greenbelt, MD 20770. Debtor will file a motion to approve the employment of Billy Okoye a Real Estate Broker with Sold 100 Real Estate, Inc. It is expected that after the cost of sale, Debtor would have approximately $135,000.00 for distribution to creditors. A full-text copy of the Fourth Amended Disclosure Statement dated November 30, 2025 is available at https://urlcurt.com/u?l=uSjuw0 from PacerMonitor.com at no charge. Counsel to the Debtor: Charles Iweanoge, Esq. The Iweanoges' Firm, PC 1026 Monroe Street, NE Washington DC 20017 Tel: (202) 347-7026 Email: cci@iweanogesfirm.com About Nikopat & Associates, Inc. Nikopat & Associates, Inc., is a Maryland Stock Corporation incorporated on June 20, 2013, with its principal place of business located at 7225 Hanover Parkway, Suite D, Greenbelt, MD 20770. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 24-17524) on September 6, 2024. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Lori S. Simpson oversees the case. The Iweanoges' Firm, P.C., serves as the Debtor's legal counsel. NORTHWEST WATERPROOFING: Seeks Cash Collateral Access ----------------------------------------------------- Northwest Waterproofing LLC asks the U.S. Bankruptcy Court for the District of Oregon for authority to use cash collateral and provide adequate protection. Prior to the bankruptcy filing, the Debtor granted security interests through UCC filings to two creditors: Creditor 1 (CAN), which holds a first-priority lien on all present and future accounts, chattel paper, deposit accounts, personal property, assets, fixtures, equipment, inventory, general intangibles, instruments, and proceeds; and Creditor 2 (VOX), which holds a junior lien covering the same types of pre-petition collateral, including future receipts of payments made to the Debtor. Creditor 1's interest is superior in priority to all other creditors. The Debtor seeks both preliminary and final authority to use cash collateral to maintain operations and fund ordinary course business expenses. An itemized 14-day budget projects monthly operating costs and provides for short-term use of cash collateral pending a final hearing. The Debtor asserts that there are no alternative financing sources available and that without access to cash collateral, it would be unable to continue operations, jeopardizing its ability to reorganize and forcing liquidation of assets at below-market value, which would cause irreparable harm to the estate and creditors. To protect the interests of Creditor 1 and Creditor 2, the Debtor proposes granting replacement liens under 11 U.S.C. Section 361(2) on post-petition collateral of the same type as the pre-petition collateral, ensuring that the creditors’ security interests are not diminished by the Debtor’s use of cash collateral. The Debtor requests the court to authorize the use of cash collateral for ongoing operations, as outlined in the budget totaling $96,797, and to grant replacement liens effective as of November 25, 2025, along with any other relief the Court deems appropriate. A copy of the motion is available at https://urlcurt.com/u?l=S7yWwH from PacerMonitor.com. About Northwest Waterproofing LLC Northwest Waterproofing LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-33899-thp11) on November 20, 2025. In the petition signed by Richard Dowers, owner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Teresa H. Pearson oversees the case. Noah Bishop, Esq., at Bishop Bankruptcy Law, LLC, represents the Debtor as legal counsel. ORCHID MERGER: Palmer Square Marks $3.6MM 1L Loan at 51% Off ------------------------------------------------------------ Palmer Square Capital BDC Inc. has marked its $3,627,576 loan extended to Orchid Merger Sub II, LLC to market at $1,772,978 or 49% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Orchid Merger Sub II, LLC. The loan accrues interest at a rate of 9.01% (S +CSA + 4.75%) per annum. The loan matures on July 27, 2027. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Orchid Merger Sub II, LLC Orchid Merger Sub II, LLC is a legal entity founded in 2021 and is a subsidiary of System1. It is part of the holding company S1 Holdco, LLC, which operates a digital media and marketing platform. PALWAUKEE HOSPITALITY: Seeks to Extend Plan Exclusivity to Dec. 31 ------------------------------------------------------------------ Palwaukee Hospitality LLC asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 31, 2025 and March 1, 2026, respectively. The Debtor explains that the instant bankruptcy proceeding was filed under Chapter 11 of the Bankruptcy Code on February 23, 2025. The Debtor claims that the new requested extension dates of December 31, 2025, and March 1, 2026, are well within the time limitations set by Section 1121(d) of the Bankruptcy Code. The Debtor notes that the sale of its principal asset closed on May 14, 2025, and was funded on May 15, 2025. The extension of times for both deadlines will not prejudice any creditors or the United States Trustee. Palwaukee Hospitality, LLC is represented by: Paul M. Bach, Esq. Penelope N. Bach, Esq. Bach Law Offices, Inc. P.O. BOX 1285 Northbrook, IL 60062 Telephone: (847) 564 0808 About Palwaukee Hospitality Palwaukee Hospitality LLC operates a hotel property located at 600 N. Milwaukee Avenue in Prospect Heights, Illinois. Palwaukee Hospitality LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-02685) on Feb. 23, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Bankruptcy Judge Deborah L. Thorne handles the case. Penelope N. Bach, at Bach Law Offices, is the Debtor's counsel. PARAMOUNT GOLD: Expands ATM Offering with Cantor & AGP to $14.9MM ----------------------------------------------------------------- Paramount Gold Nevada Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 20, 2025, the Company filed a prospectus supplement for the offer and sale of shares of its common stock, par value $0.01 per share, having an aggregate offering price of up to $14,900,000, pursuant to the Controlled Equity Offering(SM) Sales Agreement, dated March 8, 2024, with Cantor Fitzgerald & Co. and A.G.P./Alliance Global Partners. The Prospectus Supplement amends and supplements the information in the prospectus supplements, dated March 22, 2024 and May 16, 2024, filed with the Securities and Exchange Commission as a part of the Company's registration statement on Form S-3 (File No. 333-275376), relating to the offer and sale of up to $7,000,000 of shares of the Company's Common Stock, pursuant to the Sales Agreement. A copy of the opinion of Duane Morris LLP relating to the validity of the Common Stock is available at https://tinyurl.com/bdmk5nnu About Paramount Gold Nevada Corp. Paramount Gold Nevada Corp. is engaged in the business of acquiring, exploring and developing precious metals projects in the United States of America. Paramount owns both exploration and development stage projects in the states of Nevada and Oregon. As of June 30, 2025, the Company had $52.40 million in total assets, $18.83 million in total liabilities, and $33.57 million in total stockholders' equity. Denver, Colorado -based Baker Tilly US, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated September 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. PAREXEL MIDCO: S&P Alters Outlook to Negative, Affirms 'B+' ICR --------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating and revised the outlook to negative on contract research organization (CRO) Parexel Midco Inc. At the same time, S&P assigned its 'B+' issue-level and '4' recovery ratings to the proposed first-lien term loan. S&P said, "The negative outlook reflects risk to our base case for leverage to decline to 6x over the next year, especially given the softened demand for CRO services. We could lower our rating to 'B' if we expect leverage will remain above 6x for longer than expected. "We forecast S&P Global Ratings-adjusted leverage will remain above 6x for the next 12 months. The dividend recapitalization increases Parexel's leverage to around 6.5x, half a turn higher than our 6x downside threshold for the 'B+' rating. This transaction reflects a more aggressive financial policy than we had previously anticipated. Although leverage is now weak for the rating, the ratio of cash flow to debt is still supportive of the 'B+', and our base case is that the company will deleverage to 6x, the threshold for the rating, within about a year. That said, our forecast is subject to elevated uncertainty around industry dynamics, in which demand for CRO services has been softer than usual in 2024-2025 but is showing some signs of potential improvement in 2026. "The negative outlook reflects risk to our base case for leverage to decline to 6x over the next year, especially given the softened demand for CRO services. We could lower our rating to 'B' if we expect leverage will remain above 6x for longer than expected." Parexel's growth outlook remains weak given industry headwinds affecting CROs. Net new business awards improved sequentially in the third quarter but remain below historical levels. S&P forecasts revenue will be relatively flat in 2026, with gradual improvement not expected until the latter half of the year or 2027, and modest margin improvement helped by restructuring efforts. There is limited cushion at the 'B+' rating for additional cancellations or further softening of demand. Although there are early signs of stabilization, such as a recovery in biotech funding, the path to revenue growth in 2026 and beyond remains unclear, particularly among large pharmaceutical clients facing pipeline challenges and executive orders targeting drug pricing. While the ongoing shift by many large clients toward more limited utilization of CROs via the functional service provider (FSP) model has weighed on industry growth and profitability, demand for full-service outsourcing (FSO) remains more resilient among small and midsize pharma and biotech clients that lack internal scale and capabilities and therefore rely on end-to-end support. Recent cost restructuring actions will support improvement in EBITDA margins in 2026. Parexel has made solid progress on its cost restructuring initiatives through the third quarter, including workforce reductions to better align headcount with demand. S&P said, "Our base-case scenario assumes the restructuring efforts will conclude in the first quarter of 2026. With revenue growth likely to remain constrained over the next 12 months, we believe EBITDA margin expansion will be the primary contributor to deleveraging. We burden our EBITDA measure with restructuring charges and expect margins will decline to about 14.5% in 2025 before improving to about 15.5% in 2026 as costs savings fully materialize. Despite the greater debt burden, we forecast healthy FOCF in 2026, supported by cost savings and our assumption of a modest decline in benchmark interest rates. Specifically, we forecast FOCF to debt of about 8% in 2025 and 7% in 2026, which we view as generally consistent with the 'B+' rating." S&P said, "The negative outlook reflects risk to our base case for leverage to decline to 6x over the next year, especially given the softened demand for CRO services. We could lower our rating to 'B' if we expect leverage will remain above 6x for longer than expected. "We could lower our rating on Parexel if believe it will sustain leverage of greater than 6x or if the ratio of FOCF to debt declines below 5% on a sustained basis. This could occur if demand headwinds persist, additional restructuring charges are incurred to right-size its cost structure, or financial policy is more aggressive than anticipated. "We could revise our outlook on Parexel to stable if its performance meets our base-case expectations, including at least modest improvement in new business awards by late 2026, and improved EBITDA margins in 2026 that allow it to generally maintain both leverage below 6x and a ratio of FOCF to debt above 5%." PEGRUM CREEK: Court OKs Madison Property Sale for $6MM ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Alabama, Northern Division, has permitted Pegrum Creek LLC, to sell Madison Property, free and clear of liens, claims, interests, and encumbrances. Included in the property of the estate is real property located in an unincorporated portion in the Hazel Green Community of Madison County, Alabama identified by the Madison County Tax Assessor as having the following property tax ID numbers: A. 03-08-33-0-000-007.000 B. 03-08-28-0-000-046.000 C. 03-08-28-0-000-040.000 consisting of approximately 239 +/- acres. The Court has authorized the Debtor to sell the Property to Northaven Land Company for the purchase price of $6,015,000. The Property shall be transferred to Purchaser pursuant to the terms of the Agreement and such transfer shall constitute a legal, valid, binding and effective transfer of such Property. All encumbrances shall attach to the sale proceeds with the same validity, priority, force and effect that they now have as against the Property, subject to any claims and defenses the Debtor may possess with respect thereto. The Closing Agent is authorized to pay the 2024 and 2025 ad valorem property taxes to satisfy Madison County’s tax lien on the Property, as well as any other closing costs, from the proceeds associated with the Sale of the Property. The Debtor is authorized to execute any documents or instruments necessary to effectuate the transfer of the Property. The hearing currently scheduled on the Motion on December 17, 2025 is vacated. About Pegrum Creek LLC Pegrum Creek is engaged in activities related to real estate. Pegrum Creek LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-81037) on June 3, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by William E. Taylor, Jr., as president. Judge Clifton R Jessup Jr. presides over the case. Stuart Maples, Esq. at Thompson Burton PLLC represents the Debtor as counsel. PERASO INC: Director McWalter to Retire, Opts Out of Re-election ---------------------------------------------------------------- Peraso Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 20, 2025, Ian McWalter provided written notice to the secretary of the Company that, in connection with his planned retirement, he will not stand for re-election as a director of the Company upon the expiration of his current term, which expires at the Company's 2025 annual meeting of stockholders. Mr. McWalter currently serves as a member of the Board and the Board's Audit Committee and Compensation Committee. Mr. McWalter's retirement and decision to stand for re-election was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. About Peraso Inc. Headquartered in San Jose, California, Peraso Inc. -- https://www.perasoinc.com -- is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. As of September 30, 2025, the Company had $6.2 million in total assets, $2.6 million in total liabilities, and $3.6 million in total stockholders' equity. In its report dated March 28, 2025, the Company's auditor, Weinberg & Company, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and utilized cash in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. PERASO INC: Upsizes ATM Program to $3.15MM Additional Shares ------------------------------------------------------------ Peraso Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 21, 2025, the Company filed a prospectus supplement to increase the maximum number of shares of the Company's common stock, par value $0.001 per share, issuable pursuant to the At the Market Offering Agreement between the Company and Ladenburg Thalmann & Co. Inc., dated August 30, 2024, to up to an aggregate of $3,150,000 of Shares, which does not include the Shares having an aggregate gross sales price of approximately $4,095,176 that have been sold to date under the Sales Agreement. The issuance and sale of the Shares by the Company under the Sales Agreement will be made pursuant to the Company's registration statement on Form S-3 (File No. 333-280798) filed with the Securities and Exchange Commission on July 12, 2024 and declared effective on July 22, and a base prospectus dated as of July 22, 2024 included in the Registration Statement, as supplemented by the prospectus supplements dated as of August 30, December 10, 2024, and October 10, 2025 and the Current Prospectus Supplement. About Peraso Inc. Headquartered in San Jose, California, Peraso Inc. -- https://www.perasoinc.com -- is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. As of September 30, 2025, the Company had $6.2 million in total assets, $2.6 million in total liabilities, and $3.6 million in total stockholders' equity. In its report dated March 28, 2025, the Company's auditor, Weinberg & Company, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and utilized cash in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. PERATON CORP: Palmer Square Marks $2.8MM 2L Loan at 40% Off ----------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $2,898,876 loan extended to Peraton Corp. to market at $1,747,602 or 60% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a Second Lien Senior Secured Loan to Peraton Corp. The loan accrues interest at a rate of 12.05% (S +CSA + 7.75%) per annum. The loan matures on February 1, 2029. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Peraton Corp. Peraton Inc. is a privately held American national security and technology company formed in 2017. It is headquartered in Reston, Virginia. Its service areas include space, intelligence, cyber, defense, homeland security, citizen security, and health. PERATON CORP: Palmer Square Marks $8.6MM 1L Loan at 15% Off ----------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $8,616,952 loan extended to Peraton Corp. to market at $7,289,425 or 85% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Peraton Corp. The loan accrues interest at a rate of 8.01% (S +CSA + 3.75%) per annum. The loan matures on February 1, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Peraton Corp. Peraton Inc. is a privately held American national security and technology company formed in 2017. It is headquartered in Reston, Virginia. Its service areas include space, intelligence, cyber, defense, homeland security, citizen security, and health. PINE GATE: Proposes Ch. 11 Deal With Carlyle to Protect Recoveries ------------------------------------------------------------------ Vince Sullivan of Law360 reports that Pine Gate Renewables LLC told a Texas bankruptcy judge that it has reached a proposed settlement allowing it to sell certain project assets that serve as collateral for secured lender Carlyle, while simultaneously blocking the lender from taking steps that could undercut the company's restructuring efforts. The sale would generate funds to address secured debt while preserving the value of ongoing operations. The company said the agreement ensures an orderly sale process and prevents Carlyle from initiating aggressive collection or foreclosure actions as negotiations continue. Pine Gate argued the compromise offers the best chance to maximize recoveries across the capital structure, according to report. About Pine Gate Renewables, LLC Pine Gate Renewables, LLC develops, finances, constructs, and operates renewable energy projects across the United States. Founded in 2016, the Company manages an operational portfolio of more than two gigawatts of solar and storage assets and maintains a development pipeline exceeding 30 gigawatts. It has arranged and secured roughly $10 billion in project financing and capital investment and, through its wholly owned subsidiary ACT Power Services, provides operations and maintenance support for over seven gigawatts of third-party solar and storage facilities. Pine Gate Renewables sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90669) on November 6, 2025. In the petition signed by Ray Shem as president and chief financial officer, the Debtor disclosed estimated assets on a consolidated basis of $1 billion to $10 billion and estimated liabilities on a consolidated basis of $1 billion to $10 billion. One hundred nineteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Pine Gate Renewables, LLC (Lead Case) 25-90669 BF Dev Holdco Pledgor, LLC 25-90691 BF Dev Holdco, LLC 25-90694 Blue Northern Power, LLC 25-90697 Blue Ridge Power Holding Company, LLC 25-90703 Blue Ridge Power, LLC 25-90707 Blue Ridge Solar, LLC 25-90713 BRP Construction, Inc. 25-00008 BRP HBC Guarantor, LLC 25-00009 BRP HBC Holdco, LLC 25-00010 Cascade Dev Holdco, LLC 25-00011 Cascade NTP Holdco, LLC 25-00012 Cascade Pledgor, LLC 25-00013 Catalina Solar Borrower, LLC 25-00014 Catalina Solar Holdings, LLC 25-00015 FP 2021 Dev Holdco, LLC 25-00016 GA Solar 5, LLC 25-00017 GH Pledge Borrower, LLC 25-00018 Grande Holdco Borrower II, LLC 25-00019 Grande Holdco Borrower, LLC 25-00020 Grande Holdco, LLC 25-00021 Limewood Bell Renewables LLC 25-00022 Lotus Solar, LLC 25-00023 Magnolia Solar Development LLC 25-00024 NPA 2023 Holdco, LLC 25-90671 NPA PGR Blocker Holdco, LLC 25-90673 NPA Polaris DevCo Holdco, LLC 25-90675 NPA Polaris DevCo Pledgor, LLC 25-90678 NPA Polaris OpCo Holdco, LLC 25-90682 Old Hayneville Solar, LLC 25-00030 PG Dev Carver Holdco, LLC 25-90686 PGC Solar Holdings Holdco I, LLC 25-90698 PGC Solar Holdings Holdco II, LLC 25-90702 PGC Solar Holdings I Managing Member, LLC 25-90705 PGC Solar Holdings I, LLC 25-90708 PGR 2020 Lessor 7, LLC 25-90711 PGR 2021 Fund 13, LLC 25-00037 PGR 2021 Fund 17, LLC 25-00038 PGR 2021 Fund 18, LLC 25-00039 PGR 2021 Fund 4, LLC 25-00040 PGR 2021 Fund 9, LLC 25-00041 PGR 2021 Holdco 11, LLC 25-00042 PGR 2021 Holdco 12, LLC 25-00043 PGR 2021 Holdco 13, LLC 25-00044 PGR 2021 Holdco 15, LLC 25-00045 PGR 2021 Holdco 17, LLC 25-90670 PGR 2021 Holdco 18, LLC 25-90674 PGR 2021 Holdco 19, LLC 25-90676 PGR 2021 Holdco 4, LLC 25-00049 PGR 2021 Holdco 9, LLC 25-00050 PGR 2021 Manager 13, LLC 25-00051 PGR 2021 Manager 17, LLC 25-90685 PGR 2021 Manager 18, LLC 25-90687 PGR 2021 Manager 4, LLC 25-90679 PGR 2021 Manager 9, LLC 25-90680 PGR 2022 Fund 1, LLC 25-90689 PGR 2022 Fund 2, LLC 25-90690 PGR 2022 Fund 4, LLC 25-90693 PGR 2022 Fund 5, LLC 25-90695 PGR 2022 Fund 8, LLC 25-90696 PGR 2022 Fund 9, LLC 25-90699 PGR 2022 Holdco 1, LLC 25-90700 PGR 2022 Holdco 2, LLC 25-90704 PGR 2022 Holdco 8, LLC 25-90706 PGR 2022 Holdco 9, LLC 25-90709 PGR 2022 Manager 1, LLC 25-90712 PGR 2022 Manager 2, LLC 25-00067 PGR 2022 Manager 4, LLC 25-00068 PGR 2022 Manager 5, LLC 25-00069 PGR 2022 Manager 8, LLC 25-00070 PGR 2022 Manager 9, LLC 25-90672 PGR 2022 Sponsor Holdco, LLC 25-90677 PGR 2023 Fund 1, LLC 25-90681 PGR 2023 Fund 6, LLC 25-90688 PGR 2023 Holdco 1, LLC 25-90692 PGR 2023 Lessee 6, LLC 25-90701 PGR 2023 Manager 1, LLC 25-90710 PGR 2023 Manager 6, LLC 25-00078 PGR 2024 Sponsor Holdco, LLC 25-00079 PGR Blocker Holdco, LLC 25-00080 PGR Blue Ridge Power Holdings, LLC 25-00081 PGR Carver Holdco, LLC 25-00082 PGR CC Affiliate Purchaser LLC 25-00083 PGR Guarantor, LLC 25-00084 PGR Holdco GP, LLC 25-00085 PGR Holdco, LP 25-00086 PGR MS Affiliate Purchaser LLC 25-00087 PGR Procurement, LLC 25-00088 PGR Signature Fund 1 Manager, LLC 25-00089 Pine Gate Asset Management, LLC 25-00090 Pine Gate Assets, LLC 25-00091 Pine Gate Carver Holdings, LLC 25-00092 Pine Gate Dev Holdco, LLC 25-00093 Pine Gate Development, LLC 25-00094 Pine Gate Energy Capital, LLC 25-00095 Pine Gate EPC, LLC 25-00096 Pine Gate Fund Management, LLC 25-00097 Pine Gate O&M, LLC 25-00098 Polaris DevCo Borrower A, LLC 25-00099 Polaris DevCo Borrower B, LLC 25-00100 Polaris DevCo Pledgor A, LLC 25-00101 Polaris DevCo Pledgor B, LLC 25-00102 Polaris OpCo Borrower B, LLC 25-00103 Polaris OpCo Pledgor A, LLC 25-00104 Polaris OpCo Pledgor B, LLC 25-00105 PW Blocker Holdco, LLC 25-00106 PW Revolver Borrower, LLC 25-00107 Rio Lago Solar, LLC 25-90668 Solar Carver 1, LLC 25-00109 Solar Carver 3, LLC 25-00110 Stowe Solar, LLC 25-00111 Sunstone Solar 1, LLC 25-00112 Sunstone Solar 2, LLC 25-00113 Sunstone Solar 3, LLC 25-00114 Sunstone Solar 4, LLC 25-00115 Sunstone Solar 5, LLC 25-00116 Sunstone Solar 6, LLC 25-00117 Sunstone Solar, LLC 25-00118 West River Solar, LLC 25-00119 The Judge is Hon. Christopher M. Lopez. The Debtors' Bankruptcy Co-Counsel is Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, in Houston, Texas, and LATHAM & WATKINS LLP. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is LAZARD FRERES & CO. LLC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. PMHC II: Palmer Square Marks $10.8MM 1L Loan at 19% Off ------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $10,832,089 loan extended to PMHC II Inc. to market at $8,779,463 or 81% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to PMHC II Inc. The loan accrues interest at a rate of 8.73% (S +CSA + 4.25%) per annum. The loan matures on April 23, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About PMHC II Inc. PMHC II, Inc. is a specialty chemicals and mineral-based additives company that was acquired and is now part of a larger entity called Vibrantz Technologies. POST HOLDINGS: S&P Rates New $1.3BB Senior Unsecured Notes 'B+' --------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '4' recovery rating to Post Holdings Inc.'s proposed $1.3 billion senior unsecured notes due March 2036. The '4' recovery rating indicates its expectations for average (30%-50%; rounded estimate: 45%) recovery in the event of a payment default. The notes will rank pari passu with the company's existing senior unsecured facilities. Post will use the net proceeds from these notes to repay its $1.25 billion ($1.24 billion outstanding) 5.5% senior unsecured notes due 2029 and apply any remaining proceeds to cover fees and add cash to its balance sheet. S&P said, "We expect the transaction will be largely leverage neutral. We will withdraw our ratings on the company's existing 5.5% notes after they are repaid. Our ratings on the proposed notes are based on preliminary terms and are subject to review upon the receipt of final documentation." S&P said, "All our existing ratings on Post, including our 'B+' long-term issuer credit rating, are unchanged. We view the company's decision to begin addressing its large 2029 maturity wall as credit positive." Despite the secular pressures facing the packaged foods industry, Post's credit metrics remain strong for the rating because of its recent lack of transformational merger and acquisition activity and its strong free operating cash flow (FOCF) generation. Specifically, the company increased its net sales by 3% in fiscal year 2025 on strong performance in its foodservice segment and contributions from its acquisitions of 8th Avenue and Potato Products of Idaho. The weakness in Post's Consumer Brands volumes was exacerbated in the fourth quarter, primarily due to continued cereal category declines and reductions in its co-manufactured and private label products, as well as distribution losses in its pet food business. However, the company's strategy of prioritizing profitability improvements supported a 7% expansion in its S&P Global Ratings-adjusted EBITDA, which it achieved through manufacturing and supply chain improvements, reduced ingredient and freight costs, and the realization of benefits from its cost-savings initiatives. Pro forma for its divestiture of 8th Avenue's pasta assets, S&P estimates Post's consolidated leverage increased to 4.8x as of the end of fiscal year 2025 from 4.5x a year ago. S&P said, "For fiscal year 2026, we forecast the company will increase its revenue and S&P Global Ratings-adjusted EBITDA by about 3% and 5%, respectively. We also forecast Post will improve its reported FOCF to more than $650 million, from about $488 million in fiscal year 2025 driven by higher profitability, better working capital management, and lower capital expenditure (capex). We believe the company will continue to use its FOCF for share repurchases, instead of debt reduction, which will cause its leverage to remain near 5x (comfortably below our 7x downgrade threshold). "The stable outlook reflects our expectation that Post will generate FOCF of about $500 million annually. However, we believe the company could sustain leverage of 5x or more as it executes its holding company strategy by continuing to buy and sell assets." Issue Ratings--Recovery Analysis Key analytical factors -- Post is the issuer of all the company's debt. Following this transaction, the company's debt structure will comprise a $1 billion revolving credit facility due 2029, $1 billion of 6.25% senior secured notes due 2032, $575 million of 2.5% convertible notes due 2027, $1.65 billion of 4.625% senior unsecured notes due 2030 ($1.4 billion outstanding), $1.8 billion of 4.5% senior unsecured notes due 2031 ($1 billion outstanding), $1.2 billion of 6.375% senior unsecured notes due 2033, $600 million of 6.25% senior unsecured notes due 2034, and $1.3 billion of proposed senior unsecured notes due 2036. -- The senior secured facilities are unconditionally guaranteed by Post's existing and subsequently acquired direct and indirect domestic subsidiaries, and secured by security interests in substantially all it and its subsidiary guarantors' assets, including certain material real property. -- The unsecured notes are fully and unconditionally guaranteed on a senior unsecured basis by the company's existing and future domestic subsidiaries. Post's foreign subsidiaries, which account for less than 10% of its sales, will not guarantee the notes. -- Post is incorporated and headquartered in the U.S. In the event of an insolvency proceeding, we anticipate the company would file for bankruptcy protection under the auspices of the U.S. federal bankruptcy court system and not involve foreign jurisdictions. Simulated default assumptions S&P's simulated default scenario assumes the company's liquidity is strained by weak sales and profitability due to heightened competitive pressures combined with higher commodity costs and consumer preference for other products or a major product recall. These factors hamper Post's margins and cash flow, rendering it unable to meet its fixed charges. -- Year of default: 2029 -- EBITDA at emergence: $735 million -- Emergence enterprise value multiple: 7x The emergence-level EBITDA incorporates a 5% operational adjustment (to reflect the recoupment of sales volumes and cost-cutting efforts that improve its margins) on top of the default-level EBITDA. The default EBITDA roughly reflects fixed-charge requirements of about $447 million in interest costs (we assume a higher rate because of default and include prepetition interest) and $253 million of minimal capex assumed at default. S&P estimates a gross valuation of $5.1 billion, assuming a 7x EBITDA multiple. This multiple is in the typical range it uses for some of the company's peers. Simplified waterfall -- Gross recovery value: $5.1 billion -- Net recovery value for waterfall after administrative expenses (5%): $4.9 billion -- Obligor/nonobligor valuation split: 85%/15% -- Collateral value available to secured debt: $4.6 billion -- Estimated senior secured claims: $1.9 billion --Recovery expectations senior secured debt: 90%-100% (rounded estimate: 95%) -- Remaining value to unsecured claims: $3 billion -- Estimated unsecured debt claims: $6.2 billion --Recovery expectations senior unsecured debt: 30%-50% (rounded estimate: 45%) Note: All debt amounts include six months of prepetition interest. PPW REALTY: Taps Robert C. Nisenson as Bankruptcy Counsel --------------------------------------------------------- PPW Realty 1414 W 3Rd St. LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Robert C. Nisenson, LLC to handle its Chapter 11 bankruptcy proceedings. The Debtor will pay a retainer of $3,000 and $1,717 for filing fees and will be billed at the rate of $350 per hour. Robert C. Nisenson LLC is a disinterested person under 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Robert C. Nisenson, Esq. ROBERT C. NISENSON, LLC 10 Auer Court East Brunswick, NJ 08816 Tel: (732) 238-8777 Email: r.nisenson@rcn-law.com About PPW Realty 1414 W 3Rd St. LLC PPW Realty 1414 W 3Rd St. LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-11669) on February 19, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Stacey L Meisel presides over the case. Robert C. Nisenson, Esq. at Robert C. Nisenson, LLC serves as the Debtor as counsel. PREDICTIVE ONCOLOGY: Resolves Nasdaq Deficiency with PIPE Funds --------------------------------------------------------------- Predictive Oncology Inc. disclosed that as of November 20, 2025, the Company believes it has regained compliance with the Stockholders' Equity Requirement, as its stockholders' equity is in excess of $2.5 million following the closing of a PIPE transactions. On November 20, 2024, Predictive Oncology received a letter from The Nasdaq Stock Market LLC notifying the Company that it was not in compliance with the minimum stockholders' equity requirement for continued listing on The Nasdaq Capital Market as set forth in Nasdaq Listing Rule 5550(b)(1). On October 7, 2025, the Company closed two private investment in public equity transactions and received an aggregate of approximately $343.5 million, including approximately $50.8 million in cash and approximately $292.7 million in notional value of in-kind contributions of certain crypto assets, representing a discounted value of approximately $173.3 million. About Predictive Oncology Predictive Oncology Inc., headquartered in Pittsburgh, Pa., is a science- and knowledge-driven company that leverages artificial intelligence (AI) to advance the discovery and development of optimal cancer therapies. By combining AI with a proprietary biobank of over 150,000 tumor samples, categorized by tumor type, the Company delivers actionable insights into drug compounds, enhancing the drug discovery process and increasing the likelihood of clinical success. Predictive Oncology offers a comprehensive suite of solutions that support oncology drug development from early discovery through to clinical trials, ultimately aiming to improve treatment effectiveness and patient outcomes. In its report dated March 31, 2025, the Company's auditor, KPMG LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Predictive Oncology had $3.44 million in total assets, $5.09 million in total liabilities, and a total stockholders' deficit of $1.65 million. PRETIUM PKG: Palmer Square Marks $2MM 2L Loan at 89% Off -------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $2,000,000 loan extended to Pretium PKG Holdings, Inc. to market at $217,500 or 11% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a Second Lien Senior Secured Loan to Pretium PKG Holdings, Inc. The loan accrues interest at a rate of 11.24% (S +CSA + 6.75%) per annum. The loan matures on September 30, 2029. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Pretium PKG Holdings, Inc. Pretium Packaging, LLC and Pretium Finance, Inc. conducts business as a joint issuer of notes. The Company issues new notes and receives original notes with like original principal amounts that are used to repay then-existing debt, pay a distribution to Pretium Holding's equity holders, and pay related fees and expenses. PRETIUM PKG: Palmer Square Marks $5.6MM 1L Loan at 55% Off ---------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $5,630,517 loan extended to Pretium PKG Holdings, Inc. to market at $2,544,994 or 45% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Pretium PKG Holdings, Inc. The loan accrues interest at a rate of 8.92% (S + 4.60% incl. 0.70% PIK) per annum. The loan matures on October 2, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Pretium PKG Holdings, Inc. Pretium PKG Holdings, Inc. operates as a holding company. The company through its subsidiaries, manufactures rigid packaging solutions and offers beverage bottles, caps and closure, handleware, lightweighted options, preforms, custom moldings, printed folding cartons, and other plastic packaging containers. Pretium PKG Holdings serves customers worldwide. PROFESSIONAL DIVERSITY: Streeterville Waives S-1 Filing Under SPA ----------------------------------------------------------------- Professional Diversity Network, Inc. on November 19, 2025, received from an investor a waiver letter, pursuant to which the Investor agreed to waive in full the Company's obligation under the Securities Purchase Agreement and the Side Letter to file a registration statement on Form S-1 in connection with the Securities Purchase Agreement. Professional Diversity Network on September 5, 2025, entered into a Securities Purchase Agreement with Streeterville Capital, LLC, a Utah limited liability company, pursuant to which the Company agreed to issue and sell to the Investor shares of its common stock, par value $0.01 per share, in one or more pre-paid advance purchases for an aggregate purchase price of up to $20,000,000 for a period of two years from September 5, 2025. The Company and the Investor on October 30, 2025, entered into a side letter agreement, with respect to the Securities Purchase Agreement, pursuant to which the Company agreed, among other things, to file a registration statement on Form S-1 for the registration of at least 8,250,000 shares of Common Stock issuable to the Investor in connection with the Securities Purchase Agreement within 20 days of the date of the Side Letter. All other terms of the SPA and the Side Letter remain in full force and effect. A full text copy of the Waiver Letter is available at https://tinyurl.com/y2hrdxzm About Professional Diversity Professional Diversity Network, Inc., headquartered in Chicago, Illinois, operates online and in-person professional networks with a focus on diversity, employment, and career development. The Company serves women, ethnic minorities, military professionals, persons with disabilities, LGBTQ+ individuals, and students transitioning into the workforce through its technology platform. It runs three business segments: TalentAlly Network, which provides job-seeking communities and career resources for diverse groups and employers; NAPW Network, a women-only professional networking organization; and RemoteMore, a service connecting global companies with software developers. 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 $103,612,710 at June 30, 2025. During the six months ended June 30, 2025, the Company generated a loss from continuing operations, net of tax, of $1,233,147. During the six months ended June 30, 2025, the Company used cash in continuing operations of 779,651. At June 30, 2025, the Company had a cash balance of $125,081. Total revenues were $3,146,076 and $3,417,302 for the six months ended June 30, 2025 and 2024, respectively. The Company had a working capital deficit from continuing operations of $1,919,261 at June 30, 2025 and a working capital from continuing operations of $270,695 at Dec. 31, 2024. The Company stated it is keeping a close watch on operating expenses and capital needs, noting that management is working to cut costs through staff reductions, renegotiating with certain vendors, and using technology to lessen manual work in routine tasks. It cautioned that if these efforts are not enough, it may have to sell other assets or shut down certain business lines. As of June 30, 2025, the Company reported $7.33 million in total assets, $3.49 million in total liabilities, and $3.84 million in total stockholders' equity. PVKG INVESTMENT: Palmer Square Marks $1.7MM 1L Loan at 45% Off -------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $1,737,165 loan extended to PVKG Investment Holdings Inc. to market at $955,440 or 55% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to PVKG Investment Holdings Inc. The loan accrues interest at a rate of 9.91% (S + 5.75%) per annum. The loan matures on June 4, 2030. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About PVKG Investment Holdings Inc. PVKG Intermediate Holdings Inc. operates as an investment holding company. The Company serves clients in the United States. PYE-BARKER TOPCO: S&P Assigns 'B' Rating on Senior Secured Debt --------------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to fire and life safety (FLS) service provider, Pye-Barker Topco LLC, and issue-level rating to its senior secured debt. S&P also assigned a '3' recovery rating. The stable outlook reflects S&P's expectation for favorable operating performance supported by industry headwinds and organic and M&A topline growth resulting in S&P Global Ratings-adjusted debt to EBITDA sustained at 7x-8x. Pye-Barker plans to issue a $355 million revolving credit facility, $2.175 billion first-lien term loan, and $325 million delayed draw term loan to refinance its existing debt and fund acquisitions S&P said, "We base our ratings on the company's aggressive debt-funded acquisition growth strategy, decent market position in the highly fragmented FLS industry, and modest debt service ratios. "Our rating reflects Pye-Barker's small but growing market position in the large U.S. fire protection services industry. The company operates in the highly fragmented FLS industry, which is made up mostly of local and regional providers. It has about a 4% market share in the company-estimated $36 billion U.S. FLS industry and operates in 47 states. We believe there is some geographic concentration risk, as it generates more than half of its revenue from 10 states, with the largest being Florida. Pye-Barker has a diversified customer base of more than 10 end markets. It's acquisition strategy, while aggressive, focuses on geographic and vertical expansion, contributing to its full-service fire protection services platform. "Given the fragmented marketplace, Pye-Barker has opportunities to continue growing through acquisitions. We view this business as stable despite economic conditions given the nondiscretionary nature of the services it provides. These include fire suppression systems, alarms, monitoring and sprinklers, with most revenue recurring because of fire code regulation and commercial insurance. "We anticipate topline growth and cost initiatives will support solid performance. We believe the company will benefit from its high customer retention rates due to the recurring nature of the business. We forecast acquisitions will be a primary driver of double-digit increases in revenue in the next one to two years. Further fueling growth will be cross selling opportunities within the existing customer base and its ability to raise prices given the nondiscretionary nature of the service offerings. We think there are opportunities for sales leverage and cost reduction stemming from the large number of acquisitions the company has recently completed, leading us to believe EBITDA margins will improve between 100 basis points (bps) and 125 bps over the next two years from our estimated level of about 15.3% for 2025." Pye-Barker's private-equity ownership and acquisition-focused strategy may limit deleveraging, constraining possible ratings upside. Altas and Leonard Green Partners currently have majority ownership of the company. The sponsors have supported the rapid M&A plan, having completed 220 acquisitions since 2019. S&P said, "We expect it will use excess cash flows to continue its acquisition strategy while keeping leverage elevated. For 2025, we expect leverage of about 7.5x, improving modestly to the low-7x area next year as better profits offset drawings on its delayed draw term loan to fund acquisitions." S&P said, "Acquisition integration is a risk we continue to monitor. While the company has proven its ability to integrate a large number of acquisitions, key areas we focus on are its initiatives to retain clients in new markets and fold acquired companies into its technology systems. We also think it is important for the company to carefully manage customer relationships for newly acquired companies to maintain retention levels. "The stable outlook reflects our belief that Pye-Barker will continue to increase revenue through organic and M&A-related growth while improving margins and successfully integrating acquisitions. "We could lower our rating on Pye-Barker if revenue growth slows due to operational issues or problems integrating acquisitions, resulting in debt to EBITDA sustained above 7.5x or FOCF to debt maintained in the low single digit percent range." S&P could raise its rating on Pye-Barker if: -- The company diversifies and expands its business while sustaining debt to EBITDA below 5x and FOCF to debt in the high-single-digit percent area; and -- Pye-Barker commits to a conservative financial policy that includes a focus on debt reduction, which S&P believes might be unlikely given the financial-sponsor ownership and the company's debt-funded growth strategy. REBORN COFFEE: Re-Elects Board, Ratifies BCRG at Annual Meeting --------------------------------------------------------------- Reborn Coffee, Inc. on November 20, 2025, held its annual meeting of stockholders for its fiscal year ended December 31, 2025. As of October 2, 2025, the record date for the Annual Meeting, 5,967,107 shares of the Company's common stock, par value $0.0001 per share, were outstanding, entitled to 5,967,107 votes at the Annual Meeting. Holders of 4,125,412 shares of the Company's Common Stock were present in person or by proxy at the Annual Meeting, representing 69.13% of the total outstanding shares of Common Stock, constituting a quorum pursuant to the Company's bylaws. At the Annual Meeting, two proposals were submitted to the Company's stockholders: Proposal No. 1: The Company's stockholders elected Farooq M. Arjomand, Jay Kim, Dennis R. Egidi, Jung Jae Lim, Andy Nasim, Mi Young Jeong, and Alex Guo to the Company's Board of Directors, to hold office until the 2026 annual meeting of stockholders or until such director's respective successors are elected or appointed and qualified or until any such director's earlier resignation or removal, based upon the following votes: 1. Farooq M. Arjomand Votes FOR: 2,755,960 Votes WITHHELD: 106,537 Broker Non-Votes: - 2. Jay Kim Votes FOR: 2,765,267 Votes WITHHELD: 97,230 Broker Non-Votes: - 3. Dennis R. Egidi Votes FOR: 2,813,993 Votes WITHHELD: 48,504 Broker Non-Votes: - 4. Jung Jae Lim Votes FOR: 2,792,745 Votes WITHHELD: 69,752 Broker Non-Votes: - 5. Andy Nasim Votes FOR: 2,833,774 Votes WITHHELD: 28,723 Broker Non-Votes: - 6. Mi Young Jeong Votes FOR: 2,790,132 Votes WITHHELD: 72,365 Broker Non-Votes: - 7. Alex Guo Votes FOR: 2,790,426 Votes WITHHELD: 72,071 Broker Non-Votes: - Proposal No. 2 The Company's stockholders ratified the appointment of BCRG Group as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025, based upon the following votes: Votes FOR: 4,048,719 Votes AGAINST: 75,372 Votes ABSTAINED: 1,321 Broker Non-Votes: - Proposal No. 3 The proposal to approve an adjournment of the Annual Meeting, if necessary or advisable, to solicit additional proxies if there were not sufficient votes in favor of the foregoing proposals was withdrawn because the Company's stockholders approved and adopted the foregoing proposal. About Reborn Coffee Brea, Calif.-based Reborn Coffee, Inc. (NASDAQ: REBN) -- https://www.reborncoffee.com/ -- is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn differentiates themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. As of September 30, 2025, the Company had $6.2 million in total assets, $9.6 million in total liabilities, and $3.4 million in total stockholders' deficit. Irvine, Calif.-based BCRG Group, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. Reborn incurred recurring net losses, including net losses from operations before income taxes of $4.8 million and $4.7 million for the years ended December 31, 2024 and 2023, respectively. It used $3.5 million and $3.2 million cash for operating activities during the years ended December 31, 2024 and 2023, respectively. REDSTONE HOLDCO: Palmer Square Marks $4.8MM 1L Loan at 48% Off -------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $4,892,258 loan extended to Redstone Holdco 2 LP to market at $2,568,435 or 52% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Redstone Holdco 2 LP. The loan accrues interest at a rate of 9.32% (S + 4.75%) per annum. The loan matures on April 14, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Redstone Holdco 2 LP Redstone Holdco 2 LP is a holding company that operates as a special purpose entity for the technology company RSA Security, LLC. It was formed for the purpose of issuing debt securities to refinance existing debt and for acquisition purposes. RELLIS CAMPUS: Hires Pablo Bonjour of Veritas Restructuring as CRO ------------------------------------------------------------------ RELLIS Campus Data and Research Center, LLC and Optimus DataCenters, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Pablo Bonjour as chief restructuring officer and Veritas Restructuring Group as financial advisor. The CRO's services include: a) providing advisory services to assist the Debtors with evaluation of restructuring alternatives, including asset and enterprise sales; b) providing advisory services to support implementation of decisions by the Debtors with regard to the selected restructuring approach; c) investigating and preparing the Debtors' go-forward business and restructuring strategies; d) directing and conferring with all retained estate professionals, including Veritas as financial advisor and the Debtors' legal counsel; e) retaining additional estate professionals, as the CRO deems advisable in furtherance of the Debtors' objectives in the Chapter 11 Cases, subject to the requirements of the Bankruptcy Code and Bankruptcy Rules; f) preparing the statement of financial affairs, schedules, monthly operating reports and other regular motions and reports required by the Court or which the Debtors are otherwise obligated to prepare and provide; g) negotiating the terms of any debtor-in-possession financing or agreement regarding the use of cash collateral on behalf of the Debtors; h) communicating with parties in interest or creditors of the Debtors and meeting with representatives of such constituencies; i) reviewing payments or transfers by or for the benefit of the Debtors to ensure compliance with the Bankruptcy Code and applicable orders of the Court; j) formulating and prosecuting of any plan of reorganization or liquidation for the Debtors or, if necessary, negotiating bidding procedures and advising the Debtors on the terms of any proposed sale of the Debtors' assets; k) providing expert advice and testimony regarding financial matters related to, including, among other things, the feasibility of any proposed plan of reorganization; and, l) taking any and all other actions that are necessary or appropriate to manage and operate the Debtors pursuant to the Engagement Agreements, the Bankruptcy Code, and applicable orders of the Court. Additionally, Veritas' services include: a) assisting the Debtors and CRO in the preparation and review of reports or filings as required by the Court or the U.S. Trustee, including, but not limited to, schedules of assets and liabilities, statement of financial affairs, and monthly operating reports; b) reviewing the Debtors' financial information, including, but not limited to, analyses of cash receipts and disbursements, financial statement items and proposed transactions for which Court approval is sought; c) reviewing and analyzing the Debtors' proposed business plans and the business and financial condition of the Debtors generally; d) assisting the Debtors and CRO in the preparation and review of necessary budgets and reports regarding cash collateral and any debtor-in-possession financing arrangements; e) reviewing and consulting with the Debtors and CRO regarding any maintenance proposals or capital expenditure opportunities proposed by the Debtors; f) reviewing and analyzing assumption and rejection issues regarding executory contracts and leases; g) assisting in evaluating reorganization strategy and alternatives available, including any asset sale transaction; h) assisting the Debtors and CRO in the preparation and review of enterprise, asset, and liquidation valuations; i) assisting the Debtors and CRO in the preparation and review of documents necessary for confirmation of any plan, proposed asset sales, and proposed use of cash and/or financing; j) assisting and advising the Debtors in negotiations and meetings with creditors and other parties-in-interest; k) assisting with the claims resolution procedures including, but not limited to, analyses of creditors' claims by type and entity; l) providing expert witness testimony regarding confirmation and/or transactional issues, avoidance actions or other matters; and m) other such functions as requested by the Debtors to assist in the Chapter 11 Cases. The firm's hourly rates are: Managing Director $500 to $675 Director $400 to $525 Associate $350 to $475 Senior Financial Analysts $350 to $475 Administrative Staff $100 to $200 The hourly rate for Mr. Bonjour shall be $650. The firm received an initial retainer on Nov. 4, 2025, 2025 in the amount of $10,000 and a second retainer on Nov. 5, 2025, in the amount of $5,000. Mr. Bonjour, managing director of Veritas, 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: Pablo Bonjour Southcoast Management Group, LLC d/b/a VERITAS Restructuring Group 925 S Mason Rd Ste 130 Katy, TX 77450-3874 Phone: (713) 255-2099 About RELLIS RELLIS Campus Data and Research Center, LLC and Optimus DataCenters, LLC are two non-operator entities owned by TenTech-3 Holdings, LLC, formed to develop and manage a data center on Texas A&M University's RELLIS Campus in Bryan, Texas. The RELLIS Campus, designed to foster innovation and technology for public and private sector applications, provides the setting for the planned facility along State Highway 21 on its northern side. The Debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 25-90666) on November 5, 2025. At the time of the filing, RELLIS listed between $10 million and $50 million in assets and liabilities while Optimus DataCenters listed between $10 million and $50 million in assets and up to $50,000 in liabilities. Judge Alfredo R Perez oversees the cases. The Debtors tapped Christopher Adams, Esq., at Okin Adams Bartlett Curry, LLP as legal counsel and Veritas Restructuring Group as restructuring and financial advisor. RHODIUM ENCORE: Urges Court to Confirm Chapter 11 Plan ------------------------------------------------------ Yun Park of Law360 Bankruptcy Authority reports that Rhodium Encore urged a Texas bankruptcy judge to sign off on its Chapter 11 plan, asserting that the restructuring blueprint has gained near-unanimous support from creditors even after a contentious bankruptcy process. The company highlighted that the plan promises to pay all creditors in full, a central reason it believes the court should approve it. The bitcoin miner argued that remaining challenges to confirmation lack merit and should not delay the case any further. According to Rhodium, the proposal offers the most viable route for resolving claims and moving the company forward after months of disputes. About Rhodium Encore Rhodium Encore LLC is a founder-led, Texas based, digital asset technology company utilizing proprietary tech to self-mine bitcoin. The Company creates innovative technologies with the goal of being the most sustainable and cost-efficient producer of bitcoin in the industry. Rhodium Encore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90448) on Aug. 24, 2024. In the petition filed by Michael Robinson, as co-CRO, Rhodium listed assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Bankruptcy Judge Alfredo R. Perez oversees the case. The Debtor tapped QUINN EMANUEL URQUHART & SULLIVAN, LLP, as counsel, and PROVINCE as restructuring advisor. RITE AID: Gets Chapter 11 Plan Court Confirmation ------------------------------------------------- Emlyn Cameron of Law360 reports that Rite Aid secured confirmation of its Chapter 11 reorganization plan in its ongoing bankruptcy case, marking a significant step toward its proposed restructuring. The approval follows months of negotiations with lenders, landlords, and other stakeholders amid the company's second trip through bankruptcy in recent years. Meanwhile, the U.S. Supreme Court declined to hear an appeal challenging whether the bankruptcy judge improperly allowed unsecured creditors to pursue certain claims. The high court's refusal leaves in place lower-court rulings on creditor standing as Rite Aid prepares to implement its newly confirmed plan. About Pine Gate Renewables, LLC Pine Gate Renewables, LLC develops, finances, constructs, and operates renewable energy projects across the United States. Founded in 2016, the Company manages an operational portfolio of more than two gigawatts of solar and storage assets and maintains a development pipeline exceeding 30 gigawatts. It has arranged and secured roughly $10 billion in project financing and capital investment and, through its wholly owned subsidiary ACT Power Services, provides operations and maintenance support for over seven gigawatts of third-party solar and storage facilities. Pine Gate Renewables sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90669) on November 6, 2025. In the petition signed by Ray Shem as president and chief financial officer, the Debtor disclosed estimated assets on a consolidated basis of $1 billion to $10 billion and estimated liabilities on a consolidated basis of $1 billion to $10 billion. One hundred nineteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Pine Gate Renewables, LLC (Lead Case) 25-90669 BF Dev Holdco Pledgor, LLC 25-90691 BF Dev Holdco, LLC 25-90694 Blue Northern Power, LLC 25-90697 Blue Ridge Power Holding Company, LLC 25-90703 Blue Ridge Power, LLC 25-90707 Blue Ridge Solar, LLC 25-90713 BRP Construction, Inc. 25-00008 BRP HBC Guarantor, LLC 25-00009 BRP HBC Holdco, LLC 25-00010 Cascade Dev Holdco, LLC 25-00011 Cascade NTP Holdco, LLC 25-00012 Cascade Pledgor, LLC 25-00013 Catalina Solar Borrower, LLC 25-00014 Catalina Solar Holdings, LLC 25-00015 FP 2021 Dev Holdco, LLC 25-00016 GA Solar 5, LLC 25-00017 GH Pledge Borrower, LLC 25-00018 Grande Holdco Borrower II, LLC 25-00019 Grande Holdco Borrower, LLC 25-00020 Grande Holdco, LLC 25-00021 Limewood Bell Renewables LLC 25-00022 Lotus Solar, LLC 25-00023 Magnolia Solar Development LLC 25-00024 NPA 2023 Holdco, LLC 25-90671 NPA PGR Blocker Holdco, LLC 25-90673 NPA Polaris DevCo Holdco, LLC 25-90675 NPA Polaris DevCo Pledgor, LLC 25-90678 NPA Polaris OpCo Holdco, LLC 25-90682 Old Hayneville Solar, LLC 25-00030 PG Dev Carver Holdco, LLC 25-90686 PGC Solar Holdings Holdco I, LLC 25-90698 PGC Solar Holdings Holdco II, LLC 25-90702 PGC Solar Holdings I Managing Member, LLC 25-90705 PGC Solar Holdings I, LLC 25-90708 PGR 2020 Lessor 7, LLC 25-90711 PGR 2021 Fund 13, LLC 25-00037 PGR 2021 Fund 17, LLC 25-00038 PGR 2021 Fund 18, LLC 25-00039 PGR 2021 Fund 4, LLC 25-00040 PGR 2021 Fund 9, LLC 25-00041 PGR 2021 Holdco 11, LLC 25-00042 PGR 2021 Holdco 12, LLC 25-00043 PGR 2021 Holdco 13, LLC 25-00044 PGR 2021 Holdco 15, LLC 25-00045 PGR 2021 Holdco 17, LLC 25-90670 PGR 2021 Holdco 18, LLC 25-90674 PGR 2021 Holdco 19, LLC 25-90676 PGR 2021 Holdco 4, LLC 25-00049 PGR 2021 Holdco 9, LLC 25-00050 PGR 2021 Manager 13, LLC 25-00051 PGR 2021 Manager 17, LLC 25-90685 PGR 2021 Manager 18, LLC 25-90687 PGR 2021 Manager 4, LLC 25-90679 PGR 2021 Manager 9, LLC 25-90680 PGR 2022 Fund 1, LLC 25-90689 PGR 2022 Fund 2, LLC 25-90690 PGR 2022 Fund 4, LLC 25-90693 PGR 2022 Fund 5, LLC 25-90695 PGR 2022 Fund 8, LLC 25-90696 PGR 2022 Fund 9, LLC 25-90699 PGR 2022 Holdco 1, LLC 25-90700 PGR 2022 Holdco 2, LLC 25-90704 PGR 2022 Holdco 8, LLC 25-90706 PGR 2022 Holdco 9, LLC 25-90709 PGR 2022 Manager 1, LLC 25-90712 PGR 2022 Manager 2, LLC 25-00067 PGR 2022 Manager 4, LLC 25-00068 PGR 2022 Manager 5, LLC 25-00069 PGR 2022 Manager 8, LLC 25-00070 PGR 2022 Manager 9, LLC 25-90672 PGR 2022 Sponsor Holdco, LLC 25-90677 PGR 2023 Fund 1, LLC 25-90681 PGR 2023 Fund 6, LLC 25-90688 PGR 2023 Holdco 1, LLC 25-90692 PGR 2023 Lessee 6, LLC 25-90701 PGR 2023 Manager 1, LLC 25-90710 PGR 2023 Manager 6, LLC 25-00078 PGR 2024 Sponsor Holdco, LLC 25-00079 PGR Blocker Holdco, LLC 25-00080 PGR Blue Ridge Power Holdings, LLC 25-00081 PGR Carver Holdco, LLC 25-00082 PGR CC Affiliate Purchaser LLC 25-00083 PGR Guarantor, LLC 25-00084 PGR Holdco GP, LLC 25-00085 PGR Holdco, LP 25-00086 PGR MS Affiliate Purchaser LLC 25-00087 PGR Procurement, LLC 25-00088 PGR Signature Fund 1 Manager, LLC 25-00089 Pine Gate Asset Management, LLC 25-00090 Pine Gate Assets, LLC 25-00091 Pine Gate Carver Holdings, LLC 25-00092 Pine Gate Dev Holdco, LLC 25-00093 Pine Gate Development, LLC 25-00094 Pine Gate Energy Capital, LLC 25-00095 Pine Gate EPC, LLC 25-00096 Pine Gate Fund Management, LLC 25-00097 Pine Gate O&M, LLC 25-00098 Polaris DevCo Borrower A, LLC 25-00099 Polaris DevCo Borrower B, LLC 25-00100 Polaris DevCo Pledgor A, LLC 25-00101 Polaris DevCo Pledgor B, LLC 25-00102 Polaris OpCo Borrower B, LLC 25-00103 Polaris OpCo Pledgor A, LLC 25-00104 Polaris OpCo Pledgor B, LLC 25-00105 PW Blocker Holdco, LLC 25-00106 PW Revolver Borrower, LLC 25-00107 Rio Lago Solar, LLC 25-90668 Solar Carver 1, LLC 25-00109 Solar Carver 3, LLC 25-00110 Stowe Solar, LLC 25-00111 Sunstone Solar 1, LLC 25-00112 Sunstone Solar 2, LLC 25-00113 Sunstone Solar 3, LLC 25-00114 Sunstone Solar 4, LLC 25-00115 Sunstone Solar 5, LLC 25-00116 Sunstone Solar 6, LLC 25-00117 Sunstone Solar, LLC 25-00118 West River Solar, LLC 25-00119 The Judge is Hon. Christopher M. Lopez. The Debtors' Bankruptcy Co-Counsel is Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, in Houston, Texas, and LATHAM & WATKINS LLP. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is LAZARD FRERES & CO. LLC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. RIVERA FAMILY: Case Summary & Seven Unsecured Creditors ------------------------------------------------------- Debtor: Rivera Family Investments, LLC 815 J Street, Ste. 202 San Diego, CA 92101 Business Description: Rivera Family Investments, LLC provides services related to real estate, including property management, real estate appraisal, and other support services. Chapter 11 Petition Date: November 30, 2025 Court: United States Bankruptcy Court Southern District of California Case No.: 25-05034 Judge: Hon. J Barrett Marum Debtor's Counsel: K. Todd Curry, Esq. CURRY ADVISORS, A PROFESSIONAL LAW CORPORATION 185 West F Street, Ste. 100 San Diego, CA 92101 Tel: (619) 238-0004 E-mail: tcurry@currylegal.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Randy Rivera as manager. A copy of the Debtor's list of seven unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/K42HFPA/Rivera_Family_Investments_LLC__casbke-25-05034__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KRZWRFQ/Rivera_Family_Investments_LLC__casbke-25-05034__0001.0.pdf?mcid=tGE4TAMA RT 1 CHICKEN: Case Summary & Six Unsecured Creditors ---------------------------------------------------- Debtor: Rt 1 Chicken LLC 53 Knightsbridge Road Suite 220 Piscataway NJ 08854 Business Description: Rt 1 Chicken LLC is a company engaged in restaurant and food-service operations that held a leasehold interest at 878 US Highway 1, Edison, New Jersey, with a franchise agreement involving Restaurant Brands International. Chapter 11 Petition Date: November 30, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-22709 Judge: Hon. Christine M. Gravelle Debtor's Counsel: Brett Silverman, Esq. SILVERMAN LAW PLLC 4 Terry Terrace Livingston NJ 07039 Tel: 646-779-7210 E-mail: brett@getconciergelaw.com Total Assets: $423,050 Total Liabilities: $2,334,868 The petition was signed by Bahadar Durrani as manager. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4KEUOGY/Rt_1_Chicken_LLC__njbke-25-22709__0001.0.pdf?mcid=tGE4TAMA RXO INC: S&P Alters Outlook to Negative, Affirms 'BB' ICR --------------------------------------------------------- S&P Global Ratings revised the outlook on RXO Inc. to negative from stable and affirmed its 'BB' issuer credit rating (ICR) on the company. S&P also affirmed its 'BB' issue-level rating, with a '3' recovery rating, on the unsecured notes. The negative outlook reflects the risk that any further deterioration in ongoing weak freight market conditions expected for 2026 could offset the assumed reduction in RXO's cost base, limiting improvement in the company's credit measures to levels S&P views as commensurate with its 'BB' ICR. S&P said, "We expect RXO Inc. will generate earnings and cash flow below our previous estimates for 2025 and 2026, and forecast its funds from operations (FFO)-to-debt ratio will be below our 20% downside rating threshold this year. "We expect operating performance will remain pressured from subdued freight demand through much of 2026, with earnings growth highly dependent on restructuring cost containment and synergies from RXO's Coyote Logistics integration. "RXO's credit measures are weak for the rating, and a recovery is uncertain amid continuing freight market softness. We expect RXO to generate operating results below our previous estimates, underpinned by persistently subdued freight market demand that contributed to credit measures that are weak for the rating this year. We now estimate the company's FFO-to-debt ratio at about 16% in 2025, which breaches the 20% downside threshold for our rating on RXO. We assume this ratio will improve to just over 20% in 2026, which incorporates lower Coyote-related restructuring costs (estimated at about $54 million for 2025) and synergies that are expected to lead to higher earnings and cash flow. However, we do not envision material near-term improvement and there is no visibility regarding the timing of an eventual strengthening in freight market conditions. Therefore, we believe there is at least a one-in-three chance we could lower the rating over the next 12 months. "RXO experienced significant volume declines throughout 2025 in its full truckload brokerage segment beyond our previous estimates, stemming primarily from management's efforts to maintain pricing integrity amid a period of protracted soft freight demand and relatively flat (and low) prices year over year. In addition, cost synergies associated with the company's Coyote integration were not sufficient to mitigate the impact of broader market demand pressure. RXO's last-mile business has realized strong growth in stops over the past five quarters, but not enough to offset pressure in truckload brokerage. Moreover, its high-margin automotive expedite-managed transportation business has softened significantly from 2024. We now assume another year of even lower profitability, including gross margins for 2025 at just over 16.0%, down from about 17.0% in 2024 and 18.5% in 2023. This revision follows a 90-basis-point sequential compression in third-quarter brokerage gross margins to 13.5%, caused by an intensification in regulatory actions--particularly non-domiciled commercial drivers license cancellations and stricter enforcement of English-language proficiency requirements--during late third-quarter-2025, leading to some trucking capacity exiting and exerting upward pressure on RXO's purchased transportation costs for the remainder of the year. "In our view, rating risk has increased due to the company's sensitivity to modest underperformance to our earnings and cash flow forecasts. There are no signs of an imminent freight market recovery from the current downturn, which has lasted well beyond what we (and the market) had anticipated. In the absence of stronger demand, we believe RXO will have limited opportunities to benefit from an increase in spot loads that offer higher margins during strong market conditions. In addition, with purchased transportation costs expected to rise further from continuation of regulatory actions causing more trucking capacity to exit, we anticipate profitability will remain pressured. We also consider the potential for further downside to margins should upcoming brokerage business contract renewals not yield adequate rate increases amid the persistent demand-supply imbalances. "There is a path for RXO to improve its credit profile. We estimate the company will generate an FFO-to-debt ratio just above 20% by year-end 2026, but with a limited downside rating buffer to underperformance compared with our estimates. The bulk of operational integration with Coyote is largely complete, and we expect RXO to realize incremental cost synergies and incur meaningfully reduced restructuring expenses that have constrained its EBITDA in 2025. In addition, we also expect further cost-containment measures recently identified by management to further reduce costs and enhance operational efficiency. Collectively, we believe these initiatives have the potential to improve RXO's 2026 EBITDA and FFO by approximately $40 million–$45 million—taking FFO-to-debt ratio about 6 percentage points above 2025 levels. "We think RXO could capture meaningful upside when demand recovers. The company's brokerage segment is currently composed of about 70% contractual loads, with spot volumes representing the remaining 30%. We anticipate this mix to shift toward a higher proportion of spot activity once freight demand improves, routing guides begin to break, and elevated carrier rejection rates increase spot-market sourcing. Such conditions typically prompt shippers to issue special projects and mini-bids, which generally yield superior gross margins per load. RXO is poised to benefit from this dynamic, supported by its long-standing relationships with large enterprise shippers and its continued servicing of contractual freight during this period of weak demand--even at compressed margins--while maintaining its load rejection rates below industry averages. "The negative outlook reflects the risk that any further deterioration in ongoing weak freight market conditions expected for 2026 could offset the assumed reduction in RXO's cost base, limiting the improvement in the company's credit measures to levels we view as commensurate with the rating." S&P could lower its ratings on RXO if it fails to restore its FFO to debt to above 20% over the next 12 months. This could occur if: -- Weak freight market conditions persist through 2026 with no sign of improving; -- The company incurs higher-than-expected integration and restructuring costs to an extent that impede a recovery in its earnings and cash flow; or -- RXO pursues significant debt-funded acquisitions or shareholder returns. S&P could revise the outlook on RXO to stable if FFO to debt trends above 20% and we expect it to reach and remain above that level. This could occur if: -- Modest improvement in freight market conditions that S&P views as sustainable enable RXO to generate earnings and cash flow growth from higher volumes and/or improved pricing; and -- The company manages to reduce restructuring costs and successfully realizes cost synergies as it operates with Coyote as a unified entity. SCHILLER PARK: Seeks to Extend Plan Exclusivity to Dec. 31 ---------------------------------------------------------- Schiller Park Hospitality LLC asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 31, 2025 and March 1, 2026, respectively. The instant bankruptcy proceeding was filed under Chapter 11 of the Bankruptcy Code on January 30, 2025. The Debtor explains that the new requested extension dates of December 31, 2025, and March 1, 2026, are well within the time limitations set by Section 1121(d) of the Bankruptcy Code. The Debtor claims that the sale of its principal asset closed on September 26, 2025 and was funded on September 29, 2025. The extension of times for both deadlines will not prejudice any creditors or the United States Trustee. Schiller Park Hospitality, LLC: Paul M. Bach, Esq. Penelope N. Bach, Esq. Bach Law Offices, Inc. P.O. BOX 1285 Northbrook, IL 60062 Telephone: (847) 564 0808 About Schiller Park Hospitality Schiller Park Hospitality, LLC, a company in Skokie, Ill., filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-01447) on Jan. 30, 2025, listing between $10 million and $50 million in both assets and liabilities. The petition was signed by Amin Amdani as managing member. Judge David D Cleary oversees the case. The Debtor is represented by Paul M. Bach, at Bach Law Offices. CRE Bridge Capital, LLC, as lender, is represented by Harold D. Israel, Esq. of Levenfeld Pearlstein, LLC. SCILEX HOLDING: Inks $20.4MM Warrant Inducement Agreement --------------------------------------------------------- Scilex Holding Company, disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 23, 2025, the Company entered into a Warrant Inducement Agreement with a certain institutional investor, pursuant to which the Investor agreed to exercise: (i) a warrant to purchase shares of common stock, par value $0.0001 per share, of the Company issued to the Investor on April 25, 2024, which is currently exercisable for 428,572 shares and has an exercise price of $38.50 per share and (ii) a warrant to purchase shares of Common Stock issued to the Investor on December 13, 2024, which is currently exercisable for 475,824 shares and has an exercise price of $22.72 per share. As consideration for the Exercise, the Company agreed to: (i) Reduce the exercise price of the Existing Warrants to $22.51 per share and (ii) issue to the Investor a new unregistered warrant to purchase up to an aggregate of 1,356,594 shares of Common Stock with an exercise price of $29.00 per share in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933. The November 2025 Warrant shall be immediately exercisable and in certain circumstances may be exercised on a cashless basis. The November 2025 Warrant shall expire five years from the date of its issuance. The Exercise Price of the November 2025 Warrant shall be subject to adjustment for any stock split, stock dividend, stock combination, recapitalization or similar event. Pursuant to the terms of the Warrant Inducement Agreement, the Company agreed to file a resale registration statement on Form S-3 (or other appropriate form, including on Form S-1, if the Company is not then S-3 eligible) within 45 days of the date of the Warrant Inducement Agreement with respect to the November 2025 Warrant and the shares of Common Stock issuable upon exercise thereof. The holder of the November 2025 Warrant shall not have the right to exercise any portion of a November 2025 Warrant to the extent that, after giving effect to such exercise, the holder (together with certain related parties) would beneficially own in excess of 4.99% of shares of Common Stock outstanding immediately after giving effect to such exercise. The Maximum Percentage may be raised or lowered to any other percentage not in excess of 9.99%, at the option of the holder, except that any increase will only be effective upon 61 days' prior notice to the Company. The November 2025 Warrant shall prohibit the Company from entering into specified fundamental transactions unless the successor entity (subject to certain exceptions) assumes all the Company's obligations under the November 2025 Warrant under a written agreement before the transaction is completed. Upon specified corporate events, the November 2025 Warrant holder will thereafter have the right to receive upon an exercise such shares, securities, cash, assets or any other property whatsoever which the holder would have been entitled to receive upon the happening of the applicable corporate event had the November 2025 Warrant been exercised immediately prior to the applicable corporate event. When there is a transaction involving specified changes of control, the holder of the November 2025 Warrant will have the right to force the Company to repurchase such holder's November 2025 Warrant for a purchase price in cash equal to the Black Scholes value, as calculated under the November 2025 Warrant, of the then unexercised portion of the November 2025 Warrant. Rodman & Renshaw LLC and StockBlock Securities LLC are acting as the exclusive placement agents for the Exercise. Pursuant to the terms of an engagement agreement by and between the Company and StockBlock, dated as of March 22, 2024, the Company has agreed to pay a cash fee equal to 8.0% of the aggregate gross proceeds from the Exercise and to reimburse certain expenses. The Company has also agreed to issue the placement agents or their designees, warrants to purchase up to an aggregate of 72,352 shares of Common Stock. The Placement Agent Warrants have substantially the same terms as the November 2025 Warrant, including exercise price and expiration. The Warrant Inducement Agreement contains other customary provisions, including representations and warranties of the Company and the Investor. Full-text copies of the Warrant Inducement Agreement, the form of November 2025 Warrant, and the form of Placement Agent Warrant are available at https://tinyurl.com/epsxfuyr, https://tinyurl.com/2patdec4, and https://tinyurl.com/23pywk94, respectively. About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain, and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Scilex Holding had $83.76 million in total assets, $332.74 million in total liabilities, and a total stockholders' deficit of $248.99 million. SITEL GROUP: Palmer Square Marks $2.9MM 1L Loan at 49% Off ---------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $2,961,440 loan extended to Sitel Group to market at $1,508,987 or 51% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Sitel Group. The loan accrues interest at a rate of 8.03% (S +CSA + 3.75%) per annum. The loan matures on August 28, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collaterized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Sitel Group Sitel Group has rebranded to Foundever, a global customer experience (CX) company that provides outsourcing services, digital solutions, and technology for brands. SKYLINE TOWER: Seeks to Hire Omni Agent Solutions as Claims Agent ----------------------------------------------------------------- Skyline Tower Resort Vacation Condominium Association Inc. d/b/a The Boardwalk Brew seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Omni Agent Solutions, Inc. as claims, noticing, and solicitation agent. Omni will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Omni an advance payment in the amount of $15,000. Paul Deutch, an executive vice president at Omni, 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: Paul Deutch Omni Agent Solutions, Inc. 1120 Avenue of the Americas, 4th Floor New York, NY 10036 Telephone: (212) 302-3580 Facsimile: (212) 302-3820 About The Boardwalk Brew Skyline Tower Resort Vacation Condominium Association Inc. d/b/a The Boardwalk Brew filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-22156) on November 15, 2025, listing $10 million to $50 million in assets and $500,000 to $1 million in liabilities. The petition was signed by Sheama Holmes-Walker as president. Judge Andrew B Altenburg Jr presides over the case. David S. Catuogno, Esq. at K&L Gates LLP serves as the bankruptcy counsel. SRX HEALTH: Boosts Authorized Common Shares to 5 Billion from 200MM ------------------------------------------------------------------- SRx Health Solutions, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 19, 2025, it filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware. The amendment was approved by the Company's stockholders on October 8, 2025 upon the recommendation of the Board of Directors. The amendment increases the number of authorized shares of the Company's capital stock. Specifically, the Certificate of Amendment provides that the total number of shares of common stock, par value $0.001 per share, that the Company is authorized to issue is increased from 200,000,000 shares to 5,000,000,000 shares. The number of shares of preferred stock, par value $0.001, per share that the Company is authorized to issue remains 4,000,000. The Certificate of Amendment became effective upon filing with the Secretary of State on November 19, 2025. A full-text copy of the Certificate of Amendment is available at https://tinyurl.com/y472ubn7 About SRx Health Solutions, Inc. SRx Health Solutions, Inc. formerly known as Better Choice Company Inc., -- https://srxhealth.com/ -- is an integrated Canadian healthcare services provider that operates within the specialty healthcare industry. The SRx network extends across all ten Canadian provinces, making it one of the most accessible providers of comprehensive, integrated, and customized specialty healthcare services in the country. SRx combines years of industry, knowledge, technology, and patient-centric focus to create strategies and solutions that consistently exceed client expectations and drive critical patient care initiatives aimed to improve the wellness of Canadians. Tampa, Fla.-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred significant losses and has an accumulated deficit and may need to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $33.99 million in total assets, $79.87 million in total liabilities, and $45.88 million in total stockholders' deficit. STAKEHOLDER MIDSTREAM: S&P Places 'B+' ICR on CreditWatch Positive ------------------------------------------------------------------ S&P Global Ratings placed its 'B+' issuer credit rating and 'BB-' issue-level ratings on Stakeholder Midstream LLC on CreditWatch with positive implications. The CreditWatch reflects the likelihood that S&P will raise the ratings after the acquisition closes in the first quarter of 2026. On Dec. 1, 2025, Targa Resources Corp. announced a definitive agreement to acquire Stakeholder Midstream LLC in an all-cash transaction valued at approximately $1.25 billion. S&P said, "We placed our ratings on Stakeholder on CreditWatch positive following its announced acquisition by Targa Resources for $1.25 billion cash. We expect to raise the ratings when the transaction closes. "The CreditWatch positive reflects the likelihood that we will raise our ratings on Stakeholder following its acquisition by Targa Resources. We expect to resolve the CreditWatch at or near the close of the transaction, which we expect in the first quarter of 2026. We expect that Targa will fully integrate Stakeholder into its business." STAR ISLAND: Seeks to Hire K&L Gates LLP as Bankruptcy Co-Counsel ----------------------------------------------------------------- Star Island Vacation Ownership Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire K&L Gates LLP as bankruptcy co-counsel. The firm's services include: (a) advising Debtor with respect to its rights, powers, and duties as debtor-in- possession in the continued management and operation of its business and assets, as well as management of the Property; (b) advising Debtor with respect to the conduct of the Chapter 11 Case, including all legal and administrative requirements imposed by the Bankruptcy Code and Bankruptcy Rules; (c) taking all necessary actions to protect and preserve Debtor's estate, including the prosecution of actions on Debtor's behalf, the defense of any actions commenced against Debtor, the negotiation of disputes in which Debtor is involved, and the preparation of objections to claims filed against Debtor's estate; (d) preparing on behalf of Debtor all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of Debtor's estate; (e) taking all necessary actions in connection with any chapter 11 plan and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of Debtor's estate; (f) appearing before the Court and any other courts to represent the interests of Debtor's estate; (g) attending meetings and representing Debtor in negotiations with representatives of creditors and other parties-in-interest; (h) negotiating and preparing documents and pleadings relating to the disposition of assets as requested by Debtor, including in connection with the marketing and sale of Debtor's interest in the Property together with the interests of all Association Members in the Property; (i) advising Debtor on transactions and matters relating to any sale of Debtor's assets, including the Association Interest together with the interests of all Association Members in the Property; and (j) performing such other legal services for Debtor as may be necessary and appropriate in the administration of these Chapter 11 Case, including: (i) analyzing Debtor's leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against Debtor's assets; and (iii) advising Debtors on corporate matters and governance issues. The firm's current hourly rates are: Jeffrey T. Kucera, Partner $1,080 Margaret R. Westbrook, Partner $875 Daniel M. Eliades, Partner $765 William Waldman, Partner $760 Jennifer Mazawey, Partner $715 Peter J. D'Auria, Counsel $760 Carly Everhardt, Associate $755 Jonathan N. Edel, Associate $685 Ryan W. DeSimone, Associate $480 Joy M. VanDerWeert, Paralegal $360 Kyra Swinney-Darby, Paralegal $360 K&L Gates received a $50,000 retainer. As disclosed in the court filings, K&L Gates is a "disinterested person” as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel M. Eliades, Esq. K&L GATES LLP One Newark Center, Tenth Floor Newark, NJ 07102 Telephone: (973) 848-4000 E-mail: daniel.eliades@klgates.com About Star Island Vacation Ownership Association Star Island Vacation Ownership Association, Inc. operates as a real estate brokerage and agency in Kissimmee Fla., facilitating the buying, selling, and rental properties. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07207) on November 6, 2025, with $10 million to $50 million in assets and $1 million to $10 million in liabilities. Jeannine Rodriguez, president, signed the petition. Judge Grace E. Robson presides over the case. R. Scott Shuker, Esq., at Shuker & Dorris, P.A. represents the Debtor as legal counsel. TAEHYUN HOLDINGS: Involuntary Chapter 11 Case Summary ----------------------------------------------------- Alleged Debtor: Taehyun Holdings, LLC 7020 Columbia Gateway Drive Columbia MD 21046 Involuntary Chapter 11 Petition Date: December 1, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-21244 Petitioner's Counsel: David S. Musgrave, Esq. GORDON FEINBLATT LLC 1001 Fleet Street, Suite 700 Baltimore MD 21202 Tel: 410-576-4194 E-mail: dmusgrave@gfrlaw.com A full-text copy of the Involuntary Petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DJD5TTI/Taehyun_Holdings_LLC__mdbke-25-21244__0001.0.pdf?mcid=tGE4TAMA Alleged creditor who signed the petition: Petitioner Nature of Claim Claim Amount ARBA Credit Investors III, L.P. Money Loaned $25,287,020 161 Washington Street, Suite 1525 Conshohocken PA 19428 TEGNA INC: Approves Merger Agreement with Nexstar Media Group ------------------------------------------------------------- TEGNA Inc., held a special meeting of stockholders on November 18, 2025. A definitive proxy statement on Schedule 14A with respect to the Special Meeting was filed with the U.S. Securities and Exchange Commission on October 10, 2025. At the close of business on October 10, 2025, the record date of the Special Meeting, TEGNA had 161,056,789 shares of common stock, par value $1.00 per share issued and outstanding. The holders of a total of 136,860,694 shares of Common Stock were present at the Special Meeting, either in person or by proxy, representing approximately 84.97% of the shares of Common Stock issued and outstanding and entitled to vote, which constituted a quorum for the purpose of the Special Meeting. Final voting results with respect to each of the proposals, including the number of votes cast for and against, and the number of abstentions: 1. A proposal to approve the adoption of the Agreement and Plan of Merger, dated as of August 18, 2025, by and among TEGNA, Nexstar Media Group, Inc. and Teton Merger Sub, Inc. For: 133,763,880 Against: 2,887,840 Abstain: 208,974 2. A proposal to approve, on an advisory (non-binding) basis, the compensation that may be paid or become payable to TEGNA's named executive officers that is based on or otherwise related to the Merger Agreement and the transactions contemplated by the Merger Agreement. For: 21,531,139 Against: 114,148,241 Abstain: 1,181,314 In connection with the Special Meeting, TEGNA also solicited proxies with respect to the adjournment of the Special Meeting, if necessary or appropriate to solicit additional proxies if there were insufficient votes to adopt the Merger Agreement at the time of the Special Meeting. Given that there was a quorum present and there were sufficient proxies at the time of the Special Meeting to adopt the Merger Agreement, the proposal was not presented at the Special Meeting. Completion of the transactions contemplated by the Merger Agreement remains subject to the satisfaction of customary closing conditions, including the receipt of certain regulatory approvals. The transaction is expected to close by the second half of 2026, subject to regulatory approvals and other customary closing conditions. Upon closing, TEGNA will become a subsidiary of Nexstar Media Group, Inc., and its shares will no longer be traded on the New York Stock Exchange. About TEGNA Headquartered in Tysons Corner, Virginia, TEGNA Inc. (NYSE: TGNA) is an American publicly traded broadcast, digital media and marketing services company. It was created on June 29, 2015, when the Gannett Company split into two publicly traded companies. In August 2025, S&P Global Ratings placed all its ratings on U.S. TV broadcaster TEGNA Inc., including its 'BB+' issuer credit rating, on CreditWatch with negative implications. S&P expects to resolve the CreditWatch placement or discontinue its ratings on the company once the proposed acquisition closes, depending on whether any of its rated debt remains outstanding. TELLICO RENTALS: Seeks to Hire RE/MAX Excels as Realtor ------------------------------------------------------- Tellico Rentals, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ Zach Miller of RE/MAX Excels as realtor. The firm will sell the Debtor's real property commonly known as 179 Rafter Rd, Tellico Plains, Monroe County, TN 37385, Parcel ID 146 093.02 and that the court fix the compensation rate at 2.5 percent of the sales price. Mr. Miller of RE/MAX Excels assured the court that he is a "disinterested person" within the meaning of 11 U.S.C. 101(14). Mr. Miller can be reached at: Zach Miller ReMax Excels 200 Lakeside Plaza Loudon, TN 37774 Direct: (865) 224-1396 About Tellico Rentals, LLC Tellico Rentals, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-31173) on June 19, 2025, listing up to $10 million in both assets and liabilities. Mohit Mankad, Tellico manager, signed the petition. Judge Suzanne H. Bauknight oversees the case. Edward J. Shultz, Esq., at Tarpy, Cox, Fleishman & Leveille, PLLC represents the Debtor as legal counsel. TONIX PHARMACEUTICALS: Increases A.G.P. ATM Offering to $400MM -------------------------------------------------------------- Tonix Pharmaceuticals Holding Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 21, 2025, the Company amended its Sales Agreement with A.G.P./Alliance Global Partners, dated as of June 11, 2025, to allow for an increase to the maximum aggregate offering price of shares issuable under the Sales Agreement. Pursuant to the Amendment No. 1 to Sales Agreement, the Company increased the maximum aggregate offering price of the shares issuable under the Sales Agreement from $150,000,000 to $400,000,000. A full--text copy of the Amendment No. 1 is available at https://tinyurl.com/37teyt46 A copy of the legal opinion as to the legality of the shares issuable under the Sales Agreement is available at https://tinyurl.com/4vhe7rvk About Tonix Pharmaceuticals Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully integrated biopharmaceutical company focused on developing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. As of September 30, 2025, the Company had $252.4 million in total assets, $21.3 million in total liabilities, and $231.1 million in total stockholders' equity. Iselin, N.J.-based EisnerAmper LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2025, citing that the Company has continuing losses and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. TRAVEL + LEISURE: S&P Rates Proposed $870 Million Term Loan 'BB-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating (the same as its long-term issuer credit rating) and '4' recovery rating to Travel + Leisure Co.'s proposed $870 million term loan due 2029. The '4' recovery rating indicates S&P's expectation for average (30%-50%; rounded estimate: 45%) recovery for lenders in the event of a default. The company intends to use the proceeds from this offering to reprice its outstanding $870 million term loan. All our existing ratings on Travel + Leisure Co. are unchanged. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- The company's senior secured credit facility comprises a $1 billion revolver and an $869 million outstanding term loan B due 2029. Travel + Leisure's capital structure also includes $650 million of senior secured notes due 2026, $400 million of senior secured notes due 2027, $650 million of senior secured notes due 2029, $350 million of senior secured notes due 2030, and $500 million of senior secured notes due 2033. -- S&P's 'BB-' issue-level rating and '4' recovery rating on the proposed term loan reflect its expectation for average (30%-50%; rounded estimate: 45%) recovery for lenders in the event of a default. -- S&P's simulated default scenario contemplates a payment default in 2029 stemming from the loss of key exclusivity contracts in the exchange business with timeshare operators and management contracts with homeowner associations, an overall decline in the popularity of timeshares as a vacation alternative, a severe economic downturn and tightening of the consumer credit markets, and illiquidity in the financial markets for timeshare securitizations and conduit facilities. S&P assumes the company would reorganize following default and use an emergence EBITDA multiple of 6.5x to value it. -- S&P incorporates its standard assumption that the revolver is 85% drawn for the purposes of our hypothetical default scenario and this recovery analysis. Simulated default assumptions -- Emergence EBITDA: $334 million -- EBITDA multiple: 6.5x -- Revolving corporate credit facility: 85% drawn at default Simplified waterfall -- Gross recovery value: $2.17 billion -- Net recovery value for waterfall after 5% administrative expenses: $2.06 billion -- Obligor/nonobligor valuation split: 100%/0% -- Total value available for senior secured debt: $2.06 billion -- Estimated senior secured debt claim: $4.35 billion --Recovery expectations: 30%-50% (rounded estimate: 45%) Note: All debt amounts include six months of prepetition interest. TRUE LOUNGE: Seeks to Hire Elite Tax & Accounting as Accountant --------------------------------------------------------------- True Lounge, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Elite Tax & Accounting, LLC as accountant. The firm will prepare the Monthly Operating Reports, yearly tax returns, and any other accounting services needed. The firm will receive a monthly fee of $300. Fee includes monthly financial processing, monthly and quarterly sales tax reporting. The yearly tax return will be a extra charge at $1,200 per tax return. Elite Tax & Accounting is a disinterested person under 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Catherine Spruill, EA Elite Tax & Accounting, LLC 3917 Southside Blvd Jacksonville, FL 32216 Office Phone: (904) 404-1769 Cell Phone: (904) 248-0529 Facsimile: (904) 800-5744 Email: D@elitetaxpro.com About True Lounge, Inc. True Lounge, Inc. operates as a restaurant, bar, and lounge at 82-88 Orchard Street, Newark, New Jersey, offering live music, comedy, and entertainment events. True Lounge, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-18597) on August 15, 2025, listing $2,085,100 in assets and $1,811,117 in liabilities. The petition was signed by Catherine Spruill as president. Judge John K Sherwood presides over the case. Carol L. Knowlton, Esq. at Gorski And Knowlton PC represents the Debtor as counsel. TRUTANKLESS INC: Narrows Net Loss to $918,110 in 2025 Q3 -------------------------------------------------------- Trutankless, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $918,110 for the three months ended September 30, 2025, compared to a net loss of $3,420,112 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $3,758,712, compared to a net loss of $4,908,865 for the same period in 2024. Net sales for the three months ended September 30, 2025 and 2024, were $223,950 and $179,701, respectively. For the nine months ended September 30, 2025 and 2024, the Company had net sales of $748,491 and $191,285, respectively. As of September 30, 2025, the Company had $3,343,211 in total assets, $12,668,576 in total liabilities, and $9,325,365 in total stockholders' deficit. The Company has not generated sufficient revenues from product sales to provide sufficient cash flows to enable the Company to finance its operations internally. As of September 30, 2025, the Company had $32,622 cash on hand. On September 30, 2025, the Company had an accumulated deficit of $80,860,681. For the nine months ended September 30, 2025, the Company had cash used in operations of $2,396,845. These factors raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. The Company's ability to continue as a going concern is dependent on the Company's ability to generate revenues and raise capital. Over the next 12 months, management plans to raise additional capital and to invest its working capital resources in sales and marketing in order to increase the distribution and demand for its products. However, there is no guarantee the Company will generate sufficient revenues or raise capital to continue operations. If the Company fails to generate sufficient revenue and obtain additional capital to continue at its expected level of operations, the Company may be forced to scale back or discontinue its sales and marketing efforts. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/w56va8b2 About Trutankless, Inc. Trutankless, Inc. is involved in sales, marketing, research and development of a high quality, whole-house, smart electric tankless water heater that is more energy efficient than conventional products. Management anticipates the Company's trutankless water heater, with Wi-Fi capability and Trutankless' proprietary apps offered in the iOS and Android store, will augment existing products in the home automation space. As of June 30, 2025, the Company had $3,628,921 in total assets, $12,057,176 in total liabilities, and $8,428,255 in total stockholders' deficit. Houston, Texas-based Victor Mokuolu, CPA PLLC, the Company's auditor since 2004, issued a "going concern" qualification in its report dated August 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that as of December 31, 2024, and December 31, 2023 (restated), the Company had an accumulated deficit of $77,101,969, and $66,915,867 respectively. The Company has not established sufficient revenue to cover its operating costs for the next 12 months. These factors raise substantial doubt about its ability to continue as a going concern. US SIKH: Seeks to Hire Farsad Law Office as Bankruptcy Counsel -------------------------------------------------------------- US Sikh Transport seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Farsad Law Office, P.C. as its general bankruptcy counsel. The firm's services include: 1. advising the Debtor on bankruptcy duties and obligations; 2. preparing necessary schedules, statements, monthly operating reports, and the Plan of Reorganization; 3. representing the Debtor in hearings negotiations, and communications with creditors and the Subchapter V Trustee; 4. preparing and responding to motions, applications, and objections as required. The firm's billing rates are: Arasto Farsad (Managing Partner) $400/hour Nancy Weng (Partner) $400/hour Paralegals $100/hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $30,738 from the Debtor. Mr. Farsad disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Arasto Farsad, Esq. Farsad Law Office, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Telephone: (408) 641-9966 Facsimile: (408) 866-7334 Email: af@farsadlaw.com About US Sikh Transport US Sikh Transport operates as an interstate freight carrier based in Fresno, California. US Sikh Transport sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-13801) on November 11, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jennifer E. Niemann handles the case. The Debtor is represented by Arasto Farsad, Esq. VALMONT HOLDINGS: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Valmont Holdings Inc 9663 Santa Monica Blvd #867 Beverly Hills CA 90210 Business Description: Valmont Holdings Inc engages in real estate development and management, focusing on its primary property at 27417 Park Vista Rd in Agoura Hills, California, which is valued at approximately $6 million. Chapter 11 Petition Date: December 1, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-20756 Judge: Hon. Barry Russell Debtor's Counsel: Gary Kurtz, Esq. LAW OFFICE OF GARY KURTZ 5126 Clareton Dr., Suite 208 Agoura Hills CA 91301-4529 Tel: 747-222-7559 Fax: 747-222-7339 E-mail: gary@garykurtzlaw.com Total Assets: $6,000,000 Total Debts: $4,261,187 The petition was signed by Moet Fawaz as chief executive officer. The Debtor declared in the petition that there are no unsecured creditors A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CS4OPYQ/Valmont_Holdings_Inc__cacbke-25-20756__0001.0.pdf?mcid=tGE4TAMA VIVAKOR INC: Noteholders Convert $180,467 to 2.92 Million Shares ---------------------------------------------------------------- Vivakor, Inc. on November 19, 2025 and November 20, 2025, received Notices of Conversion from two noteholders converting an aggregate of $180,467.07 of the principal amount and interest due under the Notes into 2,920,639 shares of the Company's common stock. Between May 14, 2025 and May 19, 2025, Vivakor, Inc. issued convertible promissory notes, to several accredited investors, in the aggregate principal amount of $575,000 in connection with a Securities Purchase Agreement entered into by and between the Company and the Holders. The Company received $500,000, before fees. Pursuant to the terms of the Note and the Holders' Notices of Conversion, the Company issued the Holders' Shares. The Holders' Shares were issued without a Rule 144 restrictive legend pursuant to a legal opinion received by the Company and its transfer agent. The issuances of the foregoing securities were exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holder is an accredited investor and familiar with the Company's operations. About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of the financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. WCB REALTY: Seeks Cash Collateral Access ---------------------------------------- WCB Realty Company, LLC asks the U.S. Bankruptcy Court for the Northern District of Alabama, Southern Division, for authority to use cash collateral and provide adequate protection. The Debtor primarily generates income through property flipping and rental income. However, prior to filing, the Debtor experienced significant financial setbacks due to high interest rates on short-term loans and a cooled mortgage market, which slowed its property flipping operations and reduced revenue. In September 2024, the Debtor obtained a loan from CB&S Bank to purchase property at 9000 Parkway East, Birmingham, Alabama, which was secured by an Assignment of Rents and Leases and a UCC-1 filing, giving the bank a purchase money security interest in the property and associated records. The Debtor seeks court authorization to use cash collateral to fund ongoing business operations, pay ordinary and necessary post-petition expenses, statutory fees, and fees of professionals retained under sections 330 and 331. As adequate protection for CB&S Bank's interests, the Debtor proposes granting the bank a replacement lien on all post-petition accounts and accounts receivable, deemed automatically perfected as of the petition date, subordinate only to statutory fees and allowed professional fees. The replacement lien ensures that the bank's secured interests are maintained and protected from diminution resulting from the Debtor’s use of cash collateral. The Debtor asserts that without authority to use cash collateral, it would be forced to cease operations, effectively ending any prospects of reorganization. A copy of the motion is available at https://urlcurt.com/u?l=caK07T from PacerMonitor.com. CB&S Bank is represented by: William M. Hancock, Esq. Wolfe, Jones, Wolfe, Hancock, Daniel & South LLC 905 Bob Wallace Avenue SW Huntsville, AL 35801 Phone: (256) 534-2205 bankruptcy@wolfejones.com About WCB Realty Company LLC WCB Realty Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala., Case No. 25-03529) on November 18, 2025. In its petition, the Debtor reports estimated assets of $1 million-$10 million and liabilities of the same range. Honorable Bankruptcy Judge Tamara O. Mitchell handles the case. The Debtor is represented by Robert C. Keller, Esq., Russo, White & Keller. WELCOME GROUP: Affiliate Seeks to Extend Cash Collateral Access --------------------------------------------------------------- Dayton Hotels 2, LLC, an affiliate of Welcome Group 2, LLC, seeks another extension from the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division at Columbus, to use cash collateral. The Debtor seeks court approval to continue using cash collateral through March 16, 2026, pursuant to a revised cash collateral budget to fund operations. The Debtor previously obtained authorization to access cash collateral under the court's November 19 order, which expires on December 15. This order required the Debtor to pay $12,000 per month to RSS WFCM2019-C50–OH WG2, LLC. In its latest motion, the Debtor proposes to provide the RSS with adequate protection, including replacement liens and adherence to the revised budget, which maintains the required adequate protection payments. RSS, represented by Rialto Capital Advisors, LLC, is the Debtor's secured lender. The lender has not yet consented to continued use of its cash collateral and has an objection pending. A copy of the motion is available at https://urlcurt.com/u?l=ApVgXP from PacerMonitor.com. Secured lender RSS WFCM2019-C50 - OH WG2, LLC, is represented by: Tami Hart Kirby, Esq. Walter Reynolds, Esq. Porter Wright Morris & Arthur LLP One South Main Street, Suite 1600 Dayton, OH 45402-2028 Telephone: (937) 449-6721 Facsimile: (937) 449-6820 tkirby@porterwright.com wreynolds@porterwright.com About Welcome Group 2 Welcome Group 2, LLC, Hilliard Hotels, LLC and Dayton Hotels, LLC own hotels and are headquartered at 5955 E. Dublin Granville Road, New Albany, Ohio. Debtor Hilliard Hotels owns the Hampton Inn-Sidney, a Hilton property. Welcome Group 2 and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 23-53043) on Sept. 1, 2023. At the time of the filing, Welcome Group 2 listed between $1 million and $10 million in assets and liabilities. Judge Mina Nami Khorrami oversees the cases. The Debtors tapped Denis E. Blasius, Esq., at Thomsen Law Group, LLC, as bankruptcy counsel and Contemporary Business Solutions, Inc. as accountant. On April 10, 2025, the court approved the appointment of Patricia B. Fugee as Chapter 11 examiner in the Debtor's cases. WEST TECHNOLOGY: S&P Alters Outlook to Neg., Affirms 'CCC+' ICR --------------------------------------------------------------- S&P Global Ratings revised its outlook on Islandia, N.Y.-based global technology service provider West Technology Group LLC to negative from stable and affirmed its 'CCC+' issuer credit rating. S&P said, "In addition, we lowered our issue-level rating on West's first-lien debt to 'CCC+' from 'B-' and revised the recovery rating to '3' from '2' to reflect weaker business prospects. The '3' recovery rating indicates our expectation for meaningful (50%-70%: 50%) recovery in the event of payment default. "The negative outlook reflects the potential for a lower rating if we believe a default or restructuring is likely within the next 12 months." West Technology Group LLC faces heightened competition, which has pressured earnings and kept leverage elevated above 10x. S&P said, "We believe it will be challenging for West Technology to reduce leverage as earnings remain pressured. We revised our forecast to account for lower earnings in TeleVox because of intensifying competition and weaker-than-expected operating performance for the first nine months of 2025. We now expect organic earnings to decline roughly 40% in 2025. This is lower than our previous estimate of about 3% growth. Competition intensified with Epic Systems' health care appointments service and one-time costs associated with the sale of its notified business. We believe customers are migrating to Epic's singular service from West's more feature-rich offering because of its less competitive price. In 2026, we believe earnings declines narrow to 5%-7% on the full realization of its cost saving initiatives, lower one-time restructuring expenses, and modest improvements at TeleVox as volumes stabilize on pricing discounts. "West's liquidity remains adequate. We believe the company's balance sheet cash provides enough liquidity to support operations over the next 12 months. West's free operating cash flow (FOCF) has been pressured by declines in its TeleVox business as well as restructuring and transformation expenses (including costs to implement management's business optimization initiatives). We expect the company's FOCF deficit will moderate to $60 million-$70 million in 2026, from roughly $100 million-$130 million in 2025 on fewer one-time costs and modest improvements in operational performance. Still, we believe it will be difficult for the company to refinance its debt that comes due in 2027 if the company cannot reduce leverage below 10x. "The negative outlook reflects the potential for a lower rating if we believe a default or restructuring is likely within the next 12 months. "We could lower our rating on West if we believe it will face a near-term liquidity shortfall or engage in a distressed exchange in the next 12 months because financial metrics continue to weaken due to continued operational underperformance. "We could revise our outlook on West to stable if it can improve its liquidity and extend its maturities. Although unlikely over the next year, we could raise our rating on West if the company is able to reduce leverage below 6.5x with positive FOCF and a credible forward looking deleveraging path that provides more cushion to absorb adverse business, financial and/or economic conditions." ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. 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